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The
,financial
linnurie
VOL. 128.
SATURDAY, MARCH 9 1929.
'Financial (Chronicle
NO. 3324.
December in amount of $500,000,000 with the rate
47
reduced to 41/
0—$200,000,000 of the certificates
PUBLISHED WEEKLY
running
months
nine
and $300,000,000 running for
Terms of Subscription—Payable in Advance
iniqualny P.slagr—
12 Mos. 6 mos. a full year—but it might have been hazardous to
Within Continental United States except Alaska
$10.00
$6.00
In Dominion of Canada
11.50
6.75 repeat that experiment on the present occasion,
Other foreign countries. U. S. Possessions and territories
13.50
7.75
The following publications are also issued. For the Bank and Quota- when call money on the Stock Exchange this very
tion Record the subscription price is $6.00 per year; for all the others is
week has been commanding 12%.
$5.00 per year each.
COUPENDIUAIS—
MONTHLY PUBLICATIONS—
Returning to the 43
4 rate of last October is simply
PUBLIC UTILITY—(semi-annuany)
BANK AND QUOTATION RECORD
RAILWAY SI. INDVSTRIAL—(10 r•year)
MONTHLY EARNINGS RECORD
taking cognizance of money market conditions.
STATE AND M usteirst.—(semi-annually)
The Secretary is not responsible for these conditions
Terms of Advertising
Transient display matter per agate line
45 cents except so far as, by reason of his membership on the
Contract and Card rates
On request
CHICAGO OITICZ-111 charge of Fred. H. Gray. Western Representative. Federal Reserve Board, he may have had a hand in
208 South La Salle Street. Telephone State 1613.
LONDON Orrice—Edwards & Smith. t Drapers' Gardens. London, E. C. prescribing the mistaken policy of the Federal Reserve in the summer and autumn of 1927 out of
WILLIAM B. DANA COMPANY, Publishers,
Front, Pine and Depeyster Streets, New York
which has grown the unfortunate credit condition
Published every StitterlAy morning by WILLIANI H.DANA COMPANY. with which the Reserve is now called upon
to deal.
President and Editor. Jacob &Then; Business Manager. William D. Riggs;
Treas.. Williams I hula Seibert:Sec.. Herbert
Seibert. Addresses of all. Office of Go. The Secretary is a firm believer in letting money
market conditions govern. It will be recalled that
The Financial Situation.
in August last a proposal came to the Federal ReAs part of the March financing of the U. S. Gov- serve Board from one of the Clearing House
Assoernment, the Secretary of the Treasury, Andrew W. ciations "recommending preferential discount
rates
Mellon, has this week made announcement of a new by Federal Reserve Banks on collateral
notes seoffering of Treasury certificates of indebtedness and cured by Government obligations, the
discount rate
the most important feature of this offering, which in each case to be the same as that borne
by the seis for an aggregate of $475,000,000 "or thereabouts," curity." One of the reasons urged by the
Clearing
with a maturity of nine months from March 15, is House referred to, in support of the proposal
of a
the rate of interest which the certificates bear. The preferential rate, was the "forthcoming financing
Secretary has deemed it incumbent to fix the rate by the Treasury Department." This allusion, howagain at 43
47
0, the same as in the offering of cer- ever, to Treasury financing did not make, as will
tificates made last October. It cannot be said that be remembered, the slightest appeal to the Secrethe rate is a surprise considering the condition of tary who had been delegated to speak on behalf of
the money market, and yet the fact should not be the Federal Reserve Board. Mr. Mellon replied with
overlooked that prior to October last no certificates some spirit, saying: "Under normal peace time conbearing so high a rate as 434% had been put out by ditions the Treasury should and does pay the orthe Government since 1921.
dinary market rates for money, the same as any
The rate contrasts sharply, as has been many times other borrowers. Moreover, the credit of the United
pointed out in these columns, with the much more States Government is so good that there is no
ocfavorable rates at which the Government was able casion whatever for attempting
by artificial means
to borrow before the summer of last year, since to place U. S. Government securities
in a favorite
which time stock speculation has been absorbing an position as compared with commerce,
industry and
ever increasing amount of bank credit, thereby cre- agriculture."
ating the present tension in the money market which
This is sound policy and in the circumstances the
is giving everyone so much concern. In June of last Secretary had
no alternative but to fix the rate at
year two short-term offerings of Treasury certifi- a figure high enough
to secure the necessary subcates were made, one of the series, running for six scriptions in the
ordinary, normal way. Still, it
months, bearing interest at 4% per annum, and the would be
a mistake not to take note of the fact that
other, with a maturity of nine months, carrying the financial debaucher
y, from which the country
37
/
87
0. In March last year the rate of interest was is suffering as a result of the
mistaken policy of the
only 3/
1
4% on a nine months issue of certificates for Federal Reserve
is proving costly to the Govern$200,000,000, and 3%% on an issue running for a ment, the
same as to every one else. The situation
year for $360,000,000. In December 1927 the Treas- has now got beyond control and the
Federal Reserve
ury offered $250,000,000 of certificates running for is impotent to bring about a
correction. At this
a year at 3/
1
4% interest and in November 1927 it of- juncture the annual report of the
International Acfered $400,000,000 of seven months certificates at ceptance Bank comes to hand containing
a refresh3i,%.
ing discussion of the whole credit situation by Paul
In the interval since last October the Secretary M. Warburg, the Chairman of the Board
of Direcof the Treasury placed an issue of certificates last tors of the institution. Mr. Warburg
makes a keen
1444
FINANCIAL CHRONICLE
analysis of the existing situation and the causes
which have brought it about. He speaks with the
utmost frankness and does not mince words in expressing his views. He likens the banking mechanism to navigation in the air, saying that "in aeronautics the public is generally inclined to look upon
the art of rising into the air as the sole accomplishment. The layman is apt to overlook the fact that
the mastery of the art of descending is of equal, if
not greater importance." That is a happy way of
illustrating how banking has been allowed to proceed in this country. "No central banking system,"
he goes on to ob..erve, "may safely permit its facilities to expand unless it is certain of its determination and ability to bring about contraction when
circumstances require.
Continuing the analogy, he expresses the view that
"the Federal Reserve System, pursuing a well conceived and far sighted policy, rose to a position of
world leadership. Yet within the short span of a
year it lost that leadership owing to its failure
promptly and effectively to reverse the engines at
the critical moment." The intimate part which Mr.
Warburg played in the early working of the Federal Reserve is well known, as also his profound
knowledge of the subject of banking; and when a
man of such attainments expresses himself in the
way Mr. Warburg now does, it behooves the whole
world to give heed. The rest of his remarks, in justice to him, should be quoted in full, as follows, in
order to indicate the views entertained by him and
the courageous way in which they are expressed.
.[VoL; 12$
to grasp the vastness of the sums involved, it may be
well to remember that the total value of our cotton,
wheat, and corn crops combined would amount to
approximately $4,000,000,000.
"There are those who claim that the increase in the
market value of our securities is warranted by their
intrinsic value. One might be more inclined to agree
with that view if the present level of our stocks were
not sustained by a colossal volume of loans carrying
unabsorbed securities, of which $6,000,000,000 of
brokers' loans form only a part, and if the banking
structure carrying this inflated inverted pyramid did
not rest on a basis of Federal Reserve credit, which
in these last two years has been stretched by an increase in the earning assets of about half a billion
dollars over what used to be their approximately
normal size. Conditions such as these recall to our
minds the painful events of the years of 1919-21.
Yet the parallelism between that period and the present does not seem to be properly appreciated by the
general public on account of the fact that billions of
dollars poured into the Stock Exchange by domestic
corporations and from across the seas are not revealed by the barometer indicating the Federal Reserve System's condition and because the index does
not register the same striking rise of commodity
prices shown in the inflation period of 1919 to 1920.
It should be remembered, however, that in those
years there prevailed a shortage of commodities and
a passionate demand for them, while at present the
world is craving for the ownership of shares and for
the satisfaction of new wants. Nobody would object
to a fulfillment of these desires so long as the necessary funds were provided from savings. But when
the savings of the masses are deposited as margins
for Stock Exchange speculations and when the extravagant use of funds for speculative purposes absorbs so much of the nation's credit supply that it
threatens to cripple the country's regular business,
then there does not seem to be any doubt as to the
direction in which the Federal Reserve System
ought to exercise its influence quickly and forcefully.
"People who express the fear that increase in the
Federal Reserve Bank's rediscount rates might hurt
business overlook the far greater hurt the country
will have to suffer if their advice to permit the situation "to work itself out" were followed. Moreover,
for approximately the last six months we have had,
in effect, a bank rate of 7 or 8 per cent; for it is that
rate which during that period has directed the flow
of gold to our shores and which has exercised a
decisive influence in the fashioning of our domestic
rate structure. When commercial paper commands
534%, and when bankers' acceptances sell at 5%%,
2% and 5% seem grotesquely
1
rediscount rates of 4/
impotent and out of line. Procrastination in bringing such rediscount rates into a proper relation to
actualities, hesitation in taking effectual means to
reassert the Federal Reserve System's leadership,
place a grave responsibility on those in charge of its
administration. It is true that our inability to
develop a country-wide bill market and our failure
to establish on our Stock Exchange a system of
term-settlement dealings aggravate the difficulties
of our problem. But these defects of our system
render the need for determined leadership all the
more imperative. That the country's banking system is tossing about today without its helm being
under the control of its pilots gives cause for deep
concern. Yet the fault does not seem to lie so much
with the men in charge of it as with the structural
defect of its administrative organization. The
banking fraternity would be well advised to anticipate radical Congressional proposals by taking the
lead in seeking the lines along which reform may
be brought about."
"The rudder then passed into the hands of Stock
Exchange operators, who have now for many months
governed the flow of money, not only in the United
States, but in the principal marts of the world.
History, which has a painful way of repeating itself,
has taught mankind that speculative over-expansion
invariably ends in over-contraction and distress. If
a Stock Exchange debauch is quickly arrested by
prompt and determined action, it is not too much to
hope that a shrinkage of inflated stock prices may be
brought about without seriously affecting the wider
circle of general business. If orgies of unrestrained
speculation are permitted to spread too far, however, the ultimate collapse is certain not only to affect the speculators themselves, but also to bring
about a general depression involving the entire country.
"From the economic lessons taught by the aftermath of the Great War, we learned that the excessive creation of money or bank credit without an
equivalent production of assets spells inflation. Yet
the public mind does not appear to realize that the
creation of an inflated purchasing power is not a
monopoly enjoyed by governments. When we consider that the market value of the fifty industrial
stocks, the twenty public utility stocks, and the
twenty railway shares, which are used in computing
the Standard Statistics Company's index of the
prices of stocks, has grown within two years from
approximately $17,500,000,000 to $33,000,0000,000,
We find an accretion of approximately $15,500,000,000, an accretion in the majority of cases, quite unrelated to respective increases in plant, property, or
earning power. Yet this stupendous bulge in "value"
covers only a limited number of corporations, and it
does not include bank stocks, or some of the subtlest
elements .of inflation — incorporated stock pools,
called "investment trusts." or does it comprise the
gigantic enhancement of real estate values. One can
only leave it to the imagination to guess the amount
This week's Federal Reserve statements are cerby which the inflation of values such as these exceeds
tainly
of a character to awaken anew the deepest
the entire war debt of the United States. In order
MAR. 9 1929.]
.FINANCIAL CHRONICLE
concern. Brokers' loans are again expanding in the
most disquieting fashion. The Reserve Banks in a
hapless kind of way are seeking to withdraw funds
from the market by reducing their holdings of acceptances, while at the same time, the member banks
are negativing the operation and rendering it futile
by extending their borrowing at the Federal Reserve
institutions. During the past week, the 12 Reserve
institutions have further reduced their holdings of
acceptances from $334,075,000 to $304,644,000 and
have also slightly further reduced their holdings of
U. S. Government securities, that is, from $166,400,000 to $162,964,000, and yet the amount of Reserve
credit outstanding as represented by the total of
the bill and security holdings is somewhat larger,
being $1,467,030,000 the present week as against $1,463,032,000 last week. The explanation of course
is that the member banks have further enlarged their
borrowing at the Reserve institutions, as appears
from the fact that the holdings of discounted bills
the present week stand at $989,172,000 against $952,482,000 last week.
And this same thing keeps going on, week after
week. The Federal Reserve is seeking to withdraw
funds in the way stated, while the member banks
are nullifying the process by adding to their borrowings. Since the beginning of February holdings of
acceptances have been reduced from $435,609,000 to
$304,644,000 and holdings of U. S. Government securities have been cut from $201,771,000 to $162,964,000, making a combined reduction of $169,772,000, but all this has counted for naught since member bank borrowing has run up from $820,624,000
to $989,172,000, with the result that total bill and
security holdings for the present week (March 6),
at $1,467,030,000 are almost exactly identical with
the total on Jan. 30 at $1,467,039,000.
As to brokers'loans, these have increased the past
week in amount of no less than $140,000,000, making with the $30,000,000 increase of last week,$170,000,000 for the two weeks together, almost canceling the decrease which took place in the two preceding weeks, following the issuance of the Federal
Reserve Board's warning against the undue absorption of bank credit in security loans. In other words,
the total of brokers' loans the present week at $5,647,000,000 is only $22,000,000 below the maximum
reached o,n Feb. 6, at which time the Reserve Board
was prompted to issue its warning.
To this week's new addition of $140,000,000, loaning under all the different categories has contributed.
The loans made for their own account by the reporting member banks in New York City have risen
from $1,090,000,000 to $1,117,000,000, the loans for
account of out-of-town banks from $1,693,000 to $1,707,000 and the loans "for account of others" from
$2,724,000,000 to $2,823,000,000, these loans for account of others having risen, it will be observed,
most of all, establishing, it is almost needless to say,
another new high record in all time. Where and
when is the thing going to end?
The stock market has been under pressure most
of the present week. Growing tension in the money
market has been one of the main depressing influences, but there have been some others, chief among
which has been extensive selling to realize profits
after the big rise of last week. Call money on Monday ruled at 8%, a figure to which the market has
become pretty well accustomed, and therefore on
1445
that day the money situation commanded very little attention. But on Tuesday there was an advance
to 10%, on Wednesday to 12%, and the same figure
was again touched on Thursday with even the charge
for renewals on that day as high as 10%, and with
the renewal charge again 10% on Friday, though in
the afternoon loans were made at 9%. After the
buoyancy on Friday of last week, when the sales
for the day aggregated over 6,000,000 shares, the
market on Saturday proved a disappointment, prices
showing a reactionary tendency on sales to realize
profits and some substantial declines in prices occurred, though on the other hand there were also
some further advances, the list as a whole being
marked by great irregularity.
On Monday notable irregularity again characterized the dealings, many traders waiting for the inaugural address of President Hoover, in the hope
that this might contain some reference to the credit
situation of an encouraging nature, in which hope,
however, they were disappointed. On Tuesday there
was again general selling, on the rise in call loan
rates to 10%, and on Wednesday the weakness was
further intensified by another advance in the call
loan charge, this time to 12%. On Thursday, however, the selling pressure appeared to be greatly
relieved and a much better tone developed, notwithstanding, the call loan figure again touched 12%,
and even the renewal charge was as high as 10%.
On that day portions of the losses sustained in the
early days were recovered, though this was by no
means so of the entire market. In the general upward movement not a few stocks established new
high figures for the year. On Friday the market
had two adverse features to contend against: first,
an increase for the week of $140,000,000 in the total
of brokers'loans during the week, and Paul M. Warburg's severe criticism of the excesses of stock speculation in his report to the stockholders of the American Acceptance Bank, saying that the Federal Reserve had lost control of the credit situation and that
stock operators were now in control. But after early
weakness the market again moved upward, with a
spectacular rise of 38 points in Radio Corporation,
to 445, a new high, the noteworthy feature.
Trading has been on a diminishing scale. The
sales last Saturday, at the half day session, on the
New York Stock Exchange were 2,473,480 shares;
on Monday they were 4,557,300 shares; on Tuesday
4,430,000 shares; on Wednesday 4,486,600 shares;
on Thursday only 3,633,460 shares, and on Friday
3,945,400 shares. On the New York Curb Market
the sales last Saturday were 890,500 shares; on Monday 1,326,600 shares; on Tuesday 1,245,200 shares;
on Wednesday 1,243,900 shares; on Thursday 1,145,600 shares, and on Friday 1,485,700 shares.
Net changes in prices for the week are irregular,
but with some large declines. It will be recalled
that last week the express stocks were conspicuous
for their spectacular up-rushes. This week they
have lost part of their huge gains. Adams Express
closed yesterday at 525 against 585 on Friday of
last week and American Express closed at bid 295
against 327% the previous Friday. In the chemical
group, Allied Chemical & Dye closed at 284 against
303 on Friday of last week; Commercial Solvents
closed at 266 against 265%; Davison Chemical at
6634 against 62%; Mathieson Alkali (the shares of
which are to be split up on the basis of 3 for 1) at
195 against 203; Union Carbon & Carbide at 2107/8
1446
FINANCIAL CHRONICLE
•
[Von. 128.
against 216/
1
2; and E. I. du Pont de Nemours at at 132/
1
4 against 131/
1
2; New Haven at 90/
1
2 against
1811
/
4 against 188.
94/
1
2; Union Pacific at 2233
/
4 against 230; Canadian
General Electric closed yesterday at 237% against Pacific at 246% against 255; Atchison at 200%
249 on Friday of last week; Amer. Tel. & Tel. closed against 2037
/
8; Southern Pacific at 1303
/
8 against
at 214/
1
2 against 216/
1
2; National Cash Register at 134%; Missouri Pacific at 833
1
2; Kan/
4 against 83/
1307
/
s against 138; Inter'l Tel. & Tel. at 210 against sas City Southern at 907
/
8 against 93%; St. Louis
216/
1
2; Radio Corporation of America at 445 against Southwestern at 109% against 113%; St. Louis.
405; Montgomery Ward & Co. at 130/
1
2 against San Francisco at 115/
1
2 against 117/
1
2; Missouri139%; Victor Talking Machine at 171 against 1581/
4; Kansas-Texas at 50% against 53; Rock Island at
Wright Aeronautic at 270 against 285; Sears, Roe- 132 against 1353
/
4; Great Northern at 111 against
buck & Co. at 157 against 163/
1
2; International 110; Northern Pacific at 109/
/
4, and
1
4 against 1083
/
4 Chicago Mil. St. Paul & Pac. at 59/
Nickel at 621
/
4 against 67; A. M. Byers at 1563
/
8.
1
4 against 607
against 165%; American & Foreign Power at 109
1
4 against
against 118; Brooklyn Union Gas at 178/
The insolvency record for February is even more
189/
1
2; Consol. Gas of N. Y. at 107% against 112%; favorable as to commercial failures in the United
4; States for that month, than for January or Decem/
4 against 1501/
Columbia Gas & Electric at 1443
/
4 against ber, although for both of those months improvement
Public Service Corporation of N. J. at 843
901/
8; American Can at 120/
1
2against 123%; Timken in conditions in comparison with earlier reports was
Roller Bearing at 81 against 85%; Warner Bros. shown. R. G. Dun & Co.'s records indicate 1,965
Pictures at 118 against 124; Mack Trucks at 108 mercantile defaults in the United States during Febagainst 110; Yellow Truck & Coach at 41% against ruary of this year with total liabilities of $34,035,/
8 against 131; 772. These figures compare with 2,535 similar in44; National Dairy Products at 1297
1
2; West- solvencies in January involving $53,877,145 of inWestern Union Tel. at 212/
1
2 against 202/
inghouse Electric & Mfg. at 155 against 160/
1
2; debtedness, and 2,176 failures in February of last
Johns-Manville at 190 against 211; National Bellas year for $45,070,642. The February return this year
Hess at 66/
1
2against 70%; Associated Dry Goods at is much the best for a number of years past. Com63% against 63/
1
2; Commonwealth Power at 1307
/
8 mercial defaults in the early months of the year are
against 1351/
4; Lambert Co. at 143/
1
2 against 139; always heavy, and while there is some reduction
Texas Gulf Sulphur at 72% against 761/
4, and Bol- from January to February, the improvement in 1929
ster Radio at 61 against 657
is quite noteworthy.
/
8.
Many of the copper stocks are also lower, though a
Last month's failures were 22.5% fewer in numfew have further advanced. Anaconda Copper ber than they were in January, whereas a year ago
zlosed yesterday at 159 against 151/
1
4 on Friday of the decrease was 17.7%. Likewise, as to the lialast week; Kennecott Copper at 97 against 91%; bilities reported, the February total for this year
Greene-Cananea at 177% against 185; Calumet & shows a decline of 36.8% from January, while the
Hecla at 56% against 60%; Andes Copper at 63/
1
2 reduction covering the same period in 1928 was only
1
2; 5.5%. Furthermore, last month's insolvencies were
1
2 against 109/
against 67; Chile Copper at 115/
Inspiration Copper at 62/
1
2 against 65; Calumet & 10% less than in February 1928, while the January
Arizona at 133 against 139/
1
2; Granby Consol. Cop- defaults this year were only 4.1% less than the numper at 90 against 94%; Amer. Smelting & Rfg. at ber reported in January 1928. In addition to all
116% against 122%; U. S. Smelting, Rfg. & Min. at of this the indebtedness reported for last month is
66 against 69/
1
2
. In the oil group Atlantic Ref. 25.5% under the amount shown a year ago, while
1
2 on Friday of in January this year there was an increase of about
closed yesterday at 58 against 56/
last week; Phillips Petroleum at 38 against 39; 12%. Other comparisons make quite as good a showTexas Corp. at 583
/
4 against 591%; Richfield Oil at ing for the month just closed.
403
1
2; The improvement for February over a year ago
4 against 43; Marland Oil at 39% against 40/
Standard Oil of Ind. at 88 against 87%; Standard was mainly ,for the trading classes. There were
Oil of N. J. at 491/
8 against 48%; Standard Oil of 1,378 failures reported in February in the division
N. Y. at 393
/
8 embracing trading concerns, with total liabilities
8; and Pure Oil at 247
/
4 against 401/
against 245/s.
of $17,890,726. These figures compare with 1,581
The steel stocks have also declined. U. S. Steel similar defaults in the corresponding month of last
closed yesterday at 186/
1
4 against 191% on Friday year, involving a total of $24,951,932, a notable reof last week. Bethlehem Steel closed at 101/
1
4 duction for this year. In the manufacturing diviagainst 1055
/
8; Republic Iron & Steel at 94% against sion on the other hand, February failures this year
95; and Ludlum Steel at 781/
1
2
. In the show a small increase, the number 478 comparing
8 against 80/
motor group General Motors closed yesterday at with 468 manufacturing defaults in the same month
811/
2 against 833
/
4 on Friday of last week; Nash Mo- of 1928. The liabilities for manufacturing defaults
tors at 107 against 111%; Chryslea Corp. at 109/
1
2 last month of $11,890,514 compare with $12,751,295
against 107; Studebaker Corporation at 877
/
8 a year ago. For agents and brokers there were 109
against 91; Packard Motor at 1391/
1
2; insolvencies in February of this year for $4,254,532
4 against 146/
Hudson Motor Car at 89% against 89/
1
2, and Hupp against 127 last year involving $7,367,415 of indebtMotor at 713
/
4 against 751/
8. In the rubber group edness. The improvement that appears for the tradGoodyear Tire & Rubber closed yesterday at 132 ing .ection is shown in the returns covering ten of
against 136/
1
2 on Friday of last week; B. F. Good- the fourteen leading trading classifications into
rich closed at 94 against 971/
2, and U. S. Rubber at which this record is separated. These fourteen divi60 against 58/
1
4 and the pref. at 863
/
4 against 88.
sions last month comprised more than 81% of all
The railroad group has been no exception to the trading failures. Much the best showing appears
rule of loss. New York Central closed yesterday for dealers in clothing, insolvencies in that line beat 191% against 199/
1
2 on Friday of last week. Del. ing greatly reduced in February from those of a year
& Hudson at 194/
1
4 against 200; Baltimore & Ohio ago. Likewise, in the drug division, there were few.
MAR. 9• 1929.]
FINANCIAL CHRONICLE
er failures this year in February and for a considerably smaller indebtedness. Other trading
classes where the defaults were less this year, include dealers in dry goods, in shoes, furniture, hardware, jewelry, and furs and hats.
In the large grocery division failures continue numerous and with heavy liabilities, the number last
month being only slightly less than a year ago, while
the indebtedness was much heavier this year. There
was some increase in February this year in insolvencies among general stores and for hotels and
restaurants, but the liabilities for each of these two
classes were less last month than they were a year
ago, the reduction as to the latter division being
particularly heavy. The increase in the number of
manufacturing defaults last month over February
of last year was small. There are only two of the
more important divisions, in the record of manufacturing failures, which show a less satisfactory return for February the present year than for February 1928. These were lumber and manufacturers of
clothing. For both of these classes the number of
defaults was larger this year and there was some
increase in the liabilities, notably as to the lumber
class. There was also a small increase for the divisions embracing manufacturers of machinery and
tools, for the iron section, which includes foundries,
and for printing and engraving. On the other hand,
fewer defaults appear for February among most of
the other manufacturing divisions and among these
are hats, furs and gloves, chemicals, glass and earthenware and bakers.
One explanation for the smaller liabilities reported for February this year as compared with a year
ago is the fewer large defaults in that month this
year and the reduced volume of indebtedness shown.
There were 53 insolvencies reported last month,
where the liabilities for each failure was $100,000
or more, the total of the latter being $11,887,374.
In February of last year the number was 58, but
the total indebtedness shown was $18,238,505. Separated by classes the trading division makes a somewhat better report, as to the large failures, than
the manufacturing class, although the amount involved for the latter is also considerably less for
this year than for February a year ago.
Securities markets in the important European
centers were hesitant and uncertain this week, with
the international financial strain caused by American absorption of the world's credit an obviously
depressing influence. The chief markets in Britain,
France and Germany were also affected by current
political developments, Britain facing a general
election, while in both France and Germany the
Cabinets have been repeatedly endangered by party
strife. On the London Stock Exchange interest was
centered on the oil issues as the week opened, owing
to perplexingly contradictory statements regarding
an alleged agreement between Russian and AngloAmerican companies. After a fairly bright opening,
the oils reacted. The industrials generally were
flat and British funds also were dull. The tone
Tuesday was listless, with only a few b sues standing
out in the small trading. The gilt-edged market
remained depressed by the fear of dearer money. A
gold influx brought a measure of improvement to the
gilt-edged list Wednesday. Tobacco and shipping
shares also gained, but with these exceptions declines
were general. A weakening of sterling again caused
1447
depression in British funds Thursday. Trading
otherwise was more active, with the long-neglected
iron and steel shares suddenly coming in for a good
deal of activity on a rising scale of prices. Textile
issues joined in this movement. Although the giltedged division was again dull yesterday, the market
as a whole was cheerful with leading industrials in
good demand.
The Paris Bourse had one of its traditionally dull
and depressed openings Monday, offers bringing no
response and quotations declining generally. Bank
stocks were especially weak. Some improvement
occurred Tuesday, but not on a scale to lend great
encouragement to speculators. Bank shares and
State securities recovered only a part of their losses
of the previous day. Trading remained limited.
Another dull session was reported Wednesday, with
the Bourse apparently preoccupied with the possibility of increases in the London and New York bank
rates. The price trend was irregular, a good deal of
selling at the close following a rather firm tendency
earlier in the day. A religious holiday kept attendance at the Bourse down Thursday, and the
situation showed little improvement. Trading was
so small that quotations showed no marked variations. In yesterday's session, trading was again at
a low ebb, with price changes negligible. The
Berlin Boerse also opened weak, Monday, with
uncertainties regarding the Paris and Geneva
conferences and the international money situation exercising a depressing effect all day.
Only in a few issues was there any rallying tendency.
Trading remained restricted Tuesday, with the
general trend still downward. After further losses
at the opening Wednesday, some improvement occurred, with Reichsbank shares leading the upturn.
The better tendency became more pronounced
Thursday, and many issues advanced materially
over the opening prices. Improved sentiment regarding the several international conferences contributed to the gains. The improvement was maintained in yesterday's session, prices holding well.
The Experts' Committee on German Reparations
which assembled in Paris Feb. 11 in order to study
means of revising or completing the Dawes Plan,
continued this week its consideration of the delicate
questions involved. There were again few plenary
sessions in this, the fourth week of the meeting of experts, most of the details having been delegated to
three subcommittees which were formed in the second and third weeks at the instance of the Chairman, Owen D. Young. A degree of impatience was
expressed in some t.ections of the European press
this week at the seemingly slow progress of the Experts' Committee, but in most quarters it was recalled that Mr. Young had predicted a need for two
to three months' study before a final report could
be drafted. The full committee met Monday morning in order to hear the reports of the three subcommittees. After these were heard a proposal was
made by the chairman that the conference direct its
efforts toward the creation of a central organism
in the form of an international corporate body which
would take the place of the Reparations Commission and the Dawes Plan organization. The reports
of the subcommittees were approved and it was decided, according to a Paris dispatch to the New
York Times, that each subcommittee should continue
its labors in the light of Mr. Young's proposal. the
1448
FINANCIAL CHRONICLE
work to be correlated in a general recommendation
to be submitted to another plenary session Wednesday.
The most formal and important of the subcommittee reports submitted at the plenary session on
Monday was that of Lord Revelstoke, relating to the
proposal for commercialization of the reparations
obligations and the flotation of German bonds on
the international market. The report was written
and a copy was distributed to each delegate, so that
Lord Revelstoke's address to the gathering consisted
of comments upon and explanations of the document. There was no mention of the amount of
bonds to be floated nor of dates at which they might
be issued. There were also other omissions which
Lord Revelstoke is said to have explained as due to
the fact that his subcommittee was not fully informed as to the conclusions of the other committees.
The report of the "steering subcommittee" was rendered orally by Sir Josiah Stamp, the chairman, and
was quickly adopted by the full committee. The
third report, made by Thomas Nelson Perkins on
behalf of the committee which is concerned with
deliveries in kind, also was adopted. It was frequently emphasized in dispatches that the most
difficult point of all, that of the amount and number
of German annuities, had so far been avoided by the
delegates, but that some figures would soon have to
be named in order to enable the committee to proceed
with its discussions.
Sir Josiah Stamp undertook the task of correlating the work of the subcommittees and laying before
the full body a draft report of all the work so far
(lone. He had intended, reports said, to draw up a
"skeleton plan" of what may possibly be the final
report, and submit it Wednesday for discussion at a
plenary session. The difficulties encountered were
such, however, that Sir Josiah could make only an
oral report Wednesday. It was indicated that a
plan had been developed in the meantime, apparently by the Revelstoke subeommittee of which
J. P. Morgan and Thomas W. Lamont are members,
dealing with the proposed establishment of a huge
international banking institution to take over all
functions connected with reparations payments.
This plan, according to the corespondent of the New
York Herald Tribune, also included means for
stimulating Germany's exports in order to assure
the Reich of a favorable balance of trade over a
considerable period of years. The report was described as still in its initial stages, and after additional suggestions made in the course of the plenary
session, it was referred back to its authors for
further consideration. The problem faced by the
body of experts was summed up on Wednesday by
Sir Josiah Stamp at a gathering of Anglo-American
newspaper correspondents, a dispatch to the New
York Times said. "There are three sides to the
Problem—political, financial and economic," Sir
Josiah remarked. "And as soon as we—or anyone
else—have finished with one aspect another bobs
up. It is impossible for any one to take account of
all three at the same time and it is not in the
province of the experts to do so. They are trying
simply to find a solution for the political aspect
and part of the financial one. They are all aware
every moment that the economic aspect may any
day within the next sixty years upset all their
calculations."
[Vox.. 128.
Mexico was plunged into a ferment last Saturday
by concerted military uprisings In three widely
separated areas of the country which had for their
object the overthrow of the Federal Government at
Mexico City. As in previous insurrections in Mexico in recent years, the present one was engineered
by disaffected chiefs of military operations in
charge of bodies of Federal troops. Although the
soldiery involved in the present instance is not believed to exceed 10,000, out of the total of 60,000
Federal troops, the revolt is conceded to be the most
serious of the past six years, exceeding in seriousness the Gomez-Serrano insurrection of 1927. First
reports from Mexico City last Sunday indicated that
almost the entire State of Vera Cruz was in the
hands of rebel troops under General Jesus Maria
Aguirre. Traffic over the railway from Mexico
City to Vera Cruz was suspended. In the northwestern State of Sonora, General Francisco Manzo also
revolted. The revolutionists claimed also the States
of Chihuahua, Durango, Nayarit, Jalisco, Coahuila
and Sinaloa. President Portes Gil promptly announced the appointment of former President Plutarco Elias Calles as Secretary of War to handle the
emergency. Ambassador Morrow, who was at his
country home in the suburb of Cuernavaca, returned
to the capital, Monday.
President Portes Gil admitted Monday in an
official statement that three of the nine States
claimed by rebel leaders had joined the movement.
General J. Gonzalo Escobar, commander of the Federal troops in Coahuila, had gone over to the rebels,
it was conceded. The statement charged the rebellious generals with fomenting revolution for "nothing more than the idea of personal gain." A column
of troops was quickly sent against General Aguirre
in Vera Cruz and a censorship was established on all
press reports. General Topete, Governor of the
State of Sonora, declared the Federal religious laws
abolished in his State, and reports indicated that
services were rapidly resumed in the Catholic
churches, for the first time since they were ordered
closed in 1926. By Tuesday, the capital was cut off
from train service to the border, with several hundred American tourists there. Telegraph lines continued to function. It was indicated in Washington
Tuesday that the first official act of President
Hoover was to decide on a continuation of the Coolidge policies of giving moral and material support
to the Federal Government in Mexico in the
emergency. The first blood in the rebellion was shed
Tuesday, General Escobar reporting the capture of
Monterey, third largest city in the country, after 10
hours of fighting in which Federal losses were
"considerable." Rebel troops from Sonora were
reported in Sinaloa, on the march southward along
the West Coast.
The tide of battle quickly turned in the sections of
the country nearer the capital. It was officially
announced Wednesday that the important city of
Monterey had been evacuated by General Escobar
before the advance of five columns of Federal troops.
which were converging on the city. General Escobar
fled to Saltillo, and then, according to the announcement, fled from that city with the Federals in
pursuit. The Government also declared that more
than half of the troops of General Aguirre, the rebel
leader in Vera Cruz, had mutinied against him, and
it was asserted that loyal troops would reoccupy the
city within a few days. The situation was not so
MAR. 9 1929.]
FINANCIAL CHRONICLE,
favorable to the Government in the north, however,
General Manz° consolidating his position in Sonora
and sending reinforcements to revolutionists along
the border. Optimistic dispatches were received in
Washington Wednesday from Ambassador Morrow,
and Washington reports indicated that the Mexican Government had arranged through the State
Department for a sizeable shipment of munitions
from a private factory. Vera Cruz was retaken by
the Federal troops on the same day, while in the
far north, a pitched battle developed for control of
the important border city of Juarez, opposite El
Paso, Tex. Rebel leaders at Nogales, Sonora, declared Thursday that they had control of the entire
State of Sinaloa, and that they were engaged in a
drive toward Mexico City. To the south, Federal
forces completely occupied the city of Vera Cruz
and its environs and began to pacify the surrounding State.
Foremost among the developments yesterday was
the capture of Juarez by superior Rebel forces, bullets falling on United States soil and killing a child.
At the instance of U. S. Army officers, truce was
declared between the factions struggling for Juarez,
and the Federals were transferred to the U. S. side
of the border and interned. In Washington an embargo was declared on commercial airplanes to Mexico. Mexico City reported that an army of 10,000
Federals had begun an advance on Sonora to engage
the fo ces of General Manz°.
Ratification of the Kellogg Treatyrenouncing
war as an instrument of national policy was announced by several governments in the past week,
bringing appreciably nearer the day when the pact
will be made generally effective. The treaty will
come into force among the fifteen original
signatories only after acceptance by each of the
Parliaments concerned. France accepted the treaty
on March 1, the Chamber of Deputies voting 570 to
12 for ratification after several days of oratory. A
plea for ratification was made in the Chamber on
Peb. 28 by M. Joseph Paul-Boncour, who spoke as
president of the Commission of Foreign Affairs of
the Chamber. Foreign Minister Aristide Briand,
co-author with Secretary Kellogg of the pact, addressed the Chamber on the following day. "I must
admit in all humility that the Treaty is not perfect,"
he said. "It is a human effort, and, like all efforts
of humanity, it is full of imperfections. Yet it marks
indisputably, progress on the road to peace." If the
time had been spent trying to patch up all the holes
and fill up all the omissions, nothing would have
been done, M. Briand said, and he declared the
pact's simplicity was its strength. "I do not think,"
he added, "that moral force is all that is needed for
the protection of peace, but it is by no means
negligible and it gives us new ground and new hope
for a continuance of the work of organization." In
the balloting which followed, only eleven Communists and one Royalist voted against the treaty.
Announcement was made on the same day that Holland and Denmark had formally ratified the
treaty.
It was made known last week that Secretary Kellogg had hoped to secure ratifications from all of
the fourteen other original signatories in time for
bringing the pact into effect during the Coolidge
Adminis tration. This hope remained unfulfilled,
as four States among the original signatories—
1449
France, Japan, Belgium and Poland—have either
not yet ratified the pact or else ratified it at too
late a date to be able to deposit their instruments
of ratification at the State Department before March
4. Ratifications of eleven of the original signatories
were, however, deposited by the respective envoys in
a colorful ceremony March 2. Coincident with the
assembling of the envoys in the Diplomatic Room
of the State Department, Secretary Kellogg received
a message from Sir Austen Chamberlain, Foreign
Secretary of Britain, congratulating him on the
completion of "this great act with which your name
will ever be associated." Secretary Kellogg also
made public a communication he had dispatched to
Foreign Minister Aristide Briand of France in
which he recalled that he and M. Briand had been
"closely associated in our efforts to bring it into
being." At the ceremony, Mr. Kellogg deposited the
official ratification of the United States Government. Sir Esme Howard, the British Ambassador,
represented Great Britain, Australia, New Zealand,
South Africa and India. The other envoys were:
Ambassador von Prittwitz of Germany, Ambassador
de Martino of Italy, Minister Massey of Canada,
Minister Veveska of Czechoslovakia, and Charge
d'Affaires MacAuley of the Irish Free State.
Active steps in furtherance of the acknowledged
desire of the United States Government for
participation in the World Court were promptly
taken by former Secretary of State Elihu Root, after
his arrival in Geneva March 1. The distinguished
American sailed from New York for Europe only a
few days before Secretary of State Kellogg addressed
identic notes to all governments which have adhered
to the World Court protocol suggesting that a formula be evolved which would permit of American
participation. Mr. Root explained when leaving
this city that he would represent only his own
opinions at the meeting of international jurists in
Geneva March 11, which will consider revision of the
statute which created the World Court in 1920.
This statement he repeated in Geneva last Saturday, adding that he was acting only as a private
citizen chosen by the League to attend the meeting
of jurists. It became known, however, an Associated
Press dispatch said, that he had brought to Geneva
some clearly defined ideas for an understanding on
the second part of the Senate's fifth reservation,
which Secretary Kellogg described in his note of
Fe'.. 19 as the only point on which there is any substantial difference of opinion.
In an informal meeting with Foreign Minister
Briand of France, Tuesday, Mr. Root discussed the
problem of finding a formula which would permit
of American participation in the World Court. It
was definitely stated in a Geneva dispatch of the
same date to the New York Times that Mr. Root
"brought with him a written, if tentative, proposal
for settling the difficulty." Although a purely
private document, this was said to meet in its
general terms with the approval of President
Hoover, Secretary Kellogg, and prominent Senators.
The gist of the tentative proposal is, the dispatch
said, "to take the emphasis off the broad, abstract
terms used in the fifth reservation, which Court
members objected to as too vague,by providingmeans
of defining these terms whenever a concrete case
arises!' Mr. Root was further said to have submitted a written draft of this proposal to Sir Eric
1450
FINANCIAL CHRONICLE
Drummond, Secretary General of the League of Nations, who circulated it unofficially among the
governments concerned.
More specifically, it was explained that Mr. Root's
proposals are based "on the belief that the Senate
did not desire to reserve the right for the United
States to intervene on all sorts of questions in which
it could be said to have an 'interest,' but merely to
safeguard the United States on advisory opinions
touching quite definite interests, such as issues affecting the Monroe Doctrine or immigration. In
other words, a possible conflict between the United
States and the League of Nations on advisory
opinions, which has been so stressed, is unlikely
often to arise in actual practice. The Root proposal
drops abstract methods by concentrating on the
limited but real interests at stake, and removes existing uncertainty by providing a means of defining
the term 'interest' whenever it arose in a specific
case. It would do this by providing for an immediate interchange of views between Washington
and the League whenever a question of asking for
the Courts'advisory opinion came before the Council
of the League.
"Four possibilities then arise: First, in a great
majority of the cases it is expected that the United
States will advise the Council that it does not claim
any interest; Second, in some cases negotiations
could result in the Council reframing the question
put to the Court so as to include everything it was
desired to know, while safeguarding the interests
of the United States; Third, in other cases the
United States might decide that the interest it had
in the question was outweighed by the greater interest of having a court ruling on the point; Fourth,
in the event of failure of the United States and the
League to agree on a specific, fundamental case, the
plan provides in advance for Washington to exercise
the right of withdrawal from the Court, it being
further stipulated that the United States did not
intend such withdrawal as an unfriendly action.
As for the machinery for the above exchange of
views, the present procedure already provides that
the Council must notify the United States, as one of
the original signers of the Covenant, of any contemplated request for the Court's advisory opinion.
All that remains to do is to decide the best method
of facilitating this consultation, whether by direct
communication with Washington or by the United
States delegating a representative to state its views
to the Council whenever an advisory opinion came
up. Probably an attempt will be made to work out
the latter method."
These proposals, it appears, are to go either formally or informally before the committee of jurists,
of which Mr. Root is a member, at their meeting
on March 11. Any mutually satisfactory formula
that may be worked out will take the form, it is
indicated, either of a new protocol or a revised
statute, which then would go to all members, including the United States, for acceptance. Every indication was given in Geneva that the proposals will be
most sympathetically considered. The question was
raised, however, in the interest of the League and
Court whether the United States can have privileges
which may well be demanded by other non-members
of the League Council. "It is remarked that the
other countries, for example. Rip sia or Mexico,
might ask for a similar prerogative." an Associated
Press dispatch said. Notwithstanding such con-
[VoL. 128.
sideration, there was general agreement that the
proposal was a practical one as a basis of discussion
which left little doubt that an agreement could be
reached. The text of the proposal was made public
in Geneva Wednesday under the title, "A suggested
redraft of Article IV of the Protocol of 1926." The
protocol which it is proposed to redraft was drawn
up by representatives of World Court members,
Article IV providing for an understanding between
the League Council and the United States on the
way in which American consent would be exercised
on World Court advisory opinion. It was pointed
out in Geneva as one of the greatest merits of Mr.
Root's redraft of Article IV that it meets the United
States reservations relative to advisory opinions
by the Court, without obliging the League to decide
in advance whether a majority or unanimous vote
of the Council and Assembly would be necessary
when asking the Court's advice. This was the
principal stumbling block of the 1926 conference,
when the protocol was drafted, as the signatories
were unwilling to decide whether a majority or
unanimous vote would be necessary.
The Council of the League of Nations assembled
in Geneva Monday for its fifty-fourth quarterly session under the presidency of Signor Scialoja, of
Italy, with the question of minorities the most important item on its agenda. At the previous session
this question caused a heated altercation between
Dr. Gustav Stresemann of Germany, and Foreign
Minister Zaleski, of Poland. The latter had deprecated protests against Polish treatment made by
German minorities in Polish Silesia, whereupon Dr.
Stresemann sprang to the defense of the Germans
with a vigor that nearly caused an open rupture in
the fifty-third session of the Council. A demand
was made by the German Foreign Minister for a
definite stand by the League on the minority question in general, and the matter was placed on the
agenda for consideration in the present session. The
first meeting of the session, Monday, was a very
brief one in which a number of less important items
were considered and disposed of. Dispatches from
Geneva indicated that private efforts were made by
the Council members during the rest of the (lay in
an endeavor to insure calm consideration of the
inflammable minorities issue. The question was
scheduled for discussion at a public meeting Tuesday, but this session was suddenly canceled early in
the afternoon of that day, and further private conferences were held in order to reconcile the views
of the German and Polish Ministers, as well as those
of a number of other members who had given notice
of their intentions to discuss the problem.
Preparations for the debate were apparently well
made, as the question finally came up Wednesday
and was debated for nearly six hours in a calm
atmosphere from which humor was not absent. The
discussion was based on a proposal by Senator
Dandurand of Canada for enlarging the committee
of three that now deals with the petitions of minorities to include all fourteen members of the Council.
Senator Dandurancl expressed the belief that minorities should have every opportunity to lay complaints before the Council, and that the greatest
pyblicitv should accompany the entire procedure.
Dr. Stresemann delivered a speech in moderate
terms in which he did not propose any immediate
changes butt stressed the danger to peace unless the
MAR. 9 1929.]
FINANCIAL CHRONICLE
minorities' rights are fully protected. He asked
whether the League was not running the risk of only
partly realizing its ideals in this regard, and urged
that it was the League's duty not to confine itself
merely to considering petitions, but of seeing to it
that the minorities provisions were constantly applied. A discussion followed in which Sir Austen
Chamberlain of Britain, and M. Aristide Briand of
France also joined. Precise definitions were drawn
in this discussion relating to the question of "cultural assimilation" of minorities. Sir Austen emphasized the view that political loyalty only should
be required of minorities. As an illustration, he
said an Englishman did not dream of merging
Scotsmen with Englishmen, but at the same
time
there was no question of differences between them
affecting either's loyalty to the empire. M. Briand
took the same view and Dr. Stresemann expressed
satisfaction with this interpretation.
1451
manifested in the press, official denials were given
out. The texts as published were subjected to rigid
examination and were shown to be impossible in
some respects. Among other discrepancies it was
pointed out that the minutes of a conference alleged
to have been held at Brussels in 1927 bore the
signature of the French Chief-of-Staff, General
Debeney. The French officer, however, was never
in Belgium after 1920. A final quietus was put on
the matter last Sunday when one Albert Frank,
alias Heine, was arrested in Brussels as the
perpetrator of the forgeries. A girl typist employed
by Frank to copy out the 'Treaty" brought about his
exposure, and he confessed the crime. Dispatches
indicated that Frank, a former German spy, had
used the text of an old Franco-Russian treaty which
was published by the Soviet as a model, changing
figures and dates. This document was still in his
possession. The treaty thus fabricated was sold to
the Utrecht journal, according to his own confesPoland enjoyed in 1928 the greatest degree of sion.
prosperity experienced by the country since the war,
according to the report for the final quarter of last
A final settlement of the Turkish debt problem
year issued in Warsaw, Monday, by Charles
S. was reported in Paris as "practically certain," MonDewey, financial adviser to the 1?olish Government day, negoti
ations to this end having begun ten years
and a director of the Bank of Poland. The year ago. An
official communication on the subject was
showed steady improvement, he said, owing to
the issued to the French financial press March 4, a Paris
fundamental stability derived from a balanced na- dispatch to
the New York "Times" said. Accordtional budget, a firm currency and the absence of ing to this docume
nt, the two councils established
disturbing political issues. Smooth functioning of to liquid
ate Turkish obligations to foreign bondthe stabilization loan was reported by Mr. Dewey, holder meetin
s,
g in joint session, approved with
tie receipts from customs last year totaling about reserv
ations the terms of the Turkish law providing
150,000,000 zlotys ($16,830,000), while the amount for initial
payments which was ratified by the Anrewiired for the stabilization loan is about 17,000,- gora
Parliament on June 13 1928. The Turkish
OGJ zlotys ($1,907,400). Estimated government
in- Government was immediately notified of the accome and expenditures for 1929-30 are well balanc
ed, tion by the councils, the "Times" report said, the
he adds, the budget being so arranged that
part of request being made that Angora take steps to meet
the program for additions to State property may
be the first payments. "In French circles there is some
discontinued in the event of a decline in the
revenue hesitancy to believe this marks the conclusion of the
receipts. The unfavorable trade balance remains the
dispute," the dispatch added. "The good-will of the
principal problem in Poland, the report indicat
es, Turkish Government is questioned and criticism is
imports for 1928 exceeding exports by 851,000,000 leveled
at forces in Turkey said to have placed many
zlotys. This sum was covered by foreign banking obstacles
in the way of a final solution. The French
credits and foreign loans to municipalities during credit
ors ask if the approval of the law implies acthe first nine months of the year. Although a high ceptan
ce of the 40% payment plan advanced by Turpoint of imports was reached in 1928, a declin
ing key. To accept such a compromise would, in their
tendency was noted toward the end of the year.
It opinion, constitute a dangerous commercial precemust be expected, however, that Poland will
be a dent, especially since Turkey is not insolvent. Most
borrowing nation for many years to come, the
re- of the French creditors maintain that the right to
port declares. The internal money market
still seek a more equitable settlement should not be resuffers from a dearth of credit and an
increased linquished."
circulation of long-term bills of exchange.
Although
deposits in joint stock banks have
increased
There have been no changes this week in the dismarkedly in the past year, the creation of
working count rates of any
of the European central banks.
capital through domestic savings has not
been keep- Rates continue
at 63/2% in Germany and Austria;
ing pace with the growth of production
and with 6% in Italy;
532% in Great Britain, Norway and
the unsatisfied demand for funds in the
money Spain; 5% in Denmark;
43/2% in Holland and
marked, the American financial adviser states.
Sweden; 4% in Belgium, and
in France and
Switzerland. London open market discounts for
Reports published in the Utrechtsch Dagbla
d of both short bills and long bills
have moved up to
Holland, last week, containing the provisions
of an 53A% against 53j@5 5-16%
on Friday of last week.
alleged secret Franco-Belgian min':ary
convention, Money on call in London was
478% on Thursday
were utterly discredited over the last week-e
nd and and 43% yesterday. At Paris
open market digthe stir created throughout Europe by
the "revela- counts remain at 3 7-16%
and in Switzerland at
tions" quickly died down. Inquiries were
made at 33
A%.
Paris by the Dutch and German A
mbasi.adors, and
at Brussels by the respective Ministers,
and sweepThe statement of the Bank of England this week
ing denials were forthcoming from the
Foreign Of- shows a further increase in gold holdin
gs of £573,281
fices which were readily accepted at the Hague
and raising the total of that item to
£151,828,798 as
Berlin. To allay the public feeling that was
still against £157.898,057 the same week
last year.
1452
FINANCIAL CHRONICLE
[VOL. 128.
and investments remained unCirculation increased £2,835,000 and a decrease of deposits abroad
we give a comparison of the
Below
.
changed
bank
£2,262,000 in reserve therefore resulted. The
past three years:
the
for
return
Bank's
rate of discount remains unchanged at 5327o.
NK'S COMPARATIVE STATEMENT.
REICHSBA
whereas
000
"Public Deposits" declined £5,684,
Changes for
Feb.28 1929. Feb.29 1928. Feb.28 1927.
Week.
"Other Deposits" increased £7,778,000. The latter
.
Retchsmarks. Reichsmarks, Reichsmark:.
Reichsrnarks
Assets—
"
Account
"Other
includes "Bankers Account" and
29.000 2.728,933,000 1,888,350.000 1,833,867.000
Dec.
Gold and bullion
93.007,000
85.626,000
85,626,000
Unchanged
which demos. abr'd
which increased £7,143,000 and £635,000 respec- Of
281,953,000 203,933,000
ec. 8,740,000 90,394,000
Res've in torn cur%
of
increase
00
00
security
1.643.795,0
0
2,242.275.0
1,888,919,00
ent
tively Loans on governm
Bills of exch.& c•-•acks Inc. 417.569.000
67,666,000 132,477.000
Silver and other coin. Dec. 17.823.000 114,352,000
000.
£2,547,
security
other
on
8,923.000
7,143,000
£1,820,000 and those
7,244,000
Notes on -th. Ger. bk.. Dec. 21.571,000
In • 258.780,000 297,247,000 117.112.000 154,763,000
Advances
'Discounts and Advances" and "Securities" which Investments
92,640.000
94,239.000
93,170,000
Unchanged
make up "Other Securities" both advanced, the Other assets_ ..... 14eo. 10.741.000 470.718.000 551,823,010 506,205,000
former £2,026,000 and the latter £521,000. The Notes In rircufatton_Inc. 650,932,000 4,553,026,000 4.268,220,000 3,465,227,000
matur. oblig Dec 47,136,000 525,560,000 507,035.000 539.358,000
proportion of reserve to liability is now 51.69% as 0th. daily
Inc. 13,641.001) 171.987,000 221,285,000 212,145,000
liabilitiesOther
a
week
against 54.70% last week and 38.20% this
year ago. Below we show a comparison of the
The New York money market was again of overvarious items for several years:
shadowing interest this week, with the rate for call
STATEMENT.
BANK OF ENGLAND'S COMPARATIVE
1925.
1926.
1927.
funds rising sharply to 12%, the highest figure since
1928.
1929.
Mar. 11.
Mar. 10.
Mar. 9.
Mar. 7.
Mar. 6.
the year-end tightness. Although March is usually
E
141,246.270 124,200.115
137,056,560
135,115,000
0
6355,088,00
a month of relatively easy conditions in money
Circulation
13.687.603
8.283,000 8.462,000 16.158,524 16,756,234
Public deposits
110.460,075
102,523.734
markets, the trend of rates this week showed every
103.922,324
101,479,000 102,878.000
Other deposits
• ......
Bankers' accounts 64,183,000
on of increasing stringency. Call * loans
indicati
Other accounts_ _ _ 37.296,000
40.096,830
39,295.328
Monday were 8% throughout, on the Stock Exchange,
Governm't securities 44,796,000 31,761.000 31.222,560
26,493,010 55,321.000 73,689,766 74,183.023 78,160.435
Other securities
with a little surplus money traded in the outside
Disct. & advances 10.379.000
16.114,000
Securities
• Withdrawals by the banks were
24.096,262 24.158.987 market at 732%.
Reserve notes & coin 58,740.000 42 533,000 33.446,466
128,609,102
145,592,532
in excess of $20,000,000. In Tuesday's market an
Coln and bullion .a151,828,798 157,898.057 150,753,026
ed,
Proportion of reserve
1944% exceptionally strong demand for money develop
20.21%
27.85%
38.20%
51.69%
to liabilities
5%
5%
d
tightene
5%
loans
%
e
Exchang
544%
Stock
Bank rate
with the result that
of
and bullion
coin
wals
gold
Withdra
£27,000.000
8%.
at
1925,
29
opening
April
with
Includes. beginning
to 10% after an
which was transferred to the
Previously held as security for currency notes Issued and
return to gold standard.
the day were approximately $40,000,000. The
Bank of England on the British Government's decision to
£27.000.000 of Bank
b Beginning with the statement for April 29 1925, includes
ascribed in the market to preparaof gold coin and bullion enhancement was
o England notes issued in return for the same amount
issue.
note
currency
of
s and the government financing
account
payment
tax
redemption
for
in
that
time
tions
held up to
of March 15. After renewing at 8% Wednesday,
The Bank of France, in its statement for the week four quick jumps of 1% each were effected, bringing
ending Mar. 2, reports an increase in note circulation the rate up to 12%. Withdrawals were $20,000,000,
of 1,721,000,000 francs, bringing the total up to and the market remained firm right up to the close
64,226,465,950 francs, as against 62,505,465,950 with no evidence of concessions in the Street market.
francs last week and 62,619,465,950 francs two Renewals Thursday were arranged at 10%, and the
weeks ago. Creditor current accounts declined rate was again quickly advanced to 12%. Although
1,669,000,000 francs and current accounts and de- some $25,000,000 was withdrawn by the banks,
posits 999,000,000 francs. Gold holdings increased the high rate attracted sufficient out-of-town funds
25,542,529 francs, bills bought abroad 40,000,000 to cause an overflow into the outside market, where
francs, advances against securities 142,000,000 francs, 10% was the prevailing figure. The renewal rate
while credit balances abroad decreased 64,900,102 yesterday was again 10%, but the tone was slightly
francs and French commercial bills discounted easier during the day, and in the final hour the figure
918,000,000 francs. A comparison of the various was marked down to 9%. Withdrawals were
4%
items of the Bank's return for the past three weeks negligible. Time money was firm all week at 73
.
reported
for all maturities, with little business
is shown below:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
The Treasury announcement of an offering of nineStatus as of
Changer.
4% interest,
of indebtedness at 43
Feb. 23 1929. Feb. 16 1929. months certificates
Mar. 2 1929.
for Week.
Franca.
Francs.
available
Francs.
best
to
as
the
Francs.
was everywhere pointed
34,037.604,216 34.026.594.689
Gold holdings-- —Inc. 25,542,529 34,163,146.745
Brokers'
market.
34
money
11.794,958,2
of
769
the
11,538.870,
indication of the state
Credit bats. abed.Dee. 64,900,102 11.473,970.667
rose
again
French commercial
l
collatera
bond
and
stock
1 5,776,061,281 loans against
bills discounted_ Deo. 918,000,000 6,124,061,281 7,042,061,28
Federal
80 18,280.970,680
18,286.970,6
the
of
80
nt
18,326,970,6
stateme
40,000.000
in
weekly
the
ially
substant
Bills bought abed_Ino.
22 2,325.0411,022
Adv. agt. secure..me. 142,000,000 2,408,091,022 2,263.091,0
950 62.619.465,950 Reserve Bank of New York, the increase for the
Note circulation. _Inc.1.721.000.000 64,226,465,950 62.505,465,
843 18,683.735,843
Cred. curr. accts. Dec.1,669.000.000 17,805.735.843 19.474,735,
Wednesday evening amounting to
63 5,700.493,363 week ended
Ourr. mats & deP.Deo.999,000,000 5,885,493.363 6,884,493.3
The monthly statement of the New
0,000.
$140,00
e for February, published
Exchang
York
Stock
for
the
The Bank of Germany, in its statement
d the liquidation on the
fourth week of February, reports an increase in note early in the week, reflecte
of $56,618,325. Gold movecirculation of 650,932,000 marks, raising the total Exchange by a decline
Port of New York for the week
to 4,553,026,000 marks as against 4,268,220,000 ments through the
consisted of imports of $1,597,000
marks last year and 3,465,227,000 marks the year ended Wednesday
0.
before. Other daily maturing obligations dropped and export of $262,00
rose
13,641,es
liabiliti
47,136,000 marks while other
Dealing in detail with the call loan rates on the
000 marks. On the asset side bills of exchange and
day to day, all loans on Monchecks increased 417,569,000 marks and advances Stock Exchange from
g renewals. On Tuesday
includin
258,780,000 marks. Gold and bullion decreased day were at 8%,
the rate for new loans
but
8%,
was
29,000 marks, reserve in foreign currency 8,740,000 the renewal rate
day after renewals
Wednes
On
10%.
to
marks, silver and other coin 17,823,000 marks, notes advanced
was an advance to
there
8%
at
effected
been
on other German banks 21,571,000 marks, while had
MAR. 9 1929.]
Fl NA Nri A L
12%. On Thursday the renewal rate was marked
up to 10% and some new loans were again at 12%.
On Friday with the renewal rate still 10% there
was a decline later in the day to 9%. Time loans
have continued at 73
4% for all maturities from thirty
days to six months, but with the market very dull
and virtually no offerings. Commercial paper has
also continued dull with little or no market. Rates
for names of choice character maturing in four to six
months remain at 532@5%% with little done at
the lower rate. Names less well known command
%@6%, with New England mill paper selling at
53
54%
There has again been no change this week in the
rates for banks' and bankers' acceptances. The
market has been fairly active. The posted rates of
the American Acceptance Council have continued
throughout the whole week at WI% bid and 51A%
asked for bills running 30 days, 5/% bid and 531%
asked for bills running 60 And 90 days, 51 2% bid
and 5%% asked for 120 days, and 5%% bid and
5%% asked for 150 and 180 days. The Acceptance
Council no longer gives the rate 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 DWI—
Bid. Asked.
Bid. Asked.
Bid. Asked.
514
53.4
Prime eligible bills
—90 Days—
Bid. Asked.
514
514
Of
WS
—60 Days—
Bid. Asked.
1544
514
04
6%
—30 Days—
Bid
Asked
153(
514
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible members banks
Eligible non-member banks
544 bid
544 bid
There have been no changes this week in Federal
Reserve Bank rates. The following is the schedule
of rates now in effect for the various classes of paper
at the different Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES
AND MATURITIES OF ELIGIBLE PAPER.
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
Elt. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Rate in
Effect on
Mar. 8.
14
yi
yi
Date
Established.
July 19 1928
July 13 1928
July 26 19211
Aug. I 1928
July 13 1928
• July 14 1928
July II 1928
July 19 1928
Apr.23 1928
June 7 1928
Mar. 1 1929
June 2 1928
Previous
Rate.
4)4
414
414
414
43.4
414
411
414
4
4
43.'
4
Sterling exchange has been under pressure throughout the week and ruling lower than last week. The
range this week has been from 4.84M to 4.84 15-16
for bankers' sight, compared with 4.84 13-16 to
4.85 last week. The range for cable transfers has
been from 4.85 1-16 to 4.85 9-32, compared with
4.85 3-16 to 4.85 11-32 the previous week. The
main features are unchanged from the past few
weeks and the irregularity and weakness are due
entirely to the high money rates prevailing at New
York, which exert a severe pull on all the leading
exchanges, including even Canadian, South American, and the Japanese. A description of the
sterling situation as it exists at present could hardly
be more than a repetition of the review of the course
of the market during the past few weeks. This
week's high money at New York has further accentuated the pressure on sterling. As frequently
stated, sterling should normally show the beginning
of seasonal firmness after the middle of January
R ONTTCLF
1453
and the seasonal factors favoring London should
continue until about the middle of August, but under
existing circumstances, with money rates in New
York in their present position, all other factors
which might promote a firmer sterling are submerged: No improvement can be looked for in the
foreign exchanges until New York money rates
are lower and the difficulties and uncertainties of
the credit situation here have been resolved. The
Bank o England is taking strenuous measures to
make its discount rate effective and is building up
its gold position, but the high money market on
this side becomes daily a more formidable obstacle
to the Bank's plans. Considerable anxiety exists
with regard to the foreign exchange situation; and
the extreme dullness of the market must be attributed in large measure to these uncertainties
which make it inadvisable for traders to take a
positive technical position.
Agitation goes on in England to have the Bank
of England lower its rediscount to 5%, while on
the other hand security traders in London expect
that the Bank may be compelled to increase its
rate to probably 6%. In recent weeks the Bank
has increased its gold holdings through open market
purchases, but has been forced to raise its bid
fractionally above its statutory rate in order to
secure the gold, while at the same time pressure
has been exerted through conversations to keep
other buyers, especially central banks, from the
market until the Bank of England's requirements
are more nearly satisfied. This week the Bank of
England shows an increase in gold holdings of
£573,281, the total standing at £151,828,798, as
of March 6, compared with £157,898,057 a year
ago. On Tuesday the Bank of England bought
£593,300 in gold bars. On Wednesday the Bank
sold £3,439 in gold bars and on Thursday bought
£1,618 and exported £2,000 in sovereigns. On
Friday the Bank bought £4,104 in gold bars.
At the Port of New York the gold movement for
the week Feb. 28 to March 6 inclusive, as reported
by the Federal Reserve Bank of New York, consisted of imports of $1,597,000, of which $1,500,000
came from Canada, and $97,000 chiefly from Latin
America. The exports were $262,000, of which
$200,000 were shipped to Venezuela and $62,000 to
Germany. The Reserve Bank reported a decrease
of $2,500,000 in the net change in gold earmarked
for foreign account. While the Reserve Bank reports
no movement of gold from Argentina to New York,
it is known that approximately $5,500,000 is due
to arrive in New York from Buenos Aires by early
ships. The steamship Pan America, due on March
12, is bringing $2,000,000, of which $1,000,000 is
for the Banca Commerciale Italiana. The Western
World, due on March 28, is bringing $3,500,000,
of which $1,250,000 is consigned to Strupp & Co.,
$1,000,000 to the German Transatlantic Bank,
$750,000 to Chase National Bank, and $500,000 to
the Anglo-South American Bank. Berlin dispatches
on Friday stated that the Reichsbank has sold
46,000,000 marks gold to New York.
Canadian exchange continues at a discount, Montreal funds ranging this week from %
3 to 15-32 of 1%
discount, the prevailing rate being 15-32 of 1%. As
noted, the Federal Reserve Bank reports a shipment
of $1,500,000 from Canada to New York during the
week, but it is believed in order to correct the exchange gold shipments from Montreal to New York
1454
FINANCIAL CHRONICLE
would have to approximate $60,000,000. It is considered that gold should move freely from Montreal
to New York with Canadian quoted at 7-32 of 1%
discount. It would seem that the Canadian authorities have unofficially reimposed the embargo on gold
exports. It seems likely that the Canadian banks are
refusing to undertake gold shipments out of respect
to the known wishes of the authorities at Ottawa. It
can hardly be believed that Canada has even unoffically reimposed the embargo on gold exports, but the
truth lies more probably in the opinion expressed by
some bankers that the banking authorities on this
side of the border are actively supporting the no-gold
movement. The discount on Canadian is, of course,
due largely to transfer of Canadian funds to the New
York market. There is practically no short loan
market in Canada.
Referring to day-to-day rates, sterling on Saturday
last was nominal in a dull half-day market. Bankers'
sight was 4.84 13-16@4.84 15-16, cable transfers
4.85%@4.85 9-32. On Monday the market was
irregular. The range was 4.84 13-16@4.84% for
bankers' sight and 4.853@4.85 9-32 for cable transfers. On Tuesday sterling continued under pressure.
Bankers' sight was 4.84%@4.847A, cable transfers 4.85 3-16@4.853. On Wednesday sterling was
weaker. The range was 4.84%@4.84% for bankers'
sight and 4.85 3-16@4.853- for cable transfers.
On Thursday the pressure continued. The range
was 4.84 11-16@4.84 13-16 for bankers' sight and
4.85 1-16@4.85 3-16 for cable transfers. On Friday
the range was 4.84N@4.84% for bankers' sight
and 4.85 1-16@4.85A for cable transfers. Closing
quotations on Friday were 4.84 23-32 for demand
and 4.85 3-32 for cable transfers. Commercial sight
bills finished at 4.84 11-16; 60-day bills at. 4.79%;
90-day bills at 4.77%; documents for payment (60
days) at 4.79%, and seven-day grains bills at
4.83 11-16. Cotton and grain for payment closed
at 4.84 11-16.
The Continental exchanges continue to suffer
irregularity and pressure arising from the firm
money market and unsettled credit situation on this
side. French francs are showing a weaker tone
and were it not for the support of the Bank of
France through exchange operations, the rate for
francs would easily drop below 3.903/ for cable
transfers. The Bank of France continues to sell
its sight balances abroad for the purpose of supporting the franc. This week the bank shows a
reduction of 65,000,000 francs in these balances.
As noted above, the Federal Reserve Bank of New
York reports a decrease of $2,500,000 in gold earmarked for foreign account. It is presumed that
this represents a reduction in the earmarkings of
the Bank of France. A reduction in earmarked gold
is equivalent to an import of gold. Funds are
freely flowing from Paris to Berlin, London and
New York, where interest rates are higher, and of
course this militates against French exchange. However, the Bank of France holdings of foreign exchange
are so extensive that the rate can be maintained at
whatever point the French authorities wish for a
considerable time. If New York money rates hold
too long around present levels the entire situation
will become so complicated that France as well as
most of the European countries will lose gold to
New York. The New York rates are making themselves felt in all parts of.the_world.
[VOL. 128.
German marks are again lower and at present quotations, around 3.723 for cable transfers, gold might
be expected to move from Berlin to New York. This
week the Federal Reserve Bank of New York reports
another small shipment of $62,000 in gold to Germany. This brings the total of the small shipments
to $1,459,000 in a period of about 28 weeks. They
are evidently unrelated to exchange transactions proper, as the dollar-mark rate has not justified shipments
during the period. Bankers assert that the Reichsbank is losing control of the money market in Germany. Its gold exchange holdings show signs of
shrinking as the result of operations to maintain mark
exchange and to prevent a drain on its gold supply.
Funds have been leaving the German market recently
and it is thought that the Reichsbank will probably
begin to sell gold before its exchange reserve becomes
much lower. Otherwise it might be compelled to export gold at an inconvenient juncture. As noted
above in the comments on sterling exchange, Berlin
dispatches on Friday stated that the Reichsbank
had sold 46,000,000 marks (approximately $11,000,000) gold to New York, the first sale since 1927.
The movement follows the loss of 200,000,000 marks
in holdings of foreign exchange caused by the recalling
of foreign short loans and by reparation transfers.
Italian lire are ruling slightly easier, but for no other
reason than those given which affect the other Continentals. There is a retardation in the flow of funds to
Italy from this side and from South American points
owing to the pull of the New York market. In connection with the Polish exchange, it is of interest to note
the report issued by Charles S. Dewey, financial
adviser to Poland on Polish economic conditions.
This will be found in another column.
The London check rate on Paris closed at 124.23
on Friday of this week, against 124.23 on Friday of
last week. In New York sight bills on the French
3i
centre finished at 3.90 5-16 on Friday, against 3.90/
on Friday a week ago, cable transfers at 3.90 9-16,
against 3.90N and commercial sight bills at 3.90
against 3.90 1-16. Antwerp belgas finished at 13.88
for checks and 13.88% for cable transfers, as against
13.883 and 13.89 on Friday of last week. Final
quotations for Berlin marks were 23.71M for checks
2 for cable transfers, in comparison with
and 23.723/
23.72 and 23.73 a week earlier. Italian lire closed at
5.23 3-16 for bankers' sight bills and at 5.23 7-16 for
cable transfers, as against 5.233/i and 5.23%. Austrian schillings closed at 14.05 on Friday of this week,
against 14.05 on Friday of last week. Exchange on
Czechoslovakia finished at 2.963, against 2.963; on
Bucharest at 0.5932, against 0.69; on Poland at 11.25,
against 11.25 and on Finland at 2.52, against 2.52.
Greek exchange closed at 1.293.t for checks and
1.293/ for cable transfers, against 1.293 and 10.293/2.
Exchanges on the countries neutral during „the
war are practically unchanged in all essential features from the past few weeks. All of them are
inclined to go off in response to the pressure felt
by sterling and the leading Continentals. The
Scandinavian currencies have been slower to respond
to the lower current of exchange than other neutrals,
but this week the exchanges of Norway, Denmark,
and Sweden have been decidedly easier. Even so,
the market has been so dull that the quotations are
largely nominal. There has doubtless been some
drain of funds from these countries to the London
and Berlin markets, although there is very little
MAR. 9 1929.]
FINANCIAL CHRONICLE
evidence of a demand for dollars in the Scandinavian
centres. Holland guilders have been weak and the
check rate on Amsterdam this week is quoted below
dollar par, although the cable rate is above dollar
parity. Some bankers are of the opinion that not
much Amsterdam funds are coming to this market.
This would hardly seem to be consistent with the
magnetic effect of high money rates here. There
can be no doubt, however, that while money rates
in London and Berlin are below those of New York,
they are certainly attracting Dutch funds.
The Swiss National Bank has taken steps toward
the adoption of the gold standard for the Swiss
franc. The report of the bank recently issued points
the impossibility of immediate action, but says that
the return to the gold basis will be made at the
earliest possible time. The bank has adopted a
recommendation that a redemption of gold notes
be made at the discretion of the bank either in
Swiss gold coin, in gold bars, or in gold exchange
on banks of issue of such countries as permit the
exportation of gold. The Bank had gold reserves of
$105,500,000 as of Dec. 31 1928, an increase over
1927 of $12,000,000. As a consequence of the
adoption of gold monometalism, the ecu (silver
five-franc piece) will no longer be legal tender for
unlimited amounts as formerly, when it ranked
with gold coin. It will be reduced to the status of
subsidiary coinage and its size and weight will be
lessened materially, though it will continue to be
minted in silver. A commission of monetary experts
which has recently been studying the Swiss financial
problems decided against the creation of an issue of
notes of small denomination (5 and 10 francs) which
has been widely discussed in Swiss money circles.
Spanish pesetas dropped sharply in Monday's trading
as the result of week-end cables from Spain to the
effect that the Spanish Government has definitely
withdrawn its support from the exchange for the
time being. In Friday's trading the rate dropped
to a new low of 14.65 for cable transfers.
Bankers' sight on Amsterdam finished on Friday
at 40.03, against 40.033 on Friday of last week;
cable transfers at 40.05, against 40.053, and commercial sight bills at 39.99, against 40.00. Swiss
francs closed at 19.223 for bankers' sight bills
and at 19.233 for cable transfers, in comparison
with 19.223/i and 19.2334 a week earlier. Copenhagen checks finished at 26.6334, and cable transfers
at 26.65, against 26.653/ and 26.67. Checks on
Sweden closed at 26.70, and cable transfers at
26.7134, against 26.71 and 26.723/2, while checks on
Norway finished at 26.6434 and cable transfers at
26.66, against 26.66 and 26.6734. Spanish pesetas
closed at 14.69 for checks and 14.70 for cable transfers, which compares with 15.29 and 15.30 a week
earlier.
1455
Aires for New York and is due to arrive here during
March. Although there will be considerable opposition on the part of the Argentine banking authorities
to the shipment of gold, it is believed that the movement will grow. Argentine paper pesos closed on
Friday at 42.08 for checks, as compared with 42.08
on Friday of last week, and at 42.13 for cable transfers, against 42.13. Brazilian milreis finished at 11.85
for checks and at 11.88 for cable transfers, against
11.87 and 11.90. Chilean exchange closed at 1234
for checks and 12 3-16 for cable transfers, against
12 1-16 and 123/s, and Peru at 4.00 for checks and
4.01 for cable transfers, against 4.00 and 4.01.
The Far Eastern exchange is notable this week
for the further rather sharp decline in Japanese yen.
The Chinese quotations have been reasonably steady
owing to the relative steadiness in the price of silver.
The decline in yen is considered the result of the
disparity between money rates in New York and
Tokio. Money is extremely cheap in Japan and
owing to continued depression in many lines of
business it is to be expected that the yen will show
weakness, while heavy transfers are being made
from Tokio to New York and London. The weakness
in yen could hardly be arrested under the circumstances without Government intervention. The
present rate brings the yen down to about 53/i cents
below the old par of 49.85. If the drain continues
Japanese banking authorities will find it a difficult
task to bring the unit back to par and to effect
stabilization. Closing quotations for yen checks
Friday were 44 7-16(4)44%, against 443j©41% on
Friday of last week. Hong Kong closed at 483'8@,
49 1-16, against 48%@)493'; Shanghai at 62%@
20(4)62 11-16; Manila at 49%,
623/
2, .against 623/
against 49k; Singapore at 56%@563/2, against
563/2@)56 9-16; Bombay at 3634, against 363/2,
and Calcutta at 3634, against 363/2.
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACTS OF 1922.
MAR. 2 1929 TO MAR.. 8 1929. INCLUSIVE.
Country and Monetary
Noon Buying Rate for Cable Transfers o New York
Mtge Os Craned Slates Money.
Mar. 2. Mar. 4. Mar. 5. Mar. 6. Mar. 7. Mar. 8.
S
EUROPE.Anstsia, schilling -- .140563
.138861
Belgium. belga
007225
Bulgaria,ley
Czechoslovakia. krOD .029615
.266571
Denmark, krone
England, pound s •
.8.52291
ling
.025168
Finland, markka
039064
France,franc
Germany,relchsmark_ .237261
.012917
Greece, drachma
.400463
Holland, guilder
.174275
Hungary. Peng°
.052367
Italy, lira
.266627
Norway, krone
.111981
Poland, zloty
.044240
Portugal, escudo
.005966
Rumania.leu
152432
Spain, peseta
.267157
Sweden,krona
Switzerland, franc- .192306
.017571
Yugoslavia, dinar
ASIAChina.646250
Cheloo tadl
Hankow taxi
.637812
.622946
Shang tael
.658750
Tientsin tae!
Hong Kong dollar.- .488035
.449000
Mexican dollarTientsin or Pe13'aX18
.449583
dollar
Yuan dollar
.446250
India, rupee
363593
.446866
Japan, yen
Bingapore(13.S.)dollar. .561125
NORTH AMER.Canada, dollar
.995101
Cuba, peso
1.000526
Mexico, Peso
.484066
Newfoundland, dollar .992625
SOUTH AMER.Argentina. peso(gold) .956304
Brasil, milrels
118811
Chile, peso
120601
Uruguay, peso
1.023518
Colombia, peso
.970900
$
340558
.138844
.007204
.029614
.266547
8
.140525
.138829
.007215
.029612
.266534
.852226
.025167
.039059
.237241
.012914
.400409
.174256
.052364
.206607
.111868
.044300
.005964
.151602
.267128
.192307
.017568
4.851983
.025161
.039056
.237242
.012913
.400476
.174259
.052366
.266590
.111822
.044140
.005962
.151206
.267089
.192305
.017564
.649583
.642031
.625982
.654375
.490089
.450750
.646666
.639687
.623303
.659583
.489732
.450250
i
.140494
.138805
.007209
.029611
.266514
II
8
.140486 .140530
.138804 .138817
.007204 .007186
.029611 .029607
.266486 .266439
4.851809 4331315 4.850598
.025166 .025164 .025157
.039050 .039045 .039043
.237242 .237209 .237203
.012917 .012917 .012919
.400550 .400484 .400455
.174237 .174255 .174235
.052357 .052338 .052334
.266586 .266546 .266530
.111805 .111805 .111805
.044040 .044125 .044240
.005965 .005965 .005962
.149761 .147260 .146504
.267085 .267071 .267057
.192300 .192284 .192283
.017559 .017565 .017564
.645833
.638750
.623214
.657916
.488839
.449250
.644687
.638593
.622232
.656875
.487767
.448500
.645000
.638593
.621696
.657083
.487642
.448500
The South American exchanges with the exception
.451666 .450416 .449166 .448333 .448333
of Argentine paper pesos show very little change from
.448333 .447083 .445833 .445000 .445000
.363643 .363566 .363592 .363550 .363492
a week ago. Pesos have been ruling lower, although
.443531 .443921 .442912 .444380 .444205
.561041 .561291 .561125 .561125 .560833
the export season is well along and labor disturbances
.995068 .994973 .994137 .993742 .992961
have practically ceased at the Argentine ports. There
1.000526 1.000466 1.000528 1.000497 1.000497
.483433 .479250 .460250 .471000 .475600
can be little doubt that the weakness in the peso is due
.992591 .992500 .991425 .991175 .990412
to some extent to the attractiveness of the New York
.956260 .956000 .955988 .956029 .955890
.118694 .118544 .118522 .118400 .118466
security markets for Buenos Aires funds, as the pres.120434 .120698 .120738 .120693 .120695
1.023293 1.022118 1.022118 1.020258 1.020315
ent trend, as in the case of other major currencies, is
.970900 .970900 .970900 .970900 .970900
opposite to its normal seasonal course. As noted
Owing to a marked disinclination on the part of
above in the discussion of sterling exchange, approximately $5,500,000 in gold has been engaged in Buenos two or three leading institutions among the New
FINANCIAL CHRONICLE
1456
York Clearing House banks to keep up compiling
the figures for us, we find ourselves obliged to dis
continue the publication of the table we have been
giving for so many years showing the shipments and
receipts of currency to and from the interior.
As the Sub-Treasury was taken over by the Fed
eral Reserve Bank on Dec.6 1921), it is also no longer
possible to show the effect of Government operations
in the Clearing House institutions. The Federal
Reserve Bank of New York was creditor at the Clear.
ing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANE
AT CLEARING HOUSE.
rhursd.V.
Tuesday, Wednesday
Mar. 7.
Mar.6.
Mar. 5.
&lawman, Modes.
Mar. 2.
Mar. 4.
Friday.
Mar. 8.
Aoaronnte
for Week.
154.80r E00 131.004,000 158,000,000 166,NE.Ocf, 188.156.604 113.000,000 Cr 870.0011.000
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
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
House Institutions, as only the Items payable In New York City are represented in
the daily balances. The large volume of checks on institutions located outside of
New [fork are not accounted for In arriving at these balances, as such checks do
not pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.
The following table indicates the amount of bullion in the principal European banks:
Mar. 8 1928.
Mar. 7 1929.
Banks of--
I Gold. 1
1
England._ 151,828.798
Silver.
Total.
Meer.
Gold.
I
151.828,798157.898.0571
180,713,408147.220,416
(d)
France a__ 180,713,408
Germany b 138,446,650 c994,600 137,441,250 90,136,200
Spain
102,374.000 28,522,000 130,896,000 104,208.000
54.641,000 49.288,000
Italy
54,841,000
Netherrds. 36.212.000 1,845,000 38,057,000 36,288,000
Nat. Bele_ 25,889,000 1,268,000 27.157,008 21,221,000
Switzerrd. 19,271,000 1,844,000 21,115,000 17,304,000,
13,088,000 12,960.000,
Sweden.-- 13.086,000
468.000 10,063,000 10,109.000'
Denmark - 9.595.000
Norway __ 8.158.000
,8.158,000 8,180,000,
Total.
I157,898,057
13.717,592160.938,008
994,600 91,130,800
27,907,000 132,115.000
2,280,000 38,546.000
1,244.000 22,465.000
2.498.000 19.802.000
12,960,000
641,000 10,750.000
8,180,000
Tot. wk.738,214,856 34,941,600773,158,456654.790,673 49,282,192 704.072,865
Prey. week 736,931.485 34,686,600771.618,085654,209.727 49,228,623 703.438,350
a These are the gold holdings of the Bank of France as reported In the new form
of statement. b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year is 32,481,300. c As of Oct. 7 1924.
d Silver is now reported at only a trifling sum.
The Inauguration of President Hoover.
President Hoover very properly remarked, toward
the close of his inaugural address on Monday, that
"this is not the time and place for extended discussion." Presidential inaugurals, as a rule, have been
comparatively brief documents, devoted more to
general questions of policy than to consideration of
particular issues, and more important as indications
of a President's attitude toward national affairs
than as announcements of the specific courses which
were likely to be followed. Mr. Hoover, in spite of
his disclaimer, thought it proper to include in his
address somewhat extended discussions of several
important matters, at least two of which are obviously related to the issues. of the campaign in
which he was elected.
The first of these had to do with the subject of
law enforcement. Taking as his particular text national prohibition, while at the same time making
clear that it was a general and not merely a
particular situation that he had in mind, he declared
that "the most malign" of all "the constant dangers
from which self-government must be safeguarded"
is "disregard and disobedience of law. Crime is increasing. Confidence in rigid and speedy justice is
decreasing." He was not, he said, prepared to believe that this untoward condition "indicates an impotence of the Federal Government to enforce its
laws." The whole system of law administration and
enforcement must be considered. "To re-establish
the vigor and effectiveness of law enforcement we
must critically consider the entire Federal machinery of justice, the distribution of its functions,
[VOL. 128.
the simplification of its procedure, the provision of
additional special tribunals, the better selection of
juries, and the more effective organization of our
agencies of investigation and prosecution that
justice may be sure and that it may be swift." Federal judges and attorneys are able, "but the system
which these officers are called upon to administer
is in many respects ill adapted to present day conditions. Its intricate and involved rules of procedure
have become the refuge of both big and little criminals. There is a belief abroad that by invoking
technicalities, subterfuge and delay the ends of
justice may be thwarted by those who can pay the
cost."
Regarding the particular question of prohibition,
Mr. Hoover pointed out that while "the undoubted
abuses which have grown up under the Eighteenth
Amendment" are in part due to the causes just mentioned, their explanation is also partly to be found
"in the failure of some States to accept their share
of responsibility for concurrent enforcement, and
to the failure of many State and local officials to
accept the obligation under their oath of office
zealously to enforce the laws." Beyond this "a
large responsibility rests directly upon our citizens.
There would be little traffic in illegal liquor if only
criminals patronized it. We must awake to the fact
that this patronage from large numbers of lawabiding citizens is supplying the rewards and stimulating crime."
For the remedy of this condition,in addition to enforcing the laws to the best of his ability, Mr. Hoover
proposes to appoint "a national commission for a
searching investigation of the whole structure of
our Federal system of jurisprudence, to include the
method of enforcement of the Eighteenth Amendment and the causes of abuse under it. Its purpose
will be to make such recommendations for the reorganization of the administration of Federal laws
and court procedure as may be found desirable. In
the meantime it is essential that a large part of the
enforcement activities (Mr. Hoover apparently refers here to the Eighteenth Amendment alone) be
transferred from the Treasury Department to the
Department of Justice as a beginning of more effective organization."
In announcing an inquiry into the abuses of prohibition enforcement Mr. Hoover is, of course, only
carrying out an assurance which he gave during the
campaign, and which, together with his personal
stand as a prohibitionist, won him the formal endorsement of the Anti-Saloon League. The enlargement of the inquiry, on the other hand, to include the
whole subject of Federal laws and law enforcement
is an extension so vast as to make one wonder how
long it will be before the proposed commission will
be able to make a report. It is only about three
years since Congress, after years of debate and delay, gave its approval to a revision and codification
of the Federal statutes. That revision, however, was
essentially formal, extending only to such rearrangement and codification of existing laws as should take
account of the vast number of changes made in the
body of Federal law since the revision of many
years before. If, now, the substance of the law and
the methods of administration are to be gone into,
and the whole system, on its criminal side at least,
made over to conform to "present conditions," the
commission will have been assigned a task which
will certainly occupy it for a very long time.
Mez. 9 1929.]
FINANCIAL CHRONICLE
The second most important declaration of the
inaugural address asserts the obligation of the
President and Congress to stand firmly upon the
Republican platform of 1928. Premising that parties are necessary in order to give expression to the
popular will, "it follows," said Mr. Hoover, "that
the Government, both in the executive and legislative
branches, must carry out in good faith the platforms
upon which the party was entrusted with power."
Certain of the platform proposals, notably "further
agricultural relief and limited changes in the tariff,
cannot in justice to our farmers, our labor and our
manufacturers be postponed," and they are accordingly to be laid before Congress at the extra
session called for April 15. The "more important
further mandates from the recent election" which
Mr. Hoover specifies are "the maintenance of the integrity of the Constitution, the vigorous enforcement of the laws, the continuance of economy in
public expenditure, the continued regulation of
business to prevent domination in the community,
the denial of ownership or operation of business by
the Government in competition with its citizens, the
avoidance of policies which would involve us in the
controversies of foreign nations, the more effective
reorganization of the departments of the Federal
Government, the expansion of public works, and the
promotion of welfare activities affecting education
and the home."
The remaining pronouncements of the inaugural
address offer nothing particularly novel or striking.
The much-heralded statement that Mr. Hoover was
expected in some quarters to make about public
utilities turns out to be nothing more than a recognidon of differentiation that has come to be made between productive and distributive industries on the
one hand and public utilities on the other, a further
statement that "in the former our laws insist upon
effective competition" while "in the latter, because
we substantially confer a monopoly by limiting
competition, we must regulate their services and
rates," and a declaration that "such regulation
should be extended by the Federal Government within the limitations of the Constitution and only when
the individual States are without power to protect
their citizens through their own authority." Mr.
Hoover hopes that it may be possible for the United
States to adhere to the World Court, but accepts the
decision of the nation "that we should make no
political engagement such as membership in the
League of Nations" and our adherence to "the belief that the independence of America from such
obligations increases its ability and availability for
service in all fields of human progress." There is
praise for the Pact of Paris, repudiation of all imperialist ambition—"our form of government is ill
adapted to the responsibilities which inevitably follow permanent limitation of the independence of
other peoples"—a cordial assurance of the desire of
the United States to advance the cause of civilization
by taking "a practical part in supporting all useful
international undertakings," and the expression of a
fervent hope for continued peace throughout the
world,
Mr. Hoover takes office with the good will of the
nation which he has already served ably in other
capacities, and with wide and sincere respect abroad.
His declaration that "the animosities of elections
should have no place in our Government, for governmeat must concern itself alone with the common
1457
weal" will be echoed,it is to be hoped, by his political
opponents and accepted as a guiding rule in the conduct of public affairs. The new Cabinet, with the
exception of Secretary Mellon and Secretary of
Labor Davis, who have been taken over by Mr.
Hoover from the Coolidge Administration, is mainly
composed of men hitherto largely unknown to national public life. Henry L. Stimson of New York,
however, the new Secretary of State, has had a useful Federal experience as Secretary of War for about
two years in the Cabinet of President Taft, and,
since 1927, as Governor General of the Philippine
Islands, and Ray L. Wilbur, former president of
Leland Stanford University, California, who becomes Secretary of the Interior, was for a time
Chief of the Conservation Division of the United
States Food Administration. Particular interest
attaches to the elevation of William D. Mitchell
from the office of Solicitor General to that of Attorney General, from the fact that Mr. Mitchell is a
Democrat.
The action of President Hoover in not including
the names of Secretary Mellon and Secretary Davis
in the list of Cabinet members submitted to the
Senate for confirmation, on the assumption, apparently, that hold-over appointees did not need to
be again confirmed, led to the adoption by the
Senate on Tuesday of a resolution directing the
Judiciary Committee to inquire and report, first,
"whether the head of any department of the govern.
ment may legally hold office as such after the expiration of the term of the President by whom he
was appointed," and, second, "whether, in view of
the provisions of the laws of the United States,
Andrew W. Mellon may legally hold the office of
Secretary of the Treasury." As the first of these
two questions involves a technical point of law, cornment upon it may best be reserved until the
Judiciary Committee shall have made its report.
The inquiry regarding Mr. Mellon involves the application to his case of Section 243 of the Federal
Code of Laws, which provides among other things,
that "no person appointed to the office of Secretary
of the Treasury, or Treasurer, or Register, shall directly or indirectly be concerned or interested in carrying on the business of trade or commerce." The on gin of this provision dates back to the Judiciary Act
of 1789, organizing the judicial department of the
Government. Prior to his appointment as Secretary
of the Treasury under President Harding, Mr. Melion was an important figure in large corporate and
banking enterprises, and there has long been a
popular impression that his business connections
subsequent to his appointment, whether direct or
indirect, were such as to fall under the spirit, if not
the letter, of the statutory prohibition. It is much
to be hoped that the Judiciary Committee, when it
makes its report, will be able to dispose of this
controversial aspect of the case once for all.
When Law Becomes a Tyranny.
Law can never be more perfect than our human
sense of justice. It can never embody more than
the combined opinion of the best thought and research. It must grow out of experience, be nuntured by reason, and be respectful to the conscience
and consciousness of man. Laws in a representative
democracy under our Constitution cannot controvert the inalienable rights of the individual—that
1458
FINANCIAL CHRONICLE
he has, inherently, the right to life and liberty, and
the right to pursue happiness in his own way,so long
as these do not conflict with equal rights in others—
if these laws are just. But laws in a free country do
not always reach up to this exalted plane. Constitutions are fundamental and organic laws, designed
to guide peoples in the making of directory and statutory laws. Legislatures, of whatever scope and distinction, are bound by these broad and basic laws—
constitutions—which come direct from the voice and
will of the people—and courts of final jurisdiction
are designed to interpret statutes (laws) and to hold
them to the lines laid down by these constitutions.
One of the fundamentals of all statutory laws is
that cruel and inhuman punishments in their enforcement are to be avoided as contrary to the sense
of justice which springs from the common judgment of those who are enlightened in the principles of liberty.
In the United States, and throughout the world,
law has come to be regarded as a fetish—something
to be used as a power of compulsion, something to
be invoked as a helper in adjusting the natural relations of men, something to be wielded as a weapon
or a club to establish and enforce the will of majorities, something to be sought as a cure-all for the
ills of the people and the failures of government—
and, therefore, a benevolent despot to be invoked at
will and worshipped. This is far and away from
that rule of right action distilled from experience
and sanctioned by application. By reason of the
multiplicity of our statute laws and the variety of
their uses and intents, they become loosely drawn
and non-enforceable in many instances. They are
construed by precedents and applied by technicalities. Often they are escaped by sentimental appeal
to juries (a valve not without its benefits considering the network in which the citizen is enmeshed).
For this and other reasons there is a constant call,
by sticklers for law-enforcement, that more "teeth"
be put into the laws, meaning more penalties. Now
penalties are not properly used as scare-heads to
induce right doing. The punishment should fit the
crime. It is not, or should not be, beyond the pale
of mercy. It is the inevitable and righteous judgment of a people as a corrective, as an expression of
the offended dignity of those who know the right and
do it, and as a deterrent but not as a revenge—"a
hangman's whip to baud the wretch in order."
On Feb. 19 the'United States Senate by a vote
of 65 to 18 passed what is known as the "Jones
bill," providing a maximum penalty for violations
of the national prohibition act. Since it is, to our
mind, a signal illustration of the prevalent desire
to penalize, gone mad, we quote it in full. It provides: "That wherever a penalty or penalties are
prescribed in a criminal prosecution by the national
prohibition act, as amended and supplemented for
the illegal manufacture, sale, transportation, importation or exportation of intoxicating liquor, as
defined by Section I, Title II, of the National Prohibition act, the penalty imposed for each such offense shall be a fine not to exceed $10,000, or imprisonment not to exceed five years, or both; . . .
Provided, that it is the intent of Congress that the
Court in imposing sentence hereunder should discriminate between casual or slight violations and
habitual sales of intoxicating liquors or attempts
to commercialize violations of the law. . . .
This act shall not repeal nor eliminate any minimum
[VOL. 128.
penalty for the first or any subsequent offense now
provided by the said national prohibition act." This
law, in its passage through the Senate, occasioned
tremendous debate and "big guns," if we may use
the term, were fired for and against it. A little
later the identical "Jones bill," in lieu of other
House bills, after being favorably reported by the
Judiciary Committee of the House, was passed by
that body and sent in the closing days of the session to the President, who signed it.
It is not for the purpose of arguing the right or
wrong or even the feasibility of prohibition laws that
we comment on this Act. But it must be recognized in evaluing the fitness of this penalty that the
Eighteenth Amendment and the Volstead Act are
both unsettled questions before the American people. This was clearly indicated by the last national election though both political parties were
ostensibly "dry." There is an overwhelming sentiment that amendment and law must be enforced.
And enforcement is a duty of the Executive branch
of our government. But penalties for infraction
are a part of the legislative and judicial branches.
And when there is a great division among the people as to the right of such a law to exist, penalties
surely should not extend to maximum punishments
as a part of a reasonable and consistent procedure.
Already in one of the States a woman has been sentenced to the penitentiary for life for peddling whiskey under a State enforcement act and because of
the State penalty for repeated offenses. That this
is abhorrent to any liberal mind needs not to be
stated. And though this national act excuses itself
before first offenders, it affords a discriminatory
power to judges of courts that is inconsistent with
the impartiality of law itself.
What is the contention of those who favor this
prohibition act? It is that it is now a part of the
Constitution and therefore must be enforced by all
the powers of the Government. And this is true,
though at the same time it may be by proper procedure repealed. On the contrary, those who are
not in favor of the law point to the fact in their
opinion that it is unconstitutional because it takes
away an indefeasible right that is protected by the
Constitution which is anterior to the amendment
and cannot therefore be germane thereto, but they
concede the duty of enforcement. This brings us
squarely to the proposition of proper penalties for
enforcement in view of the divided feeling of the
public mind. It would be interesting and instructive to take up the degrees of murder, burglary, arson, and compare the penalties prescribed with this
for bootlegging a pint of whiskey. In the one case
the injured party is not part of the infraction; in
the other case he is a part though no penalty lies
against him. In a word the selling of a pint of
bootleg whiskey is no crime against him, but is a
crime against a law which the buyer refuses to recognize. We have gone far in the direction of imprisonment for debt when we pass laws of this character, if indeed we have not gone 'beyond it. Since
the original law covers "manufacture,sale and transportation" (and although it gives rise to search and
seizure, without warrant sometimes, in the face of
protection designed to make a man's home his
castle), the power of enforcement through the "eye
of the law" ought to be sufficient strength for this
law and the government. And any laying down of
unusual punishments ought to be tantamount to an
94929.1
FINANCIAL CHRONICLE
1459
the
admission the government harbors a law it cannot system have National banks sought and received
and
trusts,
of
right to engage in the management
enforce.
this largely because of the assumption, well or illSecurities.
and
Trusts
Loans,
founded, that these trust companies were making inan
in
Currency,
the
roads on the legitimate business of the Nationals
Mr. J. W.Pole, Comptroller of
AssociaBankers'
Ohio
the
and because, since trust companies are and must be
address delivered before
Profor
Demand
"The
organized under State laws, the State banks and
§ubject
the
tion, Feb. 12, on
fesional Bank Management," made the statement: trust companies combining obtained an advantage
"The scarcity of trained executives—that is to say, over the Nationals.
The real trust company was born in the populous
executives with that degree of managerial ability
required by modern conditions—may be one of the city; it flourishes there to-day. It was born of an
underlying reasons for the rapid spread of branch earnest need—the need for a responsible trustee,
banking and group or chain banking ideas among that does not die and cannot abscond. It grew apace
bankers and business men in this country." (We —but it did absorb some of the bank's business
printed a part of this address in our issue of Feb. 16 through its savings department and allied deposiat page 989.) In his closing remarks the Comp- tary funds. But it has never asked for the right to
troller said: "While the need for a higher training do a commercial bank business, the chief function of
is increasingly demanded for making commercial which is to receive all deposits (save savings direct)
loans upon the proper credit basis, it is in the newer and to loan these deposits in industry and commerce.
fields of banking—the trust business and the securi- What then drives these two financial institutions
ties business—where technical training and special- together, or to seek to overlap each other? Where
ized experience are emphatically the essential re- is the economic pressure? Not even competition
quirements for success. It is in these two fields that can account for more than a part of the tendency to
there is likely to be the greatest future expansion merge the bank and trust company, for each is free
in banking and those banks will maintain the largest to spring into existence in its own right according
growth which equip themselves technically to meet to demand limited alone by the State supervision
this opportunity. It would be worse than useless for and the plenitude of local capital to enter into ara bank to embark upon them with an amateur man- ticles of association. The benefit of the trust comagement." Mr.Pole feels that "this applies to banks pany to the community in the administration of
of all classes, whether city or small town, because trusts and estates has amply justified its being. It
banking in its essence is the same whether the popu- has spread to the smaller cities—where, still, there
lation served be large or small. The very nature are persons always willing to become executors and
of our economic life which expresses itself through administrators under the jurisdiction of Probate
corporate organizations and in mass production will Courts and lawyers willing and even eager to adnaturally demand 'of the smaller banks the same vise.
standards and type of banking services which have
No,in view of these facts it must be seen that this
been demonstrated as sound and efficient by the mixing and overlapping of two distinct financial
larger city banks. . . . In general, it must be principles and integers is due more to the ambition
said that old-fashioned business practices in banking of men to advance, expand, and fortify their indimust give way to scientific methods in the acqui- vidual institutions than any economic pressure from
sition and the formulation of information, and in the people without. And it is yet a question wheththe application of the banking policies based there- er the granting of trust company powers to comon, by men who have acquired what might be called mercial national banks is a benefit to them or to the
a professional knowledge of banking—a technical communities or the reverse. It is yet a question
equipment to deal with method and policy."
whether departmental banking is better than the old
Now it must be said of this address that it touches plan of independent integers. Factors in finance,
upon some very broad and important aspects of the or commerce, that merge successfully are not antagbusiness of banking. And it seems well to inquire onistic in nature, nor are they diverse and distracinto some of them. Is it true that it is a natural tive in purpose.
economic pressure bearing upon our banks as a
As for training in the technique of these two instiwhole that is inducing them to enter upon fields of tutions, either the trust company end must predomexpansion such as trusts and securities. If we go inate and control or the banking end. And when it
back twenty-five or thirty years to the inauguration comes, under a branch banking system, to sending
of the trust companies we will find that they were out managers from a head office to the branches that
founded upon the need of corporate management of have supplanted country banks, equipped in both the
fiduciary relations and responsibilities. Wisely or administration of trusts and the making of loans
unwisely, these trust companies took upon them- in business it is asking too much. Even if these
selves a savings bank business. This, and other of managers were not automatons with scant powers,
their financial duties connected with estates, re- they would have to be supermen to fill the requireceiverships, gave them the appearance of banks. But ments. Branch banking is not chain banking. There
at this time the nationals Were not allowed to re- is a difference. The source of one must ever be the
ceive savings as such nor were they permitted to concentrated capital of distant powers and localiundertake fiduciary services. As a consequence, ties—the central banks of cities. The other is the
trust companies sprang up all over the country to undemonstrated fitness and benefits of merging the
perform these important services—and their rela- functions of kindred small banks, independent in
tion to their customers was that of trustee and bene- themselves. Nor is branch banking, properly conficiary while that of the banks was debtor and credi- sidered, the extension of services of big banks in big
tor. Without taking time to show the trends and cities by the opening of offices for the receiving of
growth of these ideas suffice it to say that in only deposits and payment of checks and with practically
recent years with the advent of the Federal Reserve no further powers. These employees do not need the
1460
FINANCIAL CHRONICLE •
technical training possessed in the central bank,
which can be consulted on a moment's notice, We
fail to see any connection between the spread of
branch banking and the lack of country banks sufficiently trained to carry on the local bank successfully and safely. The big city bank does not train
men in the technique of banking as a great, complete
and necessary business, but it trains them in cages
to fill distinct parts of a whole. And if managers of
branch banks are to be trained to save the people
from losses due to a lack of technique they will be
trained by and come up through country banks as
now constituted.
And where is branch banking flourishing save in
the State of California? According to figures recently given out by the Federal Reserve Board for
the fiscal year of 1928, New York is second in development-112 out of 1,146 National anel State
banks operating 607 branches; while California led,
with 63 out of 496 banks of all classes had 826
branches—constituting the report avers "nearly twothirds of the total banking offices in that State."
But in California offices must mean hi the main
independent scattered small banks converted into
branches by purchase; while in New York the
branches must mean largely merely new offices opened in congested cities. "Compilations show that the
largest increase in branch offices was in New York
State, the number being 90, all home city offices.
California added 64 and New Jersey 61." While we
see these transformations taking place we note that
billion dollar banks are appearing through consolidations of city central banks; but we note, save in
one instance in California, no disposition to push
branches out of the home cities. Nor is the object
of these gigantic bank mergers,• as far as it is now
disclosed, to fasten branch banking on the country.
Branch banking as far as it has gone, is more nearly
the result of an overweening ambition than an economic pressure. And we find this affecting banking in other directions—notably the desire expressed
by some to widen the scope of savings banks.
In the flush of an all-embracing "prosperity," we
should keep our bearings. A wise and careful aviator never flies far in a fog if he can find a place for
a landing. Branch banking has not proved itself
and is entitled to make no demands upon the technique of the business. Mergers are salutary and safe
when they do not try to unite banking functions
that are unlike and financial principles that are in
opposition. We maintain that commercial banks
and trust companies are fundamentally separate
and apart. A conglomeration of concrete is not a
natural stone. 'There is no kinship between making business loans, administering trusts, and selling securities, which inevitably forces them into one
company and under one roof. It is a duty to look
ahead and prepare for new conditions. But the kaleidoscopic changes now going on do not show us
clearly what we shall be, and possibly through the
course of years existing tendencies may be reversed.
[VoL. 128.
cently made of Germany's experience which is suggestive and timely.*
The author commands respect at once by taking
the position that developments to be lasting have
to come from within. It is useless to attempt simply
to transplant them from one country to another;
and it is not worth while to recommend changes in
a distinctly American policy. He also confines himself to post-war developments, as earlier ones now
have little more than a historical value. Germany's
methods are significant in so far as her situation
has features in common with others. These are to
be sought chiefly in underlying conditions; but those
growing out of hei possession of limited natural
resources, coupled with high density of population
and relatively small domestic markets, have the
value of results already produced.
These constitute the material of the book. Germany, of course, has certain traditions and accepted
principles which will appear, and need to be regarded. The author gives the history of five chief
industries. Coal mining, iron and steel, electrotechnical, dye stuffs, and pottery, which may be read
in detail. The general economic movement resulting
in what the Germans call Cartels is discussed. What
has been claimed for many years as to the value of
free competition he holds does not apply in the highly developed leading countries where large-scale production with low cost is the best feature in meeting open competition. In these the capacity of production may increase beyond what the market will
absorb and undesirable fluctuations of prosperity
and employment will result. Consequently combinations have developed with division of markets and
various valuable economies in handling. Adjustments of production suggested by diversity of facilities, division both of function and of labor, a
common sharing in the extension of research, and
the like, produce benefit which confirms the inherent human instinct to combine in conditions of common need.
• The new system was soon recognized by the State
and guided or directed by legislation. This in Germany resulted in a kind of combination, especially
of the smaller businesses which otherwise would
have eventually been absorbed or forced into bankruptcy. The cartel is the result. Its members retain their independence. They now exist in various
form, but have been regulated by law since 1923
and extend from syndicates, holding trade monopolies, to trade associations similar to ours. All are
cartels; in the looser form they might be little more
than "Gary dinners" or "gentlemen's agreements,"
but as need arose, they became registered associations, corporations with stockholders, even with
both freer and closer obligations. Monopolistic power was increased and combinations became able to
control business cycles, to steady employment and
reduce price fluctuations. Margins of profit are
small and markets relatively small in comparison
with other countries. Contracts between independent establishments seemed the easiest way and cartels were sufficient, without resorting to outright
mergers or other combinations of capital, and have
Combines and Trusts in Germany.
generally been so regarded by the Government Their
Investment trusts and business combinations on limitations arose where production had to be mana large scale and in many forms are becoming so aged by an outside agency and a rigid division of
numerous with us that it is desirable to know what labor to prevent all duplication, and other similar
form they have already taken elsewhere. Columbia
*"Cartels, Combines and Trusts in Post-War Germany." B. A. Michela.
University is able to publish a careful report re- Columbia Univ. Pres&
MAR. 9 1929.]
FINANCIAL CHRONICLE
1461
The special fields of indu otrial production already
purposes had to be served. Then the single corporation, or trust, as it is incorrectly termed, origi- noted have separate chapt rs devoted to them, indicating the changes both domestic and internanated in its present form, and is duly established.
This latter form of organization began to play an tional continually taking pl ice, and describing the
important role in 1870 with the creation of the present situation. These will be found valuable for
Reich. The economic creed of 1873 forced the adop- readers interested in one or another of these industion of new methods. Complementary interests com- tries with us.
The summary is brief. Four cartels of those we
bined under one management, and these Konzerns,
referred to hold the key to the economic situhave
of
the
develop
alongside
carto
began
combines,
or
tels. They took on their present form in 1893 in ation in Germany,, The number of cartels is not
the Coal-Syndicate, but did not prevail until 1914 known as there is no exact line drawn between aswhen the war favored Government control, which sociations and cartels. It is variously estimated at
from 385 to 3,000. It stands to-day at approxiwas at once complete.
.
After the war it was discovered that cartels had mately the higher figure.
of many less
creation
the
to
led
had
cartels
The
lost their original significance. The violent and
which
agreements
gentlemen's
and
groups,
formal
and
in
prices proved
markets
extensive changes
them inadequate. Regulations of one kind and an- tend to smooth out differences and prepare the way
other, price, market, &c., led to the newer combine, to that mutual trust upon which all organization
which from 1918 to 1924 was the outstanding fea- must in the last analysis depend. Almost the entire
ture. The Government then began to intervene with field of industry is covered by a network of such
extensive loans to create new and strong enterprises. cartels and agreements, and in Germany, at least,
The Reich had lost 26% of its coal and 74% of its free competition in prices is far more limited than
iron ore. A rush followed to take advantage of Gov- would otherwise have been.
The conclusion is that where free competition is
ernment aid. In 1923 the currency was stabilized
anew. Business was for the hour upheaved. The held to be ideally the best system for all, the GerStinnes Bonzern, the greatest in the land, went man movement may not be wholly approved. It is
down, carrying most of the other "vertical," or simi- certain however that there waste has been greatly
lar, combines. A syndicate of banks prevented gen- reduced, and when, as in Germany, the low margin
eral bankruptcy and eventually Prussia bought vari- of profit is to be accepted because of natural con• ous large industries from disintegrating combines. ditions, even this might otherwise disappear entireThe problem in 1925 was no longer simply the ly. The system does prevent business cycles and
control of production. The cartels revived in keep other conditions relatively favorable. It aids
strength end began again to regulate the markets weak members, diminishes risk and reduces the evils
and reduce selling expenses, while the "trusts'
, of great monopolies. Export is increased, even
aimed at lowering cost of production through in- against a protective tariff when that is imposed, and
crease of output, standardization, specialization, competition is not feared. The Government acts
and greater division of labor. Both developments promptly to arrest injury from a monopoly when
now go on side by side in increasing extent. Coal ,such is needed.
From the German point of view the system, after
and potash cartels, as well as dye and steel trusts
are to-day basic and typical in German business. 50 years of trying and at times revolutionary hisBoth are well established in their special spheres tory, has proved only a benefit. Its original claims
and are likely to become international, as they are have been fully justified. It has arrested some
a sign of the wide and comprehensive reorganiza- evils, modified others, and where it has not done
tion of economic and financial interests made neces- all that might be needed, it has offset all with much•
common profit.
sary since the war.
It has contributed not a little to the unity and
It is now seen that while cartels were at the outset greatly encouraged by the tariff, a protective courageous efficiency of the German people as they
tariff was neither the cause nor the justification had to bear burdens that were not to be escaped,
of the movement. If had to withstand much oppo- while it has helped them to maintain the sense
sition for years, but the Government recognized of individual freedom which lies at the fountheir importance to the lesser industries and lim- dation of all useful activity and personal satisited itself to friendly regulation, eventually, follow- faction.
ing the law of 1923, establishing a special court to
We may add that today the newspapers report
aid them in dealing with rival interests. The law, that the great steel combine is dissatisfied and
of which full particulars are given, is pronounced propose disunion, and that Oil may possibly do the
an "educational success."
same.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, March 8 1920.
Variable but often stormy weather has militated to a certain extent against trade and naturally outdoor industry
has suffered. It remains a fact, however, that consumption
and industry are on a larger scale than at this time last
year. It is true that excessive rains and overflowing steams
with some drop in temperatures in the last few days have
been rather bad also for spring trade. But, for an exception,
at the big centers of business in this country wholesale and
jobbing trade is said to have been better. The heavy lines
with big steel production are among the brighter features
of the situation. Iron has been quiet, but steel steady, even
with a very large output for the structural orders were
large. Copper has been less active but steady. The trade
in automobiles, machine tools and agricultural implements
has made no bad showing. There has been a fair degree
of activity in business in New England and North Atlantic
States, if allowance be made for unfavorable weather conditions. The outlook for the crops has been somewhat
uncertain. There have been reports of damage to winter
wheat in Kansas, Nebraska and Missouri, though it is not
1462
FINANCIAL CHRONICLE
[VoL. 128.
certain that the damage has been at all serious. In the February was the largest of any month since April 1926,
cotton belt farm work has been delayed by rains. Build- and was 14% larger than in February last year. It was
ing permits have decreased for the fourth month-in succes- also something over 3% larger than in January. The
sion. The output of Pacific Coast lumber has been reduced daily February steel output was the largest on record, exby bad weather. The coal trade has been helped by cold ceeding the former peak in October last year by nearly 5%
weather and stocks to all appearance are not burdensome, and the total for February last year by -nearly 11%. The
but trade in coal is not so good in West Pennsylvania and Petroleum output is reported still at a very high level after
Eastern Ohio fields as it is elsewhere. Production of ce- a record total in January, and in Southern California they
ment is on a large scale. Reports about the furniture trade are still cutting prices of gasoline.
are irregular, some rather good, and some not so good, and
Stocks have on the whole shown no little strength during
the week, even with money on call up to 12%, much to the
on the whole, there is room for improvement. _
The Southern cotton mills are very busy, and even in New mystification of many who had assumed that such a rate
England they are making a good showing. Coarse yarn cot- would mean a perpendicular decline in stock prices. Toton goods were in much better demand under the spur of day came a rally when money dropped to 9%, with Radio
rising prices for raw cotton, and the tone has been firmer in the lead with a rise of 35 points. The belief is general
with prices higher in some cases. Yarns have been stronger. that a coming consummation of the Victor-Radio merger is
Finished cotton goods have been in good demand, espe- the real cause of the rise of the Radio Corporation stock,
cially printed fabrics for prompt delivery. Dress cotton which established a new high record in all time to-day at
goods have been ordered on a larger scale than printers in $445. The merger opens new fields for Radio abroad and
many cases could supply. Ginghams and colored goods would, it is stated, result in important economies in operhave been important items in the week's business. New ation.
New Bedford, Mass., reported that the cotton goods marlines of woolen and worsted suitings recently opened met
with a ready sale, and overcoatings were in substantial kets, particularly the fine goods division, have seen some
demand. Broad silks continued to be active, especially new of the most active trading so far this year. The volume in
printed lines and sheer fabrics. Raw silk was firm but combed yarn in the gray easily exceeded that of recent
quiet. Raw cotton has advanced roughly % to lc. on a much weeks, but prices showed no change. Lawrence, Mass.,
better demand from the spot houses, mills, and so it is wired that General Agent Southworth recently informed
said, large Wall Street operators in New York if not in the Plant Committee of the Pacific corporation's big local
the West. The technical position has been strong. So has plant that assuming business conditions did not change radithe statistical position. The mills have a great deal of cot- cally there would be no annual vacation this year, and he
ton to "call" and in the meantime stocks are decreasing explained that it was almost impossible to shut down the
and hedge sales are steadily dwindling. To-day came the plant, as they had to be in a position at all times to deanirouncement that the sales of standard cloth in February liver some goods. At Columbus, Ga., on March 4th, the
were 16.3% above a full production, while unfilled orders Eagle & Phenix Mills, the oldest in Georgia last night, were
gained during February over 7%. Spinners' takings for the forced to suspend operations entirely because of hard rains.
week were, it is said, some 100,000 bales larger than in the The mill was stopped four days last week due to high wasame week last year. The weather in the cotton belt, fer, and had resumed operations yesterday morning. The
after being rather rainy, has latterly been better. Whether mill village, along the river, was partly submerged. MisIt will be an early season is not altogether clear. Usually kogee Mills were forced to close. Macon, Ga:wired March
5 that the bursting of four dams near there turning loose
the big cotton crops are grown in early seasons.
Wheat has declined during the week because of the dull- great volumes of water into the Okmulgee river, and heavy
ness of export trade and the largeness of supplies. The rains, had not interfered with operation of mills. All mills
farm reserves of all grain for that matter are larger than are out of the flood districts, on high ground. Atlanta,
had been supposed. In the case of wheat, the competition wired that although rivers have reached hte highest level
from Argentina is serious. Week after week the Argen- in years, mills in that section had escaped damage.
S. S. Kresge Co.'s sales for February were 9,774,318, an
tine exports to Europe are large and now it is said that the
Argentina surplus is larger than was estimated earlier in increase of 4.8% over Feb. 1928. Sales for the first two
the season. Corn has declined only moderately, for after months of this year were $18,793,250, an increase of 4.5%
all there has been a large feeding consumption on the over the corresponding period last year. Sales of F. W.
farms this winter. Moreover, the movement of the crop Woolworth Co. for February amounted to $19,374,310, makhas been hampered by bad weather at the West. So that ing an increase of 2.1% over February last year. For the
the fact that corn reserves on the farms are larger than first two months of the current year sales totaled $37,had been expected has had no great effect on prices. The 032,429, an increase of 2.58% as compared with the same
quality of the last crop was high and the farmer can hold two months of 1928.
it. Oats have declined in response to lower prices for other
Chicago wired early in the week that milder weather was
grain, but to-day there were some reports of an export marked by a brisk volume in retail trade, not alone in the
inquiry at some advance in prices. Provisions have ad- cities, but in all the smaller towns and counter-trading cenvanced somewhat. Coffee has declined owing to lower cost ters. Drygoods and general merchandise houses report an
and freight offerings and some selling as it is understood unusually large volume of business with the South and
by Brazil here. To-day, however, there was a sudden rise Southwest. Later it was colder. Twenty-seven chain stores
of 20 to 40 points here on what looked like a somewhat show total February sales this year of $110,334,092 against
oversold market Sugar was lower at one time, but it is $88,151,810 in the corresponding month last year, a gain
said that nearly 1400,000 tons of refined sugar was sold of 25.2%. Total sales for the first two months this year were
on the reduced basis, granulated being quoted at one time $217,942,774, against $171,952,811 in the period last year.
at 4.75c., though later at 4.90e. Sugar is the lowest in fifOn the 5th inst. temperatures here were 37 to 47 degrees;
teen years and there is a belief that if anything it is rather in Boston 40 to 42; Chicago 30 to 42; Cincinnati 32 to 42;
below the cost of production so that there has been some Cleveland 30 to 32; Detroit 32 to 40; Kansas City 28 to 54;
tendency of late to buy the distant months. In fact, there Milwaukee 24 to 38; St. Paul 18 to 38; Montreal 34 to 36;
is a slight net advance for the week. Rubber has drifted Omaha 26 to 48; Philadelphia 44 to 48; Portland, Me., 36
downward on most deliveries. Akron reports, it is true, to 38; San Francisco 50 to 58, Seattle 44 to 46, and St.
state that the tire production in that district has reached Louis 30 to 50. On the 6th inst. It was cold in the Amera new high record and the crude consumption in January ican and Canadian Northwest, with temperatures 6 deof 43,000 tons was also something new in the history of grees below to 32 above. To-day temperatures here were 18
the business. But on the whole, supplies are sufficiently to 29 degrees, but the wind had died down from the half
ample to cause some decline in prices, as manufacturers hurricane of yesterday. Boston in the last 24 hours had
have not been eager buyers.
18 to 46 degrees; Chicago 22 to 26, Cincinnati 16 to 32,
At the South cigarette and tobacco factories are running Cleveland 16 to 24, Kansas City 32 to 40, Philadelphia 22
on full time. Tampa cigar factories report a high record to 44, San Francisco 50 to 58, Seattle 42, St. Paul 18 to 28.
output in February. Locomotive shipments in February The forecast here is for fair and somewhat warmer weather
were far behind those of the same month last year, but to-morrow. On the 7th inst. the wind here was 42 miles
unfilled orders at the end of February were 339 as against an hour.
278 at the ending of January and 204 at the end of FebruEurope on March 2 was again in the grip of bitter cold
ary last year. The daily average output ^f pig iron in weather and no immediate relief seemed probable. The
Associated Press reported heavy snowfalls in Austria, Hungary and the Balkans, further disrupting railway service.
In Greece severe weather with new floods caused great
hardships. In France there was a violent gale with temperatures around 10 degrees Fahrenheit. The Meuse froze
over again after its ice had been blown up by French and
Belgian troops. In Poland and Eastern Galicia it was very
cold. Northern Baltic Sea continued covered with thick
ice, so solid between Sweden and Finland that it is proposed to run an omnibus service between the two countries,
something never before attempted. It was the coldest on
record in Amsterdam. In Belgium the influenza has been
fatal in such numbers as to be a real peril to the country,
entire families in some cases (lying in the space of three
days.
Wholesale Trade During January, as Reported to
Federal Reserve Board.-More Than Usual
Increase in Sales.
Sales at wholesale increased in January more than is
usual at this season, according to the Federal Reserve
Board's revised index of wholesale sales in eight lines
of trade. By lines, the largest increases from the previous month were in sales of boots and shoes, men's clothing, and dry goods, and were largely seasonal in nature.
Sales of drugs, meat, and groceries also increased somewhat,
while sales of furniture and hardware declined. In its
survey for January, issued March 1, the Board also says:
In comparison with the previous year, the volume of distribution at
wholesale in January showed an increase of 5%, reflecting larger sales
of drugs and meat as in other recent months, and also an increase in sales
of shoes, which since June 1928 have been lower than in the same month
of the preceding year. Orders for machine tools and agricultural implements, which are not included in the Board's index, were considerably
larger than in January, 1928.
Current developments in wholesale trade are summarized in the following table:
P. C. Inc.(+) or Dec.(-)
in Sales January 1929
Compared with
Groceries
Meats
Dry goods
Men's clothing
Boots and shoes
Hardware
Drugs
Furniture
Total eight lines
Index Numbers Adjusted
for Seasonal Variations
(1923-25=100).•
December
1928.
January
1928.
January
1929.
December
1928.
January
1928.
+4.5
+7.8
+21.9
+45.4
+68.3
+8.3
-14.0
+7.1
+10.1
-1.3
-2.0
+5.0
-0.5
+22.1
+4.0
99
116
88
97
120
92
132
92
80
115
86
101
72
93
128
100
93
106
89
99
115
92
108
89
+10.2
+5.4
101
95
96
• Revised to exclude sales of women's clothing. See March Federal Reserve
Bulletin.
Stocks of reporting wholesale firms were larger in January than at the
end of December, reflecting increases in inventories of dry goods, shoes,
hardware, and drugs, while stocks of groceries were smaller. In comparison
with the same month a year ago, however, stocks carried by wholesale firms
were generally smaller.
Detailed statistics by Districts and for previous months follow:
WHOLESALE DISTRIBUTION BY LINES..
Index numbers, based upon dollar value of sales. Monthly average 1923-25=100.
_
02
I IR
Rd
7A
115
110
96
94
113
82
123
109
90
87
100
72
000
02
• Revised to exclude women's clothing.
91
105
101
111
112
106
99
100
89
108
110
110
111
117
110
107
117
112
116
113
128
89
96
95
87
92
94
95
106
112
110
105
100
132
92
118
105
83
78
96
107
88
87
83
78
108
126
131
110
94
vIrt
al
•
120
114
110
82
C.5
OW.
With adjustm ent for season at cart aliens
192781
86
90
109
94
October
86
97
94
89
105
November... _ _
93
87
95
92
109
December
192899
89
106
96
93
January
09
88
99
08
113
February
94
83
March
96
97
109
77
78
92
93
112
April
96
99
86
99
109
May
76
79
92
94
112
June
79
94
91
80
111
July
90
101
90
100
116
August
89
92
84
122
September_._ .. 98
99
85
97
05
III
October
95
91
94
122
November...... 100
101
86
95
89
115
December
192997
99
88
101
116
January
Without adju stment for sea onel o titian° no
1927101
99
108
102
122
October
61
88
97
100
101
November-- - _
48
70
85
00
103
December
192876
88
85
85
106
January
128
89
93
85
108
February
131
87
100
95
105
Maroh
75
70
88
88
105
April
57
75
93
96
109
May
39
71
97
114
89
June
68
92
74
113
90
July
148
110
110
101
118
August
137
100
111
130
105
3epternber
123
99
125
112
108
)ctober
66
00
117
99
100
.
__
_
November
51
68
108
88
85
December
1929-
C5CCCCOCWCCC
Men's Boots
Total
Eight Gro- Meats. Dry Cloth- and Hard- Drugs. Furni(ng. Shoes. ware,
Goods.
tare.
reties.
Lines.
128
113
99
94
87
111
99
114
77
98
119
110
108
105
59
WW55CCOCMCWOO
1004,..4
0WW0000,
Month.
1463
FINANCIAL CHRONICLE
MAR. 9 1929.]
106
101
121
113
110
104
102
115
119
134
114
120
00
BY LINES
CHANGES IN SALES AND STOCKS OF WHOLESALE FIRMS
AND BY FEDERAL RESERVE DISTRICTS.
(Increase (+) or Decrease (-) Per Cent.)
Una and Federal
Reserve District.
GroceriesUnited States
Boston District
New York District
Philadelphia District
Cleveland District
Richmond District
Atlanta District
Chicago District
St. Louis District
Minneapolis District
Kansas City District
Dallas District
San Francisco District
Dry GoodsUnited States
New York District
Philadelphia District
Cleveland District
Richmond District
Atlanta District
Chicago District
St. Louis District
Kansas City District
Dallas District
San Francisco District
Boots and ShoesUnited States
Boston District
New York District
Philadelphia District
Cleveland District
Richmond District
Atlanta District
Chicago District
St. Louis District
Minneapolis District
San Francisco District
HardwareUnited States
New York District
Philadelphia District
Cleveland District
Richmond District
Atlanta District
Chicago District
St. Louis District
Minneapolis
Kansas City District
Dallas District
San Francisco District
DrugsUnited States
New York District
Philadelphia District
Cleveland District
Richmond District
Atlanta District
Chicago District
St. Louis District
Kansas City District
Dallas District
San Francisco District
FurnitureUnited States
Richmond District
Atlanta District
Chicago District
St. Louts District
Kansas City District
San Francisco District
Aoricultural ImplementsUnited States a
Minneapolis District
Dallas District
Paper and StationeryNew York District
Philadelphia District
Atlanta District
San Francisco District
Automobile SuppliesSan Francisco District
Cotton JobbersNew York District
Silk GoodsNew York District
Cotton Commission HousesNew York District
Machine ToolsUnited States c
DiamorulsNew York District
JewelryNew York District
Philadelphia District
Electrical SuppliesAtlanta District
Chicago District
St. Louis District
San Francisco District
Sales-January 1929
Compared with
Docks-January 1929
Compared with
Dec. 1928 Jan 1928
Dec. 1928. Jan. 1928;
Per Cent.
+4.5
Per Cent.
+7.1
Per Cent.
Per Cent.
+3.3
-3.0
+2.3
+3.5
+6.5
+7.4
-1.8
+4.0
+5.7
+11.1
+11.5
+8.3
+10.0
+6.3
+4.9
+11.9
+6.9
-1.0
+3.0
+6.7
+4.8
-0.8
-5.5
+0.7
-2.8
-1.7
+74.8
-2.0
-9.6
--2.2
--3.7
+3.1
-5.0
+8.1
+20.9
+5.7
+6.2
-1.0
+5.8
+10.0
+4.0
+21.9
+13.1
21.3
-22.2
+13.6
+0.8
-7.6
+44.0
+25.3
+61.8
+22.1
-1.3
+12.0
-1.1
-2.5
-18.1
-9.1
+7.2
-11.3
-10.5
-15.9
+5.4
+8.1
+13.2
+12.9
+22.7
+4.3
+27.7
+24.1
-3.1
-22.1
-21.8
-19.2
-S.5
-18.1
-18.5
-12.9
-7.4
+68.3
+5.0
-29.0
-30.5
+65.8
+3.8
-13.6
+145.9
-20.0
-4.0
-23.8
-0.9
-17.4
-3.5
-10.5
+1.6
-21.0
-14.1
-5.2
-29.3
-24.0
-4.4
+9.9
+6.2
-14.3
+4.6
-16.0
-0.5
-2.2
-1.8
-0.1
-8.4
-5.0
+3.9
-9.1
+16.0
+3.1
-7.8
+10.1
+15:i
+7.2
+0.1
+7.7
+0.9
+10.2
+7.0
+3.3
+10.3
+2-8:4
+3.3
+0.4
+2.7
+2.7
+9.1
+0.04
+9.0
+6.7
+9.2
+2.8
-6.1
-5.6
-1.5
-0.9
-2.4
-7.5
+14.3
+3.0
-2.9
+5.8
-4.2
+22.0
+0.3
-14.3
+23.3
-6.4
+3.3
-0.7
+22.1
+28.3
+20.6
+25.4
+22.9
+14.6
+11.3
+28.9
+9.1
+11.3
+23.4
-14.0
+7.9
-3.4
-17.4
-21.5
-0.5
-12.1
+4.0
-24.5
+5.8
+9.3
-42.4
+17.2
+13.1
+3.4
-6.8
+19.0
-1.0
+17.6
-25.0
+85.7
+17.1
-44.0
+46.8
+0.0
-1.0
+1-1:6
+6.8
+13.4
-9.3
+5.0
+6.4
-8.2
+7.8
+8.3
+43.4
+3.7
+WS
-3.7
+9.7
+5.2
+0.2
-7.1
+5.7
+4.0
-0.5
=b76
-6.2
+3.1
+14.4
-3.7
+3.8
-11.0
+4.8
+15.7
-5.1
+39.8
+7.3
b-6.5
b+15.2
+6.4
+34.1
+9.6
+1.2
-66.6
-69.4
-7.1
+24.9
d-2.6
+13.0
d-4.5
+18.6
--27.1
--28.1
--15.6
-33.9
+2.3
+20.3
+36.8
+23.9
+0.2
+0.6
+2.0
-4.6
+20.1
+12.1
-18.8
+3.6
are compiled by the
a Sales of agricultural implements for the United States
Chicago Federal Reserve Bank.
b Stocks at first of month-quantity not value.
Tool Builders'
c Based upon indexes of orders furnished by the National Machine
Association.
d Includes diamonds.
Federal Reserve Board's Survey of Retail Trade in the
United States-Seasonal Decline in January.
Department store sales declined seasonally in January
from the high level of December, but were considerably
larger than a year ago notwithstanding the fact that January
of this year contained one more business day. The largest
increases over January 1928 were reporting by stores in the
Philadelphia and San Francisco Federal Reserve Districts,
while the Dallas, St. Louis and Boston Districts reported
smaller sales. The Board under date of March 4, reports
further as follows:
in
Mail order houses and chain stores also reported a seasonal decrease
sales from the month of December. but continued to show substantial gains
year
a
from
increases
largest
The
year.
preceding
in comparison with the
ago were reported by mail order houses and chains of stores selling drugs
reflected in par t
groceries, shoes, apparel and dry goods. These increases
the establishment during the year of additional stores.
1464
FINANCIAL CHRONICLE
Percentage changes in dollar sales between January 1928 and January
1929, together with the number of firms reporting and stores
operating,
are given in the following table:
[Vol,. 128.
Change in Sales.
Federal Reserve-District
and City.
Increase or DeNumber of Stores. crease in Sales
No.
of
Firms. January
1929.
January 1929,
January Compared With
1928. January 1928.
Per Cent.
+6.0
Department stores
527
533
Chain storesGrocery
30,431
34
28,763
+19.0
Five-and-ten
14
3,242
2,926
+8.4
Apparel and dry goods
5
1,105
1,288
+15.4
Drug
1,131
13
944
+20.8
Cigar
4
3,472
3,653
+0.2
Shoe
7
622
690
+16.2
Candy
4
292
261
+5.9
Mall order houses.
4
a
a
+25.7
• Increases In the dollar sales of mai order houses reflect
In part the establishmoot during the year of additional retail outlets.
a Number of stores not reported.
Stocks of merchandise carried by department stores at the end of Janu
ary were smaller than at the end of December as is usual at
this season.
In comparison with the same period of the preceding year, inventor
ies
continued smaller.
More detailed statistics, by Distriets and for previous months, follow.
DEPARTMENT STORE SALES AND STOCKS BY FEDERAL
RESERVE DISTRICTS.
(Index numbers. 1923-25 equals 100.)
U.S
a
Federal Reserve District Number.
1
Sates (unadju sled)1927-Nov.... 122 120
Dec.... 186 182
1928-Jan_ ___ 88 98
Nov__ 122 119
Dec___ 188 191
1929-Jan___. 94 97
Sales ((Waste c1)1927-Noy ...._ 107 107
Dec__ 111 107
1928-Jan____ 104 108
Nov._ 106 106
co__ 116 111
19.29-Jan____ 107 102
Stocks (unadj touted)1927-Noy _ ._ 117 118
Dec_ 06 101
1228--Jan____ 93 93
Nov___ 117 113
Dec_ .. 95 95
19211-fan_.... 91 88
Stocks (aants( ed).927-Nov.
- _ 162 102
Le.:_.... 12:: 103
192---kx---. :06 102
Ninv--. 103 , 97
Db.... 1,:i ; 97
192P-1 n_--- 102 . 97
2
3
4
5
6
7a
134
201
94
134
206
97
120
174
75
114
172
100
112
176
85
110
174
86
125
195
81
127
197
82
119
191
85
120
180
89
125
188
90
132
200
95
113 95 103 104 104 113
115 102 108 108 114 113
108 89 104 103 107 114
114 89 101 106 105 120
122 105 Ill 113 112 124
107 115 102 100 108 H5
9
8
i0i1
12
+6.0
-0.4
+2.9
-4.1
+1.1
-3.4
-0.3
+1.4
-5.5
-7.9
-8.8
-4.3
-7.1
-6.8
Atlanta:
Atlanta
Birmingham
Chattanooga
Nashville
New Orleans
Other cities
Total
+12.7
+6.8
-3.8
-9.6
+2.8
-2.6
+2.9
-7.4
-7.0
-3.9
+1.9
-4.5
-3.2
-4.5
-8.1
-1.2
+0.8
-2.0
-2.5
-2.7
Chicago:
Chicago
Detroit
Indianapolis
Other cities
Total
+4.8
+18.4
+3.0
-2.7
+8.0
+6.4
+19.4
-3.7
-3.6
+5.6
-2.8
+1.4
-7.2
-7.8
-2.5
-6.0
-6.0
-9.0
--7.0
+0.0
-6.0
-1.0
+1.0
-1.0
+4.1
-4.4
+13.1
+1.6
+2.1
+4.8
+3.7
-2.4
-10.1
+8.0
+2.8
+8.0
-2.11
-3.4
-15.8
LY.ii
-WO
-1.9
+2.1
-0.9
-1.4
+2.2
-7.8
-0.4
--4.9
-16.2
-3.2
-4.8
-1.4
+8.4
-11.3
0.0
+5.2
-1.2
+10.5
+6.9
+11.3
+11.5
+8.8
+3.6
+4.9
+7.8
-6.9
-5.9
-1.8
-12.5
-0.7
-4,2
-3.0
-4.9
-11.6
-2.5
+0.2
-11.2
-7.5
+U.9
-5.7
-3.4
+6.0
-2.8
-4.6
Monody ayern.7 1925 equal MO.
a Revised to Include a larger number of firms.
Boston;
1
2 New York; 3 Philadelphia; 4 Cleveland: 5 Richmond; 6 Atlanta;
Chicago:8 St. Louis; 9 Minneapolis: 10 Kansas City: 11 Dallas; 12 San Francisco.
SALES OF CHAIN STORES AND MAIL ORDER HOUSES.
(Index numbers. 1923-26 average equals 100 1
Sales With Seasonal
Adjustment.
Jan.
1929.
Dec.
1928.
Jan.
1928.
Jan.
1929.
Dec.
1928.
Jan.
1928;
222
112
140
177
91
102
106
132
220
305
413
224
155
184
170
208
187
104
121
146
90
87
100
105
217
146
219
178
101
132
128
136
211
164
264
190
115
140
125
165
189
140
197
153
105
118
126
113
a For number of firms reporting and number of stores operated see table above.
b Including sales made through branch stores.
CHANGES IN:SALES AND STOCKS OF DEPARTMENT STORES.
JANUARY 1929.
(Increase(+)or Decrease(-) Based on Value Figures.)
Richmond:
Richmond
Baltimore
Washington
Other cities
Total
+1.0
-1.0
-2.0
-1.0
109
110
107
105
105
101
Change in Stocks.
January 31 1929,
Compared with
January 1928.
Jan. 31 1928.
Dec. 31 1928.
Per Cent.
Per Cent.
Per Cent.
0.0
-2.8
+1.1
+3.2
-0.9
-5.3
-8.0
5.3
-8.5
-5.4
-9.8
-8.9
-7.3
+4.4
-4.3
+8.7
+5.6
-5.2
+3.6
-4.6
+3.7
+1.9
-7.6
+0.4
+2.4
+2.4
-2.0
-4.6
+1.9
-4.4
-18.0
+2.1
+3.5
+5.3
-4.8
+4.7
+7.3
-2.3
-1.8
-13.0
--9.6
-10.2
-0.4
3.6
-8.1
+0.9
-4.7
7.5
+3.0
-3.4
+11.4
+4.1
+3.7
-9.6
-13.1
-4.7
-1.5
Minneapolis:
Minneapolis
Duluth-Superior
St. Paul
Total
89
85
86
83
79
82
-1.2
-6.0
-6.1
+10.5
-1.6
+5.4
+3.3
+2.5
117
117
114
114
122
120
__ 106
__ 115
__ 107
__ III
__ 118
__ 102
___
--_--
Philadelphia:
Philadelphia
Allentown
Altoona
Harrisburg
Lancaster
Reading
Scranton
Trenton
Wllkes-Barre
Wilmington
York
Other cities
Total
--15.4
-8.2
--7.1
-3.9
-12.2
-5.5
+3.2
-13.8
+12.2
-8.6
-7.9
105 94
106 100
104 86
104 83
108 92
98 90
88
86
87
78
80
80
New York:
New York
Bridgeport
Buftale
Newark
Rochester
Syracuse
Other cities
Total
-7.2
+29.1
+4.3
+4.2
+4.6
-2.8
-6,3
-10.5
-4.6
--4.8
+3.3
-3.8
103 100 104 105 105 107 101
103 99 101 103 101 106 102
104 96 104 102 101 107 97
107 92 100 102 100 114 94
105 86 99 102 102 111 93
106 84 99 101 96 110 94
Beaton:
Boston
Outside Boston
New haven
Providence
Total
Per Cent.
+7.6
+23.8
+6.7
+2.0
-3.0
+0.7
-8.5
-6.7
-1.9
-3.6
119
100
98
116
00
93
January 1929.
Compared with
Dec. 311928.
Per Cent.
Cleveland:
Cleveland
Akron
Cincinnati
Columbus
Dayton
Pittsburgh
Toledo
Wheeling
Youngstown
Other cities
Total
-0.7
+19.6
-5.8
+1.0
-4.5
-1.3
98
74
75
92
69
71
Change in Sales.
Jan. 31 1028.
Per Cent.
St. Louis:
St. Louis
Evansville
Little Rock
Louisville
Memphis
Total
128
102
98
128
102
101
Federal Reserve--District
and City.
January 1928.
121
195
98
118
195
106
97
78
78
86
72
71
Chain stores.a
Grocery
Five-and-ten
Apparel and dry goods
Drug
Cigar
Shoe
Candy
Malt nrflpr bones.rt
January 31 1929,
Compared with
120 100 110 120
177 155 165 189
82 72 80 89
119 89 Ill 120
175 137 166 186
81 77 83 88
117 114 116 122 115 120 112
99 95 93 97 90 98 93
96 88 89 89 92 95 84
122 104 111 118 110 127 104
101 83 91 96 91 102 86
97 78 84 89 88 98 82
Sales Without Seasonal
Adjustment.
Change in Stocks.
January 1929,
Compared with
-5.8
+2.0
-1.7
-12.6
-15.7
-8.3
+1.0
-2.4
+12.3
-7.4
-10.9
-6.1
-6.4
-4.3
+0.6
-8.5
-8.3
Kansas City:
Kansas City
Denver
Lincoln
Oklahoma City
Omaha
Topeka
Other cities
Total......
Dallas:
Dallas
Fort Worth
Houston
San Antonio
Other cities
Total
San Francisco:
San Francisco
Los Angeles
Oakland
Salt Lake City
Seattle
Spokane
Other cities
Total
United State.
-6.0
-2.5
-10.7
-6.6
STOCK TURNOVER OF DEPARTMENT STORES. JANUARY 1929.
Federal Reserre,
District and City.
Boston.Boston
Outside Boston____
New Ilaven
Providence
Total
New YorkNew York
Bridgeport
Buffalo
Newark
Rochester
Syracuse
Other cities
Total
PhiladelphiaPhiladelphia
Allentown
Altoona
Ilarrisburg
lanc&ster
Reading
Scranton
Trenton
Wilkes-Barre
Wilmington
York
Other cities
Total
ClevelandCleveland
Akron
Cincinnati
Columbus
Dayton
Pittsburgh
Toledo
Wheeling
Youngstown
Other cities
Total
RichmondRichmond
Baltimore
Washington
Other eitka
Total
AtlantaAtlanta
Rate of Stk. Turnorer•
January
1929.
January
1928.
.39
.28
.26
.24
.33
.38
.26
.24
.22
.32
.34
.35
26
.31
.24
.31
.19
.32
.33
.36
.24
.30
26
.29
.20
.31
.33
.17
.22
.24
.22
.24
.25
.29
.19
.21
.21
.16
.29
.27
.18
.21
.23
.21
.22
.21
.25
.20
.22
,21
.14
.25
.29
.22
.28
.27
.22
.25
.29
.27
.28
.18
.26
.26
.25
.28
.28
.24
.28
.24
.21
.23
.16
.25
.27
.23
.25
.17
.23
.25
.23
.24
.18
.23
Rate of Stk. Turnover*
Federal Reserve,
District and City.
Birmingham
Chattanooga
Nashville
New Orleans
Other cities
Total
ChicagoChicago
Detroit
Indianapolis
Other cities
Total
St. Louts9t. Louis
Evansville
Little Rock
Louisville
Memphis
Total
Minneapolis-Minneapolis
Duluth-Superior ___
Bt. Paul
Total
Kansas CUPKansas City
Denver
Oklahoma City.___
Topeka
Other cities
Total
DallasDallas
Fort Worth
Houston
San Antonio
Other cities
Total
San FranciscoSan Francisco
Los Angeles
Oakland
Salt Lake City _ __.
Seattle
Spokane
Other cities
Total
January
1929.
January
1928.
18
.20
.20
.19
.17
.20
.17
.21
.22
.18
.18
.20
.31
.36
.32
.23
.31
.32
.37
.31
.22
.30
.29
.21
.18
.24
.26
.26
.27
.18
.17
.22
.14
.26,
.43
.32
.35
95
.46
.31
.31
.33
.21
.19
.28
.18
.20
.21
.21
.17
.24
.18
.18
.20
.26
.10
.27
.31
.22
.25
.24
.49
.26
.27
.22
.24
.26
.27
.24
.25
.26
.14
.15
24
.72
.23
.21
.18
.24
.13
.13
.21
.28
.24
United States
.24)
27
• Rate of stock turnover Is the ratio of sales during given period to average
stocks on band.
MAR. 9 1929.]
FINANCIAL CHRONICLE
1465
00000C,0
....N.
.
MMU-.01 ,
,,-WMWOCC.1,N
.00M./CON
OWOOWO
CHANGES IN SALES OF DEPARTMENT STORES, BY DEPARTMENTS • (Computed trend sf pee Nears=--100 per cent: adlusted for seasonal variations)
Unmet=(+) or decrease (-) In sales in Jan. 1929, compared with Jan. 1928.]
Jan.
Nov.
Dec.
Jan,
1928.
1928.
1928.
1929.
Depart,
Federal Reserve District.
Total.
Primary Distribtai.mBos- New Cleve- Rich- ChiSt
DalSan
Car loadings, merchandise and miscellaneous 102
101
98
ton. York. land. mond. caps. Louis las, Fran, Car
loadings, other
93
91
98
Piece Good.eExports
85
89
100D
Silk reivels
Per Cl. Per CI. Per CI. Per Cl. Per Cl. Per CI. Per Cl. Per CI. Per CI. Imports
102
106
1139
Woolen dress goods. -5.2 -21.3 -11.7 -18.6 -18.5 -25.7 -20.3 -10.3 -1.6 Panama Canal traffic
85
86
-Cotton wash goods -21.0 -23.2 -19.8 -30.3-25.0 -9.1 -29.6 -22.2 -11.4 Wholesale trade
100
98
__
Linens
_ _ -9.0 -12.0 +13.6 -13.9 -10.9 -13.0-10.3 -3.7 -10.8
Distribution to Consumer-5.4 -10.0 +11.9 Departtnent store sales, 2nd district
Domestics, mus- -Li -1.2 +3.7 --9.4 +5.1
99
101
96
lins, sheetIng,&c.
Chain grocery sales r
100r
93r
96r
Ready-to-wear
+8.2 +2.7 +12.8 +3.4 +6.1 +7.7 +12.2 -0.3 +8.5 Other chain store sales
98
103
92
Accessories- cessori esMail
order
sales
87
113
96
Neckwear & scarfs +0.5 -14.2 +15.5 +2.1 -5.3 -2.7-14.7 +15.1 +6.8 Life Insurance paid for
102
103
106
-4.3 -8.6 -4.4 -2.1 -13.9 -4.6 -27.8 -12.3 +3.9
Millinery
Advertising
87
93
95
Gloves (women's &
General Business Acticity+12.4 +2.6 +13.9 +14.2 +12.9 +23.6 +12.0 +14.4 +12.8 dank
children's)
debits, outside of N.Y. City
107
115
108
Corsets d. brass'r's +1.1 -2.7 +3.0 +0.4 -2.5 +2.9 -13.2 +4.3 +8.1 Bank debits, New York City
142
183
185
Hosiery (women's
Velocity of bank dep. outside of N.Y. Ctty.
__
109
121
121
children's)___ +11.4 +9.2 +10.3 +19.9 +4.6 +0.9 -6.0 +1.8 +12.2 Velocity of bank deposits. New York City.._
140
201
202
+14.0
-7.7
+19.9
+11.6 +2.9 -4.5 +13.8 Shares sold on N.Y.Stock Exchange
Knit underwear___ +3.7 -1.2
234
330
442
Slikdanusl. und'r'w
Postal
88
89
85
(Incl. pett'coats) +1.0 -2.5 +6.5 -0.9 +2.4 --1.2 -12.4 -13.9 +14.3 Electricreceipts
power
102
102
Infants' wear
+0.6 -0.7 +7.7 -1.9 -0.7 +4.1 -10.0 -10.8 +5.7
in the United States
95
98
98
Small eather goods -1.6 -12.5 +5.4 -1.6 -3.0 -5.7 -9.9 -10.1 +9.1 Employment
Business
108
96
102
Women's shoes
+4.4 -0.7 +19.2 -1.0 +7.4 +11.7 +0.4 -13.3 +6.0 Building failures
contracts 36 states
140
111
123
+2.2 +15.8 +5.3 +6.1 -7.0 -1.0 +0.9
Children's shoes.
+5.0
New corporations formed in N.Y. State_ _ _ _
117
112
120
Women's & Miss es Rea de- to- ITearGeneral price level
178
173
179
Women's coats_
-0.2 -4.8 +1.7 -1.1 -19.3 +14.2 -9.7 -3.0 +20.7 Com
index of wages
221
226
224
+32.9 -10.3
+12.3
+16.0
Women's suits_ _
+50.3 -11.8 Cost posIte
of living
171
172
172
+2.3 -1.3
+10.5 + 1.1 -1.1 +16.0
Tot.(2 above lines) +0.8
r Revised.
D Preliminary.
Women's dresses_ _ -2.9 -6.8 -2.4 -5.1 -2.9 +11.2 -14.7 -6.8 +9.0
Misses' coats and
suits
+9.4
1.0 +14.7 +6.2 +26.0 +48.8 --15.6 +8.9 +15.7
Misses' dressee__ _ +6.3 +2.9 +7.7 +3.7 +29.9 +28.9 --8.7 -13.7 +13.9
ProductionlofiElectric Power in the United States
Juniors' and girls'
wear
+9.6 +19.8 +12.4 +5.5 -3.8 +15.5 --12.4 -2.8 +20.1
in January Increased Approximately 13% Over
Men's & Boos' W earMen's clothing.. -3.6 -1.6 -6.0 -8.9 -0.4 +19.6 --3.5 +1.3 +10.3
thelSame,Month a Year ago.
Men's furnishings,
(Inol.rnen'shos•y,
The production of electric power by public utility power
gloves & und'w'r +8.8 +2.9 +11.2 +10.3 +10.8 +16.9 -9.2 +12.5 +10.2
+31.1 -7.2 -2.9 +0.3
+6.3 +2.1
Men's hats & caps_ +3.4
plants in the United States during the month of Janu+11.8
+9.6
+11.1
+9.6
+11.3
-9.0
+10.2
Tot.(2 above lines) +9.2
ary totaled approximately 8,218,544 k.w.h., an increase of
+4.3 -2.3 +2.6 +3.2 -2.71+16.6 -8.5 +5.8 +18.4
Boys' wear
Men's& boys'shoes +13.0 +12.0 +13.41 +16.5 -17.1 +27.7 +21.7 +2.1 +7.2
about 13% over the corresponding period a year ago, when
House Furntsh'gs
Fur'ture(incl beds.
amounted to around 7,265,000,000 k.w.h., according
output
-12.4
-2.2
+9.5
-11.9
+7.1
-9.1
+30.6
+6.1
mattresses&sp'gs -2.2
+9.4
+8.5 -8.5 -8.8 -7.9
Oriental rugs ...
to the Division of Power Resources, Geological Survey. Of
+8.0
-0.1 -7.9 +4.8+13.0-16.3 +42.8
Deus, floor corer
the total for January last, 5,503,422,000 k.w.h. were pro-.
Draperies, curtains
& upholstery .. +4.4 .... +7.4 +1.3 +1.4 +8.2-20.3 +9.3+14.5
duced by fuels and 2,715,122,000 k.w.h. by water power. The
. -6.1
Lamps & shale. -2.9 .... +2.7 -5.7 +.7.0-12.6+10.8
"Survey" further shows:
Tot.(21inesabove) +1.3 -8.4 +6.2 -0.2 +2.3 +4.4 -15.9 +6.4 +10.3
itina & glassware -0.7 -7.2 +6.1 -5.2 +5.7 +2.5 -4.3 +0.7 -7.0 PRODUCTION of. ELECTRIC POWER BY PUBLIC UTILITY POWER
CHANGE IN STOCKS OF DEPARTMENT STORES, BY DEPARTMENTSPLANTS IN THE UNITED STATES (IN KILOWATT-HOURS).
[Increase (4-) or decrease (-) In stocks in Jan. 1929, compared with Jan. 1928.1
Change its Outpia
Federal Reserve District,
from Preri nts Year.
D•partment,
Total.
January
December
November
St.
Dal- San
Boa- New Cleve- Rich- ChiDec. '28. Jan. '29.
1929.
1928.
1928.
Dtelsion.
ton, York. land. mond Calms. Louis. las. Fran.
+11% +16%
582.494,000
569,258.000
554.065.000
New
England
Piece GoodsPer Ct. Per CI. Per Cf. Per Cf. Per Cf. Per Cf. Per CI. Per Cf. Per Cf. Middle
+7%
Atlantic.- 2,023.455,000 2,092.066.000 2.157.686.000 +2%
Stik and velvets-- -4.6 -8.9 +6.0 -2.7 +0.4 +13.5 -13.7 -7.6 -17.8 East
1,895.225,000 1,934.421,000 2,026.200.000 +12% +17%
Central_
North
Woolen dress goods -17.7 -27.5 -10.2 -19.8 -22.6 -0.2 -27.0 -18.6 -18.0 West North Central_ 449,133,000 466.730,000 468,153,000 +6%
+7%
Cotton wash goods -6.6 -14.3 +6.3 +3.8 -13.1 -6.2 -12.7 -16.8 -11.2
930,614,000 907,667,000 984,724.000 +18% +22%
-11.7 -2.0 -9.2 +8.5 +10.8 -20.7 -3.9 -17.1 South Atlantic
Linens
+7%
301,614.000 320,122.000 +18%
278,537,000
Central_
East
South
Domestics,ruusilus,
369.141,000 371,137,000 386,464.000 +22% +25%
sheeting, &e_ _
-9.3 -6.4 +7.7 -15.0 -1.0 +2.9 -9.7 -30.0 -19.1 West South Central _ 321.240,000 321,133,000 323,279,000 +7% +11%
Mountain
Ready-to-Wear A cessori es946,593,000 969,422,000 +9% +13%
929.634.000
Neettwea.r & scarfs -11.7 -12.9 +0.4 -8.2 -10.5 -8.5 -32.4 -17.7 -10.9 Pacific
Millinery
--7.7 -8.8-11.1 +8.0 -30.4 -12.8 -38.3 -20.2 +6.9
8.218,544,000 +10% +13%
TI,, 1,4 qtAtnq
7 751,0 14.019 7,910,619,000
Gloves(women's &
children's)
-7.1 -8.9 -10.5 -0.6 +2.8 +11.1 -21.8 -23.0 -17.4
The production of electricit3 by public utility power plants in Janu-3.7 -18.7 -7.3
Corsets& brassieres -4.6 -2.4 -6.4 -1.9 -0.2
ary exceeded all previous monthly records with a total output for the
Hosiery (woolen's
+9.7 -9.9 -6.9 -3.8
month of 8,219,000,000 k.w.h., an increase of 4% over the output for
St children's).- +0.8 +4.7 +3.2 +1.3
-7.4 -14.7 +5.3 -11.3 +0.3 -2.5 -4.4 -19.3 -6.7
Knit underwear
December 1928, and of 13% over the output far January 1928.
Silk&musilounderThe output of electricity for the entire 12 months of the year 1905 was
wr.(loci. pettic.) -8.1 -10.6 +3.1 -9.1 -8.1 +0.9 -9.5 -16.5 -15.1
1929.
-2.0 -2.3 -0.8 -1.4 -1.5 +3.3 -3.6 -16.9 -9.3 considerably less titan the output for the single month of January
Infants' wear
-18.3 +7.4 +6.7 -7.0 +12.9 -1.8 -12.2 +1.9
Small leather goods
These figures indicate the tremendous growth in the use of electricity
Women's shoes_ _ -0.1 +2.5 -0.7 +0.1 +4.8 +8.4 -1.0 -10.9 -7.8
since 1905.
-3.9
Children's shoes..- +8.1 ---- +18.8 +4.4 +5.0 +32.9 -4.2
The output by the use of fuels has increased rapidly since July 1928,
Women a & Miss to Rea dy- to- Wear-7.1 -7.6 +1.2 -3.9 -28.9 +7.2 -4.7 -12.2 -16.6 but the output by the use of water power has gradually decreased since
Women's coats_
+8.4 -33.5 +17.8 -46.8 -1.8 +25.0 -22.1 June, the output for January being less than for January 1928, indicating
-6.4
Woman's suits
-23.5 +0.1 -1.1 -7.4 -17.1
+1.8
Tot.(2 lines shove)
streams. from October to
+6.9 -1.6 -11.3 -'23.3 -13.0 -15.8 -8.9 an abnormal lack of water supply in power
Women's dresses._ +12.8
January. The increase in fuel output has resulted in a marked increase
Misses' coats sod
In hey
second
half
of the year.
-0.1 -0.4 +11.6 -1.2 -9.1 +12.7 -1.1 +5.5 -9.4
the
suits
fuels
In
of
In the consumption
Misses' dresses. _ -5.4 +0.2 +15.3 -12.7 -22.6-25.1-24.6-211.0 +14.5
1928 the amounts of different fuels consumed In generating electricity were
Juniors' and
as follows: Coal, 3,170,000 tons; oil, 553,000 barrels; gas, 6,895,000,000
weal'
4-0.1 + 0.1 + 6.0 -1.0 - 0.9 +10.1 - 6.3 -14.7 - 1.0
In January of this year the consumption of these fuels Was
Men's & Boys' Wearcubic feet.
8,049,000,000
Men's clothing-4.1 - 1.7 + 4.1 -3.0-11.6 - 4.4 -10.6 - 6.7 - 9.4
as follows: Coal, 4.112,000 tom; oil, 876,000 barrels; gas,
Men's furnishings
A return to normal precipitation in those sections of the councubic feet.
(incl. men's hee'y
try where water power is largely used will cause the output of electricity
gloreediend'w'r.-1.8 - 5.6 - 9.6 -4.0 -6.2 -14.6 -10.9 - 8.6 -11.3
by the me of water power to increase and the demand for fuel to Or- 8.0 -18.5 - 1.5 -13.4
Men's hats&caps -1.6
- 0.2 -4.3
The output of electricity by the me of water poivr in January
crease.
Tot.(211nesabove -8.1
- 9.2 -4.0 - 5 8 -12.5 -11.9 - 7.6 -11.5
This is the lowest ratio since SePtelaber
+ 2 3 + 5.1 - 6.9 +10.6 - 1.5
Boys wear ...-1.0 - 5.6 + 0.3
was only 33% of the total.
Ifen's&boy'sahs. -0.4 - 1.8 +18.3 -4.3 + 0 8 +13.8 -16.3 -16.8 + 0.3
1927.
!louse FurnishingsTOTAL MONTHLY PRODUCTION Ole ELP.CTRICITY BY PUBLIC UTILITY
Furturettucl.Le Is,
mattresses, sp'gs -5.4 -0.4 +3.8 --1.5 +9.9 +11.9 -14.2 1-12.2 -8.2
POWER PLANTS IN 1928 AND 1929.
+18.2
+13
9
-17.1
Oriental rugs
+0.7
-4.1
-0.7 --3.8
+0.3 -13.6
-5.3
Domes.floor cover -4.8
+3.8 --4.8
rticrease /mercer: Produced by
Draperies, curtains
& upholstery.-. +7.2
+35.4 -5.5 +3.4 +19.3 -4.4 --5.4 -4.3
1928
1929
Water Power.
Lamps & shades_
-0.3
+10.6 -3.2 -5.7 -6.5 -17.0 _
Over
Over
1929.
1928.
--7.7 -3.7
Tot.(211 ties above) +4.3 -6.1 +30.5 -5.1 +5.0 +14.2
1927.
1928.
1928. 1929.
China& glassware_ +1.6 -4.2 +18.1 -1.8 +1.7 +8.7 -11.5 --11.1 -18.7
3)3%
33%
January ---- 7.265.000,000 8.219,01.0.000 13%
0114
38%
February_ __ 6.878.000,000
8%
39%
New York Federal Reserve Bank's Indexes of Business March
7.246,000.000
43%
6%
6.853.000.000
April
Activity.
45%
8%
May
7.130,000.000
44%
7.010.000.000
8%
June
New
York
In Its Monthly Review, March 1, the
Federal July
10%
43%
7.143.000.000
12%
41%
7.510.000,000
Reserve Bank presents as follows its Indexes of Business August
10%
7,282.000.000
38%
September_
14%
36%
7,922,000,000
Activity:
October
13%
36%
,751.000.000
7
November.
_
_
daily
car
Average
loadings of merchandise and miscellaneous freight
10%
35%
7,911.000,000
December_
declined somewhat less than usual in January, and loadings of bulk
10%
40%
87,004,000.000
Total
freight increased substantially. The volume of foreign trade also in(fanged after seasonal allowance. On the other hand, there is some evia Part of increase is due to February 1928 being one day longer than February 1827
dence that retail trade, on an average daily basis, did not hold all of the
The quantities given in the tables are based on the operation of all
gains made in December; sales of department stores in this district, mail power plants producing 10,000 k.w.h. or more per month, engaged in
and
chain
store
sales,
sales declined more than usual.
order
generating electricity for public use, including central stations and electric
Trading on the New York Stock Exchange was in very heavy volume, railway plants. Reports are received from plants representing over 05%
and bank debits in New York City increased further to a new high level, of the total capacity. The output of those plants which do not enbwdt
after seasonal allowance. Debits in 140 centers outside of New York reports is estimated; therefore the figures of output and fuel consumption
•Oitr, however, declined somewhat from the high level in December.
as reported in the aoeompanying tables are on a 100% basis.
1466
[VOL. 128.
FINANCIAL CHRONICLE
[The Coal Division, Bureau of Mines, Department of Commerce, cooperates in the preparation of these reports.]
14...NWCAl.OWaa
Annalist's Weekly Index of Wholesale
Commodity Prices.
A
small
decline
occurs
this week in the "Annalist" Weekly
Dun's Report of Failures in February.
Index of Wholesale Commodity Prices primarily as a result
A relatively favorable insolvency record is shown in of substantially lower prices of food products and miscelreturns to R. G. Dun & Co. for February, improvement laneous commodities. In announcing this the "Annalist"
appearing in both the number of commercial defaults in the says:
United States and the amount of liabilities. With the
A fairly sizeable increase in the index of metals, and lesser increase in
shorter month, a reduction in the business mortality was to those of farm products, textiles and fuels, diminished the effect of the debe expected, yet the betterment is even more marked than clines, and the index of all commodities now stands at 147.1 compared
that which occurred a year ago. Thus, last month's 1,965 with 147.3 last week.
OF WHOLESALE COMMODITY PRICES
failures are 22.5% below those of January, whereas the THE ANNALIST WEEKLY INDEX
(1913=100)
decrease during the same period last year was 17.7%. MoreMar.5 1929, Feb. 26 1929. Mar.6 1928.
over, the latest-reported indebtedness of $34,035,772 is
36.8% under January's total, while there was a falling off a Farm products
146.8
148.5
Food products
152.1
148.2
year ago of only 5.5%.
Textile products
152.4
154.0
157.1
161.9
Supplementing the foregoing satisfactory comparisons, Fuels
Metals
120.3
127.5
153.4
154.1
last month's insolvencies show a decline of 10% from the Building material
Chemicals
134.3
134.6
2,176 defaults of Feb. 1928, and are 3.7% less than those Miscellaneous
121.1
128.8
All commodities
146.0
147.3
More
than
that,
ago.
of the corresponding period two years
the liabilities shown in the present statement are approximately 25.5% under the $45,070,642 of February, last year, Loading of Railroad Revenue Freight Above 1928 But
and are, in fact, the smallest for the month since 1920.
Below 1927.
The high point for February was reached in 1922, at more
Loading of revenue freight for the week ended on Feb. 23
than $72,600,000, and in 1921 the amount exceeded $60,- totaled 907,337 cars, the Car Service Division of the American
800,000. At about $17,300 the average indebtedness per Railway Association announced on March 6. Due to the
failure last month compares with an average of some $20,700 observance of Washington's birthday, this was a decrease of
for Feb. 1928.
50,714 cars below the preceding week this year with decreases
Monthly and quarterly failures, showing number and being reported in the total loading of all commodities except
liabilities, are contrasted below for the periods mentioned:
coke, which showed a small increase. The total for the week
Liabilities
-Number-of Feb. 23 was an increase of 37,920 cars over the corres1928.
1927.
1929. 1928. 1927.
1929.
February
1,965 2,176 2,035 $34,035,772 $45,070,642 $46,940,716 ponding week in 1928, but a decrease of 11,521 cars under the
51,290,232
47,634,411
January
2,535 2,643 2,465
53,877,145
corresponding week in 1927. Details are outlined as follows:
1928.
1927.
1928.. 1927. 1926.
1928.
December
November
October
1,943 2,162 2,069 $40,774,160 $51,062,253 $45,619,578
32,893,993
36,148.573
1,838 1,864 1,830
40,601,435
33,230,720
36,235.872
2,023 1,787 1,763
34,990,474
Fourth quarter
September
August
July
5 804
1 635
1 852
1 723
5,813
1,573
1,708
1,756
5,662 1116,366,069 $123,444,698 $111,544,291
32,786,125
29,989,817
1,437
33,956.686
28,129,660
39,195,953
58,201,830
1,593
43,149,974
29,680,009
29,586,633
1,605
Third quarter
June
May
April
5,210
1,947
2,008
1,818
5,037
1,833
1,852
1,988
4,635 $121,745,149 $115,132,052 $87,799,486
1,708 $29,827,073 $34,465,165 $29,407,523
37.784,773 33,543,318
1,730
36,116,990
38,487,321
53,155.727
37,985,145
1.957
Second quarter
March
February
January
5,773
2,236
2,176
2,643
5,653
2,143
2,035
2,465
5,395 1103,929,208 $125,405,665 $101,438,162
1,984 $54,814,145 $57,890,905 $30,622,547
46,940,718
34,178,348
1,801
45,070,642
43,661,444
51,290,232
47.634,411
2,296
First quarter
7,055 6,643 6,081 $147,519,198 1156,121.853 $108,460,339
FAILURES BY BRANCHES OF BUSINESS FEBRUARY 1929.
Liabilities.
Number,
1929. 1928. 1927.
ManufacturersIron, Foundries and Nails_
Machinery and Tools
Woolens,carpets & knit g'ds
-Cottons,lace and hosiery.
Lumber, carpent. AZ coops_
Clothing and millinery _ _ _
Hats, gloves and furs
Chemicals and drugs
Paints and oils
Print and engraving
Milling and bakers
Leather, shoes ac harness...
Tobacco, Ace
Glass, earthenware & brick
All other
Total manufacturing
TradersGeneral stores
Groceries, Meat and fish.. _
Hotels and restaurants._ _ _
Tobacco, Oxc
Clothing and furnishings
DrY goods and carpets. _ _ _
Shoes, rubbers & trunks.- Furniture and crockery __..
Hardware, stoves & tools
Chemicab3and drugs
Paints and oils
Jewelry and clocks
Books and papers
Hata,furs and gloves
All other
Total trading
Other commercial
Total United States
1928.
1929.
8
29
1
$272,703
1,887,520
67
33
8
7
3,003,630
589,341
185,600
92,075
38,100
125,000
553,798
212,523
115.600
45,900
4,678,724
$688,097
556,760
224,445
400,000
2,006.633
357,632
326,463
1,901,520
9,765
54,015
455,750
271,372
59,500
580,328
4,859,015
1927.
$117,425
806,964
20,000
13
27
-__
88
40
14
4
2
15
39
10
7
4
215
10
25
4
1
85
34
15
8
2
8
48
14
5
9
220
28
42
9
6
1
174
478
468
411 311,890,514 112,751,295 $10,518,450
111
301
102
21
191
116
46
55
52
44
7
43
13
9
267
101
305
90
28
256
122
83
66
57
82
4
59
10
17
302
162 $1,272,945 $1,374,820 $2,433,763
284 2,763,341 2,488,936 1,749,381
909,986
979.583 3,284,450
83
213,116
93.500
311,271
12
179 2,295,830 2,905,897 2,132,881
134 1,944,870 2,110,189 3,742,795
877,757
488,198 1,037,373
78
584,629
63 1,508,285 1,039,584
1,597,568
913.882 1,329,340
44
895,760 1,112,301
532,805
92
92,700
24,756
28,820
5
585,139
970,425
709.178
39
270.572
101.300
104,932
13
249,276
176,600
103,600
12
7,046,140
328 3,933.186 6,926,711
2,219,941
1,232,200
108,000
116,407
428,007
557,115
1,096,200
69,563
38,900
3,707,728
1,378 1.5611.568 $17,890,728 $24,951,932 $23,405,612
109 127 116 4,254,532 7,367,415 13,016,654
1.985 2.178 2.035 $34.035.772 145,070,642 346,940,716
Dun's Price Index.
Monthly comparisons of Dun's index number of wholesale
prices based on the per capita consumption of each of the
many commodities included in the compilation, follow:
Mar. 1
Breadstuffs
Meat
Dairy and garden
Other food
Clothing
Metals
Miscellaneous
Total
1929.
$34.589
24,420
22,354
19,450
35,137
21,558
36,739
Feb. 1
1929.
$34,899
24,697
22,059
19,497
35,138
21,303
38,572
Mar. 1
1928.
$35,591
22,425
21,797
19,866
35,895
21,711
36,503
Mar. 1
1927.
$28,620
19.897
21,859
19,830
32,301
23.022
37,740
8194,247 2194.165 $193,788 $183,269
Mar. 1
1926.
$31,834
20.358
22,834
20,709
36,161
24,005
36,777
192,670
Miscellaneous freight loading for the week totaled 325,924 cars, an
Increase of 16,248 cars above the corresponding week last year and 1,724
cars over the same week in 1927.
Coal loading totaled 203,685 cars, an increase of 30,223 cars over the
same week in 1928 and 1,928 cars above the same period two years ago.
Grain and grain products loading amounted to 43,918 cars, a decrease of
2,161 cars below the same week in 1928, but 731 cars above the same week
in 1927. In the western districts alone, grain and grain products loading
totaled 30,826 ears, a decrease of 1,611 below the same week in 1928.
Live stock loading amounted to 23.767 cars, a decrease of 6,486 cars
under the same week in 1928 and 3.718 cars under the same week in 1927
In the western districts alone, live stock loading totaled 18,334 cars, a
decrease of 4,920 cars under the same week in 1928.
Loading of merchandise less than carload lot freight totaled 226,630 cars,
an increase of 740 cars above the same week in 1928, but 5,879 cars under
the corresponding week in 1927.
Forest products loading amounted to 60,311 cars, 4,804 cars below the
same week in 1928 and 7,485 cars below the same week in 1927
Ore loading amounted to 9.362 cars, 1,790 cars over the same week in
1928, but 262 cars below two years ago.
Coke loading totaled 13,740 cars, 2,370 cars above the same week last
year and 1,440 ears over the corresponding week two years ago.
All districts except the Southern and Northwestern reported increases in
the total loading of all commodities compared with the same week in 1928
while all except the Eastern. Pocahontas and Centralwestern districts
reported decreases compared with the same period in 1927.
Loading of revenue freight in 1929 compared with the two previous years
ollows:
1928.
1927.
1929.
3.448,895
3,756,660
3,570,978
Four weeks in January
3,767.758
3,590,742
3.801,918
Four weeks in February
Total
7,338,736
7,039,637
7,558,578
Industrial Activity in Cleveland Federal Reserve District Continues High-Volume of Rubber and
Tire Business Abote That of Year ago.
The Federal Reserve Bank of Cleveland in its Business
Review Mar. 1 reports that industrial activity in its District continued high in both January and February. The
District's basic manufacturing industry, Iron and steel, was
operating at an even higher rate than during the Fourth
Quarter of 1928, says the Review, which adds:
Several large mills were very close to capaeity in mid-February, and
as prices have remained firm for the most part, earnings are very good.
Some betterment is reported by the coal trade, with small industrial
stocks and cold weather being stimulating factors. Automobile sales are
stated to be satisfactory, January registrations of new passenger ears
In Ohio being 56% larger than a year ago. Automobile accessory manufacturers continue to enjoy near•capacity operations and improved care'
ings. Business in rubber and tires exceeds that of a year ago in volume,
although spring orders have been rather slow. Shoe factories are more
active than last month while clothing makers report but little change
recently.
Building generally has been declining for some months, after allowing
for seasonal factors, and although large industrial contracts brought about
an increase in the January total for this District, residential building was
less than last year. In the United States, building was lower than a year
ago in both January and early February. The Federal Reserve Board's
Index of building contracts awarded for the country, adjusted for seasonal,
fell from 141 in October to 126 in November and 116 in December, and
although there was a rise to 128 in January, the index was 9 points under
a year ago. Daily average building contracts awarded in the country for
the first 22 days of February were only $15,372,400 as compared with
MAR. 9 1929.]
FINANCIAL CHRONICLE
$18,634,900 in all of January and $21,151,400 in all of February, 1928,
and similar decreases were shown in Fourth District territory.
The Review also contains the following regarding the
rubber and tire industry:
Akron tire manufacturers report that business as a whole is running
ahead of last year with production considerably larger but with prices
received lower. Demand for tires as original equipment remains excellent,
but dealer demand has been hesitant, with spring-dating orders coming in
rather slowly. February weather has been bad for driving, and the usual
spring buying rush by consumers has not yet started.
Perhaps the most important recent development in the industry has been
the decided rise in crude rubber prices. After hovering around the 18-cent
mark for several months, crude rubber finally began to advance in January
and by Feb. 28 had reached 27 cents a pound (first latex, spot). Continued heavy demand, a decline of 48,000 tons in world stocks in 1928,
and smaller shipments from plantations last November and December than
had been anticipated, have been the principal factors in this price advance.
Price adjustments on a number of lines were announced by leading tire
manufacturers early in February. These revisions were mostly downward,
although six-ply long-wear balloons were increased 2%%. Small balloons,
principally Ford and Chevrolet sizes, were reduced from 2% to 5%, and
the old-style high-pressure cords, which are giving way to balloon casings,
were cut 21
/
2 to 10%. These adjustments have not stimulated public
buying to any extent, •being applicable largely to the dealers rather than
to the public.
Imports of crude rubber into the United States in 1928 amounted to
984,999,112 pounds, as compared with 966,191,508 in 1927. Owing to
price differences, the value of the 1928 imports was only $246,610,000,
as compared with $342,534,000 in the previous year.
Of the total amount of rubber consumed in the United States in 1927
(the latest date available), the tire industry took 82%. The next largest
consumer was the boot and shoe industry, which took 6.4% of the total.
As to wholesale and retail trade we quote the following
from the Review:
Retail Trade.
1467
ments for planting and raising a new crop. Bank deposits in reporting
member banks are lower than they were a year ago, and member leanke
are borrowing more from the Reserve Bank to meet the needs of their
customers. Building permits issued in January 1929 were fewer in number and very much lower in estimated valuation than permits issued in
January 1928, although this comparison is not as serious as might be
thought, valuation figures in January 1928 having been much higher than
in any other January on record. Wholesale trade in January 1929 was
less in most lines than in January 1928.
Conditions in wholesale and retail lines are summarized
as follows:
Total sales in 31 leading department stores in the Fifth reserve district
in January 1929 were 8% greater than total saltes in the same stores in
January 1928, due chiefly to increases reported by Richmond and Washington firms. Sales in January averaged 6.2% above average January sales
during the three years 1923-1925, inclusive, the gains again occurring in
Richmond and Washington. Stocks of merchandise on the shelves on
Jan. 31st this year were 7/10ths of 1% smaller than stocks at the end
of December, and 6.8% less than stocks en Jan. 31, 1928. Sales in
January 1929 averaged 23.3% of stock carried during the month. Collections totaled 31.1% of receivables outstanding on January 1st, the percentages for Baltimore, Richmond and Washington being higher than in
January last year while the Other Cities reported a slightly lower percentage of receivables collected last month.
Seventy-eight wholesale firms, representing six important lines, sent
confidential reports on their January business to the Federal Reserve
Bank of Richmond. All lines reported upon showed seasonal increases in
January sales in comparison with those of December, but the gains in dry
goods and furniture were probably not up to seasonal average. In comparison with sales in January 1928, results secured in January this year
were less favorable, groceries and drugs reporting the only increases while
lower sales were reported in dry goods, shoes, hardware and furniture.
Stocks on the shelves of the reporting firms at the end of January 1929
showed the usual increases over Dec. 31st stocks in every line for which
figures were available, but were smaller than stocks on hand on Jan. 81,
1928, in dry goods and hardware. The percentages of collections in January to total receivables on Jan. 1st were higher this year than in 1928
in dry goods, shoes and drugs, but grocery, hardware and furniture percentages were lower last month than in January 1928.
Sales of 63 department stores in this District were 2.5% larger in
January than a year ago, the difference being accounted for by the fact
that there was one more selling day this year. Several cities, however,
made larger gains, particularly Akron with 23.8% and Toledo with 10.5%.
Cincinnati, Cleveland, Columbus, and Youngstown also reported increases
over last year. Pittsburgh showed a decline of 6.1%, Dayton of 2.5%, Volume of Business in Kansas City Federal Reserve
and Wheeling of 1.6%. Stocks on hand on Jan. 31 were 1.5% less than
District on Higher Plane than Year ago.
last year and 7.9% smaller than a month earlier. Accounts receivable
A
survey
of the situation in the Tenth [Kansas City]
at the end of January were 3.8% larger than a year ago, while collections
were 0.2% less. In January, 38.8% of receivables on December 31 were District at the middle of the first quarter of 1929 reveals
collected.
that industry, trade and 'banking made a very good start
Sales of 16 wearing apparel firms were 3.3% larger in January than
a year ago. Cleveland and "other cities" showed increases, while a drop for the year. The March 1 Monthly Review of the Federal
occurred in Cincinnati. Stocks declined 10.5%, receivables increased Reserve Bank of Kansas City, from which we quote, goes
8.2%, and collections were up 2.1%.
on to say:
Sales of 48 retail furniture stores in the District were 0.2% larger in
The general volume of business, although retarded to an extent by a proJanuary a year ago. Gains of 4.8 and 2.7% also occurred in accounts receivable and collections. January collections were 10.9% of longed season of severe weather, was on a plane slightly higher than
that which marked its course during the corresponding period in 1928.
Dec. 31st receivables.
Nineteen out of 50 separate departments in 39 retail stores in this Dis- Reports from over this wide area reflected sound underlying conditions
and further improvement in the economic situation.
trict showed gains over last year.
Distribution of goods and merchandise by wholesalers to retailers and
Wholesale Trade.
by retailers to consumers in January was in heavy volume for the initial
January grocery sales of 43 firms were 10% larger than a year ago, month of a year. Wholesale trade expanded seasonally and, despite the
and were also larger than in the same month of 1927 and 1926. Stocks unfavorable weather conditions and ice-covered highways, the dollar voldecreased 6% from last year, accounts receivable were 0.4% greater, and ume for the month, combined for five leading lines, ran even with that
collections gained 3%. Collections during January on receivables on for January a year ago. Retail trade, evidenced by sales of department
Dec. 31 amounted to 67.2%. The stock turnover rate was .60 or 7.2 stores, declined seasonally as compared with the high record sales in
December, but showed an increase of about 3.7% over January a year
times a year.
Drug sales showed a noteworthy increase of 25.4% over last year. ago.
Production in leading industries was maintained at a high rate of
Receivables and collections increased 11.3 and 22.7% respectively. In
activity for the mid-winter month. There was increased production of
January, 91% of Dec. 31st accounts were collected.
In dry goods, sales decreased 2.5% from last year, stocks were 22.1% flour, pork, mutton, coal, cement, crude oil and petroleum products and
less, receivables gained 1%, and collections were up 7.1%. The per- shipments of zinc ore during January 1929, compared to a year ago, while
centage of January collectiqns to December accounts was 43.4, and the production of beef and shipments of lead ore decreased.
Conditions for agriculture were generally 'favorable, with the frequent
stock turnover rate was .33 or 3.96 times a year.
Hardware sales were 0.1% smaller than in January, 1928; stocks were snows over the District providing the soil moisture needed in the spring.
1.5% less; receivables, 0.1% larger; and collections, 10.1% larger. The Some injury to the winter wheat crop by ice-covered fields has been reported, but the extent of the damage cannot be determined until early
collection percentage on Dec. 31 accounts was 39.2.
Shoe sales registered a decline of 0.9% from last year, and stocks of in the spring. The situation for the livestock industry was reported as
12.4%. Collections were off 11.5%, and accounts receivable 7.2%. The generally satisfactory. Livestock on farms and ranges was in good condition but requiring heavy winter feeding.
collection percentage was 28.0.
Building contracts awarded in January showed an increase in value of
17.6% over the same month last year, although the value of building
Business in Richmond Federal Reserve District Con- permits issued in eighteen cities during the month fell below that of a
year ago by 11%.
tinues on Same Level as in December-Labor
Oonditions in wholesale and retail trade are further surSeasonably Employed.
veyed by the Bank as follows:
Surveying conditions in its District the Federal Reserve
Trade.
Bank of Richmond In its Monthly Review dated Feb. 28
The dollar volume of merchandise distributed by reporting wholesale
says:
•
firms at leading centers in this district expanded during January despite
In most respects business in the Fifth (Richmond) Federal Reserve District in January and early February was at the same level as in December when allowance is made for the usual seasonal variations, and exceeded
the volume of business done in January 1928. Debits to individual accounts
figures in clearing house banks last month were higher than the corresponding figures for 1928 by 5.5%. Business failures in the Fifth
District were fewer in number and lower in liabilities than in January
a year ago. The employment sistuation is distinctly better than it was
In early 1928, with workers now more nearly employed on full time.
Coal production in both the nation and the district was in greater tonnage in January than in January 1928. Textile mills operated more extensively lest month than in January a year ago, cotton consumption by
Fifth district mills being 12.5% above the figures for January 1928.
Retail trade, as reflected in department store sales, were somewhat larger
in most stores in January this year.
On the other hand, there are some indications of unsatisfactory basic
conditions in the district which may affect business later in the year,
Unless new factors are brought into play. Financial returns from 1928
crops were considerably lower in the aggregate than returns from 1927
crops, and the liquidation of last year's indebtedness by farmers was not
up to average years. This tends to lessen the 1929 purchasing power of
the agricultural population, and handicaps the farmers in their arrange-
unfavorable weather and rough and ice-covered roads. Sales for the
month, combined for five leading lines, were larger than in December by
5.8%, but were the same as in January of last year. Lines showing increases in sales over the preceding month were drygoods and groceries,
while sales of hardware, furniture and drugs decreased. Compared with
a year ago there were increases in sales of groceries, hardware, furniture
and drugs, and decreases in sales of drygoods
Wholesalers in their reports described conditions as generally good,
and were inclined to attribute the reduction in the volume of sales, as
compared to a year ago, to continued "hand-to-mouth" buying by retailers and to a tendency to defer the placing of orders for future shipment.
Merchandise stocks of wholesalers of all reporting lines except groceries
were larger on Jan. 31 than one month earlier. Compared with a year
ago stocks of drygoods and hardware showed decreases, while stocks of groceries, furniture and drugs showed increases.
Retail trade in Tenth District cities, as reflected by sales of reporting.
department stores, showed an increase of about 3.7% in January over the
corresponding month last year. Allowing for the fact that January of this'
year contained one more business day, daily sake ran about even. Of
the 32 department stores reporting for the month, 20 showed increased
sales over January last year. Sales of other reporting retail stores-those
1468
FINANCIAL CHRONICLE
[vol.. 128.
handling men's and women's clothing, shoes and furniture--Showed slight of the State. Rainfall was everywhere below normal, snowfall was less
changes in the volume of their January business as compared with a year than usual, and snow on the ground on Feb. 10 was reported at from
20% to 45% below normal; rain in early February somewhat improved the
age.
Stocks at reporting .department stores on Jan. 31 were smaller by 5.6% situation. Subnormal temperatures had a generally retarding effect on most
growing farm crops, damaged citrus fruits slightly and were quite harmful
than one month earlier and smaller by 2.5% than a year ago.
Go/lections.—Department stores reported collections in January 1929 to livestock. Pastures over the State are in poor condition; scarcity of
amounted to 42.0% of outstandings, as compared to 43.5% in December feed, together with the damp cold weather, has resulted in some loss of
and 42.0% in January 1928. Collections by wholesale firms were, reported Iambs.
Trade.
generally satisfactory. Due to purchases of merchandise in small lots and
with more frequent orders, retailers were in better condition financially to
The volume of retail trade done in California during January was 5.8%
meet their payments promptly.
larger than in the same month a year ago. Wholesale trade during 1928
was 3% larger than during 1927, most of the increase being made in the
five months; agricultural implements, drugs, electrical supplies, furBusiness Conditions in San Francisco Federal Reserve last
niture and groceries reported the largest gains over the previous year. ColJanuary.
Activity
hl
Seasonal
District—More than
lections continue fair to slow. Building permits issued during the month
Summarizing business conditions in the San Francisco totaled $22,232,233, slightly under the total for January 1928, am-aiding
to the S. W. Straus report. A total .1 $484,808,000 worth of life insurFederal Reserve District during January, Isaac B. Newton, ance was sold in the State during 1928, an increase of 2% over the year
Chairman of the Board and Federal Reserve Agalt, ..f the before. Bank debits and postal receipts in principal cities of the State
Federal Reserve Bank of San Francisco, has the following during January were larger than in January 1928.
to say under date of Feb. 20:
The first month of the year. 1929 wan a month of greater than seasonal
activity in business in the Twelfth Federal Reserve District, and available
data indicate a continuance of this activity during the early days of
February. The major industries of the District operated on !wavier
schedules during January 1929 than during either December or January
1928. The volume of trade transacted in the District was larger than a
year ago, and declines from the December peak of trade activity were
mostly smaller than the seasonal expectation. From all parts of the
District have come reports of generally sound business conditions.
Those tendencies in the credit situation which were a noteworthy fe,ature of the year 1928 persisted during January. 1929. Commercial de!nand for credit was moderate but member bank loans on securities continued to expand. Borrowings from the Federal Reserve Bank of San
Francisco increased during January and the first week of February. During the second week of February discounts at the Reserve Bank were an.
slightly. Interest rates were firmer during January and the Met
half of February 1929 than at any time during the past two years.
Industry employed a larger number of men than is usual during January, and output of copper, steel, metal and machine shop products, lumber, and petroleum was exceptionally high for this season of the year.
The building and construction industry, though relatively quiet, showed
some improvement as compared with recent months. Value of sales at
both retail and wholesale was substantially larger than during January
a year ago, and merchandise carloadinga also exceeded those of January.
1928.
There was a slight increase in the general average of commodity prices
during January 1929. Most significant from the standpoint of this District were advances in prima of wheat, copper, and lumber.
The rains and snows of January and February have improved the agricultural outlook of the Ifiatrict. Total rainfall for the season, however, has been less than last year and less than normal.
Business in Arizona at High Level According to Valley
Bank, Phoenix.
The Valley Bank in Arizona, at Phoenix, in its February
"Business Review," reports that "business in Southern
Arizona is at a high level." "Construction" it states, "is
active, tourist trade is crowding the greatly increased hotel
capacity, labor is well employed, and bank deposits are
high." The bank in part also says
"Mining conditions are better than for years past and
copper has reached 17 cents with exceedingly strong demand."
Agriculture.
The cotton crop is nearly all gathered, crop returns having been favorable
to the growers. The market has been fairly slow, though important shipments have been made to foreign buyers.
The winter lettuce deal has now practically finished, with shipments of
about 4,600 cars from Salt River Valley. On account of unfavorable
weather, the yields per acre have not been as good as desired, and returns to
the growers will be disappointing. The spring crop of lettuce will begin to
move East in March, with a heavy acreage In crop.
Scarcity of feed has made dairying expensive. Large numbers of sheep
are wintering In the valley on green feed. The Lamb crop is in progress and
shearing is just beginning,
A number ofshowers has placed the ground in good condition for working
spring crops. Heavy rains and snows over much of the State lead to the
hope for a substantial addition to the stored water supplies behind the dams.
Activity in Industry and Commerce Well Sustained in
St. Louis Federal Reserve District.
Considerable unevenness in the St. Louis Federal Reserve
District during the thirty days under review is reported
by the Federal Reserve Bank of St. Louis under date of
Feb. 28. The Bank, however, states in its summary of conditions in the District that "the general rate of activity in
both industry and commerce was well sustained, with total
volume of transactions larger than either a month or a year
earlier." The Bank in summing up conditions also says:
The turn to colder weather in January and continuance of low temperatures through the first weeks of February materially assisted the movement of seasonal merchandise of all descriptions, but more particularly
apparel, fuel and drugs and chemicals. Clearance of winter merchandise
on shelves of retailers, which up until the first of the year was decidedly
backward, was considerably accelerated, and the average at the middle
of this month compared favorably with that of the past several years.
Wholesalers reported a fair volume of reordering, which served to increase
January sales' totals. Reports from both wholesale and retail lines reflect a continued strong demand for Commodities; with purchasing on a
liberal male, but conservative.
In the chief centers of population, the market maim', which opened
toward the end of January, has witnessed an unusually large number of
visiting merchants. The character of their buying in the main, has reflected moderate stocks. Generally individual orders placed averaged
small in size, but the aggregate made a formidable showing, and there
were more than the ordinary number of specifications for immediate shipment. In all lines for common consumption, but particularly dry goods
boots and shoes, millinery and groceries, sales for future delivery are
disappointing and below those of a year ago. The iron and steel industry
in virtually all departments developed further improvement, and current
rate of ainivity is well above that at the same time in 1928 or 1927.
Distribution of automobiles in January fell seasonably below December,
but was substantially larger than in January, 1928.
Department store sales in the chief cities of the district in January
fell slightly below the total for the same month a year ago, but there
was a gain in the volume of transactions at five and ten cent stores and
mail order houses. Debits to checking accounts in January dropped below
the December total, but were larger by 8.1% than in January, 1928.
Likewise a small decrease took place in the amount of savings accounts
In January as contrasted with December, but the total on Feb. 6 was
1.2% greater than a year ago" and the largest on record.
Following the seasonal decline in late December, traffic of railroads
operating in this district has moved steadily upward, and holds at or
near the high records at this time during the past several years. The
cold weather had a stimulating effect on the movement of coal and coke,
which showed substantial gains. Due to the heavy movement earlier in
the season, shipments of grain and grain products decreased. For the
country as a whole loadings of revenue freight for the first five weeks of
the year, or to Feb. 2, totaled 4,517,870 cars, against 4,375,157 cars for
the corresponding period last year, and 4,722,324 ears in 1927. The St.
Louis Terminal Railway Association, which handles interchanges for 28
connecting lines interchanged 240,596 loads in January, against 208,747
loads in December, and 209,792 loads in January, 1928. During the first
nine days of February the interchange amounted to 81,306 loads, which
compares with 61,802 loads during the corresponding period in January,
and 66,439 loadss during the first nine days of February, 1928. Passenger
traffic of the reporting lines decreased 10% in January as compared with
the corresponding month in 1928. Estimated tonnage of the Federal Barge
Line between St. Louis and New Orleans in January was 134,700 tens,
highest on record for the opening month of the year, and comparing with
135,139 tens in December, and 89,608 tons in January, 1928.
Mining.
The copper industry Is enloYing the best conditions for years. Since tho
war. It has been in an Inactive position, with large production capacity,
heavy surplus stocks, and low prices. These conditions have been gradually
changing with increased consumption until now stocks on hand are at
bare minimum, with strong demand both in the United States and Europe,
and the price has just reached 17c. a pound. This Is leading to gradual Industrial Activity in New England at Highest Point
Increase in production, and in October brought about a 10% increase in
Since 1925, According to Federal Reserve Bank
wages.
of Boston.
Total mineral production in Arizona for 1928 is estimated by Arizona
"The general level of industrial activity in New England
Industrial Congress to have reached $107.500,000 against 898,790,000
for 1927.
during recent weeks has been at the highest point since the
Development work is active in many districts of the State. especially
In Yavapai County, and a number of the larger properties are undertaking latter part of 1925," according to the Monthly Review,
exploration work.
March 1, of the Federal Reserve Bank of Boston. The
conditions
California Conditions as Viewed by Wells Fargo Bank Review also has the following to say regarding
in
the
District:
& Union Trust Co.—Unfavorable Farming ConThe New England Business Activity Index declined slightly In Decemditions—Gains In Wholesale and Retail Trade.
ber from November 1928, but increased sharply in January to s Point
Weather and trade conditions in California are reviewed
as follows, under date of Feb. 18, by the Wells Fargo Bank
& Union Trust Co. of San Francisco:
Weather.
California weather during January and early February was generally
unfavorable to farming and ranching, particularly In the northern section
about 854% higher than that which prevailed during the correepondlag
month a year ago. The preliminary Index for January stood at the highest
level, except for the figure for January, 1920, during the history of the
composite series, which extends back on a monthly basis to 1919. The
Improvement which was recorded in New England business between December and January was of general character, and was not confined to a.
few of the major activities. New England powwows major industries, but
the influence of these upon general business conditions in this district Is
FINANCIAL CHRONICLE
MAR. 9 1929.]
not as pronounced as in former years. The amount of cotton consumed
by New England mills in January was larger than in any month since
October, 1927, thus reflecting improvement in the condition of the branch
of the textile industry. Southern mills have been reported active during
recent weeks, and New England mills have recently shown increased activity. Usually a reduction in the volume of production of fine cotton
goods in New Bedford has taken place between December and January,
but this year production was slightly larger in January than in the preceding month. The amount of raw wool consumed by New England mills
in January was larger than during any month since May, 1923, and conditions in the woolen and worsted industry continued to improve. Although
there was a substantial reduction in the production of boots and shoes in
New England during December, the decrease was not as marked as in
other districts, and in January there was an increase by more *an the
usual seasonal amount. There has been an active demand for workers in
the boot and shoe industry in New England during the past month.
Shoe shipments from Brockton and Haverhill have been larger during the
first three weeks of February than during the corresponding period a
year ago. The amount of new construction in New England during January was slightly larger than in December, and while there has been some
slackening in the activity of the building industry since last fall, the decline has not been extensive, and the current level is high, as compared with
former years. In identical manufacturing concerns in Massachusetts, there
was a decrease of 1% in the number of workers employed on Jan. 15, as
compared with Dec. 15, and payrolls were nearly 3% lower. During the first half of February, Boston department store sales were reported to be
about 3% ahead of those of the corresponding period a year ago. Money
rates have remained firm, and the asked rate on bankers' acceptances advanced to 514% on Feb. 15. Commercial paper rates finned during the:
week ended Feb. 23.
Chain Store Sales Continue to Advance.
Sales of the 24 leading chain store companies for the month
of February totaled $99,473,771, an increase of $21,778,356,
or 28%, over the same month a year ago, according to a
compilation of Merrill, Lynch & Co. of this city. This
total is a new high record for any previous month. The
Kroger Grocery & Baking Co. led all others in point of
dollar gain, showing an increase over February 1928 of
$9,056,876, or 65%. The Safeway Stores, Inc., led all
others in point of percentage gain, showing an increase of
96%, and Neisner Bros. followed Kroger Grocery & Baking
Co. with an advance of 63.4%.
Sales of the,above companies for the first two months of the
current year amounted to $196,704,484, an increase of
$33,931,070, or 20.8%, over the corresponding period last
year. A comparative table shows:
•
Month of Februaril•
First Two Months.
F
1929.
1928. Inc.
1929.
1928.
Inc.
$
$
$
8
Kreger Grocery & Bak_ 22,867,818 13,810,942 65.0 47,562,613 29,826.660 59.0
F. W. Woolworth
19,374,310 18,992,215 2.0 37,032,429
2.9
14,088,996 7,175,509 96.0 26.978,395 36.099.961
Safeway Store,
91.0
8.8. Kresge
9,774,318 9,319.662 4.9 18,793,250 14,078.746
17.977,438 4.5
National Tea
7,171,917 6,222,337 15.2 14.444,019
17.0
8.H.Kress
4,357.913 4,175.622 4.3 8,501,290 12,341.669
7.1
W.T.Grant
3,516,007 2,842.507 23.7 6,844,497 7,935,568
5,466,669
25.2
McCrory Stores
2,843.335 2,870,077 10.9 5,534,323 5,296,265 4.4
Melville Shoe
1,480,610 1,314,121 12.7 3,050,067 2,439,157 2.5.1
Interstate Department- 1,442,348 1,128,496 27.8 2,855,641 2,087,155 36.8
J. J. Newberry
1,299,210 977,516 32.9 2.670,402 1,837,510 45.3
Waldorf System
1,226,973 1,160,082 5.7 2,525,708 2,388,650 5.8
McLellan Stores
1,209,846 840,048 47.2 2,374,751 1.614,031 47.1
F. & W. Grand
1,175.276 901,454 30.4 2.271,041 1,701,848 33.5
Peoples Drug
1,068,002 780,156 38.9 2,180,447 1,473.583 47.9
0.31. Kinney
1.024,797 980,422 4.3 2,143,302 1,870,355 14.6
Lerner Stores
984,862 638,421 54.0 1,929.075 1,267,383 52.0
Lane Bryant
946,233 729,738 29.6 2,031,356
1,649,950 23.1
G. C. Murphy
909,960 672,743 35.3 1,724,107 1,271,086 35.6
883.276 752.092 17.4 1.681.502 1.444.439 16.4
Metropolitan
Nelsner Bros
716,249 438,210 63.4 1.302,844
828,213 57.3
I. Silver & Bros
440,783 388.313 18.5
805,867
700,738 15.0
Federal Bake Shops_- 361,130 330,029 7.8
718,4
667.980 8.4
Davega, Inc
309,603 248,705 24.8
753.595
519,979 45.0
Totals
99,473,771 77,695,415 28.0 196,704,484 162,773,014 20.8
x Decrease.
Note.-The above statement does not include J C. Penney Co., Inc.,
showed gross sales for the month of February 1929 of 39.027,543, an Increase ofwhich
1.3%
over the total for February 1928. For the first two months of the current year
sake of this oompany amounted to 817,663,263, an increase of 81,022,998, or 6.15%
over the same period last year.
1469
of rolled steel produced, 15% was used in building and construction, 22%
by the railroads, and 10% by the automotive industry. In 1928, of the
record total of 37,300,000 tons, 16.5% was used for building and construction, 10% by the railroads, and 18% by automotive plants.
"In 1919, manufacturers of common and face brick put on the market
4,751,891 thousands of the former and 791,068 thousands of the latter,
with a valuation of $63,585,000 and $10,033,000 respectively. Building
construction, which consumes practically all the production of these
linen, caused these totals to rise to 6,948,393 thousands of common brick
in 1927, and 2,411,810 thousands of face brick. The increase in valuation was about in the same degree, the face brick production in 1927
being worth $41,504,000, and the common brick $77,219,000.
"All down the line similar increases are noted for other materials.
But building has had a wider effect. It has spurred inventive genius to
the perfection and improvement of elevator, and heating, lighting and
ventilating systems. It has created new standards of working and living
conditions-new ideas of environment both in the shop and in the home."
Building Construction Proceeding at Good Pace According
to Indiana Limestone Company.
Swinging along at a good pace, new building construction
has stacked up a fair total for the firet two months of the
year, according to a survey March 5 by the Indiana Limestone Company, which shows that approximately $850,000,000 has been spent in that period. These figures are based
on reports from several hundred cities and towns.
"Severe weather this winter, together with high money rates have
been a restraining influence in some sections of the country," says
President A. E. Dickinson. Ile also says:
"Sustained activity in heavy construction and engineering projects
is nevertheless reported in almost all districts, with sums involved
higher than at this time last year.
"For the past few months, the building industry has been somewhat handicapped by tight money. It is one of the first industries
to show signs of contraction from this cause. Yet, contradictory as
it may seem, higher quality construction projects are being launched
faster than heretofore.
"A leading factor in the slight decline in volume is the lessening
in residential building. It is generally assumed thatthis decline is
a direct result of the increasing cost of credit. DesPite
the downward tendency in this type of construction, it is not sufficiently serious
nor is it of long enough duration to give evidence of a depression
in activity.
"Offsetting this residential let-down, is a proportionate gain in
commercial and industrial projects. Educational, religious and memorial classifications have been active so far this year.
"Several metropolitan centers are showing greater volume this
year than last, while others have dropped below their average. In
the middle west, for instance, with Chicago's activity slackened, there
has been a drop in building permits. San Francisco, Washington,
Newark, Cleveland, Baltimore, Houston, Boston, Indianapolis, St.
Louis, Buffalo and Louisville have all shown a trend toward hesitancy in construction.
"On the other hand, cities such as Los Angeles, Seattle, Portland,
Milwaukee, Pittsburg, Cincinnati, and Atlanta have chalked up new
records. Detroit, Philadelphia and New York have all shown increases of substantial totals.
"In the Indiana Limestone Company quarries business is going
forward at greater speed than ever before. Towering skyscrapers,
beautiful cathedrals and all other types of construction are consuming a vast monthly output of stone."
Firm Lumber Demand Continues.
Unfilled orders for softwood lumber reported for the week
ended Mar. 2 continued at approximately the high level
established during the previous week, representing a production equivalent of 26.4 days, as against the previous figure
of 26.7 days (revised figures). Telegraphic reports from
793 hardwood and softwood mills to the National Lumber
Manufacturers' Association for the week ended Mar. 2
showed shipments during that period amounting to 343,559,000 feet and new business calling for 362,686,000 feet.
For the week earlier shipments were shown as 361,584,000
feet for 819 mills, while new business for these mills amounted
to 391,652,000 feet. Production for the week ended Mar. 2
was reported as 345,388,000 feet by 793 mills, while 27 more
Over 52 Billion Dollars Invested in New Buildings in mills the preceding week reported production as
347,886,000
U. S. Since War-$7,500,000,000 Outlay for Construction Planned This Year According to Thompson-Starrett Co.
Since the war the American people have invested in new
buildings more than $52,000,000,000 according to data just
compiled by the Thompson-Starrett Co., Inc. This year's
expenditures will amount to an additional $7,500,000,000.
In an analysis of the billions spent for building published
on March 1 in the company's "Skyscraper," it is stated that
the prosperity of the building industry has been dependent
on and conductive to the prosperity of other industries. The
article says:
"The richest and the poorest have contributed their share to this building bill and have received in return wages, salaries and profits from the
many industries which form the background of modern construction.
"The importance of the building industry in the economic life of the
country can be judged by the increases attributable to it in the production
of such basic materials as cement, steel and brick.
"From 1918 to 1928 the production of cement Increased from 74,000,000
barrels to 171,000,000 barrels, from 50 to 60% of this annual output
being used in building construction. In 1923, of the 24,600,000 gross tone
feet.
For the nine weeks of the year to date, orders received for
softwoods were 14% above production. For hardwoods,
new business received during the nine weeks of the year
totaled 4% above production. A good demand for hard-
wood lumber continues and 316 mills report new business
amounting to 52,534,000 feet for the week ended Mar. 2,
as against orders reported by 340 mills (units) for the week
ended Feb. 23 amounting to 54,673,000 feet, or a decline of
only 2,000,000 feet with 24 fewer mills reporting. The
Association adds:
Unfilled Orders.
The unfilled orders of 347 Southern Pine and West Coast mills at the end
of last week onaqunted to 1,057.447,517 feet, as against 1,049.162,149
feet
for 344 Innis the previous week. The 151 identical Southern
Pine mills
In the group showed unfilled orders of 265.215.517 feet last
week, as against
265.048.149 feet for the week before. For the 196 West Coast mills the
unfilled orders were 792,232,000 feet, as against 784.114,000 feet for 193
mills a week earller. Altogether the 513 reporting softwood mills
had shipments 99% and orders 104% of actual production. For the Southern
Pine mills these percentages were respectively 103 and 103, and for the West
Coast mills 92 and 97. Of the reporting mills, the 513 with an established
1470
normal production for the week of 302,024.000 feet gave actual production
99%.shipments 98% and orders 103% thereof.
The following table compares the lumber movement as reflected by the
reporting mills of eight softwood and two hardwood regional associations
for the two weeks indicated: •
Past Week.
Softwood.
Hardwood.
316
Mills (or units.)
513
297,869,000 47,519,000
Production
Shipments
295,847,000 47,712,000
Orders (new business)
310,152.000 52,534,000
• A unit is 35.000 feet of daily production capacity.
Preceding Week 1929
(Revised).
Softwood.
Hardwood.
539
292,815,000
309,637,000
336.979.000
340
55,071,000
51,947,000
54,673,000
West Coast Movement.
The West Coast Lumbermen's Association wires from Seattle that new
business for the 196 mills reporting for the week ended Mar. 2 totaled
173.801,000 feet, of which 47,488,000 feet was for domestic cargo delivery
and 30.146,000 feet export. New business by rail amounted to 81,390,000
feet and local orders 14,777.000. Shipments totaled 165,135,000 feet.
of which 47,046.000 feet moved coastwise and intercoastal and 32.747,000
feet export. Rail shipments totaled 70,565,000 feet and local deliveries
14,777,000 feet. Unshipped orders totaled 792,232.000 feet, of which domestic cargo orders totaled 293,210,000 feet, foreign 246.443.000 feet and
rail trade 252.579.000 feet. Weekly capacity of these mills is 225,460,000
feet. For the eight weeks ended Feb. 23 orders reported by 143 identical
mills were 16.1% over production and shipments were .09% over production. The same mills show a decrease of .06% in inventories on Feb. 23
as compared with Jan. 1.
Southern Pine Reports.
The Southern Pine Association reports from New Orleans that for 151
mills reporting shipments were 2.87% above production, and orders 3.12%
above production and 0.25% above shipments. Now business taken during the week amounted to 68.327,986 feet (previous week 66,842.595);
shipments 68.160,618 feet (previous week 63.704.445); and production 66,258.149 feet (previous week 64,475,730). The normal production (threeyear average) of these mills is 75.235,054 feet.
The Western Pine Manufacturers' Association of Portland, Ore., reports
production from 25 mills as 17,589,000 feet, as compared with a normal
production for the week of 17,752,000. Twenty-six mills the previous week
reported production as 18,891,000 feet. Shipments were sllghtly less last
week and new business slightly larger.
The California White and Sugar Pine Manufacturers' Association of San
Francisco reports production from 18 mine as 9,611.000 feet. as compared
with a normal figure for the week of 9.883,000. Twenty-two mills the week
before reported production as 10.203,000 feet. Shipments showed a nominal decrease last week and new business showed a considerable reduction.
The California Redwood Association of San Francisco reports production
from 13 mills as 7,207,000 feet, compared with a normal figure of 7,729,000,
and for the week earner 7.028,000. Shipments were somewhat lower last
week and new business showed a substantial increase.
The North Carollna Pine Association of Norfolk. Va., reports production
from 71 mills as 9,012.000 feet, against a normal production for the week
of 10.448,000. Sixty-eight mills the preceding week reported production
as 8,822,000 feet. Shipments were about the same last week, while new
business showed a small decrease.
The Northern Pine Manufacturers' Association of Minneapolis, Minn.,
reports production from nine mills as 3,928.000 feet, as compared with a
normalfigure for the week of6.706.000. and for the previous week 4,073,000.
Shipments showed a slight increase and new business a slight decrease
last week.
The Northern Hemlock and Hardwood Manufacturers' Association of
Oshkosh, Wis. (in its softwood production), reports production from 26
mills as 3,469,000 feet, as compared with a normal production for the week
ef 3.410,000 Twenty-seven mills the week earller reported production as
3,448,000 feet. There were notable reductions in shipments and new
business last week.
Hardwood Reports.
The Northern Hemlock and Hardwood Manufacturers' Association of
comOsh osh, Wis., reports production from 36 units as 7,754.000 feet, as
pared with a normal figure for the week of 9,228,000. Thirty-nine units the
preceding week reported production as 8,354,000 feet. There were no noteworthy changes in shipments and new business last week.
Tenn., reports
The Hardwood Manufactnrers' Institute of Memphis,
a normal producProduction from 280 units as 39.765.000 feet, as against
41,991,000.
before
weeek
the
tion for the week of 50.402.000, and for
the week
Shipments and orders were about the same as those reported for
earlier.
mills of the comDetailed softwood and hardwood statistics for reporting
parably reporting regional associations will be found below:
END.MAR.2 1929LUMBER MOVEMENT FOR 9 WEEKS AND FOR WEEK
Normal
Production
for Week.
Orders.
Shipments.
Production.
Association-Southern Pine (9 weeks)--- 596.422,000 603,382,000 832,531,000
88.328,000 75,235,000
68,161.000
68.258,000
Week (151 mills)
West Coast Lumbermen's—
Nine weeks
1 332,707,000 1,303,504.000 1.459,752,000
180,795.000 186,114.000 174,889,000 170.861,000
Week (200 mils)
Western Pine Alfrs.(9 wks.) 197,295.000 241,716.000 272,601,000
28.482,000 17,752.000
20,372,000
17,589,000
Week (25 mills)
Calif. White & Seg. Pine—
Nine weeks
120,822,000 219,108.000 219,092,000
16,931,000 9,893.000
18.158,000
Week (18 mills)
9.611.000
67.572.000
58,095.000
Calif. Redwood (9 weeks)_ _ 58,874,000
9,270,000 7,729,000
5,084,000
7.207,000
Week (13 mills)
71,997,000
82,714.000
No. Caro. Pine (9 weeks).— 86,834,000
7,996,000 10,448,000
7,962.000
Week (71 mills)
9.012,000
64.984,000
62.160,000
North.Pine Mfrs.(9 weeks) 35,879,000
4,175.000 6.706.000
8,290,000
Week (9 mills)
3,928,000
Nor.Hemlock & Hardw'd—
33,846,000
26,738,000
40,103,000
Softwoods (9 weeks)
2,081,000 3,410,000
1,708,000
Week (26 mills)
3.469,000
Softwoods total (9 wks.)_2,488.536,000 2,597.465,000 2,822.375,000
Week (513 mills)
297,889,000 295,847.000 310,152,000
No.Hemlock & Hardw'd—
78,785,000
78,022,000
Hardwoods (9 weeks).— 110,238,000
6,003.000 9,228,000
5,085,000
7,754,000
Week (38 units)
Hardwood Mfrs.Institute—
404,214,000
Nine weeks
355.888,000 378,647,000
46,531,000 50,402,000
42,847,000
39.765,000
Week (280 units)
Hardwood total(9 wks.).. 485,924.000
47.519,000
Week (318 units)
[VOL. 128.
FINANCIAL CHRONICLE
458,889,000
47,712,000
482,999,000
52,534,000 59,630,000
West Coast Lumbermen's Association Weekly Report.
According to the West Coast Lumbermen's Association,
reports from 199 mills show that for the week ended Feb. 23
shipments were 4.2% under production, while orders exceeded
output by 3.3.% The Association's statement follows:
WEEKLY REPORT OF PRODUCTION. ORDERs AND SHIPMENTS
199 mills report for week ended Feb.23 1929
(All mills reporting production orders and shipments.)
Shipments.
Orders
Production
180,820,820 feet
173,026,572 feet
167,534.177 feet
4.2% under production
3.3% over production
100%
COMPARISON OF ACTUAL PRODUCTION AND WEEKLY OPERATING
CAPACITY 1247 IDENTICAL MILLS)
e1
(All mills reporting production for 1928 and 1929 to date.,01;ealv
A verage W'eeltly
Actual Production
Average Weekly
Week 1929. Production 8 Week,. Enaed
Production
Capacity.
Feb. 23
During 1928.
Feb. 23 1929.
258,419.811 feet
195,025,332 feet
159.483,650 feet
184,986,332 feet
cc Weekly operating capacity is based on average hourly production for the 12 last
months preceding mill check and the normal number of operating hours per week.
WEEKLY COMPARISON FOR 193 IDENTICAL MILLS-1929.
(All mills whose reports of production, orders and shipments are complete for the
last four weeks.)
Feb. 2.
Feb. 9.
Feb. 16.
Feb. 23.
Weeks Ended—
165.493,355 133,049,802 122,749,021 110,919,602
Production (feet)
171.011.798 162,110.913 158,547,468 147,990,279
Orders (feet)
68,447,888 65,855,027 63,188.176 57.372,609
l esti,'cargo
om
Rai
D
61,493.154 63,353,429 87,392,865 57,091,594
32,126,788 21.065,815 22,403,328 25,689,059
Expoirt
iwes
7,837,017
5.563.099
8.944.188 11,836.642
ShDRau
nt:1(0feLt)o
lpommeee
158,557,828 152,048.801 127.902,256 127,226,497
64,813,953 52,208,346 46.227,212 44,147,494
58,457,793 62.252,947 52.808,963 45,988.879
26,341,914 25,748,888 23,302,982 29,253,107
7,837,017
5,563.099
8,944.168 11,838,642
Local
784,114,665 780,743,389 776,829.570 748,641,209
Unfilled orders (feet)
242,217,656 240,039.208 226.811.727 210,479,808
Rail
291,777,859 292,393.473 294,004,218 280,323,435
Domestic cargo
250,119,150 248.310.708 258,013,625 257.837.966
Export
111 IDENTICAL MILLS.
All mills whose reports of production, orders and shipments are complete fur 1928
and 1929 to date.)
Average 8
Average 8
Weeks Ended
Weeks Ended
Week Ended
Feb. 25 '28.
Feb. 23 '29.
Feb. 23 '29.
102,227,091
93,593,327
102.667.421
Production (feet)
108,903,979
108,175,016
117.095.150
Orders (feet)
98,208.230
93.202,720
103,945,332
Shipments (feet)
DOMESTIC CARGO DISTRIBUTION—WEEK ENDED FEB.16'29(107 Mills)
Orders on
Hand BeOrders
gin'g Week
Feb. 16 '29. Received.
Cancellotions.
Shipmeats.
Unfilled
Orders
Week Ended
Feb. 16 '29.
Washington et Oregon
Feet,
Feet.
Feet.
Feet.
Feet.
,
(91 Mills)—
94,894,362 25,734,068 2,278,500 19,446.195 98,903,735
California
Atlantic Coast
148,813.097 20,374,354 161,750 33,798,752 135,226,949
81,000 7,888,052
None
4,421,501 3,547,551
Miscellaneous
Total Wash. ac Oregon_ 248,128.960 49,655,973 2.440,250 53.325,947 242,018.736
BrU. Col.(16 Mills)—
California
Atlantic Coast
Miscellaneous
636.443 608,000
13.594,250 8,246,943
1,201.691 2.518,184
829,237
415,206
None
25,000 4,133,249 15,682,944
91.130 3,628,745
None
Total British Columbia 15,432,384 9,371.127
25,000 4.639.585 20,138,926
Total domestic cargo— 283.581.344 59.027.100 2.485,250 57,965.532 262.157.862
Co. Announces $62 a Ton as
Newprint Price for 1929.
Regarding the price of newsprint paper announced this
week by the International Paper Co., the "Times" of March 6
stated:
International Paper
The International Paper Co. has advised Its customers in the Northern
territory of its new price list for 1929. The method of quoting prices has
been simplified by stating the price as including freight to destination.
The price per ton to the southeastern portion of New York State, including
New York City, is $62. as compared with the previous rate of $66.
Hitherto it has been the custom to quote prices to customers at the mill,
with the additional statement of the cost of freight to the destination named
as a separate item. J. L. Fearing, Vice-President of the company, explained yesterday that the [eight cost is now absorbed in the single item
of selling price. He said this method was simpler, since the publishers
were concerned only with the cost at destination and not in a separate
Itemization of cost at mill and freight to destination.
According to the formal announcement sent out to its customers by
the company, signed by Mr. Fearing, the reduction now announced gives
all New York publishers a price reduction similar to that accorded the
Hearst publications last January. Following reports that the Hearst
publications had received a lower price, P. I. Ker, General Manager of the
Hamilton "Spectator," a member of the newsprint committee of both the
Canadian Daily Newspaper Association and the American Newspaper
Publishers Association, declared that contract price differentials favor.ng
the Hearst publications in the United States would be resisted "to tho
utmost" by newspaper publishers, who for more than twenty years have
made contracts with newsprint manufacturers on the basis of a uniform
price to all customers.
"On Oct. 30 1928. we wired you that we had closed a contract for a
term of years with the Hearst publications at prices lower than our previously announced schedules for 1929, and that as soon as our new schedule
for the entire territory served by us could be worked out we would give
you the benefit of a reduced price." the statement to the company's customers read. "We now wish to advise you that our contract with the Hearst
publications is for a term of five years, from Jan. 1 1929, with no rebates
or commissions either directly or indirectly." After pointing out that
two forms of contract, a five-year term and a five-year and continuing
term, were offered to customers, the announcement calls attention to
prices as being"at all times our standard price for your destination," and
that prices hereafter would continue to be worked out on that basis.
Prices quoted to New England, except Southwestern Connecticut, is
$61.50 Northern New York generally, $61.50 Chicago and northeastern
1471
FINANCIAL CHRONICLE
MAR. 9 1929.]
fringe of Illinois, $62 Central Illinois, including St. Louis, Mo., $63, and
southern Illinois, $64.
The announcement further says that the company "has not deviated
from its uniform-price policy and' that its smaller customers obtain the
same price schedule as its larger ones."
Price schedules for points south of the Potomac and Ohio Rivers, it was
said, are not yet ready.
In our issue of Jan. 26 (page 487) we referred to reports
that the price of $55 a ton for newsprint for 1929 had been
agreed to, but it was indicated in the account we published
that the International Paper had refused to comment on that
report. Various reports as to price agreements have since
been current-only last week-Feb. 27, newspapers having
alluded to reports in which it was said that a price agreement fixing $55.20 a ton, with 75% limit on production
had been reached. As to this the International Paper Co.
issued the following statement on Feb. 27:
Report that an agreement between newsprint manufacturers and publishers concerning prices and limiting production had been reached here
recently is incorrect so far as we know. We are not a party to any agreement limiting production and fixing prices. We have no knowledge of
the $55.20 price. Our prices for 1929 have not been determined, but we
hope to communicate our revised price schedule directly to our customers
early next week.
- -----
That Strike at Lynn (Mass.) Shoe Plant is
Virtually Ended.
The "Wall Street News" of yesterday (Mar. 8) reported a
despatch from Lynn, Mass., as stating that the strike of the
Lynn shoe workers was virtually at an end. Only 75 of the
1,700 workers who walked out remained away from their
places of employment, it is said. The strike was referred to
in our issue of March 2, page 1301.
Report
White
Goods.
January 1929.
Total finished yds. billed during month
District 1
2
3
5
8
Dyed
Goods.
Printed
Goods.
Total.
10,521,421 13,749,856 13,378,500 42,509.696
4,547,281
662,649 3,975,470 16.686.395
7,441,317 3,524,755
10.966,072
6,441,502 1,652,591
8,094,093
4,261,471
4,261,471
33,212,992 19.589,851 17,353,970 82,517,727
Total
Total gray yardage of finishing orders
received12,653,119 16,154,401 13.281.861 44,715,211
District 1
6,398,871 4,680,576 2,180,753 17,448.031
2
8,347,858 4,308.180
12,656,038
3
6,241,142 1,837,043
8,078,185
5
4,184,269
4,184,269
8
37.825.259 26,980,200 15,462,614 87,081,734
Total
No. of eases finished goods shipped to
customers5,066
5,567
4,146
27,699
District 1
3,923
758
12,999
2
2,409
4,635
7.044
3
4,911
4,911
1,923
1,923
8
Total
No. of cases of finished goods held in
storage at end of monthDistrict 1
2
3
5
8
Total
Total average % of capacity operated
District 1
2
3
5
8
20,458
8,734
4,146
54,576
2,860
3,829
909
1.749
713
3,662
731
2,733
16,087
11,659
6,166
1,749
713
10,070
4,393
White and Dyed
Combined
59
50
63
65
164
2,733
36.374
86
101
63
62
63
65
164
61
01
65
3.7
2.7
2.8
4.0
18.2
20.2
7.7
6.9
3.6
2.8
4.0
18.2
Average for all districts
Total average work ahead at end o
month expressed in daysDistrict 1
2
3
5
8
Report of Finishers of Cotton Fabrics.
3.8
18.6
5.6
Average for all districts
The National Association of Finishers of Cotton Fabrics, at the request of the Federal Reserve board, arranges
for a monthly survey within the industry. The results of Silk Imports Declined in February-Deliveries to
the inquiries are herewith presented in tabular form. The
American Mills and Stocks on Hand Also Lower.
Secretary of the Association makes the following statement
According to the Silk Association of America, Inc., imports
concerning the tabulation:
of raw silk during February totaled 43,278 bales, a decrease
The figures on the attached memorandum are compiled from the reports
of 15,106 bales as compared with the preceding month and
of 28 plants, most of which are representative plants, doing a variety of
work and we believe it is well within the facts to state that these figures is also 1,550 bales below the total for the month of Feb. 1928.
represent a cross section of the industry.
Approximate deliveries to American mills in Feb. 1929
Note: (1) Many plants were unable to give details under the respective
amounted to 46,228 bales as against 50,679 bales in the
headings of white goods, dyed goods, and printed goods, and reported their
totals only; therefore, the column headed "total" does not always repre- corresponding period last year and 57,349 bales in Jan.
sent the total of the subdivisions, but is a correct total for the district.
1929. Stocks of raw silk on March 1 1929, amounted to
(2) Owing to the changing character of business and the necessary changes
46,993 bales, as compared with 49,943 bales on Feb. 1 1929
in equipment at various finishing plants, it is impracticable to give aver11928. The following-statistics
age percentage of capacity operated in respect to white goods as distin- and 41,677 bales on March
guished from dyed goods. Many of the machines used in a finishing plant have also been released by the Silk Association:
are available for both conversions, therefore the percentage of capacity
operated and the work ahead is shown for white goods and dyed goods combined.
PRODUCTION AND SHIPMENTS OF FINISHED COTTON FABRICS.
December 1928.
Total finished yds. billed during month
District 1
2
3
5
8
IVIate
Goods.
Dyed
Goods.
Printed
Goods.
Total.
8,691,177 17,058.765 12,214,831 42,530,049
4,753,021
566,540 3,299,139 15,470,123
7,331,945 4,197,581
11,529.526
4,935,433 1,062,880
5,098,313
3,583,868
3,583,868
Total
29.295,444 22,885,766 15,513,970 79,111,879
Total gray yardage of finishing orders
receivedDistrict 1
10,716,710 13,709,583 11,506,161 38,110,844
2
5,534,871 3,892,306 2,071.686 15,546,642
3
6,778,299 3,516,964
10,295,263
5
5,334,363 1,324,811
6.659,174
8
3,805.023
3,805.023
Total
.52,169,266 22,443,664 13,577.847 74,416,946
No. of cases finished goods shipped to
customersDistrict 1
4,516
3,957
3,041
22,477
2
4,875
500
13,388
3
4,035
2,118
6,153
5
3,740
3,740
8
1.829
1,829
Total
No. of cases of finished goods held in
storage at end of monthDistrict 1
2
3
5
8
Total
Total average % of capacity operated
District 1
2
3
5
8
Average for all districts
Total average work ahead at end of
month expressed in daysDistrict 1
2
3
5
8
Average for all districts
18,995
8,575
3.041
47.587
2,867
4,543
946
1,759
736
3,562
470
3,286
17,826
12,329
6,028
1,759
736
10,851
4,032
Ilqiite and Dyed
Combined.
58
51
58
50
149
3.286
38,678
82
90
62
60
58
50
149
58
85
62
3.5
2.6
3.3
3.8
19.2
20.2
10.1
6.7
3.6
3.3
3.8
19.2
3.7
19.0
5.8
RAW SILK IN STORAGE MARCH 1 1929.
(As reported by the principal warehouses in New York City and Hoboken.)
Figures in Balm.
European. Japan. All Other.
42,576.
964
6,403
49,943
Stocks Feb. 1 1929
38,855
3,926
497
43,278
Imports month of Feb. 1929
Total amount available during February Stocks March 1 1929 z
1,461
890
81,431
41.090
10,329
5,013
93,221
46,993
Appr. deny. to Amer. mills during Feb. y--
571
40,341
5,316
46,228
SUMMARY.
Imports During the Month.'
Storage at End of Month.'
1929.
1928.
1927.
1929.
1928.
1927.
January
February
March
April
May
June
July
August
September
October
November
December
58,384
43,278
46.408
44,828
50,520
36,555
52,972
45,090
38,670
62,930
47.286
48.857
48,134
44.128
48,456
33,991
38,600
46,486
49,264
42,809
47,856
59,819
52,475
51,207
36,650
44.828
49.943
46,993
47,528
41.677
40.186
35,483
42.088
41,127
38.866
50,975
50,464
49,381
49,806
48,908
52,627
43.758
33,116
31,749
35,527
37.024
43,841
56.618
58,986
62,366
52,069
53,540
Total
Average monthly
101.862
50,831
566,373
47,198
552,441
46,037
48:Wi
44.707
46,768
Approximate Deliveries
to American
Approximate Amount in Transit
Between Japan & New York,
End of Month.
1929.
1928.
1927.
1929.
1928.
1927.
57,349
40,228
52,420
50,679
52,011
41,258
46,367
46,051
40.931
50,821
47,797
49,940
47,709
45,026
48,307
42,860
49,242
47,853
45,486
41,312
41,039
47.042
50.107
47,827
46,947
43.357
31,000
30.000
25.000
23,500
19,200
28.500
24,000
17,600
32,300
27.500
25,600
31,200
22.800
42,500
17,700
19,000
21,700
25,000
22,900
26,600
29,000
28.400
21.500
18,500
26.900
33.500
103,577
Total
Average monthly- - 51,788
571,010
47.584
551,379
45,948
30:Loo
26,642
24.225
January
February
March
April
May
June
July
August
September
October
November
December
x Imports at New York during current month and at Pacific ports previous to
the time allowed in transit across the Continent (covered by Manifests 26 to 47
Inclusive). y Includes re-exports. z Includes 1,730 bales held at railroad terminals
at end of month. Stocks in warehouses Include National Raw Silk Exchange
Certified stocks 3,410 bales.
1472
FINANCIAL CHRONICLE
Sales of Fertilizer in Cotton States Show Substantial
Reduction.
Sales of fertilizer this spring in the Cotton States have
been substantially less than a year ago, it was reported on
March 1 by the National Fertilizer association, which bases
Its statement on reports of actual shipments of fertilizer
submitted to the association by about 100 firms representing
about 65% of the total tonnage of fertilizer used in the
South. All the larger companies are included in the survey.
The association states that actual shipments of fertilizer
for January 1929, were 68% of those for January 1928, in
the Southern States from Virginia to Texas, inclusive, but
exclusive of Florida, Missouri and Oklahoma. For the
first 23 days of February 1929, shipments were 60% of
those for the same period a year ago.
The Association points out that weather has been unfavorable, which has retarded the normal movement of
fertilizer. This situation may interfere with farmers getting their fertilizer when they want it. Restrictive credit
is also said by the Association to be checking normal fertilizer sales. Despite the decrease in sales, which indicates a
substantial reduction in sales for the season, it is stated
that the fertilizer industry is not particularly over-stocked.
Imports of fertilizer materials in January 1929, were 15.6%
less than a year ago.
Production of Cigarette Tobacco in 1928 Exceeded
That of Smoking Tobacco and Snuff Tobacco.
Under date of Feb. 26 an announcement issued by the
American Tobacco Co. said:
Production of cigarette tobacco in 1928 for the first time exceeded the
production of smoking tobacco and snuff tobacco combined. The margin
in favor of cigarette tobacco was about 2,000,000 pounds, due to continued
increase in cigarette smoking to a present high level of almost 100,000,000,000 cigarettes annually.
The total tobacco production of all sorts last year also showed a gain,
as the larger production for cigarette manufacture more than offset the
decline in production of tobacco for pipes. The demand for snuff showed
a slight increase.
The same factors which resulted in gains for cigarettes caused a decline in pipe tobacco, a survey indicates. Coarser grades of "dark" tobacco, used for pipe smoking, are not equal to the superior "light leaf"
cigarette tobacco subjected to a process of toasting treatment for eliminating impurities. The ease of carrying cigarettes in a form ready to
be smoked, together with the improved flavor of the toasting process, contributed to ascendency of cigarettes and caused a decline in pipe smoking,
in the opinion of tobacco experts.
[Vol.. 128.
the whole plan out of kilter. This condition has made it
necessary to revise proration schedules every few weeks,
and even then the production reported has always been
higher than that planned when the proration schedules were
made out.
Operators in the various fields of California are getting
together for the purpose of cutting the total output of the
State from its present figure of around 800,000 barrels
daily to 600,000 barrels daily.
Members of the Santa Fe Springs Conservation Committee
are canvassing operators in the field in an effort to secure
concerted action in the lowering of production. The committee is preaching that one way to secure a radical decrease
is to stop the development of the deep sands for at least
six months. It is the oil from these recently found sands
which has boosted California production over the 800,000
barrels a day mark for the past two weeks. Ventura and
Signal Hill operators are also giving consideration to the
problem of overproduction.
The American Petroleum Institute committee charged
with evolving plans to curtail crude oil production in the
United States and South America is expected to make a
report on its preliminary investigation of the situation
within a few days. The four group committees are sifting
out the many plans suggested by members of tho institute
and others and are expected to have smething definite to
put forward belong long.
Production in Venezuela, now second only to the United
States in oil output, showed a slight decrease in the week
ended March 2. Venezuela Oil Concessions, Ltd., reports a
daily average of 131,298 barrels against 133,082 barrels
daily the week before. Lego Oil & Transport Co. produced
an average of 96,724 barrels daily as compared with 113,768
barrels in the previous week.
The plan of six-day-a-week operation of wells, initiated
in Oklahoma by tho Barnsdall Oil Co. and Prairie Oil &
Gas Co., with a complete shut-down on Sunday. has had
no evil effect on the wells, according to its sponsors, Many
operators had said this shut-down would permanently
injure the wells, cutting down their flow Mondays when
the wells were opened, and reducing the total production
to be obtained. This has not been the experience of those
who have led the movement. Barnsdall's production of
19,411 barrels a day in the Seminole field was cut to 311
barrels Sunday, March 4. Production from this same
group of wells the next day, March 4, was 19,195 barrels,
It is expected that other companies, notably the Tidal Oil
Co., Mid-Continent Petroleum Corp., and Indian Territory
Illuminating Oil Co., will further extend their trials of the
Sunday shut-down.
Petroleum and Its Products-Crudes Suffer No Further
Reduction-Output Average Again Higher.
Another week is past with no changes made in the posted
prices for crude petroleum in any field in the United States.
In fact no changes of real importance have been made since
Prices of Typical Crudes per Barrel at Wells.
the general reduction in mid-January, when Mid-Continent
(All gravities. where A. P. I. degrees are not shown.)
crude was cut an average of 16 cents a barrel and prices in Bradford, Pa
$4.10 Smackover, Ark., over 24
Corning. Ohio
1.75 Smackover. Ark., below 24
.75
various other Texas and Gulf Coast fields suffered a decline. CabeII,
W. Vs
1.45 El Dorado. Ark, 34
1.14
Production of crude in the week ended Mar. 2 averaged Illinois
1.45 Urania, La
.90
Western Kentucky
1.53 Salt Creek, Wyo.. 37
1.23
2,709,900 barrels, a new high record. This figure topped by MIdcontinent,
Oklahoma. 37
1.23 Sunburst, Mont
1.65
Corsicana.
Tex.,
heavy
.80 Artesia. N. Max
1.08
15,000 barrels a day the previous high record made during Hutchinson, Tex.. 35
.87 Santa Fe Springs. Calif., 33
1.35
.80 Midway-Sunset, Calif., 22
the week ended Feb. 23. The week of Feb. 16 was the only Luling. Tex
.80
Spindletop, Tex., grade A
1.20 Huntington. Calif., 26
1.09
one since November in which a new high daily average Spindletop. Tex., below 25
1.01 Ventura, Calif., 30
1.18
Winkler. Tex
.65 Petrone, Canada
1.90,
production figure was not attained.
The evident failure of the proration plan adopted in Okla- REFINERY PRODUCTS-NEW YORK BULK GASOLINE WEAKhoma and effective Feb. 15, which called for the curtailment
ENS FURTHER-SERVICE STATION PRICES HOLD STEADY.
of production to 650,000 barrels daily, has called for a reviThe principal change in the refined oils market during
sion of the proration schedules in the greater Seminole field. the week is that of the Standard Oil Co. of New Jersey,
Oklahoma production averaged 713,000 barrels daily dur- which cut the price of U. S. Motor gasoline, f.o.b. Bayonne,
ing the week ended Mar.2. It was 703,400 barrels the week Ue. per gallon to 9Mc. This, however, is only an asking
of Feb. 23 and 708,200 barrels Feb. 16. At no time during price. Business is being done at an Mc. to a Mc. below
the operation of the proration plan has the output come with- the official figure and no bones are made of the fact that
in 10,000 barrels of tho 650,000 barrels limit set for the State. this posted price is only a nominal one. What business
A new proration schedule for the principal Oklahoma there is to-day is subject to intense competition and prices
fields was put into effect March 3, following a 24-hour are being shaded in every quarter to get it. There seems
period of letting wells run wide open, March 2. The but little doubt that, as has been the case in recent weeks,
revised allowance for the greater Seminole area is 75% the quoted price will be brought down to the figure at which
of potential output; St. Louis pool, 73%;and Maud-Mission, business is passing before better weather and the spring
69%. These percentages will be followed until March 16, demand send prices for gasoline up again.
when a new gauging of potential output will be obtained.
Kerosene was quiet in Eastern markets during the week.
One of the problems which has partially nullified all Jobbing demand is letting up, as at this season stocks are
the proration schemes adopted in Oklahoma and elsewhere kept at a minimum in anticipation of the drop in conhas been that of new wells brought in. The proration sumer demand to be expected within a few weeks. The
allowances have been fairly well lived up to in most cases price is off Mc. per gallon, now being 814c. f.o.b. refinery
and if the existing wells were all that had to be dealt with, or terminal.
proration would have attained a much greater measure of
Tank wagon and service station prices for gasoline are
success. The trouble has been that after the allowed holding steady throughout the country. A slight readjustproduction in each field, pool and well has been carefully ment has been made at Atlanta, with a cut of 20. to 21o.
worked out, new wells have been brought in, thus throwing per gallon, but this was only a local affair.
MAR. 9 1929.]
FINANCIAL CHitONTVLE
1473
Co., owner of the well, are considerably worried. The present output of
In the Midcontinent market, there was a notable increase the well is 4,087 barrels against 5.000 last week.This decrease, however,
in inquiries coming in from large jobbers and car lot mar- may help the shutdown movement instituted by H. B. Foster, president
who is willing to pinch the well in completely, if the
keters for U. S. Motor gasoline to be shipped over the next of the company,
owners of drilling wells will stop operations at present depths.
thirty to sixty days at the refiner's convenience. The higher
A meeting of operators to settle Oklahoma City production will be held
test gasolines were generally inactive with no interest being March 9 at Oklahoma City3
shown by the export concerns. Kerosenes are strong on a
In an item appearing in our issue of Feb. 9, page 807
light demand from jobbers. Activity in all grades of dis- referring to the restriction of the output of crude oil in
tillates and household burning oils continues at about the Oklahoma to 650,000 barrels daily, it was stated that that
same rate as during the past month. The demand for these figure would remain in effect until another meeting was
oils far exceeds the spot supply, but this situation is ex- deemed necessary to change it.
pected to ease up with warmer weather the last of the month.
The Chicago bulk gasoline market is strong, with nearly Crude Oil Output in United States Rising to New High
all sellers reporting a better demand. Roads are still in poor
Levels.
condition for driving in the Middle West but milder temThe American Petroleum Institute estimates that the
peratures have encouraged jobbers to buy, even if they have daily average gross crude oil production in the United States
to increase their stocks slightly. Demand for kerosene is for the week ended Mar. 2 1929 was 2,702,900 barrels, as
also good at Chicago, with prices steady for prompt ship- compared with 2,694,150 barrels for the preceding week, an
ment at 5%c. per gallon for 41-43 water white. Spot kero- increase of 8,750 barrels. Compared with the output for
sene is scarce.
the week ended Mar.3 1928 of 2,356,750 barrels per day, the
California bulk gasoline prices are suffering a rapid decrease current figures show an increase of 346,150 barrels daily.
in the wild scramble for business. Small refiners with sur- The daily average production east of California for the week
plus stocks must move them. They are offering tank car' ended Mar. 2 1929 was 1,901,100 barrels, as compared with
lots as low as 7c., and 8e. per gallon is the generally quoted 1,885,950 barrels for the preceding week, an increase of
open price. The service station situation is no better. 15,150 barrels. The following estimates of daily average
Posted prices mean almost nothing and unheard of conces- gross production by districts are for the weeks shown below:
sions in price and service are being offered at filling stations
DAILY AVERAGE PRODUCTION.
in an effort to lure retail trade away from the other fellow.
Mar.2'29. Feb. 23 '29. Feb. 16 '29. Mar. 3'28.
Weeks Ended653,950
708,200
703,400
713,000
The gasoline tax situation in New York State shows no Oklahoma
112.750
95,950
95,500
95,700
Kansas
72,850
change except that there is an increasing pressure being put Panhandle
51,650
55,250
56,100
Texas
68,200
83,700
83,000
82,050
various
the
by
automobile
assemblymen
Texas
North
and
on senators
52.800
53,700
53,500
53,450
Central Texas
associations which have gone on record against the tax. West
305,600
372,150
384,500
386,250
West Texas
23,100
21,350
2
21,400
20,650
several
of
-cent
complication
the
is
East Central Texas
In addition to this there
23,400
52,800
58,600
61,250
Texas
per gallon tax bills having been introduced. The bills all Southwest
45.300
36.150
35,700
35,700
North Louisiana
to
as
how
86,700
the
76,850
radically
76,100
74,400
differ
call for the same tax, but
Arkansas
99,450
121,000
121,500
122,850
Texas
proceeds are to be spent, especially in the percentage of the Coastal
19,000
21,550
20,900
20,650
Coastal Louisiana
103,000
108,600
107,100
107,850
receipts to be passed over to cities and that to be spent on Eastern
55.950
54,500
52,250
51,300
Wyoming
rural highways.
10,950
10,000
9,400
8,500
Montana
7,250
6,900
6,300
7,450
The Pennsylvania State gasoline tax will be increased Colorado
2,100
1,750
2.650
2.850
emergency
measure
an
New Mexico
from 3 cents to 4 cents on July 1 as
614,400
798,100
808,200
801,800
California
proconstruction
to furnish funds to continue the highway
2,702,900 2,694,150 2,674.900 2,356.750
Total
gram. The increase is effective until Jan. 1 1930 when
The estimated daily average gross production for the Mid-Continent
revenue from license tags is expected to take its place.
field, including Oklahoma, Kansas, Panhandle, North, West Central,
Price changes during the week follow:
Southwest Texas, North Louisiana and Arkansas,
West, East Central and
March 2-Continental Oil Co. reduces tank-wagon and service tation
for the week ended Mar. 2 was 1,578,550 barrels, as compared with 1,565.gasoline 2c. at Denver, making the prices 14c. and 16c.
The
950 barrels for the preceding week, an increase of 11,600 barrels.
March 2-Pennsylvania refiners reduce gasoline %c. per gallon.
production, excluding Smackover (Arkansas) heavy oil, was
March 4-Pan-American Petroleum reduces service station gasoline 2c. Mid-Continent
as compared with 1,515,900 barrels, an increase of 11,750
a gallon to 21c. at Atlanta, Gulf Oil, Texas Co. and Standard Oil Co. 1,527,650 barrels,
barrels.
of Kentucky meet cut.
for the curThe production figures of certain pools in the various districts
March 5-Standard Oil Co. of New Jersey reduces bulk gasoline, f.o.b,
gallons, folrent week, compared with the previous week, in barrels of 42
refinery, hc., making the new price 9%c. per gallon.
low:
-Week Ended-Week EndedPrices are:
Mar. 2. Feb. 23.
North LouisianaMar.2. Feb.23.
OklahomaGasoline, U. S. Motor, Tankcar Lots, F.O.B. Refinery.
5.500 5,500
25,900 27,500 Haynesville
Alien Dome
5,750 5,800
07% North LOIlisi111111-_--.07Si Bowlegs
36,100 33,800 Urania
New York(Bayonne).09% Arkansas
North
06%
.08
Texas
.264 California
18,950 18,950
Export. cases
13ristow-Slick
Arkansas07
06% Los Angeles, export .07% Oklahoma
22,350 22,200
Chicago
Burbank
8,700 10,150
.0934 Cromwell
07% Gulf Coast,export.._.08% Pennsylvania
7,850 7,850 Champawnolle
New Orleans
6,250 6,250
58,750 59,450 Smackover (light)
Earlsboro
Gasoline, Service Station, Tax Included.
51,050
50,900
Smackover
(heavy)
84,650
83,800
Little River
.182
18
Cincinnati
.19
Minneapolis
New York
11,650 13,200
Logan County
16
New Orleans
195
Denver
Coastal Texas21
Atlanta
37,150 41,900
Maud
10.300 9,900
20
188 Philadelphia
Detroit
.22
Baltimore
47,000 35,150 Hull
Mission
11,950 12,400
San Francisco
17
.20
20
Houston
Boston
111.950 106,750 Pierce Junction
St. Louis
205
24
32.900 33,550
Spokane
Jacksonville
15
Buffalo
SpindietoP
9,600
9,850
Searight
169
Louis
St.
179
7.000 7.000
City
15
Kansas
Columbia
West
Chicago
33.800 33.650
Seminole
10,500 10,500
Tonkawa
Kerosene, 41-43 Water Vi bite, Tankcar Lots, F.O.B. Refinery.
Louisiana
Coastal
Kansas05% New Orleans
.06%
New York (Bayonne).08% Chicago
5,750 6.150
8,650 7,600 East Hackberry
05% Sedgwick County
Export, cases
189 Los Angeles. export_ 05% Tulsa
2,000 2,000
Sulphur Dome
Panhandle Texas550
500
Lake
Sweet
6,800 5,700
Fuel Oil, 18-22 Degree, F.O.B. Refinery or Terminal.
Carson County
4,350 4,100
20,800 22.000 Vinton
Gray County
Gulf Coast
65
70
New York (Bayonne) 1.05 Loa Angeles
25,250
27,050
Hutchinson County _ - -Chicago
55
.85
2.00 New Orleans
Diesel
WyomingNorth Texas33,600 32,000
Gas 011, 32-36 Degree, F.O.B. Refinery or Terminal.
17,300 17,500 Salt Creek
Archer County
Monlana26,700 26,900
02% I Tulsa
02% Wilbarger County
New York (Bayonne).05% I Chicago
5,400 5.450
Sunburst
West Central TexasCalifornia9,000 8.900
Brown County
10,000 10,000
13,100 Dominguez
13,000
County....
Shackelford
Restrict
to
Vote
Output to
Oil Operators in Oklahoma
22,500 23,000
Elwood-Goleta
West Texas47,000 47,000
Crane & Upton Co's.--- 49,900 50,600 Huntington Beach
650,000 Barrels from March 1-16.
26.500 26.500
45.500 47,800 Inglewood
Howard County
3,500 3,400
Under date of March 4, Associated Press advices from Pecos County
85,800 83,750 Kettleman Hills
180,000 181,500
18,500 18,800 Long Beach
County
Reagan
73,000 73.000
Tulsa, Okla., announced that oil operators had agreed to Winkler County
173,800 170,400 Midway-Sunset
6.500 6,500
Rosecrans
East Central Texasrestrict the crude output to 650,000 barrels daily in Okla- Coralcana-Powell
197,000 202,00
8.700 8,950 Santa Fe Springs
32,500
33,000
Beach
Seal
Southwest Texashoma from March 1 to March 16. It was further stated in
15,000 15,000
12,400 12,500 Torrance
Laredo District
55.500
55,500
Ave
Ventura
12,800
12,650
the dispatches:
Luling
Production in the greater Seminole area is reported to 75% of potential
output, St. Louis, 73%. and Maud-Misson area 69%.
The potential output ;was established by allowing the producing wells
to flow wide open for twenty-four hours beginning at 7 olcock March 1.
This test gave the potential output of Seminole prosper as 42,840 barrels
Bowlegs, 45,209; Earlsboro, 68,599; Searight, 1,649; Little River, 102,885;
St. Louis, 128,947; Maud, 38,971, and Mission, 44,613. tinder the proration pact, only 353,230 barrels daily will be produced or 117,883 under the
potential output.
The agreement provides also that all drilling wells reaching the top of
sand in the first half of March shall be shut down for eight days, exclusive
of ordinary operating shutdowns, such as waiting for cement to set, waiting
for pipe or other delays.
The operation period running from Feb. 1 to March 1 surpassed the hopes
of most optimistic operating companies, with few exceptions, pinched in
their wells and it is estimated during the entire fifteen days the total actual
production was within 50,000 barrels of the production permitted for the
entire period.
The Oklahoma City Wells's production Is dropping sharply and officials
of the Indian Territory Illuminating 011 Co., subsidiary of Cities Service
Crude Oil Production Reached New High Record in
January, Totalling 81,979,000 Barrels-Gasoline
Output Higher-Stocks Increase.
According to reports received by the Bureau of Mines,
Department of Commerce,the production of crude petroleum
In the United States during January 1929 amounted to 81,979,000 barrels, a daily average of 2,644,000 barrels. This
represents the highest level for production yet attained. The
daily average production of all three of the leading producing States-Texas, Oklahoma and California-increased
In January, the combined increase being approximately
equal to the increase for the country as a whole. California
showed much the largest increase of the three, this being
due principally to the rapid development of the deep sands
1474
FINANCIAL CHRONICLE
at Santa Fe Springs. The production of the various west
Texas fields increased materially which, with the gain in
the Salt Flat field near Luling, was the chief cause of the
gain in total for the State. Oklahoma showed but a small
Increase; the new flush production at Maud in the Seminole district being counterbalanced by declines in the older
pools of the district.
Total stocks of crude petroleum east of California increased approximately 4,500,000, about 2,000,000 barrels of
which was recorded as refinery stocks. This was the largest
increase recorded in these classes of crude stocks since
March 1928. Stocks of light crude in California increased
materially for the first time in many months, a reflection
of the flush production at Santa Fe Springs. Stocks of
heavy crude and fuel oil showed a small decrease, due
mainly to further curtailment of output in the heavy oil
fields. The heavy accumulation in stocks of crude oil and
gasoline was reflected in total stocks of all oils, which increased 11,416,000 barrels and reached a new high level of
625,955,000 barrels.
The daily average throughout of crude petroleum at refineries again showed a decrease but was 14% above that
for January 1928.
The daily average production of gasoline showed an increase in January 1929 but fell slightly below the record
months of September and October 1928. The daily average indicated domestic demand for gesoline in January
amounted to 729,000 barrels, which represents a material
decline from the previous month but is 9% above January
1928. Exports of gasoline increased but stocks reflected
the decline in domestic consumption and increased sharply,
from 33,066,000 barrels on hand Jan. 1 1929 to 40,648,000
barrels on Jan. 31. This increase of over 7,500,000 barrels
was the largest monthly increase ever recorded. In teumis
of days' supply, the stocks of Jan. 31 represent 46 days'
supply as compared with 34 days' supply on hand a month
ago and 47 days' supply on hand a year ago.
Exports of kerosene increased materially, which, in conjunction with a decline in consumption, was instrumental
in causing a small decline in stocks. Stocks of gas oil
and fuel oil reflected heavy winter consumption and declined nearly 2,500,000 barrels east of California. Exports
of lubricants increased but domestic demand decreased.
Stocks of wax continued to increase as production remained
at a comparatively high level and exports were below normal, continues the "Bureau," which further shows:
The refinery data of this report were compiled from schedules of 332
refineries which had an aggregate daily crude oil capacity of 3,365,000
barrels. These refineries operated during January at 76% of their recorded capacity, as compared with 336 refineries operating at 78% of
their recorded capacity in December 1928.
ANALYSIS OF SUPPLY AND DEMAND OF ALL OILS.
(Including wax, coke and asphalt in barrels of 42 United States gallons.)
Jan. 1929.
Dec. 1928.
Jan. 1928.
74,812,000
7,167,000
71,231,000
8.217.000
64,658,000
8,055,000
81,979,000
3,983,000
250,000
79,448,000
3,929,000
253,000
72,713,000
3,405,000
226,000
Total production
Daily average
Imports:
Crude
Refined
86,212,000
2,781.000
83.630,000
2.698,000
76,344,000
2,463,000
8,075,000
884,000
6,807,000
1,097,000
6,145,000
1.165,000
Total new supply all oils
Daily average
Change in stocks all oils
95,171,000
3,070,000
11,416,000
91.534,000
2,953,000
4,958,000
83,654,000
2,699,000
10,339,000
83.755,000
2.702,000
86,576,000
2.793,000
73,315,000
2,365,000
1,972,000
11,714,000
70,069,000
2,260,000
1,529,000
9,483,000
75.564,000
2.438,000
1,232,000
11.734,000
60,349,000
1,947,000
New SupplyDomestic production:
Crude petroleum:
Light
Heavy
Total crude
Natural gasoline
Benzol
DemandTotal demand
Daily average
Exports: a
Crude
Refined
Domestic demand
Daily average
.cess of daily average domestic production over domestic demand
521,000
260,000
516,000
Stocks (End of Month)
'rude petroleum:
East of California: b
light
Heavy
California:
Light
Heavy_c
322,749,000
50,164.000
320,015.000
48,416,000
309,372.000
49,888.000
19,196,000
99,738.000
16.995,000
99,975,000
20,483,000
94.237,000
Total crude
(atural gasoline at Plants
:efined products
491,847.000
471,000
133,367,000
485,401,000
608,000
128,530,000
474.080,000
740,000
125,126,000
Grand total stocks, all oils
layS' supply_d
625,955.000
232.000
614,539,000
220.000
599,946,000
254,000
IMPORTS AND EXPORTS OF CRUDE PETROLEUM (BARRELS).
(From Bureau of Foreign and Domestic Commerce.)
January 1929.
December 1928.
Daily
Avg&
Daily
Avge.
Total.
ImportsFrom Mexico
From Venezuela
From Colombia
From other countries
Total.
January 1928.
Total.
Daily
Avge.
784,000 25,300 1,293,000 41,700 1,210,000 39,000
5,622.000 181.400 4,091,000 132,000 3,283,000 105,900
1,272,000 41,000 1,227,000 39,600 1,141,000 36,800
397,000 12,800 196,000 6,300 511,000 16,500
Total imports
8,075,000 260,500 6,807,000 219,600 6,145,000 198,200
Exports-a
Domestic crude oil:
To Canada
1 507,000 48,600 1,335,000 43,100 865,000 27,900
To other countries_
465,000 15,000 194,000 6.200 361.000 11,600
Foreign crude oil (not avails ble)
Total exports
1,972,000 63,600 1.529,000 49.300 1,226,000 39,500
No crude shipments to territories.
PRODUCTION OF CRUDE PETROLEUM BY FIELDS AND STATES WITH
CLASSIFICATION BY GRAVITY.
January 1929.
Total.
Daily Av.
December 1928.
Total.
January 1928.
Daily Av.
Total.
Daily As.
FieldAppalachian
2,583,000
83,300 2,551.000
82,300 2,398,000
77,400
Lima-Indiana--123,000
108,000
3,500
4,000
124,000
4,000
Michigan
159,000
5,100
2,300
71,000
31,000
1,000
Illinois-S. W. Ind_
19,000
589,000
603,000
580,000
19,500
18,700
Mid-Continent
48,760,000 1.572,00048.240,000 1.556,10044,517,000 1,438,000
Gulf coast
4,253,000 137,200 3,991,000 128,700 3,644,000 117,600
Rocky Mountain.. 2,141,000
69,100 2,294,000
74,000 2,391,000
77,100
California
23,386,000 754,400 21,575,000 696,000 19,028,000 613,800
U. S. total
81,979,000 2.644,500 79,448,000 2,562,900 72.713,000 2,345,600
StateArkansas
2,324,000
75,000 2,562,000
82,600 2,732,000
88,100
California
23,386,000 754,400 21.575.000 696,000 19,028,000 613,800
Colorado
208,000
214.000
6,900
6,700
219,000
7.100
Illinois
16,300
514,000
506,000
16,600
510,000
16,400
Indiana
87,000
3,100
95,000
2,800
2,500
77,000
89,000
2,700
83,000
Southwestern.-2,900
70,000
2,300
4,000
100
Northeastern.-200
6,000
200
7.000
94,400 2,979,000
Kansas
98,100 3,346,000 107,900
2,929,000
597,000
18,900
Kentucky
542,000
19.200
586,000
17.500
Louisiana
54.700 1,776,000
57,300 1,697,000
1.776,000
57,300
Gulf coast
13,400
415,000
19,300
600,000
23,300
723,000
Rest of State.-- 1,053,000
34,000 1,097,000
35,400 1,361,000
43,900
159,000
1,000
31.000
2,300
71,000
5,100
Michigan
346,000
370,000
11,200
9,900
Montana
11,900
306.000
New Mexico
2,500
79,000
107,000
3,400
2,500
76,000
New York
251,000
8,100
187,000
6,000
255,000
8.200
18,100
560,000
17,300
Ohio
535.000
17.200
532,000
13,500
418,000
Cent. & East
14,300
443,000
13,800
428,000
117,000
3,800
Northwestern
117,000
3,800
3,400
104,000
Oklahoma
22,884,000 738,200 22,772,000 734,600 20,090,000 677,100
1,415,000
45,700 1,815,000
Osage County_
58,500
Rest of State..
21,357,000 688,900 19,175,000 618,600
762,000
845.000
Pennsylvania
24,600
27,300
27,400
850,000
1,000
Tennessee
2,000
100
2,000
100
Texas
23,100,000 745,20022.221.000 716,800 19,317,000 623,200
Gulf coast
3,530,000 113,900 3,391.000 109,400 3,229,000 104,200
Rest of State.-- 19,570,000 631,300 18,830,000 607,400 16,088,000 519,000
West Virginia... _ _
439,000
462,000
14,200
14,900
462,000
14,900
Wyoming:
52,700 1,723,000
55,600
1,545,000
49,800 1,633.000
Salt Creek
29,500 1,010,000
916,000
41,900
32,600 1,298,000
Rest of State.20,300
629,000
425,000
20,100
623,000
13,700
Nasrification by
Gravity (approx.)
Aght crude
74,812,000 2,413,300 71,231,0002,297,800 64,658,000 2,085,800
leavv crude
7.167.000 231.200 8.217,000 265.100 8.055.000 259,800
STOCKS OF CRUDE PETROLEUM HELD IN THE UNITED STATES.
Jan. 31
1929.
Dec. 31
1928.
Jan. 31
1928.
Al Refineries (and in coastwise transit thereto)
Reported by location of storage:
East coast-Domestic
8,340,000 8,496,000 8,469,000
Foreign
5,072,000 4,306,000 4,004,000
Appalachian
2,256.000 2,183,000 1,883,000
Indiana, Illinois, Kentucky, &c
2,856.000 2,939,000 2,812,000
Oklahoma, Kansas, Missouri, &c
6,001,000 5,530,000 5,855,000
Texas-Inland
2,166,000 2,184,000 1,484,000
Gulf coast-Domestic
8,130,000 7,206,000 8,006,000
Foreign
310,000
207,000
153,000
Arkansas and Inland Louisiana
841,000
758,000
441,000
Louisiana Gulf coast-Domestic
2,731,000 3,315,000 5,886,000
Foreign
1,717,000 1,359,000 1,289,000
Rocky Mountain
2,098,000 2,046,000 1,498,000
Total east of California
42,518,000
Elsewhere than at RefineriesDomestic-Reported by field of origin:
Appalachian-N. Y., Pa., W. Va.. Gross 4,954,000
Eastern and Central Ohio
Net
4,671,000
Kentucky
Gross
955,000
Net
808,000
Lima-Indiana
Gross 1,298,000
Net
1,115,000
Illinols-S, W. Indiana
Gross 11,978,000
Net
11,312,000
Mid-Continent-Oklahoma. Kansas, Gross 254,591,000
Central, North and West Texas
Net 241.984,000
Northern Louisiana and Arkansas
Gross 29,145,000
Net
26,353,000
Gulf coast
Gross 19,042,000
Net
18,568.000
Rocky Mountain
Gross 25.276,000
Net
25,248,000
40,529,000 41,580,000
5,023,000 6,459,000
4,738,000 6,148,000
913,000 1,176,000
764,000 1,048,000
1,344,000 1,282,000
1,162,000 1,128,000
12,035,000 12,616,000
11,367,000 12,122,000
52,021,000 238.149,000
39,527,000 225,885,000
29,008,000 28,435,000
26,280,000 25,817,000
18,858,000 18,550,000
18.304,000 18,161,000
25,522,000 27,331,000
25,501,000 27,288,000
Total pipe-line and tank-farm Gross 347.239,000 344,724,000 333,998.000
Net 330,059,000 327,643,000 317,597,000
stocks east of California
Foreign crude petroleum on Atlantic coast-Foreign crude petroleum on Gulf Coast
tinker oil (included above in domestic
3.915.000
4,235,000
demand)
3.783.000
a Includes shipments to non-contiguous territories. b Exclusive of producers'
Stooks. c Includes fuel oil. d Grand total stocks divided by daily average total
demand.
[VoL. 128.
69,000
267,000
49,000
210,000
40,000
43,000
336,000
259,000
83,000
Total refinery, pipe-line and tank-farm
stocks of domestic and foreign crude
372,913,000 368,431,000 359,260.000
petroleum east of California
Classification by Gravity (Approximate)East of California:
Light crude (24 deg. and above)
Heavy crude (below 24 deg.)
California-Light
Heavy (Including fuel)
322,749,000 320,015,000 309,372,000
50,164,000 48,416,000 49,888,000
19,196,000 16,995,000 20,493,000
99.738.000 99,975,000 94,327,000
Producer's Stocks (not included above approx )
East of California
7,400,000
California
1,223,000
7,300,000
INDICATED DELIVERIES OF CRUDE PETROLEUM, EXCLUSIVE OF
CALIFORNIA GRADES, TO DOMESTIC CONSUMERS (BARRELS).
Domestic Petroleum
by Fields of
Origin.
Appalachian
Lima-Indiana
Michigan
Ill.& 8.-W.Ind_ _ _
Mid-Continent
Gulf coast
Rocky Mountain_
1475
FINANCIAL CHIRONICLE
MAR. 9 1929.]
December 1928.
January 1929.
Total.
Total.
Daily Av.
January 1928.
Daily As.
Total.
Daily Av.
81,000
93,100 2,530,000
84,100 2,886,000
2,606,000
175,000
5.600
130,000
4,200
5,000
155,000
71,000
2.300
31,000
1,000
159,000
5,100
16,000
628,000
20,300
496,000
644,000
20,800
46,230,000 1,491,300 46,612,000 1,503,600 39,654,000 1,279,200
3,989,000 128,700 4,089,000 131,900 3,405,000 109,800
81,000 2,341,000
75,500
2,394,000
77,200 2,511,000
Deliveries and
56,177,000 1,812,200 56,840,000 1,833,500 48,725,000 1,571,800
exports
Deliveries
54,909,000 1,771,300 55.725.000 1,797,600 47,979,000 1,547,700
Foreign petroleum. 7,998,000 258,000 6,790,000 219,000 6,146,000 198,300
Deliveries of domestic and foretell netroleum 62.907.000 2.029.300 62.515.000 2.016.600 54.125.000 1.746.000
NUMBER OF PRODUCING OIL WELLS COMPLETED.y
1 059 January 1928
1,205 December 1928
764
January 1929
For States east of California. from "Oil & Gas Journal"; for California, from
the American Petroleum Institute.
SHIPMENTS OF CALIFORNIA OIL THROUGH PANAMA CANAL TO
EASTERN PORTS IN UNITED STATES (BARRELS).
January 1929. December 1928 January 1928.
Crude ell
Refitted ProductsGasoline
Tops
Gas oil
Fuel oil
Lubricants
Asphalt
consumption at a high rate, the price was advanced to
nic. a pound, New York basis, "Engineering & Mining
Journal" reports. Copper, after advancing to 193/2c., delivered in the East, has quieted down. Zinc, tin, and
silver are all substantially unchanged.
Consumers have not been insistent buyers in the past
week, feeling that not a great amount of the metal was
being offered, and that booking orders of any size would
only run the price up further. There was some light
trading in April, May, and June copper. Consumers
appear to be largely bought through May, and fairly well
into June. On March 2 the export price was raised to
193
4c., c.i.f. basis. Sales in the foreign market have been
at about the usual rate.
Some sales of lead took place at a premium over the
regular contract level. Recently the Middle-Western market
has been particularly strong and sellers of de-silverized
lead who normally do not enter that market have received
offers that made such business attractive to them. Manufacturers of lead-covered cable have been particularly
prominent factors in the current buying movement.
234,000
Total refined products
1,823,000
1,887,000
1,072,000
334,000
2,000
3,000
250,000
3,000
2,000
2,000
311,000
2,000
85.000
1,000
2,162,000
2,144,000
1,471,000
STOCKS HELD BY THE REFINING COMPANIES IN THE UNITED STATES
JANUA,RY 31 1928.
Gasoline.
(In Barrels.)
Kerosene.
6,364,000
East coast
Appalachian
1,605,000
Indiana,Illinois, Kentucky,&c 6,793,000
4,830,000
Oklahoma, Kansas, &c
6,094,000
Texas
2,772,000
Louisiana and Arkansas
• 2,056,000
Rocky Mountain
10,134,000
California
Total
Total Dec. 311028
Texas Gulf Coast
Louisiana Gulf Coast
1,226,000
305 000
874 000
773 000
1,578 000
938 000
424 000
2,747,000
Gas and
Fuel Oils.
5,101,000
1,163,000
2,357,000
5,067,000
11,908,000
5,754,000
1,172,000
Lubricants.
2,910,000
1,232,000
795,000
537,000
1,945,000
100,000
191,000
939,000
40,648,000
8,865,000 x32,522,000
8,649,000
33,066,000
5,280,000
2.524.000 I
9,001 000 134 926,000
1,493,000
9 215,000
4.744.000
904.000
8,340,000
1,878,000
98.000
Other
Wax
Coke
Asphalt Finished Unfinished
Oils
(Pounds). (Tons). (Tons). Products
(Bbls.)
(Bbls.).
East Coast
Appalachian
Indiana, Illinois, Ky,&c
Oklahoma, Kansas, &c
Texas
Louisiana
Rocky Mountain
California
49,953,000 27,500
14,335,000
2,300
16,209,000 44,600
5,585,000 66,800
6,716.000 128,700
11,821,000 58,500
18,902,000 75,400
90,800 60,000 7,447,000
300 66,000 1,436,000
46,400 137,000 4,065,000
2,400 88,000 2,421,000
9,300 15,000 10,867,000
26,000 88,000 2,207,000
5,800 42,000 1,355,000
48,100 167,000 y8,466,000
123,521,000 403,800 229.100 653,000 38,264,000
Total
110,344,000 436,900 235,500 635,000 38,601,000
6,586,000 120,300
9,200
8,000 9,287,000
11,821,000 58,500 25,600 84,000 1,955,000
Total Dec. 31 1928
Texas Gulf Coast
Louisiana Gulf Coast
x East of California.
y Includes 1,343,000 barrels tops in storage.
4 Cents.
Export Copper Price Advances to 193
The following is from the Wall Steert "Journal" of Mar.2:
Copper Exports, Inc., has increased price of copper abroad to 193i cents
cent. Domestic
a pound c. 1. f. Hamburg, Havre and London, up
X
price is 19% cents a pound delivered to end of June.
Trend of price from this level depends largely upon magnitude of foreign
buying during the next few days. During the past few days foreign consumers,due to their under-covered situation, have been buying all the copper
producers were willing to let them have at each quarter-cent advance in
price.
A reference to increasing copper prices appeared in our
issue of March 2, page 1303.
Rationing of Copper.
It was stated in the Wall Street "Journal" of March 4
that copper producers are allotting about 2,500,000 pounds
of copper a day to foreign consumers as this is believed
sufficient to cover their legitimate requirements, considering
the amount of copper that they have taken in recent weeks.
The item went on to say:
Foreign consumers are taking all the copper allotted for sale each day and
are clamoring for more.
Monday forenoon sales abroad came to 2,500,000 pounds by large producers. Producers have little copper to sell in the domestic market for
the next few weeks, and while inquiry is less assertive than a few weeks
back, producers have no trouble In selling all the copper that they are willing to sell.
The situation remains exceedingly tight, and starting of a new "revolution" south of the border may complicate the situation still further in the
next few weeks, provided the uprising assumes major proportions, as it
may.
This would shut off, according to statistics, around 11,000,000 pounds of
copper a month. It is believed that, taking the copper mined in Mexico
and shipped elsewhere for either smelting or refining, and so not well
allocated to country of origin. Mexican output is now somewhere between
15.000,000 and 18,000,000 pounds of copper a month, including copper in
regulus. While this is not a notable part of current output, it is sufficient
at this time to cause quite a llttle trouble if it were suddenly removed from
the market.
Under the circumstances It would seem wise for fabricators to keep
themselves as well covered on their requirements as they can, even if price
of copper may seem high. Apparently there is a shortage of copper.
temporarily at least, and it will be several months before the situation can
probably be gotten In hand again. Until then there is little likelihood of
any decline in price.
Electrolytic copper for domestic shipment is unchanged at 1934 mats a
pound delivered to end of June with tonnage available limited. European
destinations are at equivalent of 19% cents a pound C. I. f. Hamburg.
Havre and London with copper being "rationed" for export.
Natural Gasoline Production in January Eexceeded
Corresponding Month in 1928 by 24,300,000 Gallons
-Stocks Higher.
During the month of January the output of natural gasoline amounted to 167,300,000 gallons, an increase of 24,300,000 gallons over the some month last year and 2,300,000
gallons higher than the total production during the month
of December 1928, according to the Bureau of Mines, Department of Commerce. Total stocks on hand increased
from 25,540,000 gallons at Dec. 31 1928 to 31,140,000 gallons Further Wage Increase by Anaconda Copper Mining
at Jan. 31 1929. The Bureau further shows:
Co.-Third Increase Since Fall.
OUTPUT OF NATURAL GASOLINE, JANUARY 1929.
Butte (Mont.)Associated Press dispatches March 5
stated:
Production.
Stocks End of Month.
Jan. 1929, Dec. 1928. Jan. 1928. Jan. 1929. Dec. 1928.
Appalachian
Illinois, Ky., &o._
Oklahoma
Kansas
Texas
Louisiana
Arkansas
Rocky Mountain_ _
California
11,400,000
1,400,000
55,100,000
3,100,000
31,200,000
5,100,000
2.700,000
3,300,000
54,000,000
10,600,000
1,500,000
57,000,000
3,300,000
31,200,000
5,100,000
2,700,000
3,800,000
49,800,000
10,600,000 2,946,000 2,436,000
1,300,000
314,000
284,000
50,400,000 13,117,000 10,392,000
2,600,000 1,319,000
955,000
26,200,000 9,932,000 8,125,000
4,200,000 1.095.000 1,189,000
2,500,000
329,000
336,000
3,200,000
717.000
654,000
42,000,000 1,371,000 1,169,000
United States total 167,300,000 165,000,000 143,000,000 31,140,000 25.540,000
5,400,000 5,320,000 4,610,000
Daily average
For the third time since copper prices began to improve last Fall the
Anaconda Copper Mining Co. has announced a wage increase fo its workers.
Vice-President, J. R. Hobbbas announced to-day that effective to-morrow
an additional 25 cents a day will be paid all employes on the daily payroll of
the company. Proportionate Increases were granted miners working under
contract.
The increase affects about 18,000 men and brings the basic pay for miners
to $5.75. It will remain effective as long as the domestic price of copper
is 19 cents a pound or over.
The first increase was 50 cents a day, made effective on the basis o
15-cent copper on Oct. 1. The second was 25 cents a day effective Feb. 4
when copper was selling at 174 cents a pound.
Items regarding the recent increased wages appeared in
our issues of Feb. 9, page 806 and Feb. 16, page 977.
Mexican Situation Is Factor in Lead-Active Trading
Steel Ingot Production at Peak.
at Higher Quotations-Copper Buying Slackens.
Activity in lead was the week's outstanding development
The report of the American Iron and Steel Institute places
in the market for non-ferrous metals. The possibility of a the production of steel ingots in February at 4,324,759 tons,
disturbance in the flow of Mexican lead into the United as against 4,045,304 tons for February last year, when the
States stimulated buying interest, and, with domestic month contained one more day. The approximate daily
1476
FINANCIAL CHRONICLE
MONTHLY PRODUCTION OF STEEL INGOTS,JANUARY 1928 TO FEBRUARY 1929-GROSS TONS.
Reported for both years by companies which made 94.68% of the open-hearth
and Bessemer steel Ingot production in 1927.
Months
1928.
lanuary___
February__
2 mos_ _ _
'larch_ _ __
1prIl
day
une
uly
Lugust _
leptember.
)ctober - - lovember.
)ecember _
Monthly
Calculated
Approx, Per
Output
Monthly No.of Daily
Cent.
Bessemer. Companies. Output, all }Vb. Output, OperReporting. Companies. Days. all Cos. atfon.s
Openhearth.
3.280,247
3.308.728
498.746
521.366
3.778,993
3,830.094
3,991,332
4.045.304
26
25
153,513 81.43
161.812 85.84
6,588,975 1,020,112
7.609,087
8,036,636
51
157,581 83.59
3.700,411
3,509,637
3,397,631
3,016,487
3,075.247
3.386,750
3,381.917
3,802,396
3.441.985
3,308,872
4,267,720
4,073,676
3,979,580
3,543,838
3,608,797
3,956,186
3,926,932
4,400,623
4,032,781
3,805.598
4,507,520
4,302,573
4,203,190
3,742.964
3.811,573
4,178,481
4,147,583
4,647,891
4,259,380
4,019,432
27
25
27
25
25
27
25
27
26
25
166.945
172,103
155,674
143.960
152,463
154.759
165,903
172,144
163,822
160,777
567,309
564,039
581,949
527,351
533,550
569,436
545,015
598,227
590,796
496,726
Total _.. 40,610,308 6,594,510 47,204,818 49,857,223 311
1929.
actuary_ _ _
.ebruary- 2 mos....
3,700,039
3,605,403
January
February
March
April
May
June
First six months_ _.
.
July
August
September
October
November
December
12 months'average..
1924.
1925.
1926.
1927.
1928.
1928.
108,720
114,791
114.975
108.632
94,542
89.115
105,039
85,936
87.241
90,873
97,528
100,767
104,853
99.735
106,974
104,408
111.032
115,004
112,304
107,844
109,660
103.978
103.241
104,543
107,553
107,890
99,712
107.043
100,123
105,024
112,366
114.074
109,385
102.988
107,351
05,199
95,073
92,498
89,810
88,279
86,960
99,266
92,573
100,004
103,215
106,183
105.931
102,733
101,763
99,091
101,180
102.077
108,832
110.084
108,705
103,382
111,044
114.507
DAILY RATE OF PIG IRON PRODUCTION BY MONTHS
-GROSS TONS.
Steel Woks.
Merchant.•
69,520
78,444
83,489
85,183
85,576
81.6:30
79,513
82,642
82,590
88,051
88,474
85,415
85,530
89.246
23,053
21,560
19.726
21,000
20,355
21,103
19,578
18.538
19,487
20,781
21.610
23,290
25,514
25 201
1928
88.56
91.29
82.58
76.37
80.88
82.09
88.01
91.32
86.90
85.29
160,313 85.04
549,616
489,279
4,250,555
4,094,682
4.489,391
4,324,759
27
24
166,274 88.20
180,198 95.59
7,306,342 1.038.895
8.345.237
8.814.150
51
172,826 91.68
x The figures of "per cent of operation" are based on the annual capacity as of
Dec. 31 1927. of 58.627,910 gross tons for Bessemer and Open-hearth steel Ingots.
Pig Iron Output in February Shows Sharp Gain.
Production of pig iron in February was the largest for any
month since April 1926 and exceeded all February records
except in 1925, according to the "Iron Age" of Mar 7
The daily rate last month of 114,507 gross tons compares
with 115,004 tons per day in April 1926 and with 114,791
tons as the daily rate in February 1925.
With all companies heard from, total February production
was 3,206,185 tons, or 114,507 tons per day for the 28 days,
as compared with 3,442,770 tons, or 111,044 tons per day,
for the 31 days in January. This is a gain last month of
3,463 tons per day, or 3.1%. In January the gain in daily
rate was 2,339 tons over December, or 2.15%. In December there was a decline from November of 1.25% in daily
output. A year ago, or in February 1928, the daily rate
was 100,004 tons, making the February rate this year 14.5%
higher, adds the "Age," which further states:
Operating Rate Active on March 1.
There were 207 furnaces active on Mar. 1, having an estimated operating
rate of 115,770 tons per day. On Feb. 1 the 202 furnaces in blast had an
estimated operating rate of 111,985 tons per day. In February nine
furnaces were blown in and four went out, a net increase of five. In January the net increase was one furnace.
Of the nine furnaces blown in during February four were Steel Corporation stacks, two were independent steel company furnaces and three be1 onged to merchant producers. Of the four furnaces shut down last month,
two were merchant stacks, with one each credited to the Steel Corporation
and to an independent steel company. Thus there was a net gain of four
steel-making and one merchant stack.
Sharp Gain in Steel-Making Iron.
Steel-making iron increased decidedly last month and merchant iron
fell off from January. At 89,246 tons per day steel-making iron exceeded
January by 3,716 tons, or 4.3%. Merchant iron at 25,261 tons per day
last month was 253 tons less than in January.
Ferromanganese Production.
Output of ferromanganese in February was 25,978 tons as compared with
28,208 tons in January. It was close to the monthly average of 26,000
tons in 1928. Two companies were producing splegeleisen last month and
in January.
Possibly Active Stacks Reduced.
Five furnaces have recently been dismantled or abandoned. These are
the"B"furnace of the Worth group at Coatesville, Pa., of the Bethlehem
Steel Co. in the Schuylkill Valley; the Goshen and the Graham stacks in
Virginia, and the two Bellaire furnaces of the Carnegie Steel Co. in the
Wheeling district. This reduces the number of possibly active furnaces in
the country from 325 to 320.
Furnace., Blown in and Out.
During February the following furnaces were blown in: One Palmerton
stack of the New Jersey Zinc Co. In the Lehigh Valley; one Worth stack
of the Bethlehem Steel Co. in the Schuylkill Valley; the No. 4 Aliquippa
stack of the Jones & Laughlin Steel Corp. in the Pittsburgh district: the
No. 2 Farrell furnace of the Carnegie Steel Co. In the Shenango Valley: two
South Chicago and one Gary furnace of the Illinois Steel Co. in the Chicago
district, and one Pioneer stack of the Republic Iron & Steel Co. and one
Woodward furnace of the Woodward Iron Co. in Alabama.
The four furnaces blown out or banked during the month were as follows: One Cambria furnace of the Bethlehem Steel Co. In western Pennsylvania; one Detroit stack of the Hanna Furance Co. in Michigan; the
furnace of the Globe Iron Co. in southern Ohio, and one EnsleY stack of
the Tennessee Coal, Iron & Rairoad Co., in Alabama.
DAILY AVERAGE PRODUCTION OF COKE PIG IRON IN THE
UNITED
STATES BY MONTHS SINCE JAN. 1 1924-GROSS TONS.
mo.mmu..00,0,-00
-.l
:°$'
O'c,,"0;0V001-6,OW
1w00.,
,.....wo.0,
000-4w0v......
output was 180,198 tons for February, with 24 working days,
as against 166,274 tons for January with 27 working days
and 161,812 tons for the 25 working days in February 1928.
These figures are based on the reports of companies which
turned out 94.68% of the steel ingots produced in 1927. In
the following we give the details by months back to January
1928:
[VOL. 128.
January
February
March
April
May
June
July
August
September
October
November
December
1929-January
February
Total.
92,573
100.004
103.215
106,183
105,931
102,733
99.091
101,180
102.077
108,832
110,084
108.705
111,044
114 0117
Includes pig iron made for the market by steel companies.
TOTAL PRODUCTION OF COKE
BEGINNING JAN. 1
1027.
1928.
1929.
Jan_ __ 3,103,820 2,869,761 3,442,370
Feb.__ 2,940,679 2,900,126 3,206,185
Mar_ _ 3,483,362 3,199,674
Apr_ _ 3,422,226 3,185,504
May_ 3,390,940 3,283,856
June__ 3.089,651 3,082,000
PIG IRON IN UNITED STATES
1927-GROSS TONS.
1926.
1927.
1928.
July _ 3,223,338 2,951,160 3,071,824
AUg - 3,200.479 2,947,276 3,136.570
Sept._ 3,136,293 2,774,949 3,062.314
Oct-. 3,334,132 2.784,112 3.373,805
Nov_ _ 3,236,707 2,648.376 3,302,523
Dec_ 3,091.060 2.695,755 3,369,846
94 yr_19,430,678 18,520,921
Year._39,070,470 36,232,306 37,837,804
* These totals do not Include charcoa pig Iron. The 1927 production of
this
iron was 164,569 tons.
PRODUCTION OF STEEL COMPANIES FOR OWN USE-GROSS TONS.
Total Pig IronSpiegel and Ferromanganese.
January
February
March
April
May
June
Half year
July
August
September
October
November
December
Ferromangane e.x
1927.
1928.
1929.
1027.
1928.
1928.
2,343,881
2,256,651
2,675.417
2,637,919
2,619,078
2.343.409
2.155,133
2,274,880
2,588,158
'2,555,500
2,652,872
2,448.905
2.651.416
31,844
24.560
27,834
24,735
28,734
29,232
22,298
19,320
27,912
18,405
29,940
32,088
28,208
25,978
2,498,901
14,876,355 14,675,448
2,163,101 2,464,896
2,213,815 2,561,904
2.090,200 2,477,695
2.076.722 2,729,589
1.938,043 2,654,211
1,987,652 2,647,863
166,939 149,963
26,394 32,909
21.279 24,583
20,675 22,278
17,710 23,939
17,851 29,773
20.992 28,618
27,345.888 30,211.606
x Includes output of merchant furnaces.
291.840 312,061
Year
Steel Output Maintained at High Rate-Demand
Broadening-Prices Unchanged.
Pig iron output registered another gain in February,
and a net increase of five furnaces in blast on March 1 has
brought production to a yearly rate of 42,250,000 tons.
states the "Iron Age," of March 7, in its review of iron and
steel conditions. Four of the five stacks were steel company
units, reflecting the growing pressure for steel mill products.
Steel ingot production of Steel corporation subsidiaries
now averages close to 95% of capacity, and the rate for the
industry as a whole lies between 90 and 95%, adds the
"Age," which we further quote in part:
Steel demand is broadening. The increasing consumption of the automobile industry is less conspicuous in view of heavier purchases by the
railroads, a growing volume of structural steel business, a rise in the requirements of farm implement and machine tool makers and larger demands
for pipe lines.
The growing strength of prices Is also broadening in scope, as evidenced
by another advance in furnace coke in Connellsville and a stiffening of
scrap at Pittsburgh, with indications that pig iron and possibly ore may be
likewise affected.
Blast furnace returns to Ur)"Iron Age" indicate a February production
of 3,206,185 tons of pig iron, compared with 3.442,770 tons in the previous
month. Average daily output, however, was 114.507 tons against 110,044
tons in January, a gain of :..1%
The daily rate was the largest for any
February except in 1925 an i was the greatest for any month since April.
1926.
Railroad buying is featured by orders for 7,700 freight cars, requiring
85,000 tons of steel. Nearly 35.000 cars have been purchased by domestic
roads snot Jan. 1. compared with total orders for 51,200 cars in the entire
P Lvlou, year. New inquiries call for nearly 7,000 cars, including 4,300
for the New York Central and 2,500 for the Erie.
Structural steel lettings, at over 74,000 tons, make the week the largest
so far this y..ar. A survey of pending projects requiring 1,000 tons or more
each discloses 40 000 tons in the East and 375,000 tons in the Middle
West likely to be placed before the middle of the year.
Demands on the mills for pipe line steel are expanding. A Milwaukee
maker of electrically welded pipe is now consuming 1.200 tons of plates a
day, a rate which will be raised to 1,500 tons in April. The Standard 011
Co. of New Jersey is about to place orders for 140,000 tons of pipe for a
gag line from Monroe, La., to St. Louis. and has ordered 10,000 tons of
8-in, pipe for an oil line. The Texas Corp. Is in the market for a 130-mile
line, requiring 10,000 tons of8-in.
1477
FINANCIAL CHRONICLE
The "Iron Age" composite price for pig iron is unchanged at $18.38 a
ton, while finished steel remains at 2.391c. a lb., as the following table
shows:
Pig Iron.
Enplaned Steel.
March 5 1929, 2.3910. a Lb.
March 5 1929, $18.38 a arose Ton
818.38
One week ago
2 391e. One week ago
18.38
One month ago
2.391o. One month age
17.75
2.364o. One year ago
One year ago
15.72
10-year pre-war average
1 689c. 10-year pre-war average
Based on average of basic Iron at Valley
Based on steel bars, beams,tank plates,
wire nails, black pipe and black sheets. furnace and fouadry irons at Chicago.
These products make 87% of the United Philadelphia, Buffalo, Valley and Bit
minghatn.
States output of finished steel.
Low.
High.
Low.
High.
1928_2.391c. Dec. 11 2.314e. Jan, 3 1928-518.59 Nov.27 $17.04 July 24
1927..2.453c, Jan. 4 2.293e. Oct. 25 1927_ 19.71 Jan. 4 17.54 Nov. 1
1926...2.453c. Jan. 5 2.4030. May 18 1926_ 21.54 Jan. 5 19.48 July 13
1925_2.560o. Jan. 6 2.3960. Aug. 18 1925_ 22.50 Jan. 13 18.96 July 7
1924_2.789o. Jan. 15 2.460c. Oct. 14 1924... 22.88 Feb. 26 19.21 Nov. 3
1923-2.824c. Apr. 24 2.446o. Jan. 2 1923... 30.86 Mar.20 20.77 Nov.20
Blast furnaces in February made 114,833 gross tons of
pig iron daily, a rate never equaled in any February and
exceeded in all history only by the 115,207 tons of March
1925, the "Iron Trade Review" reports in its issue this week.
At the month's end 208 stacks were active, a net gain of six
in February and 10 since Dec. 31. Four of the stacks lighted
last month were at steel works, supporting the belief that
February statistics on steel ingot production will disclose
another record, continues the "Review," which further says:
March appears at least to be carrying on this exceptional activity in some
steel lines and to be bettering it in others. Specifications have been outwith the result backlogs, especially in sheets, strip and bars, are heavier
than a month ago. Save only that deferred deliveries compel buyers to
specify farther ahead, requirements are not being anticipated. Market
observers are convinced that substantially the current level of production
Is insured into May, when a turndown would be seasonal.
Contracting for finished steel for the second quarter continues in abeyance, for one reason bee
rause requirements now on mill books will carry
many buyers well into that period, but the price situation is firm. Premiums
are being offered in the East for prompt wire rods. With sheet bars up,
makers of full finished sheets may advance. Heavy scrap purchases at
Pittsburgh by Steel corporation subsidiaries and in the East by the Bethlehem Steel Co. indicate the termination of the dip in scrap prices and future
extensive needs for this material.
A trend toward diversification of demand Is discernible this week. While
the automotive industry continues the mainstay of the sheet market
carbuilders' needs have progressed to the highest point in several years.
Plate demand, noteworthy because of railroad equipment support, has been
augmented by inquiry for 30,000 tons for barge work at Pittsburgh. Structural steal takes its place this week with the other heavy finished lines with
the award of 22,000 tons for the Carquinez Straits bridge at San Francisco,
10,000 tons for a Philadelphia office building, and numerous lettings in the
5,000-ton range.
Production of steel in general is limited only by mechanical handicaps or a
shortage of semi-finished material. Extra turns are being worked in the
Mahoning Valley, where 49 out of 51 independent open-hearth furnaces are
on. Chicago mills, averaging over 95% are rationing semi-finished steel
for the heavier and more important products. Pittsburgh district mills are
doing about 90%. At Buffalo 32 out of 37 open hearths are lighted. Steel
corporation subsidiaries made the biggest gain of the year when their
operating rates shot up 4 points this week to 95%. Independents average
about 90% and the entire industry 92 to 93%.
A prelindnary estimate places February car awards at 16,471, which,
added to the 12,196 placed in January reveal the past 60 days as the best
car-buying period since late 1924. March opens with undiminished vigor
with 4,150 ordered by the Chicago, Milwaukee, St. Paul & Pcific, 1,500
by the Texas & Pacific and 1,020 by the Missouri Pacific. The 1,000 distributed by the Maine Central fall in the February total. About 8,500
cars are on inquiry, including 4,371 for the New York Central, The Norfolk
& Western has awarded the rebuilding of 1,000 hopper bodies. Thirty-one
locomotives were contracted for this week.
Ford Motor Co., as usual, is first with its inquiry for Lake Superior iron
ore. This year it asks prices on 360,000 tons, compared with a purchase of
450,000 tons for the 1928 season, but its initial inquiry is not a true index
to its requirements.
The recent promise of a pig iron buying movement has not been fulfilled,
but quiet coverage has accounted for a large proportion of second quarter
tonnage. Some large melters not yet protected are now negotiating. More
iron was shipped by furnaces in February than in January despite the
shorter month, and a further increase in March is indicated. Pig iron prices
are steady. Beehive coke has lost some of its buoyancy.
February's daily pig iron production rate of 114,833 tons compares with
110.736 tons in January, 99,954 tons in Feb. 1928, and 114,788 tons in
Feb. 1925, the previous February record. February's rate indicates an
annual output of 41,914.045 tons, surpassing the record of 40,025,850 tons
In 1923. Last month six steelworks stacks were lighted and two were
dropped, while of the merchant stacks three were put on and one was
blown out.
General improvement In the British iron and steel markets is indicated
by the "Iron Trade Review" weekly cable from London Shipyards especially are taking larger tonnages of steel. An advance in prices of heavy
steel in Britain is impending Domestic iron and steel business on the Continent is quieter, but exports are improving. .
Following its bulge of 12 cents last week, the "Iron Trade Review"
composite of 14 leading iron and steal products is unchanged this week at
$36.37, its highest point in 18 months.
The "Wall Street Journal," March 5,says in part:
Ingot production of the U. S. Steel Corp. during the past week was at
nearly 96% of theoretical capacity. This can be considered practically
capacity when allowance is made for repairs and other work necessary to
keep plants in first class condition. In the perceding week the rate was
slightly in excess of 91%, and two weeks ago it was at better than 90%.
The increase of nearly 5% in the week was the largest recorded in some time.
Independent steel companies also have expanded their activities materially, and are now running at approximately 91%, compared with
87% in the preceding week and about 86% two weeks ago. The leading
independents are doing much better than many of tile smaller units and
have contributed most to the latest gain.
For the entire industry the average is now in the neighborhood of 93%,
contrasted with 89%% a week ago and about 88 % two weeks ago.
It is apparent that the predictions of record production of steel in March
and April are likely to be realized. The urgent requests for deliveries by
consumers are responsible for the unusual activity existing.
American "Metal Market" is quoted as follows:
Peak production of steel has usually come in the month of March and
no definite reason for expecting this year to supply an exception.
The phenomenal pace at which the automobile industry has operated in the
last two months would suggest a peak for it earlier than May 1, which is
approximately the average date in the last six years for maximum automobile production.
Approximately all open-hearth steel making departments in the large
districts, with the exception of the East, are in full operation under the
heaviest possible pressure. Idleness is chiefly in Bessemer departments.
these being associated chiefly with pipe mills, which have a low operating
rate, not over about 50%. Steel ingot production this month promises to
be well above 90% of the entire capacity.
The "Daily Metal Trade" this week says:
Heavy melting steel is quoted 25 cents a ton lower in the Chicago market
at $15,50©Sl$, following the purchase of several thousand tons by a large
steel works consumer.
Bituminous Coal and Anthracite Production Lower,
Owing to Observance of Holiday-Higher Than a
Year Ago.
According to the United States Bureau of Mines, the output of bituminous coal during the week ended Feb.23 totaled
11,762,000 net tons, a decrease of 179,000 tons as compared
with the preceding week but 1,585,000 tons ahead of the
corresponding week a year ago. The reduction for the week
under review was due to the observance of the holiday on
Feb. 22 (Washington's Birthday). The total production of
anthracite amounted to 1,464,000 net tons, as against 1,254,000 tons in the same period last year and 1,736,000 tons in
the week ended Feb. 16 1928. The estimated output of
beehive coke during the week ended Feb. 23 1928 totaled
110,900 net tons, as compared with 110,100 tons in the previous week and 95,800 tons in the week ended Feb. 25 1928.
The Bureau's report follows:
BITUMINOUS COAL.
The total production of soft coal during the week ended Feb. 23, including lignite and coal coked at the mines, is estimated at 11,762,000 net tons
Compared with the output in the preceding week, this shows a decrease of
179,000 tons, or 1.5%. Although detailed reports show that time was lost
at some mines because of the holiday on Feb. 22, the daily loadings given
below indicate that there was no appreciable decline for the country as'a
whole. The daily rate of production, 1,960,000 tons. is based on a six-day
week.
Estimated United States Production of BUuminous Coal (Net Tons), Ina. Coal Coked.
1928-1929
1927-1928
Coal Year
Coal Year
to Date.
Week.
to Date.a
Week.
9,749,000 406,096,000
12,070,000 430,268,000
Feb. 9 b
1,535,000
2,012,000
1,629,000
1,625.000
Daily average
9,374,000 415,470,000
11,941,000 442,209,000
Feb. 16 b
1,637,000
1,562,000
1,535,000
1,990.000
Daily average
10,177,000 425,647,000
11,762,000 453,971,000
Feb. 23c
1,644,000
1,539,000
1,960,000
1,725,000
Daily average
a Minus two days' production first week in April to equalize number ef days in
the two years. b Revised since last report. c Subject to revision.
The total production of soft coal during the present coal year to Feb. 22
(approximately 276 working days) amounts to 453.971,000 net tons Figures for corresponding periods in other recent coal years are given below:
483,407,000 net tons
425,647,000 net tons11925-26
1927-28
426,107,000 net tons
527,446,000 net tons11924-25
1926-27
As shown by the revised figures above, the total production of soft coal
for the country as a whole during the week ended Feb. 16 is estimated at
11,941,000 net tons. This is a decrease of 129,000 tons, or 1.1%,from the
output in the preceding week. The following table apportions the tonnage
by States and gives comparable figures for other recent years.
Estimated IVe,ekly Production of Coal by States (Net Tons).
February
Week Ended
Feb. 19
1923
Feb. 9
Feb. IS
Feb. 16
Arerage.a
1927.
1929.6
1928.
1929.
State434,000
485,000
330,000
378.000
395,000
Alabama
30,000
32,000
30,000
60,000
63,000
Arkansas
226,000
204,000
246.000
280,000
300,000
Colorado
1,620,000 1,650,000 1,303,000 2,265,000 2,111,000
Illinois
659,000
721,000
375,0130
480,000
460,000
Indiana
140,000
149,000
91,000
112,000
109,000
Iowa
103,000
124,000
40,000
76,000
80,000
Kansas
607.000
895,000
829,000
1,037,000 1,025,000
Kentucky-Eastern
240,000
401,000
314,000
389,000
390,000
Western
55,000
63,000
57,000
66,000
65,000
Maryland
32,000
13,000
15,000
17,000
16,000
Michigan
87,000
78.000
83.000
104,000
94,000
Missouri
82,000
66,000
60,000
85,000
92,000
Montana
73,000
60,000
62,000
62,000
64,000
New Mexico
43.000
41,000
77,000
80,000
North Dakota
•
814,000
755,000
186,000
496,000
465,000
Ohio
63.000
74,000
48.000
96,000
98,000
Oklahoma
Pennsylvania (bituminous) 2,815,000 2,890,000 2,373,000 3,243,000 3,402,000
133,000
139,000
116,000
133,000
130,000
Tennessee
26,000
28,000
17,000
20,000
exas
20,000
109,000
95,000
75,000
150,000
153,000
Utah
211,000
253,000
229,000
283,000
Virginia
288,000
74,000
56,000
43,000
72,000
78,000
Washington
West VIrginia-Southern c 2,120,000 2,200,000 1,690,000 1,898,000 1,168,000
728,000
799,000
635.000
720,000
Northern d
724,000
186,000
154,000
123,000
160,000
Wyoming
170,000
7,000
6,000
5,000
Other States
2,000
2,000
Total bituminous
Pennsylvania anthracite
Total all coal
11,941,000 12,070,000 9,374,000 13,141,000 11,850,000
1,736,000 1,829,000 1,025,000 1,588,000 1.968.000
13.677,000 13,899,000 10,399,000 14,729,000 13,818,000
a Average weekly rate for the entire month. b Revised since last report. c Includes operations on the N.& W.;C.& O.: Virginian: K.& M.,and Charleston division of the B. Sr 0. d Rest of State. including Panhandle.
PENNSYLVANIA ANTHRACITE.
The total production of Pennsylvania anthracite during the week ended
Feb. 23 is estimated at 1.464,000 net tons. Compared with the output
in the preceding week, this shows a decrease of 272,000 tons, or 15.7%.
The decrease was partly due to time lost on account of the holiday on Feb.
22, Washington's Birthday.
Estimated Produaion of Pennsylvania Anthracite (Not Tons).
1928-1929-----1927-1928
Coat Year
Coal Year
Week.
Week.
to Date.
to Date.a
Weak Ended1,829,000 69,661,000
1,466.000 69 426,00
Feb. 9
1,736,000 71,397,000
1,025,000 70,451,00
Feb. 16
1,464,000 72,861,000
1,254,000 71,705.00
Feb. 23
a Minus two days' production in April to equalize number of days in the two co
years. b Subject to revision.
1478
FINANCIAL CHRONICLE
BEEHIVE COKE.
The production of beehive coke in the United States during the week
ended Feb. 23 is estimated at 110,900 net tons, an increase of 15,100 tons
as compared with the corresponding period a year ago, and is 800 tone
higher than in the week ended Feb. 16 1928.
Estimated Production of Beehive Coke (Net Tons).
Week Ended
1929
1928
Feb.23 Feb. 16 Feb. 25
to
to
1929.b
1928. Date.
Date.a
1929.
Pennsylvania and Ohio
89,100 87,000 66,600 667,700 486,300
West Virginia
9,400 14,500 71,800 108,000
9,600
Georgia, Kentucky and Tennessee
13,000 34,400
2,100
1,500
5.600
Virginia
4,800
4,300 35.200 37,100
4,800
Colorado, Utah and Washington_ _ - 5,900
4,800 48,800 37.900
6,800
United States total
Daily average
110,900 110,100
18,358
18,483
[VOL. 128.
the complete canvass of production made at the end of the
calendar year. The figures as now reported show that the
production of bituminous coal in February fell off 4,056,000
net tons as compared with the preceding month, but showed
an increase of 6,049,000 net tons over the output for the
month of March 1928. Anthracite production during
March 1929 was 999,000 net tons higher than for the corresponding month last year, but showed a loss of 756,000 net
tons as compared with February 1929. The statistical tables
as given by the Bureau of Mines are appended:
95,800 836,500 703,700
14,972
17,798
15,967
• Minus one day's production In January to equalize number of days in the two
years. b Subject to revision.
Preliminary Estimates of Production of Coal and Beehive Coke for the Month of February 1929.
The following preliminary estimates for the month of
February, as given in the United States Bureau of Mines
report, are subject to slight revisions, which will be issued in
the weekly coal report about the 15th inst. All current
estimates will later be adjusted to agree with the results of
Total for
Month
(Net Tons)
February 1929 (Prellminary):a
Bituminous coal
Anthracite
Beehive coke
January 1929 (revised):
Bituminous coal
Anthracite
Beehive coke
February 1928 (final figures):
Bituminous coal
Anthracite
Beehive coke
Number of
Working
Days
Average per
Working Day
(Nat Tone)
47,400,000
6,581.000
430,000
24
23.5
24
1,975,000
280.000
17,950
51,456.000
7,337,000
479,000
26.4
28
27
1,949.000
282,000
17,740
41.351.000
5,582,000
390,000
24.9
24.5
25
1,861,000
228,000
15,600
a Slight revisions of these estimates will be issued in the Weekly Coal Report
about the middle of the month.
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on March 6, made public by the Federal
Reserve Board, and which deals with the results for the 12
Reserve banks combined, shows an increase for the week of
$36,700,000 in holdings of discounted bills and decreases of
$29,400,000 in bills bought in open market and of $3,400,000
in United States securities. Member bank reserve deposits
declined $16,800,000 and cash reserves
,600,000, while
Federal Reserve note circulation increased $12,600,000.
Total bills and securities were $4,000,000 above the amount
held on Feb. 27. After noting these facts, the Federal Reserve Board proceeds as follows:
Holdings of discounted bills increased $48,200,000 at the Federal Reserve
Bank of New York, $3,500,000 at Chicago, $3,100,000 at Kansas City and
$2,900,000 each at Atlanta. St. Louis and San Francisco, and decreased
$15.790,000 at Cleveland, $6,000,000 at Boston and $3,100,000 at Philadelphia. The System's holdings of bills bought in open market declined
$29,400,000 and of Treasury certificates $3,400,000, while holdings of United
States bonds and Treasury notes were practically unchanged.
Federal Reserve note circulation was $12,600,000 larger than a week ago,
Increases of $7,600,000 at Atlanta, $3,100.000 at Boston, $3,000,000 at
San Francisco and $2,800,000 at Chicago being partly offset by decreases of
$3,900,000 at Cleveland and $3.000,000 at Philadelphia.
The statement in full, in comparison with the preceding
week and with the corresponding date last year, will be found
on subsequent pages-namely, pages 1513 and 1514. A
summary of the principal assets and liabilities of the Reserve
banks, together with changes during the week and the year
ended Mar.6,is as follows:
New York statement, of course, also includes the brokers'
loans of reporting member banks. The grand aggregate of
these brokers' loans increased during the week no less than
$140,000,000, bringing the total up to $5,647,000,000. The
total of these loans at $5,647,000,000 on March 6 is now the
highest figure ever reached for these loans with the single
exception of that on Feb. 6, and the amount even then was
only $22,000,000 larger, or $5,669,000,000. The total at
$5,647,000,000 for March 6 1929 compares with only $3,696,000,000 on March 71928, which latter amount was considered
large at that time. This week's increase of $140,000,000
follows $30,000,000 increase last week.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
Mar. 8 1929. Feb. 27 1929. Mar, 7 1928.
Loans and investments-total
7,270,000,000 7,239,000,000 6,836,000,000
Loans-total
5,416,000,000 5,369,000,000 4,922,000,000
On securities
All other
2,859,000,000 2.863,000,000 2,402,000,000
2,557,000,000 2,506,000,000 2,519,000,000
Investments-total
1,854,000,000 1,870,000,000 1,915,000.000
U. S. Government securities
Other securities
1,110,000,000 1,116,000,000 1,086.000,000
745.000,000 754,000,000 829,000.000
Reserve with Federal Reserve Bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
726,000,000
53,000,000
761,000,000
56,000,000
747,000,000
52,000,000
5 285,000,000 5,349,000,000 5,482,000,000
1,167,000,000 1,177,000,000 1,062,000,000
10,000,000
2,000.000
3,000,000
Due from banks
97.000,000
93,000,000
99,000,000
Increase (+) or Decrease (-) Due
to banks
951,000,000 935,000.000 1,098,000,000
During
Mar.6 1929.
Week.
Year.
Borrowings from Federal Reserve Bank_ 196,000,000 134.000,000
80,000,000
5
Total reserves
2,835.592.000 -8,572,000 -140,068,000 L0111111on securities to brokers and dealers
Gold reserves
2,682,837,000 -4,009,000 -129,381,000
For own account
1 117,000,000 1.090,000,000 1,019,009,000
For account of out-of-town banks
1.707,000,000 1.593,000,000 1,461,000,000
Total bills and securities
1,467,030,000
+3,998,000 +242,715,000
For account of others
2,823,000.000 2,724.000,000 1,215,000.000
Bills discounted, total
989,172,000 +36,690,000 +507,064,000
Total
5,647,000,000 5,507,000,000 3,696,000,000
Secured by U. S. Govt. obliga'ns 606,053,000 -2,699,000 +316,269.000
Other bills discounted
383,119,000 +39,389,000 +190,795,000
On demand
5,142,000,000 4,962,000,000 2,790,000,000
On time
506,000,000 545,000,000 906,000.000
Bills bought in open raarket
304,644,000 -29,431,000
-33,851,000
Chicago.
Loans
and investments-total
U. S. Government securities, total 162,964,000 -3,436,000 -239.748,000
2,141.000,000 2.141,000,000 1,969,000,000
Bonds
51,594,000
+1,000
-5.453,000
Treasury notes
90,671,000
1,691,000,000 1,688,000,000 1,471,000,000
-67,000 -114,962.000 Loans-total
Certificates of indebtedness
20,699.000 -3,370,000 -110,333,000
On securities
949,000,000 943,000,000 820,000,000
All other
Federal Reserve notes in circulation-1,666,567,000 +12,596,000
+75,197,000
741,000,000 745,000,000 651,000,000
Total deposits
2,402,544.000 -10,428,000
-8,194,000 Investments-total
450,000,000 453,000,000 498,000,000
Members' reserve deposits
2,350,497,000 -16,753,000
-10.967,000
U. S. Government securities
Government deposits
21,577,000
+421,000
-3,460.000
101,000,000 192,000,000 223,000,000
Other securities260,000,000 261,000,000 275,000.000
Reserve with Federal Reserve Bank_
177,000.000 188,000,000 183,000,000
Returns of Member Banks for New York and Chicago Cash in vault
16,000,000
17,000,000
17,000,000
Federal Reserve Districts-Brokers' Loans.
Net demand deposits
1 262,000,000 1,281,000,000 1,284,000,000
deposing
687,000,000 685,000,000 658,000,000
Beginning with the returns for June 29 1927, the Federal Time
Government deposits
1,000,000
• 1,000.000
Reserve Board also commenced to give out the figures of the Due from banks
160,000,000 173,000,000 140,000,000
member banks in the New York Federal Reserve District, Due to banks
341,000,000 321,000.000 398,000,000
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
Borrowings from Federal Reserve Bank_ 121,000,000
• Revised.
a 1928 figures in
121.000,000
15,000,000
process of revision.
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
FINANCIAL CHRONICLE
MAR. 91929.]
until the following Monday, before which time the statistics
covering the entire body of reporting member banks, in 101
cities, cannot be got ready.
Beginning with the statement of Jan. 9 1929, the loan
figures exclude "Acceptances of other banks and bills of
exchange or drafts sold with endorsement," and include all
real estate mortgages and mortgage loans held by the banks;
previously acceptances of other banks and bills sold with
endorsement were include with loans, and some of the
banks included mortgages in investments. Loans secured by
U.S. Government obligations are no longer shown separately,
only the total of loans on securities being given. Furthermore, borrowings at the Federal Reserve are not now subdivided to show the amount secured by U. S. Government
obligations and those secured by commercial paper, only
a lump total of the two being given. The figures have also
been revised to exclude a bank in the San Francisco district, with loans and investments of $135,000,000 on Jan. 2,
which recently merged with a non-member bank.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business Feb. 27:
The Federal Reserve Board's condition statement of weekly reporting
member banks in 101 leading cities on Feb. 27 shows increases for the week
of $178,000,000 in loans, of $128,000,000 in net demand deposits and of
$75,000,000 in borrowings from Federal Reserve banks, and a decline of
$19,000,000 in investments.
Loans on securities wore $133,000,000 above the Feb. 20 total at all
reporting banks, the principal changes by Federal Reserve districts being
Increases of $123,000,000 in the New York district, of S15,000,000 in the
Boston district and of $6,000,000 in the Cleveland district, and decreases
of $6,000,000 in the Philadelphia district and of $5,000,000 in the Dallas
district. "All other" loans increased $45,000,000 at all reporting banks,
$21,000,000 in the Chicago district. $19,000,000 in the New York district
and $6,000,000 in the Cleveland district, and declined $12,000,000 in the
Boston district.
Holdings of U. S. Government securities declined $11,000.000 in the San
Francisco district, $9,000,000 in the New York district and S25,000,000
increase
at all reporting banks, while holdings of other securities whos a net
of $5,000,000 for the week.
were
S128,000,000
Net demand deposits, which at all reporting banks
above the Feb. 20 total, increased $137,000,000 at reporting banks in the
New York district, $15,000,000 in the Chicago district and $7,000,000 in
the Cleveland district, and declined $29.000,000 in the San Francisco district. Time deposits were $12,000,000 above the amount reported a
week ago.
The principal changes in borrowings from the Federal Reserve banks
for the week comprise increases of $28,000,000 at the Federal Reserve
Bank of New York, $20,000.000 at Chicago,$18,000,000 at San Francisco.
$8,000,000 at Boston and $7,000,000 at Minneapolis.
A summary of the principal assets and liabilities of weekly reporting
member banks, together with changes during the week and theyear ending
Feb. 27 1929, follows:
Increase (+) or Decrease (—)
Since
Feb. 27 1929. Feb. 20 1929. Feb. 29 1928.
s
$
$
Loans and Investments—total__ - _22,338,000,000 +158,000,000 +1,010,000.000
Loans—total
On securities
All other
16,366,000,000
+178,000,000 +1,145,000,000
7,573,000,000 0+133,000,000 +1,019,000,000
8,793,000,000 "+45,000,000 +126,000,000
5,972,000,000
—19.000,000
—135,000,000
3,042,000,000
2,930,000,000
—25,000,000
+5,000,000
+97,000.000
—231,000,000
Reserve with Federal Res've banks 1,746,000,000
246,000,000
Cash In vault
—4,000,000
—7,000.000
—3,000,000
+4.000,000
13,387,000,000
6,879,000,000
36,000,000
+128,000,000
+12,000,000
—7,000,000
—306,000,000
+262,000,000
+2,000,000
1,135.000,000
2,859,000,000
—9,000,000
—19,000,000
—31,000,000
—514,000,000
712,000,000
+75,000.000
+357,000,000
Investments—total
U. S. Government securities
Other securities
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from Fed. Res. banks_
* Feb. 20 figures revised.
Summary of Conditions in World's Markets According to
Cablegrams and Other Reports to the Department of
Commerce.
The Department of Commerce at Washington releases for
publication Mar. 9 the following summary of market conditions abroad, based on advices by cable and radio:
ARGENTINA.
General business for the week ending Mar. 1 was normal. The
retail trade was more active owing to the beginning of the fall season.
A concession has been granted to an American air company for the
carrying of mail between Argentina and the United States, and a
similar one to a French air company for the carrying of mail between
points within Argentina and points on the border of adjacent countries,
including Asuncion, Paraguay.
AUSTRALIA.
Business in Australia is experiencing its usual seasonal quietness,
which this year is accentuated by the unfavorable labor situation. The
lumber workers' strike has not been settled and is threatening to
extend to West Australia, but it is thought that the anticipated coal
strike will be averted, at least temporarily, by the governmental investi•
gation now being conducted. The industrial conference at Sydney
has been adjourned indefinitely, with but little progress made. Wool
sales continue steady, with Yorkshire and Japan the chief purchasers.
1479
BRAZIL.
Exchange continues slightly weak and there is a general feeling
of uncertainty. Business generally is dull, with only a fair movement
of staples. There has been no change in the coffee market, because of
the lack of transportation between Santos and Sao Paulo, caused by
torrential -rains in the vicinity of these cities. The President of the
Republic has signed a decree exempting imports at the port of Rio
de Janeiro from the 2% gold surtax of that port when goods are
intended for Sao Paulo and Santos. The State of Rio Grande do Sul
is seeking a loan totalling $46,000,000. Of this amount $35,000,000 is
for the Banco do Estado, to be issued in six equal series and to be
guaranteed by farm mortgages and by the State. The balance is for
sub-loaning to municipalities. The City of Curityba, capital of the
State of Parana, is seeking a loan of $1,250,000, offering 7% for a
30-year issue at 93. The President of the Republic states privately
that the Budget surplus for 1928 is 200,000 contos ($24,000,000).
CANADA.
Retail and wholesale trade is generally unchanged. Collections in
Western Canada are expected to improve following the $26,000,000
interim wheat pool payment on March 1. The employment situation
on February 1 was better than at the same date last year; it indicates
a pronounced recovery in manufacturing and an improvement in logging
and mining activities. Seasonal declines are being experienced in construction trade and in transportation business.
Manufacturers are very busy in the rubber goods, aluminum products,
garments, agricultural implements, cotton goods, footwear, railway
equipment and automobile lines.
CHINA.
Optimism with regard to general business outlook continues in
Shanghai areas. As a result of satisfactory New Year settlements, the
past two weeks have shown a more rapid recovery of general business
Some
activities than usually follows Chinese New Year holidays.
uncertainty prevails with regard to outcome of the forthcoming
Kuomintang conference, although it is generally anticipated that trade
will not be adversely affected. No adverse effects to trade are apparent
as a result of the new tariff schedule. Installation of machinery in
the Shanghai mint will be completed in the near future. Japanese
merchants in Anteing and Mukden are strongly protesting against the
proposed cancellation of one-third reduction in customs duties for
frontier trade.
DENMARK.
The adverse effect of the present hard winter, the most severe of
the last 100 years, has not been able to check the improvement in
Danish business, which remains favorable. Industry and foreign trade,
however, suffer because of shipping difficulty caused by heavy ice
blocking free passage of vessels in the principal ports. The situation
is creating a shortage of certain raw materials and fuel, necessitating
reduced industrial activity. Building and outdoor activity likewise
Unemployment, in consequence, has
have ceased in many places.
increased and at the end of January was estimated at 80,000, compared
with 78,000 at the beginning of the year. Transportation by train and
ship is being maintained only with great difficulty. Shipping nevertheless remains well occupied, leaving no idle tonnage except for a few
icebound ships. Agricultural production remains high, with the exception of butter, which shows a slight decline. Export prices show a
rising tendency while retail prices are entirely stable.
HUNGARY.
Hungarian business was at a standstill during February, owing to
the extreme cold and heavy snowfall. Traffic tieups caused a coal
shortage and interrupted grain exports. The coal industry was fully
occupied and the iron and steel industry and the cotton and wool
spinning mills were fairly active. Textile branches report few advance
orders. Flour mills are operating at 30% of capacity. Winter cereals
are in an excellent condition, being covered by a heavy blanket of
snow. The money market remained fairly liquid, with a slight transitory stiffening during the last week of February; long term offers were
few. The savings deposits in the postal savings banks and in the
13 leading commercial banks in Budapest totaled $91,100,000 on Feb. 15,
with the steady increase continuing. Figures published by the National
Bank show gold cover on Feb. 15 amounting to 45.8% of the aggregate
note circulation.
JAPAN.
Stock and commodity markets are inactive, reflecting the unsettled
parliamentary status. An adverse balance approximating 50,000,000
yen in February foreign trade is found discouraging. The Japanese
Government is contemplating a measure to strengthen the yen, if
necessary.
MEXICO.
General business in Mexico remained fairly quiet during the week
ended Mar. 2, with the exception of automobile sales, which are
reported satisfactory.
NETHERLAND EAST INDIES.
Textiles are selling well to retailers in anticipation of business in
connection with preparations for the native New Year, which occurs
Demand for fancy textiles, however, is spotty and
in March.
importers are losing on some fancy lines.
NORWAY.
Moderate optimism is prevailing among Norwegian business men,
with industry and trade showing signs of improvement. Foreign trade
during January was considerably above last year's export, specially.
Shipping and whaling likewise are active in contrast to the depression
of shipping during the first part of 1928. The labor market is quiet.
The compulsory Arbitration Court is working on settlement of disputes
arising within the export branches of industry. The conflict within
the mining industry has been settled with a 2.5% wage reduction and
acceptance of a two-year wage schedule. Unemployment at the end
of January was estimated at 24,000, as compared with 27,000 a year
ago. Fifty-one ships are under construction or contracted for by
Norwegian shipyards, while 41 are being built in foreign countries for
Norwegian companies. Excellent catches are reported by the fishing
industry, the whaling catch having been large with a local estimate
yield of over 1,000,000 barrels, valued at more than 100,000,000 crowns.
The paper and pulp industry is active, with prices firm. Notwithstanding the severe cold, the principal harbors remain open.
UNITED KINGDOM.
British trade has shown improvement during the past month and
the outlook is slightly more promising. The increase in exports during
1480
FINANCIAL CHRONICLE
[VOL. 128.
January appeared chiefly in the case of manufacturers, with ships and
date (including, of course, what is held in bank vaults of
iron and steel as the most conspicuous items in the advance. Returns
of steel productions for January also show a substantial increase. Pros- member banks of the Federal Reserve System) was $4,656,pects for shipbuilding and the engineering trades are better, while coal 617,424, as against $4,973,168, 182 Dec.31 1928 and $4,677,business is more active, partly due to the wintry weather. Automotive 054,676
Jan. 31 1928, and comparing with $5,698,214,612
sales have been retarded by the severe weather. Automotive manufacturers, however, have been working full time on spring stocks. on Oct. 31 1920. Just before the outbreak of the World
Conditions in both the cotton and woolen textile industries are unsatis- War, that is on June 30 1914, the total was only $3,458,factory, with reduced production due to restricted demand.
The 059,755. The following is the statement:
chemical trade is active for both domestic and export markets. The
demand for leather has improved slightly, but prices of hides remain
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the increase distributed over the whole country and attributed to
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Commenting on the above, the "Sun" of March 8 said:
Reports from Berlin that the Reichsbank for the first time since 1927
had sold some gold, amounting to 46.000,000 Reichsmarks, or some $13,000,000 for reparations account created considerable interest in banking
circles here, especially since it was stated that the gold was sold to American buyers. There was some disposition to see part of this sale in the
release from earmark of $2.500,000 gold at the Federal Reserve Bank
yesterday. This release could represent the sale of metal for German
account.
The release from earmark of $2,500,000 and the arrival of $1,500,000
from Canada in the past week, with only nominal exports of $262,000
gave this country a gold import balance on the week of nearly $4.000,0001
The $5.500.000 coming from Argentina has not yet arrived, but some of it
will come here next week.
Bank of Finland To Increase Capital.
United Press advices from Helsingfors to the "Wall
Street Journal" March 1 stated:
Riksdag delegates elected to control supervision of the Bank of Finland
propose to increase capital stock of the bank from $12,600.000 to $25.200.000. Delegates also decided to transfer one-half of the annual net
profits to the reserve fund until it totals $25,200.000. after which one-third
will be placed in the reserve and the remainder placed at the disposal of
the Riksdag. Under the existing statute, the reserve fund already Is
complete.
Stock of Money in the Country.
The Treasury Department at Washington has issued the
customary monthly statement showing the stock of money
in the country and the amount in circulation after deducting the moneys held in the United States Treasury and by
Federal Reserve banks and agents. It is important to note
that, beginning with the statement of Dec. 31 1927, several
very important changes have been made. They are as follows: (1) The statement is dated for the end of the month
instead of for the first of the month;(2) gold held by Federal
Reserve banks under earmark for foreign account is now
excluded, and gold held abroad for Federal Reserve banks
is now included; (3) minor coin (nickels and cents) has
been added. On this basis the figures this time, which are
for Jan. 311929, show that the money in circulation at that
Total.
1,710,242,710
Held by
Federal
Reserve
Banks
and
Agents.
MONEY OUTSIDE OF THE TREASURY.
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8,479,620,824
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3,796,456,764
1,007,084,4831
Associated Press advices from Berlin, March 7, are reported as follows in the "Times":
For the first time since stabilization of the mark. the Reichsbank has
been obliged to sell gold to meet reparations requirements and those of
other accounts. Altogether 46.000,000 marks (about $10.900,000) have
been sold to American interests, which has reduced the bank's stock of
bullion to 2,683,000.000 marks.
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8,211,982,901 d3,694,997,187 1,849,874,4201
Reichsbank Sells Gold to Pay Reparation ObligationsAmericans Reported as Buyers.
aa6•-; -cit:aai-.4 C.:
_
MONEY HELD IN THE TREASURY .
PHILIPPINE ISLANDS.
The Department's summary also includes the following
with regard to the Island possessions of the United States:
The weeks abaca market firmed, as the result of traders discounting
the recently heavy arrivals, which are recognized as temporary. The
local market was also affected by a firmer tendency in the American
market, due to an expected increase in rope prices Mar. 1. Abaca
prices are now nominal and sellers are holding for anticipated advances
in all grades. Grade F is quoted at 31 pesos per picul of 139 pounds;
I, 28.50; JUS, 21.50; JUK, 17.50; and L, 15.50. (One peso equals
$0.50.) Receipts during the week ended Feb. 23 totaled 41,793 bales
and exports amounted to 24,285 bales, of which 10,478 were shipped to
the United States and Canada. Since the first of January receipts have
aggregated 273,656 bales, of which 226,253 were exported and consumed
locally. Arrivals of copra continue good, but are expected to slacken
about the first of March. Some oil mills are shutting down temporarily
for repairs, but all are operating. Copra prices are easier, f.o.b. quotations being 12.25 pesos per picul, Manila; Cebu and Hondagua, 11.875
pesos; and Legaspi, 11.75 pesos. In 1928 there were 127,540 metric
tons
of copra exported to the Pacific coast, 49,380 to Mexican gulf ports,
4,189 to the Atlantic Coast, 57,208 to Europe and 152 tons to Japan.
The year's shipments of cocoanut oil included 29,033 metric tons to the
Pacific Coast, 93.313 to the Atlantic Coast, 16,043 to gulf ports, and
1,108 tons to China.
CIRCULATION STATEMENT OF UNITED STATES MONEY—JANUARY 31 1929.
....
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a Includes United States Paper currency In circulation in foreign countries and
the amount held by the Cuban agency of the Federal Reserve Bank of Atlanta.
0 Does notinclude gold bullion or foreign coin other than that hell by the Treasure.
Federal Reserve Banks, and Federal Reserve agents. Doll held by Federal Reserve
banks under earmark for foreign account Is excluded, and gold held abroad for
Federal Reserve banks Is included.
c These amounts are not included in the total since the money held In trust
against gold and sliver certificates and Treasury notes of 1890 Is included imder
Sold coin and bullion and standard silver dollars, respectively.
d The amount of money held in trust against gold and sliver certificates and
Treasury notes of 1890 should be deducted from this total before combining it with
total money outside of the Treasury to arrive at the stock of money In the United
States.
e This total includes $21,720.873 of notes in prceess of redemption, 8154.250,107
of gold deposited for redemption of Federal Reserve nctes, 54.341,835 depcsited
for redemption of Natic nal bank notes. $2,050 deposited for retirement i.f additional
circulation (Act of May 30 1908). and 37.530.056 deposited as a reserve against
postal savings deposits.
1 Includes money held by the Cuban agency of the Federal Reserve Bank of
Atlanta
Note.-Gold certificates are secured dollar for dollar by gold held In
Treason
for their redemption: silver certificates are secured dollar for dollar the
by standard
silver dollars held in the Treasury for their redemption: United States notes are
secured by a gold reserve of $156,039,088 held in the Treasury. This reserve
Fund may also he used for the redemption of Treasury notes of 1890, which are
also secured dollar for dollar by standard silver dollars held in the Treasury. Federal
Reserve notes are obligations of the United State. and a first lien on all the wets
of the Wiling Federal Reserve bank. Federal Reserve notes are secured by the
deposit with Federal Reserve agents of a like amount of gold or of gold and such
discounted or purchased paper as Is eligible under the terms of the Federal Reserve
Act Federal Reserve banks must maintain a gold reserve of at least 40%, Including the gold redemption fund which must be deposited with the United States Treasurer, against Federal Reserve notes in actual circulation. Lawful money has been
deposited with The Treasurer of the United States for retirement of all outstanding
Federal Reserve bank notes. National bank notes are secured by United States
bofld,. except where lawful money has been deposited with the Treasurer of the
United State/ for their retirement. A 5% fund Is also maintained lawful money
till Tie Treasurer of the United States for the redemption
of national banknotes
NOWA by Government bonds.
MAR. 9 1929.]
1481
FINANCIAL CHRONICLE
Charles G. Dawes to Head Mission to Revise Economic
and Financial Policies of Dominican Republic.
Charles G. Dawes, who retired to private life on Mar. 4,
after serving for four years as Vice-President of the United
States, has been chosen to head a mission to recommend improvements in the economic and financial administration of
the Dominican Republic. Letters which passed between
General Vasquez, President of San Domingo, and Mr.
Dawes regarding the new duties he has been invited to assume were made public at Washington on Mar.3as follows:
Mar. 1, noon.
General Charles G. Dawes,
Washington, D. C.
Desirious of obtaining for the Dominican people the great benefits which
they would receive through your experience and great ability. I beg yo to
organize and accept the chairmanship of an advisory mission to come to
this country to recsnunend methods of improvement in our system of
economic and financial administrative organization, both national and
municipal; for the installation of a scientific budget system, and for an
efficient method whereby the government may control all of Its expenditures.
PRESIDENT VASQUEZ.
gested that the supervision be left entirely to the American
bankers who, on the whole, seem, so far at least, to have
exercised excellent judgment and who seem to have displayed marked fairness to the borrowers as well as the
investing public.
Mr. Winkler's address dealt with the effects of our "ban"
upon certain foreign loans with particular reference to the
results of our embargo upon French borrowing; the contemplated Coffee Valorization Loan by Brazil; and the
proposed Potash Loan by Germany. His remarks also bore
upon the apprehension over tlie possibilities that a similar
fate might befall our investments, which have risen to the
impressive total of $15,601,000,000, distributed as follows:
General Dawes'reply is annexed:
Washington, Mar. 2 1929.
General Vasquez,
President De La Republica,
Santo Domingo, R. D.
You do me a great honor and I accept your gracious invitation with
a sincere hope that I may be of some assistance, however little, In the work
to which you assign me in our sister Republic of Santo Domingo. The
work you ask myself and my associates to enter is one in no wise involved
in questions of internal policy, but is only that of suggesting certain methods
of organization under which the routine business of government is transacted.
Our work will be stricted limited to your definition of purpose as stated
by you. to recommend methods of Improvement in your system of economic
and financial administrative organization, both national and municipal
for the installation of a scientific budget system, and for an efficient method
where by the government may control all of its expenditures.
I again express my gratitude for the great honor you do me and the conIt will be my earnest endeavor to be
fidence which you show in me.
worthy of it. With highest esteem and respect.
CHARLES G. DAWES.
The personnel of the mission is announced as follows:
Charles G. Dawes.
General James 0. Harbord, President of the Radio Corp. of America
Sumner Welles, former Commissioner to the Dominican Republic.
H. C. Smither, former chief co-ordinator of the United States.
J. Clarence Roop,former Assistant Director of the Bureau of the Budget.
T. W. Robinson, Vice-President of the Illinois Steel Co.
Henry P. Seidemann of the Institute of Government Research.
E. Ross Bartley, Secretary to Mr. Dawes, will be Secretary of the mission. The members of the mission met in
preliminary conference in Washington on Mar. 3. Associated Press advices from Washington on Mar.2 said:
Europe
Canada
South America
Central America •
Australasia
Miscellaneous
Amount.
$4,798,000,000
4,120,000,000
2,513,000,000
2,954,000,000
841,000,000
375,000,000
$15,80i,000,000
Total
•Including Mexico. Cuba and West Indies.
P. C. o
Total.
30.75
26.41
16.11
18.93
5.39
2.41
100.00
Analysis will show that governments are not, as a rule,
he said, wilful defaulters. Suspension of service almost
invariably results from ruinous and impossible terms imposed by the lenders. He also pointed out that analysis of
loans granted to improverished nations after the Napoleonic
Wars reveals that loans were offered at prices to yield to
the public between 10 and 12%% with the probability, nay
certainty, that the yield to the bankers was very materially
in excess of such figure. Every one of these loans, he said,
went into default. Following the Great War, impoverished
nations applied to the League under whose auspices loans
were floated at prices yielding the investor between 6.82%
and 8.57%, with the yield to the bankers not very much
more. American loans to impoverished countries more or
less under our tutelage made on terms much more favorable
than warranted.
Spanish Exchange Control.
The "Wall Street Journal" of March 4 reported the following from London:
Advices from Madrid state that the Spanish Minister of Finance has
the
announced temporary suspension of official intervention to control
forced
peseta foreign exchange rate. The Spanish government was recently
world
in
of
pesetas
selling
to
heavy
due
to sell £1,000,000 in sterling bills
in a few days.
markets. It is predicted the government will resume control
$50,000,000 Offering of Debentures for Kreuger & Toll
—Issue Oversubscribed.
Approximately $75,000,000 will be realized by Kreuger &
Toll Co. through the sale March 7 of $50,000,000 secured
5% gold debentures and the offering of 16,250,000 kroner
additional participating debentures to present holders of
that security as well as the ordinary shares. The new
dollar debentures, which were offered at 98, to yield over
531,%, by a syndicate headed by Lee, Higginson & Co.,
were heavily oversubscribed according to the bankers. In
addition to being the direct obligation of the corporation,
with reported net assets of more than $212,000,000, the
debentures are specifically secured by pledge of $60,268,837
Mr. Dawes returned to Chicago, his home city, on Mar.6, par value of securities of ten different countries. With the
on which date he visited his offices in the Central Trust Co. proceeds of this financing Kreuger & Toll Co. will purchase
and presided over a meeting of its board. Associated Press from the Swedish Match Co. and the International Match
Corp. $78,000,000 of securities obtained from various
accounts from Chicago, from which we quote, also said:
in
vacant
General
been
Dawes'
has
board
of
the
of
Chairman
office
Governments for advances made by them incident to proThe
bank since he resigned four years ago when he assumed the office of Vice- curing concessions for the manufacture and sale of matches.
President. He has spent some time at the bank when in Chicago between
& Co. in the $50,000,000
sessions of Congress, but he had insisted that other officials be in active Associated with Lee, Higginson
charge of its affairs.
offering were Guaranty Co.of New York; National City Co.;
Brown Brothers & Co.; Dillon, Read & Co.; Clark, Dodge
Max Winkler on Effects of Government Supervision & Co. and the Union Trust Co. of Pittsburgh. Substantial
of Foreign Loans—Suggests that Supervision Be blocks of the issue were simultaneously offered in England
Left to Bankers.
by Higginson & Co. and N. M. Rothschild & Sons; in
Max Winkler, Vice-President of Bertron, Griscom & Co., Sweden by Skandinaviska Kreditaktiebolaget; in Holland
speaking on Mar. 2 at a meeting of the Foreign Policy Asso- by Hope & Co.; Teixeira de Mattes Brothers, Deutsche
ciation in Providence, R. I., on the "United States Policy To- Bank and Hollandsche Koopmansbank; and in Switzerland
ward Private Investments Abroad," declared that Govern- by a group beaded by the Swiss Bank Corp.
ment approval or disapproval of a loan constitutes no reliable
Coincident with the dollar debenture offering, Kreuger
criterion as regards the soundness or investment quality of & Toll Co. is giving holders of its participating debentures
a loan. He contends that the regulation of the terms of and ordinary shares the right to subscribe for 16,250,000
loan contracts would prove more effective than the mere kroner additional participating debentures at 600% of par
supervision of loans, because publication of ruinous terms in ratio of one for each eight held. Through this offer,
to lenders would discourage buying bonds contracted on holders of American certificates representing participating
terms which invite default. Bankers as a rule, he noted, debentures of the company will receive rights to subscribe
do not care to handle loans which cannot be sold readily. to additional American certificates representing the new
Except possibly for examination of the terms of a loan by participating debentures in the ratio of one certificate for
the
an independent and impartial Tribunal, the speaker sug- each eight now held at $32.16. Further details regarding
General Dawes expects to sail from New York March 28. His task will
have to do primarily with expenditures rather than with revenues. Santo
Domingo has an American Receiver-General of Customs under a treaty
negotiated in 1907.
Under this treaty the Dominican Government was authorized to issue
$20,000,000 in 5% bonds secured by a first lien on the customs revenues.
In 1925 a new convention was negotiated, enabling the Republic to borrow
anew so as to refund debts still outstanding, providing $10.000,000 for new
outlays and continuing the customs receivership. On May 25 1925 this
convention was ratified by a portion of the Dominican Chamber, the
Opposition absenting themselves and declaring the proceeding illegal.
A beautiful silver tray was presented to the Vice-President to-day by the
members of the Senate.
Tito tribute was unusual, coming from the body be so vigorously criticized four years ago, when he was inaugurated. Senator Joseph T. Robinson (Ark.), leader of the Democrats, made the presentation speech,
and Senator George H. Moses (N. H.) spoke for the Republicans.
1482
FINANCIAL CHRONICLE
[VOL. 128.
offering are given in our "Investment News" columns on a time—from March 10 to April 6. In his Paris speech a
subsequent page.
week ago—Feb. 22—President Simmons alluded to the gold
supply of France and the United States, his remarks on
Brazilian Bonds Drawn For Redemption.
this point being as follows:
No major economic event has during the past few years possessed a more
Dillon, Read & Co., as sinking fund trustee for the United
genuine international significance than the splendid and astonishingly
States of Brazil 61/
2% loan of 1926, have designated $352,- rapid
financial recovery of France. I happened to be in Paris during that
000 of the bonds by lot for redemption at par on April 1, feverish and unhealthy July of 1926, when the entire French monetary situout of the funds paid into the sinking fund. Payment will ation seemed in a tragic and hopeless state of flux, and when confident
as to the inevitable and complete collapse of the franc were
be made at the office of Dillon, Read & Co. in New York predictions
being made. The stabilization of this most dangerous situation was so
or at the office of N. M. Rothschild & Sons in London.
suddenly and effectively accomplished that it compelled the admiration of
the world. It was as if a second battle of Verdun had occurred, this
time in the financial field, and that again the French people had resolutely
Argentine Government, External Bonds of 1925, Drawn declared, They shall not pass!"
To-day France finds herself with a gold supply which, if I am not misFor Redemption—Public Works Issue Also Drawn.
taken, is second in size only to that of the United States, and indeed very
J. P. Morgan & Co. and The National City Bank of New nearly equal
in per capita amount. France has had a great boom on the
York, as fiscal agents, are issuing a notice to holders of Bourse, as we have also had in America upon the New York Stock Exchange,
and
the best French securities to-day are very generally selling
Government of the Argentine Nation external sinking fund
on even a lower yield basis than similar American securities. France has
6% gold bonds, issue of Oct. 1, 1925, due Oct. 1, 1959, an- again become
a great international lender, with extensive credits even in
nouncing that $167,000 principal amount of these bonds London and New York. This extraordinary financial achievement ranks
have been drawn for retirement at par and accrued interest, even with the supreme accomplishments of France during the war itself.
Difficult economic and financial problems of course still lie ahead, and I
on April 1, 1929, out of moneys in the sinking fund. Bonds by no means
wish to seem oblivious to them. Nevertheless, it is. after all
so drawn will be paid upon presentation and surrender at something besides mere American optimism that leads me, on the basis
either the office of J. P. Morgan & Co., 23 Wall Street, or of what France already has accomplished in the way of financial recuperation, to
no insuperable obstacles in completing the latter and
at the head office of The National City Bank of New York less difficult foresee
part of her financial programme.
on April 1, next, from which date all interest on drawn
I speak of this most gratifying financial recovery of France, because
it has already made in an economic way for closer and more intimate rebonds will cease.
lations
the United States. America in recent months has given an
Holders of Argentine Government Loan 1926 external examplewith
to the world of avoiding a hoarding of gold for purely national
sinking fund 6% gold bonds, public works issue of Oct. 1, reasons. To-day in the United States, roughly 60 billion dollars of bank
1926, due Oct. 1, 1960 are also being notified by J. P. Morgan credit is supported by a base of about 4 billions of gold—in itself a remarkable achievement in the efficiency with which we have utilized gold in
& Co. and The National City Bank of New York, fiscal the
creation of bank credit. The French franc and the American dollar
agents, to the effect that $89,500 principal amount of these are to-day both firmly established on the same basis of gold. Since the
bonds have been drawn for retirement at par and accrued world's gold supply is after all relatively limited, the proper apportionment of it among the lending gold-standard nations, and the safe yet effiinterest, on April 1, 1929, out of moneys in the sinking cient
employment of gold as a basis for the banking credit which comfund. Bonds so drawn will be paid upon presentation and merce and industry require, remains as an international problem requiring
surrender at either the office of J. P. Morgan & Co., 23 our best efforts and our intelligent co-operation.
The return of more normal financial conditions here have also made
Wall Street or at the head office of The National City Bank France
what she was before the war—a creditor nation, with funds to
of New York, 55 Wall Street on April 1, next, from which lend abroad. Presently French capital will seek extensive investment in
long-term as well as in short-term forms. Here again lies another comdate all interest on drawn bonds will cease.
mon bond with the United States. America, in engaging recently for
praotimily kW tint time In foreign leading, has had no imperialistic aim.
Bonds of Pirelli Co. of Italy Drawn for Redemption. It 1,,ss ben, an ecuttamte 1Ither teen a political development, caused by our
sudden super-abundance of capital. The United States still has too great
J. P. Morgan & Co., as fiscal agent, is notifying holders undeveloped resources within her own borders to need or desire to play an
of Societal Italiana Pirelli (Pirelli Company of Italy) sink- imperialistic role abroad on the basis of her exported capital. No such
motive actually dominates to-day either Washington or Wall Street. On
ing fund 7% convertible gold bonds, due May 1, 1952 and the
other hand, American investors have no greater love of seeing their
issued under trust agreement dated May 1, 1927, that foreign investments impaired, than have the investors of any other mod$36,000 principal amount of these bonds will be redeemed ern country. It is going to be more and more necessary in future years
for the world's principal creditor nations—France and the United States
and paid on May 1, 1929 at 104. Bonds so drawn will be of
course among them—to co-operate as well as to compete in making forpaid upon surrender at the office of J. P. Morgan & Co., 23 eign investments, and to establish standards for the export of capital which
Wall Street on May 1, next, after which date all interest will sufficiently safeguard the investing classes of those countries. Too
active competition among the leading creditor nations in making foron drawn bonds will cease.
eign loans can only result in the encouragement of unsound government
and company finance for which the investor everywhere will ultimately
Definitive Bonds of Greek Government Ready for be called upon to pay.
A final fundamental bond of understanding and sympathy between
Delivery at Office of Speyer & Co.
France and America lies in the very colonial problems which have so often
Speyer & Co. announce that definitive bonds of the Greek created serious misunderstandings between the great powers. For many
years the United States has striven to prepare its colonies for self-governGovernment forty-year 6% secured sinking fund gold bonds, ment, and the independent Republic of Cuba to-day symbolizes the unselfish
stabilization and refugee loan of 1928, are now ready for spirit of our colonial policies. As all colonial powers have discovered,
delivery at their office, 24 and 26 Pine Street, in exchange however, a certain economic and educational evolution is often required,
before political independence can be truly called a blessing. The United
for and upon surrender of their interim receipts.
States is striving to-day to extend the benefits of civilization in a just
and humane way to her colonial possessions, and for this reason the unusual
accomplishments of the French in their North African possessions have
Paulista Railway Co. Bonds Called for Redemption. been widely admired in America. Undertaken in a spirit of intelligence
and
of North Africa has been a genuLadenburg, Thalmann & Co. as fiscal agents under the ine humanity, the French pacification
achievement in the extension of civilization itself. We Americans, to
loan have drawn by lot and called for redemption on Mar. whom the great names of La Salle and Pere Marquette are still familiar,
15, 1929, $77,000 face amount of Paulista Railway Co. first have long had an especial reason to congratulate France upon the conand refunding mortgage 7% sinking fund gold bonds, series tinuing force and character of her colonial enterprises in the twentieth
century.
A making a total of $870,500 bonds redeemed by the sinkAt Amsterdam on Feb. 26, President Simmons made the
ing fund. Payment is to be made at 102% at the office of statement
that American financial men are becoming more
Ladenburg, Thalmann & Co.
and more interested in the way that the older financial
creditor centers of Europe have handled problems, and he
President Simmons of New York Stock Exchange in added: "It seems likely that as time goes on, American fiParis Speech Says U. S. Sets Example to World in nancial methods will come more and more to resemble
Avoiding Hoarding of Gold—Also Addresses Am- those long since devised by these older European creditor
sterdam Stock Exchange.
centers." In part he said:
The transformation of the United States into a creditor nation has ocE. H. H. Simmons, President of the New York Stock Excurred
has produced a certain amount of bewilderment
change, who sailed for Europe on Feb. 8, has delivered two in the so rapidly that it our
financial leaders as to the methods and techminds of many of
addresses during his trip abroad. Before the American nique proper under this new economic situation. It must be remembered
that
and institutions have for over a century
customs
American financial
Club at Paris on Feb. 22, upon the occasion of its Washingbeen developed under conditions when the United States was consistently
ton's Birthday dinner, he spoke on "An Indissoluble Friend- a debtor
nation. There has consequently been little conception in Ameriship," and at a dinner of the Amsterdam Stock Exchange can finance of the possibility of possessing a surplus of capital over and
Committee, in Amsterdam, Holland, on Feb. 26, he dis- above the demand for capital investment arising within the United States
itself. For this reason, American financial men are becoming more and
cussed "Old and New Amsterdam." While in Europe a year more interested
in the way that the older financial creditor centers of
ago, President Simmons made no addresses outside of Lon- Europe have handled such problems in the past. It seems likely that as
don; at that time he delivered two speeches during his time goes op, American financial methods will come more and more to
resemble those long since devised by these older European creditor
brief stay. He was abroad less than a month at that centers.
MAR. 9 1929.]
1483
FINANCIAL CHRONICLE
Normally, of course, the American who wishes to study the technique of a
financial creditor nation, will first acquaint himself with British methods
and with the great financial metropolis of London. In so doing, the difficulty of speaking and reading a different language scarcely exists, and
the close resemblance of British and American law also facilitates such
a course. But before the American gets very far in his studies of British
financial methods and history, be begins to realize that the British themselves at the end of the 17th century received a great deal of their financial education from the Dutch. Indeed, historians tell us that it was
the expert Dutch financial advisors of William of Orange who, when he
became King of England, did much in laying a proper foundation for
the subsequent vast growth of London as a financial center. Even today the old Dutch Reformed Church stands in the heart of London City
as a memorial to the early Dutch influence upon the surrounding financial
center.
For this reason it is most interesting to the American student of
finance to in turn trace the technique of British finance back to this
old city of Amsterdam, which over three hundred years ago had become the leading financial market of the world. Here it was that central
banking was first really organized, that bearer securities were developed,
and that the first active stock exchange dealings in shares occurred. I
realize that in the long history of Europe, three hundred years may not
seem such an enormous space of time. Americans, however, remember
that financial Amsterdam had begun to work out the numerous problems
connected with acting as the leading international money market, at a
time when the first permanent settlements by Europeans in the United
States had barely begun, and before practically any of our great modern
American cities were even founded.
It goes without saying that this long experience with financial problems which this old money center of Amsterdam has had, makes its precedents and its institutions of great interest to the younger countries of
to-day. We Americans, particularly, should make every effort to avail
ourselves of the long deevlopment of financial experience and technique
which has occurred here.
Such a more intimate understanding of Dutch finance is of course
greatly assisted by the close association which Amsterdam and New York
have recently had in the international financing which has followed the
war. Your leading banking firms and ours have frequently been associated together in the issuance of. new loans to many parts of the world.
Our Stock Exchange price lists also show this close relationship during
recent years. The bonds of the Kingdom of the Netherlands, as well as
those of the Dutch East Indies and also the shares of the great Royal
Dutch Oil Company, are listed and dealt in to-day upon the New York
Stock Exchange. On the other hand, the official list of the Amsterdam
Stock Exchange is inclined to make the American visitor here feel very
much at home, for your admirable Stock Exchange has long permitted
dealings in many of our best American railway securities and also such
leading American industrial shares as U. S. Steel.
After all, such an interchange of securities between nations provides
one of the best means to promote international understanding. Certainly one of the reasons why the bankers of Holland often have such an
accurate knowledge of the United States has been due to the large
amounts of American securities in which your investors have in the past
placed their funds. In the same way, the appearance of Dutch securities
on the New York Stock Exchange has done much to familiarize the
American people with the progress and enterprise of the Netherlands
to•day.
Combined total of time and demand loans. $6.678,545,917.
The scope of the above compilation is exactly the same as in the loan report issued by the Exchange a month ago.
The compilations of the Stock Exchange since the issuance
of the monthly figures by it, beginning in January 1926,
follow:
1926—
Jan. 30
Feb. 27
Mar.31
Apr1130
May 28
June 30
July 31
Aug. 31
Sept.30
Oct. 31
Nov.30
Dec. 31
1927—
Jan. 31
Feb. 28
Mar. 31
April 30
May 31
June 30
July 30
Aug. 31
Sept.30
Oct. 31
Nov.30
Dec. 31
1928—
Jan. 31
Feb. 29
Mar.31
April 30
May 31
June 30
July 31
Aug. 31
Sept.30
Oct. 31
Nov.30
Dec. 31
1929-Jan. 31
Feb. 28
Demand Loans.
$2,516,960,599
2,494,846,264
2,033,483,760
1,969,869,852
1,987,316,403
2,225,453,833
2,282,976,720
2,363,861,382
2,419,206,724
2.289,430,450
2,329,536.550
2,541,882,885
Time Loans.
5966,213,555
1.040,744,057
966,612,407
865,848,657
780,084,111
700,844,512
714,782,807
778,286,686
799,730,286
821,746,475
799,625.125
751,178,370
Toed Loans.
$3,513,174,154
3.536,590,321
3,000,096,167
2,835,718,509
2,767,400,514
2,926,298,345
2,996,759,527
3,142,148,068
3,218,937.010'
3,111,176,925
3,129,161,675.
3,292,880,255
2,328,340,338
2,475,498,129
2,504,687,674
2,541,305,897
2,673,993,079
2,766,968,593
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
877,184,250
928,320.545
896,953,245
922,898,500
957,809,300
952,127.500
3,138,788,838
3,256,459,379
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
3,946,137,874
4,091,836,303
4,432,907,321
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
4,093,889,293
4,689,551,974
5,115,727,534
5,614,388,360
5,722,258,724
1,027,479,260
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
777,255.904
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
8,439,740,511
5,982,872.411
5 948,149,410
752,491,831.
730,396,507
6,735,164,242
6,678.545,917
New York Curb Market Ruling on "Buy-In" Orders.
The New York Curb Exchange announced on March 6
that, beginning next Monday (March 11) and until further
notice, the buy-in of the original party buying in "under
the rule" will be the only buy-in order received at the
Secretary's office and no intermediate buying will be received. The announcement said:
buy. in B.
For example, if A, the original party buying in, wishes to
registered
he sends a notice of intention to make such a closing to the original
the
and
p.m.
address of B,who is in default at or before 1 o'clock
p.m.
2
and
1:45
between
order to the Secretary's office
buying in
Accordingly, if B, who is being bought in by A, is in turn
will be finally closed
C. B sends a notice to C, specifying that the buy-in evidence to submit
out by the order of A. The member or firm having
attaches the evidences to
in accordance with the rule of the constitution
Secretary's office, which will
the buy-in he received and submits it to the
with thr rule,
examine the evidence and, if satisfactory, in accordance
cancelled.
the buy-in served by the original party A will be
Brokers' Loans on New York Stock Exchange on Feb. 28
$6,678,545,917—Drop $56,618,325 in Month.
While the outstanding brokers' loans on the New York
Stock Exchange fell off $56,618,325 during February, they
New York Curb Market Partners' Association
are still at the high figure of $6,678,545,917—the amount Formation of
Commission Charges on Security Trans—Minimum
reported on Feb. 28. This huge total is the second largest
actions Increased.
on record, the total of the previous month,Jan.31,at $6,735,The following is from the "Times" of Feb. 25:
164,242, having been the highest ever reported. Of the
Market Partners' Association,
Formation of the New York Curb
February 28 total, the demand loans are shown as 35,948,of the New York Curb Exchangc doing a com149,410 and the time loans as $730,396,507. With regard composed of members
yesterday. The
mission business among themselves, was announced
to the latest figures the "Times" of Mar.5 stated:
organization is to increase the minimum rates on
One of the indicators of the Wall Street situation was made public after
the close of business yesterday. The Stock Exchange's compilation of its
members' borrowings at the end of February showed $56,618,325 reduction
during that month. This was almost exactly parallel to the net reduction
in the Reserve Bank's weekly compilations between Jan. 30 and Feb. 27,
which was 352,000,000—made up of $110,000,000 increase in the first week
of February, $192,000,000 decrease in tho next two weeks, and $30,000,000
expansion last week. The Stock Exchange's figures therefore reflect the
reaction in stocks and the loan curtailment which followed the Reserve
Board's warning, but do not indicate either the extravagances of four weeks
ago or the tendencies of the moment.
Its compilation includes, as the weekly statement of brokers' loans
does not, the advances by foreign banks and agencies. Whether it reflects a change last month in collateral loans made by such foreign lenders
can only be conjectured. The Stock Exchange's report of borrowings from
other sources than New York banks and trust companies shows reduction
of $25.635,000 in February. But since the Federal Reserve compilations
have reflected increase of more than $100,000,000 during the month in
"loans by others"—covering chiefly direct advances by industrial companies—it is possible that the rise in the London bank rate may have reduced considerably the foreign money loaned in Wall Street. For the rest,
It need only be said that even the reduced total borrowings reported by the
Stock Exchange are $287,000,000 greater than in the wild speculation at
the end of last November, and exceed the figure of a year ago by $2,356,000,000, or 5434%•
The following is the statement issued Mar. 4 by the Stock
Exchange showing the volume of brokers' loans:
Total net loans by New York Stock Exchange members on collateral,
contracted for and carried in New York as of the close of business Feb. 28
1929, aggregated $6,678,545.917.
The detailed tabulation follows:
Demand Loans
Time Loans
(1) Net borrowings on collateral from New
$5,034,404,224
York banks or trust companies
$584,459,023
(2) Net borrowings on collateral from private bankers, brokers, foreign bank
agencies or others in the City of New
913,745,186
145,937.484
York
$5,948,149,410
$730.396,507
purpose of the
in the case of
security transactions among the members, except
public are not affected.
bonds and rights. Brokerage rates to the
A statement issued by the association follows:
handling se"We find that under existing conditions the cost of
be taken so
curity transactions is such that definite steps must
to the
come
that no item shall represent a loss. We therefore have
1, 1929,
decision and we hereby give notice that on and after March
transaction, with
our minimum commission charge on any security
and $2
the exception of bonds and rights, shall be $1 give-up
clearance."
The following is the Executive Committee of the Association:
John W. Curtis, of A. Lincoln Eglinton & Co., Chairman; David
Z. Andrews, of Andrews, Posner & Rothschild; E. A. Baker, of E. A.
Baker & Son; Julius Brandenburg, of Brandenburg & Co.; C. Angus
Browne, of Turnbull & Co.; Herbert G. Einstein, of H. G. Einstein
& Co.; Walter P. McCaffrey, of Walter P. McCaffrey & Co.; Fred
C. Moffatt, of Moffatt & Spear; Milton A. Prince, of Theodore Prince
& Co.; E. A. Purcell, of Peter P. McDermott & Co.; E. H. Whiting,
of E. H. Whiting & Co.
Central Delivery Department to Handle Deliveries of
Cleared Securities of New York Stock Exchange to
Be in Operation in April.
The new central delivery department of the Stock Clearing Corporation which will handle all deliveries between
members of the Exchange of cleared securities will be
placed in operation in about a month, according to an announcement Mar. 6 by the New York Stock Exchange. The
announcement also said:
Extensive alterations have been made in the Stook Exchange
building to provide for the new service by which all members will
deliver securities to other members and receive securities from other
members in the central delivery department instead of at their own
1484
FINANCIAL CHRONICLE
offices. This new department, it is expected, will greatly facilitate
the work of the Street and will make delivery and receipt much easier
and will minimize the loss and delay which exist when securities are
carried through the Street to a large number of member offices.
The new department will start early in April with a few stocks,
with others to be added as rapidly as possible, until all cleared stocks
are included. Eventually, it is planned also to use the central delivery department for the delivery of non-cleared stocks and bonds.
In order to educate office managers and other employees of Stock
Exchange firms in the methods of the new department, a motion
picture has been made showing every detail of its operation. A
private showing of this picture was given at the Stock Clearing Corporation yesterday to officials and department heads and member
firms will be invited as rapidly as possible to send their office partners, managers and employees to view the picture so that they may
become thoroughly familiar with the necessary steps to be taken
before the new department is opened.
Organization of Buffalo Stock Exchange.
The Buffalo Stock Exchange was formed in Buffalo,
N. Y., at a meeting on Feb. 21 of representatives of 22 of
the leading financial institutions of the city. The Buffalo
"Courier Express" in its account on Feb. 22 of the organization of the new Exchange said:
George P. Rea, Vice-President of the Manufacturers & TradersPeoples Trust Company, yesterday was elected President of the newlyformed Buffalo Stock Exchange; Roland Lord O'Brian, Vice-President, and W. J. Monro, Treasurer. Election of a Secretary was
deferred.
One of the compelling reasons back of the movement to organize
a stock exchange in Buffalo was to stabilize the prices of securities
having their principal market here.
For many years the buyer or seller had for his only guide the bid
and asked prices prepared by an executive of the Investment Bankers'
Association on the basis of prices posted in various brokerage offices.
These prices frequently varied widely and the public, whether buying
or selling, was unable to determine within several dollars per share,
in a good many instances, just what the actual market prices were.
Half Billion in Securities Here.
There is also the fact that the volume of over-the-counter trading
has increased to large volume in the last few years, especially during
1928 and 1929. The market value of securities—both stocks and
bonds—traded in and largely owned in Buffalo is estimated at approximately 8500,000,000 at present market prices.
A statistical
review prepared for the Courier-Express at the first of the year
placed the dividends and interest on these stocks and bonds at approximately 840,800,000 for the year and at $9,500,000 for the last
quarter of 1928. This growth in the volume of what are termed
Buffalo and Western New York securities, it was felt by the proponents of the exchange, justified the organization of a medium
through which transactions in the securities could be carried on in
orderly fashion and where the law of supply and demand would be
more accurately reflected.
The fact that organization of the Buffalo stock exchange has been
completed by 22 banks and investment houses does not mean that
membership of the exchange, when it is launched, will be limited to
this number of members. The question of membership and the price
to be charged for seats will be taken up later, as will the location
of the exchange. It has been rumored that a membership of 30 to
35 has been considered, but this lacks official confirmation. The
price for seats also has been mentioned at various prices, ranging
from $5,000 to $10,000. It was definitely stated yesterday, however, that the price for seats has not been decided upon.
Firms Represented.
The 22 firms, representatives of which met yesterday in the M. & T.
building to form the new exchange, are:
Manufacturers & Traders-Peoples Trust Co.; Marine Trust Co.;
O'Brian, Potter & Co.; Schoellkopf, Hutton 8c Pomeroy; Glenny,
Monro & Moll; Victor, Common & Co.; Hayes & Collins; J. C.
Dann & Co.; W. A. Gardner & Co.; Baker, Trubee & Putnam;
Liberty Bank of Buffalo; Community National Bank; A. L. Chambers & Co.; Cleversley, Rounds, Mundie & Gowans; Griffith, Kendall
& Rochester; H. L. Perry & Co.; Piste11, Deans & Co.; L. G. Ruth
& Co.; Wallace & Trost; A. J. Wright & Co.; and H. O. Babcock
& Co.
The first meeting of the Buffalo Stock Exchange was held at
once and the following named board of Governors, consisting of nine
members, elected:
George P. Rea, vice-president Manufacturers & Traders-Peoples
Trust Company; Walter j: Monro of Glenny, Monro & Moll; Roland
Lord O'Brian of O'Brian, Potter & Stafford; Charles H. Diefendorf
of the Marine Trust Company; J. C. Dann of J. C. Dann & Co.;
Russell J. H. Hutton of Schoellkopf, Hutton & Pomeroy; W. A.
Gardner of W. A. Gardner & Co.; Frederick Victor of Victor, Common & Co.; and A. B. Wright of A. J. Wright & Co.
Articles of agreement were signed and it is understood the constitution of the Buffalo exchange is patterned on that of Detroit
The Detroit exchange plan was adopted, it is understood, because
it is best fitted for the needs of Buffalo. The Detroit exchange was
founded in 1907 and originally was called the Detroit Brokers' Association. A few years later, when it became an incorporated exchange,
its sponsors patterned the constitution after that of the New York
Stock Exchange.
[VOL. 128.
quences," comments as follows regarding developments in
the credit situation:
"It is true that neither the Reserve institutions nor private banks
have any direct control over the lending of money on call by corporations and individuals, which has increased to a point where it constitutes
a factor of major importance and highly uncertain consequences. More
than six months ago it was pointed out that this practice had developed
into the most important element in the immediate money situation. Since
that time the amount of non-banking funds in the call loan market has
increased by at least a billion dollars. By far the greater part of the
stock market expansion during the past year has been financed by corporate funds.
"It should be clearly understood that, although loans for account of
others are reported by the banks, such advances are not bank loans in
any significant sense of the term. From the economic point of view, the
situation is exactly the same as if the corporations with surplus funds
had gone directly into the money market and made loans to brokers in their
own name. The banks are employed merely as agents, because their facilities for clearing checks, checking and holding collateral, and carrying
on the other financial functions involved in lending operations make it convenient to employ them in this manner.
Arguments Against Non-Banking Loans.
"The movements of funds at the end of 1928 have been cited as an illustration of the weakness inherent in the present situation. The large-scale
calling of loans that occurred at that time is regarded as evidence that
corporation loans are especially subject to sudden withdrawal. Surplus
funds are carried by business enterprises primarily for other uses and
will be available in the call loan market only as long as this means of
investment is more profitable than others. Their abrupt retirement will
result in one of two things: either the banks will take over the loans at
a time when they themselves may be under considerable pressure for
funds, in which case the corporation loans become a charge against the
country's banking reserves; or speculators and investors will find their
source of credit suddenly cut off and will be forced to liquidate their
holdings, with possible disastrous consequences.
"In defense of the practice, it is held that there is no reason why corporations need be expected to withdraw their funds so abruptly as has
been feared. Late last summer there was a prevalent fear that nonbanking lenders would withdraw their funds in large volume to finance the
seasonal trade revival, and that the result might be a severe money stringency; but no such development occurred.
"It has also been pointed out that the great corporations have a very
real stake in the stability of the money market. While it is true that they
do not feel the same sense of obligation in this direction that is recognized
by the banks, yet they depend on the money market for their capital
requirements and on the stock market for a measurement of the value
of their own securities. It is not unreasonable to suppose that they would
pay some attention to these facts in determining their financial policies.
Corporation Loans Not Subject to Control.
"On the other hand, it cannot be denied that the increase in corporation loans on call has, in a measure, carried the situation beyond banking control. For more than a year the Federal Reserve authorities have
implicitly maintained the position that the flow of credit into the security markets should be curtailed—a position that found its first positive expression in the recent circular letter sent by the Federal Reserve
Board to the regional banks. The Reserve banks asked for the support of
member banks, seeking to restrict their loans on security collateral. The
large banks in the financial centers have worked in close harmony with
the Reserve institutions, while in other districts it has been found possible
to exert sufficient pressure to prevent excessive rediscounting. It is still
felt, however, that there must be further reduction of security loans of all
classes. Although the Reserve banks are generally required to rediscount
eligible paper when it is offered, such action must be taken "with due regard for the claims and demands of other member banks." Non-banking
institutions are under no such restrictions, and have occupied the field left
vacant by the refusal of the banks to finance further speculative expansion.
"To attempt to predict how this development will culminate would be
a bold undertaking indeed. The situation is without precedent in financial history and is due to causes which themselves are only partly understood. Sooner or later the corporations will withdraw—in a large way,
if not completely—from the money market; but when this will occur,
how much further expansion will have taken place in the meantime,
what
form the retirement will take and what its effect will be, are
matters of
conjecture.
Assemblyman Storey Proposes Investigation of New
York State Banking Department As Result of
Closing of City Trust Company of New York—
State's Funds in Institution Turned over to Attorney General.
Assemblyman Robert K. Storey Jr. of Brooklyn,(Republican) announced on March 7 that he will bring before
the New York Legislature on March 11 a resolution calling
for an investigation of the State Banking Department as
a result of the closing of the City Trust Company of New
York on Feb. 11; on the latter date, as indicated in our
issue of Feb. 16, page 1006, the institution was taken over
by State Superintendent of Banks Frank H. Warder. Assemblyman Storey's move follows a similar request made
on March 6 to Governor Roosevelt by Frank Saitta, BrookGuaranty Trust Co. on Money Situation—Says Neither lyn lawyer. The Governor withheld comment and action,
Reserve Banks nor Private Have Control Over says an Albany dispatch March 7 to the "Herald-Tribune"
which quotes Mr. Storey as saying:
Corporation Loans—Banks Employed as Agent.
Loans to corporations are discussed by the Guaranty
Trust Company, in the current issue of "The Guaranty Survey," published Feb. 25. The company, in making the statement that the lending of money on call by corporations and
individuals "has increased to a point where it constitutes
a factor of major importance and highly uncertain conse-
"The thing that I cannot understand, is how the City Trust Company
could have failed without the Banking Department's examiners having
an inkling of what was going on during their periodic examinations of the
bank's affairs. There ought to be a sweeping investigation by a Legislative committee.
"Following such an investigation the Legislature and the State Banking
Department ought to work together to determine what changes are necessary
in the present system to guarantee to the people that bank failures will cease
to be every-day occurrences."
MAR. 9 1929.]
FINANCIAL CHRONICLE
Regarding the affairs of,the institution Richard Reagan
in the "Herald-Tribune" of March 3 said:
1485
matter of the City Trust Co. However, this was only a brief flurry and
after an explanation a number of accounts withdrawn have been reopened.
fol-
From Albany on Feb. 25 the "Times" announced the
The primary cause for the failure of the City Trust Company and the subsequent refusal of any New York bank to purchase the company, it was lowing advices:
learned last night, was that the bank's"assets" included loans of $6,300,000,
A check for $75,000 covering the full amount of the State's deposit in the
of which more than $3,000,000 cannot be collected because the loans were City Trust Co. of New York City was placed in the hands of Attorney
made on worthless collateral, the notes were forged, the loans were made General Hamilton Ward to-day. It was given to him by the Albany repto "dummies" or to bootleggers ivho are not expected to pay. This in- resentative of the American Surety Co., which had bonded the deposit.
formation was gathered in an investigation of the lasn made by the
The Attorney General took action to collect upon the bond immediately
bank, which was completed yesterday.
after the trust company had been taken over by the State Banking DepartThe condition of the bank is such that the depositor,s whose accounts ment.
total more than $7,000,000, cannot hope to recover as much as 50% of
their deposits, according to opinions voiced by investigators last night.
This is due to the fact that not only the loans but the other assets of the
Creation of a Central State Bank and Clearing House
company are in a worse state than anticipated.
Sought by Minnesota State Banking Group.
Since the closing of the institution it has been reported
The following St. Paul advices are from the "Wall Street
that negotiations have been under way for the sale of its
assets, the present status of the proceedings being indicated Journal" of Feb. 28:
Officials of the State bank group of the Minnesota Central Bankers
in the following from the "Times" of March 8.
bank and clearing
Negotiations for the sale of the City Trust Co. by the State Banking
Department, which closed it on Feb. 11, were regarded as more hopeful
yesterday by the State Superintendent of Banks than at any other time
since they were started. An announcement to that effect was made late
in the afternoon by former Supreme Court Justice Jeremiah T. Mahoney,
as counsel for State Superintendent of Banks Warder.
At the same time the City Trust Co. depoistors' protective committee
of Brooklyn wrote to Mr. Warder, commending the efforts he is making
to liquidate the City Trust Co.on the basis offull payment to the depositors.
Mr. Mahoney said Mr. Warder had continued his conference with prospective purchasers sometimes as late as 1 a. m., and then he said:
"We are still working encouragingly. We feel very hopeful to-day. The
State Superintendent of Banks has not agreed to anything unless it brought
100 cents on the dollar. Our hopes to-day are stronger than they have been
at any other time since the negotiations started."
Will Keep Depositors Informed.
Mr. Mahoney said that if the deal went through the depositors would
be notified. He asserted that the objections of one group of depositors
had blocked a deal for the sale ofleaseholds and fixtures of the two Brooklyn
branches to the Manufacturers' Trust Co.
,Commendation of Mr. Warder was expressed by Fred Powell, Chairman
of the Brooklyn City Trust Co. depositors' protective committee.
The City Trust Co. made loans totaling $190,574.17 to two borrowers.
whose collateral, amounting to $215,000, the City Trust Co. then put up
to secure a loan of $125,000 from the Bang of America, according to disclosures made yesterday when Supreme Court Justice Bijur's order authorizing repayment of the Bank of America loan was filed with the county
The affivait of Mr. Warder, in support of the application for the
clerk.
order, showed that the City Trust Co. advanced $6,000 to Daniel Gigollo
and made two loans, one for $167,426.17 and the other for $17,150, to
D. Gentilll, or a total of $190,574.17. The Bank of America on Mar. 1
demanded payment on the note of the City Trust Co.
Association are advocating organization of a central State
house which would give State banks of Minnesota advantages similar to
those of national banks through their membership in the Federal Reserve
System. One suggestion calls for abolishment of the State Banking
Department, which exercises general supervision over State banks. Some
members ofthe Central Bankers Association have criticized this Department,
asserting that it lends its influence to building up the stronger banks at
the expense of the smaller one. Governor Theodore Christianson of
Minnesota expressed approval of the general idea of a central bank and
clearing house system for the State banks. However, he does not Approve
the proposal to do away with the State Banking Department.
"I have for some time felt that creation by State banks of some sort
of clearing house association would help our banking situation." he said.
"It is quite likely that some legislation would be needed to -make the plan
effective.
clear
"One phase of the plan contemplated upon which I am not quite
is the proposal to do away with the State supervision of banks. The
the
creation of the Federal Reserve System did not affect in the least
supervisory power of the Comptroller of Currency, and I am in hopes
that the purpose of the proposed plan is to aid the State Banking °Department and not supplant it."
Heron & Co., Toronto (Canada) Brokerage Firm, Fails.
On last February 27., Heron & Company, said to
be one of the oldest stock brokerage firms in Toronto,
announced its assignment for the benefit of its creditors
under the Canadian bankruptcy act, according to Associated
Press advices from that city on Feb. 27, printed in the New
York "Herald Tribune" of Feb. 28. A notice posted on the
door of the company's offices on Colburne Street, said:
Advocates Legal Safeguard.
and all
Darwin R. James, in a letter to the "Times," proposed yesterday that
"The offices of Heron & Co. have been closed for business
all savings and thrift accounts should be safeguarded by the banking law property has been assigned for distribution among creditors under the bankrequirements covering saving banks accounts, such as the segregation of ruptcy act."
such deposits and their investment only in securities that the savings banks
Notification was sent to C. E. Abbs, President of the Toof the State are permitted to purchase.
Mr. James's letter declares in part:
ronto Stock Exchange, of which the firm was a member,
"The splendid record of the present Superintendent of Banks, Mr.
that the company had closed its offices for business and
Frank H. Warder is the best defense to attcks such as appeared in the
assigned for distribution among
paper this morning in connnection with the affairs of the City Trust Co., that all property had been
whose doors were recently closed.
the creditors under the bankruptcy act. In the communi"The State has exercised very careful supervision over savings banks,
was furthermore stated "that while the extent of
requiring that money deposited in savings banks be invested in underlying cation it
assets were
securities of railroads and utilities, and bonds of the government, States the liabilities had not yet been determined,
and municipalities, which have not defaulted in the paymeneof principal substantial and Mr. Heron wished to state that it would
or interest, and in mortgages on real estate not to exceed 60% of the value
resolve to reimburse, if humanly possible, the
thereof. In recent years other institutions chartered under the banking be his earnest
laws of the State have sought thrift or savings accounts. There is no law, firm's clients for any losses incurred by them."
however, on the statute books that requires that these accounts be segregaited and that the deposits be invested in so-called legal securities.
'While it is true that money deposited in the great financial institutions
Reserve Bank on Gold Movement—
of the city is as safe as money invested in government bonds, yet a chain New York Federal
is no stronger than its weakest link, and what has happened once may
Net Gain to U. S. During February $23,500,000.
happen again.
In indicating the course of the gold movement during
"This leads to the query. Should the Legislature not take cognizance
of the situation and in the interest of safeguarding the savings of the people February the New York Federal Reserve Bank, In its
of the State to the fullest extent require in all cases segregation of such
Monthly Review, March 1, reports imports of $24,500,000
deposits and their investment only in securities that the savings banks of
exports of $1,000,000—a net gain to the United States
and
the State are permitted to purchase?"
With regard to an offer later withdrawn by the Manu- of $23,500,000. The Bank's Comments follow:
Despite the persistence of Canadian exchange at a level even lower than
facturers Trust Company for the purchase of the leases and
January average (14 cent discount), which brought over $39,000,000
fixtures of two of the Brooklyn offices of the City Trust the
In gold here from Canada during that month, only $2,000,000 of Canadian
of
President
Jonas,
Manufacturers
Company. Nathan S.
gold was shipped here during February. The inflow of geld from EngTrust company issued the following statement on March 5: land which began late in January continued during the first part of
Because there seems to be some misunderstanding as to the position of
the Manufacturers Trust Co. in regard to the affairs of the City Trust
Co., I have thought best to issue this statement so that the matter will
be definitely understood and settled
Manufacturers Trust Co., in the interests of the depositors of the City
Trust Co., and with no other object whatever, made an offer to the Superintendent of Banks to purchase the leases, furniture and fixtures.vaults
and safes in the two Brooklyn offices of the City Trust Co. This offer was
made however, subject to the approval of the Depositors' Committee. We
also expressed a willingness to be helpful to the depositors by loaning to
them a percentage of their deposits, pending a distribution by the State
Banking Department or some other settlement of the matter.
In view of the misunderstandings by some of the Depositor's Committee,
the Manufacturers Trust Co. has withdrawn its offers entirely and now has
no further interest in the matter and will not have any further interest in
the affairs of the City Trust Co. in any way whatever directly or indirectly.
Our company had endeavored to perform a public service in the interests
of depositors of the City Trust Co , who had their money tied up, and
regrets that its offers of aid should have been misinterpreted and misunderstood.
At one of our offices in Brooklyn to-day there seemed to be some agitation
and some withdrawal of accounts among the Italian depositors, who apparently have misunderstood our position, or have been misinformed in the
February, when this country received $22,000,000 in gold from London,
bringing the total of British gold in this movement up to $29,250,000.
Other transactions were very small in volume and took place independently
of exchange conditions. No changes in earmarking were recorded.
According to a preliminary calculation, the gold movement during February was as follows: imports $24,500,000; exports $1,000,000; net
gain to the United States $23,500,000. This slightly exceeded the loss
In January, making for the year to date a net gain of $5,500,000.
New York Federal Reserve Bank on Money Market
in February—Unseasonable Upward Tendency in
Rates for Loans Principal Development.
Commenting on the money market during February, in
Its March 1 Monthly Review, the Federal Reserve Bank
of New York states that "one of the principal developments
In the money market during February was an unseasonable
upward tendency in interest rates on commercial borrowing." In its discussion the Bank continues:
1486
FINANCIAL CHRONICLE
Acceptance dealers, in the effort to attract investment demand sufficient
to absorb the supply of new bills, made two further advances in their
rates, following the January increases, and in the latter part of February 90-day bankers' acceptances were offered at 53
3
4% above
/
4%, a rate /
that prevailing in December, and 13
/
4% above the rate of a year ago.
Commercial paper also was advanced slightly further in February, and
at 5% to 53
/
4% in the latter part of the month was 1% to 13
/
4% higher
than in February of last year. Ordinarily rates on these types of paper
tend to be somewhat easier at this time of year than during the autumn.
Loans of weekly reporting member banks, other than loans on securities, were liquidated in substantial volume during January, and in February remained only slightly above the volume of a year ago. Loans on
stocks and bonds, however, were considerably higher than at any previous
time with the exception of the recent temporary year-end peak. As the
diagram below [This we omit.—Ed.1 indicates, there was a liquidation
of year-end loans early in January, but toward the end of that month and
early in February, a renewed expansion occurred; so that on Feb. 6
the volume of security loans of reporting banks was about 725 million
dollars above the average for last August and September, and over 900
million dollars larger than a year ago. Part of the increase was in the
form of open market loans to brokers and dealers in securities and part was
in the form of direct loans to customers. After the first week of February
there was a small reduction in the total amount of these loans, but the
amount on Feb. 20 was still over 900 million higher than a year previous.
With the continued large demand for security loans, call loan rates
fluctuated widely during February, varying from 6 to 10%, in response
to relatively small changes in the supply of funds, and time loans for
security trading purposes continued in small supply at 73
/
4%. These
high rates which have continued to be offered beyond the autumn and
holiday seasons when money rates are usually firm are increasing the cost
of commercial borrowing, especially borrowing through the open market
In the form of acceptance credits and commercial paper.
Another result of the high rates offered by the New York security markets has been a movement of funds from other countries to New York,
accompanied by general weakness in the foreign exchanges. Canadian
exchange at New York has been below the gold import point for extended
periods, and the movement of gold from Canada has been considerably
larger than the usual seasonal movement of recent years. Sterling also
declined below the gold import point, and substantial shipments of gold
from London to New York were followed by an advance in the Bank
of England discount rates from 45% to 514% early in February. There
are indications also that the central banks of other countries have found
it necessary to support their exchanges, in order to avoid withdrawals of
gold from their reserves for shipment to New York.
Money rates prevailing in New York near the end of February are shown
in the following table in comparison with those of a month previous and
a year ago.
MONEY RATES AT NEW YORK.
Feb. 29 1928. Jan. 30 1929. Feb. 27 1929.
Call money
.6-8
•44-34
Time money-90 day
434-54
74-3i
Prime commercial paper
4
534
Bllls-90 day unindorsed
5
334
Customers' rates on commercial loans_
a5.53
a4.25
Treasury certificates and notes:
la Maturing June 15
4.81
3.30
Maturing Sept. 15
4.70
Fed, Res. Bank of N. Y. rediscount rate
4
5
Fed, Res. Bank of N. Y. buying rate
1.- for 90 day bills
334
5
•Prevailing rate for preceding week.
a Average rate of leading banks at middle of month.
.634-9
7%
5Si-Si
534
65.50
4.46
4.70
6
534
Brokers' Loans.
Loans to brokers and dealers in securities reported by New York City
banks advanced to new high levels in each of four successive weeks up to
Feb. 6, and on that date were $274,000,000 above the previous peak of
December 5. In the two subsequent weeks there was a net reduction of
slightly under $200,000,000 in these loans; loans of New York City banks
for their own account were reduced nearly $100,000,000, and loans placed
for out-of-town banks were reduced $145,000,000, but these reductions
were partly offset by a further increase of nearly $50,000,000 in loans
placed for others, which carried this latter account to a total of $2,668,000,000, a new high level.
Bill Market.
The volume of dollar acceptances outstanding was reduced only $5,000,000 during January, despite the higher rates prevailing for this type of
accommodation, and at the end of the month the total was $1,279,000,000,
as compared with $1,058,000,000 a year ago.
Following the increases in open market rates during January, the demand for bills in the first part of February showed some increase, but
distribution in general was rather narrow. After a further increase of
/
3
4% in bill rates around the middle of February, which brought the
offering rate for unendorsed 90-day bills to 53
/
4%, the highest since
July 1921, distribution became wider, due both to increased foreign buying
and also to purchasing by domestic banks and other corporations, including insurance companies. The supply of new bills offered to the market
was smaller than in January, and, although continuing in good volume,
was not equal to the increased investment demand, so that the dealers'
portfolios were reduced by about one-half, notwithstanding a decrease of
$100,000,000 in the Reserve Bank's holdings of bills. The decrease in the
Federal Reserve System's portfolio of bills reflected a large excess of maturities over new purchases, and was considerably larger than the reduction
that occurred in February of last year.
(Wm. 128.
Member Banks in Boston Federal Reserve District
Urged by Governor Harding to Discourage Making
of Loans Which Make Necessary Rediscounting
With Reserve Bank.
Member banks in the Boston Federal Reserve District
have been urged by Governor W. P. G. Harding of the
Boston Federal Reserve Bank "to discourage their customers in the matter of collateral loans, in cases where the
granting of such loans would make it necessary for the bank
to rediscount with the Federal Reserve Bank." The letter
was addressed to member banks on Feb. 10, in accordance
with the suggestion of the Federal Advisory Council (noted
in our issue of Feb. 9, page 822) that member banks be
asked by the Federal Reserve Banks to co-operate in bringing about a reduction in speculative loans. Governor Harding advises the member banks that his letter is not designed to dictate to member banks "how they should conduct their business, but rather to bring the situation to
their attention and to ask their voluntary co-operation in
carrying out what is believed by the Federal Reserve Board,
the Federal Advisory Council, and by the directors and officers of this [the Boston] bank to be a sound policy." Governor Harding states that "for several months up to December 17 1928 the reserve of the Federal Reserve Bank
of Boston was frequently the highest in the system. Since
that date it has declined to a point where it is the lowest
or next to the lowest." He further says that an analysis
of the statements of member banks "shows that some of
them have call loans outstanding and that many of them
have a large volume of loans to customers or others on collateral, and that such loans have increased very materially
during the past six months." As we indicated in our issue
of March 2 (page 1312), Governor Norris of the Philadelphia Federal Reserve Bank also addressed a communication to the banks in his district, seeking a curtailment
of loans for speculative purposes. Similar action has also
been taken by the Federal Reserve Bank of New York,
but the text of this letter has not been given out by the
Reserve Bank; a reference to it will be found on page
1310 of our March 2 issue. The following is the letter sent
out by Governor Harding:
FEDERAL RESERVE BANK OF BOSTON
Feb. 16 1929.
To All Member Banks, First Federal Reserve District:
Your attention is invited to the following statement which was Issued
yesterday afternoon by the Federal Reserve Board:
The Federal Advisory Council at a preliminary meeting yesterday, made the
following minute which was delivered to the Federal Reserve Board at the regular
Quarterly meeting of the Council and the Board this morning. "The Federal
Advisory Council approves the action of the Federal Reserve Board instructing the
Federal Reserve Banks to prevent, as far as possible, the diversion of Federal
Reserve funds for the purpose of carrying loans based on securities. The Federal
Advisory Council suggests that an the member banks in each district be asked
directly
the Federal Reserve Bank of the district to co-operate in order to attain
the end desired. The Council believes beneficial results can be attained in this
manner."
As you know, the Federal Advisory Council is composed of twelve practical bankers, one from each Federal Reserve District. The opinion of a
representative body of this kind is entitled to very serious consideration,
and it should be noticed that the Council endorses the statement which was
recently made by the Federal Reserve Board rgarding the credit situation, and also the letter of Feb. 2 which the Federal Reserve Board sent
to all Federal Reserve Banks, in which letter the Board stated:
The Federal Reserve Act does not, in the opinion of the Federal Reserve Board.
contemplate the use of the resources of the Federal Reserve banks for the creation
or extension of speculative credit. A member bank is not within its reasonable
claims for rediscount facilities at its Federal Reserve Bank when It borrows either for
of making speculative loans or for the Purpose of maintaining speculative
loans.
The Board has no disposition to assume authority to Interfere with the loan
Practices of member banks so long as they do not involve the Federal Reserve
banks. It has, however, a grave responsibility whenever there Is evidence that
member banks are maintaining speculative security loans with the aid of Federal
Reserve credit. When such is the case the Federal Reserve Bank becomes either a
contributing or a sustaining factor In the current volume of speculative security
credit. This is not In harmony with the Intent of the Federal Reserve Act nor is it
cou
ngtury
cir to the wholesome operation of the banking and credit system of the
In Section 4 of the Federal Reserve Act, where the duties and powers of
Federal Reserve bank directors are defined, this paragraph is found:
Said Board shall administer the affairs of said Bank fairly and Impartially and
without discrimination in favor of or against any member bank or banks, and shall,
subject to the provisions of law and the orders of the Federal Reserve Board, extend
to each member bank such discounts, advancements and accommodations as may
ember
made with due regard to the claims and demands of other
member banks.
In Section 13 of the Federal Reserve Act which defines the powers of
the Federal Reserve Banks, may be found the following:
Commercial Paper Market.
Upon the indorsement of any of Its member banks, which shall be deemed a
The commercial paper market was generally quiet during February.
waiver of
notice and protest by such bank as to its own indorsement exThe banks throughout the country evidenced relatively little interest in clusively, demand,
any Federal Reserve Bank may discount notes, drafts, and LI Is of excommercial paper offerings, and, although no great amount of new paper change arising out of actual commercial transactions: that Is, notes, drafts, and bills
was created by mercantile concerns, an increase in the dealers' stocks of of exchange issued or drawn for agricultural, industrial, or commercial purposes.
or the proceeds of which have been used, or are to be used, for such purposes, the
unsold paper was reported to have begun around the middle of the month. Federal
Reserve Board to have the right to determine or define the character of the
At that time the going rate for the bulk of the prime names was advanced Paper thus eligible for discount, within the meaning of this Act . . . but such
from 5%% to a range of 5%-53
/
4%. Even the offering of more attrac- definition shall not include notes, drafts, or bills covering merely Investments or
or drawn for the purpose of carrying or trading in stocks, bonds, or other
tive rates for the best names, however, did little to stimulate the inquiry issued
t
States..
Investment
securities, except bonds and notes of the Government of the United
for paper on the part of the banks.
States.
During January there was a larger increase in outstandings of commerWe are now at a time of the year when normally interest rates are
cial paper than occurred a year ago. The amount outstanding through 23 low, and the reserves of Federal Reserve Banks are high, but a situation
firms, after declining to $383,000,000 on Dec. 31, rose nearly 6%% to just the opposite prevails at the present time. For several months up to
$407,000,000 at the end of January. This figure, however, is 29% smaller Dec. 17 1928 the reserve of the Federal Reserve Bank of Boston was frethan the outatandings in Januar/ 192&
quently the highest in the System. Since that date, it has declined to a
MAR. 9
1929.]
FINANCIAL CHRONICLE
analysis made of the
point where it is the lowest or next lowest. An
them have call loans
statements of our member banks shows that some of
of loans to cusoutstanding, and that many of them have a large volume
increased very
tomers or others on collateral, and that such loans have
materially during the past six months.
a bank to decline
We appreciate the fact that it is very difficult for
customer, but we
to make a loan secured by good collateral to a regular
they may without
urge banks to do what they can, so far as they feel that
in the matter
prejudice to their business, to discourage their customers
such loans would make
of collateral loans, in cases where the granting of
Federal Reserve Bank.
it necessary for the bank to rediscount with the
member banks
This letter is not written with the view of dictating to
to bring the situation to
rather
how they should conduct their business, but
in carrying out
their attention and to ask their voluntary co-operation
Advisory
what is believed by the Federal Reserve Board, the Federal
sound
Council, and by the directors and officers of this bank to be a
were such
policy. It will be remembered that conditions in January 1920
Reserve
Federal
of
the
that the Federal Reserve Banks, with the approval
that we
Board, were compelled to adopt a drastic policy and we are sure
a policy at the
are all anxious to avert the necessity of resorting to such
present time.
Heretofore, there has always been a seasonal demand upon us beginning
about the first of March, and we do not see any reason why we should
not anticipate such demand this year. We wish to maintain ourselves
in a position where we can meet all legitimate demands upon us, and we
know that our resources are ample for meeting this District's commercial
needs for credit provided they are not employed in a manner not contemplated by the Federal Reserve Act. We desire particularly to have the
banks in this District co-operate with the policy laid down by the Federal Reserve Board and endorsed by the Federal Advisory Council.
In conclusion, we ask your especial attention to that portion of the
Federal Reserve Board's letter quoted above, which is underscored. Should
the Board deem it necessary to issue a regulation covering this particular
phase of the case, we might be hampered thereby in the exercise of reasonable discretion in our dealings with some of our member banks, and such
discretion we are anxious to retain.
Very truly yours.
W. P. G. HARDING, Governor,
1487
Fiske's interests in the Company's affairs dated from 1873,
when he entered the office of Arnoux, Hitch & Woodford,
New York, counsel for the Metropolitan Life Insurance
Company. Mr. Fiske was assigned to look after the insurance company's legal work following his admission to the
New York bar in 1879, says the New York "Times," which
in sketching his activities said in part:
Life
His intimate contact with the affairs of the Metropolitan
enabled
Insurance Company in his preparation and trial of legal cases
of the field of
Mr. Fiske to acquire such a comprehensive knowledge
association with
insurance that he inevitably was drawn into closer
the company's activities.
Elected Vice-President.
of the second
He made himself so indispensable that upon the death
John Rogers
president of the company, Joseph K. Knapp, in 1891,
of President
duties
the
assume
Hegcman, his successor, refused to
the support
until he had obtained the assurance that he would have
the company acof Mr. Fiske as vice-president. The directors of
elected Mr. Fiske as
cepted that ccndition, and on Oct. 7, 1891,
vice-president.
as an official of the
career
Mr. Fiske in the early years of his
business
Metropolitan performed a signal service for the insurance
that had
generaily when he successfully combated powerful opposition
the insuring of
developed in the Legislatures of several States to
would encourchildren. Opponents maintained that child insurance
age the murder of children.
in
Mr. Fiske's address before the Legislature of Massachusetts,
companies, is still rewhich he stated the case for the insurance
advertisements
garded as a classic in its field. It was reproduced in
defeat of
in Boston dailies, and was credited with having caused the
public sentithe legislation against child insurance and a change in
ment against that form of insurance.
threat
Mr. Fiske's prestige increased in the insurance world as the
York,
of legislation against child insurance was averted in New
Ohio, Connecticut, Pennsylvania and Ontario.
Arranged for Bonuses.
Meanwhile, Mr. Fiske as field executive, had directed the expanFormer Senator Owen in Letter to Senator Walsh Asbusiness, which had been practically
serts That Brokers' Loans Are Not Depriving Com- sion of the company's ordinary
1879 until he was elected a vice-president because the
merce of Credit — Says Federal Reserve Banks neglected from been
making special efforts to popularize and expand
company had
Should Lower Rates.
its industrial line of policies. Mr. Fiske took steps to speed up proFrom the New York "Journal of Commerce" of March 4 duction in both fields.
At that time the Metropolitan was a stock company with a capital
we take the following account from Washington:
and dividends limited to 7 per cent. As surplus
Declaring it to be untrue that brokers' loans are depriving commerce of of only $2,000,000 business expansion Mr. Fiske arranged for the
with
needed credit, former Senator Robert Owen, who had much to do accumulated
bonuses to be insured and their beneficiaries which, in
with bringing about the enactment of the Federal Reserve Act, as Chair- payment of
nineteen years, aggregated $49,000,000.
a
and
in
Currency,
of
Banking
course
the
letter
on
to
Committee
Senate
the
of
man
It was largely through the influence of Mr. Fiske that the New
Senator David I. Walsh (Bern.) Massachusetts, just made public, asserted
passed in 1902 an act under which the real
that Government officials should not interfere except as expressly author- York State Legislature
control of the company was placed in the hands of the policyholders.
ized by law.
been
Reviewing the financial situation and discussing the entry of the public The act provided that all policyholders whose insurance had
that
into the speculative market, Mr. Owen explained that commerce needs in effect for a year or more might vote for directors on condition
of a
owners
be
collectively
should
elected
added,
are
he
always available two-thirds of the directors
time loans and not call loans. The latter,
majority of the capital stock.
for the needs of commerce.
In 1914 when the surplus had increased to $40,000,000 and the
"It is the fact that commerce has not needed these funds that causes
assets totaled $500,000,000, many offers to buy the Metropolitan were
them to be unemployed and therefore loanable on call," said Owen.
the
Reserve Banks have at this made by interests in Wall Street, England and Canada, who sent
But far more significant is the fact that
moment many unemployed billions of potential credits available for com- their representatives in a steady file to the offices of Mr. Fiske. Mr.
arose."
need
the
if
bills
commercial
modity
Fiske was supported by the stockholders in refusing to sell the comHe showed how with the $3,000.000.000 possessed by the Reserve Banks pany to interests which might exploit it to the disadvantage of the
by the exchange of Reserve notes for gold certificates, $500.000.000 could policyholders.
be provided.
The following year the company was completely mutualized. The
Every gold dollar would support two and a half times as many Reserve stockholders were paid off and the election of officers was placed
bills,
he
said.
commodity
This
qualified
structure
against
issued
notes
entirely in the hands of the policyholders.
would support a credit structure many times as great as such a volume
Became President in 1919.
of cash.
"The potential powers of the Reserve Banks to serve commerce are giIn 1919 Mr. Fiske succeeded Mr. Ilegeman to the presidency.
gantic and are relatively untouched," continued Owen. "It is not true From the time that he was elected Vice-President he had seen the
that the loans made by the banks or by 'others' are preventing theneaerve company grow from a comparatively small institution with approxiBank of Now York or any other Reserve Bank from supplying needed mately $258,000,000 insurance in force and an annual premium of
commercial loans.
between $10,000,000 and $11,000,000 to the largest financial instituIt is true that commercial loans are being charged a rate so high as to tion in the world. At the end of 1928 the Metropolitan Life Inhinder business, but the Reserve Banks are seriously to blame for not surance Company had in force $16,371,956,002 of life insurance, or
correcting that by using their present powers to fix a lower rate. Instead 17rA% of all life insurance existent. It involved 42,329,281 policies.
of doing so, the Now York Reserve Bank stopped buying open market bills The income of the company for 1928 fell just short of $750,000,000,
and contracted outside loanable credit by selling its Government bonds. or more than $14,000,000 a day.
Commerce needs a lower rate, and the United States Government, in its
Mr. Fiske was no less interested in welfare work among the policyvery largo refinancing for 1929, deserves a lower rate than it can receive
holders than in the business expansion of the company. He was
if artificial contraction of credit is demanded by the Reserve Board. The
bears should be greatly pleased with the Federal Reserve Bank of New keenly interested in welfare work among the industrial risks. Trained
year made more than 3,500,000 visits to the company's
York and probably are whispering sad and melancholy bear advice to nurses last
ill policyholders, and the services of the nurses and other welfare
thnid Reserve officials.
paid for by the company. Intensive health education
"It is unsound and unfair to charge the member banks with obstructing workers were
company's agents, including the distribution of 435,000,the powers of the Reserve Banks to extend commercial credits. They are work by the
is credited with having
doing nothing of the kind and the Board is extremely ill advised to make 000 health leaflets in the past fifteen years,
such a suggestion. The Board would do better if it advised the Reserve contributed largely to the nine-year increase of expectancy of life
the
of
company
from 1911 to 1927.
among the industrial policyholders
Banks to be more considerate of the member banks."
Owen, in defense of the stock market, declared that without the stock
Mr. Fiske was born in New Brunswick, N. J., on March
and commodity exchanges "American prosperity would dry up."
18, 1852. In his early days he worked as a reporter for
"It is deplorable for a great Governmental agency to reflect on the
operations of the Now York Stock Exchange or to deprive its members of The New Brunswick Times and The Elizabeth Journal and
needed credits," he charged, adding that "it could not possibly have been as correspondent for The New York Tribune.
the intention of the Board to create breaks in the stock market, or to injure
the bulls and help the dealers, yet that was the effect of its publications."
Death of Haley Fiske, President of Metropolitan Life
Insurance Company.
Haley Fiske, President of the Metropolitan Life Insurance Company, died suddenly in his automobile on Sunday
last, March 3, just as he was about to alight from his automobile in front of his home on Park Avenue, Mr. Fiske
was returning from church service, and had appeared to
be in his usual good health. He would have been seventyseven years old on March 18. On the day of the funeral
the Company's offices remained closed. Mr.
on March
Treasury Department's March Financing—Offering of $475,000,000 4 % Treasury Certificates of Indebtedness.
The March financing of the Treasury Department takes
0 Treasury Certificates of Indebtedness,
the form of 4%7
offered to the amount of $475,000,000 or thereabouts. The
latest issue of Treasury Certificates, which will run for
9 months, was announced by Secretary Mellon on March 6,
0, being the same as that borne by
the rate of interest, 4%7
the issue of Treasury Certificates put out last October,
these maturing in eleven months. The month before (September, 1928) Certificates running from Sept. 15, 1928 to
1488
FINANCIAL CHRONICLE
June 15, 1929, were put out at 4%%. In the December
financing of the Treasury two short term issues of Treasury
Certificates bore 4Y4% interest. A dispatch March 6 to
the New York "Times" noting the 4%% rate quoted on the
present offering and that of last October said:
This is the second time within six months that the treasury has
felt itself compelled by the unusual credit conditions, due in part to
stock speculation, to pay such a rate on its securities. The last
occasion was in October, when the issue was $300,000,000. In the
previous month the treasury had marketed $550,000,000 short-term
certificates paying 4Y2%.
The 434% interest rate quoted to day and in October is the highest
paid by the treasury on a similar form of security since the period
of deflation immediately following the World War. Prior to these,
offerings even of 4%% had not been quoted since the era of tight
money in 1923-24. At one time in the intervening period an issue
had been marketed as low as 24%.
Sees No Sign of Cheaper Money.
The terms fixed for today's offering were interpreted here as
evidence that the Treasury had little hope there would be any material easing in money rates for some time to come. A break had been
hoped for by the department, and in December it had backed up this
hope by offering a $500,000,000 issue at 414 %, shaving off 1,4% from
the October rate.
There was a sharp break in the stock market almost coincident
with the announcement of the December offering, and, aided to some
extent by this happening, the issue "went over," a total of $629,000,000 in subscriptions being received.
It has been more usual for offerings of treasury certificates of
indebtedness to be twice oversubscribed, and this comparative lack
of enthusiasm for the 41,4% certificates gave Treasury experts food
for thought, it is said.
With the action of the Federal Reserve Board in issuing a warning on Feb. 6 against the use of Reserve System funds in stock
market credit operations, treasury officials hoped that developments
to follow would aid the government in financing its needs at a lower
rate, but after a brief liquidation period on the Stock Exchange money
rates again stiffened.
Preliminary announcement of the March offering was made nearly
two weeks ago and it was then indicated by high Treasury officials
that the offering would be delayed as long as possible.
The "Journal of Commerce" of March 7 contained the
following comment.
Local bankers find the rate on the Treasury certificates of indebtedness announced yesterday, much more satisfactory than the
issue of December 15, 1928, when $500,000,000 was offered at 4%%.
In its December financing the Government had offered $200,000,000
to mature in September and the remainder to mature in December.
It is recalled that two days after issuing date the September maturities had fallen to a 4.52% yield and the December maturities to a
4.44% yield. The same certificates are at present being quoted respectively to yield 4.78% and 4.69%.
Secretary Mellon in announcing the new issue on March
6 said:
About $560,000,000 of Treasury certificates of indebtedness, and
about $60,000,000 in interest payments on the public debt, become
due and payable on March 15, 1929. The present offering, with
tax and other receipts, is expected to cover the Treasury's cash requirements until June.
The new certificates, which are designated Series TD21929, will be dated and bear interest from March 15, 1929,
and will mature December 15, 1929. The Treasury will
accept in payment for the new certificates at par, Treasury
certificates of indebtedness of Series TM-1929 and TM21929 both maturing March 15, 1929. Subscriptions for
which payment is to be tendered in certificates of indebtedness maturing March 15, 1929, will be allotted in full. The
new certificates will be issued in denominations of $500,
$1,000, $5,000, $10,000 and $100,000; they will have two
Interest coupons attached payable September 15 and December 15, 1929. The following is Secretary Mellon's announcement:
The Treasury is today offering for subscription at par and accrued
interest, through the Federal Reserve Banks an issue of nine months
434% Treasury certificates of indebtedness of Series TD2-1929, dated
and bearing interest from March 15, 1929, and maturing December
15, 1929. The amount of the offering is $475,000,000 or thereabouts.
Applications will be received at the Federal Reserve Banks. The
Treasury will accept in payment for the new certificates at par,
Treasury certificates of indebtedness of Series TM-1929 and TM2-1929
both maturing March 15, 1929. Subscriptions for which payment
is
to be tendered in certificates of indebtedness maturing March
15,
1929, will be allotted in full up to the amount of the offering.
Bearer certificates will be issued in denominations of $500, $1,000,
$5,000, $10,000 and $100,000. The certificates will have two
interest
coupons attached payable September 15 and December 15, 1929.
About $560,000,000 of Treasury certificates of indebtedness,
and
about $60,000,000 in interest payments on the public debt,
become
due and payable on March 15, 1929. The present offering,
with tax
and other receipts, is expected to cover the Treasury's cash
requirements until June.
The Treasury Department's circular detailing the offering follows:
UNITED STATES OF AMERICA
434% Treasury Certificates of Indebtedness
Series TD2-1929
Dated and Bearing Interest from March 15, 1929. Due
December
15, 1929
The Secretary of the Treasury, under the authority of the
Act
approved September 24, 1917, as amended, offers for
subscription, at
[Vol.. 128.
par and ac=ued interest, through the Federal Reserve Banks, Treasury
certificates of indebtedness of Series TD2-1929, dated and bearing
interest from March 15, 1929, payable December 15, 1929, with interest at the rate of ag% per annum, payable on a semi-annual basis.
Applications will be received at the Federal Reserve Banks.
Bearer certificates will be issued in denominations of $500, $1,000,
$5,000, $10,000, and $100,000. The certificates will have two interest coupons attached, payable September 15, 1929, and December
15, 1929.
The certificates of said series shall be exempt, both as to principal
and interest, from all taxation now or hereafter imposed by the
United States, any State, or any of the possessions of the United
States, or by any local taxing authority, except (a) estate or inheritance taxes, and (b) graduated additional income taxes, commonly
known as surtaxes, and excess-profits and war-profits taxes, now or
hereafter imposed by the United States, upon the income or profits
of individuals, partnerships, associations, or corporations. The interest on an amount of bonds and certificates authorized by said act
approved September 24, 1917, and amendments thereto, the principal
of which does not exceed in the aggregate $5,000, owned by any
individual, partnership, association, or corporation, shall be exempt
from the taxes provided for in clause (b) above.
The certificates of this series will be accepted at par during such
time and under such rules and regulations as shall be prescribed or
approved by the Secretary of the Treasury, in payment of income and
profits taxes payable at the maturity of the certificates. The certificates of this series will be acceptable to secure deposits of public
moneys, but will not bear the circulation privilege.
The right is reserved 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 of 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 allotments
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 announced.
Payment at par and accrued interest for certificates allotted must
be made cn or before March 15, 1929, 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 Reserve Bank of its district. Treasury certificates of indebtedness of Series TM-I929 and TM2-1929, both
maturing March 15, 1929, 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
authorized and requested to receive subscriptions and to make allotments on the basis and up to the amounts indicated by the Secretary of the Treasury to the Federal Reserve Banks of the
respective
districts.
A. W. mELLON,
Secretary of the Treasury.
Adjournment of Seventieth Congress-Appropriatio
ns
Greatest Since World War-Legislative Action.
The Seventieth Congress swept into history on March
4 with the Senate disputing almost to the last over the
question of postponing the effective date of the National
Origins clause of the immigration law, said the Washington correspondent of the "Herald-Tribune" on March 4.
In further reporting the winding up of the Session the
advices to that paper said in part:
In the House the sessions came to a close peacefully, the Speaker
declaring that body adjourned, sine die, at noon. Contention in the
Senate over the National Origins clause tended to make the proceedings belated. The clo'cics having been turned backward three
times, it was nominally 11:58, but actually 12:23, when the gavel
of Vice-President Dawes fell and the Senate •of the Seventieth Congress was declared officially ended.
Dawes Still Fighting.
There were various formalities in the Senate, tributes to the retiring leader and incoming Vice-President, by Senators Reed Smoot,
of Utah, and Joseph T. Robinson, of Arkansas. In addition, the
outgoing Vice-President, who four years ago hurled an oratorical
bomb at the Senate rules, again took occasion to declare to the
assembled Senators that he adhered to his position regarding the
rules. "I take back nothing," was the defiance he sounded just
before he surrendered the Vice-Presidency to his successor.
President Coolidge, in accordance with custom, visited the Capitol
soon after 11 o'clock. He went to the President's Room to sign lastminute bills. The only important measure which he signed, however,
was that authorizing the extension of the Capitol grounds. In
addition to this, he signed minor bills.
Meets at 11 o'Clock.
The Senate met at 11 o'clock, with nearly a complete attendance.
After the announcement that the House had named a committee
to wait on the President and advise him that the business of the
session had been completed and ask him if he had any more communications, the Senate named a like committee to join with the
committee of the House. Senators James E. Watson, of Indiana.
and Robinson, of Arkansas, were named on behalf of the Senate.
The House members were Representatives Willis C. Hawley and
Finis J. Garrett.
Apparently taking the view the session would expire by limitation
regardless of what the President had to communicate, Senator George
W. Norris, of Nebraska, asked:
"Mr. President, if the President reports that he has some further
communication, will the Senate remain in session after 12 o'clock?"
"It will not," replied the chair.
Senator Hiram Bingham, of Connecticut, tried to get the floor
to bring up the National Origins question. Senator David A. Reed,
MAR. 9
FTNA NCIA TJ CHRONICLE
1929.]
recognition, but Senator Smoot
of Pennsylvania, also clamored for
had been recognized to
had obtained it and would not yield. He
Curtis on the occasion of
pay a parting tribute to Senator Charles
as Republican leader.
his ending his term as Senator and his services
• •
1489
time in April, the Republican leaders in the last three months have
laid the ground work for action on a farm relief bill and tariff
revision.
Funds were provided for a commission to study law enforcement,
with special reference to prohibition. Herbert Hoover, as President,
will name the commission.
Canal Measure Becomes Law.
The building of another canal to connect the two oceans is contemplated by the Edge resolution which has just become a law. A
survey of the proposed Nicaraguan route is provided, as well as an
investigation to determine the feasibility of installing another lock
in the Panama Canal.
Much legislation affecting the judiciary has been passed in the last
three months. At least a dozen new district judgeships were created,
and the appointment of three additional judgeships were provided
as a result of the creation of another Federal circuit.
Two federal judges, namely, Francis A. Winslow of the South.
em District of New York and Grover M. id oscowitz of the Eastern
District of that State, were accused of misconduct, and Congress
authorized an investigation in each case.
Another bill of widespread interest that became a law in this
session was one extending the life of the Federal Radio Commission
as an administrative body until Dec. 31.
Among other measures enacted during the session was one designed to expedite the deportation of alien criminals, notably those
adjudged guilty of bootlegging; another under which thousands of
aliens who have been here since 1921 became eligible for naturalization through the removal of various disabilities; and a third doubling
pensions paid to military aviators and their dependents.
Army Wins Better Housing.
A series of bills entailing the expenditure of millions of dollars for
improved housing conditions in the army also became law. A bill
was enacted which had been pressed for years in the measure providing for administrative settlement of claims against the government not exceeding $5,000.
Among the bills that passed were two granting pensions of $5,000
a year to Mrs. Woodrow Wilson and Mrs. Leonard Wood.
Many important measures died as a result of controversy. One of
them was that designed to reapportion representation in Congress,
and the other authorized an appropriation of $30,000,000 to cover the
cost of the census of 1930. These two measures may come up in the
special session of the legislative program is enlarged.
Senator Smoot concluded at 11:15.
• • •
Senator Reed, of Pennsylvania, declared the rules required a measdays. He indicated a
ure to be read three times on three different
Senator Bingham
purpose to make the point of order if the motion of
ought not to be left
were pressed. He said, however, this question
to be decided on a point of order.
Senator Reed then proceeded to argue in favor of the National
views on quotas
Origins law. He referred to the widely differing
been devised as someand declared the National Origins basis had
the admission of
thing impartial and permanent. It would result in
150,000 immigrants a year, he said.
from Germany,
quota
the
largely
cut
Referring to the fact it would
Senator Reed declared he admired the German immigrants, but he
one-sixth of the foreign.
knew of no reason why a country that had
of the immiborn population in this country should have one-third
gration.
Green,
William
from
telegram
Senator Reed caused to be read a
president of the American Federation of Labor, indorsing the National Origins law.
President Coolidge and Mr. Hoover entered, escorted by the committee on arrangements, and took their seats in front of the desk
his fareof the presiding officer. Vice-President Dawes then said
well to the Senate and, ending it, amid salvos of applause, declared
the session adjourned.
.• •
House Serious in Last Hours.
The end of a session usually calls for songs and cheers in the
House. There is nearly always a loosening of dignity appropriate to
the completion of many months of legislative work. It was not so
today. The last hour was taken up with tributes to departing veterans and leaders, which gave a somber touch to the proceedings.
The retirement of Representative Daniel R. Anthony, Jr., Republican, of Kansas, chairman of the Committee on Appropriations, drew
the attention of the House soon after a few loose items of business
had been disposed of. Representative Will R. Wood, Republican,
of Indiana, who will succeed Mr. Anthony in the chairmanship, deRegarding the appropriations of the Seventieth Conclared that "in his going the House loses not only a good member,
but its members lose a good friend."
Associated Press advices from Washington, March
gress,
when
came
session
Probably the most touching episode of the
Tennessee,
of
Garrett,
J.
said:
Finis
0,
that
Majority Leader Tilson asked
the retiring minority leader, address the House. "I feel," Mr.
Establishing a new high record for peace-time outlay for governTilson said, "that we cannot appropriately adjourn until we hear ment expenses, the Seventieth Congress appropriated the sum of
Irons the distinguished gentleman from Tennessee."
$9,291,599,377 during its life of two years.
Although small compared to the appropriation of $27,000,000,000
Garrett Bids House Goodby.
for the fiscal year 1918-1919, when this country was lending all its
Mr. Garrett stated that "I have tried, in my service in the House,
resources to win the World War, it exceeds by more than half a
to follow the principle of Federal assistance to the states." He
billion dollars the total appropriation of the preceding Congress.
inand
the
closed
with
states'
rights,
of
statement
a
with
followed
The Sixty-ninth Congress appropriated $8,620,000,000. This at the
troduction of a resolution commending Speaker Nicholas Longworth
time was a new high mark for peace-time and surpassed by many
for his service in the chair, and thanking him for the manner in
millions the record of the Sixty-eighth Congress appropriations, towhich he has conducted proceedings of the House.
taling $7,935,000,000.
The House then adjourned sine die.
$40,000,000 for Flood Relief.
The House was in session on Sunday, March 3, the first
$4,628,045,035 appropriated during the first session, the
the
Of
time in many years that it met on Sunday. The "Times" Seventieth Congress allotted $400,000,000 for Mississippi Valley and
in observing this in a Washington account, March 3, stated: New England flood control work. In the second session $75,000,000
$4,663,554,342 was appropriated for tax returns.
The House endeavored to wind up as much as possible of the leg- of the total of
For the first time since the Bureau of the Budget was created in
islative business to be transacted before this session closes at noon
Congress in the second session appropriated more
tomorrow, but the Senate took a recess soon after it had met, when 1922 the Seventieth
money than Director Lord of the budget submitted in estimates. The
there was a protest against acting on legislation on Sunday.
to $4,657,094,473, were exceeded by $6,459,869.
Responding to what were reported to be promptings from President- estimates, amounting
the first session, Congress deducted $9,331,779 from
elect Hoover, the House, by a vote of 190 to 152, passed the Chind- However, during
blom resolution to postpone for one year the effective date of the bureau estimates.
The House Appropriations Committee, in making public a statement
National Origins quotas of the immigration act of 1924.
pointed out that the total amount appropriated
A similar move was blocked in the Senate, however, when that on appropriations,
by the second session was $3,821,649,122, exclusive of postal receipts
body recessed, as a result of the protest which was made by Senator
all of which was expended.
Robinson of Arkansas, the Democratic leader. A like protest was totaling $841,905,229,
In an explanatory note the committee said that the totals of apmade in the House, but fell on deaf ears, since the majority leaders
include many which were carried in private acts,
there were not to be swerved from their course by demands for propriations did not
amounting to approximately $1,000,000. An accurate estimate at
Sabbath observance.
could not be made.
said,
this time, the note
Senate Not Likely to Act.
the Money Went.
Where
declaration
his
that
in
"the
today
Robinson
Senator
supporting
In
Sabbath day has been set apart for rest and worship," the Senate
The appropriations made at the second session for the various devoted a recess, by 39 to 36, until 11 o'clock tomorrow morning, an partments, with the increases and decreases from the budget estihour before the present Congress automatically will pass into history. mates, were:
Indications are that no action on the Chindblom resolution will be
Agriculture—$144,511,554; increase of $572,459.
taken by the Senate by that time.
District of Columbia—$38,472,6l5; decrease of $101,107.
Independent offices—$541,445,740; increase of $452,810.
The same paper, in its advices from Washington, March
Interior—$285,585,463; decrease of $157,882.
3, said:
Legislative—$l8660,645; decrease of $165,620.
Navy—$360,236,697; decrease of $1,228,435.
The outstanding achievement of the session, in the view of adon
the
bearing
internaministration leaders, was one that has a
State, Justice, Commerce and Labor—$111,880,887; increase of
Kellogg
the
Anti-War
was
That
$6,540.
tional relations of the government.
Treasury and Postoffice—$1,118,290,199 ; decrease of $1,122,560.
treaty in renunciation of war, which was ratified by the Senate, and
powers.
other
by
accepted
been
War—$453,789,632; increase of $3,141,695.
has
Exclusive of the two deficiency bills, which totaled $212,000,444,
A great part of the session was taken up by wrangles over the
ever-present issue of prohibition. Out of the controversy in which appropriations for the various departments aggregated $3,072,873,162,
there
subject,
emerged
a
law an increase of $1,397,897 over the budget estimates.
Senate and House engaged on this
The first deficiency bill, amounting to $97,618,461, and the second,
which imposes drastic penalties for violations of the Volstead act.
of
$10,000,
fines
im- $114,387,982, exceeded the budget estimates by $5,061,970.
or
maximum
by
punished
be
may
Offenses
The permanent and indefinite appropriations amounted to $1,378,679,prisonment for five years, or both in the discretion of trial courts.
735, which met the budget estimates.
Boulder Dam Bill Passed.
Congress in this session put the finishing touches on the Boulder
the government President Hoover's Cabinet—Secretaries Mellon and Davis
Dam power and irrigation project, which commits
to an expenditure of more than $100,000,000.
Retained—Senate Seeks Inquiry Into Legality of Their
Another outstanding event was the authorization of $274,000,000
Eligibility.
one
aircraft
and
carrier.
cruisers
fifteen
of
construction
for the
Congress inserted a clause which provides that all of these ships
Those chosen by President to serve as members of his
shall be laid down at the end of three years. The construction may Cabinet are:
States enters into a supplebe suspended in the event the United
Secretary of State—HENRY L. STIMSON of New York.
mental agreement for limitation of naval armament.
Secretary of the Treasury—ANDREW W. MELLON of PennItieeting last December at a time when it was held likely that Mr.
Hoover would call the Seventy-first Congress in special session some sylvania.
1490
FINANCIAL CHRONICLE
Secretary of War—JAMES W. GOOD of Iowa.
Attorney General—WILLIAM D. MITCHELL of Minnesota.
Postmaster General—WALTER F. BROWN of Ohio.
Secretary of the Navy—CHARLES FRANCIS ADAMS of Massachusetts.
Secretary of the Interior—RAY LYMAN WILBUR of California.
Secretary of Agriculture—ARTHUR M. HYDE of Missouri.
Secretary of Commerce--ROBERT PATTERSON LAMONT of
Illinois.
Secretary of Labor—JAMES J. DAVIS of Pennsylvania.
The names of all but two of the foregoing (Secretary
Mellon and Secretary Davis, who held their present posts
during the administration of President Coolidge) were
sent by President Hoover to the Senate in Special Session
on March 5, and were confirmed without opposition. The
President is said to have considered unnecessary the submission of the names of Secretaries Mellon and Davis.
His failure to do so, however, resulted in the introduction
in the Senate at the extraordinary session on March 5 of
a resolution by Senator McKellar (D., Tenn.), directing
the Senate Judiciary Committee to investigate whether
the head of a department of the Government may legally
hold office after the expiration of the term of the President by whom he was appointed. The "Times" in a Washington dispatch, March 5, said:
Precedent for Cabinet "hold-overs" was furnished today by the
information that Mr. Coolidge on his inauguration, March 4, 1925,
did not send to the Senate the names of any of the Harding Cabinet,
all of whom he retained, excepting Secretary of State Hughes, who
had resigned in February, and was succeeded by Mr. Kellogg.
[VOL. 128.
and Harvard Law School. Secretary of War in Cabinet of i'resident
Taft. United States Attorney in New York from 1906 to 1909.
Defeated Republican candidate for Governor of New York in 1910.
Served in World War as Colonel of A. E. F. Governor General of
Philippines since 1927. Presbyterian.
SECRETARY OF TREASURY—Andrew W. Mellon of Pittsburgh.
Reappointed. First named Secretary of Treasury by President Harding, March 4, 1921. Retained by President Coolidge four years later.
SECRETARY OF WAR—James W. Good of Evanston, Ill. Born
Sept. 24, 1866, Cedar Rapids, Ia. Lawyer. Graduated from Coe
College, Iowa, and University of Michigan Law School. City Attorney, Cedar Rapids, 1906-1908. Member of House of Representatives, 1909 to 1923, from 5th Iowa District. Resigned 1923 to
practice law in Chicago. Presbyterian.
ATTORNEY GENERAL—William D. Mitchell of St. Paul, Minn.
Born Sept. 9, 1874, Winona, Minn. Lawyer. Graduated University
of Minnesota and University of Minnesota Law School. Listed in
Who's Who as Democrat. Solicitor General of United States by
appointment of President Coolidge since 1925. Served in SpanishAmerican and World War. Member of Presbyterian Church.
POSTMASTER GENERAL—Walter F. Brown of Toledo, 0.
Born May 31, 1869, Massillon, 0. Lawyer, Graduated Harvard
University and Harvard Law School. Chairman of Ohio State Republican Committee from 1906 to 1912. Assistant Secretary of Cornmerce since Nov. 2, 1927.
SECRETARY OF THE NAVY—Charles Francis Adams of Boston, Mass. Born Aug. 2, 1866, Quincy, Mass. Lawyer. Graduated
Harvard University and Harvard Law School. Mayor of Quincy
1896 and 1897. Amateur skipper on yacht Resolute, which won international trophy in 1920. Descendent of famous Massachusetts
family of Adams. Member of many financial institutions.
SECRETARY OF THE INTERIOR—Ray Lyman Wilbur of
Oakland, Cal. Born April 13, 1875, Boonesboro, Ia. Educator.
Graduated Stanford University and subsequently studied abroad. President of Stanford University since 1916. Chief of Conservation Division, United States Food Administration, and engaged in other
Senator McKellar's resolution, which was adopted by World War activities. Noted as lecturer and author.
SECRETARY OF AGRICULTURE—Arthur M. Hyde of Trenthe Senate on March 5 by a viva voce vote, is given as ton, Mo. Born July 12, 1877,
Princeton, Mo. Lawyer. Graduated
University
follows in the "Times":
of Michigan and State University of Iowa Law School.
Mayor
of
Princeton
1908 and 1909. Governor of Missouri 1921 to
Resolved, That the Committee on the Judiciary be and it is hereby
1925.
directed to inquire into and report to the Senate:
SECRETARY OF COMMERCE—Robert P. Lamont of Chicago,
1. Whether the head of any department of the government may
legally hold office as such after the expiration of the term of the Ill. Born Dec. 1, 1867, Detroit, Mich. Manufacturer. Graduated
University of Michigan. Director in many large corporations. Served
President by whom he was appointed.
2. Whether, in view of the provisions of the laws of the United in War Department with rank of Colonel in 1918 and 1919. Church
affiliation
not given.
States, Andrew W. Mellon may legally hold the office of Secretary
SECRETARY OF LABOR—James J. Davis. Reappointment. First
of Treasury—reference being made to Section 243 of the Code of
appointment March 5, 1921, by President Harding and retained by
Laws of the United States of America, as follows:
Coolidge.
"Section 243—Restrictions Upon Secretary of Treasury.
"No person appointed to the office of the Treasury, or Treasurer,
or regisetr, shall directly or indirectly be concerned or interested in
carrying on business or trade or commerce, or to be owner in whole Inaugural Address of President Hoover—Urgent Need
or in part of any sea vessel, or purchase by himself, or another in
for Reform of Judicial and Enforcement System—
trust for him, any public lands or other public property, or be conCommission to Inquire into Prohibition Enforcecerned in the purchase or disposal of any public securities by any
State or of the United States, or take or apply to his own use any
ment—Special Session to Act on Agricultural
emolument or gain for negotiating or transacting any business in
Relief and Tariff Changes.
the Treasury Department, other than what shall be allowed by law;
Taking the oath of office on March 4 as the thirty-first
"And every person who offends against any of the provisions of
this section shall be deemed guilty of a high misdemeanor and for- President of the United States Herbert Hoover
indicated
feit to the United States the penalty of $3,000 and shall upon con- it
as his purpose to appoint "a National Commission for a
viction be removed from office, and forever thereafter be incapable
searching investigation of the whole structure of our Fedof holding any office under the United States;
"And if any other person than a public prosecutor shall give in- eral system of jurisprudence,
to include the method of enformation of any such offense, upon which a prosecution and conviction shall be had, one-half of the aforesaid penalty of $3,000, when forcement of the Eighteenth Amendment and the causes of
recovered, shall be for the use of the person giving such information." abuse under it." He made known that "Its purpose will be
to make such recommendations for reorganization of the
Law on Liquor Production Cited.
And to Section 63 of Title 26 of the Code of Laws of the United administration of Federal laws and court procedure as may
States, as follows:
be found desirable." The newly inducted President led up
"Section 63—Interest in Certain Manufactures or Production of
to the foregoing announcement by stating that "Crime is
Liquors by Revenue Officers Prohibited. • • *
Any internal revenue officer who is or shall become interested, increasing. Confidence in rigid and speedy justice Is dedirectly, in the manufacture of tobacco, snuff or cigars, or in the creasing."
Of the abuses which have grown up under the
production, rectification or redistillation of distilled spirits, shall be
Eighteenth Amendment, he said, "part are due to the faildismissed from office;
"And every officer who becomes so interested in any such manu- ure of some States to accept their share of responsibility
facture or production, rectification or redistillation, or in the pro- for concurrent enforcement and
to the failure of many
duction of fermented liquors, shall be fined not less than $500 or
more than $5,000. The provisions of this section shall apply to in- State and local officials to accept the obligation under their
ternal revenue agents as fully as to internal revenue officers."
oath of office zealously to enforce the laws. With the
Speaking at the dinner of the East Orange Republican failure from these many causes has come a dangerous exClub, at East Orange, N. J., on March 6, Senator Edge pansion in the criminal elements who have found enlarged
declared that if Mr. Mellon's name were presented for opportunities in dealing In illegal liquor." Declaring that
confirmation the few votes against it would demonstrate he intended to enforce the laws of the Country to the extent
that "much of the noise from the Senate" does not repre- of his own abilities, he alluded to the "large responsibility"
sent that body's conviction. The "Times" reports Senator resting directly upon the citizens of the country and noted
that "the measure of success that the Government shall atEdge as saying:
"Sometimes it appeals to me very strongly that the present-day tain will depend upon the moral support which you, as
American Congresses add to a President's burden in many ways abcitizens extend." In his remarks as to needed reforms he
solutely unnecessary and almost indefensible. I wasn't proud of the
Senate yesterday when, in a critical, or rather a petulant mood, said:
efforts were made to obstruct the service of Andrew W. Mellon as
Reform, reorganization and strengthening of our whole judicial and
Secretary of the Treasury.
enforcement system both in civil and criminal sides have been advocated
"The President according to custom sent in the names of all new for years by statesmen, judges and bar associations. First steps toward
nominees for the Cabinet, eight in all. As he retained the services of that end should not longer be delayed. Rigid and expeditious justice is
Secretary Mellon and Secretary of Labor Davis, under all rules and the first safeguard of freedom, the basis of all ordered liberty, the vital
precedents it was unnecessary for him to rename them.
force of progress.
"Yet, because of the opposition of a few, and a very few Senators,
A slight difference between President Hoover's prepared
to Secretary Mellon, they could not resist efforts to embarrass his
continuation in the Cabinet Of course, it was only by-play and address and his speech as delivered, was noted by the Washwill amount to nothing."
ington correspondent of the New York "Times," who said:
The following summary of the careers of the members
Mr. Hoover omitted from his address his suggestion for the transfer
of a large part of the prohibition enforcement activities from the Treasury
of President Hoover's Cabinet is from the "World":
Department to the Department of Justice, as an essential step for a more
SECRETARY OF STATE—Henry L. Stimson of New York.
effective enforcement organization. This suggestion was contained in the
Born Sept. 21, 1867. Lawyer. Graduated from Harvard University
advance copy of his speech given to the press.
MAR. 9 1929.]
FINANCIAL CHRONICLE
by memSome confusion resulted from this omission, but it wa5.stated
the probers of the President's staff that the paragraph referring to
said,
posed transfer was omitted inadvertently. The President, it was
stood by every statement in the text of the speech given to the press.
The paragraph omitted reads as follows:
In the meantime, it is essential that a large part of the enforcement activities be
transferred from the Treasury Department to the Department of Justice as a beginning of more effective organization.
' In his address President Hoover made the statement that
"the election has again confirmed the determination of the
American people that regulation of private enterprise, and
not Government ownership or operation, is the course
rightly to be pursued in our relation to business." "In
recent years," he said, "we have established a differentiation in the whole method of business regulation between the industries which produce and distribute
commodities on the one hand, and public utilities
on the other." He went on to say that "the rigid enforcement of the laws applicable to both groups is the very base
of equal opportunity and freedom from domination for all
our people," adding that "such regulation should be extended by the Federal Government within the limitations
of the Constitution and only when the individual States
are without power to protect their citizens through their
own authority." He also noted that "the larger purpose of
our economic thought should be to establish more firmly
stability and security of business and employment and
thereby remove poverty still further from our borders."
In indicating his purpose to call a special session of Congress the newly inaugurated President said:
Action upon some of the proposals upon which the Republican Party
was returned to power, particularly further agricultural relief, and limited
changes in the tariff, cannot in justice to our farmers, our labor and our
manufacturers be postponed. I shall therefore request a special session
of Congress for the consideration of these two questions. I shall deal
with each of them upon the assembly of the Congress.
Mention of the Kellogg-Briand anti-war treaty was made
In President Hoover's address, as to which he said:
The recent treaty for the renunciation of war as an instrument of
national policy sets an advanced standard in our conception of the relations of nations. Its acceptance should pave the way to greater limitation of armament, the offer of which we sincerely extend to the world.
He also took occasion to refer to the "Permanent Court of
International Justice" which he said, in its major purpose
is "peculiarly identified with American ideals and with
American statesmanship." "The reservations placed upon
or adherence," he added, "should not be misinterpreted.
The United States seeks by these reservations no special
privilege or advantage, but only to clarify our relation to
advisory opinions and other matters which are subsidiary
to the major purpose of the Court." In his reference to
the Republican pledges respecting tariff changes and agricultural relief the President outlined as follows the further
policies to which his administration is pledged.
It appears to me that the snore important further mandates from the
recent election were the maintenance of the integrity of the Constitution;
the vigorous enforcement of the laws; the continuance of economy in
public expenditure; the continued regulation of business to prevent domination in the community; the denial of ownership or operation of business
by the Government in competition; limitation of arms and by the creation of
Instrumentalities for peaceful settlement of controversies. But it will
become a reality only through self-restraint and active effort in friendliness and helpfulness. I covet for this administration a record of having
further contributed to advance the cause of peace.
President Hoover was sworn into office by William
Howard Taft, Chief Justice of the United States Supreme
Court, who four years ago administered the oath of office
to President Hoover's predecessor, Calvin Coolidge, who
retired to private life with Mr. Hoover's assumption of the
presidency. The installation (in the Senate Chamber) of
Charles Curtis as Vice-President of the United States,
(succeeding Charles G. Dawes) preceded the ceremonies of
the induction of Mr. Hoover; Mr. Dawes address will be
found elsewhere in this issue. Mr. Hoover's inaugural
address was carried by radio throughout the world; in a
Washington dispatch March 4 to the "Times" it was stated:
In the most extensive broadcasting ever attempted, the story of the
inauguration of Herbert Hoover as President was told today by radio
announcers not only to all the people of the United States who listened
In at receiving sets, but also, it is believed; to those in the remotest parts
of the world.
A final check-up with company officials revealed that fifty stations in
cities from coast to coast were joined in a network of the Columbia Broadcasting system, while sixty-seven stations, also from coast to coast, formed
the National Broadcasting Company chain.
Further commenting on the points to which Mr. Hoover's
voice was carried, the Washington correspondent of the
"Times" said:
His voice was carried to the edges of the listening multitude by cleverly
arranged amplifiers, but more than that, it went sounding half way around
the world through the network of a radio broadcasting arrangement that
was the most ambitious ever undertaken.
1491
Clear to Manila in the Philippines, our farthermost possession, it
reached; to Tokio and to Leningrad that we knew in the old Czarist days
as St. Petersburg and latter as Petrograd; to South America and to
places that the radio has made near, such as London, Paris and Berlin.
It does not seem to be too much to say that President Hoover's voice
reached to the uttermost stretches of the world. Perhaps Commander
Richard Evelyn Byrd and his band of valiant companions heard it in
the snowbound wastes of the Antarctic, 10,000 miles away.
Into that voice seemed to come a new note of authority. It was the
voice of one who appeared to have found a new confidence in himself. It
had a different ring from the tones of the man who spoke in the days
prior to his coming before the people as his party's candidate for
President.
The ceremonies attendant upon the inauguration of the
new President were marred by rain. An account of the
description of the ceremonies is taken as follows from the
"Times":
Escorted by troops of cavalry, Mr. Coolidge, as President, and Mn
Hoover, as President-elect, had gone together from the White House to
the Capitol, followed by Vice-President Dawes and Vice-President-elect
Curtis. When the proceedings at the Capitol had been completed, the
former President said good-bye to his successor and went to the Union
Station to take his train for Northampton.
As it was drawing out of Washington the new President was receiving
the acclamations of a multitude while he reviewed the most elaborate military and civic parade that Washington had seen on a Presidential inauguration day since a devastating blizzard wrecked the outdoor ceremonies prepared for the induction of William Howard Taft as President just twenty
years ago. And the rain kept coming down.
The first drops of the sprinkle that later became a downpour were pattering on the massive white dome of the Capitol as the protagonists of
the Senate ceremonies passed in dignified procession from the great central
rotunda into the open air. The Presidential oath-taking function took
place on a far-reaching wooden platform erected over the long flight of
stone steps leading to the Capitol's east entrance, where nearly all other
Presidents have been inducted into office. Its chief feature was a covered
pavilion without sides and here Mr. Hoover stood as he delivered his
inaugural address after affirming the oath.
Near him sat Mr. and Mrs. Coolidge and Mrs. Hoover, Herbert Hoover
Jr. and his wife and young Alan Hoover were there. Grouped around
were the Coolidge Cabinet and the Hoover Cabinet, and the members of
the diplomatic corps in their many-hued costumes presented a vivid background for the notable gathering of Governors, Senators, Representatives,
the Justices of the Supreme Court. In front of them, in an enclosure that
stretched out into the Capitol's wide plaza, were the ladies of the diplomatic group, the wives, daughters and friends of Senators and Representatives and several hundred of those loyal original Hooverites who had served
under the new President in his various relief activities during and after
the World War.
yhe inaugural parade, followed a luncheon given at the
White House by Mr. and Mrs. Hoover, the President reviewing the parade from a glass enclosed stand. Governors
of 26 States were among those passing in review along with
the soldiers, sailors, marines, etc., featuring the parade.
We give herewith the full text of President Hoover's
address.
My countrymen:
"This occasion is not alone the administration of the most sacred oath
which can be assumed by an American citizen. It is a dedication and
consecration under God to the highest office in service of our people. I
assume this trust in the humility of knowledge that only through the
guidance of Almighty Providence can I hope to discharge its ever increasing burdens.
It is in keeping with tradition throughout our history that I should
express simply and directly the opinions which I hold concerning some
of the matters of present importance.
If we survey the situation of our nation both at home and abroad, we
find many satisfactions; we find some cause for concern. We have
emerged from the losses of the great war and the reconstruction following it with increased virility and strength. From this strength we have
contributed to the recovery and progress of the world. What America
has done has given renewed hope and courage to all who have faith in
government by the people. In the large view, we have reached a higher
degree of comfort and security than ever existed before in the history of
the world. Through liberation from widespread poverty we have reached
a higher degree of individual freedom than ever before. The devotion to
and concern for our institutions are deep and sincere.
We are steadily building a new race—a new civilization great in its
own attainments. The influence and high purposes of our nation are respected among the peoples of the world. We aspire to distinction in the
world, but to a distinction based upon confidence in our sense of justice
as well as our accomplishments within our own borders and in our own
lives. For wise guidance in this great period of recovery the nation is
deeply indebted to Calvin Coolidge.
But all this majestic advance should not obscure the constant dangers
from which self-government must be safeguarded. The strong man must
at all times be alert to the attack of insidious disease.
Burdens Imposed on Judicial System By Eighteenth Amendment.
The most malign of all these dangers to-day is disregard and disobedience of law. Crime is increasing. Confidence in rigid and speedy
Justice is decreasing. I am not prepared to believe that this indicates
any decay in the moral fiber of the American people. I am not prepared
to believe that it indicates an impotence of the Federal government to
enforce its laws.
It is only in part due to the additional burdens imposed upon our
judicial system by the Eighteenth Amendment. The problem is much
wider than that Many influences had increasingly complicated and
weakened our law enforcement organization long before the adoption of
the Eighteenth Amendment.
To re-establish the vigor and effectiveness of law enforcement we must
critically consider the entire Federal machinery of justice, the redistribution of its functions, the simplification of its procedure, the provision
of additional special tribunals, the better selection of juries and the more
effective organization of our agencies of investigation and prosecution that
justice may be sure and that it may be swift.
1492
FINANCIAL CHRONICLE
While the authority of the Federal government extends to but part of
our vast system of national, state and local justice, yet the standards which
the Federal government establishes have the most profound influence upon
the whole structure.
We are fortunate in the ability and integrity of our Federal judges and
attorneys. But the system which these officers are called upon to administer is in many respects ill adapted to present-day conditions. Its
intricate and involved rules of procedure have become the refuge of both
big and little criminals. There is a belief abroad that by invoking technicalities, subterfuge and delay the ends of justice may be thwarted by
those who can pay the cost.
Reform, reorganization and strengthening of our whole judicial and
enforcement system both in civil and criminal sides have been advocated
for years by statesmen, judges and bar associations. First steps toward
that end should not longer be delayed. Rigid and expeditious justice is
the first safeguard of freedom, the basis of all ordered liberty, the vital
force of progress. It must not come to be in our republic that it can
be defeated by the indifference of the citizen, by exploitation of the delays
and entanglements of the law or by combinations of criminals. Justice
must not fail because the agencies of enforcement are either delinquent
or inefficiently organized. To consider these evils, to find their remedy,
is the most sore necessity of our times.
Of the undoubted abuses which have grown up under the Eighteenth
Amendment, part are due to the causes I have just mentioned; but part
are due to the failure of some states to accept their share of responsibility
for concurrent enforcement and to the failure of many state and local
officials to accept the obligation under their oath of office zealously to
enforce the laws. With the failure from these many causes has come a
dangerous expansion in the criminal elements who have found enlarged
opportunities in dealing in illegal liquor.
Responsibility of Citizens In Obeying Law.
But a large responsibility rests directly upon our citizens. There would
be little traffic in illegal liquor if only criminals patronized it. We must
awake to the fact that this patronage from large numbers of law-abiding
citizens is supplying the rewards and stimulating crime.
I have been selected by you to execute and enforce the laws of the
country. I propose to do so to the extent of my own abilities, but the
measure of success that the government shall attain will depend upon
the moral support which you, as citizens, extend. The duty of citizens
to support the laws of the land is co-equal with the duty of their government to enforce the laws which exist. No greater national service can
be given by men and women of good will—who, I know, are not unmindful of the responsibilities of citizenship—than that they should, by
their example, assist in stamping out crime and outlawry by refusing
participation in and condemning all transactions with illegal liquor.
Our whole system of self-government will crumble either if officials elect
what laws they will enforce or citizens elect what laws they will support.
The worst evil of disregard for some law is that it destroys respect for all
law. For our citizens to patronize the violation of a particular law on
the ground that they are opposed to it is destructive of the very basis
of all that protection of life, of homes and property which they rightly
claim under other laws. If citizens do not like a law, their duty, as
honest men and women is to discourage its violation; their right is openly
to work for its repeal.
To those of criminal mind there can be no appeal, but vigorous enforcement of the law. Fortunately, they are but a small percentage of
our people. Their activities must be stopped.
National Commission to Investigate Federal System of Jurisprudence
I propose to appoint a national commission for a searching investigation
of the whole structure of our Federal system of jurisprudence, to include
the method of enforcement of the Eighteenth Amendment and the causes
of abuse under it. Its purpose will be to make such recommendations
for reorganization of the administration of Federal laws and court procedure as may be found desirable.
In the mean time it is essential that a large part of the enforcement
activities be transferred from the Treasury Department to the Department
of Justice as a beginning of more effective organization.
Relation of Government to Business
The election has again confirmed the determination of the American
people that regulation of private enterprise and not government ownership
or operation is the course rightly to be pursued in our relation to business.
In recent years we have established a differentiation in the whole method
of business regulation between the industries which produce and distribute
commodities on the one hand, and public utilities on the other. In the
former, our laws insist upon effective competition; in the latter, because
we substantially confer a monopoly by limiting competition, we must
regulate their services and rates. The rigid enforcement of the laws
applicable to both groups is the very base of equal opportunity and freedom from domination for all our people, and it is just as essential for
the stability and prosperity of business itself as for the protection of the
public at large. Such regulation should be extended by the Federal government within the limitations of the Constitution and only when the
individual states are without power to protect their citizens through their
own authority. On the other hand we should be fearless when the authority
rests only in the Federal Government.
The larger purpose of our economic thought should be to establish more
firmly stability and security of business and employment and thereby
remove poverty still further from our borders. Our people have in recent
years developed a new found capacity for co-operation among themselves
to effect high purposes in public welfare. It is an advance toward the
highest conception of self-government. Self-government does not and
should not imply the use of political agencies alone. Progress is born
of co-operation in the community—not from governmental restraints.
The government should assist and encourage these movements of collective
self help by itself co-operating with them. Business has by co-operation
made great progress in the advancement of service, in stability, in regularity of employment and in the correction of its own abuses. Such
progress, however, can continue only so long as business manifests its
respect for law.
There is an equally important field of co-operation by the Federal
government with the multitude of agencies, state, municipal and private,
in the systematic development of those processes which directly affect
public health, recreation, education and the home. We have need further
to perfect the means by which government can be adapted to human
service.
Education
Although education is primarily a responsibility of the 'states and local
communities, and rightly so, yet the nation as a whole is vitally concerned
In its development everywhere to the highest standards and to complete
[VOL. 128.
universality. Self-government can succeed only through an instructed
electorate. Our objective is not simply to overcome illiteracy. The
nation has marched far beyond that. The more complex the problem of
the nation become, the greater is the need for more and more advanced
instruction. Moreover, as our numbers increase and as our life expands
with science and invention, we must discover more and more leaders for
every walk of national life. We cannot hope to succeed in directing this
increasingly complex civilization unless we can draw all the talent of
leadership from the whole people. One civilization after another has been
wrecked upon the attempt to secure sufficient leadership from a single
group or class. If we would prevent the growth of class distinctions and
would constantly refresh our leadership with the ideals of our people,
we must draw constantly from the general mass. The full opportunity
for every boy and girl to rise through the selective processes of education
can alone secure to us this leadership.
Public Health.
In public health the discoveries of science have opened a new era. Many
sections of our country and many groups of our citizens suffer from diseases the eradication of which are mere matters of administration and
moderate expenditure. Public health service should be as fully organized
and as universally incorporated into our governmental system as is public
education. The returns are a thousand-fold in economic benefits, and
p
inin
fiensis.
tely more in reduction of suffering and promotion of human hapWorld Peace.
The United States fully accepts the profound truth that our own progress, prosperity and peace are interlocked with the progress, prosperity and peace of all humanity. The whole world is at peace. The dangers to a continuation of this peace to-day are largely the fear and suspicion which still haunt the world. No suspicion or fear can be rightly
directed toward our country.
Those who have a true understanding of America know that we have
no desire for territorial expansion, for economic or ether domination of
other peoples. Such purposes are repugnant to our ideals of human
freedom. Our form of government is ill adapted to the responsibilities
which inevitably follow permanent limitation of the independence of other
peoples.
Superficial observers seem to find no destiny for our abounding increase in population, in wealth and power except that ef imperialism.
They fail to see that the American people are engrossed in the buildlng
for themselves of a new economic system, a new social system, a new
political system—all of which are characterized by aspirations uf freedom of opportunity and thereby are the negation of imperialism.
They fail to realize that because of our abounding prosperity our youth are
pressing more and more into our institutions of learning; that our people
are seeking a larger vision through art, literature, science and travel;
that they are moving toward stronger moral and spiritual life —that from
these things our sympathies are broadening beyond the bounds of our
nation and race toward their true expression in a real brotherhood of
man.
They fail to see that the idealism of America will led it to no narrow
or selfish chanhel, but inspire it to do its full share al a nation b.ward
the advancement of civilization. It will do that not by mere declaration, but by taking a practical part in supporting all useful international
undertakings. We not only desire peace with the world, but to see peace
maintained throughout the world. We wish to advance the reign of
justice and reason toward the extinction of for.
Treaty for Renunciation of War.
The recent treaty for the renunciation of war as an instrument of nationel
policy sets an advanced standard in our conception of the relations of
nations. Its acceptance should pave the way to greater limitation of
armaments, the offer of which we sincerely extend to the world.
But its full realization also implies a greater and greater perfection in the
instrumentalities for pacific settlement of controversies between nations. In
the creation and use of these instrumentalities we should support every
sound method of conciliation, arbitration and judicial settlement.
Court of International Justice.
American statesmen were among the first to propose, and they have con.
stantly urged upon the world, the establishment of a tribunal for the settlement of controversies of a justiciable character. The Permanent Court
of International Justice in its major purpose is thus peculiarly identified
with American ideals and with American statesmanship. No more potent
instrumentality .for this purpose has ever been conceived and no other is
practicable of establishment.
The reservations placed upon our adherence should not •be misinterpreted.
The United States seeks by these reservations no special privilege or advantage but only to clarify our relation to advisory opinions and other
matters which are subsidiary to the major purpose of the court. The way
should, and I believe will, be found by which we may take our proper
place in a movement so fundamental to the progress of peace.
League of Nations.
Our people have determined that we should make no political engagements, such as membership in the League of Nations, which may commit
us in advance as a nation to become involved in the settlements of contra..
versies between other countries. They adhere to the belief that the independence of America from such obligations increases its ability and availability for service in all fields of human progress.
Western Hemisphere.
I have lately returned from a journey among our sister republics of
the Western Hemisphere. I have received unbounded hospitality and
courtesy as their expression of friendliness to our country. We are
held by particular bonds of sympathy and common interest with them.
They are each of them building a racial character and a culture which
is an impressive contribution to human progress. We wish only for the
maintenance of their independence, the growth of their stability and
their prosperity. While we have had wars in the Western Hemisphere
yet on the whole the record is in encouraging contrast with that of other
parts of the world. Fortunately, the new world is largely free from the
inheritances of fear and distrust which have so troubled the old world.
We should keep it so.
It is impossible, my countrymen, to speak of peace without profound
emotion. In thousands of homes in America, in millions of homes around
the world, there are vacant chairs. It would be a shameful confession of
our unworthiness if it should develop that we have abandoned the hope
for which all these men died. Surely civilization is old enough, surely
mankind is mature enough so that we ought in our own lifetime to find a
way to permanent peace.
MAR. 9 19291
FINANCIAL CHRONICLE
whose sons mingled their blood
Abroad, to west and east, are nations
. Most of these nations have
battlefields
the
on
sons
our
of
blood
with the
our knowledge and our progress.
contributed to our race, to our culture,
very language and from many of them
From one of them we derive our
. Their desire for peace is as deep
much of the genius of our institutions
and sincere as our own.
for our ability in defense. Peace
Peace can be contributed to by respect
of arms and by the creation of the
limitation
the
by
promoted
be
can
controversies. But it will beinstrumentalities for peaceful settlement of
n and active effort in friendliness
come a reality only through self-restrai
administration a record of having further
and helpfulness. I covet for this
contributed to advance the cause of peace.
expression of the popular will can be
In our form of democracy the
lity of political parties. We maineffected only through the instrumenta
intolerant partisanship but because
tain party government not to promote
popular will, and organizaopportunity must be given for expression of the
mandates and for accountability of
tion provided for the execution of its
government both in the
government to the people. It follows that the
out in good faith the
executive and the legislative branches must carry
with power. But the govplatforms upon which the party was entrusted
is the instrument through
ernment is that of the whole people; the party
to bring them into being.
which policies are determined and men chosen
in our government, for
The animosities of elections should have no place
weal.
government must concern itself alone with common
Special Session of Congress.
party
Action upon some if the proposals upon which the Republican
relief and limited
was returned to power—particularly, further agricultural
and our
changes in the tariff—cannot in justice to our farmers, our labor
manufactures be postponed. I shall therefore request a special session
with
deal
shall
I
questions.
if Congress for the consideration of these two
each of them upon the assembly of the Congress.
Other Mandates from Election.
from the
It appears to me that the more important further mandates
n;
recent election were the maintenance of the integrity of the Constitutio
public
the vigorous enforcement of the laws; the continuance of economy in
expenditure; the continued regulation of business to prevent domination
by the
in the community ; the denial of ownership or operation of business
policies
government in competition with its citizens; the avoidance of
more
which would involve us in the controversies of foreign nations; the
; the
effective reorganization of the departments of the Federal government
expansion of public works, and the promotion of welfare activities affecting education and the home.
but beThese were the more tangible determinations of the election,
yond them was the confidence and belief of the people that we would
not neglect the support of the embedded ideals and aspirations of America.
These ideals and aspirations are the touchstones upon which the day-to-day
administration and legislative acts of government must be tested. More
than this, the government must, so far as lies within its proper powers,
give leadership to the realization of these ideals and to the fruition of these
1493
Vice-Presistanding of the duties and obligations of the
said:
he
powers
dent," as to whose
nor is he consulted about the
He is not one of the makers of the law,
obligations to the people of the
rules adopted to govern your actions. His
position and his duty to you Senators
country to whom he owes his high
of the rules which you, yourcall for a fair and impartial construction
may change.
selves, have adopted and which you alone
duties
The remarks of Mr. Dawes in turning over the
of Vice-President to his successor follow:
official duty which I am to per"In a few minutes it will be the last
States. The passing of a Conform to adjourn the Senate of the United
great republic, now entering
gress is but an incident in the life of our
in that which is its greatest
the 140th year of its existence, never stronger
and happy people.
bulwark, the love and devotion of a united
means the breaking of close
"But to many in this Senate chamber it
a common endeavor, human
ties formed by the association of years in
the time of their sundering
ties, whose strength is never realized until
is at hand.
to the members of the Senate
"I want to express my heartfelt gratitude
especially to Charles L. Watand to the members of the Senate staff and
his invaluable aid to me, and
kins, the parliamentarian of the Senate, for
consideration and the generosity with
for the courtesy and kindness and the
which you have all treated me.
and in the occupancy of this
"I have tried to be worthy as best I could,
the duty which inseperately
chair I have never consciously deviated from
partisan, personal and sectional difattached to it, that of impartiality in
ferences.
there is no place for acri"A the time of parting between friends
heart. But I could not be true
mony, and I assure you there is none in my
of this position if, as I leave
to myself and to my conception of the duties
dness should characterize
it for the last time, when, if ever, disintereste
the collective error of this great
my convictions, I did not speak again of
and powerful branch of the government.
of the world, the Senate of the
"Alone of all the deliberative bodies
with the power to allot its time
United States, under its rules, has parted
before it in accordance with their
to the consideration of the subjects
relative importance.
I take back nothing.
"This defect of procedure is fundamental.
friend and dear friend of all of
"To my successor in office, my dear
success which his fine character,
us, Senator Curtis, I wish the greatest
make certain.
his ability and his long experience in this body
Congress adjourned sine die."
"I declare the Senate of the Seventieth
follows:
The inaugural address of Vice-President Curtis
Senators:
the most distinguished legisThe United States Senate is to-day one of
greatest actual and potential powers
lative bodies in the world—one of the
civilization. Its personnel is of
for the promotion and advancement of
of, any previous body heretofore
a calibre equal to, if not the superior
how outstanding in the realms of leadassembled. Any individual, no matter
well be proud to preside over its
ership, political or otherwise, might
aspirations.
No one can adequately reduce these things of the spirit to phrases or to a
catalogue of definitions. We do know what the attainments of these deliberations.
declaring here the feeling of pride
I may, therefore, be pardoned in
ideals should be: The preservation of self-government and its full foundathrough any election as Vice-President of the
tions in local government; the perfection of justice whether in economic or which I experience that
honor has come to ens. I hope I may prove
in social fields; the maintenance of ordered liberty; the denial of domina- United States such a signal
choice, and of you. No efforts of mine will be
tion by any group or class; the building up and preservation of equality worthy of the people's
in the successful solution of the numerous inof opportunity ; the stimulation of initiative and individuality; absolute spared to aid and assist you
which will come before you.
problems
important
the
for
of
the
to
and
office;
fitness
choice
officials
affairs;
public
tricate
in
integrity
service among you as Senator
During the course of any twenty years'
direction of economic progress toward prosperity and the further lessening
I have profited much from the wisdom, tact
of poverty ; the freedom of public opinion; the sustaining of education and from the State of Kansas
members of this august body as displayed by its
of the advancement of knowledge; the growth of religious spirit and the and experience of the
members as well as by its most outstandunassuming
and
tolerance of all faiths; the strengthening of the home; the advancement most modest
leaders.
brilliant
and
ing
of peace.
all these years have been pleasantMy relations with the Senators during
There is no short road to the realization of these aspirations. Ours
events in this chamber constitute some of the
is a progressive people, but with a determination that progress must be My memories of persons and
means devoid of warming memdelightful in a long public life by no
based upon the foundation of experience. Ill-considered remedies for our
faults bring only penalties after them. But If we hold the faith of the ories,
I think, be pemritted to offer
At this point I may, with propriety,
men in our mighty past who created these ideals, we shall leave them
is retiring as presiding officer of this body,
who
gentleman
honorable
the
to
heightened and strengthened for our children.
n, admiration and esteem.
Mr. Dawes, an expression of appreciatio
his arduous and frequently onerous
Future Bright With Hope.
We will all agree that he has filled
distinction, not only to himself but to the people
This is not the time and place for extended discussion. The questions duties with credit and
before our country are problems of progress to higher standards; they of the United States.
to offer a word of welcome
It would seem fitting also at this point
are not the problems of degeneration. They demand thought and they serve
They will find their fellow-Senatores,
Senators.
new
our
to
and
greeting
ty
for
their
to quicken the conscience and enlist our sense of responsibili
most human and kindly gentlemen, willing and
settlement. And that responsibility rests upon you, my countrymen, as as I have found them,
anxious to help newcomers where they may.
much as upon those of us who have been selected for office.
Ours is a land rich In resources; stimulating in its glorious beauty;
Duties of Vice-President—Senate Rules.
the responsibilities of
filled with millions of happy homes; blessed with comfort and opportunity.
service among you has impressed me with
My
In
no
nation
me a clear understanding
In no nation are the institutions of progress more advance.
every Senator, and at the same time it has given
is
the
nation
govno
In
are the fruits of accomplishment more secure.
ent.
of the duties and obligations of the Vice-Presid
be consulted about
ernment more worthy of respect. No country is more loved by its people.
Ile is not one of the makers of the law, nor is
I have an abiding faith in their capacity, integrity and high purpose. I
to govern your actions. His obligations to the people
adopted
the
rules
his duty to you
have no fears for the future of our country. It is bright with hope.
of the country to whom he roves his high position and
which you,
In the presence of my countrymen, mindful of the solemnity of this
for a fair and impartial construction of the rules
call
Senators
ty
which
it
inchange. His obligaoccasion, knowing what the task means and the responsibili
yourselves, have adopted and which you alone may
n.
I
ask
co-operatio
the
your
and
volves, I beg your tolerance, your aid
tions and duties require a recognition and application of the precedents
help of Almighty God in this service to my country to which you have which have brought the United States Senate to its present recognized posicalled me.
tion of paramount importance as a legislative body.
, asWith the familiarity gained from long years of close observation
sisted by your full co-operation, without which little can be done, I
to be able to sense your desires certainly and surely; to obey your
Inaugural Address of Vice-President Charles Curtis— hope
will, which is the will of the people; to give it effect with the utmost disVice
nt
Retiring
-Preside
Senate Rules Criticized by
patch and to expedite the business of the Senate in an orderly and speedy
wish of
manner, for this, I take it, is not only your desire but also the
Dawes Upheld by His Successor.
our people—in effect, to be an integral part of this body, not a being
In the Senate Chamber at noon on March 4 Charles Curtis strange to or remote, and detached from it.
To do these things within the limits of my abilities I conceive to be
was inaugurated as Vice-President of the United States sucthe whole scope and sphere of the Vice-President. The task is not easy.
ceeding Charles G. Dawes. In felicitating the new incum- I ask your help and indulgence.
With a whole-hearted spirit of co-operation between us I am certain
bent of the office, Mr. Dawes alluded to the demand he had
the Congress before us will redound to the immemade in his inaugural address four years ago for a reform your achievements ingood
of all; your proceedings will be so much to
diate and ultimate
that
adg
he
still
indicatin
in
and
rules,
Senate
in the
your credit in the eyes of our people and so much to the credit of our
he
declared this people in the eyes of the world that they will stand for years in the fuhered to the criticisms made at that time,
back."
Vice- ture as the highest mark of legislative endeavors within, and perhaps
nothing
take
"I
thereto,
referring
In
week
the United States.
stated
that without,
President Curtis, who retires from the Senate,
It gives me pleasure, sir, to receive the gavel from you and to take
his service in the Senate had given him "a clear under- over the duties of the Vice-President.
1494
FINANCIAL CHRONICLE
Special Session of Senate on March 5 One of Shortest in
History.
The brief session of the Senate on March 5 at which
President Hoover's Cabinet appointments were confirmed,
occasioned the following comment in the "Times":
The special session of the Senate lasting about an hour and a half
today was not the only single day special meeting ever held by the
Senate, but it was the first of such short duration since the early
days of the constitutional government. Probably no previous session was as short as that of today.
The first special session of the Senate was convened on March 4,
1791, and adjourned the same day. Other one-day special sessions
of the Senate were on March 4, 1793, March 4, 1797, and March 4,
1817. A two-day special session was held in March, 1909, to receive
nominations from President Taft.
Bill for Federal Control of Bituminous Industry Died With
Session of Congress.
The National Coal Association in an announcement
March 5 says:
Fol.. 128.
the 15th day of April, 1929, to receive such communication as may
be made by the Executive; and
Whereas, legislation to effect further agricultural relief and legislation for limited changes of the tariff cannot in justice to our
farmers, our labor and our manufacturers be postponed; now,
Therefore, I, Herbert Hoover, President of the United States of
America, do hereby proclaim and declare that an extraordinary occasion requires the Congress of the United States to convene in extra
session at the Capitol in the city of Washington on the 15th day
of April, 1929, at 12 o'clock noon, of which all persons who shall
at that time be entitled to act as members thereof are hereby required
to take notice.
In witness whereof, I have hereunto set my hand and caused to
be affixed the great seal of the United States.
Done at the City of Washington this 7th day of March, in the
year of our Lord One Thousand Nine Hundred and Twenty-nine
and of the Independence of the United States the one hundred and
fifty-third.
HERBERT HOOVER.
By the President:
FRANK B. KELLOGG,
Secretary of State.
With the filing by the National Coal Association of a digest of Senate Adopts
Resolution Calling for Investigation by
the arguments at the hearings in December and January before the
Federal Trade Commission into Newsprint Industry
U. S. Senate Interstate Commerce Committee for and against S. 4490,
the bituminous coal control bill of the miners' union, the final chapter
to Determine Violations of Anti-Trust Law.
for the recent session of Congress was reached on the question of
The Senate on Feb. 27 adopted a resolution, offered by
Federal Government licensing of coal operators and distributors.
Opposition to the bill was voiced by the coal association, by rep- Senator Schall of Minnesota, calling for an inquiry by the
resentative business generally, by the railroads, by economists and Federal Trade Commissio
n into practices of newsprint
others. Beyond reference to a sub-committee, no action on the bill
was taken by the Senate Interstate Commerce Committee and the manufacturers and distributers. The following is the
resolution as agreed to by the Senate:
bill died with the session.
The resolution follows:
Resolved, That the Federal Trade Commission is requested to make an
Republican Caucus of House of Representatives Continues Investigation upon the question of whether any of the practices of the
manufacturers and distributers of newsprint paper tend to create a
Representative Longworth as Speaker.
monopoly in the supplying of newsprint
to publishers of small
Associated Press advices from Washington March 2 said: daily and weekly newspapers or constitute paper
a violation of the anti-trust
Without opposition to any of the party's present House officers, laws, and to report to the Senate, as soon as practicable, the results of
the Republican caucus today voted to continue them through the such investigation, together with its recommendations, if any, for necessary
next Congress. The action assures the continuation of Nicholas legislation.
Longworth of Ohio as Speaker and John Q. Tilson of Connecticut
A Washington dispatch Feb. 27 to the "Herald-Tribune"
as majority floor leader.
Other officers selected ale: William Tyler Page, clerk of the house; stated:
Senator Schall has had the resolution pending for some time, and while
Joseph G. Rogers, sergeant-at-arms; Bert W. Kennedy, doorkeeper;
Frank W. Collier, postmaster, and the Rev. James Shera Montgomery, there has been opposition to it, it was forced through to-day without s roll
call
after Senator Heflin had threatened to block other business indefichaplain.
nitely unless it was considered.
The caucus for the first time in many years was attended by
a
negro Representative-elect, Oscar DePriest, an incoming member
from Illinois.
President Hoover Calls Upon Congress to Meet in Extra
Session April I5—Farm Relief and Tariff Revision to
Be Considered.
A proclamation calling for the assembling of Congress
in extra session on April 15 was issued by President Hoover
on March 7. The President, indicating the purpose of the
extra session, said that "legislation to effect further agricultural relief and legislation for limited changes of the
tariff cannot in justice to our farmers, our labor and our
manufacturers be postponed." The calling of a special session of Congress had been urged upon the President by
Representative Tilson (Republican), Majority leader of the
House, at a conference with Mr. Hoover on Feb. 28. With
regard to the conference the United States Daily of March
1 said:
Charles F. Speare on New Trend Trusts—Stock Trading
Enterprises Designated Investment Trusts.
Discussing investment trusts and their phenomenal
growth, Charles F. Speare, in the February Journal of the
American Bankers' Association, presents the query, "Is the
investment trust becoming a financial fad and are the original conceptions of a corporation devoted to the science of
diversified security holdings being retained?" "These,"
says Mr. Speare, "are questions that properly may be asked
as a result of the activity in the investment trust world
the past year." In part Mr. Speare says:
At no time since the investment trusts began to blossom is
a
factor in American securities, and in the securities of every country
on earth, has there been such momentum in promoting new trusts
and presenting their securities for sale to the public as in the past
six months. Scarcely a day passed during November and Decem
her that did not bring out a new trust of some kind. The movement has continued into 1929. There seems to be no end to it.
Mr. Tilson explained that the President-elect has expressed a willDoubled in a Year.
ingness to be guided by the judgment of the leadership of the House,
From the most careful investigations that have been made, it apwhich initiates revenue legislation. He said he had suggested
April pears that there are at present between 200 and 225 separate trusts
10 as the date when the House will be ready
to proceed to transact representing an aggregate in debenture bonds, common and prebusiness.
ferred stocks, of $1,250,000,000. This is nearly double the figure
Farm Bill Ready April 10.
that was accepted as approximate a little over a year ago. Of
He said the farm relief bill will be ready about April 10
and that $624,000,000 domestic stock financing in the month of December,
the tariff revision bill will be in shape to submit
to the House on over 40 per cent, represented shares of investment trusts, so called.
or before April 20. He said the indications are that the
farm relief The new trusts have been of many sizes, ranging from $2,000,000
legislation, requiring probably not over a week of
consideration, would to $5,000,000 up to $104,000,000, with intermediate companies whose
be considered first.
capitalization is from $25,000,000 to $70,000,000. Perhaps the most
The tariff probably will require from three weeks
to a month of significant tendency has been that of establishing trusts to deal in,
consideration at the extra session, perhaps longer,
he said, adding or hold, special classes of securities.
that he was not prepared to speculate on a probable
This is the antithesis of the original investment trust idea, and
adjournment
date for the extra session.
more American than British in its development. It expresses a
The judgment of a considerable majority of the
membership of the preference for and the belief in, for instance, the stocks of public
House, Mr. Tilson said, is to confine the legislation
plans to the utilities, or those of insurance companies, or banks, or perhaps of
two major subjects of farm relief and tariff. For that
purpose, he chain stores, oil producing and refining companies, or of those rep.
said, it would be necessary to organize with the two
legislative com- resenting aviation and its collateral industries, while one of the most
mittees involved, the House Committees on Ways and
Means and recently created is to deal exclusively in the shares of tobacco prop.
on Agriculture. Provision for their sessions after
adjournment
of erties. This is a far cry from the strict limitation of some of the
the present Congress on March 4 is made in the second
older investment trusts to the purchasing and holding of a small
appropriation bill (H. R. 17223), pending in the Senate. deficiency percentage of their assets in any one kind of stocks,
and to the stock
of any one company in a representative industry. The years 1921
Would Ask Authority.
and 1929 in the investment trust world differ greately in this reMr. Tilsno said that if that measure should fail, a resolution
spect from the lines on which trusts were established and gained
be introduced with a view to being passed quickly by both would their prestige between 1925
and 1927.
houses
to provide this necessary authority.
There is scarcely an important banking group today that is not
identified, either directly as principals or indirectly as stockholders,
President Hoover's proclamation of March 7 follows:
in an investment trust. Some of them have admitted their
shares
BY THE PRESIDENT OF THE UNITED STATES OF
to public markets. Others are privately owned and administered.
AMERICA.
Participation in them is a favor that the managers give to their
best clients. It would be interesting reading if a list of
A Proclamation.
the lattm
Whereas, public interests require that the Congress of the United could be published, for this would reveal the existence of a considerable number with assets ranging from $5,000,000 to
States should be convened in extra session at 12 o'clock noon
$15,000,000
on and a record of extraordinary profits in the past
two years.
MAR. 9 1929.]
FINANCIAL CHRONICLE
1495
tax on
half mill
also are either of income tax or the remission of the present
Then there are dozens of little trusts which
the
under
them
of
many
ed,
administer
real estate.
public character or privately
the New York
auspices of small investment houses or members of
NEW YORK STATE BANKERS ASSOCIATION
are one of
They
daily.
almost
tip
crop
They
Exchange.
Stock
Headquarters 128 Broadway, New York City
securities.
in
March 2 1929.
the side issues of a period of intense public interest
some
of
success
the
to
To a large extent they owe their existence
Add;eased:
Institution
the
groups
To
between
n
competitio
by me to-day from
of the old-established trusts, and reflect
Gentlemen.--The following letter has been received
one else's idea.
or firms who are trying to imitate or to duplicate some
something Governor Roosevelt:.
become
has
trust
investment
the
that
seems
S,
it
CHAMBER ALBANY, N. Y.
Therefore
STATE OF NEW YORK EXECUTIVEBankers
branch of manAssociation, New York. N. Y.
of a financial fad. The faddists in this particular
M. H. Carlin, President New York State
Mr.
might have the opinion and advice
operations
I
that
their
much
Mg Dear Mr. Cahill;--I wishAssociation
agezaent of securities have had the sense to confine
economic question of great immean
on
Bankers
they
which
State
with
York
and
New
of the
to a market about which they know something
to make clear that politics does not enter in any way
their purchases to diate importance. I want
can keep in close touch. A majority of them limit
Into my consideration of this matter.
reduction of
true
the
of
function
this year be able to give a temporary
the
may
of
part
t
only
is
Governmen
'The State
American securities. This
The question arises
securi- some tax to the extent of between 12 and 13 million dollars.real
attractive
most
the
capture
to
seeks
which
or to remit
trust
t
estate
investmen
tax on
may as to whether it is best to remit the present half mill
ties in every active market of the world, and balances what
income tax.
present
the
of
20
would
directly
reduction
favor
tax
with
income
to the belief that the
be temporarily unfavorable conditions in one country
I am Personally inclined
of the direct tax.
are more affect
more people than the elimination
as I
Association
the
of
ing conditions elsewhere. In other words, these new trusts
members
the
of
views
that
I should be very glad to have the
importance but of economic considersnational than international in character, which does not mean
think that this Is a matter not only of publicvery sincerely yours,
but
securities,
foreign
against
a
prejudice
have
their managements
Governor.
clear of ion.,
(Signed) FRANKLIN 13. ROOSEVELT,
that they admit their ignorance of foreign values and steer
Roosevelt is very anxious to
them.
As you will note by this letter, Governor
their opinion as to the method
Traders Rather Thaw Investors.
secure from the bankers of New York Statemaking a temporary reduction
be pursued In
Reading between the lines of the prospectuses of some of these which they believe should
companies, and listening to the arguments of those whose business of taxes as outlined.
will you please be good enough
As a courtesy to Governor Roosevelt,
it is to sell their securities, one gathers the very definite notion
your views on this matter?
regarding
in
securities
direct
trader
him
wholesale
write
a
to
is
of
that
that their real function
Very sincerely yours,
rather than that of an investor in them. And this is where the disM. H. CAHILL, President.
tinction between the earlier investment trusts and those that have
been organized during the past year becomes visible.
Returns.
It is an outgrowth of the universal speculation in stocks and the
Filing of New York State Income Tax
large returns that have been made by successful operators in them
n and Finance
Taxatio
of
ent
The New York State Departm
plus a certain amount of capitalization of the record of concerns
2:
that, beginning business with no other policy than that of making issues the following notice under date of Mar.
past, District Director Wesley
long-term investments, found themselves in possession of profits that
has been the custom for several years
As
of
Income Tax
basis
the
been
State
New York
they could not resist taking. These profits have
Dawson of the New York District of the
the unusual distributions made on investment trust junior shares. Bureau, has assigned Auditors Leslie es Smith to the Receiver of Taxes,
It may not be too strong a statement to say that the new security Bergen Bldg., Tremont and Arthur Ares., Bronx, and room 200, Municipal
companies are sailing under false colors in assuming the title of Bldg., where they will be from liar. 4th to Apr. 15th for the purpose of
"investment trusts." They should, more properly, be classified as assisting taxpayers in the preparation of their returns or the giving of
problems.
trading companies or trading pools.
Information in connection with their income tax
Director wishes to ask
A Frank Statement.
In making the announcement, the District
the blank they received in the
use
to
returns
their
filing
was
brought
securities
when
in
taxpayers
deal
The largest aggregation of capital to
them to
the mail, or when applying for assistance to bring the blank with
together in December. It took in $104,000,000 to be used for
address
blanks bear the printed name and postoffice
holding
and
These
stocks
or
auditors.
in
trading
the
selling,
buying,
"of
purpose
they afford
the taxpayer, and, because of the facility
securities of any kind or to participate in syndicates and under- and code number of
at Albany, their use is greatly desired.
writings." It frankly styled itself a "trading corporation." Those In filing &c. when received
aphed forms. They should
New taxpayers do not receive these addressogr
who bought its stock did so in the belief that the managers of the
auditor.
the
would
and
make
from
values
for
them
security
apply
of
company were shrewd judges
will cheerfully give them
Taxpayers are urged to see the auditor, who
money for them from year to year from the recurring fluctuations in
stocks. It would be well if other smaller corporations werc equally such assistance as they need.
frank and avoided the disguise of an investment trust M cover
Commissions
what are essentially their "in and out" operations in the stock
Federal Income Tax—Ruling Affecting
market.
Loans.
for
Charged
Shortly after this gigantic trading corporation was announced,
there came upon the scene a $70,000,000 company whose functions
and mortgage loan companies will be
finance,
,
Banking
were somewhat different from either the strict investment trust or
ial additional income taxes, as a
substant
pay
to
been
it
had
organthat
upon
called
the trading corporation. Its charter stated
rendered by the United States
for
acquiring
"of
permanent
just
among
others,
purpose,
ized for the
result of a decision
or temporary investment, minority or controlling interests in estab- Board of Tax Appeals, according to J. S. Seidman, tax exlished businesses offering possibility of larger earning power or
Seidman, Certified Public Accountants.
enhancement in value." The investments of this corporation were pert of Seidman &
g
to be made chiefly in groups of companies conductin "fundamen- Mr. Seidman says:
ns are charged for making
tally related businesses which are producing or distributing trade"The Board holds that where commissio
bormark articles or standard commodities capable of wide use. Di- loans, and the commission is deducted from the amount paid the
as
versity is not necessarily a primary purpose of the corporation." It rower at the time the loan is made, the commission must be reported
was stated that the nature of the corporation's business may make income in the year in which the loan is made, and cannot be deferred
basis.
it "inadvisable to publish complete lists of its security holdings until the loan is paid, if the accounts are kept on an accrual
there has been considerable
at any given time."
"This ruling settles a point about which
In this case the profit anticipated is that from what are known in doubt and controversy. The companies have contended that the transWall Street as "long pull" investments rather than from tempo- action is, in effect, one where the borrower's obligation is purchased at a
rary trends in the market. The company will put behind promising discount and no gain is realized until the obligation is paid and the
business situations the necessary capital and the proper manage- amount received exceeds the amount advanced. The Board, however, has
ment, and let them ride for a long profit. Its returns may be slow. decided that the situation is different from buying obligations at a disEventually they should be substantial. Here again there has been count. The point of difference, the Board says, is in the fact that in a
a frank exposition of what the directors propose to do. The in- purchase at a discount, if the borrower were to repay the loan before
whereas a coonvestor can go into the situation or leave it alone.
maturity, he would get a rebate of part of the discount,
• • •
the time of
charge is returned by the lender irrespective of
mission
So long as stocks continue to advance there will be more and more repayment.
the taxpayer reports
trading or finance companies abusing the term "investment trust,"
"Accordingly, the Board concluded that where
and larger trading profits will be shown than profit in the form of on an accrual basis, the income is earned at the time the charge is made
of
matter
a
n payment is made
As
the
fact,
dividends or interest on the securities held.
for the commission. The fact that no direct connnissio
ratio this past year with not a few of the trusts has been two by the borrower to the company at the time of the loan, except by way
immaterial since,
dollars in trading profits to one dollar in income.
of the deduction from the face of the loan, was held to be
There is a strong plea being made to protect the term "trust" on the accrual basis, actual cash collection is not necessary."
as it is used in connection with fiduciary relations, and to prevent
— —
its abuse or employment to designate a corporation that has only
an investing function. So far as the British investment trusts are ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
concerned, as well as their corresponding companies in the United
Arrangements were reported made this week for the transStates, this may not be necessary. However, from the tendencies
for $170,000,
that have been outlined above, it is obvious that the term "trust" fer of a New York Curb Market membership
is a misnomer when applied to a corporation that primarily trades an increase of $10,000 over the last preceding sale.
in securities rather than purchases them after careful investigation,
and sets them aside in its portfolio to await the fruits of steady
Two New York Cotton Exchange memberships were regrowth. The public should know the difference between the two
respectively.
types of investment companies now existing here and be able to ported sold this week for $39,500 and $41,000
make a fair choice between them when it is asked to risk its The first mentioned price was an advance of $1,500 over the
capital in their securities.
It was stated that the close to-day was
sior
last preceding sale.
$41,000 bid, $46,000 asked.
Governor Roosevelt of New York Seeks Views of
Bankers Regarding Tax Cut.
M. H. Cahill, President of the New York State Bankers'
Association, has addressed the following letter to bankers
in the State regarding a communication received by him
from Governor Roosevelt, in which the latter solicits the
views of members of the Association as to the method of
tax relief favored—the remission of 20% of the present
A regular New York Pr-oduce Exchange membership
was reported sold this week for $17,000. The last preceding sale was for $22,000.
Two New York Coca Exc- hange memberships were reported sold this week for $7,000 and $7,300 respectively,
the latter being a new high record.
1496
FINANCIAL CHRONICLE
The formal ratification and definite conclusion of the
amalgamation of the International Acceptance Bank, Inc.,
with the Bank of the Manhattan Co. of New York was
noted in the annual report made on March 7 to the stockholders of the acceptance bank by Paul M. Warburg,
Chairman of its board of directors. The stockholders of
the Bank of the Manhattan Co voted on March 5 to increase
its share capital by $6,250,000, and to offer these 62,500
new shares to the stockholders of the Acceptance bank
in exchange for 125,000 of the latter's stock; 123,780 shares
of the stock of the Acceptance Bank having been tendered
for exchange, the union of the two institutions, said Mr.
Warburg, is now an accomplished fact. "It ought to be
added," he said, "that all our stockholders have formally
assented, and it is due only to some technicalities (such as
estate proceedings) that the actual deposit of the few shares
still outstanding has been delayed." Following the action
of the directors of the Bank of the Manhattan Co. at their
meeting this week, ratifying the exchange of stock and the
other conditions of the union between the two institutions,
the International Acceptance Bank, Inc., announced that
at its meeting on March 7 three directors of the Bank of
the Manhattan Co., viz., J. Stewart Baker, P. A. Rowley
and George Zabriskie, had been elected directors of the
International Acceptance Bank., Inc., J. Stewart Baker
having been elected Vice-Chairman of its board.
Six directors of the International Acceptance Trust Co.
will be added to the board of directors of the International
Acceptance Bank,Inc. The business of the Trust company
will in due course be taken over by the Bank of the Manhattan Co. The full board of the International Acceptance
Bank, Inc., will, with these additions, then consist of the
following members:
[VOL. 128.
referred to at length in these columns March 2, page 1319.
Under date of March 4 the following letter was addressed
by the President of the Guaranty Trust, William C. Potter,
to the stock holders of that institution:
Your directors have approved a plan for the merging of the National
Bank of Commerce in New York with Guaranty Trust Company of New
York. The directors of the National Bank of Commerce in New York have
also approved such plan.
The business of each institution is generally complementary to the
other rather than competitive. Their respective bank buildings, branch
offices and other facilities are such as to favor such a merger. Under
the plan, it is proposed, with the approval of stockholders, that the National Bank of Commerce in New York shall be liquidated as a national
bank and a New York State bank organized which will be merged with
your company. The present capital of $25,000,000 of the National Bank
of Commerce in New York will be increased to $30,000,000, after such
conversion into a State bank, the additional shares to be offered to its
stockholders at par. Under the plan or merger the stockholders of the
National Bank of Commerce in New York will then exchange their stock
on a share for share basis for stock of your company, whose stock will
be increased for such purpose from four hundred thousand shares to seven
hundred thousand shares. Before the merger agreement can be submitted
to you for action at a stockholders' meeting, it is necessary
that the National Bank of Commerce in New York shall becorne a State bank and the
directors of such new State bank execute with your directors a formal
merger agreement prescribing the terms and conditions
of the merger
and the mode of carrying it into effect. It is expected that
such action
will be completed* early in April so as to permit of the calling of
the
special stockholders' meeting to be held on or about May 2, 1929,
and
permit the merged institution to begin business shortly after
the first
of May, 1929.
The plan provides for the following as the principal officers
of the
merged institution;
Chairman of the Board of Directors, James S. Alexander;
Vice-Chairman of the Board of Directors, Charles H. Sabin;
President, William C. Potter;
Chairman of the Executive Committee, Thomas W. Lamont;
and that the Board of Directors of each institution shall be joined
and
continued in the merged institution.
The officers of Guaranty Company of New York will continue to be:
Chairman of the Board' of Directors, Charles H. Sabin;
President, Joseph It. Swan.
Paul M. Warburg. Chairman: J. Stewart Banker. Vice-Chairman: F. AbThe capital of the merged institution, which will bear the name of the
bott Goodhue, President: Newcomb Carlton. Howard S. Cullman, Horace Guaranty Trust Company of New
York, will be $70,000,000, the gumless
Havemeyer, Robert F. Herrick, David F. Houston, George V. McLaughlin $90,000,000, and the undivided profits
as of February 28, 1929, $23,L. Nachman, P. A. Rowley, Otto V. Schrenk, Charles B. Seger, Lawrence 875,225.
H. Shearman. Charles A. Stone, Jack Strauss, William Skinner, Philip
This is a brief outline of the method proposed for the accomplishment
Stockton, Henry Tatnall. Felix M. Warburg, James P. Warburg. Thomas of a merger
which is viewed by the Directors of both Rinks as adeantageons
H. West Jr., John L. Wilkie, Bronson Winthrop and George Zabriskie.
to both institutions and in the interest of the stockholders of each and
In the annual report to the stockholders of the Inter- which, therefore, is recommended for your approval.
The Board of Directors accordingly requests the stockholders to sign
national Acceptance Bank, Inc., Mr. Warburg reviewed
return in the enclosed envelope the accompanying consent and proxy
the past history of that bank, and stated that in the 7% and
to cause their stock to be voted to approve the proposed merger.
years
of its existence the bank, with capital funds originally
paid in of $10,250,000, recently increased to $12,500,000,
aside from the dividends paid, had added approximately
$9,000,000 to surplus and hidden reserves. "At the moment
of its union with the Bank of the Manhattan Co.," he
added, "the International Acceptance Bank, Inc., had,
therefore, total capital funds in excess of $21,000,000,"
Mr. Warburg said that the stockholders might well ask
why in the face of these excellent results the directors instead
of "leaving well enough alone" had recommended a change
in the course hitherto pursued, involving the union with
another bank. In part he went on to say:
We are living in an age of the horizontal and vertical trusts. Branch
banking (and chain banking) express the horizontal tendency, while "a
complete service,- including domestic and foreign banking, acceptance
facilities,
. .
evidence the vertical tendencies corresponding
to the industrialists' ambition to cover the whole reach from the raw material to the finished article, from the producer to the consumer.
I believe it is safe to say that the evolution In the industrial field, to a
certain degree, at least, is responsible for the similar development in the field
of banking, because the gigantic form assumed by industrial corporations
on both sides of the Atlantic render their banking requirements so large and
so ail-encompassing that only banks with gigantic resources of their own
are able to offer them commensurate faciliths. Whether or not one may
regret the abandonment of the old traditional system of"specialized banking," the trend towards"departmental banking- seems irresistible at the
present time.
In the midst of an era of persistent bank consolidation, the Bank of the
Manhattan Co.and our bank were both faced with the alternatives of either
merging with another institution specializing in the activities which they
had not developed or of embarking upon a program of building up a powerful departmental organization ffrom
In the circumstances the advantages to be gained by joining forces, by
amalgamating two institutions each so admirably complementing the other,
became quickly apparent, and I believe the stockholders of both may
be
sincerely congratulated upon the conclusion of the negotiations that brought
about the happy union between them.
The consolidated balance sheet, combining the assets
and liabilities of both concerns in their published statements
as of Dec. 31 1928, shows $22,250,000 capital, $40,000,000
surplus and undivided profits and total resources of $632,817,958. The plans for the union of the two institutions
were referred to in our issue of Jan. 19, page 3500.
Announcement is made that the title of the institution
which will result from the merger of the National Bank of
Commerce in New York and the Guaranty Trust Company of
New York will be Guaranty Trust Company of New York.
The proposed consolidation of these two institutions was
At the meeting of the Board of Directors of the Banos
Commerciale Italiana, head office, Milan, Italy, it has been
decided to propose, at the general meeting of the shareholders, to be held on March 23, a dividend for the year 1928
of Lire 65.00 per share, equal to 13%, to increase the
Reserve Fund by Lire 20.000,000.00 bringing it up to Lire
560,000,000.00; the capital is Lire 700,000,000.00.
Nathan S. Jonas, President of the Manufacturers Trust
Co., announced on Mar. 7 that Arthur S. Kleenan, who for
sometime has contemplated organizing his own investment banking firm, has resigned as Vice-President in charge
of the Investment Department of the Manufacturers Trust
Co., effective Mar. 15. Mr. Kleeman has been a VicoPresident of the Manufacturers Trust Co. for more than six
years and is one of the better known of the younger investment bankers downtown. Mr. Jonas' announcement reads
as follows:
For sometime past Mr. Arthur S. Kleeman has contemplated organizing
his own firm, to be princially engaged in the origins lion of securities, the
Initiative phases of investment banking having a special appeal for him.
Only recently have we been abl to make arrangements for releasing him,
and accordingly, he has resigned his office as Vice-President in charge of
our Investment Department to take effect on Mar. 15 1929. Mr. Kleeman
will remain as director of Manufacturers Trust Co. and a close contact will
be maintained between his firm and the Investment Department of our
company. It is expected that many of the issues originated by him and his
associates may be underwritten and offered by the two organizations
Pending the appointment of a successor to Mr. Kleeman. the Investment Department will continue to function under the guidance of its
division executives in conjunction with the President and the Chairman of
the executive committee.
At a regular meeting of the directors of the Bankers Trust
Co. of New York on Mar. 7 Junius B. Close was elected a
Vice-President of the bank. Mr. Close will assume his
duties shortly after the middle of May.
The Directors of the Bankers Trust Company of New
York recommended on March 5 that the par value of shares
of the capital stock of the Company be reduced from $100
each to $10 each. Under this plan each holder of one share
of present stock will be entitled to receive ten shares of new
stock. A special meeting of the stockholders has been called
for April 4th for the purpose of acting upon this recommendation. There are at present 250,000 shares of stock
outstanding which will be increased to 2,500,000 shares after
MAR. 9 1929.]
FINANCIAL CHRONICLE
1497
thus
as of March 15,for the first quarter of the current year,
basis.
d
dividen
yearly
$3
a
placing the stock on
of the
At the recent annual mee- ting of the directors
Stoughton Trust Co., Stoughton, Mass., Fred D. Leonard,
ed
heretofore Treasurer of the institution, was appoint
while
d,
decease
m,
Burnha
Foss
Ira
President to succeed
Dennis W. Buckley, formerly Assistant Treasurer, was made
were
Treasurer in lieu of Mr. Leonard. Other officers
re-appointed, the bank's roster being now as follows: Fred
C. FaxD. Leonard, President; James Meade and William
er.
,
ton, Vice-Presidents, and Dennis W. Buckley Treasur
comshows
31
1928
Dec.
of
as
nt
stateme
's
The company
of $251,256,
bined capital, surplus and undivided profits
s of $2,797,964.
resource
total
and
08,
$2,380,7
of
deposits
total
Lake,
A new securities company is b- eing formed in Spring
y.
Compan
es
Securiti
Lake
Spring
of
title
N. J., with the
1 and will
The institution will begin business about April
ng of
have a capital of $3,000,000 (no par value) consisti
and
Vice-President
a
Class
of
elected
shares
been
50,000
has
ne
and
Hazelti
stock
N.
A
Arthur
100,000 shares of Class
Trust Officer of the Fidelity Trust Company of New York. B stock. The Class A stock is being disposed of at $11 a
e,
ed by the
He will assume his new post on April 1. Mr. Hazeltin
share and the Class B stock has been purchas
who is a Vice-President and director of the Montclair Trust Directors of the company. The officers will be: President,
Company, Montclair, N. J., and a director of the Peoples Frederick F. Schock, President of the First National Bank of
National Bank of Montclair, started his banking career Spring Lake; Vice-President, Irving B. Reed, Vice-President
with the Knickerbocker Trust Company in 1901. In 1912 of the Asbury Park and Ocean Grove Bank of Asbury Park;
this institution merged with the Columbia Trust Company Secretary, F. F. Schock, Jr.; Treasurer, C. Henry Craig,
and the following year Mr. Hazeltine was named an As- Vice-President of the First National Bank of Spring Lake.
sistant Trust Officer. He was elected an Assistant Vicey of NewThe stockholders of the Ne- wton Trust Compan
President of the Irving Bank in 1923 following its merger
l to inproposa
ratify
12
to
March
on
with the Columbia Trust Co. He assumed his present posi- ton, N. J., will meet
surplus of the institution, the capital
and
capital
the
crease
tion in 1927.
to
from $250,000 to $300,000 and the surplus from $250,000
Harold C. Knapp, heretofore Vice-President and Trust $300,000. The new stock will be offered to present stockOfficer of the Fidelity Trust Company has resigned to be- holders at $200 a share. The increase in the capital will
come associated with the Manufacturers Trust Company.
become efective April 2.
Philaof this city plans to establish a
The National City Bank
On February 28 the proposed merger of the West
Integrity
branch office in Mexico City within four months.
delphia Title & Trust Co., Philadelphia, with the
under the name of the latter, became
-of this city will erect a two- Trust Co. of that city,
The Corn Exchange Bank
the Philadelphia "Ledger" of March
to
ng
accordi
e,
effectiv
of
st
corner
story and basement structure at the northea
d bank became a member of
enlarge
the
ntally
Tremont and Arthur Avenues for its Tremont Branch and 1. Coincide
Our last reference to the
System.
Reserve
Federal
the
s
St.
at
1146
Nichola
a new three-story and basement building
banks appeared in the
these
of
ation
consolid
hing
Avenue for its Audubon branch, now at Broadway and 166th approac
1178.
page
Feb. 23,
Street. Construction on both buildings will begin April 1 "Chronicle" of
and they are expected to be completed October 1.
d union of the Ninth Bank &
On March 4 the propose
the Northern National Bank
and
phia
Philadel
Bankinstocks Holding Corp- oration announces that it has Trust Co. of
ated according to the Philadelphia
consumm
was
l
in
city
Bank
s
nd
Hill
that
Nationa
of
holding
Richmo
its
all
of
disposed
tion, which
"Ledger" of that date. The resulting organiza
of New York.
is capitalCo.,
Trust
&
Bank
Ninth
continues the title of the
The Brooklyn "Eagle" reports that Louis M. P. Scotto, ized at $1,300,000, while surplus and undivided profits
private banker of 212 Columbia St., announced yesterday amount to $3,000,000. Resources total $30,000,000 and trust
(March 8) that he had sold his business to the Bane,a Com- funds administered by the company aggregate $9,500,000.
merciale Italiana Trust Co., which will operate the bank as
was appointed Assistant Title and
Elwood F. Reeves Jr. a branch, Mr. Scotto remaining as manager. The "Eagle"
the Industrial Trust Co. of Philaof
Assistant Trust Officer
adds:
to the Philadelphia "Ledger'
The 13anca Commerciale Italians Trust Co. had total resources of $24,- delphia on March 7, according
regular quarterly
the split-up. The directors declared the
April 1 to
dividend of 7% on the present stock, payable
15.
March
business
of
close
the
at
record
of
stockholders
at 14
John I. Waterbury, New York banker with offices
Convent Station,
Wall St., died on March 4 at his home in
He was a direcN.J. Mr. Waterbury was 78 years of age.
ph Co., the Audit
tor of the American Telephone & Telegra
le Ry.
Co. of New York, the Chicago Indianapolis & Louisvil
Pacific
the
System,
Ry.
le
Nashvil
&
le
Co., the Louisvil
& Pacific
Coast Co., the Telautograph Corp., the Texas
Co.
y
Guarant
States
United
and
Ry. Co.
Isaac Liberman, President of Arnold Constable & Co.,
l Bank & Trust
was elected a director of the Sterling Nationa
ion will open
Co. of this city, newly organized. The institut
g at 42d
Buildin
Chanin
the
in
14
April
about
business
for
comnew
the
ng
regardi
item
An
Ave.
St. and Lexington
pany was noted in these columns Feb. 23, page 1177.
344,834, deposits of $18,276,117 and capital and surplus of about $4.000.000
on Dec. 31 last. It is the American subsidiary of the Banca Commerciale
Italians of Milan, Italy, with resources of 16,000,000,000 lire (about
$837.000,000). Its main office is at 62 William St., Manhattan.
Mr. Scotto's bank, established in 1929 and popular among the Italians
of the Red IIook section, now has resources of about $600,000. The sale
will become effective March 11. Scotto's plans to form a State bank have
been abandoned.
The newly organized Kings-boro National Bank of Brooklyn will open for business about April 1 at Bay Ridge and
5th Avenues, Brooklyn. The institution will have a capital
of $500,000 and a surplus of $250,000. As noted in our issue
Of November 24, page 2910, the stock of the institution is
being disposed of at $170 a share. The officers of the bank
are: Emmet J. McCormack, President; John J. Bennett, Jr.,
Patrick J. Carley, Andrew J. Gonnoud and Moses S. Lott,
Vice-Presidents; William Sergeant Nixon, Vice-President
and Cashier. The Directors are: Emmet J. McCormack,
Charles C. Valentine, Andrew J. Gonnoud, William J. Heffernan, Fred Stumann, Thomas F. Wogan, Howard E.
Jones, Patrick J. Carley, Moses S. Lott, Herbert J. McCooey,
Michael J. O'Hara, Sigurd J. Arnesen, Henry P. Molloy,
John F. McKenna,•Samuel Heymann, John V. Cain, John J.
Bennett, Jr., William Sergeant Nixon and Berthold! Turecam°.
At its meeting held on Ma-rch 4, the Board of Directors
a dividend of 75
of the Bancomit Corporation declared
cents per share, payable April 1, to stockholders of record
of March 8.
of the
At a special meeting held March 7 the stockholders
d the
Southward Title & Trust Co. of Philadelphia approve
of
stock
capital
the
of
value
par
the
in
n
proposed reductio
d to in our
the institution from $100 to $10 a share (referre
Philadelphia
issue of Jan. 5, page 43), as reported in the
be ex"Ledger" of March 8. Ten new shares of stock will
ding.
outstan
stock
old
of
share
each
for
changed
the
The Philadelphia "Ledger" o- f March 2 stated that
will
stockholders of the Textile National Bank of that city
hold a special meeting on April 3 to vote on a proposed
$10
change in the par value of the bank's stock from $100 to
's
company
the
in
increase
d
propose
a
on
a share, and also
capital from $400,000 to $500,000.
William Reddie, President of the Talbot Bank of Easton,
Md., and one of the prominent men of Talbot County, died
suddenly on Feb. 28. Mr. Reddie was 71 years of age.
According to the Pittsbur-gh "Post-Gazette" of Mar. 1,
Augustus K. Oliver the previous day (Feb. 28) was elected
an Assistant Vice-President of the Union Trust Co. of Pittsburg and assumed his new duties on Mar. 1. Mr. Oliver is
a graduate of Yale University and for a number of years
was active as Vice-President and a director of the Newsa
paper Printing Co. Among his present activities, he is
1498
FINANCIAL CHRONICLE
[VOL. 128.
director of the Pittsburgh Coal Co., the Scholastic Publish- of
Commerce through the Union Commerce Investment Co.)
ing Co., and Treasurer and a director of the Pittsburgh in its
business extension department, according to an anRadio Co.
nouncement by John A. Reynolds, Vice-President in charge
M. S. Halliday , Manage
r a the Union Trust Building, of that department of the trust company. The announceCleveland, was promoted from the office of Assistant Vice- ment says:
Beers has had wide experience in the raising of endowment funds and
President to that of Vice-President of the Union Trust Co., of Mr.
large amounts for philanthropic purposes during
his affiliation as director
at a meeting of the Board of Directors on Feb. 26. Mr. Hal- of campaigns with the John Price
Jones Corp. and with Tamblyn & Brown
liday practiced law in Ithaca, N. Y., from 1906 to 1909, be- of New York. At the close of the war Mr. Beers was very active in the
campaign to raise money for the American Committe
e for Devastated France
coming District Attorney of Tompkins County, N. Y., and of which Myron
Herrick was the head, and in which Anne Morgan was
later New York State Senator from the forty-first district. very active. He also helped to raise $.30,000,0
00 for the European Relief
He then resigned to enter the U. S. Army Air Service as Council.
Our
last
referenc
e to the proposed consolidation of the NaGround Officer, with the rank of First Lieutenant. Upon
leaving the army, Mr. Halliday came to the Union Trust tional Bank of Commerce and the Griswold-First State Bank
Co. as Secretary of the building committee, and has been appeared in the "Chronicle" of Feb.2 1929, page 678.
in that department of the organization ever since. He is
A statement of condition o- f the enlarged Central Trust
now in charge of the rental and operation of the Union Trust Co. of Illinois,
Chicago, at the close of business Jan. 19 last,
Building.
five days after the Bank of America of that city was consolidated (Jan. 14) with the institution,showed total resources
A press dispatch on Feb.
-28 from Elyria, Ohio, to the of $167,612,458,
of which cash and sight exchange amounted
Cleveland "Plain Dealer," stated that the Amherst Savings to
$26,402
& Banking Co. of Amherst, Ohio, closed since Dec. 19 last, capital, ,517. Deposits were $132,412,242 and combined
surplus and undivided profits were $21,334,165.
will reopen for business March 15, according to an an- The
enlarged institution will occupy its new quarters at 208
nouncement by officials of the institution on that day. The South
La Salle St. in April.
advices went on to say:
The decision of the officials was made following a meeting of the stockThat five more national
-banks with total deposits of
holders last night, at which it was voted to assess each stockholder $120
a share in an effort to cover the bank's losses, which approximate $100,000. $14,500,000 have been added to the group of institutions
The stockholders had before them a report from E. H. Blair, State Su- controlled by the Northwest Bancorporation
(a holding comperintendent of Banking, stating that if they would agree to assess
each pany formed recently of which E. W. Decker, Preside
nt of
of the 500 shares of stock $110, he would allow the reopening of the
in- the Northwestern Nationa
l Bank of Minneapolis is President)
stitution. The stockholders-65 of 76 were present—decided
to place
was reported in advices from Minneapolis on March 1
the extra $10 assessment to create a surplus fund.
to
Those who do not pay into the bank the assessment on their
stock will the "Wall Street Journal." The latest additions are: Nabe forced to surrender their stock, and it will be resold, officials
detional
Bank
of
LaCrosse, Wis., $6,000,000 deposits; First
clared.
It appears from advices from Elyria on Feb. 19 to the National Bank of Lead, S. D., $3,000,000; First National
same paper that William H. Schibley, former President of Bank of Deadwood, S. D., $2,000,000; First National of
the Amherst Savings & Banking Co., was on that day sen- Moorehead, Mimi., in process of reorganization, to have
tenced in the Court of Common Pleas at Elyria by Judge deposits of $1,000,000; Citizens National of Faribault, Minn„
000 deposits. The dispatch furthermore said:
A. R. Webber to one year in the penitentiary "at hard la- $2,500,
Heavy over-subscription of the first offering of stock of the Bancorpor
bor," following the banker's plea of "guilty" the previous tion, just put on the Twin Cities market is reported. The authorizead
week to misapplying $10,387 from the account of the Wes- capital is $75,000.000. The initial issue is 100,000 shares of $50 par
common at $50.35
becher Hardware Co. to the United States Automatic Co., a
An item with reference to the formation of the new holdconcern which he, Schibley, had organized. The closing of
ing company appeared in our issue of Jan. 12, page 203.
the Amherst Savings & Banking Co., it is understood, folIt was there stated that the following group of institutions
lowed a "run" on the institution which was believed to have
would be included in the original group:
been caused by the suicide of the bank's Vice-President, JaNorthwestern National Bank of Minneapolis; Minnesota Loan
& Trust
cob Baus. An investigation of its affairs by the Lorain Co., Minneapolis; four Minneapol
is banks affiliated with the NorthwestCounty Grand Jury was begun the latter part of Janu- ern National Bank; First National Bank & Trust Co. of Fargo, N. D
First National Bank of Mason City, Iowa.
ary.
Announcement is made to- day of the formation of The
Supplementing our item
of Feb. 23 (page 1178) with ref- First Nationa
l Duluth Co. with an invested capital of
erence to the affairs of the Central National Bank of Cleve$1,000,000, to succeed to the business heretofore done by
land, advices from that city on Feb. 26 to the "Wall Street the bond
departments of the First National Bank and the
Journal," said:
American Exchange National Bank, both of Duluth, Minn.,
Increase of 7,000 shares in authorized capital stock of Central National
the merger of which into the First and American National
Bank has been subscribed by stockholders at $300 a unit, consisting
of Bank with
resources of $40,000,000 was reported last week.
one additional share of the bank stock, and a proportionate amount of
the
stock of Central National Co., being formed as the bank's investmen
t com- With broader powers and scope of operation than the bond
pany affiliation. Of the $2,100,000 received, $700,000 goes
to the bank's department of either bank, the new company
will be enabled
capital account, and $400,000 to surplus, which will be further
increased to particip
by transfer of $100,000 from undivided profits.
ate in national enterprises and underwritings.
Remaining $1,000,000 derived from sale of stock will establish the Philip L. Ray will be President and George
W. Ronald
capital structure of the Central National Co., first investment
company and Robert W. Hotchkiss, Vice-Presidents.
of its kind to be organized by a Cleveland
bank. Capital and surplus of
the bank will now be $6,000,000, with undivided profits
of $600,000. Definite announcement of organization of Central National
Co. will come in
a short time.
That the State National Ban- k of St. Louis will be included
in the approaching consolidation of the Mississippi Valley
Trust Co. and the Merchants-Laclede National Bank
Books of the National Ban-k of Commerce and-the
•
Gris- (indicated in our issues of Dec. 22 and 29 1928, pages 3491
wold-First State Bank, Detroit, were consolidated at
the and 3653, respectively) making the combined resources of the
close of the business day Feb. 28 1929, carrying out merger new organiza
tion slightly more than $100,000,000, was
plans made publie last fall. The institutions will operate announc
ed in a joint statement by the executives of the three
henceforth as the National Bank of Commerce. The board institutions
on March 5, according to the St. Louis "Globeof directors of the new combination will be a
composite Democrat" of the following day, which stated that the incluboard selected from the directorate of both banks. The
new sion of the State National Bank in the combine "will have
institution will have $5,000,000 capital, $6,000,000 surplus the effect of making
the position of the merged institutions
and $1,000,000 in undivided profits. Both banks will con- more
secure as the third largest bank in the city." The
tinue to do business until April 2 in their present buildings, capital of
the new bank, which will be known as
the Missisalthough operating with one set of figures. On April 2 they sippi
Valley Merchants' State Bank Co.,will be
will move to quarters in the new forty-story Union Trust with
$6,000,000,
combined surplus and undivided profits of
Building. The Griswold-First State Bank was formed by and its
$3,600,000,
deposits will be between $80,000,000 and $85,000
,000.
a merger of the Griswold National Bank and the First State
George E. Hoffman, the present head of
the MerchantsBank in 1927. The First State Bank was one of the oldest
Laclede National Bank, will be Chairman of the Board of
banks in Detroit and was founded in 1853; the Griswold NaDirectors,of the new bank;J.Sheppard Smith, now President
tional Bank was founded in 1925. The National Bank of of
the Mississippi Valley Trust Co., President, and Edward
Commerce was founded in 1907.
B. Pryor, President of the State National
Bank, will be
Henry Lewis Beers, formerly of New York City, is now
affiliated with the Union Trust Co. of Detroit (which Chairman of the executive committee. The directors, officers
and the entire staff of each bank will be retained by the new
operates under unified management with the National Bank
organization. Plans are being drawn to remodel the quarters
MAR. 91929.]
sof the Mississippi Valley Trust Co. and the Merchant
Laclede National Bank, which adjoin each other on Fourth
Street, between Pine and Olive Streets, and transforming
them into one large banking room for the new bank. The
physical consolidation of the institutions will take place
when this work and other details of the consolidation are
completed. The respective stockholders of the institutions
have yet to ratify the proposed merger. The paper mentioned
furthermore said in part:
rs as a result
It was indicated the disbursement to be made to stockholde
surplus and
of the new capitalization being less than the combined capital,
. The exact
undivided profits of the three institutions, will be $5,611,582
however, has not yet
terms for shareholders of each under the new plan,
been completed.
Valley
The proposed capital of the merger effected between Mississippi
32.and Merchants Laclede National last Dec. 13, was $5,000,000 with
about $3,700,000
500,000 surplus and $1,000,000 undivided profits, leaving
for disbursement under that plan.
New Capital Set-Up.
The new capital set-up is increased $1,100,000 over this. State National's
capital, surplus and undivided profits as of the Clearing House statement
this amount to be
Dec. 31, is $2,981,000, which would leave $1,881,277 of
added to the former disbursement.
Announcement was made on Feb. 27 by George W. Wilson, President of the Mercantile Trust Co. of St. Louis
(soon to form with the National Bank of Commerce in St.
Louis the new Mercantile-Commerce Bank & Trust Co.)
of the resignation of Festus J. Wade Jr., as Vice-President
of the institution, according to the St. Louis "Globe-Democrat" of Feb. 28. Mr. Wade's father, the late Festus J.
Wade, was founder of the Mercantile Trust Co. Mr. Wade
was reported as saying "that he had been considering severing his connection with the company for the past six months,
and had determined his course with regret, solely to work
out his ambitions regarding his business career." Mr.
Wilson furthermore announced that Mr. Wade would continue as a director of the company and also as one of the
five trustees under which the stock of the Mercantile Trust
Co. is being deposited to facilitate the union of the company and the National Bank of Commerce in St. Louis.
THE CURB MARKET.
There was no definite trend to Curb Market prices this
week. For a time prices sagged under liquidation, then
made moderate recoveries, but there was no general forward
movement. Attention was directed to the oil stocks through
the settlement for control of Standard Oil (Indiana) that
stock advancing from 8734 to 8834, then dropping to 8534.
To-day it sold up to 89% and closed at 88. Continental
% to 235
% recovered to 29 and ends the week
Oil fell from 263
at 2734. Humble Oil & Ref. fluctuated between 9134 and
9534 during the week and to-day jumped to 9734 resting
3. Vacuum Oil declined from 125 to 11934
/
finally at 973
and recovered finally to 121. Industrial and miscellaneous
were generally lower. American Cyanmid, class B, sold
down from 64% to 5834 and closed to-day at 5934. Amer.
Dept. Stores was off from 29 to 2234, the closing transaction
to-day being at 2534. Amer. Rolling Mill corn. declined
from 9434 to 9034 and ends the week at 9134. Amer.
Stores corn. weakened from 9234 to 8534 and finished to-day
at 8634. Auburn Automobile dropped from 186 to 166 and
recovered to-day to 173. Aviation Corp. of the Americas
after early improvement from 74 to 8934 broke to 6434, the
%. Bohn Aluminum & Brass
final figure to-day being 663
fell from 114 to 108 and sold finally at 110. Fokker Aircraft
was conspicuous for an advance from 2734 to 3734, the close
to-day being at 3734. Gold Seal Electrical broke from 72
3 and recovered finally to 6834. Sikorsky Aviation
to 55%
com, dropped from 6334 to 4734 and recovered finally to 51.
4to 167, the close to-day
Spark-Withington was off from 1853
being at 172. Utilities were irregular.
A complete record of Curb Market transactions for the
week will be found on page 1534.
S. C. Shepherd, Cashier of the First National Bank of
Memphis, Tenn., committed suicide on Feb. 27 by shooting
himself. Two weeks previously, Mr. Shepherd had suffered
a nervous breakdown brought about by grief over the loss
of his only son who died a year ago. Mr Shepherd was
fifty years of age.
The Middlesex Banking Co., Middlesex, N. C., a small
institution with capital of $15,000, failed to open its doors
for business on March 1, according to a press dispatch on
that date from Rocky Mount, N. C., printed in the Raleigh
"News" of March 2. Closing of the bank, according to
information obtained in local banking circles, the dispatch
stated, followed the steady withdrawal of deposits for thirty
days previously, depositors apparently being uneasy over
the closing of several other banks in towns of the surrounding territory. The advices also said:
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET,
Bonds (Par Value).
Week Ended
Mar. 8.
Stocks
(No. Shares)
Rights
Domestic
Portion
Government
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
890.500
1,326,600
1,245,200
1.243,800
1,145,600
1,485,700
5,500
17.500
11,100
17.300
248,980
176,100
$1,065,500
2,190,000
1,447,000
1,818.000
2,036,000
1,585.000
$138.000
271.000
316.000
201,000
453.000
143,000
Total
7,337,400
476,480
$10,141,500
$1,522,000
Directors of the bank, it was learned here, went to Raleigh last night
after discussing the situation thoroughly, and took up the matter with
the banking department of the State Corporation Commission, asking that
the department representatives take charge and handle the situation.
As a result of the decision, tho bank failed to open for business this
morning. Just what the outcome will be or what amount may be involved
as a result of the suspension of business was regarded as problematical in
local banking circles.
Course of Bank Clearings.
hy
Bank clearings are still maintaining their very notewort
by us,
record of expansion. Preliminary figures compiled
of the
based upon telegraphic advices from the chief cities
(Saturday,
country, indicate that for the week ended to-day
the United
March 9) bank exchanges for all the cities of
will
returns
weekly
obtain
to
States from which it is possible
last year.
week
nding
correspo
the
for
than
larger
be 28.5%
308,827
The total stands at $13,776,689,730, against $10,724,
gain for
for the same week in 1928. At this centre there is a
ive
the five days ended Friday of 43.0%. Our comparat
summary for the week follows:
On Feb. 28 the Citizens' Bank of Portland, Ore., was
nationalized, becoming the Citizens' National Bank, according to the Portland "Oregonian" of March 1. The institution, which was organized in 1890 and has been closely
identified with the development of East Portland, is one of
the group of ten banks controlled by the West Coast Bancorporation, with which it became affiliated in July of last
year. It has a combined capital, surplus and undivided
profits of $465,000, and total resources of $5,000,000. The
officers are E. A. Clark, President; A. A. Binford, George W
Weatherly and Ralph B. Lloyd, Vice-Presidents; Herbert
Ambler, Cashier, and John R. Young and David M. Cameron, Assistant Cashiers. The West Coast Bancorporation is
capitalized at more than $4,800,000 and its member banks
have combined deposits in excess of $20,000,000. In commenting on the nationalization of the Citizens' bank, Edgar
H. Sensenich, President of the Bancorporation said:
Examination and supervision provided national banks by the Federal
Government adds a safety feature which we believe should have an appealing
is another
effect on the public. Stability of the Federal banking laws
factor in favor of national banks.
should confine so far as
It is my opinion that bank holding companies
State or National.
possible their holdings to banks of one system, either
we
will recommend that the
future
It is probable that in the not far distant
State banks we control apply for National charters.
1499
FINANCIAL CHRONICLE
Clearings-Ratinss by Telegraph.
Week Ended March 9,
1928.
1929.
Per
Cent.
Thirteen cities, 5 days
Other cities, 5 days
$7,866,000,000 $5,500,000,000 +43.0
546,104,296 +17.6
642,192,960
+9.6
449,000,000
492,000,000
372,000,000 +12.4
418,000,000
+1.6
115,760,084
117,601,310
109,100,000 +10.1
120,100.000
-2.5
197,803,000
192,833,000
165,799,000 +21.2
200,898.000
129,935,088 +17.7
152,884,817
131.585,096 +29.7
170,628,932
88,840,008 +31.3
116,638,510
-4.1
91,427,570
87,677,607
+6.0
56,557.563
59,932,844
$10,637,387,980 $7.953,911,705 +33.7
+7.3
1,018,304,815
1,093,186,795
Total all cities, 5 clays
All cities. 1 day
$11.730.574.775
2,046.114.955
$8,972,216,520
1.752.092.307
+28.7
+16.8
II/ 77ft RAO Vin
tlf1 79,1 ROA R97
4.955
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
'Tn.., ell ni.ltra Mr uraak
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 statement, however, which we
present further below, we are able to give final and complete
results for the week previous-the week ended Mar. 2. For
that week there is an increase of 27.8%, the 1929 aggregate
of clearings for the whole country being $15,138,692,077,
against $11,849,291,499 in the same week of 1928. Outside
of this city the increase is only 13.1%. The bank exchanges
•
1500
FINANCIAL CHRONICLE
rvar.. 128.
atithis centre record a gain of 36.5%. We group the cities
Two Months.
now according to the Federal Reserve districts in which they
Inc.or
are located, and from this it appears that in the New York
1929.
1928.
Dec.
1926.
1927.
Reserve District (including this city) the gain reaches 34.9%, Federal Reserve Diets.
let Boston.._ _14 cities 4,549,511,559 4,932,454,687 -1.7 4,597,257,372 4,391,924,685
in the Philadelphia Reserve District 19.1% and in the Bos- 2nd
New York_14 " 81,376,205,972 59,200,816,917 +37.5 40,9434,321,556 49,827,242,530
ton Reserve District 6.3%. In the Cleveland Reserve Dis- 2rd Philadelphial4 " 5,526,422,316 4,995,363,879 +10.6 4,949,064,972 5,136,204,119
4th Cleveland__15 "
3,607,054,534 +8.3 3,544,004,019 3,447,854,516
trict the totals are larger by 17.3%, in the Richmond Re- 5th Richmond _10 " 3,904,647,602
1,567,597,374 1,570,842,526 -0.2 1,647,795,742 1,726,340,026
Atlanta...AS "
1,783,221,368 1,789,424,075 -0.3 1,843,626,918 2,368,627,571
serve District by 11.6% and in the Atlanta Reserve District 6th
7th Chicago _29 "
9,748,038,787 8,651,685,267 +12.7 8,119,287,028 8,429,617,474
8th St. Louis..10"
2,036,218,433 1,962,693,957 +3.8 1,898,320,563 2,024,641,087
by 5.2%. The Chicago Reserve District shows a gain of 9th
Minneapolis
1,051,423,328 1,017,507,586 +3.3
"
928,121,963 1,024,865,718
10th Kansas Cityla "
2,423.804,228 2,342,659,943 +3.5 2,348,729,426 2,273,395,509
27.0% and the St. Louis Reserve District of 6.4%, but the Ilth
Dallas
12 "
1,149,270,467 1,040,590,186 +10.4 1,117,303,339 1,12.5,005.363
Minneapolis Reserve District suffers a loss of 11.3%. In 12th San Fran...28 " 5,456,105,211 5,028,720,158 +85 4,497,462,044 4,596,498,139
the Kansas City Reserve District clearings run 8.7% beTotal
193 cities 120,872,448,703 96,137,813,715 +25.7 85,5945,294,942 86,370,216,841
41,039,042,503 38,270,207,720 +7.2 36.974,164,149 37,815,761,100
hind, while in the Dallas Reserve District there is an increase Outside N. Y. City
Canada
29 cities 3,994,407,071 3.659,828,678 +9.1 2,817,873,346 2,686,913,698
of 9.0% and in the San Francisco Reserve District of 4.7%.
In the following we furnish a summary by Federal Reserve
The course of bank clearings at leading cities of the country
for the month of February and since Jan. 1 in each of the
districts:
last four years is shown in the subjoined statement:
SUMMARY OF BANK CLEARINGS.
Week End, Mar, 2 1929.
1929.
1,50.0?
Dec.
1928.
1927.
1926.
Federal Reserve Diets.
s
$
$
%
s
lit Boston ____12 cities
5E9,026,077
553,913,679 +8.3
565,742,513
533,263,288
2nd New York_11 " 10,299,606,304 7,564,197,534 +34.9 6,823,954,242 7,333,831,886
3rd PhiladelPhial0 "
708,959,918
603,583,787 +19.1
630,174,072
711.385,179
8th Cleveland__ 8 "
503,754,456
429,618,270 +17.3
434.661,258
417,478,239
5th Richmond.6 "
192,088,547
172,091,383 +11.6
211.111,636
232,505,027
6th Atlanta....13 "
213,770,570
203,190,872 +5.2
199,389,222
268,383,235
7th Chicago...20 "
1,297,201,849 1,021,685,8E8 +27.0 1,101.486,041 1,173,667,127
8th St. Louis.- 8 "
241,665,274
227,150,041 +6.4
238,433.438
245,792,051
9th Minneapolis 7 "
115,823,953
130,684,468 -11.3
124,468,791
130,849,278
10th Kansas CIty 12 "
242,479,608
265,469,711 -8.7
286.199.813
284,410,183
Ilth Dallas
5 "
66,948,370 +9.0
72,997.574
84,334.992
78,772,544
12th San Fran...17 "
631,457,678 +4.7
661,269,838
600,495,409
601,312,525
Total
129 cities 14,138,692,077 11,849,291,499 +27.8 11278,420,106 11,988,223,010
Outside N. Y. City
4,930,054,684 4,410,610,955 +13.1 4,584,002,824 4,797,845,612
INd••••••11ft
*1 ..•
.se...n new. r•An.
„
nee., MIA .5.16
I 0
.
g.110 Me AGM
•
•
.2.4.1 tee ••••••
.
•
We also furnish to-day a summary by Federal Reserve
districts of the clearings for the month of February. For
that month there is an increase for the whole country of
22.6%, the 1929 aggregate of the clearings being $54,701,998,193 and the 1928 aggregate $44,603,174,152. While
the February total of $54,701,998,193 does not establish a
new high monthly aggregate, it is the highest amount ever
recorded for the month of February in any year. New York
City is responsible for a good part of the increase, its gain
being 33.9%. Outside of this city the increase is only 5.6%.
In the New York Reserve District the improvement reaches
33.5%, in the Philadelphia Reserve District only 12.1%,
and in the Cleveland Reserve District no more than 5.3%.
In the Boston Reserve District the totals show a decrease of
0.4%, in the Richmond Reserve District of 3.4% and in the
Atlanta Reserve District of 3.3%. The Chicago Reserve
District has a gain of 13.0%, the St. Louis Reserve District
of 0.4% and the Dallas Reserve District of 5.1%. The
Minneapolis Reserve District shows a loss of 0.8% and the
Kansas City Reserve District of 0.4%, while the San Francisco Reserve District has a gain of 3 2% to its credit.
BANK CLEARINGS AT LEADING CITIES.
February
Jae. 1 to
(000,000e
1929. 1928. 1927. 1926. 1929. 1928.
omitted.)
s
$
$
$
3
3
New York
35.929 26,824 23,059 21.453 79,833 57,868
Chicago
3,051 2.732 2,634 2,714 6,574 6,9211
Boston
1,903 1,925 1,894 1,652 4,266 4,391
Philadelphia
2,355 2,086 2,156 2,158 5.153 4,636
St. Louis
558
548
589
594 1,264 1,247
768
Pittsburgh
704 1,615 1,481
792
721
San Francisco
751
899
795 1,762 1,822
818
Baltimore
874
405
405
421
835
870
Cincinnati
300
297
276
318
652
671
Kansas City
521
514
1,116
501
546
1,100
Cleveland
560
497
468
433 1,207
1,052
Minneapolis
297
294
255
285
648
014
Newark
114
238
238
238
265
508
Detroit
667
606
869
1,882
612
1,446
Louisville
167
162
145
141
366
344
Omaha
167
149
175
157
368
552
Providence
64
53
62
144
53
134
Milwaukee
140
166
176
166
296
355
Los Angeles
919
790
759
665
1,997
1,621
Buffalo
218
194
194
197
508
431
St. Paul
114
109
119
120
249
252
Denver
141
132
117
119
308
280
Indianapolis
95
93
94
209
83
197
Richmond
171
183
170
203
373
357
Memphis
89
89
100
88
197
187
Seattle
189
176
165
166
417
375
Salt Lake City65
67
63
60
151
151
Hartford
71
56
67
66
176
160
Total
Other cities
Total all
54,701 44,603 40,397 38.759 120,872 96,137 85,595 86.370
Outside N.Y. City 18,772 17,779 17,338 17,305 41,039 38,275 36,874 37,816
The following compilation covers the clearings by months
since Jan. 1 in 1929 and 1928:
MONTHLY CLEARINGS.
Clearings, Total AU.
Month.
1929.
Clearings Outside New York.
1928.
1929.
1928.
Jan_ 66.170.468,51051.534,639,663 +28.5 22.268,802.640 20.491.159,634 +13.7
Feb- 54,701,998,193 44,603,174,152 +22.6 18,772,239,8631 17,779.048.086 +5.6
Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results
for Feb. and the two months of 1929 and 1928 are given
below:
Month of February.
Federal Reserve Diets.
1st Boston.
.
._13 cities
2nd New York.14 "
3rd Phliadelphial4 "
4th Cleveland._15 "
5th Richmond _10 "
6th Atlanta_ _._18 **
7th Chicago _._29 "
8th St. Louis_ _16 "
9th MinneaPolial3 "
10th Kansas City is "
Ilth Dallas
12 "
12th San Fran. _27 "
February
1928.
1850.0?
Dec.
February
1927.
February
1926.
$
2,158,728,836
36,602.829.526
2,531,726,544
1,819,331,303
709,807,849
818,014.380
4,524,586,333
909,942,016
481,563,641
1,112,576,079
523,832,633
2,509,064,053
2
2,167,310,536
27.425.000,281
2,259.156,439
1,727,071,297
734,950,827
845,519,979
4,005,663,081
906,043,358
485,430,622
1,116,750.286
498,253,757
2,432,013,689
%
-0.4
+33.5
+12.1
+5.3
---3.4
-3.3
+13.0
+0.4
-0.8
-0.4
+5.1
+3.2
$
2,114.218,614
23.638.572,163
2,326.896,010
1,709,500,691
750,534,634
868,243.011
3,841,722,143
877,054,373
427,928,131
1,088,634,873
515,210,504
2,229,493,200
S
1,879,424,110
22,016,030,139
2,315,453,405
1,598.410,943
793,255,090
1,094,963,200
3,906,939,334
929,507,882
468,836,560
1.063.263,779
419,068,889
2,123,668,212
Total
192 cities 54.701,998.193 44,603,174,152 +22.6 40,397,006,347 38,758,757,643
Dutaide N. Y. City
18,772,239,263 17,779,048,086 +5.8 17,337,789,024 17,305,400,168
r
s, ..1•1.... 1 /al 715 1.1 1 7, ova ca. -I-4 I 1 303 Afili 623 1 21A All rAn
1926.
$
48,554
6,847
3,889
4,795
1,298
1,479
1,627
918
648
1,088
962
627
518
1,332
300
332
124
351
1,402
453
257
252
182
446
220
361
142
142
51,020 41,160 36.976 35.155 112,810 87,349 78,190 78,532
3,684 3,443 3.421 3,604 8,062 8.788 7,405 7,838
Two Months.
Description.
February
1929.
Feb. 28
1927.
$
48,621
5,525
4,111
4,593
1,213
1,564
1,575
894
614
1.178
995
554
504
1,314
302
517
115
364
1,582
422
234
253
199
401
181
396
140
124
1929.
1928.
1929.
1928.
Stock, number of shares.- 77,968,730 47,009,070 188,774,680 103,928,4116
Railroad and miscell. bonds_ $120,281,500 $151,539,500 $284.033.500 $331,438,806
State, foreign, ac.. bonda___ 47,222,500 70.657,125 109,203,050 155,872,625
U.S. Government bond,,.....
9,298,600 16,623,250 23,189,100 37,204,0011
Total bonds
$176.802,600 $238,819,875 $416,425,650 8524,515.425
The volume of transactions in share properties on the
New York Stock Exchange each month since Jan for the
years 1926 to 1929 is indicated in the following:
Month of January
February
1929.
1928.
1927.
1928.
No. Shares.
No. Shares.
No. Shares.
No. Shares.
110.805,940
77,068,730
56,919,395
47,009,070
34,275,410
44,162,496
38.987.833
35.725.989
We now add our detailed statement showing the figures
We append another table showing the clearings by Federal
for each city separately for February and for the week ending
Reserve districts for the two months back to 1926:
March 2 for four years:
CLEARINGS FOR FEBRUARY, SINCE JANUARY 1, AND FOR WEEK ENDING
MARCH 2.
Month of February.
Clearings at-
1929.
1928.
$
First Federal Rese rve District-BostonMe.-Bangor
2.439.983
2,529.120
Portland
15.175,849
13.761,958
Mass.-Iloston
1.903,737.002 1,924,577,485
Fall River
5,441,916
6,500,252
Holyoke
2,410,279
2,974,666
Lowell
5.344,563
4,658.245
New Bedford
4,775,464
4,255,368
Springfield
22,496,394
21.299,598
Worcester
14.422,751
13,322,912
Conn.-Hartford- _
71,591,452
66,751.736
New Haven
33,418,185
32,441,529
Waterbury
10,165,300
9.154,700
R. 1.-Providence.
64.541,100
62,133.300
N.H.-Manchester._
2.767,698
2,649,667
Total(13 cities)-...- 2,158,728,836 2,167,310,536
•
Two Months
Inc. or
Dec.
-3.6
+10.3
-11
-16.3
-19.0
+14.7
+5.2
+5.6
+8.3
+7.3
+2.1
+11.0
+3.9
+4.5
-0.4
1929.
1928.
Week Ended March 2.
Inc. or
Dec.
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
5,535,167
32.439,758
4,390.917,748
14,822.618
7,289.196
10.252,053
9,329,466
48,040.895
29,912,523
150,118,288
71.421,722
22.069.100
134,335.300
5.970,853
-3.7
+0.5
-25.6
-24.8
-25.2
+8.7
+12.9
+4.8
+6.4
+17.5
+7.5
-2.2
+7.8
-0.8
4,849,511.559
4,932,454,687
-1.7
1929.
1928.
Inc. or
Dce.
1927.
1926.
664.493
4,030.376
519.000.000
1,475,228
717,852 -7.4
3,895.592 +3.5
404.000,000 +5.1
1,876,336 -21.4
1,015.965
3,696,490
507,000.000
1,927,772
775,357
4.462,432
470.000,000
2,290,056
1,223,896
1.407.576
5,383.031
3.883.761
22,655,183
11.345.855
1,241,065 -1.4
1.112,201 +26.5
5.596,109 -3.8
3,713,450 +4.6
17,319,014 +30.8
8,745.711 +29.7
1.238.284
1,343.774
5,303.899
3,746,427
16,443,939
9,399,765
977,788
1.285,657
8,477,972
3,740,235
19,992.447
9.018,556
17,248,500
708.198
14,068,500 +15-.2
727,849 -2.7
13,635.500
720,618
13.461,000
782.166
+6.3 565,742,513
533,363,288
589.026.077
553,913.679
1501
FINANCIAL CHRONICLE
MAR. 9 1929.]
CLEARINGS-(Continued.)
1929.
1928.
Week Ended March 2.
Two Mona,
Mona of February.
Cleartngs 61-
Inc. or
Dec.
$
$
YorkSecond Federal Re serve District -Nesv
24,306,239
24,696,595
F. Y.-Albany
5.791,711
6,462.997
Binghamton_
194,319,077
218,427,361
Buffalo
4,072.642
4,865,815
Elmira
5,388,468
5,738,848
Jamestown
26,824,126.086
35.929,758,330
York
New
5,768.831
5.678,304
Niagara Falls
50.633,123
61,688,220
Rochester
24,950.082
26,618,499
Syracuse
17,185,732
16,108,497
fona.-Stamford_ -2,942,136
3,876,268
I. J.-Montclair_
104,642,559
114,975,398
Newark
154,626,845
176,889,285
Northern NJ
6,246,770
7,045,109
oranges
'Fetal(14 cities).- 38,602,829,526 27,425,000,231
%
1928.
1929.
$
$
54,194,021
+1.6
13,934,888
+11.6
508,678,803
+12.4
10,164,947
+19.5
12,265,335
+6.6
+33.9 79,833,424,200
12,493,517
-1.6
143,246.642
+21.8
61,816,079
+6.7
38,712,674
-6.3
8.201,018
+31.7
265,272,952
+9.9
397.599.434
+68.9
16,201,462
+12.8
Inc. or
Dec.
51,489,750
12,012,473
430,947,845
8.688,983
11,422,477
57,867,605.995
11,837,719
118.995.032
54.679,512
32,288,043
7.274,456
228,614,997
351,857.054
13.123,381
+33.5 81,376.205,972 59.200,816,917
Third Federal Res erve District- -Philadelphi a-6,001,856 +1.3
6,078,708
'a.-Altoona
16.825,889 +11.7
18,792,503
Bethlehem
4,883,438 -8.5
4,473,482
Chester
18,045,171 +3.4
18,665,638
Harrisburg
9,157,990 -19.7
9,079,699
Lancaster
2,370,856 -7.5
2,193,210
Lebanon
4,121,652 -18.8
3,346,840
Norristown
2,355,000,000 2,086,000,000 +12.9
Philadelphia
15.626,629 +2.6
15.944,965
Reading
25,525,630 +5.4
26,894,953
Scranton
16,455,821 -1.3
16,240,229
Wilkes-Barre
7,341.483 +19.2
8,754,622
York
9,367,891 +2.4
9,594,670
4.J.-Camden
37,432,153 -2.0
36,667,025
Trenton
12,494,448 +0.7
34,682.493 +49.6
10,669,200 -6.2
37,261,176 +9.4
18,990,708 -7.7
9.1
5,245,046
8,277.350 -7.5
4,633,000,000 +11.2
36,029,126 +3.9
54,575,904 +4.6
35,140,645 +4.8
16,346,004 +9.6
20,742,464 -3.2
71,859,312 -17.4
+12.1
5.526.422.316
4.995.363,879 +10.6
+7.2
-0.1
-5.6
+12.8
-6.4
+15.1
-10.6
+7.9
-4.3
-20.7
-29.4
+2.4
+6.6
+11.3
+5.4
59,864,000
38,588,872
652,273,425
1,207,932,011
150,711,800
9,500.292
3,392,669
17,180,986
54,641,535
5,599,835
1,654,038
11,683,202
1,615,849,499
34,939,963
40.835,475
53,771,000
35,569,166
670.565,959
1,051.666,593
148,852,600
7,412,878
3,267.865
15,840,097
50,246,699
5,917.716
2,560,311
14,311,506
1,480,647,593
29,407,385
37,017,166
Total(15 cities)___ 1,819,331,303 1,727,071,297 +5.3
Fifth Federal Rese rye District- Richmond4,687,864 -7.0
4,361,621
V. Va.-Huntington_
20,784,954 -13.3
18,015,587
ie.-Norfolk
169,744,579 +1.3
171,883,962
Richmond
9,494,012 -4.5
9,066,462
c. C.-Raleigh
8,400,036 +0.1
8,402,571
I. C.-Charleston
7,924,459 +12.7
8,930,918
Columbia
405.284,788 -7.5
374,881.550
50.-Baltimore
1,782,349 -7.9
1,641,352
Frederick
3,352.262 -11.4
2,969,806
Hagerstown
103,495,524 +5.9
109,649,040
). C -Washington
3.904.647.602
3.607.054.534
Total(10 cities)....._
709,802,849
-3.4
734,950,827
9,737,335
41,302,420
373,016,936
20,252,883
19,296,984
19,825,125
835,541,512
3,658,474
5,878,394
239.087,331
1,567.597,374
$
%
$
1926. i
$
6,994,973
7,002,094
+2.5
1.163.300
1.290,200
+21.3
61,619.079
50,433,343
+23.5
1,016.477
1,187,502
+27.6
1,543,060
1.788,906
+12.7
+36.5 6.694.417,282 7,189,872,398
+16.2
+17.4
-7.5
+66.8
15,799,367
7,385,347
3,388,979
864,500
14.647,475
6,480,985
3,522,289
1,114,106
+22.3
40.642,577
45,611,358
+34.9 6,823,954,242 7.333,831.886
1,802,566
5,652,743
1,254,948
1,424,772 +26.5
4,708.054 +20.1
1,357,022 -7.5
1.530,803
5,531,240
1,412,276
1,518,753
4,202,083
1,523,855
2,270,892
2,436,639
-6.8
2,115,032
2,469,597
674,000,000
4,210,298
7,222,314
4,371,407
2.350.145
570,000.000
3,765,647
8,299,936
4,323.609
1,742,731
+18.2
+11.8
-13.0
+1.1
+34.8
5,825,377
595,000,000 678,000,000
4,118,604
4,393.896
6.888,728
7.554.165
3,964,761
4,007,463
1,914,116
1,877,739
-GA
6,743,468
6.736,677
630,174,072
711,385,179
+11.3
+8.5
-2.7
+14.8
+1.3
+28.2
+3.8
+8.5
+8.7
-5.4
-35.4
-18.4
+8.5
+18.8
+10.3
6,857.000
4,173,188
78.332,852
165,699,310
17.733,900
6,451,000 +6.2
4,393,566 -5.0
77,976,767 +0.5
121,970,244 +35.8
21,102,600 -16.0
6,191,000
4.714.462
74,290,289
122.072,033
19.237,900
5,763,000
3.734,479
80,206,217
118,992.251
15,823,300
7,887,046
6,241,962
1,946,457 +305.2
5,931,094 +5.2
1,150,649
6,829,598
2.125,575
5,410,588
216,829,197
189,846,562 +14.2
200,375,327
185,422,849
+8.3
503,754.455
429,618,290 +17.3
434,661,258
417,478,239
10,306,338 -5.5
46,318,657 -10.8
357,350,964 +4.4
21,536.878 -6.0
19,470.246 -0.9
16,841,736 +17.7
370,368,854 -4.0
3.825,546 -4.3
8,918,950 -15.0
217,904,357 +9.7
1,184,188
4,750,488
44,266.000
1,135,765 +4.3
5,046,667 -5.9
35,503,683 +24.7
1,518,497
5,616,737
49,094,000
1,595,368
10,004.331
57,084,000
1,570.842,526
-0.2
72,582,353
29,320,700
208,120,329
461,672,891
18,444,912
10,322.120
15,432,812
144,020,938
26,206,000
30,544,444
206,583,858
15,591,554
14,396,166
15,177,000
20,686,982
7,960,191
4.055,709
481,208,409
69,837,512
30,114,668
197,330 660
435,514,945
16,121,906
9,167,241
17,785,318
154,291,177
31,270,000
34,938,828
208,225,914
14,145.585
15,586,146
15,402,000
18,827.263
8.725,796
4,074,486
508.064.630
+3.9
-2.6
+5.5
+3.7
+14.4
+12.7
-30.1
-6.1
-16.2
-12.6
+4.0
+10.2
-7.6
-1.5
+9.8
8.8
-0.5
-7.3
845,519,979
-3.3
1,783,221,368
1,789,424,075
-0.3
Seventh Federal R eserve Distric t-Chicago1,033,568
1,085,903
Nlich.-Adrian
3,607,786
4,098,948
Ann Arbor
666,748,942
869,341,666
Detroit
13,966,687
15,846,401
Flint
30,470,427
33,013,192
Grand Rapids
7,598,687
8,654,209
Jackson
10,595,371
16,841.945
Lansing
12,210,731
13,816,317
150.-Ft. Wayne--23,574,133
21,690,998
Gary
94,569,177
95,788,000
Indianapolis
11,324.438
13,364,787
South Bend
23,278,336
23.185,486
Terre Haute
16,398,230
13,891,056
Wis.-Madison
165,837,404
140,735,436
Milwaukee
4,006,898
3,971,000
Oshkosh
11,111.670
13,375,023
Iowa-Cedar Rapids41,360,272
42.881.635
Davenport
38,894,998
38,089,080
Des Moines
1,808,998
1,839,889
Iowa City
27,554,741
27,426,062
Sioux City
5,122,309
5,769,156
Waterloo
4,983,209
5,669,454
Ill.-Aurora
6.910,567
7,247.347
Bloomington
2,732,346,307
3,051,527,473
Chicago
5,278,025
5,462,706
Decatur
21,334,251
23,658,279
Peoria
12,911.137
15,074,908
Rockford
10.818,782
11,241,177
Springfield
1927.
$
603.883,787 +19.1
-3.6
-19.1
-1.6
+4.4
+14.9
+17.5
-15.4
-7.2
-2.9
-18.9
-3.1
+11,3
-5.6
+3.0
+10.6
-18.6
-7.1
-9.3
818,014,380
I Inc.or
Dec.
708,959,918
Sixth Federal Rest rye District- Atlanta34.743,360
33,490,329
renn-Chattanooga._
15,114.668
13,232,000
Knoxville
94,976,257
93,484,680
Nashville
205,085,743
214,299,360
)eorgia-Atlanta....7,395,439
3,500,195
Augusta
4,344,181
5,104,982
Columbus
8,297,004
7,015,002
Macon
75,893,424
70,402,370
;U.-Jacksonville
14,525.000
14,098,000
Miami
16,493,316
13.792,502
Tampa
95.803,319
52,820.159
kla.-Birmingham 6,313,144
7.028,391
Mobile
6,843,385
6,457,743
Montgomery
7,352,000
7,571,000
Vliss.-Hattlesburg -8,321,152
9,205,600
Jackson
3,919,162
3,828,987
Meridian
1.948,346
1,809,346
Vicksburg
238,151,079
215,873,734
La.-New Orleans.- Total(18 cities)...._
1928.
%
6,038,774
6.192,581
+5.3
1,105,127
1.340,240
+16.0
49,926,706
61.640.889
+18.0
1,088,656
1,389,444
+17.0
1,165,998
1,314,171
+7.4
+38.0 10148637,393 7,438,680,544
+5.5
13,982,824
16,245,207
+20.4
6,552,903
7,695,506
+13.1
3,728,161
3,447,769
+19.9
948,967
1,584.012
+12.8
+18.0
40,978,674
+13.3 '50,119,092
+23.4
+37.5 10299606,304 7,564,197,334
12,586,137
51,886,071
10,000,873
40,767,852
17,321,548
4,769.684
7,656.455
5,153,000,000
37,447,592
57,069.709
38.826,361
17,913,452
19,994,261
59,182,321
Total(14 cities). __. 2,531,726,544 2,259,156,439
Fourth Federal Re serve District -Cleveland26.003,000
28.836,000
)hio-Akron
17,856,522
17,837,370
Canton
317,870,140
300,040,058
Cincinnati
496,788,629
580,294,480
Cleveland
71,454,800
66,857,100
Columbus
3,796,393
4,371,131
Hamilton
1,638,029
1,463,738
Lorain
7,311,797
7,887,047
Mansfield
24,219,985
23,181,878
Youngstown
2,663,931
2,112,490
'a.-Beaver Co
1,135,458
813,061
Franklin
4,996,992
5,116,419
Greensburg
720.837,214
768,587,292
Pittsburgh
12.499,753
13,917,394
(y.-Lexlngton
17,098,654
18.015,845
V. Va.-Wheeling.-
1929.
5,824,605
.2,000,000
109,984,303
2.160,139
-7.2
3,213,930
3.336,089
100,650,590
+9.3
121,630,228
131,215,437
27,594,539
+8.4
30,038,244
29,349.802
192.088.547
172.091.383 +11.6
211,111,636
232,585.027
9,757.573
.3,500,000
24.034.037
58,415,969
2,250,183
7,535,617 +29.5
*3,479,000 +0.6
23,493,218 +2.3
50,063,804 + 16.7
1,962,579 +14.7
8,150,846
*3,500,000
25.481,754
52,225.969
2,564,298
8,234,000
3,658,846
24,556.919
72.347,006
2,455,063
1,960,704
17,851,053
3,953,000
2,167,168 -9.5
18,065,865 -1.2
3,511,000 +12.6
2,096,541
23.099,018
6,999,874
1,625,778
37,444.615
19,271,378
21,787,246
2,388,315
27,781,482 -21.6
1,606,463 +48.7
23,282,122
2,037,724
27,423,198
2,514,919
29,901,568
1,897,000
1,890,000
+9.4
1,500,000
1,800,000
391,248
65,584,242
418.327
61,216,349
-6.5
+7.1
471,095
47,979,913
515,293
66,336,222
213,770,570
203,190.872
+5.2
199.389,222
268.283,235
320,546
217,953
286,941 +1.5
291,361
2,404,763
+5.0
2.294,794 +4.8
1,212,726
1,006,862
554,804 +111.0
1,171,953
9,223,941
+13.6
8.023,296 +15.0
167,920,450 170,936,565
+54.3
172,530.315
266.205,482
+30.4 1.882,293.903 1,444,794,005 +30.3
33,239,610
29,494,984 +12.9
+13.5
9,076,384
8,316,742
8,153,084 +11.6
9,100,134
75.996,972
+8.3
68.240,354 +11.4
21,319,812
+13.9
19,134,961 +11.4
2,930.000
2,840,000
2,357,616 +87.7
4,425,716
33,321,870
+5.9
+42.2
23.430,331
3,206.301
2,899,838
3,668,889 +9.5
3,686,715
29,055,687
+13.2
26,679,626 -28.6
44,275,044
-8.0
5.5
46,833 996
28,591,000
24,941,000
+5.2
27,004,000
28,421,000
+1.3
+6.4
209,505.000
9
196,876,27
2,938,068
3,148,600
2.747,000 +30.4
3,581,092
28,943,552
+18.0
23,967,338 +20.8
6,510,377
5.312,100
8,657,712 -13.2
7,516,965
48,935,571
-0.4
49,179,599 --0.5
28,554,781
-15.3
33.830,987 -15.6
48,923,707
44,815,290
42,188,978 -8.1
38,769,700
-15.1
296,501,031
355,14992 -16.5
8,630,383
-0.9
7,913,140 +9.1
4,118,447
4,966,502
-13.5
3,985,638
3,448,429
+20.4
26.849,570
23,847,896 +13.5
+3.7
95,545,702
92,523,519 +3.3
13,430,074
-5.6
11,922,878
16.382.447
11,255,928
-2.1
77,959,450
80,466,537 -3.1
+1.7
3,913,857
3,874,228 +3.1
7,754,797
8,954,877
7,453,893 +2.6
7.644,301
59,426,679
-0.5
+5.9
56,117,761
1,615,601
1,540,203
1,340,728 +18.9
1,594,942
+12.6
12,576.365
9,945,749 +26.5
+13.8
12,749,674
+20.6
10,574.053
2
2,473,218
905 188
-5.4
2,511,550
2,375,066
+4.9
15,515,919
14 402 203 +7.7
711,127,468 +25.5 787.480,409 857,745,683
+11.7 6,574,571.575 5,919,556,45
+111 892,671,550
8
1,448,779
1,694,344
+2.1
1,527,102
1,559,596
+3.5
11,821,561
11,051,443 +7.0
5,986,501
6,574,650
6,815,446 -7.1
6,329,336
+10.5
50,836,969
44,685,788 +11.5
3,420,166
3.788,043
3,872,302 +5.5
4,036,971
+16.8
31,051,985
26,218,340 +18.4
4,055,583
2,772,647
+2.9
2,979,542
3,065.612
+3.9
23,937,561
22.577,664 +6.0
1,297,201,849 1,021,685.886 +27.0 1,101.436.041 1,173,667.127
Total(29 cities)---- 4.524,586.333 4,005.663,081 +13.0 9,748.038,787 8,651,685,267 +12.7
Louis
-St.
Eighth Federal Re serve District
5,635,204
5,583,730
4,423,510 +26.5
5,597,401
11,150,701 +82.1
48,800,755
24,329,789 +100.6
20,302,665
Ind.-Evansville 1,608,978
699,796 +4.9
1,556,589 +3.3 157,100,000 147,600,000 +6.4 151,800,000 157 700 000
734,080
New Albany
-1.8
1
568,596.190
1,254,992,781
246 579054 +0.6
558,286,099
39,554,140
39,105,378
Mo.-St. Louis
37,933,740 +2.5
38,872,530
366.254.454 '
162,154,918 +3.5
34464,998 +63
167,810,272
Ky.-Louisville
508,338
584,013
374.492 +20.7
451,828
4.895,153
1,982,841 +6.3
4,347,846 +12.6
2,108,090
Ownesboro
25,972,820
9,557.786 -2.5
9,323,389
19.370,153 +34.1
25
598 787
Paducah
23,713,978
+14.6
21,057,963
24,130,344
88,936,163 +1.0
197,857,528
89,801,656
186,807.723 +5.9
Tenn.-Memphis-14:542:007
14,563,657
13,341,711 +1.1
13,492,484
01
55,616,969 -1.7
121,186,135
+
54,681,555
120240275
609,089
550.728
+0.9
Ark.-Little Rock-462,437
466,711
1,431,536 +0.2
3.093,794
2,752,528 +12.4
1,434,491
2,059,393
2,068,987
Ill.-Jacksonville.1,956,188 -21.1
1,544,076
5,916,458 -7.3
12.244,682 -5.6
5,459,719
11.695,0351
Quincy
227,150,041 +6.4 238,433,438 245,792,051
906,043.358 +0.4 2,036.218,433 1,982,693,957 +3.8 241,655,374
909,942,016
Total(10 eities)____
1502
FINANCIAL CHRONICLE
VoL. 12$
CLEARINGS.-(Conduded.)
Month of February.
Clearings at-
1929.
Two Months
Inc. or
Dec.
1928.
Ninth Federal Res erve District -Minneapoll s.
Minn.-Duluth
23,635,517
24.371,548 -3.2
Minneapolis
297.947.237
293,547,891
+1.5
Rochester
2,100,929
2,434,685 -13.7
St. Paul
114,215,320
119.304,375 -4.3
14. Dak.-Fargo
7,395,507
7,753,592 -4.6
Grank Forks
5,292,000
5,060,000
+4.6
Minot
1,535.247
1,389,546 +10.5
S. Dak.-Aberdeen_ 3,992,554
4,581,995 -12.9
Sioux Falls
6,845,924
6,885.222 -0.6
Mont.-Billings
2,368,341
2,598,680 -8.9
Great Falls
4,234,383
4,702,397 -10.0
Helena
11,606,197
12.123,867 -4.3
Lewistown
394,485
676,824 -41.7
Total(13 cities)
481,536,641
485,430,622
1929.
Week Ended March 2.
Inc. or
Dec.
1928.
49,885,238
648,410,676
4,8114,463
249,930,036
18,495,673
10,977,000
3,316,591
9,012,044
15,158,535
5,563,664
10,073,826
26,305,543
990.009
1929.
51,961.577 -4.0
614,431,122 +5.5
5,062,231 -5.1
252,076,555 -0.9
16,118,748 +2.3
10,599,000 +0.4
2,889,310 +14.8
9,767,299 -7.7
13.460,372 +12.6
5,154.680 +7.9
9,163.861
+9.8
25,360.867 +5.7
1,411,964 -29.9
Inc.or
Dec.
1928.
1927.
1026.
5,497,475
69,008.474
6,922,235 -20.6
81,116,791 -14.9
7,736,109
74,926,465
7,576,468
82.944,363
34,716,985
2,151,487
35,576,032
2,180,574
-2.4
34,907.467
2,086,167
33,507,053
1,970,861
1,200.092 -10.5
1,186,188
1,401.180
1,073,776
602,766
613,694
-1.8
717,395
609,340
2,833,000
3,075,000
-7.9
2,909,000
2,840.013
-0.8
1.051,423,328
1,017,507,586
+3.3
115,883,963
130,684,468 -11.3
124,468,791
130.849,278
Tenth Federal Res erve District. -Kansas Cit Y.Neb.-Fremont
1,468,179
1,660,133 -11.6
Hastings
2,269.160
2,290,678 -0.9
Lincoln
17.105,761
20,654,550
Omaha
167,538,655
174,511,567
Kan.-Kansas City...
8.414.763
8.451,283 -0.4
Topeka
13,326,587
13.985,938 -4.7
Wichita
31,233,923
34.715,481 -10.0
Mo.-Joplin
5,533,830
5,376,317 +2.9
Kansas City
514,962,010
521,243,011 -1.2
St. Joseph.
27,789,593
29,688.903 -6.4
Okla.-Okla City_ _
116,413,824
115.037,101
+1.2
Tulsa
53,639,042
46.997,798 +14.1
Colo.- Col.
5,268,405
+4.1
5.063,246
SpringsDev
141,497,995
131,776.120 +7.4
Pueblo
6,114,352
5,298,160 +15.4
3,293,936
5,221,937
37,359,908
358,995,192
18,468,911
31,361,193
70,694.039
11 642,598
1,116,064,010
60.166,869
258,412.121
115.978,175
13,912,234
308.692,733
13,540.425
3,442,286
4,624,816
42,389.677
352,256.874
19,365,447
30,406,459
72,743,633
11,786,352
1,100,324,254
61,764,848
244,651,243
96,948,213
11,032,164
279.727.227
11,196,450
-4.3
+12.9
-11.9
+1.9
362,328
798,145
5.501,457
48,779,881
630,835 -43.6
767,125 +4.0
6,993.560 -21.3
48,590,048 +0.4
556,471
502,013
7,877,509
50,302,411
587,333
909,205
8,276.606
54,109,882
+3.1
-1.4
-1.2
+1.4
-2.8
+5.6
+19.6
+26.2
+10.4
+20.9
3,313,864
8,280,144
4,009,436 -17.3
10,152,650 -18.4
3,460,282
8.819,749
4,192,776
8.452,301
140.003,337
6,556,736
26,164,578
134,478,747 +4.1
7.958,437 -17.6
27,737,900 -5.7
151,349,417
8,524,202
30.512.645
140.600.000
9,550.563
31.477.417
1,014,454
a
1,704,684
700,255 +3.7
a
1,444,278 +18.0
1,110,821
a
1.422,972
1,554.347
a
1,371,803
-0.4
2,423,804,286
2,342,659,943
+3.5
242,479,608
286,199,813
284,410.183
Eleventh Federal Reserve Distr ict.-Dallas.
Texas-Austin
7,724,890
6.258,423 +23.4
Beaumont
9,400,000
8,945,000 +5.1
Dallas
220,677.361
210,866.620 +4.7
El Paso
25,275.519
23,295,069
+3.5
Forth Worth
53,000.862
55,407,312 -4.3
Galveston
22,442,000
21,909,000 +2.4
Houston
146,517,281
131,890,825 +11.1
Port Arthur
3.098.650
2,537,700 +22.1
Texarkana
2.300.933
2,502,045 -8.0
Wichita Falls
10.628,246
11,044,000 -3.8
La.-Shreveport
22,768,891
23,597,263 -3.5
17,111,231
19.500,000
486,043.087
53,456,695
119,146,430
49,746,000
319.595.616
5,957,442
5.194,632
24,208,246
49,311,038
14.482,645
17,668,000
440,171,151
47,371,480
116,353,740
45,225,000
274,837,178
5,158,352
5,220.257
23,634,000
50,468.383
+18.1
+10.4
+10.4
+12.8
+2.4
+10.0
+16.3
+15.5
-0.5
+2.4
-2.3
Total(16 cities).- 1,112,576,079 1.116.750,286
Total(12 cities)
523,832,633
498,253,757
+5.1
1,149,270,467
1.040,590,186 +10.4
Twelfth Federal R eserve DIstric t-San Franc
Wash.-Bellingham._
3,040.000
3,054,000
Seattle
189,838,466
175,906,382
Spokane
45,386,000
49,393,000
Yakima
5,470.916
5,378,136
Idaho-Boise
4,536.839
4.500,386
Oregon-Eugene
1.864,000
1,741,000
Portland
139,513,523
134,864,182
Utah-Ogden
5,883,072
6,517.724
Salt Lake City
65,397.797
67,075.474
ArLsona-Phoenix_
21,996,000
14,446,000
Calif-Bakerslield
50337,427
5,356.868
Berkeley
20,500,734
19,764,054
Fresno
14,346.305
14,442.347
Long Beach
35,487,801
32,180,963
Los Angeles
919,564,000
789,673,000
Modesto
3,389,126
3,714,090
Oakland
76.453,908
78,733,704
Pasadena
33,719,349
31,370,361
Riverside
5,088,504
4,329,444
Sacramento
28,005,759
29,854,741
San Diego
25,953,755
22,356.868
San Francisco
818.266,513
898.698,544
San Jose
11,455,634
12,031,288
Santa Barbara
8,384,174
6.662,844
Santa Monica
8.772,826
8.355,812
Santa Rosa
1,939.025
1,990,677
Stockton
9,192,600
9,551,800
sco--0.5
+7.9
-8.1
+1.7
+0.8
+7.1
+3.4
-11.3
-2.5
+52.3
+5.2
+3.7
-0.7
+10.3
+16.4
-8.7
-2.9
+7.5
+17.1
-6.2
+16.1
-8.5
-4.8
+25.8
+5.0
-2.6
-3.8
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
6,133,000 +4.3
374,740,900 +11.3
105,320.000 -0.3
11,437,910 +0.9
10.086,484 -0 3
3,527,000 +14.6
282,250,313 +6.8
14,726,783 -7.8
151,164,348 -0.1
30,109,000 +42.9
11.140,997 +1.4
44,494.297 +0.4
31,026,453 -1.8
66,160,387 +19.7
1,620,750,000 +23.3
7,901,055 -3 3
165,428.907 +0.3
64,559,391 +12.7
9,226,645 +23.6
62,151,685
+0.1
47,025,116 +21.2
1,821,720,721 -3.3
26,292,466 +2.1
14.387.872 +19.7
17,583,695 +12.4
4,159,733
+0.2
23,210,000 -10.2
5356,105,211
5,026,720.158
Total(27 cities)._
2,509,064,053 2.432,023,689
+3.2
+8.5
1,572,187
265,469,711
-8.7
1,533,190
+2.5
1,770,651
2,716.550
49,570.350
43.930,023 +12.8
52,210,590
49.397.428
11,453,000
4,477,000
11,810.290
4,504,600
11,376.424
13,311,600
13.219,785
7,852,000
5.925,037
5,170,267 +14.6
5,665.667
5,586.781
72,997,574
66,948,370
+9.0
84,334,932
78,772.544
52,395,209
12,428,000
1,642.081
45,459,265 +15.3
12,359,000 +12.6
1,522,856
+7.0
47,471,520
12,219,000
1,571,884
46,234,850
11,711,000
1,489,487
39,425,304
36,016,230
+9.5
36,312,527
40.136.904
17,775,282
17,944.183
-1.2
17,326,590
17.392,397
3,386,834
9,983,149
243,032,000
3,528,884 -4.0
7,684,960 +29.9
209,374,000 +16.1
6.529,885
7,467.651
213,971.000
4,035,444
7,841,847
192,942.000
21.327,311
8,985,815
20.492,067
+4.1
7.909.490 +13.6
20,484,279
7.626,434
24,799,591
7.730,510
6.689.705
6,732,547
228,121,110
3,209,553
2,067,784
2,176,984
1,891,200
661,269,838
10,481,229
5,777.459
244,517,761
2,766.209
1,713,529
2.215,396
+5.6 41,039,042,503 38,270,207,720
-36.2
+27.6
-6.8
+16.0
+20.7
-11.8
2,195.160 -13.8
631.457,678
Grand total(192 cities) 54.701,998,193 44,603,174,152 +22.6 120,872,466,703 96.137.813.715 +25.7 15138692.077 11849291,499
Outside New York... 18,772,239.863 17,779,048,086
-3.0
-0.6
+4.7
10,365,154'
8,923.869
7,819,216
6,559.148
201,196,000 221.604.000
3,521,480
2,930,079
1,409,727
1,687.252
2.198,262
2,252,447
3,004,800
3.041,700
600.495,409
601.312.525
+27.81127842,010 611988283010
+7.2 4,990,054,684 4,410,610,955 +13.1 4,584,002,824 4,797,845.012
CANADIAN CLEARINGS FOR FEBRUARY, SINCE JANUARY 1, AND FOR WEEK ENDING
FEBRUARY 28.
Month of February.
Two Months
Week Ended February 28.
Clearings ay1929.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Ilallfax
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,
$
572,449,609
636,056,647
183.598.369
92,608.997
30,612,036
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
3,761,392
5,213,191
22.270,068
1,683,552
3,944.623
3,176.176
3,252.817
2,893,988
1928.
$
573.849,769
584,455.516
190.710,526
87,811.268
30.367,721
23,656,046
12,003,121
24.402,373
50,317,543
10,541,213
9.687.567
12,272,195
25,000,363
17.336,814
1,967,780
2,647,402
8,027.808
4,633,335
5,504,667
3,384,651
3,138,409
1,627,393
3,237,153
3,521,782
5,131,635
12.272,195
1,656,217
3,425,428
2.970.245
3,408,131
2,190,620
Total(31 cities).- 1.791.728.369 1,721,216,956
a No longer report clearings. •Estimated.
Inc. or
Dec.
%
-0.2
+8.8
-3.7
+6.5
+20.6
+9.9
+16.2
+11.6
-13.2
-0.3
+13.3
+2.6
+5.4
+9.7
+4.8
+0.8
+6.0
+2.0
+8.9
-6.9
+22.0
-0.7
+21.6
+7.4
+1.6
+81.5
+1.6
+15.2
+6.9
-4.6
+32.1
+4.1
1929.
$
1,328,074,073
1,380,641,796
411,112,724
198.347.354
77.277,898
56.078,712
31,451.065
55,169,543
105,444.871
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
10,903,340
47,530,376
3,654.681
8,187.402
7,087.467
6,791,613
6.070,049
3,994,407,071
Inc.
1928.
or
Dee.
$
%
1,207,951,827 +9.9
1,253,759,096 +10.1
416,569,438 -1.3
179.975,058 +10.2
60,989,580 +26.7
51,167,455 +9.6
24,673,529 +27.5
50,046,779 +10.2
101,155.981
+4.2
22,222,417 +5.5
19,592.010 +18.5
27,143,563 +3.2
52,879,567 +1.6
38,378.831 +14.6
4,350,961
+8.3
5,322.431
+6.3
18,686,097 +3.5
10,553,209 +1.0
10,834,567 +11.7
7,401,867 -1.1
6,243,524 +29.0
3,262,057 +18.4
7,646,180 +11.8
7.230.391
+9.5
10,523,890 +3.7
31,576,918 +50.5
3,531,817 +3.5
7,185,039 +14.0
6,425,006 +10.3
7,507,906 -49.5
6,033,671 +20.6
3.659,828,678
+9.1
1929.
II
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
2,086,000
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
633,993
390,322,743
1928.
Inc. or
Dec.
$
%
128,134,112 -7.4
134,243,224
+0.1
44,236,981
+1.3
21,433.287 +5.1
6,622,096 +6.7
7,296,097 -20.7
2,807,852 +2.4
6,314.720 -4.7
10,778,753 -0.3
2,614,884 -9.1
2,557,670 -5.2
2.841,211 -1.1
6,374,950 -10.1
3,637,856 +43.2
425,019 +12.5
661.022 -21.5
1,862,504 +10.9
970,410 +15.1
1,205,907 +23.5
768,584 -3.7
812,173 -9.2
373,258 -18.7
715,260 +24.9
809,168 -4.1
1,167,026
+0.6
4,446,755 +35.6
434,314 -13.9
783,269 -2.4
602,357 +19.7
754,256 -5.1
549,601 +15.4
397,234,306
-1.7
1927.
$
106,816,735
118.737.170
46,011,478
17,776,194
6.201.725
5,837,166
2,901,388
5,294,102
7,755,411
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
868,719
1,202,537
3,820,972
407,458
945.774
717,030
761,615
632,959
349,026,460
1926.
$
118,812,713
102,080,380
44,470,419
16,679,801
6,246,247
7,313,942
3,031.692
4,815.620
7,983.654
2,711.691
1,902.477
2,680.922
5,916,350
3,161,066
453,541
524.966
1,714,703
1,080.328
1,071,877
810,824
833,132
239,747
660,760
944,837
973.240
3,492,359
374,674
903,186
713,630
342,598.778
MAR. 9 1929.]
FINANCIAL CHRONICLE
1503
through its top to a new high above 210. Radio Corporation
GE.
THE WEEK ON THE NEW YORK STOCK EXCHAN
furnished the outstanding feature of the market on Friday
and un- as it soared upward 32 points and crossed 439. Western
confused
t
somewha
been
has
market
stock
The
again surged upward and broke into new high ground
certain but most of the time under pressure during the present Union
216. Substantial advances were also registered
it
crossed
as
the
in
t
place
prominen
a
week. Copper shares have held
e which gained about 4 points, Advance
-Manvill
Johns
by
trading and some of the industrial shares have likewese Rumley which improved about the same amount and General
y
shown improvement, but the bulk of the list has graduall Electric which worked upward about 7 points above its
drifted downward. The weekly report of the Federal Re- morning low. Kennecott moved ahead 2 points to 97. Oil
particularly Mexican Seaserve Bank, made public after the close of business on Thrus- shares were unusually active,
Atlantic Refining which
points,
4
over
gained
which
in
brokers'
board,
,000
$140,000
of
n
day, showed renewed expansio
A which recorded subl
Barnsdal
and
points
2
advanced
loans; a figure only once in the market's history. Call loan
tone was good.
final
The
gains.
stantial
advanced from 8% on Monday to 10% on Tuesday, reached
L
TRANSACTIONS AT THE NEW YORK STOCK EXCHANG
a record top at 12% on Wednesday and remained at that
DAILY, WEEKLY AND YEARLY.
Friday.
on
9%
to
level on Thursday but dropped
United
State.
Railroad.
Stocks,
States
Many recent sepculative favorites were subjected to profit
Municipal &
da.,
Number of
Week Ended Mar. 8.
Bonds.
Bonds.
Foreign
Bonds.
Shares.
taking during the short session on Saturday and recessions
3139,500
41,461,000
53,484,000
2,473.480
531.000
ranging from 1 to 10 points were recorded in the first hour. Saturday
2,541,000
6,388,000
4.557,300
Monday
290.500
2.022.500
6,029,000
4.430.000
it
moved
as
feature
cous
Tuesday
522.500
United States Rubber was a conspicu
2,046,000
6,485,000
4,486,600
Wednesday
551.000
3,362.000
5,966,000
3,633,460
briskly forward about 4 points to 62. Motor stocks develpoed Thursday
217,000
2.026,000
6,396,000
3,945,400
Friday
considerable strength near the final hour, Chrysler leading
32.251.500
23.526.240 $34.748.000 513.458.500
Total
the advance with gain of nearly 2 points to 108%. High
Jan. 1 to Mar. S.
Week Ended Mar. 8.
Sales at
priced specialties did not do so well, as most of the popular
New York Stock
1928.
1929.
1928.
1929.
and
Exchange.
issues like Johns-Manville, National Cash Register
122,748,155
218.322,220
of shares 23,526,240 15,378,260
Union Carbide & Carbon yielded a point or more. Irregu- Stocks-No.
Bonds.
$40.838,500
$25,727.600
bonds_ _- 52,251.500 52.311,000
of
part
Government
greater
the
during
trading
the
177.538,155
124,096,550
larity characterized
State and foreign bonds 13,458.500 16,278,500
397,550,700
325,531.500
51,136,900
34,748,000
Railroad & misc. bonds
the
of
stronger
few
very
a
only
with
Monday,
on
session
the
5615,927.325
$475,355,650
550,458,000 $69,726,500
Total bonds
stocks holding out against the bear selling and realizing.
and
after
stocks
strong
really
few
the
Chrysler was one of
PHILADELPHIA AND
DAILY TRANSACTIONS AT THE BOSTON.
BALTIMORE EXCHANGES.
breaking into new high ground on the current movement
at 1133/i slipped back to 1113/2 and closed with a net gain
Baltimore.
Boston.
Philadelphia.
of about 3 points. General Motors and most of the indeWeek Ended
Bond Sales.
Shares.
Bond-Sales
Shares.
Sales.
Bond
Shares.
Mar. 8 1929.
pendent motors were off anywhere of % to 3 points. Copper
b2,157
333,900
52.000
most
and
070,870
days
g
821.000
precedin
*56.285
the
of
gains
Saturday
stocks failed to hold the
65,600
83,918
7,500
35.000 0100,059
*108,418
Monday
66,600
83,549
17,000
110,000 a82,965
*82,838
of the active issues closed with net losses. Some of the Tuesday
51,000
83,039
39,000
a91,565
72,000
*93,902
Wednesday
42,400
83,767
17.000
lesser lights in the steel group did fairly well, Republic Iron Thursday
19.000 084.440
• *65,556
67.300
62.047
2,000
a27,225
3.000
breaking
all
41,756
Otis
and
Friday
& Steel, Inland Steel, Gulf States Steel
18,477 5326.800
$484,500
448,755 $260,000 457,124
into now high ground for the present movement. Erie was
Total
23.298 $288.000
384.000
noteworthy in the railroad group as it made a new high for
vonpkravIsted 391.7601 5165.000 455.139
the year above 73.
194: Monday. 344; Tuesday. 440;
* In addition, saes of rights were: Saturday.
On Tuesday the market opened weak, but later in the day Wednesday,
732.
Saturday, 4,500; Monday, 5,400; Tuesday.
a In addition, sales of rights were: 5,900;
Friday, 800.
rallied under the leadership first of the coppers and later of 4,000;
Wednesday, 2,820; Thursday.
1,605; Tuesday, 140; Wednesday.82;
Monday,
were:
b In addition, sales of rights
the rails. The demonstration in the railroad group had its
2,731; Friday, 1,106.
Thursday,
12-20; Tuesday, 10-20; Wednesday.
a
Monday,
record
level
which
reached
were:
Erie
scrip
with
of
t
initial movemen
b In addition, sales
2-20; Friday, 4-20.
at 77. Baltimore & Ohio moved briskly forward after a 15-20; Thursday,
block of 5,000 shares had been taken at 131 followed by a
S.
THE ENGLISH GOLD AND SILVER MARKET
further advance to a new peak in all time at 132. Another
circular of
weekly
the
from
following
the
noteworthy stock to reach its highest top in history was
reprint
We
Missouri Pacific common, which closed at 853/i as compared Samuel Montagu & Co. of London, written under date of
in
were
stocks
strong Feb. 20 1929:
with its preceding final at 84. Copper
GOLD.
demand, Anaconda forging ahead to 159 and closing at 158%
amounted to £149,The Bank of England gold reserve against notes
with a net gain of about 6 points. Chile Copper shot up- 837,878
with 1149,626,177 on the previous
compared
(as
the 13th inst.
on
1925ward 7 points to 117 and Kennecott also improved though Wednesday), and represents a decrease of £4,068,437 since Aprilt29
The bulk-abou £710,000
when an effective gold standard was resumed.
market
on a more moderate scale. The so-called specialties did not -of
open
the
in
available
the £923,000 bar gold from South Africa
do so well, Radio Corporation slipping back about 6 points this week was secured by the Bank of England. the balance being disposed
s. /.50,000; home trade,
Cash
Register,
National
General
of as follows: India. £80,000; Straits Settlement
followed by Johns-Manville,
movements of
and Continental trade, £36,000. The following
, showing a
Electric, Wright Aero and Curtiss all of which sustained £40,000,
from the Bank of England have been announced
and
to
gold
losses ranging from 1 to 10 points. The market was irregular net influx of 1651,702 during the week under review:
Feb. 14. Feb. 15. Feb. 16. Feb. 18. Feb. 19. Feb. 20.
and uncertain on Wednesday as call money soared to a new
N
Nil £712,300
Nil
Nil
Nil
Received
at
rate
early
The
8%.
renewal
£8,621
Nil
early
an
£3,419
after
12%
Nil
at
high level
£8,652
£39,906
Withdrawn
withThe
more
highly
the
Africa.
of
specuSouth
prices were higher and a number
The receipt yesterday was in bar gold from
in bar gold and £4,000 in sovereigns. The
lative stocks reached new high levels. This was especially drawals consisted of 156,598
exports of gold registered
and
imports
Kingdom
following were the United
inst.:
true of the copper shares which moved independently of from
mid-day on the 11th inst. to mid-day on the 18th
issues
sold
Motor
off
Exports.
the trend for a good part of the day.
Imports.
£30,800
£17,159 Switzerland
35,925
sharply,Packard dipping about5 points,followed by Chrysler Prance
7,676 Egypt
Australia
64,510
was
2
down
Hupp
India
points
3,725 British
British South Africa
which slipped back 43/i points.
43,237
Settlements
Straits
1,931
countries
Other
22,940
Other countries
and Studebaker declined 23/2 points. Railroad shares sold
es.
£197,412
off and so did the industrial issues and specialti
£30,491
but
rate of
The market was more or less mixed on Thursday,
inst. the Imperial Bank of India raised its official
14th
the
On
Call money was
trade figures for
discount from 7% to 8%. Following are the balance of
moved sharply upward in the final hour.
again advanced to 12% India for the year 1928 (in lacs of rupees):
a strong factor in the trading, as it
248,08
account
Radio Corporation was Imports of merchandise on private
10%.
of
rate
338,04
acct
renewal
following its
Exports, including re-exports, of merchandise on private
21,09
the
at
and
closing
hour
stocks
gold
of
Net imports
14,44
one of the outstanding strong
imports of silver
14
g close. United Net
precedin
its
notes
above
currency
of
points
36
imports
about
Net
was
56.47
of
favor
India)
(in
trade
of
visible balance
p
Total
in
leadershi
market
the
the
35,51
assumed
India)
States Steel common
balance on remittance of funds (against
2 and 3 points but Net
reserve on Jan. 31 last
The composition of the Indian gold standard
early trading and moved ahead between
a
net
with
gain
closed
of
follows:
and
day
as
was
the
in
later
back
slipped
0
fairly well supported In India
£1,361
1% points. Railroad issues were
In England-Cash at the Bank of England
2,152,334
again
moved
up to
Gold
particularly, Baltimore and Ohio, which
6,231,956
1929
British Treasury bills-Value as on Jan. 31
t securities-Value
Other British and Dominion Governmen
132. New York Central improved in the late rally and Erie
31,614,349
as on Jan. 31 1929
continued to move ahead. In the afternoon rally Western
£40.000,000
it
as
feature
broke
ous
conspicu
a
was
h
Telegrap
Union
PrPO
1504
FINANCIAL CHRONICLE
[VOL. 128.
SILVER.
69,600,000 ounces in sycee. $109,000,000 and 7,200 silver bars on the 9th
Silver prices continued their downward trend until the 16th inst., when inst. Quotations
during the week:
the cash quotation was fixed at 25%d. and that for two months' delivery
-Bar Silver per or. std.- Bar Gold
25 11-164. The sagging prices were duo more to reluctance on the part
Cash.
2 MOS.
per or. fine.
of buyers than any eagerness Co sell and the market was therefore in a con- Feb. 14
25%d.
25%cl.
84s. 1134d.
dition easily responsive to pressure. On the resumption of business in Feb. 15
25%d.
25 13-164. 84s. 113d.
Feb.
16
Shanghai following the China New Year holidays, little activity was evident
2534d.
25 11-16d. 84s. 113d.
Feb. 18
2534cl.
25 11-16d. 84s. 1...34d.
until yesterday when some substantial buying orders from the Far East Feb. 19
2574d.
254d.
84s. 10%d.
rather took the market by surprise, causing a sharp recovery to 25%d. Feb. 20
25 13-16d. 25 13-16d. 84s. 11%d.
for both positions-a rise of j4d. for cash and 3-16d. for two months' deliv- Average
25.739d.
25.770d.
84s. 11.3d.
ery. The inquiry was not resumed to-day and quotations reacted 1-16d.
The silver quotations to-day for cash and two months' delivery
are reIn consequence. America has been a more willing seller during the week, spectively 1-164. above and the same as
those fixed a week ago.
but the Indian bazaars were inclined to buy, especially at the lower level
of prices. The following were the United Kingdom imports and exports
of silver registered from mid-day on the 11th inst. to mid-day on the 18th
ENGLISH FINANCIAL AIARICEMS---I'I:It CABLE.
Inst.:
Imports.
Exports.
The
daily closing quotations for securities, dic., at London,
Netherlands
E11,150 Netherlands
£79,030
Canada
34,979 Austria
48,248 as reported by cable, have
been as follows the past week:
Other countries
7.354 Hungary
37,425
Sat.,
Mon.,
British India
Tues.,
64,502
Wed.,
Thurs.,
Frt.,
Irish Free State
12,058
Mar, 2. Mar. 4, Mar, 5. Mar.6. Mar. 7. Mar. 8.
Other countries
11,219 Silver,per oz.d_ 26
26
25 15-16 26
26 1-16
26
Gold.p.fine oz_ 845.113-id. 84s.i1
848.10346, 8411.1134d. 8413.113-4d. 845.11
£53,483
E252,482
.
Consols,234%. -___
r5434
543-4
543-4
543-i
5434
INDIAN CURRENCY RETURNS.
British, 5%___
101K
10i
1013j
101,g
(In Lacs of Rupees)
10134
Feb. 7.
Feb. 15.
Jan. 31. British, 434%_
98
98
Notes in circulation
973-4
9734
9734
18916
19144
18974 French
Routes
Silver coin and bullion in India
9882
9910
9955
Silver coin and bullion out of India
(in Paris)_fr_
70.00
70.40
71.45
71.30
71.30
Gold coin and bullion in India
5aT
3221
5Hi French War L'n
Gold coin and bullion out of India
____
(In Paris)Jr_____
97.00
Securities (Indian Government)
97.40
97.65
97.75
4327
4327
TI5Yi
97.95
Securities (British Government)
786
The price of silver in New York on the same days has been:
786
771
Bills of exchange
700
700 Silver i n N.Y., per oz.
900
(cts.)The stock in Shanghai on the 16th inst. consisted of about 69,700,000
Foreign
5631
5634
5634
5634
5634
5634
ounces in sycee, $109,000,000 and 7,880 silver bars, as compared with about
x Ex-Interest.
Condition of National Banks Dec. 31 1928.-The statement of condition of the national banks
under the Comptroller's call of Dec. 31 1928 has been issued and is summarized below. For purposes of comparison,
like details for previous calls back to and including Dec. 31 1927 are included.
ABSTRACT OF REPORTS OF CONDITION OF NATIONAL BANKS IN THE UNITED STATES
ON OCT, 10 AND DEC.31 1927 AND FEB.
28, JUNE 30, OCT. 3 AND DEC. 31 1929 (in Thousands of Dollars).
Figures are given in thousands of dollars.
Oct. 10 '27 Dec. 31 '27. Feb. 28 '28. June 30'28. Oct. 3
'28. Dec. 31 '28.
7.804 banks 7.765 banks. 7,734 banks. 7,691 banks. 7,676
banks. 7,635 banks.
Resources1....mns and discounts (including rediscounts)
$
a14,366,926 a14.8l1.259 a14,399.447 a15,144,995 a15.116.869
uverdrafts
15,279,631
14.503
10.313
12.156
10,138
15.606
United States Government securities owned
11,638
2.675,542 2,747,854 2.900.896 2.891.167 3,012,584
Other bonds, stocks. securities. Am
3,008,723
3.941,438 4,151.944 4.180.004 4.256,281 4,104.022 4,118.595
Customers' liability account of acceptances
283,589
369.855
375,185
414,573
429.034
Zianking house, furniture and fixtures
531,305
698.516
700.337
712.278
721,229
732.455
'Ither real estate owned
730.182
122.161
122,885
123.653
125,680
122.773
Reserve with Federal Reserve banks
123,050
1.413.792 1.509,253 1.457,431 1.453,383 1,467,535
Items with Federal Reserve banks in process of collection
1,496,316
502,036
520.399
454.166
448.182
567.942
Cash in vault
375,251
361.376
370,228
315.113
364.281
Amount due from national banks
388,129
1.125,872 1,177.334 1.058.531 1,020,320 1,556,235
Amount due from other banks, bankers and trust companies
459.842
473,881
427.247
417,465
Exchanges for clearing house
4,184,693
790.496
675,661
645,738
756.176
989,920
Checks on other banks in the same place
86,479
106.281
70,286
106,789
Outside checks and other cash items
86.832
106.363
76,918
100,367
99,213
Redemption fund and due from United States Treasurer
116.187
33.079
33.306
32,849
33.050
33,261
Acceptances of other banks and bills of exchange or drafts sold with endorsement
33.426
united States Government securities borrowed
329,764
14,780
20,743
13,979
17.877 l
18.545
Bonds and securities, other than United States, borrowed
20,472
2,948
3.550
3,810
3,358 I
Other assets
219.742
241,625
258,885
272,096
295,205
217,045
Total
____________________________________________________________ 27,213.824 28,164.219 27.573.687 28,508,239 28,925,480 30,589.156
Liabilities,lapital stock paid in
1,499,384 1,528,509 1,537,214 1.593,856 1.615.744
1,616,476
Surplus fund
1,273.029 1.314.438 1,330.096 1.419,695
1,450.499 1,490,146
(redivided profits-net
571,482
530.753
558,647
549.624
557,437
Reserves for dividends, contingencies, &c
491.681
58,055
85,360
deserves for interest, taxes and other expenses accrued and unpaid
78,521
76,451
73,625
83,753
81,464
National bank notes outstanding
66.608
649.886
650.373
646,656
649,095
648,548
650.405
One to Federal Reserve banks
38,107
39.381
33,732
35.618
49,745
kmount due to national banks
1.076.860 1,045.133 1,008,175
885,197 2,843.472
Amount due to other banks, bankers and trust companies
1.894,696 2,110,933 1,900,773 1,817.202
4,073,551
Certified checks outstanding
281,479
68,569
78,943
209.079
nashiers' checks sutstandine
227,217
358.410
307.624
244,182
602,326
Dividend checks outstanding
1,192
29,620
28,404
Letters of credit and travelers' checks outstanding
12.389
Demand deposits
10,924,311 11,230,047 10,826.357 11.003,795 11.073,155 11,780,721
Time deposits (including postal savings)
7,590.944 7.808,437 7.992,213 8,296,638 8,310.891 8,306.938
United States deposits
255,624
185,916
63.379
169,473
113,333
186,170
total deposits _b
22,287,298 22,860,003 22,279,082 22,639,397 23,005,311 24,347,380
United States Government securities borrowed
14,787
13,979
17,877
20.967
18,545
20,472
Bonds and securities (other than United States) borrowed
2,948
3.810
3,358
3,550
Agreements to repurchase United States Government or other securities sold _
3.045
12.524
12,843
7.217
35.591
75,165
RBIs payable (including all obligations representing borrowed money other than
rediscounts)
235,759
302,199
622,108
410,149
707.581
785.309
Notes and bills rediscounted
80,571
92,499
71.233
179,077
Acceptances of other banks and foreign bills of exchange or drafts sold with!
endorsement
157,422
208,867
227,745
194,530
222,508
329.764
Letters of credit and travelers checks outstanding
10.684
12,156
17.934
9,220
A,
ceptances executed for customers
278.967
375,075
411,763
374.852
420,754
524,725
Acceptances executed by other banks
18,444
17.121
19,173
14,506
26.133
23,248
Liabilities other than those stated above
51,657
110,137
58,814
91,842
85,123
82,416
Total
27.213,824 28.164,219 27.573,687 28.508.239 28,925,480 30.589,156
Details of Cash in VaultGold coin
17.216
17.523
16,637
16.997
16,877
11,691
Gold certificates
39,766
39,277
25,502
Clearing house certificates based on gold and gold certificates
10
Clearing house certificates based on other specie and lawful money
44
Standard silver dollars
5,798
38,382
36,920
39,283
Subsidiary silver and minor coin
28,291
308,127
215,919
Silver certificates
25,013
Legal tender notes
• 320.808
314,630
21,730
305,096
National bank notes
58,181
Federal Reserve and Federal Reserve Bank notes
119,643
Details of Demand DepositsIndividual subject to check
*10,030,423 10,260.782 9,830.883 9,926.692 9,851,699 10,505.598
Certificates due in less than 30 days
187.143
181,166
167.691
210,788
194.846
175,363
State and municipal
648.359
698,202
914,749
582,553
566.537
948,302
Deposits subject to less than 30 days' notice
9.261
8,814
12.436
13,733
Dividends unpaid
3.461
Other demand deposits
150.711
188,921
163.488
139,016
115,311
151,458
Details of Time DepositsCertificates due on or about 30 days
17,499,109 7.680,178 7.969,152 7.325,703 7,373,441
6,297,889
Other time deposits
620.685
1.003.195
549,369
State ana municipal
231,416
230,698
244,475
275.064
209.526
292,958
Postal savings
80.669
78.630
83,011
89.439
80.332
91,170
Percentages of ReserveCentral Reserve cities
11.26%
11 42
12.80
11.21
13.03
11.33%
Other Reserve cities
7.46
10.25
9.64
7.33°4
7.39
7.40%
All Reserve cities.
8.96
11.37
8.86
8.84
11.05%
8.97
Country banks
7.61%
4.93
4.90
4.92
7.39%
4.93
Total United States
7.05 0
9.72%
6.96 0
9.40%
6.994
7.06g
a Includes customers' liability under letters of credit, also acceptances of other banks and bills of exchange or drafts sold with indorsement.
Letters of credit and travelers' checks sold for cash and outstanding have not been included with total deposits for calls prior to Oct. 3 1028.
I
1
MAR. 9 1929.]
FINANCIAL CHRONICLE
Zomiiurdai and
isceIlancons31eurs
Breadstuffs figures brought from page 1596.-All
the statements below regarding the movement of grainreceipts, 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:
Flour.
Receipts at-
1Vheat.
Corn.
Ords.
Barley.
Rye.
Chicago
MinneapolisDuluth
Milwaukee...
Toledo
Detroit
Indianapolis _
St. Louis -PeoriaKansas City
Omaha
St. Joseph
Wichita
Sioux City...
.196Th:.bush.60148 ush.50 lbs ush.32 Ms.bush.48Th:.bush.561bs.
273,000
547.000 2,387,000
432,000
198,000
60.000
2,008,000
197,000
296,000
361,000
148,000
580,000
16.000
107,000
194,000
52,000
44,000
26,000
380.000
148,000
155,000
21,000
452,000
54.000
129,000
8.000
5,000
30,000
20,000
8,000
2.000
6,000
55,000
543.000
340.000
154.000 1,120,000 1,027,000
569,000
45,000
70,000
33,000
730,000
126,000
55,000
1,989,000
979,000
122,000
846,000
450,000
124,000
218,000
310,000
18,000
476.000
106.000
14,000
33,000
113,000
66,000
Tot. wk.'2
Same week '2
Same week '2
541,000
505,000
472,000
8,413.000 7,312,000
5,879.000 14,462,000
4,584,000 7,004,000
2,499,000 1,018.000
2,526,000 1,250,000
2,122.000
516,000
292,000
114,000
485,000
Since Aug.I1928
15,570,000378.543,000 195,237,000 99.521,000 77,604,000 20,357,000
1927
14,977,000 344,353.000 198,296,000100,298,000 56,794,000 26,073,000
14,619,000258,001,000 155,464,000 99,036,000 29.321,00023.741,000
1926
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, Mar. 2, follow:
Receipts al
Net', York_ _Philadelphia _
Baltimore__
Newp't NewsNew Orleans*
Galveston
St. John, N.B.
Boston
Flour.
Wheat.
Corn.
Barrels.
Bushels.
445.000
664,000
40.000
162,000
18,000
384,000
4,000
54.000
24,000
62,000
68,000
595,000
48,000
199,000
Oats.
I Barley.
Rye.
Bushels. I Bushels. I Bushels. Bushels.
18.000
140,000
32,000
21,000
37,000
41,000
18,000
22,000
34,000; 201,000
2,000
302,0001
314.000;
73,000
27,0001
20,000
6,000,
Tot. wk.'29
677,000 2,090,000
766.000
Since Jan. '29 4,858.000 29.590,000 11,492,000,
61,000
248,000
271,000
84,000
2,988,000 5,438,
1,705,000
Week 1928.._
507.000 2,005,000
540,000
302,000
409,000
243,000
Since Jan 1'28 4,264,000 22,820.000 4,634,000 3,354,000 5,977,000 2.259.000
•Receipts do not include grain passing through New Orleans for foreign ports
or through bills of lading.
The exports from the several seaboard ports for the week
ending Saturday, Mar. 2 1929, are shown in the annexed
statement:
EzportsfromNew York
Boston
Philadelphia
Baltimore
Newport News
Mobile
New Orleans
Galveston
Bt. John, N.B
Halifax
Wheat.
Corn.
Flour.
Oats.
Rye.
Barley,
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels.
1,384,000
34.000 144,162
40,000
41,000 282.000
4,000
426,000 227,000
3.000
143,000
906.000
3,000
100,000
4,000
46,000
2,000
29,000 381,000
24,000
19,000
86,000
511,000
6,000
495,000
73,000
68,000
61,000
20,000
4,000
Total week 1929._ 3,340,000 1,272,000
Same week 1928_ ._ _ 2.409.752 550.848
262,162
167.032
59,000
53.000
102,000
170.256
631.000
626.897
Pittsburgh Stock Exchange.-Record of transactions
at Pittsburgh Stock Exchange, Mar. 2 to Mar. 8, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Nun
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Allegheny Steel
Amer Vitrified Prod corn 50
Arkansas Gas Corp cont..*
Preferred
10
Armstrong Cork
*
Blaw-Knox Co
25
Carnegie Metals Co
10
Cent Ohio Steel corn
Crandall N1cK & H
Devonian 011
10
Dixie Gas & UM corn_ _.•
Harb-Walker Ref com-.*
Horne (Joseph) corn
•
_50
Indep Brewing corn
Preferred
so
Koppers Gas & Coke pt.Libby Dairy Prod com •
Preferred
100
25
Lone Star Gas
McKinneY Mfg
Nat Fireproofing corn. .50
Preferred
50
Penn Federal Corp corn_ •
Phoenix Co pref
1
50
Pitts Brewing corn
Preferred
so
Pitts Investors Security_ •
Pitts Plate Glass new--100
Plymouth Oil Co
5
Reymers Inc
1
Ban Toy Mining
Stand Sanitary Mfg corn 25
Stand Steel Springs
Surbuban Electric Dell_ •
United Engine & Fdy corn•
United States Glass_ _25
Westinghouse Air Brake.*
[tram. Pann Hive met...100
534
834
64
43
27
2634
6
1234
60
10334
7234
14
35
12c.
82
44
5034
•No par value.
Range Since Jan. 1.
Law.
High.
538 60
71
Feb 8034
8034
17
150 17
Jan
17
18
431 534 19,818
334 Jan
534
2,443
734 Jan
834 834
834
64
658 61
Feb 6534
6534
43
4,065 3834 Feb 4534
44
160 1734 Feb 20
1834 1934
27
100 25
Jan 28
27
20
Mar 29
425 26
2634
6
6
445
Mar
6
8
1234 1339 1,200
734 Jan 1334
840 52
60
Jan 6034
6034
36
125 36
36
Mar 40
134
20
1
Feb
134
134
234
134 Feb
70
3
234
10234 10334
610 10234 Mar 10334
32
36
635 2544 Jan 36
105 105
120 10434 Jan 107
7134 7434 2,927 67
Jan 75
14
14
15 1234 Jan
1734
720 1034 Jan
1434 1634
1634
Jan 3534
825 29
3434 35
434 434
120
434 Feb
534
45c. 50c. 2.000
45c. Mar
75c.
3
3
143
Jan
2
3
7
310
Jan
6
734
8
30
3034
350 2534 Jan 34
69
7134
1,245 64
Jan 75
25
25
200 24
Feb 3034
25
25
73 25
Feb 2734
10c. 12c. 2,000
Sc. Jan
23c.
49
100 48
49
Jan 5434
82
915 73
Jan 8734
7534
2534 26
200 25
Feb 29
43
44
520 38
Jan 4434
1434 15
120 1034 Jan 15
50
5434
365 4634 Jan 5434
99
99
30 9854 Jan 10034
Mar
Jan
Mar
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Mar
Jan
Feb
Feb
Feb
Ma
Jan
Feb
Jan
Mar
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Max
Jan
1505
Cincinnati Stock Exchange.-Record of transaction
at Cincinnati Stock Exchange, Mar. 2 to Mar. 8, both
inclusive, compiled from official sales lists:
Stocks-
Friday
'sues
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Ahrens-Fox A
• 1934
B
•
Amer Laund Mach com_25 8634
Amer Products corn
2934
Preferred
•
Amer Rolling Mill com _25
Amer Thermos Bottle A _ _•
Preferred
50 4739
Baldwin new pref
100 103
Buckeye Incubator
• 1734
Burger Bros
•
Carthage Mills
• 40
Carey (Philip) com____100 335
Preferred
100 122
Central Brass A
•
Central Trust
100
Champ C'd Paper spl pf 100 105
Champ Fibre pref
100
Churngold Corp
• 3039
Cin Ball Crank pref
3634
CM Gas & Elec pref _100 9834
On Gas Tmnsportation 100
C N & C Lt & Trac corn 100 96
Preferred
100 75
CM Street Ry
50 51
Cin & Sub Tel
50 125
din Union Stk Yards__100
City Ice & Fuel
•
Ccoa Cola A
• 3134
Cooper Corp new pref__ 100
Crosby Radio A
•
Dan Cohen
Dixie Ice Cream
50 58
Douglas (John) pref ___100
Dow Drug corn
100
Eagle-Picher Lead corn_ _20 1934
Early & Daniel corn
•
Egry Register A
•
100 27
Fay & Egan corn
Fifth-Third-Union Tr 100
First NatIonal
100 430
Fleischmann pref
100
Formica Insulation
• 38
Fyrfiter A
•
Gibson Art corn
•
Globe Wernicke pref._ _100
Goldsmith Sons
• 30
Gruen Watch corn
• 60
Preferred
100
Hatfield-Campbell pref 100
Hobart Mfg
• 6834
Int Print Ink
• 58
100 105
Preferred
Julian Kokenge
100
Kahn 1st pref
40
Participating
Kodel Elec & Mfg A
•
Kroger corn
10
Leland Elec
* 48
100
Lincoln National
Little Miami special____50 4.534
•
Lunkenheimer
Manischewita com____100 38
•
McLaren Cons A
Mead Pulp
•
Mead Pulp special pref _100
•
Meteor Motor
Nash (A)
100
Nat Recording Pump__ __* 32
100 114
Ohio Bell Tel pref
Ohio Shares pref
100
Paragon Ref corn new-25
Preferred A
Voting trust ctfs
Procter & Gamble com-20 36734
100 1035.4
5% preferred
Pure 0116% prof
100 101
100
8% preferred
Rapid Electrotype
• 65
Richardson corn new
5539
United 5111k Crate A- •
U B Playing Card
10 10834
US Print & Litho com_100
U 8 Shoe com
•
WhItnkar Panax nraf___100
1934 20
13
13
86
8734
2934 30
27
27
9034 9434
1734 18
47
4734
103 103
1634 18
434 5
40
40
335 350
122 122
2234 23
290 290
105 105
10834 10834
30
31
3634 3834
98
9834
13634 13634
96
98
75
7.5
51
5234
123 125
39
40
57
5834
3134 32
70
75
105 113
30
3134
58
58
110 110
3534 3634
19
1934
75
73
36
36
27
27
327 33034
430 430
12034 12134
4034
36
2734 2734
5534 57
90
90
2934 30
58
60
115 11534
98
98
68
6834
573.4 58
10434 106
28
29
100 100
3934 3934
21
2334
105 107
4734 4834
430 430
45
4539
sog 31
38
3934
1734 18
69
69
10734 10734
25
25
16234 16239
32
32
113 114
104 104
2734 30
4234 43
27
2934
365 375
10234 10334
10034 103
11334 11334
65
68
55
58
3234 33
10834 110
9734 9734
6
6
107 107
80
100
1,245
43
165
838
689
121
100
552
50
345
72
6
130
102
3
10
200
425
366
1
85
78
1,268
216
35
28
47
30
93
1,133
18
1
20
2,920
128
55
200
96
50
72
1,800
25
185
9
305
865
56
10
130
107
172
145
1
5
187
38
405
28
110
50
850
290
50
9
10
10
100
68
100
2.607
45
390
574
703
170
10
280
140
70
315
119
115
20
Range Since Jan. 1.
Low.
18
13
85
2934
27
9034
1634
47
103
10
434
40
230
120
2234
280
105
108
30
3334
9734
126
96
7034
4934
119
3534
57
3039
68
88
30
58
110
35
19
69
34
15
327
439
12034
2634
2734
4834
82
24
50
11434
95
6734
5734
103
28
9934
3634
15
105
46
425
45
28
33
1634
6834
105
28
150
30
112
104
2234
42
20
379
10234
10034
112
58
5534
3234
108
8534
534
102
High.
Feb
Mar
Feb
Mar
Feb
Mar
Jan
Jan
Jan
Jan
Mar
Mar
Jan
Feb
Mar
Jan
Mar
Feb
Mar
Jan
Feb
Jan
Mar
Feb
Jan
Jan
Jan
Mar
Feb
Jan
Feb
Mar
Mar
Mar
Feb
Jan
Jan
Feb
Feb
Mar
Mar
Mar
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Mar
Jan
Mar
Jan
Jan
Jan
Mar
Feb
Feb
Mar
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Mar
Feb
Mar
Jan
Feb,
Jani
20
1534
96
34
30
105
18
4734
10734
1839
534
40
350
126
2734
290
106
10834
37
40
99
13634
9835
77
5534
130
4434
63
3434
80
127
3134
5834
110
4134
2134
75
37
30
350
450
126
4034
2834
58
97
3634
60
11539
98
70
osg
108
36
101
42
29
116
4834
430
4834
32
3934
18
71
10834
36
175
3434
11434
104
30
43
2934
37.5
10334
10334
114
68
58
37
115
100
8
107%
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Feb
Jan
Mar
mar
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Mar
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Mar
Fele
Mar
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Max
Feb
Feb
Jan
Jan
Feb
Mar
Jar
Feb
Jan
Feb
Jan
Jag
Jar
Feb
Jar
Max
Mar
Feb
Jar
Feb
Jar
JitE
Jan
Jar
Jar
Feb
Jar
Feb
Mar
Jar
Mai
Feb
Max
Jar
Jar
Max
MA
Jar
Jar
Fel
Jai
Jar
•No par value.
Bank Notes-Changes in Totals of, and in Deposited
Bonds, &c.
We give below tables which show all the monthly changes
in national bank notes and in bonds and legal tenders on
deposit therefor:
Jan. 31 1929
Dec. 31 1928
Nov.30 1928
Oct. 31 1928
Sept. 29 1928
Aug. 31 1928
July 31 1928
June 30 1928
May 31 1928
Apr, 30 1928
Mar. 31 1928
Feb. 29 1928
Jan. 31 1928
Dec. 31 1927
Nov.30 1927
Oct. 31 1927
Bent.30 1927
Aug. 31 1927
July 31 1927
June 30 1927
May 31 1927
Apr. 30 1927
Mar. 31 1927
Feb. 28 1927
Jan. 31 1927
Dec. 31 1926
Amount Bonds
on Deposit to
Secure Ctreulalion for National
Bank Notes.
Bonds.
Legal
Tenders.
667,486,340
667.013,340
667,508,440
667,168,440
667,318,040
666,732,700
666.643,200
665.858,650
667,491,900
666,196,460
666,866,710
667,011,210
666,230,710
667,127,710
666,830,210
666,873,290
666,985.790
667,143.790
667,156,290
666,991,130
667,095.680
665,724,930
665.641,990
666,138,640
664,503,940
666,211,440
662,455,487
662,904,627
663,931,957
662,705,675
660.463.912
660.518.182
658,463,423
658.732.988
661.522,450
661,127,660
662,412,992
661,481,322
659,332,017
662,380,082
663,340,675
663,167.030
662,742,593
663,747,178
681,550.768
661,288.545
663,156,720
662,238,833
661,673,603
680,368,240
657,364,790
661,046.465
34,822,732
35,877,502
36,248,802
37,446,779
37,688,747
38,299,802
38,926,224
40,887,664
39.757,992
38.814,509
36,802,227
38,250,372
38,407,517
38,623,507
39,060,424
39,825,664
40,537,019
41,052,614
42.967,269
42,857,722
42,777,217
39,074,404
38,251,364
36,825,184
37,856,759
36,721,464
National Bank Circulation,
Afloat onTotal.
697,278,219
698.782,129
700,180,759
700,152,454
698,152.659
698,817,984
697.389,647
699,620,652
701,280,442
699,942,169
699,215,219
699,731,694
697,739,534
701,003,589
702,401,099
702,992,694
703,279,612
704,799,792
704,518,037
704,146,267
705.933,937
701,313,237
699,924,967
697,191,424
695,221,549
697,767,929
S3,882,751 Federal Reserve bank notes outstanding Feb. 11929,secured by lawful
money, against $4.335,468 on Feb. 1 1928.
The following shows the amount of each class of United
States bonds and certificates on deposit to secure Federal
Reserve bank notes and national bank notes on Jan. 31:
U. S. Bonds Held Jan. 31 1929 to SecureOn Deposit to On Deposit to
Secure
Secure Federal
Reserve Bank National Bank
Notes.
Notes.
Bonds on Deposit
Jan. 1 1929.
Is, U.S. Consols of 1930
Is, U. S. Panama of 1936
Is, U. S. Panama of 1938
Totals
Total
Held.
593,030,800
48,712,020
25,743,520
593,030,800
48,712,020
25,743,520
667,486,340
667,486.340
The following shows the amount of national bank notes
afloat and the amount of legal tender deposits Jan. 2 1929
and Feb. 1 1929 and their increase or decrease during the
month of January:
National Bank Notes-Total Aloof-Amount aloat Jan. 2 1929
Net decrease during January
$698,782,129
1,503,910
697,278,219
Amount of bank notes afloat Feb. 1
Legal Tender NotesAmount on deposit to redeem national bank notes Jan. 2
Net amount of bank notes redeemed in January
$35,877,502
1,054,770
Amount on deposit to redeem national bank notes Feb. 1 1929
$34,822,732
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS
[Vol.. 128.
FINANCIAL CHRONICLE
1506
TO
ORGANIZE RECEIVED
REQUESTED.
WITH
TITLES
Capital.
Feb. 27-West Palm Beach Atlantic National Bank, West Palm
$100,000
Beach,Fla
Correspondent, H. V. Martin, care Atlantic National
Bank, Jacksonville, Fla.
25,000
Mar. 2-The First National Bank of Bloomington, Calif
Succeeds branch of First Savings Bank of Colton Calif.
Correspondent, Lester T. Miller, Box 8, Bloomington,
Calif.
25,000
Mar. 2-The First National Bank of Moore Haven, Fla
Correspondent. W. C. Greening. Moore Haven, Fla.
100,000
Mar. 2-The First National Bank & Trust Co. in Bluffton, Ind
Correspondent, Fred Potthoff, Bluffton, Ind.
Mar. 2-The Lincoln National Bank & Trust Co. of Bluffton, Ind.100,000
Correspondent, Chas. H. Buesching, care Lincoln
National Bank & Trust Co., Fort Wayne, Ind.
100.000
Mar. 2-The Old National Bank of Bluffton, Ind
Correspondent, J. W. Stogdill, Bluffton, Ind.
APPLICATION TO ORGANIZE APPROVED.
Mar. 2-The Winters National Bank, Winters, Calif
Correspondent, It. L. Niemann, Winters, Calif.
50,000
CHARTERS ISSUED.
25,000
Feb. 26-The First National Bank in Rhome. Tex
President, W. T. Waggoner; Cashier, L. D. Harbin.
25,000
Feb. 28-First National Bank in Arlington, So. Dak
President, Wm. 1', Allen; Cashier, Wm. Habel.
100,000
Mar. 2-The State National Bank in Terrell, Tex
l'resident, Ed. R. Bumpass; Cashier, D. E. Nicholson.
VOLUNTARY LIQUIDATIONS.
25,000
Feb. 26-The First National Bank of Caddo, Tex
Effective Feb. 16 1929. Lig. Agent, II. C. Wilkinson,
Caddo, Tex.
100,000
Feb. 27-The American National Bank of Lebanon, Tenn
Effective Jan. 7 1929. Lift. Agents, J. II. Grissim Sc
W. D. Ferrell, Lebanon, Tenn.
Succeeded by American Bank & Trust Co. of Lebanon. Tenn.
25,000
First National Bank of Prairie Grove, Ark
-The
Feb. 27
Effective at close of business Jan. 8 1929. big. Agent,
G. B. Shafer, Prairie Grove, Ark.
Absorbed by Farmers State Bank of Prairie Grove, Ark.
50.000
Feb. 27-The First National Bank in Cumby,Tex
Effective Jan. 22 1929. big. Agent, C. D. Ward,
Cumby, Tex.
Absorbed by First State Bank in Cumby, Tex.
60.000
Mar. 2-The First National Bank of San Saba, Tex
Effective Feb. 15 1929. big. Committee, C. W.ICuykendall, J. D. Estop and J. E. Ilagan, San Saba, Tex.
Absorbed by The San Saba National Bank, San Saba,
Tex., No. 9781.
CONSOLIDATIONS.
Bank of Chattanooga, Tenn--$1,500,000
Feb. 26-The Hamilton National
& Savings Bank of Chattanooga,
Trust
Hamilton
The
500,000
Tenn
Consolidated to-day under the Act of Nov. 7 1918, as
of
title
and
chater
the
under
1927,
amended Feb. 25
"The Hamilton National Bank of Chattanooga.
No. 7848, with capital stock of $2,000,000. The
consolidated bank has three branches, all located
in Chattanooga, Tenn.
Feb. 28-The National Bank of Commerce of Detroit, Mich..- -- 2,500,000
2,500.000
Griswold-First State Bank, Detroit, Mich
as
Consolidated to-day under the Act of Nov. 7 1918,
amended Feb. 25 1927, under the charter and corporate title of "The National Bank of Commerce
of Detroit," No. 8703, with capital stock of $5,000,000. The consolidated bank has 17 branches, all
of which were in lawful operation on Feb. 25 1927.
Of these branches 16 were formerly branches of the
State Bank and one a branch of the National Bank.
200,000
Feb. 28-Portland National Bank,Portland, Ore
200,000
The American Exchange Bank,Portland, Ore
Consolidated to-day under the Act of Nov. 7 1918, as
amended Feb. 25 1927, under the charter of Portland National Bank, No. 12557, and under the corporato title of "The American National Bank of
Portland," with capital stock of $400,000.
800,000
Mar. 2-The First & City National Bank of Lexington, Ky._
Phoenix National Bank & Trust Co. of Lexington, KY 1,000,000
Consolidated to-day under the Act of Nov. 7 1918,
under the charter of The First & City National Bank
of Lexington, No. 906, and under the title "First
National Bank & Trust Co. of Lexington," with
Capital stock of S1,000,000.
BRANCHES AUTHORIZED UNDER THE ACT OF FEB. 25 1927.
Feb. 26-The Capital National Bank of Lansing, Mich. Locations of
branches, 911 West Saginaw St., Lansing; 929 East Michigan Ave., Lansing.
Feb. 28-The Atlantic National Bank of Boston, Mass. Location of
branch, 283 Dartmouth St. (Copley Square Section), Boston.
Feb. 28-The National Bank of Commerce of Detroit. Mich. Locations
of branches, Parkgrove and Gratiot, Detroit; Livernois and
Waverly, Detroit; West Chicago and Grand River, Detroit.
Mar. 1-The First National Bank of Boston. Mass. Location of branch,
Codman Square, Dorchester, Boston, Mass.
Mar. 2-The National City Bank of New York, N. Y. Location of
branch. northwest corner of Third Ave. and East 72d St. (12501252 Third Ave.), New York City.
Auction Sales.-Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston, Philadelphia and Buffalo on Wednesday of this week:
By Adrian H. Muller & Son, New York:
Shares. Stocks.
$ep.er sh.
10 Amalgamated Bond & Mtge.
Corp. pref.; 10 common, no
par
$100 lot
1,470 Color Gravure Corp_$150.50 lot
20 Estate of John J. Murphy, Inc.
(N. Y.), common
$15 lot
200 Wettlaufer Ribbon Mills, Inc.
(N. J.)
$21 lot
$2,910 Republica Mexicans series C
Ext. Loan of 1899 5s, with April 1
1926 and sub. COUP. attached;
$2,000 Standard Cordage Co.
adj. mtge. 58. reg.. 1931; $1,000
State of N.J. Passaic Riv, Drain.
69, Jan. 1 1900, with 1894 and
sub, coup. attached: $1,000 7%
mtge. bond of Trevorton Coal
Co.. July 1882, with 1864 and
sub. coup. attached; $100 Vermont Copper Co. 1st 68. July 1
1892, with 1883 and sub. coup.
attached;$1,273.13 U.S. of Mex.
receipt of Guaranty Tr. Co. for
coupons or rights to interest in
arrears, class A; transcript of
Judgment against Adolph Hell for
$710 lot
$1,953.46
per
Shares. Stocks.
rn tpge.share.
$50 Albany Racquet Club 2d $
inc. bond, due May 1 1951; 100
Ga.&Fla.RR.pref. stk. tr. etfa.:
200 Ga. & Fla. RR. corn. stk. tr.
Ws., no par; $31,000 Metropolltan St. Ry. gen. mtge. 5s, Feb. 1
1977, with Aug. 1 1913 and sub.
coupons attached (payments
amounting to $799.75 have been
$292
made on each bond)
°t
$200 Durham Coal & Iron Co. scr1p
ctf. 6%;420 Durham Coal & Iron
Co. corn.; 34 Central Hudson
Steamboat Co. pref.; 16 Central
Hudson Steamboat Co. corn.;
$4,000 K. C. Rye. Co.6% coll, gold
notes, series A, Dec. 1 1919, with
Dec. 1 1919 coup. attached (Payments amounting to $651.55 have
been made on each bond):$16,000
K. C. Rys. Co. let mtge. 5s.
July 7 1944, with Jan. 1 1920 and
sub, coup. attached (payments
amounting to $521.02 have been
$40 lot
made on each bond)
By R. L. Day & Co., Boston:
$ per Sh. Shares. Stocks.
$ per Sh.
Shares. Stocks.
324
295 Saco Lowell Shops, 1st pref ____ 23
2 National Shawmut Bank
486
52 Charlestown Gas & Elec. Co.,
5 First National Bank
48614
par $25
13254-133H
20 First National Bank
455H 12 Springfield Gas Lt. Co., par $25_ 62
78 Second National Bank
487H 10 Western Mass. Cos
8031
5 First National Bank
455H 6 special units First Peoples Trust__ 3
10 Second National Bank
50 Crocker Garage Co.of Falmouth 50
482
16 Old Colony Trust Co
1 E. T. Burrows pref.; 21 2d pref.;
171
5 Milford National Bank
2 common
45311ot
5 Safety Deposit National Bank,
2 units First Peoples Trust
305
New Bedford
special
5
units
!!
First
Trust
Peoples
Spencer_185
Bank,
National
6 Spencer
10 Cape Breton Elec. Co., corn __ -- 7H
9 Bristol Co. Tr. Co., Taunton_ _200
77
8 Pneumatic Scale Co., common,
15 Lawton Mills
par $10
133H
15 West Point Mfg. Co
88)4
16H-17 2 Regal Shoe Co., pref
44 Whitman Mills
41
121
22 units First Peoples Trust
10 Continental Mills
65H
25 Nat. Bond & Share Corp
30
9 Fairhaven Mills, 1st pref
80
75 Western Mass. Cos
30
15 Connecticut Mills, 1st pref
41
39 units First Peoples Trust
130
10 Naumkeag Steam Cotton Co
60 Fitchburg Gas & Elec. Co.,
38
35 Associated Textile Co
122
78x v. t. c., par $50
5 Dartmouth Mtg. Co., pref
24 Charlestown Gas & Eleo. Co.,
57
62 Hamilton Woolen Co
132
V. t. c., par 325
55
2 Brookside Mills
34 Old Colony Trust Associates.... 58
6 Nat. Fabric & Finishing Co.,com_ 14
45% 7 Mass. Ltg. Cos. corn (undep.)__I55
11 Dexter & Piscataquis EE
Per Cent.
Bonds.
64 ex-div.
23 Draper Corp
I unit Thompson's Spa. Inc_10331 ex-div. $3,000 Haverhill Bldg. Trust, 1st
Right.iont.
60 &
s. 1. 5s, April 1941
15 Eastern Utilities Assoc., corn__ 40
Rights.
21 Quincy Market Cold Storage &
o_p_er..3
I National Union Fire Ins. CS
38
Warehouse Co., common
By Wise, Hobbs & Arnold, Boston:
$ per Sh.
Shares. Stocks.
40 Worcester County National
18131-181H
Bank, par $50
3 Danvers (Mass.) National Bank_165
446
5 National Rockland Bank
32)4
27 Arlington Ml is
68-68H
50 Newmarket Mfg. Co
45 Wm. Whitman Co., Inc., pref__ 9231
$1 lot
10 Potter Knitting Co., pref
10 Hamilton Woolen Co_ __ _55 ex-rights
10 Naumkeag Steam Cotton Co...130
57 Shawmut Bank Inv. Trust_....5534-58
68
25 Plymouth Cordage Co
36 Ludlow Mfg. Associates 176)4-177)4
25 Old Colony Trust Associates_ _ _ _ 56
100 Mass. Utilities Assoc., class A
44
preferred, par 350
5 Hood Rubber Co. 734% Pref--- - 71
44 New England Pub.Ser. Co.corn. 80
1 New Hampshire Fire Ins. Co____650
80
25 Western Mass. Cos
90 Firestone Footwear Co., pref___ 89%
25 Fall River El. Lt. Co. (undeP.).
57H
Par $25
109
10 American Glue Co., pref
41
2 units First Peoples Trust
4 Haverhill El. Co., v. t. c., par $25 80
$ per 1Sh
Shares. Stocks.
45 Okeechobee, Inc
41
30 units First Peoples Trust
10 Hood Rubber Co., 734% Pref.- 70H
48 Oxford Paper Co., corn.(new).. 47
41
4 units First Peoples Trust
41
20 units First Peoples Trust
400 Santa Fe Gold & Copper Mining
80101
Co., par $10
$25...$.50
17 Haverhill Elec. Co., par
_ 57H
25 Terminal Hotel Trust, pref
125 Old Colony Trust Associates__ 56
41
6 units First Peoples Trust
10 Old Colony Trust Auociates
56-58
40 Hamilton Woolen Co_ -57 ex-rights
Per Cent.
Bonds.
13,000 Chicago Elevator Properties,
Inc., 6s, July 1942
88
$1,000 Beacon Coal Co. 1st mtge.
6s, July 1944
$2,000 Distribution Terminal &$7 lot
Cold Storage Co.6H, Apr. 1952_ 84
3500 Butte Central Copper Co.,
inc. Os, January 1944
$
$5,000 South West Gas Utilities 2 lot
65
Corp.630, May 1943
By Barnes & Lofland, Philadelphia:
$ per Sh.
Shares. Stocks.
100 Lykens Valley RR. & Coal.. 15H
38 Philadelphia Trac. Co., par $50- 54%
30 Central Tr.& Say. Cu., par $50_247
4 Manayunk Quaker City Nat. Bk_582
200
10 National Bank of Olney
2 Philadelphia National Bank_ _ _ _1100
183
35 Overbrook National Bank
10 Bk. of No. Amer. & Trust Co 489
10 Bk. cf No. Amer. di Trust Co.-489H
552
4 Bk. of Phila. & Trust Co
5 Amer. Nat. Bk., Camden, N. J_ _148
5 Westmont (N. J.) Nat. Bank_ 125
10 Jenkintown Bank & Trust Co.,
200
par $50
5 Wharton Title & Tr. Co., par $50.. 50
49
$50_
par
Tr.
Co.,
&
Title
5 Wharton
10 Wharton Title & Tr. Co., par $50 45
40 Allegheny Title & Trust Co.,
161
par $50
20 Liberty Title & Tr. Co., par $50_375
67
$50_
par
Co.,
Tr.
&
Title
2 Security
15 Sixty-Ninth St. Terminal Title &
182
Trust Co., par $50
8 Lancaster Ave. Title & Trust Co.,
100
Par $50
13 Nor. Central Tr. Co., par 650_182
100 Bankers Trust Co., par 350_15931
100 Bankers Trust Co., par $50-159
188)4
6 Tioga Trust Co.. par $50
6 Mitten Men & Mgt.Bank & Trust
124
(stamped)
Co.
5 North City Trust Co., par $50_.141
6 Huntingdon Valley (Pa.) Tr. Co_131
164 Broadway Merchants Trust
375
Co., Camden
10 Phila. & Sub. Mtge, Guar. Co 100
1 Pa. Academy of the Fine Arts 25
30 Courier-Post Co., Camden, pref. 90
$ Per Sh.
Shares. Stocks.
4 John B. Stetson Co., corn., no par 91
4 John B. Stetson Co., corn,, no par 90
73 John B. Stetson Co., common-- 89
4 Phila. Bourse, coin., par $50.._. 81
Membership Rolling Green Golf
Club
600
1 Penn National Bank
850
Bonds.
Per Cent.
$8,400 mtge. due Jan. 5 1929 on
3101 00 3113 Robbins St., subject
to one mtge. of $5,500 and six
intges. of $4,000 each; $22,000
mtge. duo Nov. 28 1927, on
3115-17-19 Robbins St. and 3100
to 3116 McPeak St., subject to
three 1st mtges. of $4,000 each
on Robbins St., 1st mtge. of
$4,500 on McPeak Bt., and eight
mtges. of $3,800 each on McPeak
St.; $5,000 mtge., due July 28
1928, on 3138 McPeak St., subj.
$1,000 lot
to let mtge. of $4,500
$4,000 Indianapolis Water Co. 1st
& ref. 5345, 1953
102g
$2,000 Ind Columbus & East. Tr.
gen. & ref. 5a, 1926, ctf. of dep.
4H
of Pa. Co. for Ins., &c
$2,000 Electric & Peoples Trio. Co.
52
stock trust 45, 1945
Rights.
$ per Right.
25H First Nat. Bk., Darby, Pa---205
45 23-13 First Camden Nat. Bank
564
& Trust Co., N. J
135
5 Phila. Co. for Guar. Nuges
11 Camden Safe Dep.& Tr. Co.... 75
34-17 Camden Safe Dep. & 'Pr. Co. 78)4
4-17 Camden Safe Dep. & Tr. Co 76
MAR. 9 19291
FINANCIAL CHRONICLE
By A. J. Wright & Co., Buffalo:
Shares., Stocks.
$ or a. Shares. Stocks.
200 Buffalo Steel Car, no par _$4.25 lot 1,000 Night Hawk, par $1
500 Chaput Hughes, par $1
Sc 70 Assets Realization
100 Thermiodyne Radio, no par_32 lot
$ per Rh,
4c
$4.50 lot
SII
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.)
Lehigh Valley, corn. (quar.)
Preferred (guar.)
Old Colony (guar.)
Pittsb.. Ft. Wayne & Chic., corn. (qu.)_
Preferred (quar.)
St. Joseph, South Bend & SouthCommon
Preferred
Southern Railway, corn. (guar.)
Preferred (qua!'.)
Mobile & Ohio,stk. trust etre
West Jersey & Seashore
Wheeling & Lake Erie, prior lien stock
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
•144
1 Holders of rec. Mar. 16a
1 *Holders of rec. Mar. 16
1 *Holders of rec. Mar. 16
1 *Holders of rec. Mar. 16
1 Holders of rec. Mar. (ki
2 Holders of rec. Mar. 9a
14
2%
2
1.34
*2
*1%
3%
Mar. 15 Mar. 11 to May 14
Mar. 15 Mar. 11 to May 14
May 1 Holders of rec. Apr. 1
Apr. 15 Holders of roe. Mar. 19
Apr. 1 *Holders of rec. Mar. 15
Apr. 1 *Holders of rec. Mar. 15
Mar. 15 Holders of rec. Mar. 5a
% Apr.
•87/4c Apr.
"31.25 Apr.
Apr.
1% Apr.
144 Apr,
Public Utilities.
Alabama Power,$7 pref.(quar.)
$1.75 Apr. I Holders of rec. Mar. 13
$1.50 Apr. 1 Holders of rec. Mar. 13
$6 Preferred (guar.)
$5 preferred (guar.)
$1.25 May. 1 Holders of rec. Apr. 15
Amer. Cities Power & Lt., CIA (guar.).- (o) May 1 *Holders of rec. Apr. 10
Class B (guar.)
(v) May 1 "Holders of rec. Apr. 10
Amer.Community Power, 1st Pf.(quar.) 411.50 Apr. 1 "Holders of rec. Mar. 16
Amer.& Foreign Power Co., $7 pf. (qu.) $1.75 Apr. 1 Holders of rec. Mar. 15
$6 Preferred (guar.)
$1.50 Apr. 1 Holders of rec. Mar. 15
American Gas (guar.)
'2
Mar.28 *Holders of rec. Mar. 20
Amer. Public Service. pref (guar.)
*11.75 Apr. 1 *Holders of rec. Mar. 15
American Public UtilitiesPrior pref. and partic. pref.(quar.)-. $1.75 Apr. 1 Holders of rec. Mar. 15
Amer. State Pub. Service, corn. A (qu.)_ •28e. Apr. 1 *Holders of rec. Mar. 20
Associated Gas & Elec., el. A (quar.)-- (I) May 1 Holders of rec. Mar.30
Bangor Hydro-Elec., 7% pf. (guar.)
Apr. 1 *Holders of rec. Mar. 11
6% preferred (guar.)
•114 Apr. 1 "Holders of rec. Mar. 11
Birmingham Elec. Co., $7 pref.(quiz.)- $1.75 Apr. 1 Holders of rec. Mar. 12
$6 Preferred (guar.)
$1.50 Apr. 1 Holders of rec. Mar. 12
British Columbia Power el. A (guar.) -60c. Apr. 1 Holders of rec. Mar. 15
Calgary Power (quar.)
1% Apr.
Holders of rec. Mar. 15
California Elec. Generating, Pref.(qu.)- 114 Apr. 1 Holders of rec. Mar. 5
Central States Elec. Corp. corn.(go.)--25e. Apr.
Holders of rec. Mar. 11
Corn,(payable in corn, stock.)
1234 Apr.
Holders of rec. Mar. 11
Seven per cent pref.(guar.)
Apr. 1 Holders of rec. Mar. 11
Six per cent pref.(guar.)
134.Apr. 1 fielders of rec. Mar. 11
Convertible preferred (quar.)
(2) Apr. 1 Holders of rec. Mar. 11
Cent. States Pow. di Light $7 pf.(gua -* $1.75 Apr,
*Holders of rec. Mar. 11
Cities Service P.& L.,$6 pref.(mthly.)_ •50c. Mar. 1 *Holders of rec. Mar. 1
•58 1-3c Mar. 1 'Holders of me. Mar. 1
$7 preferred (monthly)
Connecticut Elec. Eery., cony. pf.(qu.). "il
Apr.
'Holders of rec. Mar. 15
Continental Gas & Elec., cam.(guar.)._ $1.10 Apr.
Holders of rec. Mar. 12a
Prior preference (guar.)
$1.75 Apr.
Holders of rec. Mar.12a
Columbus Elec. & Power, corn. (guar.). 500. Apr.
Holders of rec. Mar. ha
Preferred, series 11 (guar.)
$1.75 Apr.
Holders of rec. Mar. ha
Preferred, series C (guar.)
$ 1.6214 Apr.
Holders of rec. Mar. ha
Second preferred (guar.)
$1.76 Apr. 1 Holders of rec. Mar. Ila
Denver Tramway. prof. (guar.)
75e. Apr.
Holders of rec. Mar. 16
•INg Apr.
Duke Power, com. (guar.)
*Holders of rec. Mar. 15
Preferred (guar.)
•114 Apr.
*Holders of rec. Mar. 15
Eastern Maas. St. Ry., adj. stock
*2)4 Apr.
*Holders of rec. Mar. 15
Eastern Texas Elec. Co., pref. (quar.)_. 11( AM.
Holders of rec. Mar. 16a
Elec. Pow.& Lt., allot. ctts.50%pd.(qu.)
14 Apr.
Holders of ree. Mar. ha
Allotment etts. full paid (guar.)
11( Apr.
Holders of rec. Mar. ha
Empire Gas & Fuel,6% pref. (mthly.)
*WY% Apr.
"Holders of rec. Mar. 15
541-6c Apr.
6)4% preferred (monthly)
*Holders of rec. Mar. 15
•68 1-3e Apr.
7% prof. (monthly)
*Holders of rec. Mar. 15
•66 2-30 Apr.
8% pref. (monthly)
*Holders of rec. Mar. 15
Georgia Power, $6 pref.(quar.)
$1.50 Apr. 1 Holder of rec. Mar. 15
$1.25 Apr. I Holders of rec. Mar. 15
$5 preferred (guar.)
Apr. 1 Holders of rec. Mar. 5
Great Western Power,7% pref.(quav.L.
134 Apr. 1 Holders of rec. Mar. 5
Six per cent pref. A (guar.)
International Power, pref.(guar.)
1% Apr. I Holders of rec. Mar. 15
International Superpower
60c. Apr. I Holders of ree. Mar. 15
Interstate Power,$7 pref.(guar.)
$1.75 Apr. I Holders of rec. Mar. 11
"11.50 Apr. I "Holders of rec. Mar. 11
$6 preferred (guar.)
Apr. 1 Holders of rec. Mar. 18
Jersey Central Power & Lt.,7% pf.(qu.)
8% pref. (guar.)
1)4 Apr. I Holders of rec. Mar. 18
Kentucky Securities. corn. (quar.)
*51.25 Apr. 1 *Holders of roe. Mar.20
Apr. 15 *Holders of rec. Mar.20
Preferred (guar.)
Kings County Ult.. Com (guar.)
*11.50 Apr. I *Holders of rec. Mar. 18
7% pref. (guar.)
Apr. 1 *Holders of rec. Mar. 18
5% pref. (qua!'.)
*1)( Apr. 1 *Holders of rec. Mar. 18
Lone Star Gas (guar.)
*500. Mar.30 *Holders of rec. Mar. 19
Long Island Ltg., ser. A,7% prof.(go,)
Apr. 1 Holders of rec. Mar. 15
Six per cent ser. B prof.(quar.)
1% Apr. 1 Holders of rec. Mar. 15
Manhattan Ily.. guar. (quiz.)
'
134 Apr. 1 "Holders of rec. Mar. 20
Mackay Companies. ccm.(gear.)
Apr. 1 Holders of rec. Mar.22
Preferred (quar.)
1
Apr. 1 Holders of me. Mar.22
Memphis Pow.& Lt., $7 prof. (guar./
$1.75 Apr. 1 Holders of rec. Mar. 16
61.50 Apr. 1 Holders of rec. Mar. 16
36 Preferred (guar.)
Michigan Elec. Power Co.,7% pf. (qu.)
Apr. 1 Holders of rec. Mar. 15
114 Apr. 1 Holders of rec. Mar. 15
Six per cent preferred (guar.)
Mountain States Power. pref.(guar.)
134 Apr. 20 Holders of rec. Mar.31
National Elec. Power, 7% pref. (guar.).
Apr. 1 Holders of rec. Mar.20
1)4 Apr. 1 Holders of roe. Mar.20
Six per cent Preferred (guar.)
Apr. 1 Holders of rec. Mar. 15
Nat. Public Service, ser. A pref.(guar.)
*$1.50 Apr. I *Holders of roe. Mar. 16
New England Power. pref. (guar.)
N.Y. Central Elec. corp..7% pi.(cu.). 1,4 Apr. 1 Holders of rec. Mar. 15
$1.50 Apr. 1 *Holders of rec. Mar. 16a
N,Y.Steam Co., $A pref.(guar.)
"51.75 Apr. 1 *Holders of roe. Mar. ma
$7 Preferred (guar.)
114 Apr. 15 Holders of rec. Mar.20
N. Y.Telephone, pref.(guar.)
"650. Mar. 30 *Holders of rec. Mar. 15
Niagara Falls Power. corn. (guar.)
Northport Water Works. pref. (quiz.).. 1)4 Apr. 1 Holders of rec. Mar,15
134 Apr. 1 *Holders of rec. Mar. 15
Northwest Utilities, prior lien pref.(Qua'
*114 Apr. 1 *Holders of rec. Mar. 9
Ohio Bell Telephone,6% prof. (guar.)
Apr. 1 *Holders of roe. Mar. 9
*2
Eight per cent pref. (guar.)
Penn. Central Light & Pow.$5 pt.((iu.)_ $1.25 Apr. 1 Holders of rec. Max'. 15
700. Apr. 1 Holders of rec. Mar. 15
$2.80 series preferred (guar.)
Apr. 17 *Holders of roe. Apr. 8
*2
Peoples Gas Light & Coke (guar.)
114 Apr. 1 Holders of rec. Mar. 15
Portland Elec. Power. 1st pfd. (guar.)
Apr. 1 Holders of rec. Mar. 15
Prior preference (guar.)
Porto Rico Ky.. Light dr Power, p1.(qu.) *51.75 Apr. 1 *Holders of rec. Mar. 15
Apr. 1 Holders of rec. Mar.22
Postal Tel. & Cable, non corn.& pf.(qu.)
Puget Sound Pow.& Lt., pr. pf.(quiz.). 411.25 Apr. 15 "Holders of rec. Mar.20
"51.50 Apr. 15 *Holders of rec. Mar.20
Preferred (guar.)
Public Service Co.of Okla.,corn.(qu.)_ _ 2
Apr. 1 Mar.25 to Apr. 1
7% prior lien stock (guar.)
Apr. I Mar.25 to Apr. 1
6% priorl len stock (quar.)
114 Apr. 1 Mar. 25 to Apr. 1
Savannah Electric Power, prefferred
3
Apr. 1 Holders of rec. Mar. lla
Debenture series "A"(guar.)
Apr. 1 Holders of rec. Mar. lb
2
Debentures series B (quar.)
114 Apr. 1 Holders of roe. Mar. lb
Southeastern Pow.& Lt.,$7 Pt.(qu.)
$1.75 Apr. 1 Holders of Ma. Mar. 15
$6 preferred ((mar.)
51.60 Apr. 1 Holders of rec. Mar. 15
Participating pref. (guar.)
$1.25 Apr. 1 Holders of rec. Mar. 15
Southwestern Light & Power, cl. A (qu.) *31.50 Apr. 1 *Holders of rec. Mar. 15
131
134
134
1,4
134
134
134
114
134
134
13(
1507
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Public Utilities (Concluded).
Springfield Gas & Elec. pref.(guar.)- -- $1.75 Apr. 1 Holders of ree. Mar.15
United Gas dr Elec. Corp. pref.(quar.)__
144 Apr. 1 Holders of reo. Mar. 15
Unit. Lt.& Pow..old Cl, A & B com.(qu.) 60c. May I Holden of rec. Apr. 151
New class A & B corn.(guar.)
12e. May 1 Holders of Me. Apr. 156
Class A preferred (guar.)
$1.63 Apr. 1 Holders of rec. Mar. 154
Clam B preferred (guar.)
$1 Apr. 1 Holders of rec. Mar. 151
United Public Service $7 pref.(guara
51.75 Apr. 1 Holders of rec. Mar. 16
United Public UtII., $6 prof.(qu.)
*51.50 Apr. I *Holders of rec. mar. 15
$7 preferred (guar.)
*51.75 Apr. 1 *Holders of rec. Mar. 16
Utah Power & Light $7 Pref.((Mara
- $1.75 Atm. 1 Holders of rec. Mar. I
$6 preferred (guar.)
01.50 Apr. 1 Holders of rec. Mar. 5
West Penn Power,7% pref.(guar.)
114 May 1 Holders of rec. Apr. 5
Six per cent preferred (quiz.)
1)4 May 1 Holders of rec. Apr. 5
t1N Apr. 15
Western Power. pref.(quiz.)
Holders of me. Apr. 1
Name of Company.
Banks.
Bank of America, N. A.(guar.)
Chase Natural (quiz.)
Chase Securities Corp.(guar.)
Chatham & Phenix Nat. Bk.& Tr.(du.)
National City (interim)
National City Co. (interim)
Public Nat. Bank & Trust Co.(quar.)...,
Seaboard National (guar.)
Trust Companies.
Guaranty (guar.)
Irving Trust(quar.)
Manufacturers (guar.)
United States(guar.)
411
334
1
'4
50e.
50c.
4
•4
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
1
1
1
1
1
1
1
1
Holders of rec. Mar. 16
Holders of rec. Mar. 131
Holders of rec. Mar. 134
Holders of rec. Mar. 14
Holders of rec. Mar. 9
Holders of rec. Mar. 9
Holders of rec. Mar.20
Holders of rec. Mar.22
4
Mar. 30 Holders of rec. Mar. 15
334 Apr. 1 Holders of rec. Mar. 15
'$1.50 Apr. 1 Holders of rec. Mar. 15
'15
Apr. 1 *Holders of rec. Mar. 21
Miscellaneous.
Abitibi Pow. & Paper,6% pref.(guar.). 134 Apr. 20 Holders of rec. Apr. 10
Seven per cent preferred (guar.)
134 Apr. 2 Holders of rec. Mar. 20
Agnew-Surpass Shoe Store, pref. (guar.) 144 Apr. 1 Holders of rec. Mar. 15
Ahrens Fox Fire Engine,class A (guar.)- •3734e Apr. 1 'Holders of rec. Mar.26
'250. Apr. 1 *Holders of rec. Mar. 26
Class B (guar.)
Alliance Investment Corp., corn.(go.).. 20e. Apr. 1 Holders of rec. Mar. 15
Preferred
Apr. 1 Holdree of roe. Mar. 15
Aloe (A. S.) Co., corn.(guar.)
620. Apr. 1 Holders of rec. Mar. 19
1% Apr. 1 Holders of rec. Mar. 19
Preferred (quiz.)
Amer. Car & Fde., corn. (Qultr.)
$1.50 Apr. 1 Holders of roe. Mar.lb
194 Apr. 1 Holders of rec. Mar. 15
Preferred (guar.)
American Chain, pref. (guar.)
194 Apr. 1 Holders of rec. Mar.20
American Cigar, pref.(guar.)
134 Apr. 1 Holders of roe. Mar. 15
Amer. Cyanamid, corn. A &B (quar.)
30e. Apr. 1 Holders of rec. Mar. 16
10o. Apr. 1 Holders of rec. Mar. 15
Common A & B (extra)
13.4 Apr. 1 Holders of rec. Mar.15
Preferred (quar.)
American Dredging (stock dividend)___ _ "e25
American Express (guar.)
'$1.50 Apr. 1 *Holders of res. Mar. lb
American Furniture MartAmer. Furniture Mart Building Corp.
114 Apr. 1 Holders of rec. Mar. 20
Preferred (guar.)
75e. Apr. 1 Holders of rec. Mar. 20
Amer. London & Empire Corp., pt.(qua
Amer. Steel Foundries, coin. (guar.).- •750. Apr. 15 *Holders of rec. Apr. 1
sqL
Preferred (quiz.)
"Holders of rec. Mar.15
3
Apr. 1 Holders of roe. Mar. 15.
American Snuff, corn. (guar.)
114 Apr. 1 Holders of recs. Mar.15s
Preferred (guar.)
American Yvette Co..cora.(qu.)(No.1) •50c.
*50c. Mar.30 *Holders of me. Mar.16
Associated 011 (guar.)
•76e. Apr. 1 *Holders of roe. Mar.15
Bancomit Corporation
*500. Apr. 1 *Holders of roe. Mar.15
Blue Ribbon, Ltd. (guar.)
*25e. Apr. 1 *Holders of rec. Mar. 15
British-Amer. 011 (guar.)
Brunswick-Balke-Collender Co.. PL(MUJ
134 Apr. 1 Holders of rec. Mar. 20
194 Apr, 1 Holders of rec. Mar. his
Burns Bros., pref. (quar,)
•50e. Mar.30 *Holders of roe. Mar. 15
Butte & Superior Mining (guar.)
•40c. Apr. 2 *Holders of ree. Mar. 16
Calambo Sugar Estates. corn.(guar.)
Apr. 1 Holders of rec. Mar. 15
$1
Cambria Iron
Canada Foundries & Fore., class A (qu.) *37140 Apr. 15 *Holdres of roe. Mar.30
'
134 Mar. 15 *Holders of rec. Mar. 2
Canadian Baking, 1st & 2d prof.(guar.)
*25c. Apr. 30 *Holders of rec. Mar.30
Canadian Industries, Ltd. (extra)
134 Mar.15 Holders of rec. Mar. 9
Carter (William) Co.. pref.(guar.)
*154 Apr. 1 *Holders of rec. Mar. 18
Cavanagh-Dobbs, Inc., Prof. (quar.)
6214c Apr. 1 Holders of rec. Mar. 20
CeCo Manufacturing,corn.(guar.)
134 Apr. 1 Holders of rec. Mar. 15
Celanese Corp. of Am..prior pref.(gu.)_
50e Apr. 1 Holders of rec. Mar. 16
First partie. pref. (guar.)
$1.75 June 1 Holders of rec. May 10
Celluloid Corp., ist Panic. prof.
"500. Apr. 1 *Holders of roe. Mar. 20
Central Aguirre Associates (guar.)
Certain-Teed Products. prof.-April divi dead o miffed
Chicago Pneumatic ToolNew cony. preference (qua (NO. 1) "8734e Apr. 1 'Holders of roe. Mar.20
City Savings Bank (Budapest)"54.17 Mar. 9 *Holders of rec. Feb. 27
American shares
18c. Apr. 1 Holders of rec. Mar. 20
Claremont Investing Corp.,corn.(guar.)
31e. Apr. 1 Holders of rec. Mar. 20
Preferred (guar.)
Cluett. Peabody & Co.. Prof. (guar.).- •lf( Apr. 1 *Holders of rec. Mar.21
Colts Patent Fire Arms Mfg.(guar.).- *60c. Mar.30 'Holders of ree. Mar. 14
Apr. 1 Holders of rec. Mar. 184
Continental caking Corp.. prof. MAO- $2
"600. Nov. 1 *Holders of rec. Oct. 10
Coon (W. B.) Co corn
•70e. May I "Holders of rec. Apr. 10
Common
•700. Aug. 1 *Holders of rec. July 10
Common
•134 Nov. 1 "Holders of rec. Oct. 10
Preferred
*If( May
*Holders of me. Apr. 10
Preferred
134 Aug. 1 *Holders of rec. July 10
Preferred
*60e. Apr. 15 *Holders of rec. Mar. 15
Copper Range Co. (guar.)
Crowley, Milner & Co.. corn.((Mara-- *50c. Mar.30 *Holders of rec. Mar. 11
Crown Cork & Seal. prof. (guar.)
*67e. Mar. 15 *Holders of rec. Feb. 28
Cypres Petroleum, class A (guar.)
.50c. Mar. 1 *Holders of rec. Feb. 18
Dexter Company (quar.)(No. 1)
•36e. June 1
Diamond Elec. Mfg.. corn.(guar.)
*50c. Mar.31 *Holders of rec. Mar. 24
.0194 Mar. 31 *Holders of rec. Mar. 24
Preferred (guar.)
Dunham (James 11.)& Co.. corn.((Mara O134 Apr. 1 *Holders of rec. Mar. 18
*13.4 Apr. 1 *Holders of rec. Mar. 18
First preferred ((Para
'134 Apr. 1 *Holders of rec.. Mar. 18
Second preferred (guar.)
Dunlop Tire & Rubber. pf.(guar.)
*$1.75 Apr. 1
Durant Motors of Canada
40c. Apr. 1 Holders of roe. Mar. 9
Eastern Rolling Mill(guar.)
3734e Apr. 1 Holders of rec. Mar. 200
Eastern Steamship, 1st pref.(quar.)._.. *$1.76 Apr. 1 *Holders of rec. Mar.23
No par preferred (guar.)
"8714c Apr. 1 *Holders of rec. Mar.23
Emerson Elec. Mfg., pref.(guar.)
194 Apr, 1 Holders of rec. Mar.20
Endicott-Johnson Corp., corn. (guar.)._ $1.25 Apr. 1 Holders of rec. Mar. 18
Preferred (Qua!'.)
134 Apr, 1 Holders of rec. Mar. 18
Equitable Financial Corp., cl. A (guar.)
300. Mar. 15 Holders of rec. Mar. 1
Fanny Farmer Candy Shops, corn. (qu.) 25e. Apr. 1 Holders of rec. Mar.16
600. Apr. 1 Holders of rec. Mar.15
Preference (quiz.)
*114 Apr. 1 *Holders of rec. mar. 8
Federal Bake shops. pref. (guar.)
Financial & Industrial Corp. cl A (qu.)...... *30e. Mar. 15 *Holders of rec. Mat. 1
Florence Stove, corn. (guar.)
Mar. 1 *Holders of rec. Feb. 18
411
*I
Preferred (guar.)
Mar. 1 *Holders of rec. Feb. 18
•87340
Foote-Burt Co., Cl. A (guar.)
Fraser Companies. Ltd.. (guar.)
260. Apr. 1 Holders of rec. Mar. 15
Galesburg Coulter-Disc.(qua!'.)
*31 Apr. 1 *Holders of rec. Mar.20
•2503. Apr. 1 "Holders of rec. Mar.20
Extra
'$1
May 1 'Holders of roe. Apr. 16
General Cigar, corn.(quiz.)
'131 June 1 *Holders of rec. May 21
Preferred (guar.)
$1.50 Apr. 1 Holders of rec. Mar. 144
General Mills, Inc., Prof. (quar.)
General Railway Signal. corn.((MO31.26 Apr. 1 Holders of rec. Mar. 11
114 Apr. 1 Holders of roe. Mar. 11
Preferred (guar.)
$2.50 Mar.20 *Holders of roe. Mar. 9
Glen Alden Coal(quar.)
"37e. Apr. 1 *Holders of rec. Mar.20
Goldblatt Bros., Inc.. corn.(No.1)
.73.. Apr. 2 *Holders of rec. Mar. 15
Great Western Sugar, corn.(guar.)
•131 Apr. 2"Holders of me. Mar. 15
Preferred (guar.)
114 Apr. 1 Holders of rec. Mar. 15
Greenfield Tap .k Die,6% pref. (quar.)_
2
Apr. 1 Holders of rec. Mar. 15
8% preferred (quiz.)
*31 Apr. 1 *Holders of rec. Mar. 20
Grigeby-Grunow Co. (qua!'.)
*3734c Apr. 1 *Holders of rec. Mar.20
Gulf 011 Corp.(quar.)
•50c. Apr. 1 "Holders of rec. Mar. 15
Gerd (Charles) & Co.. corn.(quiz.)
•144 Apr. 1 *Holders of rec. Mar. 16
Preferred (qua!'.)
'I% Mar. 1 *Holders of rec. Feb. 20
Hamilton Dairies. prof. (guar.)
Hayes Wheel & Forging Ltd. corn.(sin.). •50e.
Sc. Mar.25 Holders of rec. Mar. 8
Hollinger Cons. Geld Mines
Name of Company
When
Per
Cent. Payable
Mots Closed
Days Inrlusive.
Miscellaneous (Continued).
'Sc. Apr. 15 Holders of rec. Mar. 31
Holly Development (guar.)
50c. Mar.25 Holders of rec. Mar. 20
Homestake Mining (utility)
60c. Mar. 31 Holders of rec. Mar. 15
Hoskins Manufacturing. corn. (guar.)._
15e. Mar. 31 Holders of rec. Mar. 15
Common (guar.) extra
f25 Apr. 1 Holders of rec. Mar. 15
Corn.(payable in common stock.)
"30c. Apr. 1 *Holders of ITC. Mar. 12
Humble Oil & Refining (guar.)
"20e. Apr. 1 'Holders of rec. Mar, 12
Extra
1K Apr. 2 Holders of rec. Mar. 20
Huyler's of Delaware, pf. (guar.)
Apr. 1 *Holders of rec. Mar. 20
"S1
Hydraulic Brake (guar.)
1(4 Apr. 1 Holders of rec. Mar. 21
Indian SIotocycle. pref. (guar.)
Insull Utility Investment, pr. pf.(qu.).- *$1.37 Apr. 1 'Holders of rec. Mar. 15
Internat.ButtonholeSewingMach.(qu.) _ *20c. Apr. 1 'Holders of rec. Mar. 15
International Equities Corp. CIA (qu.)._ 87M c. Apr. 1 Holders of rec. Mar. 20a
20c. Mar. 30 Holders of rec. Mar. 16
Internat. Nickel of Canada, corn.(au.).25c Mar. 15 Mar. 13 to Mar. 15
International Petroleum
International Products, pref. (guar.)... $1.50 Mar. 29 Holders of rec. Mar. 15
*65c.
International Properties. cl. A (quar.)
Interstate Dept. Stores, corn. (quar.) -- 50c. Apr. 1 'Holders of rec. Mar. 15
*S2 Apr. 1 'Holders of rec. Mar. 15
IntertYPe Corp., 15t pref. (quar.)
75c. Apr. 1 Holders of rec. Mar. 15
Jonas & Naumburg Corp. pref.(guar.)
5112Si Apr. 1 *Holders of rec. Mar. 20
Kalamazoo Stove, corn. (guar.)
•154 Apr. 1 'Holders of rec. Mar. 20
Stock dividend
.405. Apr. 1 "Holders of rec. Mar. 15
Kentucky Rock Asphalt, corn (qu.)_ _
Apr. 15 *Holders of rec. Apr. 1
"15
Corn. (payable in corn. stock)
4,14 Apr. 1 'Holders of rec. Mar. 11
Koppers Gas & Coke, pref. (guar.)
Mar. 14
Mar. 15 Mar. 5 to
50c.
Korah (S.) Co.(guar.)
Kroger Grocery & Baking. 1st pf.(gu.)_. *1M Apr. 1 'Holders of rec. Mar. 15
•1K May 1 'Holders of rec. Apr. 15
Second preferred (guar.)
"500. Apr. 1 *Holders of rec. Mar. 20
Laboratory Products (guar.)
Apr. 15 *Holders of rec. Mar.20
*03
Stock dividend
Apr. 1 'Holders of rec. Mar. 18
*12
(guar.)
corn.
Lambert Company,
50c. Apr. 1 Holders of rec. Mar. 15
Lane Bryant, Inc., corn.(guar.)
75c. Apr. 1 Holders of rec. Mar. 15
Lehigh Valley Coal Corp. Pref.(No. 1)
90c. Mar. 30 Mar. 16 to Mar. 30
Lehigh Valley Coal Sales
*50c. Apr. 27 *Holders of rec. Mar. 29
Lion 011 Refining, corn. (guar.)
June 1 Holders of rec. May 15a
60c.
Link Belt Co.(guar.)
50c. Mar. 30 Holders of rec. Mar. 14
Loew's, Inc., corn. (guar.)
•750.
London Packing, corn. (guar.)
•IH Apr. 1 *Holders of rec. Mar. 18
Loose-Wiles Biscuit, lot pfd.(guar.).*1K Apr. 1 *Holders of rec. Mar. 15
Lorillard (P.) Co. pref.(guar.)
550e. Apr. 1 *Holders of rec. Mar. 20
(guar.)
corn.
Steel,
Ludlum
$l623. Apr. 1 *Holders of rec. Mar. 20
Preferred (guar.)(No. 1)
$1.50 Mar. 30 Holders of rec. Mar. 15
Mack Trucks, Inc., corn. (guar.)
1K Apr. 1 Holders of rec. Mar. 16
Manhattan Shirt, pref. (guar.)
50c. Apr. 1 Holders of rec. Mar. 14
Mapes Consol. Mfg.(guar.)
50c. Apr. 10 Holders of rec. Mar. 19
Margay 011 Corp. (guar.)
*37S40 Apr. 1 'Holders of rec. Mar. 15
Maytag Co.. corn.(guar.)
75c. Apr. 15 Holders of rec. Mar. 30
Massey-Harris Co., Ltd., corn.(qu.)
Apr. 1 Holders of rec. Mar. 200
McGraw-Hill Publishing
'50c. Mar. 15'Holders of rec. Mar. 1
Melchers Distilleries, Ltd., el. A (qu.)
Merchants & SlinersTransportatIon(qu) '6234e Mar. 31 *Holders of rec. Mar. 13
•1K Apr. 1 'Holders of rec. Mar. 15
Mock, Judson & VoehrInger, pr. (qu.)
*Ix Apr. 1 *Holders of rec. Mar. 15
Mohawk Rubber, pref. (guar.)
37Sic Apr. 1 Holders of rec. Mar. 15
(guar.)
corn.
Chemical,
Monroe
87Sic Apr. 1 Holders of rec. Mar. 15
Preference (guar.)
"37Sic
Montroy Investment Co.(guar.)
65e. Apr. 1 Holders of rec. Mar. 15
Mountain Producers (quar.)
"S1 25 Apr. 1 *Ilolders of rec. Mar. 15
Nat. BancservIce Corp.(guar.)
25c. Apr. 15 Holders of rec. Mar. 20
(guar.)
Hess
Belles
Nat.
Apr. 15 Holders of rec. Mar. 20
el
Stock dividend (quar.)
July 15
el
Stock dividend (guar.)
15
Oct.
el
(guar.)
Stook dividend
Ja315'30
el
Stock dividend (guar.)
43Hc Apr. 1 Holders of rec. Mar. 12
National Candy. corn. (guar.)
1K Apr. 1 Holders of rec. Mar. 12
First and second preferred (guar.)
Apr. 1 *Holders of rec. Mar. 16
*2
National Grocers, Ltd. pf. (guar.)
Apr. 15 *Holders of rec. Mar. 20
*50c.
1)
(No.
Nat. Rubber Machinery
1K Mar. 30 Holders of rec. Mar. 20
National Supply, pref. (guar.)
37(40 Apr. 1 Holders of rec. Mar. 14
National Tea, new corn.(guar.)
•500. Apr. 1 *Holders of rec. Mar. 19
Nelson (Herman) Corp.(guar.)
*500. Mar. 15 *Holders of rec. Mar. 1
Neptune Meter. corn. A (guar.)
75e. Mar. 30 Holders of rec. Mar. 15
(quar.)
Co.
Copper
Nevada Consol.
Nichols Copper Co.. class A (quar.)._._ 43Ste Apr. 1 Holders of rec. Mar. 20
•$1.20 Apr. 2 *Holders of rec. Mar. 16
Nickel Holding Corp., corn. (No. 1)
•20. Star. 26 *Holders of rec. Mar. 15
Oceanic 011 (bi-monthly)
37.Si Mar. 20 Holders of rec. Mar. 9a
Oil Shares. Inc., corn.(guar.)
Mar. 15 *Holders of rec. Mar. 28
'43(4
pfd
dr
Corn.
Oneida Community.
1K Apr. 1 Itolders of rec. Mar. 19a
Otis Steel, prior pref. (guar.)
*50c. Apr. 15'Holders of rec. Mar. 31
Parrific Equities (guar.)
*10c. Apr. 15 'Holders of rec. Mar. 31
Extra
*20c. Apr. 10 *Holders of rec. Mar. 19
Park-Utah Consol. Mines (quar.)
May 15 Holders of rec. Slay 6
$1.
(guar.)
corn.
Penmans, Limited,
1(4 May 1 Holders of rec. Apr. 22
Preferred (guar.)
1 *Holders of rec. Mar. 8
Apr.
•25c.
corn
Stcres,
Drug
Peoples
*37Sic Mar. 31 *Holders of roe. Mar. 18
Perfection Stove (monthly)
"37 Sic Apr. 30 *Holders of rec. Apr. 18
Monthly
"37 Sic Slay 31 *Holders of rec. May 17
Monthly
'37 Sic June 30 *Holders of rec. June 18
Monthly
"37 Sic July 31 *Holders of rec. July 18
Monthly
.37He Aug. 31 *Holders of rec. Aug. 16
Monthly
.37Ho Sept. 30 *Holders of rec. Sept. 18
Monthly
*37 Sic Oct. 31 *Holders of rec. Oct. 17
Monthly
*37 He Nov. 30 *Holders of rec. Nov. 18
Monthly
*37.Sie Dec. 31 *Holders of rec. Dec. 18
Monthly
$2.88 Mar. 19 Holders of rec. Mar. 5
Pirelli Co. of Italy (Amer. shares)
"50c. Apr. 1 'Holders of roe. Mar. 16
Pittsburgh Plate Glass, corn.(quar.)
Apr. 1 *Holders of rec. Mar. 25
"1
(guar.)
Pittsburgh Steel, corn.
•50e. Apr. 1 *Holders of rec. Mar. 15
Price Bros., corn. (guar.)
4,14 Apr. 1 'Holders of rec. Mar. 15
Preferred (guar.)
Apr. 1 *Holders of rec. Star. 13
Real Silk Hosiery Mills, pref. (quar.)
•350. Apr. 1 'Holders of rec. Mar. 15
Reece Buttonhole Mach (guar.)
Apr. 1 'Holders of coo. Mar. 15
'Sc.
Reece Folding Mach.(guar.)
Apr. 1 *Holders of roe. Mar. 20
Regal Shoe, Pref. (guar.)
*62 He Apr. 1 'Holders of rec. Mar. 15
Reliance Mfg.(guar.)
1 Holders of rec. Mar. 18
Apr.
60e.
Reynolds(R.J.) Tb.,com.&com.B (qu)
1(4 Apr. 1 Holders of rec. Mar. 15
Rice-Stix Dry Goods, corn. (quar.)
1 Holders of rec. Mar. 15
Apr.
1St
Preferred (guar.)
37 Mc May 1 Holders of rec. Apr. 15
2d preferred (guar.)
Mar. 15 *Holders of rec. Mar. 1
"11
Ruberold Company
Mar. 30 Holders of roe. Star. 150
St. L. Rocky Mt. & Pat. Co., com.(gu.)
1(4 Mar. 30 Holders of rec. Mar. 150
Preferred (guar.)
10e. Apr. 1 Holders of rec. Mar. 15
Salt Creek Consol. Oil (guar.)
15
Schlesinger(B.F.) & Sons, Inc., A.(qtr.) "37 He Apr. 1 'Holders of rec. Mar.
*1% Apr. 1 *Holders of rec. Mar. 15
Preferred (guar.)
Schulte United Sc. to $I Stores41.75 Apr. 1 *Holders of rec. liar. 20
Preferred (guar.) (No. 1)
350. Mar. 30 Holders of rec. Mar. 15
Scott Paper, corn. (guar.)
June 30
Corn.(In stk. sub), to stithrs.' approv.) f2
Dec. 31
Corn.(In stk. subj, to stkhrs.' approv.) f2
15
Selected Industries, Inc., prior stk.(gu.)$ 1.3734 Apr. 1 Holders of rec. Mar. 14
1K Apr. 1 Holders of rec. Mar.
Sellers(0.5.) dr Sons Co., pref.(guar.)._
Sept. 19 Holders of rec. Aug. 27
Si
Sheaffer (W. A.) Pen Co. (guar.)
"75e. Apr. 1 *Holders of rec. Mar. 18
Simmons Company (guar.)
5
Smith (H. H.) Co., 7M% pref.
'3% Mar. 15 'Holders of rec. Mar. 5
"3Si Mar. 15 'Holders of rec. Mar.
7% preferred
*75e. Mar. 15 *Holders of rec. Mar. 10
Southern Acid & Sulphur
•$1.50 Apr. 1 'Holders of rec. Mar. 15
Spang, Chalfant Co.. pref. (guar.)
15
Sperry Flour, pref. (guar.)
"14 Apr. 1 *Holders of rec. Mar. 15
25c. Apr. 1 Holders of rec. Mar.
Stand. Comm'i Tobacco, corn.(guar.)._
16
Star.
rec.
of
*Holders
1
Stanley Works (guar.)
*62 He Apr.
12.50 Apr. 1 Holders of rec. Mar. 15
State Title & Mtge.((War.)
537(4c June 1 'Holders of rec. May 15
Stlx Baer & Sulle, corn. (guar.)
Common (guar.)
'37 Sic Sept. 1 "Holders of rec. Aug. 15
Common (guar.)
'37 Sic Dec. 1 *Holders of rec. Nov. 15
strajnberg Carburetor (guar.)
75e. Apr. 1 Holders of rec. Star. 18
Apr. 15 Mar. 31 to Apr. 5
SI
Sullivan Machinery (guar.)
Apr. 1 Holders of rec. Mar. 9
2
Swift dr Co. (guar.)
•20c. Mar. 30 *Holders of rec. Star. 16
Tide Water 011, corn. (guar.)
15e. Apr. 1 Holders of rec. Mar. 200
Timken-Detroit Axle (quar.)
543. Apr. 1 Holders of rec. Mar. 200
Extra
1(4 Apr. 1 Holders of rec. Mar. 15
Union Tobacco, Class A (guar.)
[VOL. 128.
FINANCIAL CHRONICLE
1508
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous )Concluded).
"1K May 1 *Holders of rec. Apr. 17
United Biscuit, pref. (guar.)
50c. Apr. 30 Hblders of rec. Star. 30
United Profit Sharing, Prof
U. S. Radiator, corn. (guar.)
50c. Apr. 15 Holders of rec. Apr. 1
Preferred (guar.)
134 Apr. 15 Holders of rec. Apr. 1
U. S. Tobacco, corn.(guar.)
750. Apr. 1 Holders of rec. Mar. 18
15% Apr. 1 Holder's of roc. Mar. 18
Preferred (guar.)
Universal Theatres Concession Co.. pref. "1120 Apr. 1 *IIolders of rec. Mar. 18
Apr. 1 Holders of rec. Mar. 5
Upreasit Metal Cap Corp., pf.(No. I)._ $1
Utah Copper Co.(guar.)
Mar. 30 Holders of rec. Mar. 15
14
Vogt Manufacturing Corp
50c. Apr. 1 Holders of rec. Mar. 15
Ward Baking Corp.. prof. (guar.)
1K Apr. 1 Holden] of rec. Mar. 18
Ward Baking Corp., class A-Dividend °mine d
Warren Bros., corn. (guar.)
Apr. 1 *Holders of rec. Mar. 18
*S1
First preferred (guar.)
*750. Apr. 1 "Holder of res. Star. 18
Second preferred (guar.)
*87340 Apr. 1 'Holders of rec. Mar. 18
Webster-Eisenlohr, Inc., pref. (guar.).- $1.75 Apr. 1 Holders of rec. Star. 206
West Coast Oil, pref. (guar.)
*$1.50 Apr. 5'Holders of rec. Mar. 18
Preferred (extra)
Apr. 5 *Holders of rec. Star. 18
"13
West Point Mfg.(guar.)
Apr. 1 *Holders of rec. Mar. 15
.12
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.
1Vhen
Per
Cent. Payable.
Books Closed
Days Inclusive.
Railroads (Stearn).
Holders of rec. Mar. Sa
Alabama & Vicksburg
Apr.
3
*Holders of roe. Feb. 28
Atlantic Coast Line Co.(guar.)
'2(4 Star.
Bangor,', Aroostook. corn.(guar.)
Holders of reo. Feb. 286
880. Apr.
Holders of rec. Feb. 280
1(4 Apr.
Preferred (guar.)
Boston & Albany (quar.)
Mar. 3 Holders of rec. Feb. 28
2
Canadian Pacific, corn. (guar.)
Holders of rec. Mar. la
234 Apr.
Apr.
2
Holders of rec. Mar. 1
Preferred
Holders of rec. Mar. 80
750. Apr.
Chesapeake Corp., common (quar.)___ 2Si Apr.
Holders of roe. Mar. 8a
Chesapeake & Ohio, corn.(quar.)
Holders of rec. June 80
Preferred
35% July
1K Mar,3 Holders of ree. Mar. tia
Chic. R. 1. & Pacific, corn. (guar.)
Holders of roe. Mar. lb
Consolidated RRs.of Cuba, pref.(qu.)- - 134 Apr.
Cuba RR. common
$1.20 Star. 2 Holders of reo. Star. 286
Delaware & Hudson Co.(guar.)
234 Star. 2 Holders of rec. Feb. 20a
87 Me Mar.
Holders of rec. Feb. 28
Erie & Pittsburgh (quar.)
Holders of roe. Mar. 150
1M Apr.
Gulf Mobile & Northern, pref. (quar.)
Hocking Valley, corn. (guar.)
234 Mar. 30 Holders of rec. Mar. 8a
Holders of rec. Mar. 304
Kansas City Southern, corn.(qu.)(No.1) 134 May
Apr.
1
Holders of rec. Mar. 15
Maine Central. common (guar.)
134 Mar.3 Holders of rec. Star. 15a
Missouri-Kansas-Texas, pref. (guar.)Holders of rec. Mar. 8a
134 Apr.
Missouri Pacific, pref. (guar.)
Holders of rec. Feb. 15a
N.Y. Chic. & M. L., corn. dr pref. (qu.) 1S4 Apr.
Holders of rec. Mar. 140
134 Apr.
N.Y. Lackawanna & Western (guar.).Holders of roe. Feb. 28a
Apr.
1
N. Y. N. II. & Hartford. corn.(quar.)_
Holders of rec. Feb. 28a
134 Apr.
Preferred (guar.)
Holders of rec. Feb. 280
Mar. 1
2
Norfolk dr Western, corn. (guar.)
Star. 13 to April 9
131 May
Northern Pacific (quar.)
Holders of rec. Mar 8a
1Si Apr.
Pere Marquette. corn. (guar.)
Holders of rec. Mar. 8a
Apr.
2
Common (extra)
Holders of rec. Apr. 5a
May
134
Prior preference (guar.)
Holders of roe. Apr. 5a
134 May
Five per cent preferred (quar.)
Holders of rec. Feb. 20a
50c. Mar. 1
Reading Co., 1st pref.(guar.)
50c. Apr. 1 Holders of rec. Mar. 210
Second preferred (guar.)
Holders of rec. Mar. la
Apr.
St. Loule-San Francisco, COM. (quar.)_. 2
Holders of rec. Apr. 130
134 May
Preferred (011ar•)
Holders of rec. July la
134 Aug.
Preferred (guar.)
Holders of reo. Oct. la
1(4 Nov.
Preferred (guar.)
134 Mar.3 Holders of rec. Mar. hi
St. Louis Southwestern, pref. (quar.)
Holders of rec. Feb. 25a
134 Apr.
Southern Pacific Co. (guar.)
Holders of rec. Mar. 15a
134 Apr.
Texas & Pacific fly., com.(guar.)
Holdere of roe. Mar. la
2M Apr.
Union Pacific, corn. (guar.)
Holders of roe. Mar. la
Apr.
2
Preferred
Holders of roe. Mar. 80
2M Apr.
Vicksburg Shreveport & Pacific, corn
Holders of rec. Mar. 8a
2.4 Apr.
Preferred
Public Utilities.
American Electric Power, $7 pref.(qui- $1.75 Mar. 15 Holders of rec. Star. 1
Amer. Power & Light, $6 pref. (guar.)._ $1.50 Apr. 1 Holders of rec. Star. I3a
75e. Apr. 1 Holders of rec. Star. 13a
$5 preferred, series A (guar.)
234 Apr. I Holders of rec. Mar.140
Amer. Telep. Sr Teleg. (guar.)
Holders of rec. Mar. 12a
Am. Wat. Wks. & El., $6 1st pf. (qu.). $1.50 Apr.
Associated Gas dr ElectricHolders of rec. Feb. 15
I
Mar.
$1.25
$5 preferred (guar.)
Holders of rec. Mar. 23
2 Apr. 1
Bell Telephone of Canada (guar.)
Bell Telco of Pa.,634% Pfd. (quar.) - - 14 Apr. 1 Holders of rec. Mar. 20a
*Holders of rec. Mar. 11
'134 Apr.
Boston Elevated Ry., corn.(guar.)
3,334 Apr.
"Holders of rec. Star. 11
Second preferred
100. Mar. I Holders of rec. Mar. 2
Brooklyn City RR.(guar.)
Bklyn.-Manhat.Transit, prof.ser A (qu) 11.50 Apr. 1 Holders of reo. Apr. la
Holders of rec. Star. 7a
$1.25 Apr.
Brooklyn Union Gas (guar.)
*Holders of rec. Mar. 15
Buff. Niagara dr East. Pow.corn.(guar.) •300. Apr.
*Holders of roe. Mar. 15
•30e. Apr.
Class A (guar.)
*Holders of roe. Star. 15
•400. Apr.
Preferred (guar.)
*Holders of rec. Apr. 15
•$1.25 Slay
First preferred (guar.)
1K Apr. 1 Holders of rec. Mar. 31
California-Oregon Pow,7% pfd. WO
Holders of rec. Mar. 31
134 Apr. 1
Six per cent pref. (guar.)
Central III. Pub. Serv., pref. (guar.).- - .$1.75 Apr. 1 *Holders of roe. Mar. 31
$1.50
•
1
Apr.
of roe. Mar. 30
*Holders
(qua!'.)
preferred
$6
• 543340 Star. 1 *Holders of rec. Feb. 23
Central Pub. Ser. class A (quar.)
•134 Apr.
'Holders of rec. Mar. 15
Chic. North Shore dr 5111w.. pref.(au.)
4.1.34 Apr.
*Holders of rec. Mar. 15
Prior preferred (guar.)
*Holders of rec. Mar. 19
Chicago Rapid Transit, pr. pf. A (qu.) _ •650. Apr.
*65c. Slay
*Holders of rec. Apr. 16
Prior pref. series A (guar.)
•65c. June
*Holders of rec. Slay 21
Prior pref., series A (guar.)
•600. Apr.
*Holders of req. Mar. 19
Prior pref., series hi (guar.)
*(10c. Slay
*Holders of rec. Apr. 16
Prior pref., series B (guar.)
•60c. Juno
*Holders of rec. May 21
Prior pref., series It ((Plan)
Coast Counties Gas & Elec.
134 Ntar, 1 Holders of rec. Mar. 1
Six per cent first pref.(guar.)
134 Mar, 1 Holders of roe. Mar. 1
Six per cent second pref.(guar.)
*Holders of roe. Mar. 15
Consol. Gas, El. L.& P., Bait..com.(qu) •750. Apr.
'1(4 Apr.
*Holders of rec. Mn!'. 15
6% preferred series D (guar.)
•1
Apr.
534% preferred series E (guar.)
*Holders of rec. Mar. 15
•1134 Apr.
5% preferred series A (guar.)
*Holders of rec. Mar. 16
75c, Slur, 1 Holders of roe. Feb. Sa
Consolidated Gas of N. Y., corn.(gu.)- $1.25 May
Holders of rec. Mar. 29a
Preferred (guar.)
11.25 Apr.
Consumers Power. $5 Pref.(guar.)
Holders of rec. Mar. 15
134 Apr.
Six per cent preferred (guar.)
Holders of rec. Mar. 15
1.65 Apr.
Holders of rec. Mar. 16
6.6% Preferred (guar.)
1K Apr.
Holders of rec. Mar. 15
Seven per cent preferred (guar.)
50c. Apr.
Holders of roe. Mar. 15
Six per cent preferred (monthly)
55o. Apr.
Holders of rec. Mar. 15
6.6% Preferred (monthly)
2
Apr. I Iloiders of roe. Mar. 200
Detroit Edison Co.(guar.)
1
Apr.
Holders of rec. Star. ha
Duluth-Superior Tr. pref. (guar.)
131 Apr. 1 Holders of rec. Star. 15a
Duquesne Light, lot pref. (qua.!'.)
•1K
1
Mar.
East Kootenay Power. pref. (guar.).
Holders of rec. Star. 110
Electric Power de Light, Pref. (guar.).-- $1.75 Apr.
250. Apr.
Holders of roe. Mar. 4
Engineers Pub. Serv., corn. (guar.)
Holders of rec. Mar. 4a
Common (2-100 share corn. stock)____ (3) Apr.
11.25 Apr.
Holders of rec. Mar. 40
$5 convertible preferred (guar.)
Holders of rec. Star. 4
$5.50 cumulative Preferred (guar.)---$ 1.3734 Apr.
Holders of rec. Star. 13a
Federal Light & Traction, corn. (qua!'.). 3734e. Apr.
Holders of rec. Mar. 130
afar.
Common (payable in common stock)- 11
3
Mar. 1
Holders of rec. Mar. 5
Galveston Houston Elec. Co. pref
Holders of rec. Mar. 4
Gulf States Utilities $5.50 pref.(qua!'.).1 1.37M Mar, I
Holders of rec. Star. 5
1
Star.
$1.50
$6 preferred (guar.)
Star. 3 *Holders of rec. Star. 29
*2
Illinois Bell Telephone (guar.)
Holders of rec. Mar. 15
Illinois Power Co., 6% pref.-- 134 Apr.
Holders of reo. Star. 15
1K Apr.
Seven per cent pref. (guar.)
Holden.; of roe. Mar. 7
Indianapolis Power & Light, pref. (gu.)- 14 Apr.
Holders of roe. Mar. 126
Apr.
(guar.)
A
134
Indbanapolis water, pref.
MAR. 91929.]
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Books Closed
Dalt
,inclurfre.
Public Utilities (Concluded).
Jamaica Public Berv., pref.(guar.)
134 Apr. 1 Holders of rec. Mar. 15
Kansas City Pr.& Lt. pref. B (guar.)._ _ $1.50 Apr. 1 Holders of rec. Mar. 14e
Kansas Gas & Elec. pref.(guar.)
134 Apr. 1 Holders of rec. Mar. 15a
Laclede Gas Light, corn. (guar.)
214 Mar. 15 Holders of rec. Mar. la
Louisville Gas & Elec., corn. A & B (qu.) 43310 Mar.25 Holders of rec. Feb. 280
Marconi International Marine
Construction Co
'734
Middle West Utilities, prior lien (guar.)- 2
Mar. 15 Holders of rec. Feb. 28
$6 preferred (guar.)
$1.50 Max. 15 Holders of rec. Feb. 28
Minnesota Power & Light, pref.(guar.). 134 Apr. I Holders of rec. Mar.15
$6 preferred (Qmar.)
$1.50 Apr. 1 Holders of rec. Mar. 15
Monongahela West Penn Public Service
Preferred (guar.)
433(o Apr. 1 Holders of rec. Mar. 15
National Power & Light,$7 pref.(guar.) $1.75 Apr. 1 Holders of rec. Mar. 16
National Public Service, eom. A (guar.). 40e. Mar. 15 Holders of roe. Feb. 27
New England Pub.Sent., pr.lien pf.(gu) •$1.75 Mar. 15 *Holders of rec. Feb. 28
New England Telep.& Teleg.(guar.) - 2
Mar.30 Holders of rec. Mar. 9
N.Y.& Queens El. Lt.& Pr.Corn.(qu.) •8734c Mar. 14 *Holders of rec. Mar. 1
NewYork Water Service, prof.(Qua:.).. $1.50 Mar. 15 Holders of rec. Mar. 5
NorthAmerican Co.. tern.(guar.)
f 234 Apr. 1 Holders of rec. Mar. 5
Preferred (guar.)
The. Apr. 1 Holders of rec. Mar. 5
North Amer. Utility Ekteur.. 1st pt.(qua $1.50 Mar. 15 Holders of roe. Feb. 28
First pref. alot. ctfs. (guar.)
$1.50 Mar. Id Holders of rec. Feb. 28
Oklahoma Gas& Elec.,pfd.(guar.) ...Mt Mar. 15 Holders of rec. Feb. 28
Pacific Telep. & Teleg., corn.(guar.).- •134 Mar.30 *Holders of rec. Mar. 20
Preferred (guar.)
•138 Apr. 15 *Holders of rec. Mar. 30
Pa.Gas & Elec. Carp
Seven per cent preferred (guar.)
144 Apr. 1 Holders of roe .Mar.20
$7 Preferred (guar.)
$1.75 Apr. 1 Holders of roe. Mar.20
Penn.-Ohio Pow. & Lt.. $6 prof. (au.)... $1.50 May 1 Holders of rec. Apr.
20
7% Preferred (guar.)
144 May 1 Holders of roe. Apr. 20
7.2% preferred (monthly)
60e. Apr. 1 Holders of roe. Mar. 20
7.2% Preferred (monthly)
60e. May 1 Holders of rec. Apr. 20
6.6% preferred (monthly)
55e. Apr. 1 Holders of roe. Mar.20
6.6% preferred (monthly)
55e. May 1 Holders of rec. Apr.
Pennsylvania Water & Power (guar.)- 6234e Apr. 1 Holders of rec. Mar. 20
Peoples Light & Power corn. A (guar.)._ 160c. Apr. 1 Holders of rec. Mar. 15
8
Philadelphia Electric Co., corn. (guar.). 50c. Mar. 15 Holders of roe. Feb.
280
Philadelphia Elec. Power (guar.)
50c. Apr. 1 Holders of rec. Mar. Ila
Public Service Corp. of N.J., corn.(qu.) 65c. Mar.30 Holders of roe. Mar. la
8% preferred (guar.)
2
Mar.30 Holders of roe. Mar. la
7% Preferred (qua:.)
144 Mu.30 Holders of roe. Mar. la
$5 preferred (guar.)
$1.25 Mar. 30 Holders of rec. Mar. Is
6% preferred (monthly)
500. Mar. 30 Holders of rec. Mar. la
Public Sem. El. & Gas,6% pref.(guar.) 118 Mar. 30 Holders of me. Mar.
Is
(guar.)
Mt Mar.30 Holders of roe. Mar. la
7% preferred
Quebec
Power (guar.)
50e. Apr. 15 Holders of rec. Mar. 29
Radio Corp of Amer.pref. A (au.)
8734c Apr. 1 Holders of rm. Mar. 1 a
San Joaquin Lt. & Pr.7% pt.(guar.)___ •114 Mar. 1 *Holders of roe. Feb. 28
Prior pref. A (guar.)
•118 Mar. 1 "Holders of rec. Feb. 28
Savannah Elm & Power, deb A (guar.).- *$2 Apr.
"Holders of rec. Mar. 1
Debenture B stock (guar.)
*134 Apr.
*Holders of rec. Mar. 1
Preferred
*3 Apr.
*Holders of rec. Mar. 1
Shawinigan Water & Power(max.)
50e. Apr. 1 Holders of rec. Mar. 15
Southern Calif. Edison., orig. pt.
50o. Apr. 1 Holders of roe. Mar.20
Series C 534% pref. (qua:.)
34180 Apr. 1 Holders of roe. Mar.20
Preferred A (slier.)
431(0 Mar. I Holders of rec. Feb. 20
Preferred B (guar.)
37 34c Mar. 1 Holders of rec. Feb. 20
Southern Colorado Power, pref.(guar.)- 144 Mar. 1 Holders of rec. Feb. 28
Southern N E. Telephone (guar.)
*2
Apr. 1 *Holders of rm. Mar.30
Southwestern Gas & Elec.8% Prof.(au.) "2
Apr.
*Holders of rec. Mar. 15
Seven per cent preferred (guar.)
•1)( Apr.
*Holders of rec. Mar. 15
Southwest Gas Utilities. pref.(guar.)-5 1.6234 May
Holders of rec. Apr. 20
Standard Gas & El.. $4 pref. (guar.)... $1
Mar. 1 Holders of rec. Feb. 28
Superior Water. Lt.& Pow. pref.(qtr.)-- 134 Apr.
Holders of rec. Mar. 150
Tennessee El. Pow.Cu..5% 1st pt.(au.) 134 Apr.
Holders of rec. Mar. lb
6% lot pref. (guar.)
138 Apr.
Holders of rec. Mar. 16
7% lot pref. (guar.)
134 Apr.
Holders of rec. Mar. 15
7.2% 1st pref. (guar.)
1.80 Apr. I Holders of roe. Mar. 16
8% lot pref. (monthly)
50e. Apr. I Holder* of rec. Mar. 15
7.2,
5 1st fort (monthly)
60e. Am. 1 Holders of rec. Mar. IS
Twin City Rapid Transit(Minneapolis).
Common (guar.)
1
Apr. 1 Holders of rec. Mar. 12a
Preferred (guar.)
144 Apr. 1 Holders of roe. Mar. 120
Union Natural tars of Canada (qu.)...35e. Mar 10 Holders of rec. Feb. 25
Extra.
Sc Mar 10 Holders or Tee. Feb. 25
United Corporation pref.(guar.)
75e. Apr. 1 Holders of rec. Mar. 11
United GsP Improvement (guar.)
$1.124 Mar. 30 Holders of rec. Feb. 280
Utilities Power dr Lt. class A (guar.).- teS0c Apr. 3 Holders
of roe. Mar. 9
Class 13 (guar.)
125e Apr, 3 Holders of rec. Mar. 9
Preferred (guar.)
114 Apr. 3 Holders
roe. Mar. 9
Virginia Elec. & Pow.,6% pref.(guar.)- 138 Mar.20 Holders of
of rec. Feb. 28a
Seven per cent preferred (guar.)
114 Mar.20 Holders
rec. Feb, 280
Western Power Corp., 7% pref.(qua:.). 134 Apr. 15 Holders of
of rec. Apr. la
West Penn Flee. Co.. class A (guar.).- $1.75 Mar. 30 Holders of
rec.
Mar. 16a
West Penn Railways.6% prof.(guar.)- 134 Mar, 15 Holders of rec. Feb.
25
Winnipeg Elec. Co. pref.(guar.)
134 Apr. 1 Holders of rec. Mar. 6
WI/Moll/do Power & 1.ight, 7% pt.(qu.). •1)( Mar. 15 *Holders of rec. Feb. 28
Wisconsin Public Service, 7% pref.(qu.) 114 Mar. 20 Holders of rec.
Feb. 28
634% preferred (guar.)
148 Mar. 20 Holders of me. Feb. 28
6% preferred (guar.)
118 Mar. 20 Holders of roe. Feb. 28
Banks.
Chelsea Exchange (qua:.)
*6214e Apr. 1 *Holders of roe.
National Bank of Commerce (guar.).--- 414 Apr. 1 Holders of rec. Mar. 15
Mar. 15a
Trust Companies.
Central Union (stock dividend)
e20 13 ubl.to. toeklers meeting Mar.21
Equitable (guar.)
8
Mar.30 Holders of rec. Mar. 16a
Fire Insurance.
Brooklyn Fire Insurance
$1.25 Apr.. 1 Mar. 20 to Apr. 11
Miscellaneous.
Acetol Products cony. A (guar.)
600 Mar. 15 Holders of rm. Mar. 1
Acme Steel ((mar.)
•1
Apr. I 'Holders of roe. Mar. 20
Adams Express, common (guar.)
$1.50 Mar.8 Holders of rec. Mar. 15a
Preferred (guar.)
$1.25 Mar.8 Holders of reo. Mar. 150
Allegheny Steel new stock (monthly)
•15c Mar. 1 *Holders of ree. Feb. 28
Preferred (guar.)
*Mt June
*Holders of roe. May 15
Preferred (q oar.)
•144 Sept. "Holders of rec. Aug. 15
Preferred (guar.)
•14( Doe.
*Holders of rec. Nov. 18
Allied Chem.& Dye Corp., prof.(qu.)
144 Apr.
Holders of roe. Mar. ha
Allied Refrigeration Industries-Prior pref.(guar.)
Holders of rec.
$1.50 Apr.
Alpha Portland Cement,common (guar) •750 Apr. 1 *Holders of rec. Mar. 15
Mar. 15
Preferred (guar.)
*$1.75 Mar. 1 *Holders of rec. Mar. I
Aluminum Co of Am., Prof. (guar.)._ •144 Apr.
'Holders of rec. Mar. 15
American Aggregates, Prof. (guar.)
•144 Apr. 1 *Holders of rec.
American Art Works. corn. & pref.(qu ) 134 Apr. 1 Holders of rec. Mar. 20
klar. 31
American Bank Note. corn. (qua:.). 50e. Apr.
Holders of rec. Mar. So
Preferred (.1110X.)
75e. Apr.
Holders of rec. Mar. 50
American Can, pref. (qua:.)
I% Apr.
Holders of rec. Mar. 15o
Amer. Charllion Corp.. prof. (quar.)--- sells may
*Holders of rec. Apr. 30
American Chide.common (guar.)
50e. Apr.
Holders of rec. Mar. 12a
Prior preferred (guar.)
144 Apr.
Holders of rec. Feb. 25a
American Coal, corn.(guar.)
411
May
*Holders of rec. Apr. 10
American Colortype (guar.)
60o. Mar.3 Holders of roe. Mar. 12
Amer. Encaustic Tiling (guar.)
50e. Mar.2 Holders of rec. Mar. I20
American Home Products (monthly).. 25e. Apr.
Holders of rec. Mar. 14,
Amer. Internat. Corp., corn.(No. 1)- 21
Apr.
Holders of rec. Mar. 12a
Common (stock dividend)
e2
Apr.
Holders of rec. Mar. 12a
Common (stock dividend)
412 _ Oct.
American Mantrfaeturing, COM.(qua:.). 75e. Mar,8 Holders of rec. Mar. 15
Common (guar.)
250. July
Holders of roe. June 15
Common (guar.)
75e. Oct.
Holders of roe. Sept. 15
Common (guar.)
75e. Dee. 3 Holders of ree. Dee. 15
Preferred (guar.)
134 Mar,3 Holders of rec. Mar. 15
134 July
Preferred (guar.)
Holders of rec. June 15
Preferred (guar.)
Holders of roe. Sept. 15
134 Oct.
134 Dee. 8 Holders of roe. Dee. 15
Preferred (guar.)
Name of Company.
Name of Company.
1509
Per
When
Cent. Payable.
Books Closes
Days !admire.
Miscellaneous (Continued).
Amer. Laundry Mach., COM.(guar.).
- *S1
June 1 *Holders of roe. May 20
Quarterly
•31
June 1 'Holders of rec. May 20
American Locomotive, corn. (quar.)---- $2
Mar. 30 Holders of rec. Mar. 13a
Preferred (guar.)
134 Mar,30 Holders of rec. Mar. 130
American Radiator, common (qual.)... $1.25 Mar.30 Holders of roe. Mar. lla
Amer. Railway Express (guar.)
$1.50 Mar.30 Holders of rec. Mar. 150
American Rolling Mill,common (quar.)_ •50e. Apr. 15 *Holders of rec. Apr. 1
Common (payable in common stock)__ *15
July 30 'Holders of rec. July 1
Amer. Safety Razor (qua:.)
Apr. 1 *Holders of rec. Mar. 8
'El
Extra
*25e. Apr. 1 *Holders ef rec. Mar. 8
Amer.& Scottish Invest, corn.(qua:.).. .30c. Mar. 15 *Holders of rec. Feb. 15
American Seating (guar.)
*Mc. Apr. I *Holders of rec. Mar.20
Amer.Solvents & Chem., panic. PI.(qu) *75e. Apr. 1 *Holders of rec. Mar. 12
Participating prof. (extra)
*$1.50 May 1 *Holders of rec. Apr. 10
American Stores, corn.(guar.)
50c. Apr. 1 Holders of roe. Mar. 15a
Amer. Sugar Refining. prof. (Qual.).... 114 Apr. 2 Holders of rec. Mar. 50
American Tobacco, pref. (guar.)
114 Apr. 1 Holders of rec. Mar. 9a
Amer. Writing Paper, pref.(au.)(No. 1)
750. dApr. 1 Holders of rec. Mar.d18a
Anaconda Copper Mining (qual.)
$1.75 May 20 Holders of rec. Mar. 290
Anchor Cap Corp., corn.(guar.)(No. 1) 60e. Apr. 1 Holders of rec. Mar. 4a
8618 convertible pref.(qua:.)
1.6218 Apr. 1 Holders of rec. Mar. 46
Andes Copper Mining (guar.)
75e. May 6 Holders of roe. Mar. 291
Armour & Co.(III.) prof.(Mien)
1)4 Apr. 1 Holders of roc. Mar. 91
Armour & Co.of Del. pref.(guar.)
134 Apr. 1 Holders of rec. Mar. 80
Armstrong Cork,common (guar.)
•3738e Apr. 1 *Holders of rec. Mar. 9
Common (extra)
•12180 Arm. 1 *Holders of rm. Mar. 9
Associated Apparel Industriessane, Apr. 1 *Holders of rec. Mar. 21
Common (monthly)
Common (monthly)
*331se. May 1 *Holders of ree. Apr. 19
Common (monthly)
*3311e. June I *Holders of rm. May 21
*mt.°, July 1 *Holders of roe. June 20
Common (monthly)
Associated Brew. of Canada common-- 25e. Mar.31 Holders of rec. Mar.15
Preferred (guar.)
134 Apr. 1 Holders of rec. Mar. 15
Associates Investment Co., Corn. (guar.) •87340 Mar.31 *Holders of me. Mar.21
Preferred (qual.)
•$1.75 Mar.31 *Holders of roe. Mar.21
Atlantic Gulf & West Indies S.S. Lines,
Preferred (guar.)
•21
Mar.30 *Holders of rec. Mar. 11
Preferred (guar.)
June 29 *Holders of rec. June 10
*21
Preferred (guar.)
Sept.30 "Holders of roe. Sept.10
•81
Doe. 31 'Holders of rec. Dec. 11
Preferred (guar.)
111
Atlantic Refining. corn. (qual.)
250. Mar. 15 Holders of rec. Feb. 211
Common (extra)
25e. Mar. 15 Holders of roc. Feb. 211
Atlas Powder, corn. (guar.)
Mar. 11 Holders of rec. Feb. 28e
21
Autocar Co.. pref.(guar.)
Mar, 15 Holders of rec. Ma:. 5
2
Automatic Regis. Mach., cony. pr. part. "500. Apr. 1 *Holders of rec. Mar. 15
AutoStrop Razor, class A (guar.)
75c. Apr. 1 Holders of rec. Mar. lie
Babcock & Wilcox Co.(Qua:.)
134 Apr. 1 Holders of rect. Mar.20
Bakers Share Corp., corn. (guar.)
138 Apr, I Holders Of rec. Mar. 1
Balaban & Katz, corn.(monthly)
*25e. Apr. 1 *Holders of rec. Mar. 20
Preferred (guar.)
'154 Apr. 1 *Holders of rec. Mar. 20
Bamberger (L.) & Co.,634% Pf.(au.)
134 June 1 Holders of rec. May 13a
614% preferred (qua:.)
134 Sept. 2 Holders of rec. Aug. 12a
134 Dec. 2 Holders of rec. Nov. Ila
634% preferred (guar.)
Bancroft(Joseph) dr Sons Co.corn.(qu.) 6238c Mar, 30 Holders of ree. Mar. 15
Barker Bros. Ccrp., corn. (guar.)
50c. Apr. I Holders of roe. Mar. 140
Convertible 634% preferred (guar.).- 118 Apr. 1 Holders of me. Mar. 14.
Bathurst Pow.& Pap.. Ltd.,com. A (qu.) 25e. Mar. 15 Holders of rec. Feb. 28
Beech-Nut Packing (guar.)
750. Apr. 10 Holders of rec. Mar. 25e
Belding Corticelli. Ltd.. prof.(guar.).- 134 Mar. 15 Holders of rec. Feb. 28
Beigo Canadian Paper prof.(guar.)
134 A,pr. 1 Holders of rec. Mar. 1
Best dr Co.(qual.)
750. Mar. 15 Holders of rec. Feb. 25s
Bethlehem Steel.eom
May 15 Holders of rec. Apr. 19e
13( Apr.
Preferred (guar.)
Holders of rec. Mar. 4s
Bigelow-Hartford Carpet. prof. (qual.). •134 May
*Holders of roe. Apr. 18
Aug.
Preferred (guar.)
"Holders of rec. July 18
Preferred (guar.)
'134 Nov. "Holders of roe. Oct. 18
Blumenthal(Sidney) & Co. pref.(qu.)... 15( Apr.
Holders of rec. Mar. 164
Bohn Aluminum & Brass (guar.)
•75e. Apr.
*Holders of roe. Mar. 15
*50e. Apr.
Extra
'Holders of rec. Ma:. 15
Holm Chica Oil Corp.. class A (guar.) -- 2
Mar. 1 Holders of rec. Feb. 28
Borg Warner Corp. core.(qua:.)
Apr.
"Holders of rec. Mu.20
Apr.
Com, payable in common stock)
112
*Holders of roc. Mar.20
'154 Apr.
*Holders of roe. Mar.20
Preferred (qual.)
Apr. I Mar.23 to Apr. 13
Borne Serymser Co
81
80e. Apr. 1 Mar.23 to Apr. 13
Extra
Boston Woven Hose & Rubb.com.(cm.) $1.50 M.1 Holders of roe. Feb. 23
'$1.50 Mar. 1 *Holders of rec. Mar. I
Brill Corp.,class A (guar.)
50c. Apr.
Brill° Mfg Co., Inc., class A (guar.).
Holders of roe. Mar. 15.
Mar.3 "Holders of roe. Mar.20
Bristol-Myers Co.(guar.)
*25e Mar.3 *fielders of roe. Mar.20
Extra
British Amer. Tob. ordinary (interim)._ (f) Mar. 3 Hold, of coup. No.129(f)
Preferred
234 Mar.3 Holders of coup. No.Si
British South Africa CoAmer. dep. refs, for registered she _ (m) Mar. I "Holders of roe. Mar. I
Brit. Type Investors,Ine.,e1.A(bl-mthly) 50c Apr.
Holders of rec. Mar. 15
Brockway Motor Truck, pref. (qual.).. 154 Apr.
Holders of rec. Mar. lla
Buckeye Pipe Line (guar.)
Mar. 1 Holders of rec. Feb. 21
$1
$1
Mar. 1 Holders of rec. Feb. 21
Extra
Bucyrus-Erle Co., corn.(guar.)
25e Apr.
Holders of rec. Feb. 21.
Convertible pref.(guar.)
6214 Apr.
Holders of me. Feb. 21.
Preferred (guar.)
134 Apr.
Holders of res. Feb. 2I0
Burroughs Adding Machine, corn.(cm.). 75c Mar. 1 Holders of roe. Feb. 26e
Bush Terminal Co.,corn.(guar.)
*50c May
'Holders of rec. Mar. 29
Common (payable in common stock)._ 41134 May
'Holders of rec. Mar. 29
Debenture stock (guar.)
•11( Apr. 1 *Holders of rec. Mar. 29
•144 Apr.
Bush Terminal Bides., pref. (QUar.)
"Holders of rec. Mar. lb
Ryer!(A. M.) Co.. pref. (guar.)
Holders o t rec. Apr. 15*
134 May
By-Products Coke Corp.(qual.)
50c Mar.2 Holders of roe. Mar. lle
Extra
50c Mar.2 Holders of rec. Mar. lle
California Ink, clam A (guar.)
*Holders of rec. Mar.21
*50c Apr.
California Packing (qua:.)
Si
Mar. 1 Holders of roe. Feb. 2341
California Petroleum-April 1 dist. omit tad.
Calumet & Arizona Mining (quar.)--- $1.50 Mar,2 Holders of rec. Mar. 81
Calumet & Hecht Consol. Copper (guar.) $1 Mar. 3 Holders of rec. Feb. 28.
Canada Cement, Ltd., pref.(guar.)
1)8 Mar. 30 Holders of rec. Feb. 28
Canada Malting, Ltd.(guar.)
3718c Mar. 15 Holders of rec. Feb. 23
Canadian Car & Fdry.. pref.(guar.)154 Apr. 10 Holders error. Mar.22
Canal Construction cony. pref.(quar.)_ _ *3730 Apr. 1 *Holders of rec. Mar. 20
Canfield 011, corn.& pref.(guar.)
$1.75 Mar.81 Holders of roe. Feb. 20
Common & preferred (qua:.)
$1.75 June 30 Holders of roe. May 90
Common & preferred (guar.)
$1.75 Sept.30 Holden; of MO. Aug. 20
Common & preferred(gum.)
111.76 Dec. 31 Holders of roe. Nov. ZO
Capital City Surety
15e. Apr. 1 Holders of rec. Mar. 15
Case (J. I.) Thresh. Mach.eon].(guar.). 118 Apr. 1 Holders of rec. Mar. 111
Preferred (guar.)
13( Apr. 1 Holders of res. Mar. lle
Celotex Co., corn. (guar.)
.75e. Apr. 1 "Holders of rec. Mar. 15
Preferred (guar.)
•154 Apr. 1 *Holders of me. Mar. 15
Central Alloy Steel, COM.(guar.)
50e. Apr. 10 Holders of roe. Mar.234
Preferred (guar.)
Mt Apr. 1 Holders of rec. Mar. 1311
Century Electric Co.corn,(guar.)
Apr. 1 Holders of rec. Mar. 15e
15
Certo Corporation (Qmar.)
75e. Mar. 31 Holders of rec. Mar. 41
( hmsea Exchange Corp., Cl. A & B (qu ) 25c.
May 15 Holder, of rec. May I
Chesebrough Mfg.(guar.)
$1
Mar. 30 Holdem of rec. Mar. 95
Extra
50c. Mar. 30 Holders of rec. Mar. ile
Chic & Jeff. Fuse & Elec.(No. 1)
"75e. Apr. 1 *Holders of roe. Mar. 16
Extra
.50e. Apr. 1 *Holders of rec. Mar. 15
Chicago Yellow Cab (monthly)
25e, Apr. 1 Holders of rec. Mar.2131
Monthly
25c. May 1 Holders of rec. Apr.d194
Monthly
25e. June 1 Holders of rec. May 20e
Chickasha Cotton Oil (guar.)
75c. Apr. 1 Holders of rec. Mar. IM
Quarterly
75e. July 1 Holders of rec. June 10e
Childs Company, corn. (guar.)
60e. Mar. 11 Holders of rec. Feb. 254
Preferred (guar.)
114 Mar. 11 Holders of rec. Feb. 254
8714e Apr. 22 Holders of ree. Mu. 29.
Chile Copper Co.(guar.)
Chryaler Corp. common (guar.)
750. Mar.30 Holders of rec Mar. 2e
CHIN Service,corn.(monthly)
34 Apr. 1 Holders of rec. Mar. 11
Corn.(mthly) payable in corn. stk.
1)8 Apr. 1 Holders of rec. Mar. 15
Preferred and preference BB (mthly.). 50e. Apr. 1 Holders of rec. Mar. 15
Preference B (monthly)
50. Apr. 1 Holders of ree. Mar. 15
Cleveland Stone. common (guar.)
*50o. June 1 Holders of rec May lb
Common (guar.)
*50e. Sept 1 "Holders of rec. Aug 15
Name of Company.
Per
Cent
When
Payable.
Books Ctosed
Days Inclusive.
Miscellaneous (Continued).
City Stores Co., class A (quar.)
8740 May 1 Holders of rec. Apr. 150
Coca-Cola Co., corn. (quar.)
Apr. 1 Holders of rec. Mar. 120
$1
Cohn-Hall-Marx, COM. (quer.)
62510 Apr. 1 Holders ot rem Mar. 160
Common(Qum.)
6254c July 1 Holders of rem June 15
Commercial Credit, corn. (quar.)
*50e. Mar. 30 *Holders of rec. Mar. 90
6%% first preferred (quar.)
*14 Mar. 30 *Holders of rec. Mar. 9a
(quar.)
7% Pref.
*43.41c Mar.30 *Holders of rec. Mar. 9a
8% pref.(quar.)
*50c. Max'. 30 *Holders of rec. Mar. deo
Commercial Invest. Trust corn. (quar.)_ $1
Apr. 1 Holders of rec. Mar. 50
Common (payable in corn. stock)_._. 11
Apr. I Holders of rec. Mar. 5a
7% first preferred (quar.)
114 Apr. 1 Holders of rec. Mar. 50
644% first pref. (quar.)
1% Apr. 1 Holders of rec. Mar. 5a
Commercial Solvents Corp. (quar.)__ - $2
Apr, 1 Holders of rec. Mar. 150
Stock dividend
Apr. 1 Holders of rec. Mar. 150
e2
Community State Corp., A & B (qua?.)
13( May 15 Holden of rec. May 10
Class A & B (quar.)
114 Sept. 2 Holders of rec. Aug. 28
Class A & B (quar.)
114 Dec. 31 Holders of ree. Dee. 20
Congress Cigar (quar.)
+11.25 Mar. 31 *Holders of rec. Mar. 14
Consolidated Automatic Merchandising
8755e Mar, 15 Holders of rec. Mar. 5
Preferred (quar.)
Consolidated Cigar Corp.. cora.(quar.). $1.75 Apr. 1 Holders of rec. Mar. 18a
50c. Apr. 1 Holders of rec. Mar. 16
Consolidated Dairy Products (guar.)._
Stock dividend
6151 Apr. 1 Holders of rec. Mar. 15
Consolidated Film Industries50e. Apr, 1 Holders of rec. Mar. 150
Common lunar.) (No. I)
50e. Apr. 1 Holders of rec. Mar. 090
Participating, pref. (quar.)
Apr, 1 'Holders of rec. Mar. 090
Consumers Co.. prior preferred (quar.).
30c. Apr. 1 Holders of rec. Mar. 100
Container Corp. of Amer.. class A (qu.)_
150. Apr. 1 Holders of rec. Mar. 10a
Class B (quar.)
Apr. 1 *Holders of rec. Mar. 10
Preferred
Apr. I Holders of rec. Mar. 150
Continental Can, pref.(quar.)
Mar. 15 Holders of rec. Feb. 28
Cooksville Co., pref. (quar.)
Mar.30 Holders of rec. Mar. 15a
COty, Inc. (quar.)
May 28 Holders of rec. May 13
Stock dividend
Aug.
27 Holders of rec. Aug. 12
Stock dividend
Nov. 27 Holders of rec. Nov. 12
Stock dividend
Courtaulds Ltd.Mar. 18 *Holders of rec. Mar. 6
•10
Amer. dep. rcts. for ord. reg.
3714c Mar. 15 Holders of rec. Mar. 1
Crane Company, corn.(quer.)
Mar. 15 Holders of rec. Mar. 1
1%
Preferred (quar.)
250. Apr. 1 Holders of rec. Mar. 200
Greeley Radio,new stock (guar.)
1% Apr. I Holders of rec. Mar. 13a
Crown Willamette Paper, let pf.
•144 Apr. 1 *Holders of rec. Mar. 13
Second preferred (quar.)
*26c. Apr. 15 'Holders of rec. Mar. 31
Crown Zellerbach Co. corn.(quar.)
1% Mar. 30 Holders of rec. Mar. 150
Crucible Steel. ore!. (quar.)
Dividend omitted
Cuban-Amer. Sugar. corn. dr prof
*81 Mar, 15 *Holders of reo. Feb. 28
Cumberland Pipe Line(Qum%)
'Holders
of rec. Feb. 28
15
Mar.
Extra
•84
Cuneo Press, Inc., 645% pref.(quar.)_. '1% Mar. 15 "Holders of rec. Mar. 1
Curtis Publishing (monthly)
•50e. Apr. 2 *Holders of rec. Mar. 20
Preferred (mar.)
•141 Apr. 1 *Holders of rec. Mar. 20
Curtiss Aeroplane & Motor, corn
50e. Mar. 15 Holders of roe .Feb. 280
Curtiss Assets, ars. beneficial interest_ _ 810 Mar. 15 Holders of roe.Feb. 28
Cutler Hammer Inc.(guar.)
870. Mar. 15 Holders of rec. Mar. 40
Davis Mills(guar.)
Mar. 23 *Holders of rec Mar. 9
Decker (Alfred) &Cohn,Inc., corn,(qu.) *50c. Mar. 15 *Holders of rec Mar. 5
•1% June 1 *Holders of roe May 22
Preferred (qua?.)
•1% Sept. I *Holders of rec Aug. 22
Preferred (quar.)
Deere dr Co.. com. ((mar.)
"$1.50 Apr. 1 "Holders of rec Mar. 16
Delaware Lack. dv West. Coal (guar.).- •32.50 Mm. 15 'Holders of rec. Mar. 1
May 1 Holders of rec. Apr 20
Dennison Manufacturing, deb.atk.(qu.) $2
Preferred (quar.)
114 May I Holders of rec. Apr. 20
Apr. 1 Holders of rec. Mar. 16
Detroit & Cleveland Nay.(guar.)
Mar. 15 Holders of rec Feb. 280
2
Diamond Match (quar.)
Apr. 15 Holders of rec. Mar. 30
Dominion Engineering Works (quar.).__ $1
Dominion Glass Ltd., corn.& pfd.(qu.)_
114 Apr. 1 Holders of rec. Mar. 15
75c. Apr, 1 Holders of rec. Mar. 15
Dominion Stores, Ltd.. corn.(quar.)......
Dominion Textile, corn.(quar.)
$1.25 Apr. 1 Holders of rec. Mar. 15
1% Apr. 15 Holders of rec. Mar.30
Preferred (quar.)
Draper Corporation (guar.)
$1 Apr. 1 Holders of rec. Mar. 2
Apr. 15 Holders of rec. Apr. is
Dunhill International (quar.)
$1
Apr, 15 Holders of rec. Apr. la
Stock dividend
el
July 15 Holders of rec. July is
el
Stock dividend
Oct. 15 Holders of rec. Oct. is
Cl
Stock dividend
Mar. 15 Holders of rec. Mar. la
DuPont(E.I.) de Nem.& Co.,com.(qU) $1
114 Apr. 25 Holders of rec. Apr. 10a
Debenture stock (quar.)
.
20c. Apr. 15 *Holders of rec. Mar. 31
Eagle-Picher Lead Co.,corn.(guar.).early & Daniels, corn.(qua?.)
•75e. Mar. 30 "Holders of rec. Mar. 20
.1% Mar. 30 'Holders of rec. Mar. 20
Preferred (quar.)
stern Utilities Investing Corp.
8.5 prior pref.(quar.)
$1.25 Apr. 1 Holders of rec. Feb. 28
Apr, 1 *Holders of rec. Feb. 11
'2
East Hartford Co.(No. I)
.
3
Apr. 1 *Holders of rec. Feb. 11
Extra
$1.25 Apr. 1 Holders of roe. Feb. 280
Piastman Kodak, corn,(quar.)
750. Apr. 1 Holders of rec. Feb. 280
Common (extra)
155 Apr. 1 Holders of rec. Feb. 280
Preferred (qua?.)
Sc. Apr. 1 Holders of rec. Mar. 1
Ecquadorian Corp.. ordinary
11.625 Mar. 15 Holders of reo. Mar. la
Eitingon Schild Co.. pref. (qua?.)
1
El Dorado 011 Works (flu.)(No. 1)
•3755c Mar, 15 *Holders of rec. Mar. 150
Ii Apr. 1 Holders of rec. Mar.
Electric Auto Lite, corn.(quar.)
50e. Apr. 1 Holders of rec. Mar. 150
Common (extra)
150
151 Apr. 1 Holders of rec. Mar.
Preferred (guar.)
Blectric Stor. Battery, corn. & pfd.(qu.) $1.25 Apr. 1 Holders of rec. Mar. 90
is
Mar.
roe.
of
Holders
24
500. Mar.
Emporium-Capwell Corp. (quar.)
50c. Apr. 1 Holders of rec. Mar. 150
Equitable Office Bldg.,corn.(guar.)- --1% Apr. 1 Holders of rec. Mar. 150
Preferred (quar.)
Apr. 1 Holders of rec. Mar. 29
Erskine-Danforth Corp. pref.(guar.).-- 2
Apr. 1 *Holden of rem Mar.20
Evans Auto Loading,stook dividend...- '62
Oct. 1 *Holders of rec. Sept. 20
*62
Stock dividend
75e. Mar. 30 Holders of rec. Mar. 120
Fairbanks, Morse & Co., corn.(quar.)_
Mar. 15
Fear (Fred) dr Co. corn. (quar.)
2
Federal Mining & Smelt. pref. (qua?.).. 151 Mar. 15 Holders of rec. Feb. 21
•75c. Apr. 1 *Holders of ree. Mar. 20
Federal Screw Works (quar.)
Federated Business Publications1st preferred (quar.)
6255c Apr. 1 Holders of roe. Mar. 20
Apr. 1 Holders of rec. Mar. 1
Feltman-Curme Shoe Stores, pfd.(q.) Filth Avenue Bus Securities(qua?.)
160. Mar. 29 Holders of rec. Mar. 14a
Filene's(William) Sons Co.,644% pf.(qu) 151 Apr. 1 Holders of rec. Mar. 180
Seven per cent. pref.(guar.)
151 Apr. 1 Holders of rec. Mar. 180
First Federal Foreign Bkg. Corp.(qu.)-- 11.76 May 15 Holders of rec. May 1
First Nat. Pictures, 1st pref. (quar.)__._
Apr. 1 Holders of rec. Mar. 13s
2
First National Storer*, corn. (guar.)
3750 Apr. 1 Holders of rec. Mar. 18a
Fitzsimmons dr Connell Dredge & Dock,
Corn.(1-40th share corn.stk.)
(1) June 1
Corn.(1-40th share corn.stk.)
(1) Sept. 1
Corn.(1-40th share corn.stk.)
(.1) Dee. 1
Fleischmann Co. common (quar.)
75c. Apr. 1 Holders of rec. Mar. 130
Mar. lb.
Florsheim Shoe, pref.(quar.)
114 Apr. 1 Holders of rec.
Follansbee Bros. Co., con). (guar.)
50e. Mar. 15 Holders of rec. Feb. 28a
Common (extra)
250. Mar, 15 Holders of roe. Feb. 28.
Preferred (guar.)
155 Mar. 15 Holders of rec. Feb 28
Foote Bros. Gear & Mach., corn.(q11.)-- *30e. Apr. 1 +Holders of rec. Mar. 20
Preferred (qua?.)
•151 Apr. 1 'Holders of rec. Mar. 20
Foote-Burt Co corn
65' mar. 15 Holders or rec Mar 5
Formica Insulation (quar.)
.
25.c Apr. 1 *Holders of rec. mar. 15
Extra
•40e. Apr. I *Holders of rec. Mar. 15
French (Fred) Constr. Co., prof
355 Apr. 1 Mar. 16 to Apr. 1
French Line American shares
•47.4c Mar. 15 *Holders of rec. Mar. 8
Fuller(George A.)Co.. partic.popt.(qu.) $1.50 Apr. I Holders of rec. Mar. 10
Cum.& partic. Prof.(qua?.)
$1.50 Apr. 1 Holders of rec. Mar. 10
Gamewell Co., corn. (quar.)
$1.25 Mar. 15 Holders of rec. Mar. 5
Gen!. Amer.Tank Car (quar.)
*El Apr, 1 *Holders of rec. Mar. 13
Quarterly
*11 July 1 *Holders of rec. June 13
Stock dividend
Apr. 1 *Holders of roe. Mar. 13
Si
Stock dividend
July 1 *Holders of rec. June 13
Si
General Electric(quar.)
Apr. 26 Holders of rec. Mar. ha
$1
Special stock (guar.)
150. Apr. 26 Holders of rec. Mar. 110
General Motors. new corn.(qu.)(No. 1)
750. Mar. 12 Holders of rec. Feb. 16.
e% preferred (quar.)
155 May 1 Holders of rec. Apr. tia
6% deb. stk. (guar.)
155 May 1 Holders of rec. Apr. 8a
7% pref.(quar.)
131 May 1 Holders of rec. Apr. 80
[Vol,. 128.
FINANCIAL CHRONICLE
1510
Name of Company.
Per
When
Cent, Payable
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Gen. Pub. Serv. Corp. $514 pf.(qu.-'$ 1.3714 May 1 *Holden Of CM. Apt 10
*$1.50 May 1 *Holders of rec. Apr. 10
$6 preferred (guar.)
General Railway Signal, corn.(guar.).- "$1.25 Apr. 1 'Holders of rec. Mar. 10
•1% Apr. 1 *Holders of rec. Mar. 10
Preferred (guar.)
Oct. 1
Gladding,mcBean& Co.,com(In corn stk) *2
Gleaner Combine Harvester, corn. (flu.) _
$1 Apr. 1 Holders of rec. Mar. 19
Glidden Co.,corn. lunar.)
37%c Apr. 1 Holders of reo. Mar.180
1244e Apr. 1 Holders of rec. Mar.18a
Common (extra)
144 Apr. 1 Holders of rec. Mar. 180
Prior preferred iquar.)
Goldberg (S. M.)Stores, 17 prof.(qmar.) $1.75 Mar. 15 Holders of rec. Mar. 1
Apr. 15 Holders of rec. flea. 31
Goldwyn Investment Corp., extra
$1
1.14 Apr. 1 Holders of rec. Mar. 80
Goodrich (B. F.) Co., pref. (guar.).
July 1 Holders of rec. June 10
Preferred(0oar.)
Goodyear Tire & Rub. pf. & 1st pt.(qu.) 134 Apr. 1 Holders of rec. Mar. la
Gorham Mfg., corn. (qua?.)
50c. June 1 Holders of rec. May 1
Common (quar.)
500. Sept. 1 Holders of rec. Aug. 1
Common (quar.)
50c. Dec. 1 Holders of rec. Nov. 1
June 1 Sub]. tostkholders. meet.
Common (payable in common stock)- 15
Gotham Silk Hosiery, COCO. (quar.)..
132440 Apr. 1 Holders of rec. Mar. 120
Great Northern Iron Ore Properties
$1.25 Apr. 30 Holders of rec. Apr. 50
Greene Cananea Copper (gum.)
$2 Apr. 1 Irolders of rec. Mar. 70
Greenway Corp., 5% pref. (quar.)
*75c. May 15 *Holders of rec. May 1
Aug. 16 'Holders of rec. Aug. 1
•
750.
(quar.)
5% Preferred
•76c. Nov. 15 'Holders of roe. Nov. 1
5% Preferred (quar.)
Apr. 1 Holders of rec. Mar. 15a
Gulf States Steel, corn. (quar.)
$1
Preferred (guar.)
134 Apr. 1 Holders of rec. Mar. 150
Preferred (quar.)
1% July 1 Holders of rec. June 15a
Preferred (guar.)
1% Oct. 1 Holders of rec. Sept. 160
Preferred (quar.)
-1% Jan 230 Holders of rec. Dee. 16a
Hall Lamp(quar.)
*375ic Mar. 15 *Holders of rec. Mar. 1
Hamilton Bank Note Engraving of Ptg.
May 15 *Holders of rec. May 1
Common (guar.)
Hamilton United Theatres(Canada)
Preference (guar.)
141 Mar. 30 Holders of rec. Feb. 28
Hanes (P. II.) Knitting, pref.(quar.)..
1% Apr. 1 'folders of rec. Mar. 20
Hams(M A.) Co., 1st pref
1% Mar. 20 Holders of rec. Mar. 50
144 Apr. 20 Holders of rec. Apr. 10a
Harbison-Walker Refract., pref.(quar.)_
Hecia Mining (monthly)
•150. Mm. 15 *Holders of rec. Feb. 15
Helme(Geo. W.) Co.,corn.(quar.)
$1.25 Apr. 1 Holders of rec. Mar. ha
Preferred (quar.)
134 Apr. 1 Holders of rec. Mar. ha
Hercules Powder,corn.(quar.)
75c. Mar. 25 Holders of rec. Mar. 14
50c. May 1 Holders of rec. Apr. 10
Heyden Chemical, corn.(No. 1)
Hibbard, Spencer. Bartlett Co.(mthly.)
35e. Mar. 29 Holders of rec. Mar. 22
6234c Apr. 1 Holders of rec. Mar. 150
Holland Furnace, corn. (quar.)
•50c. Mar. 15 *Holders of rec. Mm. 5
Honolulu Consolidated Oil(qua?.)
Horni Signal Mfg. corn. A & AA (qu.)._ *250. Mar. 30 'Holders of reo. Feb. 28
Mar. 20 Holders of reo. Feb. 28
Class A common
PS
Mar. 20 Holders of reo. Feb. 28
PS
Class AA,common
$1.25 Apr. 1 Holders of rec. Mar. 110
Hudson Motor Car (guar.)
Hupp Motor Car (Stock dividend) (qu.) e244 May 1 Holders of rec. Apr. 150
e23-4 Aug. 1 Holders of rec. July 16a
Stock dividend (guar.)
e244 Nov. 1 Holders of reo. Oct. 16a
Stock dividend (quar.)
"00c Apr. 16 "Holders of reo. Apr. 3
Illinois Brick (guar.)
"60c. July 15 'holders of rec. July 3
Quarterly
•60. Oct. 15 *Holders of rec. Oct. 3
Quarterly
Imperial Tobacco of Canada7440. Mar. 28 Holders of rec. Mar. 7
Ordinary (Interim)
Mar. 30 Holders of rec. Mar. 7
3
Preferred
I% Apr. 1 holders of rec. Mar. 2a
Indian Refining. pref.(quar.)
Mar. 20 Holders of rec. Mar. 8
110
Industrial Finance, corn. (In stock)
Inspiration Consol. Copper Co.(quM.)- $1 Apr. 1 Holders of rec. Mar. 140
Internat. Business Machines (guar.).- $1.25 Apr. 10 Holders of rec. Mar. 22a
$1 Mar. 28 Holders of rec. Mar. Ila
International Cement (quar.)
•25a. Apr. 1
Int. Cont. Invest. Corp. corn.(guar.)•254). July I
Common (guar.)
May 1 Holders of rec. Mar. 30.
Internat. Educational Publishing, pref._ $1
Internat. Harvester, new no par (guar.)_ 6234c Apr. 15 Holders of rec. Mar. 250
62540 Apr. 1 Holders of rec. Mar. 15
International Shoe, corn. (qua?.)
Preferred (monthly)
50c. Apr. 1 Holders of roe. Mar. 15
*500. May 1 *Holders of reo. Apr. 15
Preferred (monthly)
*50e. June 1 *Holders of rec. May 15
Preferred (monthly)
Preferred (monthly)
*50o. July 1 *Holders of reo. June 15
Preferred (monthly)
•50o Aug. 1 'Holders of rec. July 15
*50o Sept. 1 'Holders of roe. Aug. 15
Preferred (monthly)
*60e Oct. 1 'Holders of reo. Sept. 15
Preferred (monthly)
*500 Nov. 1 *Holders of rec. Oct. 15
Preferred (monthly)
Preferred (monthly)
•50e Dec. 1 *Holders of reo. Nov. 15
*50c Jan 1'30 *Holders of reo. Dec. 15
Preferred (monthly)
International Silver Apr. 1 Holders of rec. Mar. 120
Preferred (quar.)
Apr. 1 Holders of rec. Mar. 160
Interstate Dept. SM., corn. (qu.)(No. 1)
Apr. 16 "Holders of rec. Apr. 5
Interstate Iron & Steel, corn.(quar.)
Apr. 15 Holders of rec. Dec. 31
Investors Capital Corp., common
Mar. 30 Holders of rec. Feb. 28
Isle Royale Copper
Apr. 16 "Holders of rec. Apr. 2
Jewel Tea, corn. (guar.)
Apr. 15 Holders of rec. Mar. 25a
Johns-Manville Corp., corn.(qua?.)_..
Apr. 1 Holders of rec. Mar. lla
Preferred (quar.)
Joint Security CorpMay 1 Holders of rec. Apr. 20
Corn.(Payable in corn.stock)
Aug. 1 Holders of roe. July 20
11
Corn.(Payable In corn.stock)
Nov. 1 Holders of rec. Oct. 20
fl
Corn.(payable in corn.stock)
151 Apr. 1 Holders of rec. Mar. 130
Jones dr Laughlin Steel, pref. (quar.)_
134 Apr. 1 Holders of roe. Mar. 20
Kaufmann Dept. Stores, pref. (guar.).'12340 Apr. 1 *Holders of reo. Mar. 20
Kaynee Co., common (extra)
•1255o July 1 *Holders of reo. June 20
Common (extra)
50c. Apr. 1 Holders of rec. Mar. 210
Kelsey-Hayes Wheel, corn. (quar.)
Apr. 1 Holders of rec. Mar. la
Kennecott Copper Corp., new stk.(qu.)_ $1
25e. Apr. 1 Holders of reo. Mar.210
Kinney (G. R.) Co., corn
$1.75 Apr. 1 Holders of rec. Mar. 150
Knox Hat, prior pref. (qua?.)
$1.75 July 1 Holders of roe, June I5a
Prior preference (quar.)
$1.75 Oct. 1 Holders of rec. Sept. 160
Prior preference (quar.)
750 June 1 Holders of rec. May 150
Participating pref. (guar.)
750 Sept. 3 Holders of rec. Aug. 15a
Participating pref. (guar.)
750 Doe. 2 Holders of rec. Nov. 15a
Participating pref. (guar.)
Kraft-Phenix Cheese, corn.(guar.).-• 37140. Apr. 1 *Holders of rec. Mar. 18
• 1.62 % Apr.
*Holders of rec. Mar. 18
Preferred (guar.)
400. Mar, 3 Holders of roe. Mar. lb
Kresge (S. S.) Co., coin. (guar.)
1% Mar, 30 Holders of reo. Mar. ha
(guar.)
Preferred
Apr.
*Holders of roe. Mar. 10
Kroger Grocery & Baking corn.(guar.).- *f5
lc. Mar. 1 Holders of reo. Mar. 1
Laguna Land & Water, corn.(monthly)_
250. Mar. 1 Holders of rec. mar. 1
Lake Shore Mines, Ltd.(qua?.)
Lakey Foundry & Mach.
*e255 Apr. 3 *Holders of rem Apr. 16
Stock dividend
*e255 July 3 *Holders of rec. July 15
Stock dividend
"e244 Oct. 3 *Holders of ree. Oct. 15
Stock dividend
435
Mar. 20 Holders of rec. Mar. 11
Lamson & Hubbard Corp. prof
62440 Mar. 15 Holders of rec. Mar.
Lamson & Sessions (quar.)
141 Apr. 1 Holders of rec. Mar. 140
Lehigh Portland Cement, pref. (guar.).15c. Apr. I Holders of rec. Mar. 11
Lessings, Inc. (quar.)
5c. Apr. 1 Holders of rec. Mar. 11
Extra
1b, J
Aupiry.
134
Holders of rec. Mar. 110
Liggett & Myers Tobacco, pref. (quar.)_
Ltueoli interstato Bolding Co
Holders of re. Juno 20
42.50 Apr. 1 *Holders of rem Mar. 16
Lord & Taylor, corn. (quar.)
Lunkenhelmer Co.,common (guar.). - - •3744e Mar. 15 *Holders of reo. Mar. 5
•155 Mar. 30 *Holders of rem Mar. 20
Preferred (gear.)
•I55 June 29 *Holders of rec. June 19
Preferred (quar)
'134 Sept. 30 *Holders of rec. Sept. 20
Preferred (quar.)
*155 Dec. 31 *Holders of rec. Deo. 21
Preferred (quar.)
$1
May. 1 Holders of rec. Apr. 203
McCall Corp.(qua?.)
Macfadden Publications, corn. (special). *10e. Apr. 1 *Holders of rec. Feb. 28
87 %c Mar. 15 Holders of rec. Mar. la
McKeoon & Robbins, pref. (Quar.).
Mallinson (II R.) dr Co., pref.(guar.).- 811%50 Apr.Apr. 1 Holders of rec. Mar. 21a
'Holders of rec. Mar. 15
Mathieson Alkali Works, corn. (qua?.)..
(1)
Corn. (stock div.-3 shares for 1)134 Apr. I Holders of roe. Max. 16
Preferred (gum.)
$1.25 Mar. 30 Holders of rec. Mar. 61)
Mergenthaler Linotype (qua?.)
No. Mar. 30 Holders of rec. Mar. 60
Extra
Metro-Goldwyn Pictures, pref.(quar.)_. 131 Mar. 15 Holders of reo. Feb. 280
Metropolitan Paving Brick, pref.(quan) •134 Apr. 1 "Holders of rec. Mar. 16
75c. Apr. 1 Holders of rec. Mar. 12
Midvale Company (quar.)
50o.,Apr, 1 Holders of reo. Mar. 15
Miller (I) & Sons, corn. (quar.)
MAR. 9 1929.]
Name of Company.
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Books Closed
Days Inclusire.
Miscellaneous. (Continued)
Minneapolis-Honeywell RegulatorCommon
*$1.25 Aug. 15 *Holders of rec. Aug. 3
Preferred (guar.)
May 15 *Holders of roe. May 1
Preferred (guar.)
•1,f Aug. 15 *Holders of roe. Aug. 1
Preferred (guar.)
•1
Nov. 15 *Holders of roe. Nov. 1
Mohawk Carpet Mills (quar.)
6214e Mar. 31 Holders of rec. Mar. 9a
Monsanto Chemical Works (guar.)
*623fc Aprl 1 *Holders of rec. Mar.20
Stock dividend
*610 Apr. 1 *Holders of roe. Mar.20
Montgomery Ward & Co.,class A (an.) *51.75 Apr. 1 *Holders of rec. Mar. 20
Montreal Cottons, Ltd.. corn. (guar.)._
134 Mar. 15 Holders of rec. Feb. 28
Preferred (guar.)
1,' Mar. 15 Holders of rec. Feb. 28
Morrell(John) & Co.(No. 1)
*90c. Mar. 15'Holders of roe. Feb. 28
Morristown Securities(quar.)
•15c. Apr. 2 *Holders of roe. Mar. 15
Extra
•10c. Apr. 2 *Holders of rec. Mar. 15
Motor Wheel Corp., corn.(guar.)
50c. Mar. 20 Holders of rec. Mar. 50
Muncie Gear Co.class A (guar.)(No. 1) *50c. Apr. 1 *Holders of rec. Mar. 15
Class A (guar.)
*50c. July 1 *Holders of rec. June 15
Class A (guar.)
*500. Oct. 1 *Holders of rec. Sept. 15
Class A (guar.)
*50e. Jan l'30 *Holders of rec. Dec. 15
Murphy (G. C.) Co.. Pref. (guar.)
*2
Apr. 2 *Holders of rec. Mar. 18
National Biscuit,corn.(quar.)
$1.50 Apr. 15 Holders of reo. Mar 29a
National Breweries, Ltd..corn.(guar.)-$1 Apr. 1 Holders of rec. Mar. 15
Preferred (guar.)
Apr. 1 Holders of rec. Mar. 15
Nat. Dairy Products, corn.(guar.)
750. Apr, 1 Holders of ree. Mar. tia
Corn. (payable In cont. stock)
fl
Apr. 1 Holders of roe. Mar. 4a
Common (payable In common stk.)- - 11
July 1 Molders of rec. June he
Common (payable in common stock). /1
Oct. 1 Holders of rec. Sept. 3a
*1st Apr. 1 *Holders of rec. Mar. 4
Preferred A & B (guar.)
National Fireproofing. pref. (guar.).
- 623.4e. Apr. 15 Holders of rec. Apr. 1
Preferred (extra)
4•72)4e Apr. 15 *Holders of roe. Apr. 1
Preferred (guar.)
62)4e. July 15 Horner, of roe. July 1
Preferred (guar.).
62%e Oct lb Holders of rec. Oct. 1
National Lead, corn.(guar.)
$1.25 Mard30 Holders of roe. Mar. 15a
Preferred A (guar.)
$1.75 Mar 15 Holders of rec. Mar. la
Class B preferred (gum.)
$1.50 May 1 Holders of rec. Apr. 19a
National Sugar Refining (guar.)
500. Apr. 1 Holders of rec. Mar. 4
National Surety (guar.)
$1.25 Apr. 1 Holders of rec. Mar. 18a
National Transit (guar.)
"25e. Mar. 15 *Holders of rec. Feb. 28
Extra
•25c. Mar. 15 *Holders of rec. Feb. 28
Newberry (J. J.) Co., corn.(guar.)
•400 Apr. 1 *Holders of rec. Mar. 15
New York Auction Co., corn.(quar.)___ *3734c Mar. 15 *Holders of rec. Mar. 1
N.V.& London Management Pf.(No.1) *75c. Apr. 1 *Holders of rec. Feb. 19
N. Y.Transportation (guar.)
•500. Mar. 28 *Holders of rec. Mar. 13
Nichols Copper.class II
1150. May 1 *Holders of rec. Feb. I
ClassB
*75c. Nov. 1 *Holders of rec. Feb. 1
Niles-BementePond. Pref. (guar.)
•134 Mar. 30 *Holders of roe. Mar.20
Preferred (guar.)
•134 June 29 *Holders of rec. June 19
Nipissing Mines(guar.)
734e. Apr. 20 Holders of rec. Mar.30
North Amer. Investment,6% Pf•(guar.) 1% Apr. 20 Holders of rec. Mar.31
5%% preferred (guar.)
1% Apr. 20 Holders of rec. Mar. 31
North Amer. Investors Corp. corn.(qu.) 25c. Apr. 1 Holders of rec. Mar. 15
Five per cent cony. stk.(guar.)
6234e. Apr. 1 Holders of roe. Mar. 15
North American Provision, pref. (gy.)._ '134 Apr. 1 *Holders of rec. Mar. 9
North Central Texas Oil, pref.(quar.) *1.6234 Arp. 1 Holders of roe. Mar. 11
Northern Manufacturing. pref.(guar.).19e. June 1
Preferred (guar.)
190. Sept. 1
Preferred (guar.)
190. Dec. 1
Northern Paper Mills,common(guar.)-- *50c. Mar. 30 *Holders of roe. Mar. 15
01110 Oil (guar.)
Mo. Mar. 15 *Holders of rec. Feb. 15
Omnibus Corp., pref.(guar.)
Apr, 1 Holders of roe. Mar. 15a
2
Ontario Mfg.(guar.)
045e. Apr. 1 *Holders of roe. Mar. 20
Extra
0150. Apr. 1 *Holders of ree. Mar. 20
Owens Bottle,corn.(guar.)
Apr. 1 Holders of roe. Mar. 16a
$1
Pacific Associates(guar.)(No.1)
•50c. May 15 *Holders of rec. Apr. 30
Pacific Coast Biscuit,corn.(qu.)
•25c. May 1 *Holders of roe. Apr. 15
Preferred (guar.)
•8734c May 1 *Holders of rec. Apr. 15
Pacific Indemnity Co.(No. 1)
•$1.50 Apr. 1 *Holders of rec. Mar. 20
Packard Motor Car(monthly)
250. Mar. 30 Holders of rec. Mar. 120
Monthly
25c. Apr. 30 Holders of rec. Apr. 12a
Monthly
25c. May 3 Holders of rec. May ha
Extra
50c. May 3 Holders of rec. May 110
Page-Hershey Tubes corn• (guar.)
Apr.
51
Holders of rec. Mar. 20
Preferred (guar.)
1% Apr. 1 Holders of rec Mar.20
Paraffins Coe. corn. (qua?.)
$1
Mar. 27 Holders of reo. Mar. 18
Paramount Famous Lasky Corporation
Common (guar.)
75e. Mar.30 Holders of roe. Mar. 8a
Park & Tilford (stock div.)(guar.)
75e. Apr. 14 Holders of rec. Mar. 28
Stock dividend(guar.)
el Apr. 14 Holders of roe. Mar. 29
Parke. Davis Co.(guar.)
•25e. Mar. 31 *Holders of roe. Mar. 18
Extra
*10o. Mar. 31 *Holders of rec. Mar. 18
Ponder(D.) Grocery Co.,class B (qu.)
250. Apr. 1 Holders of rec. Mar. 15
Class B (extra)
25c. Apr. 1 Holders of rec. Mar. 15
Penick & Ford, Ltd., pref. (guar.)
144 Apr. 1 Holders of reo. Mar. 150
Penney (J. C.) Co.,common
$7
Mar. 1$ Holders of rec. Mar. 7
Pennsylvania Dixie Cement pf.
1% Mar. 15 Holders of rect. Feb. 28a
Pet Milk,corn.(guar.)
3714c Apr. 1 Holders of rec. Mar. 110
Preferred (guar.)
1% Apr. 1 Holders of rec. Mar. 11
Phelps Dodge. Corp.(guar.)
*S2.50 Apr. 1 *Holders of rec. Mar. 15
Phillips Petroleum Co., corn.(qua?.)__. 37.14c. Apr. 1 Holders of rec. Mar. 140
Port Alfred Pulp & Pap., pref.(qua?.)___
1 ff Mar. 15 Holders of rec. Mar. 1
Portland Vegetable 011
$2
Mar. 20 Holders of rec. Mar. 1
Porto Rico Amer. Tobacco, al A (qu.)
*1 fi Apr. 10 *Holders of rec. Mar. 20
Prairie Pipe Line,new $25 par stk.(Q11.)- 750. Mar.30 Holders of rec. Feb. 280
Extra
50e. Mar. 30 Holders of rec. Feb. 280
Pratt & Lambert & Co., corn.(guar.)...
Apr. 1 *Holders of rec. Mar. 15
Pressed steel Car. pref.(guar.)
1)4 Mar.30 Holders of rec. Mar. la
Procter & Gamble,5% Pref.(quar.)...- '6214 Mar. 15 *Holders of rec. Feb. 25
Six per cent pref.(quar.)
'134 Mar. 15 *Holders of rec. Feb. 25
6% pref.(for period from Mar. 15-28). •250. Mar. 15 "Holders of rec. Feb.
25
pro-phy-tao-tic Brush. Prof.(guar.)
'134 Mar. 15 *Holders of rec. Feb. 28
Pure Oil Co.. 534% pref.(guar.)
114 Apr. 1 Holders of rec. Mar. 10
Six per cent preferred (guar.)
134 Apr, 1 Holders of rec Mar. 10
Eight per cent preferred (guar.)
Apr. 1 Holders of rat. Mar. 10
2
Quaker Oats, corn. (guar.)
Apr. 15 *Holders of rec. Apr. 1
*51
4114
Common (special)
Apr. 15 *Holders of rec. Apr. 1
Corn.(In corn. stk., one new for ea.25) (/) Apr. 20 *Holders of rec. Apr. 1
Preferred (guar.)
*11.4 May 1 *Holders of roe. May 31
Quaker Products cl A (quar.)
15e. Mar. 15 Holders of rec. Mar. 1
Rapid Electrotype
'373.4c Mar. 15 *Holders of rec. Mar. 1
Rea (Robert) & Co.. let prof.(guar.)._134 Apr, 1 Holders of
rec. Mar.
Remington Rand Co., Ins. 1st pi.(qu.). 144 Apr. 1 Holders of rec. Mar. 25a
8a
Second preferred (guar.)
2
Apr. 1 Holders of rec. Mar. 8a
Remington Typewriter, corn.(guar.).- 41.25 Apr. 1 *Holders of rec. Mar. 8a
4.54
Common (extra)
Apr. 1 *Holders of rec. Mar. 8a
First preferred (guar.)
•134 Apr. 1 *Holders of rec. Mar. 8a
*2
Second preferred (guar.)
Apr. 1 *Holders of rec. Mar. 8a
Rao Motor Car (guar.)
200. Apr. 1 Holders of rec. Mar. 1la
20e. Apr. 1 Holders of roe. Mar. ha
Extra
Republic Iron & Steel, pref.(guar.).- 134 Apr. 1 Holders of rec. Mar. ha
Ritter Licata! Mfg.,coin.(rm.)(No. B..'6214c Apr 1
St. Joseph bead Co.(guar.)
50e. Mar. 20 Mar 8 to Mar.20
25e. Mar. 20 Mar 8 to Mar. 20
Extra
Quarterly
50o. June 20 June 8 to June 20
Extra
25o. June 20 June 8
to June 20
Quarterly
50c. Sept 20 Sept. 10 to Sept 20
Extra
25e. Sept 20 Sept. 10 to Sept 20
81. Louis Screw & Belt corn.(guar.).- .250 lune I •EsIdere of,
se may 28
St. Mary's Mineral Land
*$2 Mar. 12 *Holders of rec. Feb. 25
St. Maurice Valley Corp., pref.(qu.)...._
134 Apr. 1 Holders of rec. Mar. 15
Savage Arms. 2d pref. (guar.)
41.50 May 15 *Holders of roe. May 1
Seers, Roebuck & CoQuarterly payable in stock) .
May I Holders of rec Apr. 13,
.
el
Second General Amer. Inveetors, pf.(qty) •$1.50 Apr. 1 *Holders of rec. Mar. 15
Second Inter. Sector. Corp.. cow. A (qu.) 050c. Apr. I *Holders of roe. Mar. 15
Beeman Brothers, Inc., corn.(extra)
500. Mar. 15 Holders of rec. Mar. la
Selby Shoe, pref.(guar.)
134 May I Holders of roe. Apr. 16
Separate Units,stock dividend
*010
Holders of rec Mar. 1
Seventeen Park A••,Prof
Mar, 15 Mar. 1 to Mar 15
Sheaffer(W. A.) Pen Co
Mar. 15 *Holders of rec. Feb. 25
*al
Extra
*SOO. Mar. 15 *Holders of roe. Feb. 25
Semi-gonna!
Sept.19 *Holders of roe. Aug. 25
•$1
a
1511
Per
When
Books Closed
Name of Company.
Can. Payable.
Days lachnice.
Miscellaneous (Continued).
Shattuck(Frank) G)Co.(quar.)
*50o. Apr. 10 *Holders of rec. Mar.20
Sheffield Steel,corn.(quar.)
*50c. Apr. 1 *Holders of rec. Mar 21
1
Preferred (quar.)
Apr. 1 *Holders of roe. Mar.21
.11
Common (In common stock)
Apr. 1 *Holders of rec. Mar.21
Common (payable In common stock)-- •fl
July 1 *Holders of rect. June 20
Common (payable in common stock).- sfi
Oct. 1 *Holders of rec. Sept. 20
Shell Union Oil Corp., corn.(guar.)
35e. Mar. 31 Holders of roe. Mar. 60
Shepard Stores, Inc., class A (guar.).The. May 1 Holders of rec. Apr.
Sherwin-Wrns. Co. Canada,corn.(guar.) "$1.50 Mar.31 Holders of rec. Mar. 20
15
Preferred (quar.)
134 Mar. 31 *Holders of roe. Mar. 15
Shreveport-Eldorado Pipe Line(M)
- 500. Apr. 1 Holders of roe. Mar. 150
Shubert Theatre Corp.(quar.)
$1.25 Mar. 15 Holders of rec. Mar. la
Signal Oil & Gas, el. A & B (guar.)
4334c Mard10 Holders of rec. Feb. 25
Signods Steel Strapping, phi. (quar.)
'62340 Apr. 15'Holders of roe. Mar.31
Simms Petroleum
40e. Mar. 15 Holders of rec. Feb. 280
Sinclair Consol. Oil, corn
50c. Apr. 15 Holders of rec. Mar. 150
Common (extra)
250. Apr. 15 Holders of reo. Mar. 15a
Skelly 011 (guar.)
500. Mar. 15 Holders of rec. Feb 15a
Sloss-Sheffield Steel, Inc., corn.(quar.)_
134 Mar.20 Holders of rec. Mar. 11
Preferred (guar.)
*13.( Atm. 1 *Holders of rec. Mar.20
Smallwood Stone, class A (attar.)
6234c Mar. 15 Holders of rec. Mar. 5
Smith (F. H.) Co. 754% prof
334 Mar. 15 Mar. 6 to Mar. 15
Seven per cent Preferred
334 Mar. 15 Mar. 6 to Mar. 15
Sonatron Tube, cl A (guar.)
*3734c Apr. 1 *Holders of roe. Mar.20
South Penn Oil (guar.)
*50c. Mar.30 *Holders of roe. Mar. 15
South Porto Rico Sugar, corn.(guar.).50c. Apr. 1 Holders of roe. Mar. Ila
Common (extra)
250. Apr. 1 Holders of roe. Mar. lla
Preferred (guar.)
2
Apr. 1 Holders of roe. Mar. lla
Southwest Pa. Pipe Lines
$1
Apr. 1 Holders of rec. Mar. 15
Spaulding(A.G.)& Bros..new com.(gu) 40e. Apr. 15 Holders of roe. Mar.30
Sparks-Withington Co., corn.(guar.)
75c. Mar. 30 Holders of rect. Mar. 14
114 Mar. 15 Holders of rec. Mar. 5
Preferred (guar.)
Spencer Kellogg & Sons,Inc.(quar.)__
400. Mar. 31 Holders of rec. Mar. 150
Quarterly
400. June 30 Holders of rec. June 15s
Quarterly
40c. Sept.30 Holders of roe. Sept.14a
Sperry Flour, pref. (guar.)
'13.4 Apr. 1 *Holders of roe. Mar. 15
Standard Chemical Co., Ltd
$1
Mar. 15 Holders of roe. Feb. 15
Standard 011 (Calif.) (guar.)
6234c Mar, 15 Holders of rec. Feb. 180
Standard 011 (Indiana) (quar.)
*6234c Mar. 15 *Holders of rec. Feb. 16
•50c. Mar. 15 Holders of roe. Feb. 16
Extra
•500. Mar. 15 *Helder, of rec. Feb. 16
Stock dividend
Stand.Oil(Ky.)new $10 par(qu.)(No.1) *40c. Mar.30 *Mar. 16 to Mar.29
Standard Oil(Nebraska)(guar.)
6234e Mar. 20 Holders of rec. Feb. 25
250. Mar. 20 Holders of rec. Feb. 25
Extra
Standard 011 of N..1., $25 par stk.(qu.). 250. Mar. 15 Holders of rec. Feb. 280
1234e Mar. 15 Holders of rec. Feb. 280
$25 par stock (extra)
1
$100 par value stock (guar.)
Mar. 15 Holders of rec. Feb. 280
50c. Mar. 15 Holders of rec. Feb. 281
$100 par value stock (extra)
Standard()Hof N.Y.(guar.)
40c. Mar. 15 Holders of rec. Feb. I50
Standard Oil (Ohio) corn.(au.)
62)4c. Apr. 1 Holders of rec. Mar. 15
4.$1
Standard Steel Spring(No.1)(guar.)
Mar.31 *Holders of rec. Mar.20
Eiteinite Radio(guar.)
*2% Apr. 1
*234 July 1
Quarterly
Quarterly
'234 Oct. 1
Stewart-Warner Speedometer (stk. div.)
Mar. 3 to Apr. 3
Strauss(Robert T.)& Co.,pfd.(qu.) --- 19( Apr. 1 Holders of rec. Mar. 15
•75e. Apr. 1 *Holders of rec. Mar. 16
Stroock (S.) Co. (guar.)
*75c. July 1 *Holders of rec. June 15
Quarterly
•75o. Oct. 1 *Holders of rec. Sept.16
Quarterly
•75o. Dec. 21 *Holders of rec. Dee. 10
Quarterly
Studebaker Corp.fl
June 1 Holders of rec. May 100
Common (payablein common stock)
Common (payable in corn. stock)
Sept. 1 Holders of rec. Aug. 100
/1
Dec. 1 Holders Of rec. Nov. 90
Common (payable in corn. stock).--- 11
250. Mar. 15 Holders of rec. Feb. 25a
Sun Oil,common (guar.)
2
Apr. 1 Holders of rec. Mar. 9
Swift & Co.(guar.)
'134 Apr. 10 *Holders of rec. Mar.30
Telantograph Corp., pref.(guar.)
25e. Mar. 15 Holders of rect. Feb. 28.
Tennessee Copper & Chemical (guar.)
75c. Apr. 1 Holders of roe. Mar. 80
Texas Corp.(guar.)
$1
Mar. 15 Holders of roe. Mar. 46
Texas Gulf Sulphur (guar.)
4E4 Mar.20 Holders of roe. Feb. 23.
Texas Pacific Coal& Oil(In stock)
Thompson-Starrett new pf.(qu.)(No.1) 87340. Apr. 1 Holders of roe. Mar. 12
*50e. Mar. 15 *Holders of rec. Mar. 1
Tidal Osage 011 (guar.)
'1
Mar.20 *Holders of rec. Mar. 5
Todd Shipyards (guar.)
Transamerica Corp.(guar.)(No. 1)-- - 111 Apr. 25 *Holders of roe. Apr. 5
*el Apr. 25 *Holders of roe. Apr. 5
Stock dividend
*37 Me Apr. 1 *Holders of rec. Mar. 12
Traveler Shoe common (quar.)
13.4 Apr. 1 Holders of rec. Mar. 15
Tit-Continental Corp.5% prof.(guar.)_
d30c. Apr. 15 Holders of roe. Mar.266
Truscon Steel common (guar.)
Underwood-Elllott-Fisher Co.,com.(qu.) $1
Mar.30 Holders of rect. Mar. 126
$1.75 Mar.30 Holders of roe. Mar. 120
Preferred and preferred B (guar.)
$1.50 Apr. 1 Holders of rec. Mar. la
Union Carbide & Carbon (guar.)
25e. Apr. 1 Holders of rec. Mar. 8a
United Cigar Stores of Am.corn.(qL).134 Apr. 1 Holders of rec. Mar413a
United Dyewood Corp., pref.(guar.).- _
$1
United Fruit(guar.)
Apr. 1 Holders of roe. Mar. 26
(e) Apr. 1 Holders of roe. Mar. 2a
Stock dividend (1-20th share)
United Paperboard, pref.(guar.)
$1.50 Apr. 15 Holders of roe. Apr. la
United Piece Dye WM..Prof.(guar.)._ •134 Apr. 1 *Holders of rect. Mar.20
,61% July 1 *Holders of rec. June 20
Preferred (guar.)
•1yi Oct. 1 *Holders of rec. Sept.
Preferred(guar.)
•1% Jan2'30 *Holders of rec. Dec. 20
Preferred(guar.)
20
United Securities, pref. (guar.)
13.4 Apr. 2 Holders of rec. Mar. 16
U.S. Cast Iron Pipe & Fdy.. Cern.(qu.) 50e. Apr. 20 Holders of rec. Mar.300
Common (guar.)
500. July 20 Holders of rec. June 29a
Common (guar.)
50o. Oct. 21 Holden of rec. Sept.300
Common (guar.)
50c. Jan20'30 Holders of rec. Dec. 310
First & second pref. (guar.)
30c. Apr. 20 Holders of roe. Mar. 30s
First & second pref.(guar.)
30e. July 20 Holders of roe. June 29a
First & second pref.(guar.)
30c. Oct. 21 Holders of rec. Sept. 300
First & second pref. (guar.)
30o. Jan20'30 Holders of rec. Dec. 310
U. S. Freight (guar.)
*75c. Mar. 1 *Holders of rec. Feb. 18
U.S. Gypsum, COM.(guar.)
•400. Mar.31 *Holders of rec. Mar. 15
•15.4 Mar. 31 *Holders of MC. Mar. 15
Preferred (guar.)
U.S. Leather prior pee?.(guar.)
1% Apr. 1 Holders of rec. Mar. So
Class A partic.& cony.stock (guar.)
Apr. 1 Holders of rec. Mar. 11
81
Claes A cattle. & cony. stock (an.).. $1
July 1 Holders of roe. June 100
Claes A partle. & cony. stock (qu.).._ $1
Oct. 1 Holders of roe. Sept. 104
U.S.Playing Card (guar.)
*SI Apr. 1 *Holders of rec. Mar. 4
U. S. Print. & Litho., corn. & pf.(qu.) *111.50 Apr. 1 *Holders of rec. Mar. 21
U B. Realty & Impt., corn. (quar.)____ $1
Mar. 15 Holders of roe. Feb. 156
ITnited States Steel Corp., corn.((War.). 134 Mar. 30 Holders of rec. Feb. 28a
Vacuum 011 (quar.)
Mar. 20 Holders of rec. Feb. 28
$1
Valvoline 011. COM.(guar.)
134 Mar. 20 Holders of rec. Mar. 16
Van Sickleu Corp., common (No. 1).... •25e.
Class A (guar.) (No. 1)
•65e. Apr, 1 *Holders of rec. Mar.22
•1si Mar. 9 *Holders of rec. Mar. 1
Vapor Car Heating, pref.(qua!'.)
Preferred (guar.)
'1,' June 10 *Holders of rec. June 1
Preferred (guar.)
Sept. 10 *Holders of rec. Sept.
tom Deo. 10 *Holders of rec. Dec. 2
Preferred ((WW1
2
Volcanle Oil & Gas (guar.)
1.350. Mar. 10 *Holders of rec. Feb. 28
•50. Mar. 10 *Holders of ree. Feb. 28
Extra
•35e. June 10 *Holders of rec. May 31
Quarterly
Extra
'Sc. June 10 *Holders of rec. May 31
*35e. Sept. 10 *Holders of roe. Aug. 81
Quarterly
Extra
'So. Sept. 10 *Holders of rec. Aug. 31
•350. Dec. 10 *Holders of rect. Nov. 30
Quarterly
s40. Deo, 10 *Holders of roe. Nov.30
Extra
Vulcan Delimiting pref.& pref. A (qu.)_ _ 134 Apr. 20 Holders of roe. Apr. ho
53
Apr. 20 Holders of rec. Apr. lba
Prof.(acct. accumulated diva.)
Wahl Company, pref.(quar.)
'134 Apr. 1 Holders of rec. Mar. 21
Waitt & Bond, class B (quar.)
*30c. Apr. 1 *Holders of rec. May 15
Waldorf System, Inc., com.(quar.)
8734c. Apr, 1 Holders of rec. Mar. 200
200. Apr. 1 Holders of rec. Mar. 20
Preferred (guar.)
Walker (Hiram)-Gooderharn & Worts.
75e. Mar. 16 Holders of rec. Feb. 28
Ltd., (guar.)
•1yi
Waltham Watch, pre/.(guar.)
Apr. 1 Holders of rec. Mar.23
*134 July 1 Holders of rec. June 22
Preferred (guar.)
Oct. 1 Holders of rec. Sept. 21
Preferred (guar.)
Walworth Co., corn.(guar.)
Mar. 15 Holders of rec. Mar. fa
•750. Mar.30 Holders of rec. Mar.20
Preferred (qua?.)
600. Apr. 2 Holders of rec. Mar. 120
warner Quinlan Co.,oem.(guar.)
aft.
ivo, 12g
FINANCIAL CHRONICLE
1512
When
Per
Cent. Payable.
Name of Company.
Books Closed
Days Inclusive.
Miscellaneous (Concluded).
Mar.20 *Holders of rec. Mar. 4
Washington 011(quar.)
Mar.30 *Holders of roe. Mar. 18
•31
Weber & Hellbroner, corn.(qua:.)
Common (payable in common stock).- v112% Mar.3 *Holders of rec. Mar. 8
*Holders of rec. Feb. 28
*1100 Apr.
Wesson Oil& Snowdrift, corn
Holders of rec. Mar. 15
50c. Apr.
Wesson Oil& Snowdrift new corn.(qu.)
of rec. Feb. 28
*Holders
1
Mar.
Western Canada Flour Mills,corn.(au.)- *350.
1.82)5 Mar. 1 *Holders of rec. Feb. 28
Preferred (quar.)
50c. Apr. 3 Apr. 1 to Apr. 9
Westinghouse Air Brake(quar.)
Apr. 3 Holders of rec. Mar. ha
Westinghouse El. & Mfg.corn.(quar.)-- $1
Apr. 1 Holders of rec. Mar. Ila
$1
Preferred (quar.)
Holders of rec. Mar. 19a
Apr.
500.
Weston Elec. Instrument, class A (qu.).
Holders of rec. Mar. 20
50e. Apr.
Westvaco Chlorine Products, corn
*Holders of rec. Mar. 20
Whitaker Paper,corn.(quar.)
1'31.25 Apr.
of rec. Mar. 20
*Holders
Apr.
oil
Common (extra)
*Holders of rec. Mar. 20
Apr.
Preferred (quar.)
rec. Mar. 12a
of
Holders
2
Mar.
25o.
White Motor, corn. (quar.)
Holders of rec. Mar. 20a
White Rock Mineral Springs, cont.(qu.) 750. Apr.
Holders of rec. Mar.20
Apr.
First Preferred (guar.)
Holders of rec. Mar. 20
831 Apr.
Second preferred
37540 Mar. 1 Holders of rec. Feb. 15
Mellor Food Products(No. 1)
Apr. 1 Holders of rec. Mar. 15
2
Will& Baurner Candle, pref.(quar.)
Wilson & Co. pref.(acct. accum. div.)- Al 5( Apr. 1 Holders of rec. Mar. 9a
, May 1 *Holders pf rec. Apr. 15
‘
O2)
WInated Hosiery (guar.)
4.34 May 1 *Holders of rec. Apr. 15
Extra
'2).‘ Aug. 1 *Holders of rec. July 15
Quarterly
34 Aug. 1 *Holders of rec. July 15
.
Extra
Woods Manufacturing. prof.(qua:.)- - 1M Apr. 1 Holders of rec. Mar. 25
Worthington Pump& Mach pref. A___ _ 513.50 Mar. 20 Holders of rec. Mar. 9a
Oa
Preferred B (acct, accumulated dive.)_ 553 Mar. 20 Holders of rec. Mar. I5a
Wright Aeronautical Corp.(stock div.). 0100 Apr. 30 Holders of rec. Apr. 200
Wrigley (Wm.)Jr. Co.. corn.(mthly.).. •25o. Apr. 1 *Holders of rec. Mar. lb a
Apr. I Holders of rec. Mar.
El
Yale & Towne Mfg.(qua:.)
50c. Apr. 1 Holders of rec. Mar. 15a
Young (L. A.) Spring & Wire (quar.)
Apr. 1 Holders of rec. Mar. 15
250.
Extra
Youngstown Sheet & Tube, coin.(qu.).. 31.25 Apr. 1 Holders of rec. Mar. 14a
Preferred (quar.)
• 21.375 Apr. 1 *Holders of rec. Mar. 14
•From unofficial sources. ?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 Curb Market Association has ruled that stock will not be quoted exdividend on this date and not until further notice.
a Transfer books not closed for this dividend. d Correction. e Payable In stock.
I Payable in common stock. y Payable in scrip. h On account of accumulated
dividends. J Payable In preferred stock.
8 Payable In cash on class A stock at rate of one-fourth share.
I British Amer. Tob. dividend is ten pence per share. All transfers received in
London on or before March 2 will be in time for payment of dividend to transferees.
k Two per cent in stock or 8234c. cash: stockholders will receive cash unless notice
to take stock is received five days before date of payment.
1600. cash or one-fifteenth share class A common stock.
vs British South Africa dividend is la. 3d. and 3d. bonus less deduction for exPanne of depositary.
•Coty. Inc., declared a stock dividend of 8%.Payable in quarterly Installments.
to New York Stock Exchange rules Wesson Oil & Snowdrift be not quoted ex-the
steak dividend until April 2.
p Payable in class A stock.
(New York Stock Exchange rules Archer-Daniels-Midland shall not be quoted
ex- the 100% stock dividend until March 4.
r Federal Water Service dividend payable in cash or class A stock at rate of
one-fiftieth of a share for each share held.
s Engineers Public Service Co.'s stock dividend is two-one hundredths share
common stock.
New York Stock Exchange rules Certo Corp. be not quoted ex the stock dividend
until March 1.
a Payable in cash or stock at rate of one-fortieth share.
✓ American Cities Power & Light dividends are 1-32d share of class 13 on class A
Mock and 1% in class B stock, the class B stock, the class A stock having the
option of taking cash at rate of 75c. per share.
w Less deduction for expenses of depositary.
x National Bellas Hess dividend is two additional shares for each share held.
y Niles-Bement-Pond voted to distribute 236 shares common stock of United
Aircraft dr Transport Corp. for each share Niles-Bement-Pond stock held.
z Stewart-Warner Speedometer dividend sublect to stockholders' meeting Apr. 2.
(I) Associated Gas & Elec. dividend payable in class A stock at rate of 214%
of one share for each share held.
(2) Payable at option of holder either in cash, 91.50. or in common stock at rate
of' 1-64th share.
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The following are the figures for the week ending Mar. 1:
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING OF BUSINESS
FOR THE WEEK ENDED THURSDAY, MAR. 1 1929.
NATIONAL AND STATE BANKS-Average Figures.
Oth.Cash, Res. Dep., Dep.Other
Gross.
MM. Including N. Y. and Banksand
Bk. Notes Elsewhere. TrustCos. Deposit,.
Loans.
$
ManhattanBank of U.S
157,470,400
Bryant Park Bank 1,958,200
Chelsea Exch. Bk. 22.441,000
Grace National__ 17,211.700
Harriman Nat'l__ 32,395,000
Port Morris
4,001,500
Public National 126,315,000
BrooklynNassau National. 21,853,000
Peoples National_ 8,400,000
2 804 000
Traders Natinnal
$
$
$
$
$
23,000 2,042.200 16,998,900 1,680,300 143,016,800
2,022,400
161,200
91,900 128,600
21,941.000
____ 1,932,000 1,305,000
5,000 106,700 1,550,500 2,216,000 16,604,800
20,000 708,000 4,256,000 969,000 38,626,000
219,100 125,500 3,432,900
34,500 101,700
28,000 2,115,000 7,466,000 11154,000 123,289,000
75,000
5,000
280,001 1,572,000
585,000
127,000
:438.000
47 strin
555,000 18,678,000
79,000 8,200,000
40.100 2.318.900
TRUST COMPANIES-Average Figures.
Loans.
Cash.
Reg.vg Dep., Depes.Other
Gross
N. P. and Banks and
Elsewhere. Trust Cos. Deposits.
$
8
8
Manhattan779,200 11,070.700
53,585,000
American
71,416
858,487
17,414,143
Bk.of Europe & Tr
581,084 1,628,310
22,394,289
Bronx County
252,835,000 *37,134,000 4,722,000
Central Union
3,814,800
*4,877,500
74,397,900
Empire
280.770 1,241,548
17,357.424
Federation
405,200
15,899,800 *2,143,800
Fulto.
390,989.000 3.591,000 52,898,000
s
Manulk
82,108,900 1,752.000 4,738,900
Munleig..,
70,953.550 3,486,867 8,851,290
United States
Brooklyn121,007,200 3,766.900 21,3.58,600
Brooklyn
30.021,150 2,029,338 2,260,990
Kings County
Bayonne, N. J.839.512
288.044
9 021 855
Mechanics
8
$
185,500 53,836.300
18,588,577
22,108,904
2.852.000 282.795,000
3,845,500 71.344,700
244,252 17,350,325
15,129,800
2,488,000 360,791,000
100,600 81.750,800
57,754,792
119,912,200
28,047,925
205.242
9.246.294
• Includes amount with Federal Reserve Bank as follows: Central Union.
$38,230,000; Empire, 53,310,000; Fulton, 82,034,600.
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.
Mar. 3
1929.
Changesfrom
Previous Week
Feb. 27
1929.
Feb. 20
1929.
88,350,000
86,350,000
86,350,000 Unchanged
Capital
111,949,000 111.949,000
111,949,000 Unchanged
Surplus and profits
Loans, disets & Invest'ts 1,115,542,000 +24,674,000 1,090,888.000 1,087,171,000
677,092,000 +4,570,000 672.522.000 885.823,000
Individual deposits
138,418.000 +9,244,000 129,174,000 135,128,000
Due to banks
281,576,000 +1,378,000 280,198,000 279,792.000
Time deposits
1.914,000
1,911.000
-573.000
1,338,000
United States deposits..33.877.000
28,288,000
36,377.000 +8,089.000
Exchanges for Clg. House
89.831.000
80,629.000
Due from other banks__ _
86.667,000 +6,038,000
82,807,000
81,574.000
82,593,000 +1,019,000
Retry° in legal deposItar's
9,015.000
8,915,000
-133.000
8.782,000
Cash In bank
788.000
958.000
+42.000
1,010,000
Ree've excess in F. R.Bk.
Clearing Non-Member.
Mechanics Tr. Co., BayonneTotals
§
First National Bank
Irving Trust Company
Continental Bank
Chase National Bank
blfth Avenue Bank
Seaboard National Bank
Bankers Trust Co
U. S. Mtge. & Trust Co
Title Guarantee & Trust Co
Guaranty Trust Co
Fidelity Trust Co
Lawyers Trust Co
New York Trust Co
Farmers Loan & Trust Co
Equitable Trust Co
Colonial Bank
Commercial Nat.Bk & Tr.Co.
;-.O.O-OZ81731%':APZiees
5c4.0:tel
f.iln'''.8.i":i1`.Z1.".0§§g§§L•
Weekly Return of New York City Clearing House.Beginning with Mar.31'28,the NewYork City Clearing House
Association discontinued giving out all statements previously
Philadelphia Banks.-The Philadelphia Clearing House
issued and now makes only the barest kind of a report. The return for the week ending Mar. 2, with comparative figures
new return shows nothing but the deposits, along with for the two weeks preceding, is given below. Reserve
the capital and surplus. We give it below in full:
requirements for members of the Federal Reserve System
HOUSE
STATEMENT OF THE MEMBERS OF THE NEW YORK CLEARING
are 10% on demand deposits and 3% on time deposits, all
1929.
2
MAR.
SATURDAY,
ENDED
WEEK
ASSOCIATION FOR THE
to be kept with the Federal Reserve Bank. "Cash in vaults"
Time
*Surplus & Net Demand
is not a part of legal reserve. For trust companies net
Deposits
Deposits
*Capital. Undivided
Clearing House
Average.
Average.
members of the Federal Reserve System the reserve required
Profits.
Members.
10% on demand deposits and includes "Reserve with
is
$
2
9
9.581,000
62,903,000
13,324,400
Bank of N. Y.& Trust Co--41,029,000 legal depositaries" and "Cash in vaults."
179,485.000
28,775.400
Bank of the Manhattan Co.48.952,000
37,384,800 152,242.000
Beginning with the return for the week ending May 14 1928,
Bask of America Nat Assn-112693,300 2887.805.000 151,641.000
National City Bank
10,265,000 the Philadelphia Clearing House Association discontinued show133,189,000
20,294,200
Chemical National Bank_ _ __
38.388,000
48.295,300 289.381,000
National Bank of Commerce.
41,497.000 ing the reserves and whether reserves held are above or below
15.480.600 157,407,000
Cbat.Phen1x Nat.Bk.& Tr.Co
3.018,000
21,983.000 132,357.000
This will account for the queries at the end
Hanover National Bank
32,546.000 requirements.
21,157.000 189,946,000
Corn Exchange Bank
9,729,000
127,916,000
25.594,600
table.
the
of
National Park Bank
14,822,000
231,817,000
493 non
92.684,400
54.084.000
1,522,300
80,087,300
3.382,100
15,912,900
77,387,200
6,187,000
22,577.900
63.377,000
3,771,400
4,087,800
25,938,100
23,113,900
27,098,900
3,965,400
7,000,000
372.645,000
8.702.000
1)801,847,000
25,309.000
130.902.000
c343,638.000
56.615.000
35.907.000
d473,873.000
43.000.000
19,580,000
147,292,000
el19,003,000
1338.419.000
27,048,000
30,284,000
816,400
3,283,000
5,651,000
ono 857 938 800 5.299.551,000
769,781.000
49,343,000
629,000
66,430.000
907.000
6,744,000
52.483.000
5.716.000
2,521.000
73,086,000
5.151.000
2.504.000
22,696,000
20,793,000
43.589.000
7.503,000
2.787,000
• As per official reports, National, Dec. 31 1928: State, Dec. 31 1928: Trust
co's., Dec. 31 1928.
Includes deposits in foreign branches: (a) $298,212,000: (b) $13,818,000: (c)
869.420.000;(d) 8112,884,000; (e) 87,592,000:(1) $122,296,000.
Week Ended Mar. 2 1929.
Two Ciphers (00)
omitted.
Trust
Members of
F.R.System Companies.
58,433,0
Capital
Surplus and profits-- 182,797.0
Loans. disets. & Invest. 1,050,419.0
45,889,0
Exch. for Clear. House
101.502,0
Due from banks
127.996,0
Bank deposits
Individual deposits.- 820,504,0
210,135,0
Time deposits
958,635,0
Total deposits
Res. with legal dope,.
67.351,0
Res. with F. R. Bank.
10,193,0
Cash in vault*
77.544,0
Total res. & cash held
Reserve required
Excess reserve and cash
In vault
Feb. 23
1929.
Feb. 16
1929.
Total.
$
87.183,0
87,183,0
9,500,0
67,933,0
18,521,0 201,318,0 195,378,0 195,378,0
98,079,0 1,148,498,0 1.128.066.0 1.127.326,0
44,025,0
41,063.0
822.0
48,711,0
93,1)57,0
92,118,0
581,0 102,063,0
3.078,0 131,074,0 130,285,0 134.204,0
48,069,0 688,573.0 851,738.0 654,795.0
28,198,0 236,333,0 231.228.0 235,990,0
77.345,0 1,035,980.0 1.013,251,0 1,024.989,0
8,238.0
7.645.0
10,243,0
10,243.0
88,373.0
87,351,0
12.750.0
2,895,0
12,435,0
2,242,0
89ias9.0
88.162,0
12 85.0
90 29.0
i4
f°
•Cash in vault not counted as reserve for Federal Reserve memberx
MAR. 91929.]
FINANCIAL CHRONICLE
1513
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Mar. 7 and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns for the
latest week appears on page 1478, 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 6 1929.
Mar. 6 1929. Feb. 27 1929. Feb. 20 1929.1Feb. 13 1929. Feb. 6 1929. Jan.30 1929. Jan. 23
1929. Jan. 16 1929. Mar. 7 1928.
RESOURCES.
1
$
1,163,910,000 1,167.630.000 1,207.199.000 1,214.425.000 1,192.665.000 1,207,793.000
Gold with Federal Reserve agents
1,223.392.000 1.196.417,000 1,345,440,000
62,119,000
Gold redemption fund with U. S. Treas.
67.836.000
60,476,000, 60,347.000
64.362.000
66.686.000
70,648,000
68,979,000
49,778,000
1
Gold held exclusively agst. F. R. notes 1,246,029,000 1,235.466.000 1,267.675,000 1.274 772.000 1,257,027,000 1,274.479,000
1,294.040,000
Gold settlement fund with F. R. Board
788.107.000 796,139.000, 764.092.000 752.817.000 747.771.000 725,160.000 683.066.000 1,265.396,000 1,395,218,000
704.819 000 767,300,000
Gold and gold certificates held by banks_ 648,701.000 655.241, AO, 649.343,000 658.632.000 659,122.000 667,545.000
670,984.000 660.355.000 649,700.000
Total gold reserves
2,682,837.000 2.686.846.000 2,681.110.000 2.686.221,000 2.663.920.000 2,667,184,000 2,648.090.000 2,630.570.000
2,812,218,000
Reserves other than gold
152.755.000 157.318.0001 158,751,000, 161.928.000 166,685.000
168.013,0001 165,440,000 162.065.000 163.442,000
Total reserves
2,835,592,000 2.844.164.000 2.839.861.000 2.848.149.000 2,830.605.000 2,835.197.000 2,813,530,000 2,792.635.000
2,975,660,000
!goo-reserve cash
75,231,000, 78.118.0001 77,396,0001 81,967.000
86,458,000
91,881,000
96,488.000
96,532.000, 70,084,000
Bills discounted:
1 289,784,000
Secured by 15.8. Govt. obligations
606,053.000 1 606.752.0001 518.271,0001 617.744,000 539,462.000 523.778.000 471.443.000
Other bills discounted
383,119,000 343.730,000 346.709.000 286,205,000 312.159.000 296,856.0110 310.671,000 525.735 000 192,324,000
296,089,000
_1
Total bills discounted
989,172,000 952.462.000 864.980.000 903.949,000 851.621.000 820,634.000 782.114,000
821.824.000 482.108,000
Billt bought in open market
304,644,000 334,075,000 355.636.000 391,058.000 410.742.000 435,6093100
454.218.000 481.239.000 338,495,000
.
Government securities:
Bonds
51,594.000
51.593.000
51.592,000
51.615.000
51.599.000
51.592,000
52.344.000
57.047.000
52.679.000
Treasury notes
90,671.0001 9(1.738 000
95,144.000
97.869.000
99.572.000
96.843.000
98.383.000 122.478 000 205.633,000
Certificates of Indebtedness
20,699.000, 24,069.000
25.853.000
50,600,000
50.605.000
28,735.000
51.307.000
63 186,000 140,032,000
1
Total U. S. Government securities
162,964.000 166.400.000 172.589.000 177.170.000 200 1189.0(10 201.771,000 202.034.000
238.34330)0 402.712.000
Other securities (see note)
10.250,000
10.075.000
10,075,000
9.075.0)(0
9,025,0110
9.075.01)0
9.025.000
9.825.000
1.000.000
Total bills and securities (see note)
_ 1.467,030.000 1,463.032.000 1,403,280.000 1,481.252.000 1.471,527.000 1,407,0393010 1,447,391.000
1.551.231.01M 1,224,315,000
Gold held abroad
1
Due from foreign banks (see note)
725,000,
729.000
729,000
731.000
730.000
731.000
731.000
569.000
731.000
Uncollected Items
678.483.000 713.617.000 719.244.000 665.3511.000 646.528 000 631.405.000 700.026.000
793.508.000 609.762.000
Bank premises
58.660.000
58.66(1.000
58.656.000
56.607.000
000
58.622
58.656.000
58.61)6.000
58.591
59.078.000
000
All other resources
8,052.000
8.246.000
7.934.000
11,811,000
7.674.000
7.830,000
8,421.000
11,548,000
7.740 000
Total resources
5,123,783,000 5,166,586.000 5.107,100,000 5.143,935.000 5.102.145.000 5,093,730,000
5.125,193,000 5.300.968 000,4.951.016,000
F. R. notes In actual circulation
1,666,567.000 1,653.971.000 1.651,595,0013 1.659.777.000 1.646.308.000 1,045,494.000 1.660.967.000
1.697,302.00(1 1,591,370,000
Deposits:
2,350,497,000 2.367.250.000 2.318.644.000 2,372.622.000 2 386 284 00 2.390,947.000 2.358,861.000
hlember banks-reserve account
2.414 553 100) 2.361,464.006
21,577,)100
Goverimient
21,156.000
15.187.000
18.039.0410
20.862.000
24.1(42.0")'
12.068.000
25,037,000
25 539.1(140
Foreign hanks (see note)
9,766.000
5,605 000
5.8741.001
6.475.000'
8.903.0(10
5.371.000
6 762 00(
7 243 000
6,116.000
20,704.000
Other deposits
18.960.000
20.715.000
21.21(.000
22,667,000
21.938.000
19,379.00(
25 211(10)1
18,121,000
2,402,544,000 2,412.972.000 2,361,021,000 2.421.522.0002,4:10,140.01(0 2437.0973100 2.397.0903100
Total deposits
2.472 562 000 2,410.738,000
Deferred availability items
628,729.000 675,013.000 671.503.1010 640,56(1,000 550,7:15)100 59 I ,235,000
Capital paid in
152,118,0110 151.266.000 150,196,000 149.764.000 149.565.000 148.610.000 648.570.000 713,457.19,0 566,760,000
147,85n 000 136.605,000
Surplus
254,398.000 254.398.000 254.398.000 254,398,000 254,396.0110 254.3983100 148.356,00
254.398.000 254.3l8.i)))0 233,310,000
All other liabilities
19.427.000
18.966.0110
18,387.000
16,999.000
17.914.000
16,696,000
15.812.000
12,224,000
15.373.1100
Total liabilities
5.123,783,000 i,166,586.000 5,107,100.000
5,102.145.000
5,093,730.000
5,143,935.000
5,125,193,001
4,951,016,040
5,300.968.000
Ratio of gold reserves to deposits and
F. R. note liabilities combined
65.9%
66.6%
65 8%
65.2%
65.3%
65.8%
65.3%
63.1%
70.3%
Ratio of total reserves to deposits and
F. R. note liabilities combined
69.7%
69.9%
70.8%
69.3%
69.4%
69.37,
67.0%
74.4%
69.8%
Contingent liability on bills purchased
for foreign correspondents
303,397,000 306.461,000 306.830.000
312,893,000 306.111,000 317,774,000 325,443.000 332.338,000 238.553,000
Distribution by 31atuattes1-15 days bills bought In open market _
1-15 days bills discounted
1-15 days U. S. certif.. of Indebtedness.
1-15 days municipal warrants
16-30 days bills bought In open market
16-30 days bills discounted
16-30 days U. S. cern( of indebtedness_
16-30 days municipal warrants
31-60 days bills bought in open market _
31-60 days bills discounted
111-60 days U. S. certif. of Indebtedness.
81-410 days municipal warrants
61-90 days bills bought in open market _
61-90 days bills discounted
61-90 days U.S. certlf. of Indebtedness.
61-90 days municipal warrants
Over 90 days bills bought In open market
Over 90 days bills discounted
Over 90 days certlf of Indebtedness_
Over 90 days municipal warrants
1.R. notes received from Comptroller
V.16. notes held by F. R. Agent
145,352,000
818,385.000
1,705.000
134.661.000
789,566.000
1,737.000
122.069.000
708.979.000
884,000
$
140,202.000
767,210.0110
706,000
$
138.009.000
707.601.000
506.000
$
133.502,000
677,446.000
$
132.608.000
656,529.0110
780.000
156.899.000
688,2117.000
12,985.0(10
$
124,030,000
405,499,000
14,630,000
81.997,000
43 094,000
104.774.000
41.273.000
188.000
104.3411.000
35.853.000
8.216.0110
89.121.000
35.609.000
7,779,000
91.155.000
36,500.000
95.602,000
37,00230W
81.392.000
33,076,000
77.198.000
36,022.000
91,920,000
18,266,000
61,864,000
70.8343100
77.558.000
69,807.000
106.076.000
67,067,000
135.951.000
56,914,000
4.000
150.152.000
60.2)11,000
22,863.000
156,122.000
51.437.000
23.073,000
160,109.000
58.933.000
22.928.000
141.846.000
50.422.01(I)
22:913.000
92.079,000
31,045,000
11,504,000
47,483,000
13.419.000
42,589.000
19.326,000
43,758.000
23,381,000
33,905.000
1.000
28.468.000
36,363.000
45.000
46.947,000
42,307,000
1.049.000
76.359.000
40,430.000
100.252.000
31.801.000
27,230,000
20,479,000
3,927,000
9,376.000
18,994,000
3.663.000
9.247.000
22,144.000
3,825.000
9.323.000
16,753.000
2,403.000
10.311.000
20,245.000
2.958.000
10.896.000
27,191,000
3,436.000
11,562,000
26,478.000
3.750.000
13.146.000
27.599.000
5.044 000
15.252.000
27.306.000
3.236,000
6.819,000
125,402,000
2,890,834.000 2.895.166.000 2.905.238.000 2.911.6418.000 2,927.701.000
2.941,693,000 2.963.997.0110 2,902.912 01(02.866.160.000
823.632.000 838.812.000 854.472.000
857.443.000 863.687.000 062,727,000 840.547.000 800.957.0(0 877.040,000
Issued to Federal Reserve Banks
2,067,202,000 23156.354.000 2,050.766.000 2,054,225.000 2.064.014.00(
2,079,166,000 2,123.450.000 2,181,955,000 1.989,120,001
How Se, uredBy gold and gold certificates
362,645,000 362.645.000 362.645.000 360,145,0001 360,145.000
360,145,000 360.155.000 365.155.0(10 414,841,000
Gold redemption fund
87,479.000
94.768.000
93,611,000
97.206.000
90,736.000
90,144,000
96,968.0(10
94.958,000
Gold fund-Federal Reserve Board___. 733.786,000 710,217,00() 1(11,300.000
743.234,000 760.669.000 735.314,000 757.504,00(1 76(1.269.000 730,304,000 839.863,000
By eligible paper
1.256,975.000 1.240.409.000 1,175,606,000 1,244,987,000 1.220 038.000
1,217,957,000 1.197,449.000 1.262.034.0)0 792,404,000
Total
2.440.885,000 2.4118.039.000 2,382,805,000 2,459,412,000 2.412.703 000
2.425,750.000 2,420.841,000 2.458.451.000 2,137.844,000
NOTE.-Beginning with the statement
Oct. 7 1925, two new Items were added In order to show separately the
so foreign correspondents. In addition, the of
amount of balances held abroad and amounts doe
caption,' Al) other earn rig assets," Previously made up of
Federal intermediate Credit Bank deberiture.s. was cnanged to
-Other securities," and the caption, "Total earning assets" to "Total hills
arid 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
Two ciphers (00) omtned.
Federal Reserve Bank of-
OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS MAR. 6 1929
Total,
Boston, New York, Phila, Cleveland.
RESOURCES.
2
2
$
5
$
Gold with Federal Reserve Agents 1,183,010,0 69,619,0 241,891,0
84,437,0 157,346.0
Gold red n fund with U.S TITHE!.
62,119,0 7,630,0
11,197,0 5,742.0 5,223,0
Gold held excl agst. F. R. notes 1.246.029,0 77,249,0 253,088,0
162,569,0
Gold settle't fund with F.R.Board 788,107,0 79,209,0 262.886,0 90,179,0
37.144,0
Gold and gold ctfs held by banks 648,701.0 24,316,0 407.880,0 38,313,0 81,750,0
45,071,0
Total gold reserves
2,682,837,0 180,774,0 923.854.0 165,636,0
289,390,0
gold
than
other
Reserve
152,755,0 16,747.0
40.335,0 7,041,0 9,688,0
Total reserves
2,835,592,0 197.521,0 964,189,0 172,677,0
299,078,0
Non-reserve cash
75,231,0 6,790,0
30,112,0 2.491,0 4,809,0
Bills discounted:
Govt.
obligations 606,053,9 38,271,0 184,087,0 60,351,0
Sec. by 15. S.
38,915,0
Other bills discounted
383,119,0 20,213,0
86,523,0 31.066.0 23.219,0
989,172,0 58,484,0 270,610,0 91,417,0 62,134,0
Total bills discounted
304,644,0 36,073,0
Bills bought in open market
65,685,0 22,128,0 29,178,0
U. B. Government securities:
Bonds
51,594,0
689.0
1,384,0
585,0
548,0
90,671,0 2,630,0
Treasury notes
9,087,0 9,870,0 28,023,0
20,699,0 1,772,0
Certificates of Indebtedness
3,167,0 8,061,0
990,0
102 nets n A001 n
10 a-non lo KIR
Total U. S. Gov't securities
Richmond Atlanta
Chicago. St. Louis. Nlinneap. Kan.City. Dallas. iI Sati Fran.
5
2
$
2
2
2
2
I
$
50.479,0 102.636,0 202.598,0 23.957,0 46,585.0 54,489,0 22.096,0 127,777.0
2,713,0 4.091,0 9,427,0 4,085,0 2,447,0 2.297.0 2.478,0 4,789,0
1
53,192,0 106.727,0 212.025,0 28.042,0 49,032,0 56,786.0 24.574,0 132,566,0
21,191,0 19,614,0 116.813,0 29,874.0 29,524.0 42,963,0 25,305,0 41,834.0
14,107,0 8,759.0 52,575,0 10,616,0 5,227,0 5.199.0 10,536,0, 28,102,0
88,490,0 133,100,0 381.413,0 68,532,0 83.783,0 104,948.0 60,415,0 1202.5(12,0
8,092,0 8,492,0 15,592,0 15,745.0 2,963,0 6,243,0 7,067,0 14,750,0
96,582,0 141,592,0 397,005,0 84,277,0 86,746,0 111,191,0 67.482,0 217.252,0
5,527,0 3,470,0 7,725.0 3.857,0 1,020.0 1,913,0 2.934,0 4.583,0
20,837,0 19,615,0 120.243,0 20,602,0 12,569.0 17,206.0 12.790.0 60.558.0
20,411,0 35,755,0 89,406,0 20,184,0 2,027,0 15,231,0 6.907,0 32,177.0
41,248,0 55.370,0 209,649,0 40,786.0 14,596,0 32,437.0 19,706,0 92,735.0
13,695,0 13,932,0 33,639.0 9,045,0 11,451,0 10,025,0 16,950,0 42,843,0
1,152.0
903,0
301,0
23,0 19,937,0 7.125,0
3,403.0 5.418,0 11,25333
304,0 2,241,0
585,0
.
4,519,0
4,385,0
438,0
7,755.0
902.0
1,106,0
7,813.0
64,0
2,219,0 12,578.0
706,0 1,028,0
.„
128.
FINANCIAL CHRONICLE
1514
RESOURCES (Concluded)Two Ciphers (00) omitted.
Total.
Boston.
New York.
Phila.
S
5
S
$
10,250,0
Other securities
Total bills and securities
Due from foreign banks
Uncollected Items
Bank premises
Another
Cleveland. Richmond Atlanta. Chicago. 'St. Louis. Minneap Kon.City. Dallas. San Fran.
$
S
$
s
s
s
2,000.0
$
750,0
$
6,000,0
$
1,500,0
349,933,0 132,061,0 120,873,0 57,299.0 73,032,0 270,884,0 68,794,0 37,389,0 53,725,0 53,394,0 149,998.0
52,0
24,0
74,0
29,0
24,0
33,0
99,0
18,0
70,0
28,0
220,0
174,858,0 56,631,0 61,506,0 46,828,0 24,660,0 87,921,0 29,853,0 13,008,0 44,173.0 33,322,0 38,489,0
16,087,0 1,752,0 6,535,0 3,575,0 2,744,0 8,527,0 3,862,0 2,110,0 4,140,0 1,922,0 3,704,0
434.0
557,0
508,0
387,0
316,0 1,245.0
515,0 1,670,0
897,0
783,0
676,0
1,467,030,0 99,648,0
54,0
725.0
678,483,0 67,234.0
58,660,0 3,702,0
74,0
8.062,0
Total resources
5,123,783,0 375,023,0 1,536,075,0 365,998,0 494,120,0 210,359,0 247.196,0 773,058,0 191,180,0 141.074,0 215,553,0 159.635,0 414,512,0
LIABILITIES.
R.
F.
notes in actual circulation. 1,666,567.0 130,520,0 308,107,0 138.017,0 204,518,0 74,118,0 138,155,0 281,345,0 60.303.0 63.506.0 67,446,0 39,124,0 161,408,0
Deposits:
Member bank-reserve scot.. 2,350.497.0 147,658,0 922,237,0 135,417,0 188,035,0 70,728,0 67,257,0348,576,0 79,903,0 54,119,0 94,179,0 71.740,0 170,648,0
915,0 1,482,0 5,351,0
709,0
566,0 1,584,0 2.246,0 1,809,0 1,018,0
4,512,0 1,139,0
246,0
21,577,0
Government
421,0
193,0
597,0
562.0
269,0
228,0
193,0
801,0
146,0
234,0
5,689.0
433,0
9,766,0
Foreign bank
41,0 7,867,0
64,0
968,0
461,0
122,0
368,0
93,0
7,352,0
2,274,0
999,0
95,0
20,704,0
Other deposits
Total deposits
Deferred availability items
Capital paid in
3urplus
All other liabilities
939,790.0 137,182,0 190,166,0 72,703,0 69,824,0 352,185,0 83,429,0 55,342,0 95,748,0 73,456,0 184,287,0
157,829.0 50,813,0 56,533,0 43,794,0 21,946,0 80,886,0 29,805,0 11,121,0 38,324,0 33,329,0 39,168,0
54,160,0 14,942,0 14,682,0 6,224,0 5,282,0 18,435,0 5,493,0 3,081,0 4,293.0 4,442.0 10,741,0
71.282,0 24,101,0 26.345,0 12,399,0 10.554,0 36,442,0 10.820,0 7,082,0 9.086,0 8,690.0 17,978,0
930,0
594,0
943,0 1,876.0 1,121,0 1,435.0 3,765,0 1,330,0
656,0
942,0
4,907.0
2,402,544,0 148.432,0
628,729,0 65.181,0
152.118,0 10,343,0
254,398.0 19,619.0
928,0
19,427,0
5,123,783.0 375.023,0 1,536,075.0 365,998.0'494,120,0 210,359.0 247,196,0 773,058,0 191,180,0 141,074,0 215,553,0 159,635,0 414,512,0
Total liabilities
Memoranda.
62.8
59.9
75.8
62.7
77.3
68.1
73.0
68.1
58.6
65.8!
62.7
70.8
69.7
Reserve ratio (per cent)
3ontingent liability on bills pur1
91,161,0 29,232,0, 31,059.0 14,007,0 11,876,0 41,716,0 12,180,0 7,613,0 10,048,0 10,048,0 21,924,0
chased for foreign correspondls 303,397,0 22.533,0
F. R. notes on hand (notes reed
from F. R. Agent less notes in
400,635,0 21.971,0 114,023,0 42.419,0 38,431,0 16,988.0 32,390,0 31.689,0 10,209,0 7,446.0 9,460,0 9.236,0 66,373,0
circulation
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS MARCH 6 1929.
Federal Reserve Agent at-
Boston. I New York.
Total.
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City. Dallas. San Fran.
$
s
Two Ciphers (00) omittedF.It. notes reed from Comptroller 2,890,834,0 226,468,0
F. R.notes held by F. It. Agent_ 823,632,01 73,975,0
$
$
s
0
a
s
$
$
s
$
$
767,005,0 216,8113,0 271,579,0 111,557,0 223.075,0 422,054.0 83,542,0 83,191,0 105,626,0 61,742,0 318,181,0
344.875,0 36,380,0 28,630,0 20,451,0 52.530,0 109,020,0 13,030,0 12,239,0 28,720,0 13.382,0 90.400,0
F. It. notes issued to F. R. Bank_ 2,067,202,0 152.491,0
Collateral held as security for
F. It. notes Issued to F. It. Bk.
Gold and gold certificates__ 362,645,0 35.300,0
87.479,0 11,319,0
Gold redemption fund
733,786.0 23,000,0
Gold fund-F.It. Board
1256,975.0 94,481,0
Eligible paper
422,130,0 180,436.0242,949.0 91,106,0 170,545,0 313,034,0 70,512,0 70,952,0 76,906,0 48,360,0 227,781,0
2 440.885.0 184.100.0
563.062.0 185.671.0 247.134.0 106 0314 0 171 107 0 440 007 0 73.490.0 72276.0 96.000.0 08.046.0 262.228.0
Total collateral
35,000,0
14,428,0
78,349,0
134,451,0
14,758.0
171.880,0
7,500,0 14,167.0
50,000,0 6,690.0 27,350,0
15,011,0 9,860,0 12,346,0 4.789,0 5.786,0 1,598.0 2.457,0 1,418,0 4,129,0 4,338,0
55,000.0 74,577,0 95,000,0 39,000.0 69,500.0 201,000,0 14,000,0 31,000,0 50,360,0 3,000.0
321,171,0 101,234,0 89,788,0 50,505.0 68,551,0 243,009,0 49,533,0 25,691,0 42,011,0 36,550,0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the member banks in 101 cities from which weekly returns are obtained. These figures are always a
week behind those for the Reserve banks themselves. Definitions of the different items in the statement were given in
the statement of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 3475. The comment of the Reserve Board
upon the figuresfor the latest week appears in our department of "Current Events and Discussions," on page 1478 immediately
preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
exchange or drafts sold with
Beginning with the statement of Jan. 9 1929, the loan figures exclude "Acceptances of other banks and billsofofother
banks and bills sold with
endorsement," and include all real estate mortgagee and mortgage loans held by the bank. Previously acceptances
endorsement were included with loans. and 80160 of the banks included mortgages in investments. Loam secured by U. S. Government obligations are
no longer shown separately, only the total of loans on securities being given. Furthermore, borrowings at the Federal Reserve are not any more subdivided to show the amount secured by U. S. obligations and those secured by commercial paper, only a lump total being given. The number of reporting
San
banks is now omitted, in its place the number of cities included has been substituted. The figures have also been revised to exclude a bank in the
Francisco district, with loans and investments of $135,000.000 on Jae. 2, which recently merged with a non-member bank. The figures are now given in
round millions instead of in thousands.
OF
PRINCIPAL RESOURCES AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE
BUSINESS ON FEBRUARY 27 1929. (In millions of dollars.)
Federal Reserve District.
Boston. New York
Total.
Phila.
Cleveland Richmond Atlanta. Chicago, St. Louis. Minneap Kan. Clip
Loans and investments-total
$
22,338
3
1,471
$
8,478
3
1,236
0
2,205
Loans-total
16,366
1,117
6,284
896
1.511
On securities
All other
Investments-total
516
503
2.657
Dallas. San Fran.
730
391
682
489
0
1,937
532
260
443
355
1,292
117
239
416
876
$
$
7,573
8.793
470
647
3,293
2,990
503
393
702
810
197
319
154
350
1,250
1.406
250
282
80
180
141
302
5,972
354
2,195
340
693
160
134
751
197
131
239
134
645
115
123
92
41
383
261
3,042
2,930
153
202
1,216
979
106
234
334
359
71
88
65
69
352
399
79
118
1,746
246
94
17
827
70
77
15
1213
29
41
11
40
10
267
40
48
7
25
6
57
11
35
9
109
21
13,387
6,879
36
800
479
1
5,949
1,711
11
725
283
2
1.024
986
4
358
240
1
330
233
2
1,895
1.274
2
405
241
1
219
138
-- --
509
179
1
312
144
3
772
971
9
1.135
2,859
48
104
143
993
61
162
101
211
50
99
81
113
248
459
50
133
49
84
115
219
59
101
130
181
712
38
167
58
66
24
34
181
24
14
14
15
79
Reserve with F. R. Bank
Cash in vault
Due from banks
Due to banks
Borrnylnin4 trntn F TO Rant
*Subject to correction.
637
g
$
74
57
U.8. Government securities
Other securities
Net demand deposIts
Time deposits
Government deposits
676
g
3,408
$
$
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve l3ank of New York at the close of business Mar. 6 1929,
In comparison with the previous week and the corresponding date last year:
ResourcesGold with Federal Reserve Agent
Gold redemp. fund with U.S. Treasury_
Mar. 6 1929. Feb. 27 1929. Mar. 7 1928.
$
$
241,891,000 241,981.000 298,887,000
11,640,000
13,558,000
11,197,000
Gold held exclusively agst. F. It. note' 253,088,000
Gold settlement fund with F. R. Po.rd. 262,886,000
Gold and gold certificates held by bank. 407,880,000
255,539,000
334,545,000
411,873,000
310,527,000
291,717,000
416,001,000
Resources (Concluded)Gold held abroad
Due from foreign banks (See Note)
Uncollected items
Bank premises
All other resources
Total resources
Total gold reserves
Reserves other than gold
923.854,000 1,001,957.000 1,018,245,000
31.767,000
41,213.000
40,335,000
Total reserves
Non-reserve cash
Bills discountedSecured by U. S. Govt. obligations.__
Other bills discounted
964.189,000 1,043,170.000 1,050,012,000
21,626,000
32,081,000
30,112,000
184,087,000
86,523,000
172.139,000
50,250,000
Total bills dlscounted
Bills bought in open market
U.S. Government securities-.
Bonds
Treasury notes
Certificates of Indebtedness
270,610,000
65,685.000
222,389,000
66,632,000
124,388,000
93,240,000
1,384,000
9,087.000
3,167,000
1,384.000
9,332,000
4.600.000
3,384,000
38,678,000
33,856,000
Total U.S. Government securities_
Other securities (see note)
13,638,000
15,316.000
75,918,000
Total bills and securities (See Note)...
349,933,000
304.337,000
293,546,000
85,029,000
39,359,000
LiabilitiesFed'l Reserve notes in actual circulation
Deposits-Member bank, reserve acct_
Government
Foreign bank (See Note)
Other deposits
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilitles
Total liabilities
Ratio of total reserves to deposit and
Fedi Res've note liabilities combined_
Contingent liability on 1)111s purchased
for foreign correspondence
Mar, 6 1929. Feb. 27 1929. Mar. 7 192$
3
3
$
220,000
174,858,000
16,087,000
676,000
219,000
195,618,0110
18,087,0(10
823,000
217,001
150,962,000
16,522,000
3,141,000
1 538,075.000 1,592,335,000 1,536,026,000
308,107.000
922,237,000
4,512,000
5,689,000
7,352,000
308,057,000
959.853,000
2,022,000
1,264,000
7,765,000
939,790,000
157,829,000
54,160,000
71,282,000
4,907,000
970,904,000
183,386,000
53,877.000
71,282.000
4,829,000
346,519.001
934,620.009
00
00
1:0
3:512
7
,0
8,983,000
----954,145,000
127,006,000
42,367,000
63.007.000
2,982,000
1,536,075,000 1,592,335,000 1,536.026.000
77.3%
81.6%
110.7%
91,161,000
92,601.000
67.082,000
amounts due to
NOTE.-Beginning with the statement of Oct. 7 1925, two new Items were added tri order to show separately the amount of balances held abroad and
changed to
foreign correspondents. In addition, the caption "All other earning assets," previously made up of Federal Intermediate Credit Bank debentures. was total of the
the
of
description
a
as
securities,Tiis latter term was adopted
inure accurate
"Other securities," and the caption "Total earning assets" to "Total bills and
iterusincluded therein.
discount acceptances and securities acquired under the provisions of Sections 13 and 14 of he Federal Reserve AC4. F6106,It WU stated, are the only
MAR. 9 1929.]
FINANCIAL CHRONICLE
New York City Realty and Surety Companies.
Vankcr&
ii azeite.
(All prices dollars per share.)
Wall Street, Friday Night, Mar. 8 1929.
Railroad and Miscellaneous Stocks.-The review of the
Stock Market is given this week on page 1503.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week Ended Mar. 8.
80.1e31
for ,
Week.
Range for TVeek.
Lowest.
i Range Since Jan. 1.
Highest.
Lowest. , Highest.
Par. Shares 3 per share.
RailroadsCaro Clinch & Oldo_100
Central RR of N J_ _ _100
Cleve & Pittsburgb_100
C C C de St L pref___100
Det dr Mackinac pref _100
Erie & Pittsburgh
Joliet & Chicago
III Cent leased line_ _ _100
Market St Ry pret__100
Nat Rys Mex 1st pf _100
New Or! Tex & Mex_100
NY Lack & Western_100
NY State RY
100
Pitts C C & St L
100
30 92%
120 325
70 76%
50 105
20 60
10 61%
10 141
50 79
100 13
100 434
160 135
10107%
220 14
10 103
Indus. & 511scell.
Alleghany Corp
•259500 33
1001 6400101%
Preferred
Alliance Realty
•
100 90
Am & For Pow pref (6)
20 95
Am Hawaiian SS Co_ 10 5,700 28
Amer Metals rights
34,000 2%
Anchor Cal)rights
4,500 1
Assoc DO 2d prat ___100
100 106
Autosales rights
100
Si
Brit Emp Steel let pf.100
100 36%
Cavanagh-Dobbs Inc._• 11,600 37
Preferred
200 105
Celotex
• 3,300 67
100
Preferred
100 92
Rights
4,200
%
City Ice & Fuel
• 2,200 58%
Preferred
100
60 104
Coca-Cola class A
•11,200 49
Colo Fuel & Iron pt. _100
40 133
Columbia Gas & El new • 9,900 59
Consol Cigar pref _ _ _ _100
60 9436
Continental Motor rights 37,900 1
Crosley Radio
•26,300 103%
Duplan Silk
• 900 22%
Preferred
100
300 100
$ per share. 15 per share. per share.
1
Mar 6 92% Mar 5! 89% F3b 92% Feb
Mar 7325
Mar 7,325
Jan 360
Feb
Mar 6 76% Mar 61 76
Feb 7936 Jan
Mar 7 105
Mar 7 1105
Mar 106
Jan
Mar 4 60
Mar 4 60
Mar 60
Mar
Mar 7 61% Mar 7 el g Mar 61% Jan
Mar 7 141
Mar 7 141
Mar 141
Mar
Mar 8 79% Mar 8 79
Mar 80
Feb
Mar 5 13
Mar 5 13
Mar, 15
Jan
Mar 4 4% Mar 4 4% Mar 6% Jan
Mar 4 135
Mar 8 138
Feb 140% Feb
Mar 7108% Mar 7 100
Feb 108% Mar
Mar 2 14% Mar 5 14
Mar 14% Mar
Mar 5 103
Mar 5 103
Mar 110
Mar
Mar 5 28%
Mar 4 101
Mar 4 90
Mar 6 95
Mar 4 28
Mar 2 2%
Mar 4 I
Mar 2 105
Mar 2
Si
Mar 7 36%
Mar 2 3334
Mar 8 104
Mar 2 67
Mar 5' 89
Star 8
Si
Star 6 58%
Mar 4,104
Mar 7 48%
Mar 5 133
Star 2 57
Star 5 , 92%
Mar 2 1
%
Star 2 90%
Mar 2 22%
Mar 3 100
Feb 37%
Feb 105%
Mar 105
Feb 9934
mar 30%
Mar 4
Mar 194
Feb 110
Si
Mall
Mar 36%
Feb, 42%
Jan'105%
Star 7934
Jan 9316
Mar
34
Star 62%
Mar 105q
Feb 50
Mar 134
Jan 66
Feb 100
Feb 13,4
Feb 125
Marl 28%
Feb 102
Mar
Feb
Jan
Jan
Mar
Feb
Mar
Jan
Mar
Star
Feb
Mar
Feb
Feb
Star
Jan
Jan
Feb
Feb
Jan
Mar
Feb
Feb
Jan
Jan
Elk Horn Coal pref._ _50
230 9%
Eznerson-Brant cl 11-_*
1001 9
Emporium Corp
• 150 35
(5%)
*
Eng S'S pref
1,9001 9734
Rights
36
45,900
Evans Auto Loading-511,300 62%
Preferred
10 25
25
First Nat Pie let pref 100
170105%
Gen Gas & El pf A (7) _. 810 112
Gen Ry Signal pref__100
20102%
Gold Dust pref
• 100 120
Goodyear T & Rub Ills. 119700 13
Grand Stores pref___100
100 115%
Helm°(G W) Prof. _100
10124%
Int Nickel of Can 91_100
100 121
Island Creek Coal prof. _
30105%
Kendall Co pref
• 110 92%
Kresge Co new
10 15,000 53
Kuppenhelmer & Co _ _ _5
10 4334
Lehigh Valley Coal
_• 4,300 2234
Preferred
50
100 40
Link Belt Co
• 3,400 53%
Ludlum Steel prof
* 1,000 100%
McGraw-Hill Pub Co_
2,600 4354
MU Elec ICy & Lt p1.100
2010634
Nat Tea Co new
•18,400 83%
Outlet Co pref
50 108
10
Mar 2 3734
Mar 8 104
Mar 4 90
Mar 6 95
Mar 4 3036
Mar 8 3%
Mar 0 1%
Mar 2 106
Mar 2
Si
Mar 7 36%
Mar 7 4036
Mar 6 105%
Mar 8 71%
Mar 5 92
Mar 7
%
Mar 8 59
Mar 4 104
Mar 2 49%
Mar 5 133
Mar 6 61%
Mar 6 9934
Mar 4 134
Mar 6116%
Mar 4 2334
Mar 5 100
1
Mar 4 10
Mar 2 9
Mar 2 35
Mar 8 99
Mar 6 1%
Mar 7 65%
Mar 2 25
Mar 4106%
Mar 4 114
Mar 7102%
Mar 5 120
afar 7 1634
Mar 5 115%
Slar 4 124%
Mar 2 121
Mar 8105%
Mar 4, 92%
Mar g 5734
Mar 41 4334
Mar 6: 2534
Mar 2; 40
Mar 81 5534
Mar 410034
Mar 71 47
Mar 7,106%
Mar 71 90%
Slar 4 108
Star
Mar
Star
Mar
Mar
Mar
Mar
Star
Star
Mar
Star
Mar
Star
Star
Star
Mar
Star
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Star
Mar
1 9
2 4
2 27
3 97%
2
34
2 62%
2 14
6 104%
7 108%
7 99
5 120
0 10
5 114%
4 123%
2 118
S 105%
4 92%
4 53
4 4336
4 19
2 39
2 5336
2 100
2 4336
7 101
2 sag
4 106
Feb 13
Jan( 13
Feb 38
SIan 99%
Feb 1%
M
68
Feb 35
Jan 106%
Feb 116%
Jan 103
Star 120
Feb 17%
Feb 116
Jan 124%
Jan 123
Mar 105%
Feb 96
Ma 5736
Mar 43%
Feb 26
Feb 40
Ma 61
Jan 102%
Fe 48
Jan 106%
Star 91%
Jan 109
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Star
Jan
Jan
Star
Star
Jan
Jan
Feb
Star
Feb
Star
Star
Feb
Feb
Feb
Jan
Feb
Star
Mar
Jan
Pac Gas & Elec rights-- 21,200 2%
Phillips Jones Corp_._
100 48
Pirelli of Italy
2,700 54
Pitts Steel pref
100
580 94
Pub Ser of NJp f (5)--•
100 95%
Rights
80,600
36
Radio Corp new
.1194900 73%
Radio Keith-Orp rights:91,100
%
Mines
Rand
100 36%
So Porto Rico Sug pf_100
40127
Spencer Kellogg & Sons• 1,400 38%
Spicer Corp pref
• 4,200 50%
Tenn Copper & Chem rts 71,800 1-16
Texas Corp panic pf.50, 2,200 5634
Full paid
25; 100 56%
Thompson Co rights..
5,900 1-16
Tobacco l'rotlucts new 20 1,900 um
Anew
300 21%
Star 7 33-4
Star 2 48
Mar 8 59%
Mar 2 96%
Star 5 95%
Star 7 134
Mar 6 89
Mar 6 134
Star 4 36%
Mar 8129
Star 7 39%
Star 4 5431
Mar 5 3-16
Star 7 57%
Star 7 5634
%
Mar 2
Mar ti 20
Mar
2134
Mar 2 2%
Mar 2 48
Mar 4 54
Mar 8 92%
Mar 5 9536
Mar 2
Si
Mar 8 68%
Mar 2
%
Mar 4 36%
Mar 4 127
Mar 4 38%
Mar 2 50%
Mar 2 1-16
Mar 2 55%
Mar 7 56%
Mar 2 1-16
Mar 7 19%
21%
Mar
Ma
Jan 48
Star 65%
Feb 96%
Jan 96
Feb 1%
Feb 89
Feb 1%
Feb 36%
Mar 135
NI
43
Ma 55%
Mar
54
Feb 58%
Star 6134
Star 2
Star 20
Star 21%
Feb
Jan
Jan
Mar
Jan
Jan
Star
Mar
Feb
Feb
Feb
Star
Feb
Feb
Jan
Jan
Star
Mar
U S Express
100, 700 2%
Un Dyewood prof..._100' 170 55
US Realty & Impt rights 54,600 3%
linty Leaf Tob pref_.100
30 122
Victor Talk Mach ctfs.. _ _ 22,500 153%
Walgreen pref
100
200 104%
Warner Bros Pic rights__ 62,400 3
Webster Elsenlohr__ - _25
500 93%
Preferred
100 99%
Rights
300 17
Wells Fargo & Co
11 200 4%
Wesson 011 1(8
11.100 47
Wilcox-Rich Corp Cl A_• 5,500 45%
Class 11
.13,900 43%
Star 2
Mar 7 57
Mar 8
Star 2122
Mar 6 168
Mar 2 10436
Star 6 431
Star 4 94%
Star 7 9954
Star 7 17%
Mar 4 43,4
Mar 7 48
Mar 7 47%
Star 8 4731
Mar 2 2
Mar 5 53%
Mar 2 3%
Mar 2 120%
Mar 8 153%
Mar 2 100%
Mar 2 3
Mar 5 91%
Mar 7 993,4
Mar 8 1536
Mar 4
Mar 7 47
Mar 5 4434
Mar 5 433,4
Jan 4%
Jan 60
Mar 7%
Jan 122
Mar1168
Mar 106
Star 4%
Feb 113%
Marl 9934
Feb 17%
Felt) 4%
Ma 48
Feb 48%
Feb 473.4
Jan
Jan
Feb
Star
Mar
Star
Feb
Feb
Star
Feb
Star
Star
Feb
Mar
Bank, Trust & Insurance Co. Stocks.
Remit Tr Co of N Y_ _100
*No par value.
Star 5600
Mar 6 493
150 592
Jan 648
Feb
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Maturity.
Int.
Rate.
Bid.
Mar.15 1929.__
Mar.15 1929
June 15 1929...
Bept.15 1929....
Dec.15 1929_ _
3%%
334%
44%
44%
44%
99,1n 100
99.13, 100
99..., 100
0921,2 99.41,
99"3,
1515
Asked.
Maturity.
Sept.15 1930-32
Star. 15 1930-32
Dec.15 1930-32
Sept. 15 1929
Rate.
801.
pqn
34%
334% 991,3,
3%% oon„
454% 100
Bid
Alliance R'Ity I 90
AmSurety new, 105
Bond & M 0_1 435
Lawyers Mtge 300
Lawyers Title
& Guarantee 375
Ask
Bid
110 Mtge Bond_I 120
165 N Y Title at
455
Mortgage-1 625
310 US Casualty_ l 460
385
Ask
Bid
140 Realty Assoc's!
(I3klyn) Coal 44
635
let pref____ 98
475
2d prof _ _ _ 97
Westchester
Title & Tr _ 565
Ask
45
615
New York City Banks and Trust Companies.
(All prices dollars per share.)
Banks-N.Y. Bid
America
234
Amer Union._ 260
Bryant Park. 275
Central
195
Century
230
Chase
1075
Chath Phenix
Nat Bk& Tr 695
ChelseaEx new 115
Chts'aExap A 35
Class B_
35
Chemical
1300
Colonial.
1400
Commerce _ _ 1130
Rights
175
Continental* _ 580
Corn Exch._ _ 875
Fifth Avenue_ 2350
First
6609
Grace
600
Hanover
950
Harriman _ _ _ _ 960
Liberty
290
Manhattan. _ 890
National CRY 370
I Irm
Park
Penn Exch. I 150
Ask
238
270
375
5
250
1085
Banks-N.Y.
Port Morris_
Public
Seaboard
Seward
Trade.
Yorkville ____
Yorktown•___
Bid
900
270
900
175
305
230
260
Ask Tr.Cos.-N.Y. Bid I Ask
_Equitable Tr_ 507 I 605
delit
mFar L
y & Tr_ 1115 1130
430 415
Fidelity
182 Fulton
60J
325 Guaranty975 985
240 Int'lGermank 220 227
332 342
275 Interstate
Irving Trust_ 587 592
Lawyers Trust
Manufacturers 3;66- 310
612 Murray Hill
315 330
660 Niutual(Weatcheater) ___ 385 410
170 N Y Trust_ __ 268 272
Times Square_ 195 200
Title Gu & Tr 880 895
U S Mtge &Tr 580 600
United States 4000 4300
Westchest'r Tr 1000
90
27
-55-
705
120
Brooklyn.
40 Globe Exch• _ 420
40 Municipal* __ 602
1330 Nassau
640
People's
1200
1145 Prospect
155
183
Trust Cos.
615
New York.
890
2450 Banes Com'l
Italians Tr_ 414
6900
____Bank of N Y
&TrustCo. 395 910
Brooklyn.
1155 1175
980 Bankers Trust1825 1850 Brooklyn
New
300
185 188 Kings Co- _ 3000 3300
Midwood-__ 310 330
900 Bronx Co Tr _ 480
374 Central Union 475 412
990 County
420 440
165 Empire
555 565
1
*State banks. I New stock. r Ex-dividend. g Es-stock die. y Ex-rights.
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.Below we furnish a daily record of the transactions in Liberty Loan bonds and Treasury certificates on the New York
Stock Exchange. The transactions in registered bonds are
given in a footnote at the end of the tabulation.
Daily Record of U. S. Bond Prices. Var. 2, Mar.4. Mar. 5. Mar.6. Mar. 7. Mar.8.
First Liberty Loan
hItch
334% bonds of 1923-47_ _ LowClose
(First 334)
Tota2 sales in 51,000 units_ _ _
Converted 4% bonds of High
1932-47 (First 45)
98.3,
Os'),
98'32
10
----
98.1,
98.3,
08',,
108
----
9813,
98.1,
95.31
155
----
98,3,
98
98
35
----
93
07,13,
97213,
62
----
971.3,
971.3,
971.3,
30
--
Total sales in 51,000 units_ _ _
Converted 4%(70 bonds{High
of 1932-47 (First 4 Sis) LowClose
Total sales in $1.000 units _._
Second converted 4%% High
bonds of 1932-47 (First LowSecond 41-4s)
Total sales in 31.900 units__
Fourth Liberty Loan
(High
4id % bonds of 1933-38
LOWClose
(Fourth 436s)
Total sales in $1,000 units _ _ _
High
Treasury
Low_
434s. 1947-52
Close
Total sales in $1,000 units_ __
High
Low_
4s, 1944-1954
Close
7'otal sales in $1,000 units_
High
3365, 1946-1956
Low_
(Close
Total sales in $1,000 units _ __
rLoub
336s, 1943-1947
w
Close
Total sales in 31,000 units ___
(High
336s, 1940-1943
I.".w_
Close
'7'idn7 anInt on Si non untle
- -__
99"3,
99.3,
992.3,
13
--__
____
_ - -99"3,
99223,
99213,
12
---__--
____
-_-99,132 99,13,
99223, 9911n
992131 99113,
18
6
----------
____
99223,
99.23,
99)13,
28
-___
----
____
99113,
991,33
991131
3
991.1,
99"3,
---93 53,
99,13,
99.3,
83
108.132
108103,
108.13,
2
____
____
---____
100,°31
100213,
- --99"3,
99.13,
99113,
23
108.131
103.'SS
105",,
37
1031,3,
103,13,
1031,3,
288
100,,,,
100,33,
---99"n
99113,
99,13,
94
1081,,
108"11
10S"33
2
103,13,
103..3,
1031.3,
---2
- -__
99"3, 99"., 99"13
99.3, 99.13, 99"31
99,,3, 99.13, 991131
203
193
161
107",, 107.13,
.
-.-- 107,,,, 107",,
-- 107"31 1071'n
10
_ __
21
103-'3, 103.3, 102,13,
1032,, 102,13, 102.13
103,32 102.3, 102,3
1
6
90
2
1001.36
100.13,
99,13,
100143, 10023,
1002032 100133, 1001.3, 100.3,
25
3
147
7
151
____
971133 97,3,
____
97
_ _ 97113, 97.3,
____ 96,13
_ _- 97,13, 97,In
962,,
____
___.
5360 _ _ _
____
____
97.3,
9711,
9-797.3,
9611;
____
97.3,
96,
97.3,
97
4
961.1
97.3,
961,3
97
___- 9713,
96"s
15
5
22
24
1
Note.-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
1 1st 4103
99163, to 99..3,117 4th 434s
99.13, to 99..31
Foreign Exchange.To-day's (Friday's) actual rates
for sterling exchange were 4.8444S
4.84% for checks and 4.85 1-16(0.8534 for cables. Commercial on bas.
sight, 4.84%(0.84 11-16; sixty clays. 4.79%04.79%; ninety days,4.775-4
@4.77%. and documents for payment 4.7934084.79%. Cotton for pay
ment. 4.83 11-16, and grain for payment, 4.83 11-16.
To-day's (Friday's) actual rates for Paris bankers' francs were 3.90%6
3.00% tor short. Amsterdam bankers' guilders were 40.01440.04 for
Short.
Exchange at Paris on London. 124.23 francs: week's range, 124.24 franca
high and 124.22 francs low.
The range for foreign exchange for the week follows:
Sterling, ActualChecks.
Cables.
Fiigh for the week
4.84 15-16
4.85 9-32
Low for the week
4.84%
4.85 1-16
Paris Bankers' FrancsHigh for the week
3.90%
3.90%
Low for week
3.90%
3.90%
Amsterdam Bankers Guildershigh, for the week
40.05
40.06
Low for the week
40.01
40.04%
Germany Bankers' MarksHigh for the week
23.73
23.73
Low for the week
23.69
23.71%
.
Asked.
kann
991.3,
100,2,
The Curb Market.-The review of the Curb Market is
given this week on page 1499.
A complete record of Curb Market transactions for the
week will be found on page 1534.
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
For sales during the week of stocks not recorded here. see preceding page.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Mar. 2.
Monday,
Mar. 4.
Tuesday,
Mar. 5.
Wednesday, Thursday,
Mar. 6.
Mar. 7.
Friday.
Mar. 8.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots
Lowest
Highest
PER SHARE
Range for Previous
Year 1928
Lowest
Highest
$ Per share $ Per share $ Per share $ per share 8 per share $ per share Shares
Per share $ Per share 5 per share $ per share
Par
Railroads
203 20434 20214 204
20014 2047 201 20314 20014 201
20014 20112 13.100 Atch Topeka & Santa Fe.. 100 1961s Feb 16 209% Feb 4 18238 Mar 204 Nov
10312 10312 10318 10312 *10318 10314 10318 10318 103 10310 *103 1034 2.000 Preferred
:Jan 3 10378 Jan 7 1021: Jan 01812 Apr
100 1021
1.800 Atlantic Coast Line RR” 100 169 Jan 2 19134 Feb 4 15718 Oct 19112 May
185 185
181 181 .18012 183
180 180
182 1844 184 184
129 133
1283 131
13018 13214 229,200 Baltimore & Ohio
12912 132
12818 13034 12812 133
100 11878 Jan 16 133 Mar 5 10334 June 125% Dec
1,000 Preferred
80
794 7912 7912 79% 7912 7912 79
79
•79
80 •79
77 Nov 85 Apr
100 78 Jan 23 8014 Jun 8
68
72
5,900 Bangor & Aroostook
6612 7012 6714 69
6834 694 69
68
69
707
61 June 8414 Jan
50 65 Feb 16 72 Jan 2
109 109 *10812 109 *10812 110 *10812 10934 *10812 110
10 Preferred
*10812 110
100 10634 Jan 2 11012 Jan 22 104 Dec 11034 May
100 Boston & Maine
"984 100
9818 9818 '97 100
1196 100 '96 100
"98 100
58 Feb 91 Dee
100 91 Jan 2 10934 Jan 5
79
7924 77
7412 764 74
793
7614 78
757
5338 Jet
754 768 14,500 Bklyn-Manh Tran v t c_No par 7214 Jan 4 81% Fen 25
77% May
*89
9134 89
91
89
*89
100 Preferred v t c
82
*8612 88
Jan 9532 May
91
*8612 88
*89
No par 8834 Feb 15 92% Feb 1
333 34
1412 Jar
345 3434 3414 35
2,400 Brunswick Tenn di Ry See..100 33% Mar 7 444 Jan 18
36
3312 34
47% Sept
'36
3612 35
•75
80
3,600 Buffalo & Susquehanna..100 5434 Jan 26 85 Mar 2
75
81
6412 85
3214 July 6412 NOV
72
75 '75
77
75
77
65
6612 65
6612 6812 *6614 68
65
65
66% 1.360 Preferred
6012 63
38 Sept 63 Nov
100 5312 Jan 4 6812 Mar 4
246 248
38,700 Canadian Pacific
25412 25812 250 25434 25014 2557 24658 25234 246% 249
:Jan 8 28978 Feb 2 19512 June 253 Nov
100 2331
____ •10014 101 0100% 101
101 101 *10014 101 11101
101 101
98 Sent 107% Mar
50 Caro Clinch & Ohio ctfsat'd1110 100 Jan 14 101 Jan 26
22014 22412 21914 22114 5217 22112 17.400 Chesapeake & Ohio
22214 2253 22212 227
22412 226
100 211 Feb 8 2274 Feb 1 17512 June 21834 Dee
_____ I Preferred
100 21312 Jan 18 216 Feb 27
8 -113i4 I74 "iii4 Ii- "jai* liiti 10,600 Chicago & Alton
"iiis If3i "i4
"fits
- -ii" -11-7-3183* May
552 Jan
11 18 Jan 2 1934 Feb 4
WO
2112 2212 215 2358 217 237g 224 23
223
22
7% Feb 267% May
2134 2314 14.900 Preferred
100 17% Jan 9 2534 Feb 4
37
37
1137
41
42
42
•38
•37
42 '38
42
100 Chic & East Illinois RR__ _100 37 Mar 5 43 Feb 4
*39
37 Feb 4814 May
61
64
64
63% 63
624 6218 6212 6211 2.200 Preferred
634 63% 63
58 Aug 765: May
1110 5912 Feb 20 66% Feb 4
2238 2058 2214 20
2134 20
2114 2178 21
204 204 215* 35,600 Chicago Great Western
918 Feb 25 Dee
100 19 Jan 15 23% Feb 1
614 6224 6014 614 594 6138 573* 6014 571: 58% 58
58% 33.900 Preferred
204 Feb 50% Dec
100 464 Jan 7 6353 Jan 31
3734 3634 3812 364 374 3634 374 38
3714 38 I 37
3658 24 700'Chicago Mllw St Paul & Pee_
34 Jan 7 397 Feb 2
2214 Mar 4012 Apr
813* 5918 614 5912 6238 5858 607
GO
5814 5934 85,800 Preferred new
5812 60
55 Jan 4 6354 Feb 2
37 Mar 59% Nov
90
92
90
92
8858 9114 8858 8934 88% 89
9034 913
29.100 Chicago & North Western. 100 8634 Feu 18 9414 Feb 5
78 June 94% May
*137 14012 •136 141 *136 141 *137 139 11 136 140 '136 140
101 135 Jan 5 145 Feb 5 135 Der 150 May
I Preferred
7
13014 133
134 13538 13212 13412 13234 135
13112 13212 513012 132
Fe)' 13958 Nov
7.600 Chicago Rock 1s1 dc Pacific lilt) 12712 Feb 16 13e7 Jan 19 1116
1053* 10558 •10512 107 *10512 107 *10512 107 01051
:10614 .10512 10612
1001 7% preferred
III( 10512 Feb 19 10814 Jan 25 105 Dec 11112May
10018 10024 41 10014 101 *10014 101
10014 10014 10012 10118 *100 101
1.600 6% preferred
99 2 Dec 195 May
100 100 Jan 8 10278 Feb 5
*116 11878 •116 122 1 118% 122 *116 124 *114 119 '116 11012
400 Colordao & Southern
101 1114 Fee 18 122 Mar 5 105 Alm 126 May
76
*7514 ____ '7514 76
e75
*7514 76
*7514 76
7514 76
110, First preferred
67 July 85 Apr
100 7514 Mar 7 80 Jan 25
7212 7212 7212 *66
*66
7212 *66
7212 •136
7212 3166
10 Second preferred
6912 Nov
85 May
11))
7212
6912 Jan 26 7212 Mar 5
65
664 66
65
65
66
65
6102 Dee 8758 June
6534 654 6678 664 6614 3.300 Comm! RR of Cuba pref....1110 65 Mar 2 7058 Jan 2
78
77
80
*77
77
•77
Dec 94 June
80 '77
10 Cuba RR pref
79
"7512 7712 •7512 774
118
77 Mar 6 81 Jan 2
1994 20034 106 19912 197 20034 195 19912 194 195
194 19512 8.000 Delaware & Hudson
Apt
100 190 Jan 2 20714 Feb 1 1631* Feb 226
132 132
132 133
12514 Dee 150 Apr
13112 133
12934 13134 12934 13014 12912 13014 5.200 Delaware Lack Ac Western RN 12414 Feb 18 13314 Feb
7314 7412 73
7214 7714 74
737
5012 Pelt 6534 Apr
73
73% 9,700 Den v & Rio Or West pref._ lit(
24
74
1
773* 73
5514 Jan 2 7477384
Feb
45* *334 412 5312 412 *34 412
•312 4
3 Aug
'4
6% Jan
400 Duluth So Shore & Atl____100
312 312
318 Jan
*512 612 '614 64 *512 612 '512 61: *54 612 *512 61*
91
I Preferred
4% JUDO
74 Feb 4
:May
101
514 Jan
725* 7412 7314 755* 75
48% J nue 7212 Dee
7512 261.900 Erie
78
7314 7712 7334 764 74
100 6618 Feb 18 78 Mar 5
63
634 6334 63
50 June 63% Jan
623 6414 6134 633* 62
64% Feb 4
6234 6158 6214 6.900 First preferred
1
1110 5
1912
2 reo 2
4914 June 62 Jan
60
5958
60 •59
*5712 60
200 Second preferred
*59
60
6014 Jan 5
60
•59
593 '59
Feb
100
111 11278 113 11512 11312 1157 11114 11312 111 11158 111 11134 35 500 Great Northern preferred 11e 10634 Feb l8 11578 Mar 4
9312 Feb 11434 NOV
110 11534 109 1104 108 10874 109 1094 11.400 Pref certificates
11012 112
IOT 110
91 18 Erb 11142 NOV
100 10412 Feb 19 112 Mar 4
344 3434 335* 3412 334 337
1914 June 33% Oct
: 32
3258 331
3258 32's 3258 29.000 Iron Ore Proven les..No par 27% Jan 7 39,8 Feb 1
43 Atm 6178May
5412 56
55
54% 514 5118! 528 5278 4.000 Gulf Mobile & Northern.. IIII
5512 5412 55
52
501:Feb 7 69 Feb 4
•100 10312 '100 10312 *1004 1034 *10012 104 "100 1031
3
:*10018 10312
99
Aug 109 May
Jan
103
19
Ha
Feb
Preferred
100
7 Aug
*64 712 '612 712 •6
17% JIMA)
74 *8
8
Havana Electric Ry---N0 Pa
834 Jen 4
712
*612 712 "6
7 Feb 18
280
51
5814 5838
Dec 7818 Sept
61
5814 5814 *59
5814 5814 '5838 60 '5834 60
101
55 Felt 16 60 Jan 12
Preferred
80 Hocking Valley
*418 440
440 442 445 445 '42514 445 1142514 445 *42514 445
10i, 410 Jan 8 451) Jan 22 340 July 473 Nov
504 Dee 7312 Apr
4938 5012 3,900 Hudson & Manhattan___ 100 49 Mar 6 5838 Jan 5
50
4914 5114 50
511 52
50% 49
5014 49
200 Preferred
81
8018 7818 7818
Ort 9312 Apr
*77
8012 '7712 804 '7712 8012 78% 787 •78
1110 784 Mar 8 84 Jan 18
3.100 1111nolsCentral
: 14118 142
14112 1411
143 14434 143 1444 142 14412 •14112 142
100 14014 Jan 4 152 Feb 1 13134 Jan 148% May
•140 145 11138 145 "138 145 ,11138 145 •138 145 •138 145
Preferred
100 13134 Feb 27 14514 Feb 4 13012 Jan 147 May
75 July 8238 June
7812 781
270 RR Sec Stock certificates..
79
: •7812 79
797k 797 1 7978 791
7958 79581 79
774 Jan 15 804 Feb 21
5412 554 5212 5514 5118 54341 4934 53
29
Jan 62 May
4958 50% 5018 5314 28,400 Interboro Rapid Tram v t c.100 47 Feb 15 5.83s Feb 25
55
100 int Rys of Cent AmerIca 100 4914 Feb 20 59 Jan 26
3612 Mar 5218 Nov
•50
55
53
53 •50
55
55
*50
*50
55 "50
50
50
50
200 Certificates
•48
50 *---- 50
*48
50
50
No par 50 Jan 10 5912 Jen 25
75
210 Preferred
097
: Jan 82 May
744 7412 744 74121 7412 75 •75
7512 75
•741
: 76
100 741:13,1ar 4
37
37
1172 Mar
2
30 Iowa Central,
2 Mer
*334 4
•3% 4
n 18
Jan
*334 4
*334 4
414 j
*37s 4
3,, Jan 30 8014
100
8812 9078 9.600 Kansas City Southern
43 June 95 Nov
91
917 94
9312 947
9118 9314 8834 92 '89
O° 883 Feb 16 98% Jan 12
6612 Aug 77 Apr
1.200 Preferred
674 671 •6712 6812 6714 677
68
687e 68% 681
: 684 68
100 664 Feb 21 704 Jan 15
Apr
8418 Feb 116
954 961
1,600 Lehigh Valley
95
95
9612 9912 9512 971
95% 953
9712 98
50 92 Feb 16 10214 Feb 2
1,200 Louisville & Nashville,,
•147 14914 •146 147
147 14814 146 146 •14012 14712 "140 146
:Feb 6 13934 Nov 15913 May
100 1454 Jan 15 1531
83
3
Jan 96 May
Jan
83 '80
"80
76
86
•80
86
86
•83
4
*80
86
87
*80
Manhattan Elevated guar MO 8314 Jan
40
511
Jan 64 May
5118 51% 5112 52
2,100, Modified guaranty
51
54
54
•52
53
5112 53
100 BO Feb 11 574 Jan 11
*34 4
200 Market Street RY
•338 4
*338 334
318 Dee
334 334 *34 4
41% Jan 22
27
74May
2%
100
100 Prior preferred
3812 Dec 543g May
*3112 301: *3112 3412 *3112 3412 3112 311 *3112 3412 •3112 341
20 394 Jan 4
100 3
F
Fe
e
abr
l,2
:
32
9
1 7182M
33
atiMay
3
3
1.800 Minneapolis A St Louis__ 100
3
172 May
3
3
Jan 19
3
27
, 2%
273 278
3
3
212 Feb 14
44
*01
44
500 Minn St Paul dr 58 Marie 11)0
40 JUn
4312 "42
44
1343
4714 Feb 4
6238 Jan
43
4334 4334 4354 '42
82
100 Preferred
7014 Doe 873* May
*75
80
80 •79
81
"78
80
804 8013 '78
•79
100 71 Jan 14 87 Jan 23
64
90 Leased lines
60 '62
62 '62
62
60 Dec 711: Jan
62
60
62
*60
60
*60
100 60 Mar 5 66 Jan 25
3012 J utte 58 Dee
ills 53% 5014 534 5134 WS 5013 52% 4878 5158 4834 5012 69.900 MG- Kan-Texas RR____No par 46 Feb 18 55 Feb 4
lops 105% 105% 1051
: 10532 10512 10514 105% 10514 1O5'2 10518 1054 3 100 Preferred
100 1034 Jan 4 10358 Mar 8 10112 June 109 Feb
8214 8438 823* 8414 109,500 Missouri Pacific
87% 8134 87
417
: Feb 7614 Sept
8358 853s 8334 86% 83
100 6211 Jan 4 8778 Mar 5
: 17.700 Preferred
135 1374 1334 1364 13358 1345s x13212 1331
Feb 126% Det
mats 138% 13518 137
100 120 Jan 2 13738 Mar 5 105
Morrie & Essex
*8314 85 '8314 85 •8314 85 •8314 85 •8314 85
08312 85
824 Aug 89 June
50 83 Jan 30 8658 Jan 17
410 Nash Chat) & St Louie_.__100 186 Jan 29 1991
194 198
195 19612 19312 1934
194 194
•19213 195
195 196
:Feb 5 171 12 Aug 2044 May
212 21:
24
212 5.500 Nat Rya of Mexico 54 pref 1(10
214
24
2% 3
234 2%
258 234
54 Are
2 Feb
358 Jan 25
24 Mar 8
71,800 New York Central
19014 1933* 19014 193
196 19872 19414 19814 19414 198% 18958 197
Feb 196.: Nov
100 1864 Feb 16 20414 Feb I 166
4,900 N Y Chic & St Louis Co-- - 100 133 Jan 30 145 Feb 2 12114 Ort 146 MAY
140 14114 139 139
13814 140
139 142
137 13878 138 138
106 1064 1.800 Preferred
•10612 1071: 107 10712 1064 106% 107 107 •10612 107
Jan
100 10534 Feb 25 10914 Jan 4 10412 Aug 110
140 N Y & Harlem
325 325
*320 335
315 315
320 320
318 335
323 335
Jan 505 Apr
50 301 Feb 16 379 Jan 8 168
92% 9434 9212 9412 914 9412 8958 92% 894 9112 893* 9034 57 500 N Y N H & Hartford
544 June 82% Dee
100 8078 Jan 4 9834 Feb 2
3,400 Preferred
117 117
116 1164 •11512 116
11612 117 •1I6 116% 11612 117
11458 Jan 3 11958 Feb 2 112 Sept 117 May
29% 2918 294 12,700 N Y Ontario & Western__ .100 27 Jan 25 32 Feb 4
29
29% 31
30
2912 31% 2834 3012 29
24
Feb 39 May
•et2 7
*712 9
100 N Y Railways pref....No Par
7
7
'74 9
*714 9
Vs Feb 21
13 May
*714 9
514 Jon
634 Jan 14
31
170 N Y State Rye pref
.30
30
30 •29
31
32 '30
34
32
1529
35
231: Dec 43 Jell
100 30 Jan 3 41 Jan 30
45
46
1.000 Norfolk Southern
843
46
46
46
48
45 •43
47
4754 *43
32 June 58 Nov
100 43 Jan 14 481
:Feb 4
: 8.400 Norfolk & Western
199 19978 197 19914 19614 201
195 19712 19314 19524 1934 1941
100 191 Jan 9 206 Feb I 175 June 19811 Nov
84
083% 84
84
8312 8312 831: 831: '83% 8312 83% 8338Preferred
100 83 Feb 15 86 Jan 17
844 Oct 90 Inns
10812
11178
112%
110 11038 11114 11424 1094 1137 108% 11113
128.700 Northern Pacific
10834
9238 Feb 118 Nov
100 1054 Feb 16 11434 Mar 5
10431
: 19.001 Certificates
:107% •106 1071
109% 111% 110 111% 106 108
106% 110
loll 104 Feb 15 112 Feb 2
90% Feb 115 Nov
38
2,600 Pacific Coast
4212 421
*35
3934 3934 39% 4112 40
40
41
•36
191: May 3478 May
100 20 Feb 15 43 Fen 28
48
SO
*47
50
1040
210 First preferred
50 •42
48
*47
47
50
47
40 Aug 70 Jan
100 36 Jan 5 50 Mar 2
37
40 •30
39 •31
.36
37
•31
36
*31
35
*31
Second preferred
2012
Aug 39 May
40
Feb
2112
28
Jan
10
100
7712 43,500 Pennsylvania
78% 79% 78% 79% 78% 7958 7714 787
7634 7712 77
6138 Jutm 7672 Dee
50 7538 Feb 16 8214 Jan IR
*33
33
*30
•30
35
33 •30
33
Peoria & Eastern
33 •30
33 "30
25 Mar 37 May
100 30 Jan 18 3478 Feb 1
3.600 Pere Marquette
16,6 1651 182 164
16334 166
16014 16312 161 161 •158 162
100 148 Jan 3 17434 Feb 1 12478 Feb 164 Nov
99
530 Prior preferred
99 '99 100
9834 99
Oct 10154 Mat
994 991: 100 100 •99 100
96
100 98 Jan 5 100 Feb 2
94
*94
953 *94
300 Preferred
94
94
951
904 944 *94
92 Nov 10034 Mar
9534 94
100 9312 Jan 4 97 Jan 8
*51
"50 ---56% At
*51
Phila Rapld Transit
*51 -- •5012
50 Nov
50 50 Jan 9 50 Jan 9
'50....
10 Preferred
50
50 '51
1051
50 Mar 8112 00$
50 50 Jan 2 50 Jan 2
Oct
183
14278 14278 142 1431: 142 14234 138 138
141 14118 1,300 Pittsburgh & West Va
Feb
12114
139 139
I00 136 Feb 18 14834 Jan 10
11018 1121: 110 112% 110 11314 108 11214 108 10912 109 10958 14.500 Reading
9414 Feb 119% May
50 10518 Feb 18 11712 Feb 4
Apr
43
*43
4214 '424 4214 424 4218 42
700 First preferred
42 .42
4112 Nov 48
42
42
50 42 Jan 4 4314 Feb 28
: "47
4812 •47
500 Second preferred
4614 463
Jan 697: May
44
4812 •4614 47
46% 46% "4638 4815
50 4614 Mar 2 491 Feb 5
71
'67
70
'67
50 Feb 77 Des
*66
•6512 69
•6512 69
70
71
•136
Rutland RR pref
100 66 Jan 28 68 Jan 24
11722 118% 116% 1187a 116% 118
1104 116
122 Mar
Feb
9,900 St Louis-San Francisco
109
Feb
4
Mar
7
12212
1154 1174 115 116
100 115
94 Dee 101 MAY
95% 95% 9534 9534 95% 9534 94% 95% 944 95
945 95
3.000 let pref pald
:Feb 2
100 94 Jan 14 961
674 Feb 12412 Nov
111 113% 10958 112% 10912 11412 108 11214 106% 10812 10814 109% 17,900 St Louis Southwestern
100 102 Jan 29 11534 Feb 4
200 Preferred
89 July 95 Jae
*9112 9212 9212 9212 *9112 9211 9112 9112 •9112 94
•9112 94
100 90 Feb 25 9212 Mar 4
• Old and asked prime; no sales on this day. r Hz-dividend, a Ex-dlvidend and ex-righta.
y Ex-rlghts. 9 Ex-dly. of Du the shares of Chesapeake Corp. stook.
New York Stock Record-Continued-Page z
1517
For sales during the week of stocks not recorded here, see second page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday.
Mar. 2.
Monday,
Mar. 4.
Tuesday,
Mar. 5.
Wednesday, Thursday, ,
Afar. 6.
Mar. 7. 1
Friday,
Mar.8.
$ per share I $ per share $ per share $ per share $ per share 1 $ per share
1918 20
1958 1978
20
2134 193 2013 •19
20
1934 20
2312 2234 2284 23
*22
24
2412 .23
•22
24
.22
24
134 13434 13214 13418 13112 134% 130 132
13018 131130 13114
15114 15114• 15034 15034 149 15078 147 14718 14834 14834' 14834 149
3
9812 9812 .98
983
9834 99
9812 99
98
983
98
9834
12018 12012 12012 12012 121 121
11914 11914 117 11714 .117 120
173 17634 171 171
175 176 •165 173 •170 176 .169 175
38
36
*37
36
3514 3514 35
35
35
35
35
35
54
54
5258 53 .5258 53
52
528 .51
53 .51
5213
*9713 100
.9712 100
.9712 100
.9712 100
.99 100
•99 100
22358 22934 227 22978 227 230
22514 22934 223 22612 22313 22434
8312 8312 8312 8312 8312 8312 8353 8353 834 8312 834 8312
9/4
.
1 98
98 .
98
_
.
95
•98
•98
__
•97 103 .
•100 103
98 103
97 103 .
103 103
.98 103
7412 70
7413 748 7312 74
71
73
70
7053 7078 71
95
95
96
958 9553 9512 9512 1094
95
95 '94
96
90 .
.85
87
83
90 .85
.85
86
•83
88
•83
87
4953 5134 49
518 484 5214 457 50% 4633 4833 47
4934
.50
5112 .50
52% •46h 48
5112 49
48
50
49
5112
3918 401. 39
4178 3712 4078 3712 383* 373 3812
3914 40
6212 6314 6114 638 6314 6438 61
61
60
61
6018 61
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Railroads (Can.)
Par
Shares
8.100 Seaboard Air Line
100
2.000 Preferred
100
22.000 Southern Pacific Co
100
100
3.400 Southern Railway
100
1,800 Preferred
Mobile & Ohio certlfs__ _100
17C
100
2,300 Texas ct, Pacific
100
800 Third Avenue
600 Twin City Rapid Transit 100
Preferred
100
100
10.400 Union Pacific
100
Preferred
1,600
10 Vickatturg Shrev & Pac__ _100
100
200
Preferred
100
7,600 Wabash
100
Preferred A
400
Preferred 13
100
100
85,500 Western Maryland
2,700 Second preferred
100
100
10.500 Western Pacific
100
6,400 Preferred
PER SHARE
Range Stnre Jan. 1.
On basis of 100-share 10111
Lowest
Highest
Per share
1612 Jan 2
20 Jan 2
128 Jan 2
146% Fel. 18
11818 Feb '27
117 Mar 7
16413 Feb 18
3212 Feb 6
44 Jan 29
9712 Jan 29
21434 Jan 8
8234 Jan 3
esi Mar 4
103 Mar 7
68 Feb 18
94 Jan 2
8212 Jan 21
41 Jan 29
4134 Jan 10
3318 Jan 25
67 Jan 28
z Ex-dlyldend.
y Ex-r1ghta
Lowest
Highest
$ per share $ Per share $ per Mari
2114 Mar 5
1159 Mar 3013 Jan
2412 Mar 5
17 Aug 38
Jan
13838 Feb 2 11758 Feb 13114 May
15838 Feb 1 13912 Feb 165 May
99 Jan 3
9658 Sept 1024 Jan
14078 Jan 14 100
Jan 15912 Jan
178 Feb I
9912 Jan 19433 Oct
39 Feb 25
2818 Jan 4618 May
584 Jan 25
324 Sept 66 May
100 Jan 5
945 Oct 107
Feb
231 Feb 2 18613 Feb 2247 Nov
84 Feb 7
8218 Oet 8714 Jan
119114 Ian 5
99 Aug 111
Jan
103 Mar 7
994 Nov 10812 Mar
6133 Jan 5
51
Feb 0614 May
10478 Jan 7
8812 Feb 102 May
91 Jan 8
87 Feb 9912 May
3142 Feb 543 May
54 Feb 4
3312 Feb 5478May
5312 Feb 4
4178Mar 5
2814 Feb
3813 Dee
6412 Feb 4
5212 Aug 6218 Jan
Ind...trial & Miscellaneous
4714 481
47
47
4612 47
4512 4618 45
4512 457 46
No par 4013 Jan 4 54% Jan 22
2,700 Abitibi Pow & Pap
84% 85 .84
.8412 851
85 .83
85
8412 8412 .83
85
100 83 Jan 21, 83% Jan 7
300 Preferred
•13934 140 .13712 139
140 140
139 140
140 142 .137 138
1,200 Abraham & Straus___No par 128 Fee 16 15913 Jan 3
•110 11014 110 110
110h 111 •110 1111 11018 11018 11018 11013
100 10934 Jan 16 112 Jan 2
60 Preferred
561 570
565 570
560 560
515 515
518 540
520 525
1,600 Adam* Express
100 389 Jan 16 585 Mar 1
957 96
*9518 967 •9612 961 .0518 9673 .93
9612
9612 .93
100 934 Jan 22 96 Jan 3
900 Preferred
31
31
30% 307 .3012 31
3012 303
3014 3014 32
333
No par 30 Feb 27 3572 Jan 15
1.600 Adams Millis
7158 75
7058 73
68h 721
6514 691
6514 6834 68
73
57.300 Advance Rutilely
100 48 Jan 29 75% Feb 4
6914 691
72% 721
6812 697
6712 673
6612 69
68
72
100 5812 Jan 23 7338 Mar 1
7.800 Preferred
33
418
412
378 4
33
37 12,900 Ahumada Lead
37
38 41
38 334
1
478 Fee 20
312 Jan 2
11012 1113 10738 1107 10612 1097 10418 107 .105 107
107 10712 7.900 Air Reduction. Inc___No par 9673 Jan 7 11433 Jan 26
918 10
918 103
914 10
912 97
9%
Oh
11 14 Jan 2
9 Feb 16
No par
94 934 40.600 Ajax Rubber. Inc
814 9
71
812 9'8
7% 81
8%
712 8
7,2 78
713 Feb 18 104 Jan 8
39.400 Alaska Juneau Gold Min__ 10
2014 2014 2012 211
20
21
2138 •20
20
21
•20
21
1.000 Albany Perf Wrap Pap_No par 20 Mar 1 25 Ian 3
299 303
287 294
28812 293
28514 293
284 288
28212 287
17.200 Allied Chemical & Dye_No Par 241 Jan 7 30534 Mar 1
12212 12212 .12212 123
122% 1221 •122 1223 12234 1223 12234 12234 1.400 Preferred
100 121 Jan 3 12314 Mar 27
181 181
182 182 *178 181
175 178
178 180
180 18214 3.300 Allie-Chalmers Mfg
100 16712 Feb 18 194 Jan 11
98
938 98
98 98
93
912 912 •9
912
938 .9
8 Feb 14 1118 Jan 14
500 Amalgamated Leather_No Par
.66
70
68
71
68 .
66
.66
70
•65
70 .68
70
60 Feb 13 73 Jan 17
10 Preferred
3114 3112 31
3134 308 311
3014 31
3018 3153 3012 31 34 22.500'Amerada Corp
No par 30 Feb 18 4238 Jan 3
1934 2014
1934 2038 19
19
19
19
1813 1812 1812 1914 5.900 Amer Agricultural Chem_100 1814 Feb 16 2353 Jan 15
65
67
65h 6673 63
6212 6314 6212 64
63
62
6218 4.500 Preferred
100 6114 Feb 16 7334 Jan 11
•127 128
124 124
124 127
121 12412 122 124 212253 127
6,200 Amer Bank Note
10 121 Mar 6 13414 Feb 6
.60
6012 6014 6012 6012 601
6014 6014 6014 6014 .60
6012
50 60 Jan 3 62 Fel, 13
220, Preferred
18
1712 1712 16% 1678
•16
1618 1614 1612 1612 1634 163
1,900 American Beet Sugar__No par 16 Fen 21 2012 Jan 16
.50
60
•43
59
*5012 60 •501:55 •5012 55
.5012 55
100 51 Jan 7 6014 Feb 6
1 Preferred
5412 5613 5614 5912 56
5912 5214 57% 544 572
555 5878 126.800 Amer Bosch Sfagneto_No par 4012 Feb 14 5912Mar 4
5613 5712 56
55
57
5712 5512 57
55
56
55
557
9 200 Am Brake Shoe & F____No par 45 Jan 16 62 Feb 4
•12234 124 .1223 124
12234 12234 123 123 .12212 124
1223 123
'220 Preferred
100 12212 Feb 7 125 Feb 15
23
2012 2214 2013 2133 2073 2234 22,100 Amer Brown Boveri El_No par 158 Jan 7 2478 Mar 1
23141 2213 24
22
23
793 •75
81
77
81
7818 8114 79
79
73
•75
78
100 493 Jan 7 82 Feb 2S
280 Preferred
12078 12338 11834 12212 1174 12014 115 11918 11518 118
115h 1203 277,700 American Can
25 107h Feb 18 12434 Mar 1
•141 18 14114 *141 18 14114 14114 14112 14112 141% •141 1424 *141 142
100 1405, Fell 14 141% Jan 14
700 Preferred
9434 9534 95
96
07
974 99
9733 95% 97
9753 9712 3,700 American Car & Fdy__No par 93 Feb 18 10612 Jan 3
•118 120
118
•118
118
IIS 118
120
11712 1171 .11634 11713
100 11612 Feb 7 12:1 Jan 29
500, Preferred
.747 82 .
.7513 82
82
75
75
82 .
74
74
77
79
100 723 Jan 23 8234 Feb 26
800 American Chain pref
53
53
5318 538 53
54% 5034 53
503 52
52
52
No par 4718 Jan 3 5812 Feb 1
6.500 American Chicle
•11014
•11014
_ .11014 ____ •11014 ____ _ _____1 Prior preferred
•1104 -- •11014
No par 10912 Jan 2 11414 Jan 30
9% 914
913 94
913 913 918 9%
918
918 91
91
4.200 Amer Druggists Syndicate_ _10
9 Jan 25 11 Jan 2
43
4413 4553 438 4413 4314 44
43
4278 43
4033 4212 2.700 Amer Encaustic Tiling_No par 4053 Mar 8 478 Felt 25
*300 325 1 302 309 .300 350
300 330 .300 320 .295 328
100 280 Feb 2 330 Mar 1
500 Atnerican Express
114 11712 11414 118
11012 11412 10612 11312 10614 10958 106 1093 65,200 Amer & For'n Power___No par 7514 Jan 4 1387 Feb 19
.
108 10812.108 10812 •108 10814 108 108
10734 108
10714 108
No par 10512 Jan 3 10812 Feb 14
800 Preferred
101 101
10112 10112 101 101
10058 101
10014 10014 1014 10134 1,600 2d preferred
No par 9678 Jan 2 103 Feb 21
.812 9
.812 0
•812 9
*812 0
.812 9
5813 9
814 Feb 21 10 Jan 2
American Hide & Leather_100
3512 3512 35% 35% .
33
34
328 323 •32
33
.3312 34
100 304 Feb 6 38 Jan 2
5001 Preferred
798
78% 80
79
78% 80
78
7834 78
78
777 777
2,100 Amer Home Products__No par 75 Jan 2 8558 Jan 24
41
41% 4012 4118 4012 41
4013 4112 4013 40o 4012 4138 9,700 Anierican Ice
No par 3813 Jan 16 434 Feb 5
94
.94
9412 94
9412 95
96
96 .94
95
100 9012 Feb 11 96 Mar 6
*95
96
600 Preferred
6918 70% 67
6914 66% 68
64
67
6312 6512 64
6712 19.800 Amer Internet Corp__ _No par 62 Feb 18 7614 Jan 18
714
7
7
7
7
734
7
7
673 7
878 Jan 10
612 Feb 8
634 64 3,500 Amer La France & Foamite_10
.65
67
691,_ 67
.65
8912 .
65
691 .65
69 .65
100 64 Mar 1 75 Feb 21
69
10 Preferred
110 11034 10834 11012 10612 109
109 110
10618 1074 10612 10978 6,200 American Locomotive_No par 10258 Feb 18 115 Jan 3
•11513 1164 •11512 11618 116 116
11618 11618 116 116
116 116
100 113 Jan 3 118 Jan 22
500 Preferred
•181 182
179 180 .19814 ____ 17614 1773
17914 1821 180 180
2,100 Amer Machine & Fdy__No par 170 Feb 16 199 Mar 6
113 113 *113 115 •112 115 *113 115 .113 115
•113 115
11212 Feb 5 11612 Jan 12
10 Pre( (7) ex-warranta
7112 7278 7112 72% 6913 7112 6812 703, 66
28,100 Amer Metal Co Ltd___No par 604 Jan 7 8134 Feb 6
6912 6773 68
12118 12118 120 121
•121 125 •12I 125
120 120 *119 121
100 117 Jan 3 135 Feb 6
900 Preferred (6%)
02
92
92
02
92
92
92
92 .90
91
90
90
490 Amer Nat Gas pref____No par 85 Feb 4 9814 Jan 7
41312 14
.1314 14
•1338 15
•134 15
.1312 14 .1312 14
No par 13 Jan 2 1778 Jan 31
American Plano
.45
48 .46
.45
48
48 .46
48 .46
48
.46
48
Preferred
100 38 Jan 2 55 Jan 31
11018 11234 11014 114
10712 10934 105 10812 105 10812 106 10778 67.600 Am Power & Light____No par 8118 Jan 8 120 Jae 30
10214 10234 1023 10278 103 103
.10133 1023 10I3 1(12
10212 103
2,300 Preferred
No par 9912 Jan 2 105 Feb 28
.76
77
•76
77
76% 7678 77
77
76% 77
500 Preferred A
No par 73 Jan 7, 80 Feb 13
823* 8234 82
82
81% 81% 8112 8158 8114 8112 -811a 111; 1.800 Pre( A stamped
80h Jan 151 8434 Feb 15
No pa
19034 19134 187 18712 185 18834 18314 1863 180 185
18013 184
7,900 American Radiator
25 180 Mar 7 210 Jan 15
•185 189 .185 190
184 184
180 183
179 179 .175 185
170 Preferred
100 140 Jan 7 195 Jan 29
162 166
160 163 *15512 16212 15512 15512 151 156
155 155
3,100 Amer Railway Express__ _10 12978 Jan 16 17334 Mar 1
5018 50% 5oi2 5012 50
51
4713 497
474 4714 4712 523* 6,900 American Republics.. _No par 44 Feb 18 6434 Jan 2
69
6912 69
70
69
6912 6813 684 6814 6918 26734 673
2,700 American Safety Itazor_No par 67 Feb 18 745 Jan 31
35
35
35
35
3412 35
3433 35
34
3412 3433 345
2,200 Amer Seating v t c
No par 323 Feb 16 3678 Jan 3
478 5
5
54
5
5
5
458 5
5
5
5%
35 Jan 2
3,300 Amer Ship & Comm_.No par
7 Feb 5
.87
9212 87
87
*88
92
.88
92
874 8712
8712 88
160 American Shipbuilding_ ___100 86 Feb 27 94 Jan 24
11913 122
11018 122
11738 120
113 11812 11314 116
115 11738 117.500 Am Smelting & Refining...100 9312 Jan 16 12434Mar 1
13512 13512 *13534 136
13512 13553 1355, 136
13533 1355 •13558 136
1,100 Preferred
100 13512 Feb 2 138 Jan 4
20014 20014 .200 20312 200 200
19978 1997 199 1993 199 199
1,000 American Snuff
100 199 Mar 7 206 Feb 1
•110 112 .110 112 •110 112 10110 1117 .110 112
112 112
10 Preferred
100 108 Feb 13 112 Jan 24
6858 7078 6712 6912 6712 6914 68
713 734 698 717
6934 26.800 Amer Steel Foundries .No par 6434 Jan 7 7978 Feb 4
112 112
11134 11134 11134 11134 112 112 .11113 11212
11134 112
170 Preferred
100 11012 Jan 4 11234 Jan 10
854 8412 8512 8112 844 8078 8214 81
84
8112 8034 8114 9,100 Amer Sugar Refining
100 8034 Mar 8 9434 Jan 25
11012 11012.110 110h 210912 10912 *109 10914 10812 109
10812 10812 1,200 Preferred
100 10613 Jan 3 111 Feb 1
3
54
*5334 55 .5334 548 *533 54
54
49
53
4918 4918
800 Am Sum Tob
No par 49 Mar 7 60 Jan 2
21
21
25
25
*20
.20
21
25
2114 22
25
25
1,600 Amer Telegraph & Cable__1(10 17 Jan 2 32% Mar 25
21512 216% 21414 21712 214 2163 211 215
2103, 21378 21212 215
33,300 Amer Telep & Teleg
100 1934 Jan 8 222 Jan 30
173
172 17314 17134 173
173
175 177
.176 177
1713 1718
1.000 American Tobacco conl._..60 17134Mar 7 18612 Jan 28
1744 17434 173 17312 173 173
175 176
176 176
17414 17412 2,000 Common class B
50 173 Feb 16 188 Jan 28
12018 12018 12018 12018 .11812 11912
120 120
120 120
120 120
900 Preferred
100, 11914 Feb 1 12114 Jan 15
150 150
150 1543 150 152
14934 154
150 151 .149 150
3.100 American Type Founders 1001 13612 Jan 5 155 Jan 31
110 111 .110 11112 110 110 .110 1114
•111 11112 111 111
250 Preferred
100 10713 Jan 8 11112 71at' 25
915 94
9114 934 8818 9112 86% 9014 86
88
86
8812 39.000 Am Wat Wks & El
No par 6714 Jan 8 94 Mar 2
*9934 10112 •99
101 101
0934 9913 9912
•100 10112 .10034 101
200 1st preferred
97 Jan 3 104 Jan 28
2114 2214 213 2214 2112 2112 2058 2138 2014 2012 20
20% 3,300 American Woolen
100 20 Mar 8 2778 Jan 3
4812 45% 4612 454 4612 4,000 Preferred
4912 4912 48% 5012 .4812 48h 47
100 4514 Mar 8 58% Jan 2
1312 12
12
128 1234 .12
1418
13
12
14
13
12
1,800 Am writing Paper ctfs_No par
1112 Feb 16 154 Jan 21
4312 4312 4312 4312 *4312 4412
44
44
45
46
45
46
100 4158 Feb 18 46 Mar 21
400 Preferred certificate_
42% 3914 42% 39113 41% 404 43% 38,100 Amer Zinc, Lead & Stnelt___25 3518 Feb 16 447 Jan 2
4118 4214 40% 41h 40
10234 10234 •102 10414 104 104
10214 10214 10378 104 .10234 104
25 101 Feb 15 108 Jan 6
500 Preferred
15412 15912 15534 159% 2077900 Anaconda Copper Mining_50 11514 Jan 15 163 Mar 6
15238 15914 156 163
1471 15112 14834 153
6034 6178 65812 6014 58% 5912 6712 59% 5712 5872 5712 5734 11,100 Anchor Cap
No par 53 Feb 7 62% Feb 21
122 12218 2121 121 •119 121 *119 12012 11938 11038 *118 119%
No par 112 Jan 2 124 Mar 1
400 Preferred
6634 6112 6312 61% 63h 335,800 Andes Copper Mining_ _No par 48 Jan 31 6838 Mar 1
64
6714 6412 66% 62
8718 65
46
4212 4412 40
44
47
444 111,900 Archer, Dulls, Micl'Id_No par 240 Mar 8 4912 Mar 4
9614 9814 24618 4912 46
11412
11412
•114
*114
11412
114
114
•114 11412 *114 11412 •114
100 114 Jan 4 115 Jan 11
100 Preferred
92
28812 8034
92% 92% 9212 9212 91
100 8812 Mar 8 95 Jan 30
*9214 93 .9212 93
1,400 Armour & Co (Del) pref
1458 1512 14% 14% 21,600 Armour of Illinois class A_ _ _25 1412 Mar 6 1818 Jan 2
1518 1512 1412 15%
1512 1534 1514 16
7% 81s
712 778 23.800 Class B
7,
4
8
8
81/1
84
25
712 Star 8 1014 Jan 2
814 84
82
8218 83
8214 280
83 .8278 83
80
8212 8212 83
100 80 Mar 8 86 Jan 24
5.900 Preferred
3112 31
30
3018 31
3012 30
3113 3034 31
304 4.200 Arnold Constable Corp_No par 293 Feb 2 4073 Jan 2
31
.
1 27
27
*26
27
28 .
.26
2612 28
29
29
29
*27
No par 27 Mar 6 30 Feb 6
200 Artloom Corp
984 9814 .
9912 0814 9878 .9814 99
98% 99
*99
9912 .99
100 9712 Jan 9 100 Jan 4
220, Preferred
1
• Bid and asked prim: no 'aka on 2.111. day.
PER SHARE
Rang.for Prevtoul
Year 1928
3614 Nov
76 Nov
90 June
Oct
109
195
Jan
Jan
93
3012 Dec
11
Jan
344 Jan
2' Jan
59 June
712 Jul e
1
Jan
2234 Dec
146
Feb
12012 June
11518 Feb
918 Oct
69 Ma
85
Apr
102% July
142
Dee
11413 June
426
Dee
9912 Mar
3313 Dee
85 Sept
6934 Sept
534 Mar
99% Dec
1433 Jan
10 Nov
314 Jan
2524 Nov
127% May
200 Dec
l6h Apr
Apr
90
2718
1558
5558
743
60
1434
36
15%
39%
120
1058
4014
7012
13634
8814
11058
71
44
107
1012
43% Nov
26 Nov
7974 Nov
159 May
65% Jan
2412 Aug
6158 Sept
44% Nov
4933 Jan
128 June
2614 May
6578 May
11712 Nov
147
Apr
11112 Jan
13712 Max
105 June
5034 Dee
114 May
1512 Apr
Feb
Fe
Fe
Jan
Oct
Jul
Fe
Fe
Jul
Dec
Apr
Apr
Jan
Jan
July
Aug
Dec
Dec
Jan
Dec
169
Jan aio- Dee
2253 Feb 85 Dec
10434 June 110 May
81
Feb 100 Sept
814 Oct 15% Feb
31 Nov 6733 Feb
59 Feb 86 Nov
Jan 46% Aug
28
90
Jan 9912 Slay
514 Jan
56
Jan
87 Jun
10314 Oct
12912 Jun
110 Dec
39 Ma
109 Au
9634 De
1234 Jul
38 Dec
6214 Ja,
10012 De
7018 No
8113 Dec
13018 Jan
141
Oct
11012 Jan
6114 Feb
Jan
56
2758 Nov
312 Aug
80 Sept
169
Feb
131 Mar
141
Jan
100
Oct
5018 June
109 June
55 Feb
100 Feb
46
Feb
1714 Dec
172 July
152 June
152 June
1154 Sep
10972 Aug
107 Nov
52 Jun
Oct
98
14 July
39 Aug
10,2 June
34 Jun
6% Jar
40
Jan
54
Jan
48 Dec
10614 Dec
3618 Nov
554 Feb
112
Oct
86% Jan
1114 Jan
6% Jan
674 Jan
354 July
2814 Dec
99 Dec
1133 Oct
8512 Oct
115
Jan
134 Mar
18334 Deo
116
Jab
6334 Nov
11712 Slay
993 Noy
25 Feb
90
Jab
95 Sla,
10714 Mai
7712 Noy
8614 No.,.
19112 Dec
152
Apr
143 Dec
85
Apr
7472 Sept
45 May
818 May
119
Jan
293 Dee
142
Apr
210 Dee
120 June
7033 Jan
120
Feb
9312 Nov
11013 May
73% Sept
Jan
32
211 May
18438 Dec
184% Nov
Apr
126
14214 Nov
115 Mar
7613 Nov
106
Apr
3238 Nov
65h Nov
1912 Feb
8334 Oct
57
Oct
11778 Oct
1204 Dec
5458 Dee
111 Dec
56 Nov
112% Nov
11514 Mar
9712 June
2312 Sept
1313 May
9113 June
5134 Apr
44% Mar
114 Mar
New York Stock Record-Continued--Page 3
1518
For sales during the week of stocks not recorded here. see third page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NO?' PER CENT.
Saturday,
Mar.2.
Monday,
Mar.4.
Tuesday,
Mar. 5.
Wednesday, Thursday,
Mar.6.
Mar. 7.
Friday,
Mar.8.
Sales
for
the
Week,
STOCK
NEW YORK STOCK
EXCHANGE
PER SHARE
Ranee Since Jan. 1.
On basis of 100-share lots
LowestI
Highest
PER SHARE
BONO for Presto*
Year 1928
Lowest
Highest
$ Per share 5 Per share 5 per share $ per share
Per share $ per share Shares Indus. & ItHscel. (Con.) Par $ per share 3 per shard
per share Per sham
3018 3073 3078 308 3014 307
*304 31
30% 301$ 3014 3038 1.900 Art Metal Construction__ 10 29's Feb 7 3075 Feb 4
2513 Jan 3414 Ape
6014 6212 6012 614 6018 6114 60
6514 1634 64
624 6312 60,500 Assoc Dry Goods
No par 5714 Feb 11 7054 Jan 10
4014 June 7515 Deo
102 102
*99 104
100 First preferred
*99 101 *100 102 *100 102 •100 102
100 10115 Feb 7 107 Jan 15
9915 Aug 11375 Apr
*44
*4414 45
45
44
44
44
44
180 Associated 011
44
43
434
44
25 43 Feb11 47 Jan 5
3712 Feb 5335 Sept
4233 4078 4112 4012 4078 404 41
42
2,500 Atl0 & WI 59 LIne__No Par 324 Feb 16 434 Jan 11
40
40
40
40
3718 Feb 5974 May
5318 544 54
54
54
*51
*53
5313 *52
700 Preferred
54
54
*52
100 4534 Feb 11 5.534 Jan 2
38 Feb 6514 Oct
564 5712 564 564 5534 5612 55
5612 8412 5558 55
72,700 Atlantic Refining
58
25 5312 Jan 29 611 Jan 2
50 Nov 6615 Dec
*11534 11634 11614 117 *11534 117
11634 117
210 Preferred
116 11714
116 116
100 115 Jan 21 11758 J&011 11415 Sept 1184 Jan
*104 105 *103 105
*99 101
10073 10312 99
99
98
9914 1.400 Atlas Powder
No pas 98 Mar 8 115 Jan 2
Jar 114 Dec
63
*103 10412 103 10412 *103 104
104 1044 103 10412 *103 10412
60 Preferred
100 103 Feb 13 10615 Jan 14 102 July 11015 May
*1012 12
1033 1038 *1078 12
*11
12
100 Atlas Tack
*1012 12
*1012 12
No par 1015 Feb 25 1515 Jan 3
1735 JUDO
84 Jan
612 512
612 64
7
7
633 65
900 Austin. Nichols & Co No par
612 mar 1 10 Jan 11
658 658
64 64
914 May
435 Jan
34
*32
*32
34
*32
34
•32
34
*32
Preferred non-voting.._.100 34 Feb 15 4218 Jan 14
34
3412 *32
25 July 39
Jan
82
62
862
6234 82
62
62
62 •63
-555 Austrian Credit Anstalt
65 •6212 65
60 Feb20 65 Jan 8
58
May
Oct
75
2333 234 244 2412 24
2414 *2414 244 24
24
1,600 Autosales Corp
*2334 24
No pas' 2215 Feb 15 2915 Jan 7
3484 Nov
612 Jan
3814 3614 38
*38
900
37
3712 *38
3812 37
*37
3812
37
Preferred
50 3614 Mar 4 434 Jan 23
25 Aug 41 Nov
45
45
45
45
47
45
47
4712 4634 47
4714 4812 4,600 Autostr Sat Razor "A"_No par 4314 Jan 10 50 Jan 1 1
43
Oct 5215 May
225 225 *218 225 *217 230 *217 230 *217 230
100 Baldwin Locomotive Wks_100 225 Mar 2 248 Jan 21 235 June 285 Mar
217 230
11612 1164 116 117
116 116
11614 11614 117 117
260 Preferred
11612 11612
100 11534 Jan 4 120 Jan 25 115
Oct 12434 Apr
*10814 10812 *10814 1084 10814 10812 10814 10814 108% 10812 10814 10814
270 Bamberger (L) & Co prer..100 10814 Jan 2 11015 Feb 1 10714 Nov 11115 Jan
*2934 30
*2954 30
30
30
*2934 30
700 Barker Brothers
2934 2934 *29
2912
No par 2815 Jan 14 3334 Jan 23
2675 Aug 3514 Dee
*97
971
97
97
97
97
97
97
700 Preferred
9612 9612
97
97
100 8934 Jan 19 97 Jan 28
9175 Dec 10112 June
*2114 22
2112 211
20
900 Barnett Leather
20
20
20
20
*20
2012 20
No
par 20 Feb 16 2914 Jan 15
2315 Aug 5215 Feb
3934 4074 395 4034 384 394 3812 3934 3813 3912 38% 41
89,900 Barnsdall Corp class A
25 381s Feb 18 4875 Jan 3
20 June 53 Nov
839
41
*39
41
40
*37
*40
40
43
40 •39
100 Class B
43
25 38 Feb 16 49 Feb 2
20 Jure 5115 Nov
*105 108
106 106 *104 107
10214 10213 10112 102
801) Bayuk Cigars, Inc
10034 1024
No par 10115Mar 7 11334 Jan 25
98 June 14015 Mar
*105 10512 10512 10512 10534 10534 •10512 106
10512 105%
120 First preferred
106 106
104 Feb 8 10634 Jan 29 10312 Dec 11035 Mar
100
231 24
23
24
22% 2318 22% 24
2212 2312 9,300 Beacon 011
2212 23
No par 20 Feb 7 2815 Jan 8
1214 Mar 2415 Dee
91
92
91
92
92
88
2,300 Beech Nut Packing
90
85% 87
90 .87
•87
20 8514 Feb 18 101 Jan 12
7035 July 10114 Dec
1234 13
13
1334 1254 1312 11% 1178 13
134 3,100 Belding Ilem'way Co__No per 1118 Feb 13 1434 Jan 2
1314 13
12 Dec 22
Jan
*8112 8214 *8134 82
82
8214 82
8214 82
821s 1,300 Belgian Nat Rys part pref__- 81 Jan 29 844 Jan 3
824 82
824 Sept 9212 May
8473 88
8938 8434 8934 8412 8534 85
86% 9112 88
8534 11,600 Best & Co
No Par 831,Feb 18 9312 Jan 3
534 Jan 102
Oct
10418 10512 10113 10514 9914 103% 964 1024 98 10012 9814 10112 55,200 Bethlehem Steel Corp....100 8215 Jan 31 10635 Mar 1
5175 June 8835 Dec
*1211 122 *120 121
121 121
120 12034 12012 12012 120 120
900 Beth Steel Corp pf (7%)_100 120 Mar 6 123 Jan 11 11615 June 125 Apr
4812 408 49
4912
50
*4914 5012 48
3,900 Bloomingdale Bros_
5034 47% 48% *4712
No par 4214 Jan 21 5475 Jan 29
3358 July 50 Sept
*10114 11012 *10114 11012 *10114 11012 *101% 110
110 110
60 Preferred
110 110
100 110 Jan 4 111 Jan 16 10915 Jan 11114 July
103 103 *103 10312 103 103 *10218 103 •1021s 103
170 Blumenthal & Co pret
103 103
100 97 Feb 15 118 Jan 2
87 June 122 Dee
.8334 85
8314 8314 •8212 85
600 Bon Ami class A
8134 82
8412 841z *8214 84
No par 8112 Feb 16 8915 Jan 12
6514 Jan 8515 Dee
*8
812 802 811
•734 8
74 74 *734 8
100 Booth Fisheries
*734 8
No par
7 Feb 18 1134 Jan 2
514 Jan
1215 Nov
55
49
*49
49
54
51
1,400 1st preferred
56
54
5434 *50
5414 •50
100 49 Mar 4 6334 Jan 18
4114 Mar 7215 No5
190 19112 18612 191
184 186
183 18412 18212 18313 181 183
10.300 Borden Co
50 17415 Jan 8 20334 Feb 5 152 June 187
Jan
127 128 1212 1234 1234 1234 1213 1234 •1258 13 •124 13
600 Botany Cons Mills class A-50 1134 Jan 10 1515 Feb 11
84 Aug 23 Jan
5014 Oh 50
514 484 5078 4712 50
4812 473 4914 38.300 Briggs Manutaeturing_No pat 47 Mar 7 834 Jan 31
47
211,5 Feb 6355 Oct
*44 5
5
5
44 478
413 413
700 British Empire Steel
433 414 *458 43
415 Jan 8
Ps Jan
Vs Jan 28
914 May
100
9
9%
9% 9%
958 958 •814 914
800 26 preferred
914
854 834 .8
214 Jan
534 Jan 14 1315 Jan 28
12 Feb
100
6512 6618 6334 6534 61
64
62
60
611$ 63
60
5,700 Brockway Mot Tr.-No Par 5912 Feb 18 7375 Jan 2
60
4515 June 7515 Nov
*12814 135 *12612 140
130 130 •124 140 •124 140 *124 140
200 Preferred 7%
100 121 Feb 16 145 Jan 2 110 June 150 Nov
•305 345 *305 345
305 33912 •305 345 *305 345 *305 345
Brooklyn Edison Inc
100 300 Jan 2 340 Jan 5 20634 Jan 325 Nov
8185 18912 189 189 *180 185 *178 184 z177 177
17814 17814
600 Bklyn Union Gas
No par 172 Feb 16 2004 Jan 28 139 June 20334 Nov
*42% 4212 42
4212 4111 4112 414 42
4112 2,900 Brown Shoe Inc
*41
41
41
44 Dee 5512 Apr
No Par 41 Mar 7 47 Jan 2
•117 121 *117 121
117 117 *117 121 *117 120 •117 120
10 Preferred
100 117 Feb 7 11915 Fob 18 115 Nov 120 Jan
51
517851
524 494 5114 4834 5034 484 50
521z 24,400 Bruns-Balke-Collunder_NO Par 4612 Feb 18 5514 Jan 18
49
2715 Feb 6214 Sept
38
384 3914 3812 384 36% 3812 3634 374 364 374 8,800 Buernis-Erie Co
2415 Feb 4834 May
10 3615 Jan 3 4234 Jan 5
484 484 404 474 464 4712
454 4678 *454 46
454 464 6.100 Preferred
3335 Feb 5455 MaV
10 4535Mar 8 50 Feb 5
*11414 116 *11414 116
116 116
11514 11514 *11434
130 Preferred (7)
11434 115
100 112 Jan 3 11612 Feb 18 1104 Mar 117 Apr
*111 11112 *110 112
111 1102 111 112 •111 120 *112 115
400 Burns Bros new clAcomNo par 110 Feb 25 127 Jan 11
Oct
9315 Feb 127
32
3174 32
32
3112 32
3112 3113 3153 315s 3178 318 1,100 New class B com__ __No par 305* Jan 31 39 Jan 14
1575 Mar 435g June
*104% 105 *10414 105
105 105
10414 10414 *10114 105
420 Preferred
105 105
9734 Feb 11034 June
100 10314 Jan 5 10514 Jan 7
264
266
25612
25474
270 27514 271 277
288 269
27214 273
3,200 Burroughs Add Mach-No Par 234 Jan 16 277 Mar 6 139
Jan 249 Dec
75
75
77
76
7312 75% 73
7212 5,300 Bush Terminal
72
72
73
73
50 June 88 Dec
No Par 7015 Feb 16 891g Feb 2
10934 11012'10913 110
110 110 •10912 110
10912 10912 10912 100% 1,600 Debenture
100 10514 Jan 5 11012Mar 2 10475 Aug 115 May
*115 116
11514 11514 1114 116 •111% 115% *11118 11514 115 1154
90 Bush Term Bldgs pret
100 114 Jan 15 11812 Feb 19 111 Aug 11915 June
1012 1012 1018 1012
934 10
9% 10
1014 104
978 10'4 3.700 Butte & Superior Mining_10
164 May
834 Aug
9 Feb 15 124 Jan 4
814 812
812
812
8
858 9
84 814
812 8,900 Butte Copper & Zino
8
1214 Nov
415 Jan
74 Feb 20
912 Jan 3
5
3234 324 3212 3212 3214 3218 32
3218 3034 32
32
32
2,300 Butterick Co
3715 Dec 6715 May
100 3034Mar 7 41 Jan 2
15212 158
168 161
150 15514 143 15734 146 150
14612 15634 15,300 Byers & Co (A M)----No
2063
4 Dee
Jan
Jan
2
9015
Par 13514 Feb 16 19274
*112 115 •112 115
113 113 *112 114
50 Preferred
115 115 *112 114
100 110 Jan 17 12955 Jan 28 10855 Apr 118 Pea
118 11812 117 117 *11012 116 *11014 115 *112 116
12012 121
800 By-Products Coke--No Par 106 Feb 16 12934 Jan 25
65 Mar 122 Deo
77% 7873 75% 7712 75
77
6,100 California P21011118_ _ __No par 7415 Jan 31 8155 Feb 27
7614 74% 75% 7518 757k 76
6812 June 8255 Sept
*27
30
27
27
2634 26% 27
29
27
•25
70 California Petroleum
*24% 29
2514 Mar 36 Sept
25 2634 Mar 2 2975 Jan 25
312
314
3% 358
338 312
3% 338
34 8,300 Callahan Zinc-Lead
314
314 314
535 Apr
134 Mar
4 Jan 22
3 Jan 8
10
137 1393$ 13714 14033 137 13973 13212 13938 13238 13518 132 13334 27,400 Calumet & Arizona Mlning_10 1214 Jan 7 14258 Mar 1
Feb 133 Nov
89
58
60
5714 5933 55% 59
5818 597
5558 565* 551 56% 94,600 Calumet & Hecht
2015 Jan 4735 Nov
25 44 Jan 8 6175 Mar 1
83
8034 8434 8034 83
84
8234 84
8218 85
81
33,800 Canada Dry Ginger Ale No par 78 Jan 4 8612 Feb 4
83
5478 Jan 8612 May
4412 4314 44
43% 4312 43
4414 4412 44
4312 *4312 44
3,300 Cannon Mills
43 Dec 50 Sept
No par 43 Mar 7 484 Jan 3
465 465
900 Case Thresh Machine....100 445 Feb 8 509 Jan 2 247
460 460
486 48912 *475 485 *470 484
470 470
Jan 515 Nov
*125 135 •125 135 *125 135 *125 135
125 135
125 125
00 Preferred
100 124 Jan 14 12814 Feb 15 12012 Dee 13558 Mar
40
42
404 2,900 Central Aguirre AssO-No Par 374 Jan 11 4834 Jan 30
4014 41
40
414 4134 *40
4018 404 40
3814 Dec 3912 Dec
4712 464 484 59,600 Central Alloy Steel____No par 44 Feb 16 5212 Feb 1
5014 5112 4834 5113 4818 4934 46% 48% 46
281s Mar 484 Dec
112 112 •11112 112
112 112
11113 112
11113 112
*111 112
230 Preferred
oseys
14
114 M
Jan 12
100 111 Jan 3 11212 Jan 28 107
17
17
17
1712 1712 1714 1714 17
17
17
11 Aug
1634 1634 1,400 Century Ribbon Mills..No Par 1634Mar 28 2012 Jan 2
*7812 85
50 Preferred
85
77
*7814 85
78
*78
7614 76% 77
78
77 Aug 92 May
100 741z Feb 27 82 Jan 17
114 11814 11414 11712 114 1164 11018 11634 110 11234 10912 11258 81,800 Cerro de Pasco Copper_No par 1017s Jan 16 120 Mar 1
584 Jan 119 Nor
2212 23
224 2312 224 2212 2214 22% 2214 2238 2214 2214 3,400 Certain-Teed Produels-No Par 2034 Feb 25 2858 Jan 2
231, Dec 6455 Apr
61
68
65
*56
6515 *55
•60
•513
76 Nov 100 May
651$ *55
65
*55
7% preferred
100 60 Feb 21 8115 Jan 11
62
62
*5914 65
68
100 Certo Corp
*60
*62
65
*5914 65
*5914 65
7012 Oct 8315 Dec
No par 62 Mar 8 9214 Jan 31
*1712 21
*1712 21
23
*20
•1712 21
23
33
•18
•18
515 Feb 24 Nov
Chandler Cleveland MotNoPar 20 Jan 24 23 Jan 11
Certificates
No par 2212 ./an 11 2234 Jan 18
38
*35
14 Mar 3775 Dee
*34
36
36
38
300 Preferred
40
*30
40
40
*30
36
No par 36 Mar 7 41 Jan 29
Pref certificates
NO Par 37 Jan 9 40 Jan 14
8483 8634
27,400 Chesapeake Corp
6234 July 8115 Jan
-8614 87
-1 1-.2 38418 85
8712
No par 8015 Jan 7 8935 Feb 2
800 Chicago Pneumat Tool No par 2934 Jan 17 3575 Jan 25 111
32
32
Aug 17315 Dee
3218 3214 *321s 34
3214 3212 *324 35
3214 3318
5214 5214 5112 5214 5112 52
5112 5112 5112 5173 1,400 Preferred
5113 52
No par 5115 Feb 27 5814 Jan 11
300 Chicago Yellow Cab- NO Par 31 Feb 2 36 Jan 7
3212
2975 Aug 43 Jan
3214 3212 *32
*3213 33
32
32% 3314 32
33
32
1.800 Chickasha Cotton 011
45 Dec 5612 Oct
45% 4513 4512 4512 4514 4514 45
45
45
45
4512 45
10 45 Mar 6 50 Jan 2
37
Apr 84 Dec
5414 5814 5714 5878 20,400 Childs Co
54
55
54% 5512 54
5634 5412 55
No Par 52% Feb 16 6015 Jan 2
3735 Mar
10814 11014 1081s 11112 110 117
11212 11812 11218 11314 1134 11512 36,200 Chile Copper
Ws Nov
25 7114 Jan 8 11812Mar 6
*9934 122
*9934 122
*9934 125
Dec 131
76
Jan
Christie-Brown tern cdfsNo Par 102 Jan 3 115 Feb 4
*9934 122
*99% 122
•9934 122
10514 10838 108% 113% 111 11414 10512 113
5434 Jan 14015 Oct
10534 10834 10534 1095* 856,400 Chrysler Corp
No par 9835 Feb 16 135 Jan 2
60 City Stores class A_
*4958 52 *--- 52
*49% 50
5114 Jan 5414 June
4934 49341 4934 4934 *4913 50
No Par 4912 Feb 25 52 Jan 2
2414 24,900 New
2534 2634 2538 2634 25
237 2424 238 2412 24
25
No Par 2213 Feb 113 27 Feb 4
1,700 Cluett Peabody & Co..No Par 63 Feb 11 7234 Jan 3
6813 70
69
*66
6812 69
67
6812 6914 65
6958 Dec 11354 Apr
6834 *65
41115 11512 •115 1151z *115 11512 *115 11512 115 115 *115 11512
30 Preferred
7 Feb 4 119 Jan 3 11115 Dec 12434 Mar
100 113,
133 134
13012 13214 4,700 Coca Cola Co
1311 13334 13158 133
131 134
13113 132
No Par 130 Feb 18 140 Feb 5
654 67
6234 645* 34,200 Collins & Altman
Dec 1114 Jan
6534 6812 65
NO Par 50 Jan 4 7014 Feb 28
s 62% 6738 6234 65
*95 100
*05 101
*95 100
DO Nov 109
Jan
*95 100
Preferred non-voting-100 93 Jan 3 10315 Feb 8
*94 100
*94 100
7812Mar
16
714 731$ 7112 7212 71
Feb
84.500
8
5213June
65
751s
Colorado
8412 Jan
100
781
774
Fuel
7514 72
&
72
3
4
Iron
7612
14512 14912 145 148
140 1404 21,800 Columbian Carbon v t oNo Par 124 Jan 7 15415 Feb 4
79 June 13434 Deo
14212 147
139 143
14014 144
15012 152
149 15113 14714 14733 14453 14612 14412 14512 1444 14512 11,400 Colum Gas & Eleo____No par mos Jan 2 160 Jan 31
8915 Mar 14075 Dec
3,700 Preferred
105 106 *--__ 104
100 104 Mar 5 10775 Jan 11 106 June 1101g Jan
104 10434 105 105
104 104
104 104
7638 80% 7414 784 72
66is Feb 18 8834 Jan 9
7412 725* 7512 380.500 Columbia Graphophone
61 Dec 8418 Nov
7612 6034 7458 71
100
21
54
544 5212 54% 5114 5313 5058 527
Feb 71 Nov
26,950'Comtnercial
5114 z494 52
Credit-___No Par 48 Feb 16 6215 Jan 2
49
*2434 25
25
*2512 28
23 Feb 27 Ma
25
25 2415 Jan 2 28 Jan 9
Preferred
*254 26
.2512 28
*254 26
2612 2612 *2612 27
30 Preferred B
23 Feb 28 1)00
25 25 Jan 21 2712 Jan 30
2752 929712
*2612 27
100 100
2613 2612 *26
-10
994 Mar 8 10534 Jan 24
10014 103
10
20712
101 102
1340 let preferred (655 V*/
85 June 107 Nov
10038 101
10053 10078
18534 185% 18434 18434 3180 180
5534 Mar 1407$ Nov
173 17778 2.700 Comm Invest Trust-No par 13115 Jan 2 195 Feb 4
17458 17514 175 177
713
*107
*107
98
8 10
100 104 Jan 26 109 Feb 5
09
953
414
____ •10514 109 *10514 109 .
.
10
Jan 109 May
7% preferred
08
71s •
14 19
y 10438
100 Preferred (6)0
*95
98
100 94 Jan 3 99 Jan 28
*96
923$ June 5312 Aug
98
*943 96
z97
97
2.800 Warrants
577s 5914 56
100 2714 Jan 7 6278 Feb 4
64 Aug 307$ Dee
.5412 55
56
58
58
54
54
54
58
262 26434 26112 263
2581 26134 25612 258
25615 26212 2584 26914 7.300 Commercial Solvents_No par 22514 Feb 18 274 Mar 28 13775 June 5504 Nov
1314 1353$ 130 13434 12514 13238 126 13034 12512 131
26 400 Commonwealth Power_No par 10714 Jan 7 136 Mar 1
6214 Jan 11012 Dec
127 133
Oct
84
48
84
Jan 84
2.400 Conde Nast Publics_.No par 7615 Feb 16 93 Jan 19
8414 8412 *80
831 *80
8312 7912 7934 7912 81
2853 29% 2812 2914 28
22 June 314 Apr
2914 2714 2858 2714 274 2714 274 49,100 Congoleum-Nairn Ino_No Par 27 Fen 18 3534 Jan 28
;
7 Jan 19 921182 FebFe 13 6
7
67 Feb 8714 Dec
No par 797
8514 8534 8434 8712 85
83
854 8312 844 9.200 Congress Cigar
86
8314 85
Febe
1
1
11$
200 Conley Tin Foil stpd No par
•1
114
Jan
1,18 •1
114
114 •1
114
No par 8914 Feb 18 9614 Jan 2
791142
9134 91% 9074 917
4111.
.
114 M
9034 4.700 Consolidated Clgar
D%
8074 9174 90% 9034 904 9078 90
100 93 Jan 28 96 Jan 7
2,200 PrIorpre
94/
1
4 Oct 10214 Apr
9312 9313 94
94
9412 9412 93
944 9312 93'z 9312 94
2
2514
Jan
Sept
287
$
Jou
16
23
2714 2733 27
July
2913
prof.
27
No
Par
4
3.800
Ind
263
Como!
2714 27
Mu
8
2733 27
273
274 264
1105s 11312 110 11212 108 11078 10514 10958 199
Aug 17014 Ma,
400
:9
300 Goeo
98
912 109
pre
9512 10
nildr
fere
ar Gas(NY) No bar 10315 Jan 7 11815 Jan 28 y74
9,2
3 10932
12 1073
0532
No Pa? 9815 Jan 2 100 Mar 5
9714 Aug 105 , Mar
994 9912 994 9914 9912 100
9912 9958
38
i6-
"8512 Ifs",
Bid and eased steam 00 sale on this day. t Ex-dividend 0( 100% in own.stook. z Ex-dividend. 11 Ex-reirate. s 812111inge. b Ex-d1v. and ex-rights.
New York Stock Record-Continued-Page 4
1519
For sales during the week of stocks not recorded here. see fourth page preceding.
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
Saturday,
Mar. 2.
Monday,
Mar. 4.
Tuesday,
Mar. 5.
Wednesday, Thursday,
Mar. 7.
Mar.6.
Friday,
Mar. 8.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
$ per share $ per share $ per share $ per share $ Per Share $ per share Shares Indus. & MIscel. (Con.) Par
414
438
4
438
4
414
4
414 412
4
3/
1
4 4
24,700 Consolidated Textile_No par
1914 1938 1938 1913 19
1918 1978 1914 20
19
x19
1914 2,800 Container Corp A vot__No par
912 982
912 934
938 912 7933
1
4
953 9/
9,2 934
No par
Class B voting
912 3,700 Continental
6418 61
6334 6414 63
6334 60
6214 60
61
5912 61
Baking cl ANo par
12,800
1034 1133 1034 11
1114 1134
10
11
10
No par
1018 10
1034 31,000 Class B
94
9412 9412 951* 95
*9418 95
9514 93
9312 94
100
94/
1
4 1,700 Preferred
7234 74,2 7114 7338 7014 7212 69/3 7172 6914 7034 6914 7134 71,100 Continental Can Inc_No par
126 126 *126 12612 *126 12612 *126 12612
*12534 126 *12034 126
100
30 Preferred
88/
1
4 87
8818 89,4 88
88/
1
4 85
8612 8412 85
8412 85
10
5,900 Continental Ins
/
4 2312 2418 2234 2358 22
23/
1
4 241
2338 22
2278 2218 24,
8 121,000 Continental Motors_ __No par
86
8518 8634 8,5
8512 85/
8412 85
1
4 8538 86
8418 84/
1
4 8,800 Corn Products Refining_ _ _25
14138 14138 14138 14133 14132 14132 14112 14214 14212 14213 1411
/
4 1411
100
/
4
340 Preferred
6714 68,4 6612 6812 6514 67
6413 66/
1
4 6314 6438 6112 6412 32,700 Coty Inc
No par
34/
1
4 40
*35
37
*34
39/
1
4 39/
1
4 *39
37
40
100
*38
39
1,600 Crex Carpet
10114 10114 *101 10114 *101 105 *101 102 *101 102 *101 102
40 Crown Will Pap 1st pf_No par
*2313 2414 2438 2438 *2212 2338 *2234 23
2253 2234 2212 2234
No par
500 Crown Zellerbach
0178 90
9110 91/
9014 88
8934 8714 8814 87/
1
4 91
1
4 89
9,100 Crucible Steel of America_100
•11634 120 *11634 118 *11634 11710116 118 *11634 121 *11634 121
100
Preferred
2078 20
20
20321 19
2014 20
20
19
20
19
1978 11,900.Cuba Co
No par
414
4
4
*4
4
4
3/
1
4 4
378 4
No Par
3,2 3/
1
4
3,300 Cuba Cane Sugar
1212 13
1212 13
1214 13,4
1234 1314 *1234 1312 1238 121
100
4,200 Preferred
12
1173 12
1134 1218 12
1134 12
111
/
4 12
*1134 12
2,700 Cuban-American Sugar_ _ _ _10
61
65
6333 65
65
6212 *6214 64
*6214 65
100
6212 64
430 Preferred
6
6
6
6
512 57, 5.200 Cuban Dom'can Bug__No par
*6
613
5/
1
4 5/
1
4
578 5/
1
4
6058 5912 60
60
6034 60
5812 5913 5812 5813 5812 581
50
2,300 Cudahy Packing
155 15912 154 160
15034 158
14834 15512 14912 15514 151 15533 18,900 Curtiss Aer at Slot Co_No par
*200
_ _ _ _ *206
*206
__
*206
_ _ _ _ *206
*206
____
No par
Cushman's Sons
•12034 124 *12034 124 *12034 124
12034 12034 •12034 124
12034 120/
100
1
4
40! Preferred (7)
63
6212 6212 263
6114 6212 6114 6114 *61
6214 6014 6173 1,200 Cutler-Hammer Mfg
10
83
83
83,4 8312 83
83
80/
1
4 82/
1
4 7914 8012 761
/
4 7712 3,700 Cuyarnel Fruit
No par
6212 60
6113 6258 61
60/
1
4 6473 6112 63
63
62
6634 78,800 Davison Chemical_ _ _ _No par
4112 4112 4112 4112 *4112 4233 *4112 4238 *4113 4238
*4112 42
53
1,100 Debenham Securities
12212 12234 121 122
12212 124
12412 12434 123 12434 *12413 125
100
580 Deere A- Co pref
24014 24034 *241 245
242 242
24014 24114 24014 24014 24014 24012 2,000 Detroit Edison
100
5812 58,2 5834 59
57/
1
4 59
5712 58
57
58/
1
4 5812 5913 4,500 Devoe & Reynolds A__No par
115 115 *11538
*11514 ---- •11514
115,
8 115/
1
4 *11514 -100
90 1st preferred
•153 158
158 158 *153 158
158 158 *153 156
15214 154
100
210 Diamond Match
973 1018 1018 1038 10
1014 10
1012
934 0/
1
4
978 10
No par
7,700 Dome Mines, Ltd
11014 120
119 120
11818 11978 11714 11814 11613 11734 117 11734 8,300 Drug Inc
No par
72
72
7014 7014 *70
7012 70
70
6812 69
*69
7034 1,500 Dunhill International No par
*10012 101 •10012 101
10012 10073 *10013 101
10012 10012 10012 10012
600 Duquesne Light 1st pref._ _100
1034 1138 1014 1112
978 1038
8/
734 914
752 8,2
1
4 9,2 28,900 Durham Hosiery Mills B__ 50
3934 40
3934 3934 3978 40
*37
40
*37
100
40
37
37
260 Preferred
•183 184 •183 18334 18278 184
18214 183
18112 18212 18014 18114 2,900 Eastman Kodak Co_ _No Pa
*126 12712 *126 12712 •126 12712 *126 12712 12712 12712 *126 12713
100
80 Preferred
6953 7013 6912 7138 69
7013 68
69,8 67
69
6758 6814 13,900 Eaton Axle & Spring_No pa
18512 18734 18212 18673 17914 18514 17814 18134 17834 181
181 18214 23,900,E I du Pont de Nests
2
11712 11712 *11713 11734 11712 11758 *11713 11734 11712 11734 *11711 118
100
9001 6% non-vot deb
25
Eisenlohr & Bros
100
Preferred
33
-55- 33 -.3213 3212 -3283 -E- -5i- 3459 3,000 Eitingon Schild
- 331, 3312 33
No pa
104 104
103 103
10212 1021 2 •102 10212 102 10253 103 103
10
8001 Preferred 6)-'%
16013 163
158 163
153 15912 15012 156/
No Pa
15014 153/
1
4 53,1001Electric Autolite
1
4 14912 153
•112/
1
4
_ 11258 112/
1
4'113
*113
*11312 - - - - 11312 11312
10
20, Preferred
14
1314 14
1414
1314 14
13
1314 13
No pa
135s 131
/
4 1312 6,800:Electric Boat
6314 6478 6312 6534 62
6473 60
63/
1
4 60
6112 60
6172 119,200 Electric Pow & Lt_ __ _No Pa
10734 10734 10834 10834 10734 10734 *10734 10834 1081
No pa
/
4 10853 10853 10853
700 Preferred
142
*13514
935/
1
4
•13512 -- *13512 -Certificates 40% paid
8614 8814 8038 8834 8512 8752 851
/
4 8612 -g5/
1
4 i5-7g ;i5i8 845* _ -9:505 Elec Storage Battery_ _.No par
*533 512 *5
512
5/
1
4 538 *5
514 *5
514
100 Elk Horn Coal Corp__ _No Par
514 55
*15
17
*1312 1634 13
1372 1434 161
/
4 16
1612 16
1,500 Emerson-Brant class A_No Par
1714
7612 7618 7513 76
75/
1
4 7578 7512 76
711
76
7512 7512 1,500,Endicott-Johnson Corp_ _ _ _50
12313 12312 124 124 *12313 125 •124 12518 *124 12518
*12312 125
100
200 Preferred
5373 5573 15312 5478 5318 5372 511
/
4 5312 5112 527
, 511
/
4 5278 27,0001 Engineers Public SeryNo par
*9414 07 .95
9513 06
9613 9414 9552 *95
9558 9478 95
No par
700 Preferred
36
37,4 36
/
4
3713 3658 3714 3618 361
36
3612 3573 36
16,200 Equitable Office Bldg No pa
501
/
4
53
5034 5178 5312 5058 BO
53
49
4934 4913 50
3,000 Eureka Vacuum Clean_No Pa
2412 *24
*24
2418 *24
2412 *24
24/
1
4 *24
2478 *24
247
Exchange Buffet Corp__No pa
47
4658 47
49
49
4613 47
47
•4678 47
47
47
1,700 Fairbanks Morse
No pa
109 109 •10713 109 *108 10812 10812 10812 *108 1081
•10712 109
100
30 Preferred
8212
*8012 82,2 8112 81,2 *81
8212 *80
81
81
80
80
15
500 Federal Light & Trac
100 100 •100% 102 •10018 102
102 102 *100 102 •100 102
No pa
40 Preferred
*300 400 *280 400 *280 400 *265 400 •270 400 •280 400
Federal Mining & Smeit'g_100
*9683 loo
*9814 100
*9814 100
*9814 100
•9814 100
•9814 100
100
Preferred
10
19
1834 1834 1834 19
19
19
1812 18/
1
4 1812 1852 2,400 Federal Motor Truck_ _No pa
98
98
97
9913 9912 9834 9834 98
9614 96,2 *96,2 981
1.800 Fidel Phen Fire Ins N Y____10
1312
1312
*13
1334 1334 1314 1314 *1312 14
14
12
13
No pa
400 Fifth Ave Bus
96
96
9578 9572 9512 97
96
*92
*94
9512 •93
951
1,700 Filene's Sons
No pa
1
4 10478 10478 *10472 1057
105 105 •10478 10578 10478 104/
*105 106
400 Preferred
100
1
4
69
7178 6914 70/
73
7018 72/
71
70
1
4 70
69
697 16,000 First National Stores__No pa
/
4 1673
16
18
1634 1614 171 61,200 Fisk Rubber
1812 1753 1834 1618 1712 161
No pa
6934 6914
6812 6812 *67
1
4 70
70
69/
70
70
70
68
1,800 1st preferred starnped_ _ _100
71
711
/
4
73
69/
*69
1
4 6934 68
76
78
77
77
68
900 1st preferred cony
100
73
7414
73
7312 72/
7434 74
1
4 731 25,700 Fleischmann Co
75
7318 76
74
No pa
5212 *52
5213 52
5213 52
50
63
5012 52
*5012 52
2,500 Florsheint Shoe Cl A
No pa
•9812 102
*9812 102
99
9913 99,8 *0813 102
99
*9818 102
200 Preferred 6%
100
6733
64/
1
4 64/
1
4 6458 65
6814 69/
,
4 65
1
4 6673 6812 6634 67
5,100 Follansbee Bros
No pa
5212 541
5212 53/
5473
50
5212 52
5212 5414 5212 55
1
4 10,900 Foundation Co
No pa
94
911
/
4 9014 9312 48.000 Fox Film class A
89
90
941
9718 9838 95/
1
4 9753 92
No pa
*10612 108 *10612 110 *10612 110
10612 10612 108 108 •107 110
110 Franklin-Simon pref
100
46
4718 4713 46
46
47
45
477
4512 4714 44
46
17,000 Freeport Texas Co____No pa
/
4 101 107 •101 1041
*105 10712 *101 1071 10313 10312 *101 1011
/
4
200 Fuller Co prior pref._ __No pa
3133 31
2613 2678 14,500 Gabriel Snubber A____No pa
27
31
27
3078 2613 27
3138 27
/
4 16
1672 1513 16
1514 1552 15
1638 1673 1612 161
1512 13,000 Gardner Motor
No pa
03
0212 17.100 Gen Amer Tank Car
961
/
4 9134 94
9034 9178 91
90
93
9438 97
No pa
65
7012 7034 7034 6918 70
65
*69
65
6672 9,000 General Asphalt
6912 63
100
10834 100
10634 10634 2,700 Preferred
106 108
•I09 112 •112 11312 11014 112
100
1313038 137 •13033 136 *13038 137 *13038 137 •13633 137 •13033 137
General Baking pref___No Pa
5684 5834 5612 571
57
5714 5812 5514 56,2 5514 GO
/
4 56
10,500 General Cable
No pa
11012 11914 11214 11634 112 11434 11112 11433 18.300 Class A
111 114
11414 117
No pa
106 106
106 106 *10512 106
10512 10512 •106 107
106 106
600 Preferred
100
1
4 70
/
4 7114 6934 7073 68/
6814 69
681
/
4 69
7034 7114 701
0,400 General Cigar Inc
No pa
*11714 12112 •10714 120 •11714 120 *11714 120 *11714 120 *11714 120
100
Preferred
245 24812 238 24512 235 24178 23213 23912 23112 23912 231 13 23812 76,700 General Electric
No par
/
4 1112 1133 1133 1138 1138 1138 1112 5,600 Spoolal
1112 1158 1138 1133 111
10
8812 88
*86
88
8812 *86
88
88
88
88,3 *8812 89
800 General Gas & Elec A__No pa
/
4 914 94
/
4 9214 911
94
98
98
*9214 93,8 9214 924 911
800 Class B
No pa
134
133
133
133
133
133
133
133 133
13314 1,790 Pref A (8)
132 133
No pa
112 113 •11112 114
112 112
lla 113
11012 112
*110 111
470 Pref B (7)
No pa
SO
e____ 8352 *---- 80
Gen Ice Cream Corp__No pa
83/
1
4 82
82/
8478 *83
1
4 4.400 General Mills
8413 85,4 8414 8514 8414 8414 82
No pa
1
4 9712 9712 9712 9712 9712
9734 9734 9734 97/
9734 *97
*97
BOO, Preferred
100
83
81
7914
79
80
/
1
4
8134
84
/
1
4
/
1
4
84
/
1
4
82
425,500
81,
8
/
1
4
83
83
1
General Motors Core
125 12513 125 12518 12518 12512
•125 12514 12518 125'8 125 125
100
Preferred
7%
1•800,
Si
5012 •50
1
4 494 5013 5012 •50
800 Gen Outdoor Adv A_-_No Par
49/
1
4 4973 4973 4978 49/
*34
3514
35
341
/
4
35
5
8
3612
/
1
4
36
4,900 Trust certificates_ _ _ -No Par
1
4 34
3512 3578 3512 35/
104 10512 10414 10658 29,900 Geis Ity signal
1
4 106 10932 104 109
10713 109/
10534 110
No par
7814 8014 8,400 General Itetractorles
791
/
4 8014 7914 8112 7934 80
8114 82
No par
82
80
1162
115
1
4 11612
4 11638 11534 11682 115/
11.5
5.900 GUlette Safety Razor No Par
118 11834 117 11812
4012 4034 4012 4038 7.000 Gimbel Bros
4212 4114 4112 4014 4133 4012 41
42
_No Par
48112 8.3
*8112 83
•8112 83
*82
83
1,900 Preferred
100
8153 8214 8138 82
42,4 31,600 Glidden Co
1
4 4138 4314 4113 4212 411s 4178 41
4218 42/
42
43
No pa
10412 10434 105 105,4
10434 105
20 Prior preferred
100
•104 105 •10434 105 •10432 105
5612
55
55
5678 2.5.700 Gobel (Adolf)
1
4 5712
5434 58/
1
4 5812 6178 57% 5012 55/
No par
/
4 136.300 Gold Dust Corp v t c__ _No Pa
7438 6913 7338 6914 7134 6914 711
7514 71
7112 7334 72
92/
1
4 94/
1
4 71,400 Goodrich Co (B F)
No pa
9734 100/
1
4 97 10078 964 9873 9212 97,2 9114 95
300 Preferred
100
•115 11512 •115 11518 •115 115% *115 115,8 11512 11512 11334 11334
/
4 132 145,400 Goodyear T & Rub
13234 13512 12914 13414 12818 13312 12312 13112 12312 13138 1271
NoPar
10212 103
102 102
10312 10312 103 103
700
No pa
•103 1031: 103 103
1st preferred
• Uld and asked prices no sales m this day. S Ex-dividend. y Ex-rights.
PER SHARE
Range Since Jan. 1.
On basis 01100-share lots
Lowest
$ per share
378 Mar 8
19 Feb 27
9 Feb 7
471g Jan 8
818 Jan 8
/
4 Jan 2
881
60 Jan 19
12434 Jan 7
83/
1
4 Feb 18
1912 Jan 2
6832 Feb 8
1
4 Feb 28
141/
6112 Mar 8
2253 Jan 10
99/
1
4 Jan 8
22 Feb 21
8512 Jan 7
109 Jen 8
19 Mar 6
312 Mar 7
1134 Feb 20
11/
1
4 Feb 20
61 Mar 5
518 Feb 19
58 Feb 18
141 Jan 4
221 Jan 25
12013 Jan 22
60 Feb 15
63 Jan 3
5813 Feb 18
3812 Jan 2
116 Feb 26
224 Jan 2
5512 Jan 7
112 Jan 7
15214 Mar 8
018 Jan 2
115/
1
4 Jan 9
6412 Feb 16
4912 Jan 24
5/
1
4 Jan 14
36 Jan 2
18014 Mar 8
126 Jan 2
61 Jan 7
155/
1
4 Jan 22
115/
1
4 Jan 21
95/
1
4 Jan 2
93/
1
4 Jan 9
32 Feb 18
102 Mar 7
13418 Jan 7
109 Jan 2
1212 Jan 9
4318 Jan 8
10618 Jan 2
122/
1
4 Jan 4
1
4 Feb 16
82/
514 Feb 28
1053 Jan 22
7478 Feb 18
121 Feb 7
4812 Jan 4
90 Jan 12
3114 Jan 4
4412 Feb 1
2214 Jan 15
43/
1
4 Jan 8
10784 Feb 16
6812 Jan 3
9934 Jan 17
234 Jan 8
100 Jan 4
18 Feb 2
95 Feb 18
1112 Feb 11
85 Feb 1
10472 Mar
64 Feb
15/
1
4 Jan
6018 Feb 2
/
4 Feb 1
661
72 Feb 1
48 Feb 2
99 Jan
62 Jan 1
45 Jan 2
85/
1
4 Feb 18
1051* Feb 28
44 Mar 7
101 Jan 8
24 Jan 2
15 Jan 7
86 Feb 16
63 Mar 7
106 Mar 7
13038 Jan 28
3712 Jan 9
81 Jan 8
10512Mar 7
63 Jan 8
11214 Jan 5
222 Jan 2
11 Jan 3
70 Jan 7
76 Jan 3
121 Feb 20
1071
/
4 Feb 1
104 Jan 2
82 Mar 6
9714 Feb 7
78 Jan 15
124/
1
4 Jan 10
4933 Feb 6
32 Feb 14
9.5 Jan 24
74 Jan 8
11434 Feb 16
4014 Mar 5
81/
1
4 Mar 2
36/
1
4 Jan 2
10312 Jan 3
52 Jan 8
6633 Feb 16
87,2 Feb 18
113 Jan 9
112 Feb 21
102 Jan 30
Highest
PER SHARE
Range for Precious
Year 1928
Lowest
Highest
$ per share $ per share $ per share
612 Dec
26
3,
38
3 J,th
an 10
5
214 Aug
20 Nov
36 Apr
1112 Jan 2
9/
1
4 Oct 194 Apr
67 Feb 27
2613 Apr 5312 Jan
1334 Jan 17
9/
1
4 Des
3/
1
4 Apr
97 Jan 16
73 Apr 9612 Jan
7538 Mar 1
53 Dee 1281
/
4 Sent
126 Feb 14 123
Jan 128 Mar
9412 Jan 14
75 Feb 94/
1
4 May
10 Mar 2012 Nov
2838 Jan 21
9172 Jan 3
64/
1
4 Jan 94 Nov
14434 Jan 19 13812 Jan 1461
/
4 Apr
6253 Dec 8978 Nov
1
4 Jan 28
82/
1212 Sept 27 Nov
40 Mar 5
9612 Jan 10514 Oct
10114 Jan 18
2314 Dec 264 Nov
2534 Jan 9
691
/
4 July 93 Feb
94 Jan 11
11634 Feb 28 111 Dec 121 May
20
Oct 28/
244 Jan 3
1
4 May
433 July
7/
5/
1
4 Jan 31
1
4 May
1334 Oct 3238 Jan
1872 Jan
31
1538 Dec 244 May
17 Jan 3
95 Jan 3
9334 Dec 108 Feb
12
5 Nov
634 Jan 2
Jan
Jan 7814 Aug
54
671
/
4 Jan 15
17312 Feb 61
5318 Feb 19234 May
22514 Jan 15' 14434 Jan 230
Oct
Jan 141 Sept
124 Jan 31 114
65/
1
4 Jan 11
52 June 6512 Nov
85 Feb 5
49 July 63
Oct
341
6913 Jan 31
/
4 Feb 6834 Nov
36
Oct 4914 Apr
46/
1
4 Jan 24
128 Jan 4 11512 Feb 82634 May
252 Feb 1 16612 Jan 22414 Dec
6478 Feb 5
Apr
40
Jan 61
11512 Jan 15 108
Jan 120 May
n 11
0 13432 Jan 172 Nov
1643
10%2
1312 Jan
8 June
80 Mar 12018 Nov
12618 Feb 4
92 Jan 21
5512 Jan 9952 Nov
10078 Mar 5
9933 Oct 11613 Mar
iii2mar 4
3 Aug
812 May
40 Feb 27
34/
1
4 Oct 4612 Jan
19412 Feb 2 163 Feb 1944 July
1
4 Aug 134
12712 Feb 18 123/
Apr
Feb
19
76
8/
1
42 F
26
Jan 6818 Nov
118/
1
4 Jan 8 114 July 1213 Stay
11212 Jan 18
121
/
4 Jan 99 Dee
100 Jan 18
87 Nov 10012 Feb
39/
1
4 Jan 10
3314 Aug 43 Nov
113 Jan 19 10138 Aug 1211
/
4 Nov
170 Jan 28
60 June 13613 Dec
11312 Mar 8 10812 Sept 11212 Dee
8/
1534 Jan 16
1
4 Aug
1738 June
6578 Mar 1
2834 Jan 4933 Dec
1091
/
4 Feb 13 105 Dec 11018 Mar
/
4 Nov 1291
136 Feb 13 1201
/
4 Apr
92/
1
4 Feb 4
69 Feb 9113 Dec
9
612 Jan 9
Jan
6 June
5
/
1
4 Feb
15/
2212 Feb 7
1
4 Dec
Jan
Apr
7434 Dec 85
183
2411 eb24
8 12114 Jan 12753 Den
33 Feb 51 Nov
6014 Jan 31
10412 Jan 31
9012 Dec 10213 Oct
Mar
2
2953 Oct 3334 July
37/
1
4
43 Dec 79 Jan
54 Feu 28
1934 July 24/
2412 Feb 28
1
4 Oct
3213 Jan 54
511
/
4 Jan 21
Apr
Jan 11434 May
11072 Jan 9 104
42 Jan 71 Dee
98 Jan 109
104
8813 F
Apr
ja
eB
b 26
9
310 Feb 4 120 Apr 230 Dec
9114 Jan 10213 Sept
10034 Jan 7
1658 Aug 2578 May
2232 Feb 6
er 2
1334m
Jan
7514 Jun 10712 Dee
106
1114 Jan
151
/
4 May
9813 Feb 25
107 Jan 23
Apr 76/
1
4 Dec
2S
74 Feb 25
1734 Jan
873 Aug
2018 Jan 23
7212 Jan 14
5534 Oct 9112 Jan
Oct 9734 Jan
54
8212 Jan 25
1
4 Oct
65 June 89/
84/
1
4 Jan 2
494 Nov 561 Nov
54 Jan 8
10213 Jan 18
9818 Oct 100 Dec
56/
1
4 Dec 691
70 Mar 1
/
4 Dee
361
/
4 Oct 5712 Dec
5534 Mar 1
1
4 Sept
Jan
145
9
72 June 119/
110
5
06
1
417.2 FJ
J 22
110 Jan 4 10612 Dec 113 Feb
43 Oct 10914 Jan
102 Mar 10972 Apr
15 Mar 2813 Jan
3378 Feb 5
1733 Des
71
/
4 June
25 Jan 31
6073 Feb 101 Dec
102 Jan 9
68 June 941
/
4 Apr
8114 Jan 12
12014 Jan 12 11018 June 14112 Apr
Oct 150 June
144) Feb 5 132
21
Feb 4138 Nov
61 Feb 2S
56 Feb 8834 Nov
12012 Feb 28
Oct 107
2
182
07,1
12 F
Ja:21
Oct
1 102
74 Feb 25
591
/
4 Nov 7533 Feb
122 Jan 24 11414 Sept 130 Mar
124 Feb 22112 Dec
11 Sept 12 June
1134 Feb 4
89 Jan 23
3514 Jan 74 Nov
37
Jan 80 Nov
10412 Jan 22
135 Feb 14 121
Oct 144
Apr
115 Feb 15 105
Oct 1141
/
4 May
10934 Feb 5
7418 July 10512 Oct
70 Dec 8412 Nov
8915 Jan 18
9812 Dec 10014 Dec
100 Jan 4
86 Jan 26
73/
1
4 Dec 9014 Nov
1
4 Jan 12712 Apr
12612 Jan 2 123/
52 Jan 2
49 Aug 581
/
4 Jan
36, Feb 2
2912 Aug 52/
1
4 Jar
11112 Nlar 1
841
/
4 June 1231
/
4 J .n
4512 June 82 Jan
8612 Feb 20
12634 Jan 25
1
4 Oct
971
/
4 June 123/
341
/
4 Mar 591
48,8 Jan 28
/
4 June
90
87 Mar 101 June
45 Mar
3 n 3
1
20/
1
4 Jan 37 Dee
105,4 Mar 8
Jar 105 Sept
95
424 Dec 6212 Nov
66 Feb 6
82 Jan 19
71
Jan 14314 Dec
10534 Jan 2
6813 June 10914 Dec
11518 Feb 25 10912 Feb 115/
1
4 May
140 Jan 9
451
/
4 June 140 Dec
1041
/
4 Feb 28
0212 Mar 105 Dee
New York Stock Record—Continued—Page 5
1520
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. 2.
Monday,
Mar. 4.
Tuesday,
Mar.5.
Wednesday, Thursday,
Mar.6.
Mar. 7.
Friday,
Mar.8.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On Oasis of 100-share lots
Lowest
$ per share $ Per share $ Per share $ per share $ per share $ per share Shares Indus. & Miscel. (Con.) Par $ per share
6912 6834 69
6912 6812 6812 4,000 Gotham Silk Hosiery_.No par 63 Feb 18
69
69
71
6912 6934 69
New
1,100
No par 64 Feb 18
68
68
70
69
68
6873 68% 71
*6812 69
*69
*68
984 Jan 12
400 Preferred new
100 100
*100 103 *190 103 15100 103 15100 103 5100 103
1)
(0
00 97 Jan II
70 Preferred ex-warrants_ _1
98
•97 100
98
*98
9812 5198
9812 •____ 80 51._ __ 80
7 Feb IS
pa?
*712 8
100 Gould Coupler A
712 712 «712 8
*712 8
*713 8
*712 8
N ppar 444 Feb 18
4778 39.100 Graham-Paige Motors_fvoo
4912 5112 49
50
47
4878 4614 474 47
50% 48
4234 Mar 8
400 Certificates
4234 4234
46
46
*43
5145
4612 1545
46
46
45
45
pa
)Or 85 Jan 16
No_l(
9338 8914 90% 894 9034 24.700 Granby Cons M Sm & Pr
9214 95
9234 9434 9134 9353 90
100 77% Jan 30
7.100 Grand Stores
92
90
86
87
92
9134 89% 9013 8814 90
9234 91
par 23 Feb 25
2514 2678 5,900 Grand Union Co
284 294 2734 29
27
2712 26
264 2514 26
No
No par 46 Feb 27
1,700 Preferred
49
4918 49
49
50
4918 49% 4918 4934 4938 4938 50
2.590 Grant (W T)
No par 1164 Jan 17
12434 126
124 12412 124 125
126 12614 126 126
12814 129
3712 374 3812 15,300 Great Western Sugar ,,No par 3614 Feb 18
3713 3814 371
384 3973 3734 3938 37o 30
110 Feb 15
2100
90 Preferred
118 1191
*117 11913 117 117 51117 11912 *117 11912 118 118
18234 18512 17912 18312 17918 18538 177 182 Z17512 1774 17513 17818 75,800 Greene Cunene* Copper...100 168 Jan 14
4 Mar 6
p
a
r
t
5001Ou
Sugar.
1
0
o
*4
412
Dar
414 414
414 414
4
414 414
414
*4
414
75 Fet, 16
Preferred
74
•70
*70
74
75
75
*70
•70
*70
75
1570
75
8,100 Gulf Stales Steel
100 66 Jan 7
717 72
7613 79
7618 77
75
7634 774 7714 7718 79
70, Preferred
100 107 Jan 22
107 107 *10712 109 *10713 109 •10713 109 *10713 109
109 109
I
440 Flackensack Water
25 25 Jan 7
27
27
28
28
28
28
27
2712 28
27
2612 27
25 27 Feb 18
90 Preferred
31
3114 30
29
29
•31
•2713 29
*2712 29
*2713 28
25 26 Jan 31
10
27
Preferred A
27
•27
28
28
5127
28
*27
28
*27
28
1527
No par 44 Mar 7
4812 60,800 Hahn Dept Stores
44
45
4414 454 44
468 4712 4614 47
448 467
103 Mar 6
7,9001
100
1033
8
10612
Preferred
1037
8
10314
103
105
10518
106
106 106
106 106
100 100% Feb 15
240 Hamilton Watch prof
*101 10112 51101 1011 *101 10112 10112 102 •102 10212 102 102
330 Hanna 1st pref class A__100 91 Jan 14
9212 9212
94
94
159413 95
r95
95
95
96
9512 96
110 Haprrbeifseornr-Walk Refrac_No par 54 Jan 3
6034 5913 5912
*5612 ____ *5912
•60
8034 560
6034 1560
100 112 Jan 14
Preferred
____ *112
*112
*112
•112
•112
•112
2512
2512
1.000
Hartman Corp class A_No par 254 Jan 28
2512
2512
2512
2512
2512
257
O2534 26
2578 2178
No par 284Mar 8
304 3073 3118 3178 3013 3012 2934 3012 2934 2934 2834 2918 3,600 Class B
60 Feb 19
*59
61
Hawaiian Pineapple
61
*59
•59
60
61
61
5159
61
1560
1560
110 Jan 2
Heinle(0 W)
51107 112 51107 111 15107 111 •107 111 •107 111 *107 111
6918 6,200 Hershey Chocolate....No par 64 Feb 16
69
67
67
67
6712 6734 6913 6812 69% 6818 70
8312 6.200 Preferred
No par 80 Feb 16
8312 8473 8212 8314 83
8178 8212 8212 85
8112 82
100 104 Jan 4
*105 106 0105 106 *105 106 •105 1054 105 105 *105 10558 1,200 Prior preferred
1758 Feb 18
20
4.600 Hoe (RI & Co
1934 19% 20
2173 204 2114
1834 1834 1834 2078 21
4114 Jan 3
34,300
4914
483
4
50
Holland
Furnace
48
48
50
501
47
50
4938 5038 4912
1718 Jan 21
pp(l
arrr
400 Hollander & Son (A)
00 p
*1814 19
N
NN0
•1814 1912 •1814 19
19
19
*1914 20
1519
20
100 7214 Feb 21
1,400 Homestake Mining
73
7234 72% 7234 723
734 7314 7314 7314 73
73
73
100 Flouaeh Prod Inc
par 71 Feb 18
*7014 73No
*7014 73
*7014 73
7334 7334 *71
731 *7014 73
3.100 Houston Oil of Tex tern ctfs 100 8018 Mar 7
85
85
8512 8018 81
84
84
83
83
8434 8514 81
39 000 Howe Sound
No pa, 6614 Jan 8
73% 7738 7358 75% 74
7914 764 79
7934 77
78
181.1091
8753
8912
Hudson Motor Car..___No Par 7118 Feb 15
89
92
8612 9078 8718
9338 8858
90
904 92
70
7134 7058 7212 52,400 Hupp Motor Car Corp- —10 13758 Feb 18
7214 7373 7013 73
7413 7538 7313 75
15.100 Independent Oil & Gaa_No par 30 Jan 31
304 32
3113 304 31
31
3118 32
3078 31 18 3118 311
25
25
1.400 Indian Motocycle
No Par 2018 Jan 31
*2412 25
2234 25
*2412 25
25
26
2812 25
100 89 Mar 8
90
90
1001 Preferred
90
90 15 _
90
89
90
90
90
338
344
365
8
10 29 Jan 8
37.400
Indian
35
33%
36
Refining
354
3513 3614 3512 3614 35
10 28 Jan 7
324 3438 3314 3512 16,000 Certificates
35
3512 3578 3414 3538 3418 3478 33
100 160 Jan 2
Preferred
No par 119 Mar 1
Hi" 127 12213 12218 12478 1247 Hi- 121- 12112 1/1-1-2 .I.22.- 1-22 - 1.000 Industrial Rayon
12712 129
1.200 Ingersoll Rand
128 128
No Par 120 Jan 3
128 128
127 130
130 130
51129 130
7812 Jan 2
9034 9034 12.000 Inland Steel
9278 9014 94
90
9212 94
95
93
934 94
Copper...20 4318 Jan 7
6438 5918 61% 601 8234 103,800 Inspiration Cons Copper20
6218 6334 58
65
62
6538 63
1034 Feb 8
1218 1218 4.890Intercont'l
1258 1353 1218 13
'
1218 1238
Itubber___ _N
No par
1312 1312 1212 13
1414 1412 1.400 Internal Agrical
1414 14% 1414 1414
No 1p0
a0
5 1414 Mar 8
15
15,2 15
1533 1513 15
79% Feb19
8112 8112
6(10 Prior preferred
38
8214 8214 8234 8314 83
83
58112 834 *81
15713 15914 1.2001nt Business Machines.No par 14938 Jan 24
15814 159
158 158
159 159
1624 1624 157 160
93
9453 14.70011 nternational Cement No par 89% Jan 7
94
93
9778 9314 96
9678 96
9513 9713 94
9638 9218 9512 8912 9313 8112 9078 8218 8638 8314 8712 230,800 Inter Comb Eng Corp No par 6818 Jan 7
95
11514 116
800 Preferred
116 11612 •11514 116
100 10812 Jan 2
1174 11814 11658 117
*11814 119
10412 11078 49,900 International Harvester No par 9234 Jan 15
11018 11178 107 11012 10514 10978 10334 10718 10418 107
14218 14218
800 Preferred
142 142
142 142
142 142 15142 144
100 142 Feb 5
*14212 145
16,600 International Match pref....35 871s Feb 18
92% 90
9038 8812 90
9312 90
9334 91
92
9218 91
538 558 3.500 illt Mercantile Marine..._100
534 6
512 Feb 4
54 5%
513 534
578 6
6
6
13.300 Preferred
404 3072 40
100 3612 Feb 1
44
4478 4212 4418 4114 4214 4018 4158 40
6112
6338
409.800 Int Nickel of Canada_No Par 4614 Jan 2
61
6334 8012 6314 6034 6234
6112 66
6514 67
74
7712 3.500 International Paper_No par 5713 Jan 11
79
*74
75
75
____
1570
75
1574
*74
78
500 Preferred (7%)
9112 9034 9034 9014 9014 9314 9314 9314 9314
91
100 894 Jan 15
92
1591
3214 344 26.400 Inter Pap & Pow cl A__No par 2712 Jan 8
3214 33
3338 3218 33
3213 3212 3214 3312 33
2412 27.400 Class B
2214 22
2238 2218 2214 22
1533 Jan 16
No par
2112 2134 2134 2358 22
1473 1573 1414 1534 144 1473 1438 1818 103,300! Class C
1058 Jan 10
No par
1458 1434 144 1614
900 Preferred
91
90
9012 91
91
91
9078
91
100 88% Jan 4
91
91
-Li; ii- 1,600 Int Printing Ink Corp„NO Par 5613 Fell 18
57
57
59
5712 56% 574 5634 5734 57
•58
120 Preferred
10514 10514 *10514 10534 *10514 106
105 106 15105 110
100 100 Jan 2
*105 110
84
84
960 International Salt
85
85 •8314 87
88
100 5513 Jan 4
8312 9034 86
83
86
4,000 International Silver
141 14312 145 150
145 14634 143 143
142 142
100 131 Jan 22
142 142
70 Preferred
100 11214 Jan 4
*51513 11834 115 11512 *11534 118 •115 11834 *115 11834 *115 11834
212
208
19.600
2073
4
210
20618
21112
21113
21614
2193
8
19714 Jan 7
Internet
Teleg
100
Telep
&
215
21534 21834
78
83
8014 7853 8214 8014 8314 4.600 Interstate Dept Stores_No par 78 Feb 8
82
85
8312 81
83
I Preferred
100 130 Jan 15
5131 160 15131 14814 4131 14814 *12834 14814 *12834 14814 •12834 14814
3212 1,800 Intertype Corn
32
3312 34
3378 334 3338 335
3112 3112 3112 32
No par 29 Jan 2
63
64
63
13.100 Island Creek Coal
64
83
83
69
1 53 Jan 2
6158 60
6114 60
60
149
*14518
149
144
144
14414
1,000
par 144 Mar 6
*148
Jewel
14912
Tea,
149
Inc
No
14918 1494 15148
'125', -- -----12412 Jan 3
*1254
Preferred
_ •12512
- *12518
*1254 ____ *12512
1844 1934 159,000 Johns-Manville
No par 1804 Jan 7
208 21134 206 21034 199 21112 19212 20434 18212 191
Jan 21
12112
12112
12112
12112
*12112
30
119
*12112
Preferred
100
12134 12134 *12112 -____
12112 12112 *122 -_-- 15122
120 Jones & Laugh Steel pref 100 1184 Jan 4
12012 12012 121 12112 12112 122
*12
29
29
29
*12
1512
Jones Bros Tea Inc..._No par 35 Jan 21
•12
29
*12
29
*12
29
1318 12% 13
11.200 Jordan Motor Car
No par 12 Feb 11
1238 1314 •1212 1278 1212 1253 124 1214 12
140 Kan City P&L 1st pf B_No par 106 Feb 16
109 109 •109 110 *109 110 •109 110
109 109
*109 110
3012 3012 3014 304 1,800 Kaufmann Dept Stores_$12.50 294 Jan 31
31
31
3118 31
3212 3212 3114 32
7913 78% 7914 8,800 Kayser (J) Co v t o___.No par 78% Mar 8
79
8138 801x 8058 794 81
80
81
81
400 Kelth-Albee-Orpheum..No Par 35 Feb 18
3612 37
36
36
*34
*34
3612 *35
3612 37
38
*35
11014
1.100 Preferred 7%
41112 115
100 110 Feb 16
110
11014
110
115 115
115 115
1511214 117
18
1938 1973 2018 2218 204 2038 1958 2034 19% 2012 1934 20% 53,700 Kelly-Springfield Tire--No.Var 18 Feb 20
8118 Feb
85
500
8
8%
100
*807
85
preferred
•
807
8
1580
85
854
854
8812
8478 8578
*80
Feb
20
95
*93
954
100
6% preferred
9512
9512 *93
9512 *93
*93
9512 •93
*93
95
11,900 Kelsey Hayes Wheel_ __No par 4734 Jan 15
5512 56
58
59% 5734 5858 554 5714 5514 56
59
60
100 109 Jan 21
60 Preferred
- •108 110 *108 110
110 110 *110 -- *108
15108 110
1514 19,900 Kelvinator Corp
No Par 15 Jan 7
1514 15
15
1534 15
1534 1638 1512 16
1534 16
No Par 784 Feb 26
9512 9312 9634 9113 9713 9134 9514 9318 9714 1112300 Kennecott Copper
8712 9134 92
1560
6112 3,900 Kinney Co
No par 504 Feb 1
62
64
60
64
6512 64
6534 6312 6412 62
100 9312 Jan 2
108 10912 1,310 Preferred
10934 10934 108 108
108 108
106 106
105 106
par 5618 Feb 18
6218
..No
50,300
6018
62
Corp..
Roister
Radio
593
4
5914
6212
6312 (3434 62
654 6113 63
No par 3414 Mar 6
5,700 Kraft Cheese
3538 38
3514 3512 3533 3512 3414 3514 3414 35% 3412 35
98 Mar 1
100
98
*6512
68
*96
98
Preferred
1598
15954 98 •96
1596
98
98
10 80 Feb 1
------ Kresge (El 8) Co
8113 8173
100 109 Jan
- 113
30 Preferred
*111 113 *iii" 113
iii" 111 *iii- 11-3" iii" 113 *iii
1758Mar 7
18
18
1,200 Kresge.Dept Stores____No par
*18
*1818 19
1734 1734 17% 18
*1734 19
19
100 7112 Feb 1
*7314 99
75
Preferred
•72
1572
*72 99
99 •72
*72
99
99
800 Kress Co
NO Par 105 Mar 5
105 105 *103 105 51103 105
*10613 107 *1064 107
105 106
3612 Jan 3
43% 324.100 Kreuger & Toll
4412 4438 4538 45
44
4614 4334 4838 43% 44% 43
16
10613 10838 10518 10634 10318 10512 10318 10712 10418 10712 28,700 Kroger Grocery & Bkg_No par 10258 Feb
10614 108
100 235 Jan 16
240 240
200 Laclede Gas
236 236
15235 250 *230 235 *235 240 *235 240
8
Mar
100
100
100
40
100
Preferred
10014 10014 10014 101 *100 105 *100 105
*10014 105
1,100 Lego Oil & Transport—No par 2614 Feb 19
2812 30
29
2812 2812 29
29
*294 30
*2912 30
29
Jan 22
12718
14313
1393
4
No
Par
165,800
4
Lambert
Co
1415
139
143
13812 14038 14214 1454 140 145
13818
19% 20% 20% 2078 6.200 Lee Rubber & Tire__..No par 19% Feb 19
1978 21
2114
2134 2238 2114 224 21
5978 3,000 Lehigh Portland Cement._ 50 5612 Jan 8
*59
60
6212 8314 6014 6212 59
6212 821
6012 59
100 106% Jan 3
340 Preferred 7%
110 110 *110 111
110 11038 110 110
*110 11038 110 110
5812 584 59
60
No Par 5818 Feb 18
6,200 Lehn & Fink
6138 6214 60
6018 61
6214 5812 80
No par 2914 Jan 7
Life Savers
8 3.800 Liggett & Myers Tobacco...25 8912 Feb 25
9214 9158 9218 9014 9014 •9014 9012 9018 -9619178 9173 92
25 8916 Feb 26
9012 14,300 Series B
9413 9114 9214 90
8958 9034 91
9134 9018 9012 90
100 136 Jan 3
139
100 Preferred
*13714
*13714 140 *13714 13734 13714 13714 *13714 13912 *13714 139
45 Feb 8
700 Lima Locom Works...No pa
4812 4812 48
4612 4612
48
4612 4612 4614 47
48
48
79 Feb 18
8,400 Liquid Carboni()
No Pa
824 8058 82
8312 8418 8218 85
84
85
8218 8238 82
Jan 2
63%
7434
100,100 Loew's Incorporated—NO Pa
8012 7518 7818 7413 7614 72
79
7353 7178 7334 73
No pa 10238 Jan 2
700 Preferred
104 104 *104 105
104 104
10833 10878 10714 10714 107 107
713 Jan 19
8
8
17,200
Loft
Incorporated
No
Par
812 9
814 853
833 8%
818 812
734 833
30
600 Long Bell Lumber A—No Par 2814 Jan 2
*29
30
2978 30
30
3014 304 •29
*29
30
*29
*Bid ing site/ prices; no sales on SIde day. s Ex-dividend. r Ex-iighis.
Highest
$ Per share
81 18 Jan 2
7413 Jan 23
10114 Jan 5
100 Jan 12
10 Jan 9
54 Jan 2
4913 Jan 11
9534Mar 1
94 Feb 26
32% Jan 2
5438 Jan 4
14458 Feb 5
44 Jan 25
11912 Feb 1
190 Mar 1
512 Jan 3
90 Jan 2
79 Mar 5
109 Feb 14
29 Feb 28
31 Mar 8
29 Jan 14
55 Jan 10
115 Jan 31
10558 Jan 8
9934 Jan 23
5912 Mar 1
11813 Jan 29
27 Jan 2
39% Jan 2
63 Jan 10
118 Jan 29
7212 Jan 3
85% Jan 3
108 Mar 1
2178 Mar 5
5034Mar 1
22 Jan 2
76 Jan 3
794 Jan 7
107 Jan 3
8112 Mar 1
9333 Mar 4
82 Jan 28
3514 Jan 2
3212 Jan 2
9534 Feb 5
42% Jan 28
4233 Jon 28
165 Jan 11
135 Jan 18
137 Jan 26
95 Mar 4
6612 Mar 1
1414 Jan II
17% Jan 28
8812 Jan 26
16434 Feb 6
10234 Feb 4
10313 Feb 15
121 Feb 18
115 Jan 29
145 Jan 18
10212 Jan 4
714 Feb 15
4773 Feb 18
7234 Jan 23,
7712 Mar 8
9412 Jan 8
35 Jan 31
2412 Mar 8
1634 Feb 4
93 Jan 23
63 Jan 23
106 Mar 4
90% Feb 4
150 Mar 6
110 Jan 17
22712 Jan 28
9313 Jan 2
150 Jan 2
3434 Feb 21
89 Mar 5
16214 Feb 5
12518 Fell 13
24234 Feb 2
121% Mar 2
122 Jan 21
35 Jan 21
1812 Jan
11234 Jan 2
3718 Feb
88 Jan
46 Jan
138 Jan
23% Jan
9478 Jan
100 Jan 1
6134 Feb 2
110 Jan
1914 Feb
9712 Mar
6578 Feb 1
109% Mar
78% Jan
39 Jan 2
9934 Jan
91 Jan 3
11378 Feb
23 Jan
72 Jan 1
114 Jan 5
4638Mar 6
12212 Jan 3
243 Feb 1
102 Jan 4
33 Jan 2
14558Mar 4
25 Jan 14
85 Feb 6
11012 Feb 14
6813 Feb 4
39% Jan 5
10513 Jan 28
10312 Jan 29
13712 Mar 1
5212 Jan 3
11378 Jan 3
8412 Feb 27
11034 Jan 31
10 Jan 24
3213 Jan 5
PER SHARE
Range for Previous
Year 1928
Lowest
Highest
per share $ per share
7312 Dec 9378 Apr
70 Dec 93 Apr
100 Dec 130 Apr
95 Dec 112 May
1258 Feb
6% Dec
1634 Feb 6114 Sept
26'u June 56 Sept
3918 Feb 93 Dec
6514 June 9478 Oct
2684 July 41% Oct
4812 Aug 6233 Oct
11134 Dec 12512 Sept
31
Jan 3812 Dec
11212 Feb 120 Jan
89% June 17714 Dec
938 Jan
4% Dec
Jan
90 July 107
51
Jan 7378 Sept
10338 Nov 110 Apr
23
Jan 30 Jar
23 Jan 30 Dee
2512 Jan 29 June
99 Aug
59 May
54 Dec
110 June
2312 Aug
1658 Aug
61 Dee
105 Dec
3034 Jan
7014 Feb
10014 Aug
1514 Sept
404 Dec
18 Dec
67
Jan
6418 Feb
79 Dec
40% Feb
75 Jan
Jan
29
2154 Feb
Oct
20
93 Nov
9 Feb
812 Jan
140 Dec
118 Dec
90 Feb
46 Mar
18 Feb
813 July
13 Feb
48% Mar
Jan
114
Jan
56
4514 Feb
103 Mar
80 Dec
13614 M
85 Dee
334 Mar
3413 June
73% Feb
Oct
50
89 Dec
22 Dee
144 Dec
1034 Nov
88 Dec
4734 Oct
100 Dee
4912 Mar
126 June
11214 Dec
13913 Feb
614 Nov
12412 Nov
2334 Sept
47
Oct
7734 Mar
119% Nov
9614 June
11812 Oct
119 Dec
2553 Mar
818 Aug
108 Aug
2912 Dec
6258 Jan
1512 May
75'2 May
1914 Dec
5514 Feb
88 Feb
2212 Jan
108 Mar
734 July
104 Apr
97 Nov
5712 Oct
120 Jan
2758 Feb
3734 Dec
68 Nov
120
Oct
7212 Dec
89 Nov
105 Apr
30% Jan
4934 Oot
3678 Apr
80 Nov
84
Oot
167 Apr
7334 Nov
9978 Mar
84 Nov
3838 Nov
70 Apr
116 Apr
3952 July
374 July
185 Nov
Oot
146
127 Nov
80 Dee
4878 Nov
2134 Jan
2078 May
85 Dec
16638 Nov
9478 Dee
80 Dec
110 Sept
97% Dec
147 MAY
12l7 May
7% May
44% Jan
26912 Deo
8618 May
Jan
108
3413 Nov
19 Nov
13% Dec
91 Dec
60 Dee
100 Doe
6834 Jan
Jan
196
Jan
131
201 Dec
90 Deo
160 Dec
3812 Jag
61 May
179 Nov
12513 Nov
202 Deo
Apr
122
12414 May
4112 Oct
1613 Oot
114 Apr
Oct
34
92 Nov
5113 Nov
160 Nov
2512 Nov
95 Nov
101 Nov
Oct
56
111 Nov
22% Apr
3773 Aug 5634 Oct
874 Mar 100 Apr
5114 Aug 9578 Nov
32 Dec 42 Nov
9914 Dec 10114 Deo
65 Feb 91% Nov
11014 June 118 Apr
1313 Jan 274 Feb
51% Feb 75 Aug
87 Feb 1243.4 Nov
3253 Dec 40% Oct
7314 Mar 13214 Nov
Jan 260 Feb
200
99 Nov 12412 Jan
2738 Feb 391g Apr
7913 Jan 136% Nov
174 Jan 2614 Oct
42% June 5812 Nov
10614 Dee 11058 May
Jan 64% Oot
38
2812 Aug 4014 Nov
8318 June 12212 Jan
8014 June 12312 Jan
Apr
134 Aug 147
38 July 65% May
6312 Feb 12413 Nov
494 June 77 May
99% Ma 11058 Apr
Ws Aug
584 Feb
26
Jan 304 Feb
New York Stock Record-Continued-Page
1521
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. 2.
Monday,
Mar.4.
Tuesday,
Mar.5.
Wednesday, Thursday,
Mar.6.
Max. 7.
Friday.
Mar.8.
Sates
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Rime Jan. 1.
On Oasis of 100-share lots
Lowest
Highest
$ Per share S per share $ per share $ per share t Per share 6 per share Shares Indus. & Micah (Con.) Par $ per share $ per shore
7018 7112 6958 704 69 7014 6758 6958 678* 674 6678 7058 14,800 Loose-Wlies Biscuit
25 64.8 Jan 28 7458 Jan 5
*118 120 *118 120 *118 120 *118 11912 *118 11912 *118 11912 __ ____
1st preferred
100, 116% Jan 12 120 Feb 19
2434 2514 2434 2478 2458 2478 2412 2434 244 2458 2418 244 6,500 Lorillard
25 24 Feb 20 2838 Jan 11
95
88
95 *88
*85
88
*85 95 *86
95
*86
95
100 Preferred
100 88 Jan 4 93 Jan 16
1418 1414 14
1414 14
1438 1334 14
1312 1334 13% 1412 12,000 Louisiana 011
No par 1312 Feb 16 18 Jan 9
93 *92
93
*92
9212 93 *93
99 *93
99 •93
99
100 89 Feb 8 10014 Feb 21
310 Preferred
4412 4334 4412 43
44
4412 43
44
4212 43
4212 4278 11,400 Louisville G & El A____No par 3658 Jan 23 47 Jan 31
7814 8038 78
8234 77% 80
7512 8012 77
7734 784 7818 17,200 Ludlum Steel
No par 6812 Feb 16 8234 Mar 4
4378 42
43 43 *43
*4112 42
43
4112 42
42
42
901) MacAndrews & Forbes_No par 4058 Feb 2 46 Jan 4
*10612 ____ •10612
*10612
*10612 ---- •10612
•10612 ____ ______
Preferred
100 104 Jan 8 10614 Feb 8
•125 140 *125 135 *125 150 *120 150 *120 150 •120 150
Mackay Companies
100 122 Jan 19 12518 Jan 15
•8338 8512 *8358 8512 8334 8334 8358 833* *8318 8512 •8318 8512
200 Preferred
100 834 Jan 26 844 Jan 14
109
10712
109
10614
108
10812 10514 108
10514 10758 10514 10812 27,000 Mack Trucks. Inc
No par 104 Jan 16 11434 Feb 6
167 167
16512 16512 1644 16512 165 166
16412 165
165 165
1,800 Macy Co
No par 16234 Feb 16 18634 Jan 2
2212 2258 2214 2234 22
2214 221
23
22
22
22
2212 5,500 Madison Sit Garden-.,No par 1814 Jan 5 24 Feb 28
7712 7958 77
7712 79
784 7414 783* 74
7553 74
7612 37,800 Magma Copper
No par 66 Jan 16 804 Mar 1
29
30 3012 29
2812 2812 2812 2812 2812 284 1,700 Maillson (H R)& Co No pax 28 Feb 14 3938 Jan 15
3014 29
0100 10214 3100 10214 *100 101 *100 101
*99 101 .100 101
100 100 Feb 19 10512 Jan 18
Preferred
a--- 2112 *1812 2112 •1812 2112 •194 2112 •194 2112 *1912 2112
Manati Sugar
100 194 Feb 18 26 Jan 14
*4313 48 *4234 4712 43
43 *44
48
44
44
*4234 48
Preferred
100
300
43 Mar 5 5012 Jan 10
3538 358
35 354 35
3412 3412 34
35
34
33
33
2,100 Mandel Bros
..No par 28 Feb 16 3712 Mar 27
33 33
3313 3314 3278 3278 •3278 33 *328 33
3278 327
1,400
_No
3014 Jan 7 3734 Jan 14
Manh
Elec
Supply.
Par
3134 318
3112 3184 3158 3158 3158 3153 314 3112 31
31
1,400 Manhattan Shirt
25 2958 Feb 15 353* Jan 4
1314 1312 *1412 1514 •13
1514 1338 1373 •13
1312 1434 1434
700 Maracaibo 011ExPl---No pax 12 Feb 18 174 Jan 3
3912 4038 3914 4018 39 40
38
394 3714 38
38
4014 41,000 Marlin on
No par 3578 Feb 20 474 Jan 3
76 •7312 75
76
75
7312 734 7278 75
75
75
75
1,200 Marlin-Rockwell
No par 6912 Feb 27 7978 Jan 21
76
7712 774 7938 754 77
74
7614 74
75
7318 744 8,400 Marmon Motor Car_ -No Par 6634 Feb 18 84 Jan 2
15
15
15
15
15
1534 1534 1512 1512 *1412 1514 1,000 Martin-Parry Corp----No Pa
15
1414 Feb 16 18 Jan 2
203 203 200 201 *198 200
179 180
19214 194
19434 195
1,300 Mathieson Alkali Workallo Par 175 Jan 9 21634 Jan 25
*122 125 *122 125 *122 125 *12214 125 *123 125 *123 125
100 120 Jan 28 125 Jan 2
Preferred
98
96
96
987
96
971
934 963* 925* 9334 94
94
25 9073 Feb 18 10812 Jan 10
9,900 May Dept Stores
223a 2258 2112 211
22
24
234 243* 23
234 23
2312 6,400 Maytag Co
No par 2111 Feb 21 2438 Mar 6
4212 4212 4112 411
4112 433
4312 4312 42
4214 4112 42
3,300 Preferred
No pax 4113 Mar 1 454 Jan 3
*8712 89 *8712 89
88 88
*8712 88
8712 8712 8712 8712
400 Prior preferred
8712 Feb 16 904 Jan 10
No pa
75
75
75
75
75
7412 741
7412 74
74
7414 7414 1,800 McCall Corp
714 Feb 16 80 Jan 22
No pa
107 107
107 1071 107 107
107 107 *105 108 •105 108
520 McCrory Stores class A No pa 10034 Jan 4 11334 Feb 5
10512 10512 106 106 *10512 1061 10512 10512 104 10434 1044 10412 1,200
No pa 101 Jan 10 11512 Feb 6
Class B
•117 120 *117 120 *117 120 •117 120 *117 120 *117 120
100 1134 Jan 31 120 Feb 7
Preferred
*20
21 ,•20
21
•20 21
22
2213 1,400 McIntyre Porcupine Mines-2 *21
2212 .21
2014 Feb 8 234 Jan 5
7512 76
7412 7612 74
75
7314 7412 734
7314 7412 7,600 McKeesport Tin Plate_No par 7112 Jan 8 82 Jan 31
5712 6734 57
59
57
58
5614 5714 5678 5714 564 57
7,400 McKesson & Robblnallo par 49 Jan 7 59 Mar 4
6034 604 6014 604 6034 603
5914 6058 5918 594 6812 59
50 5714 Jan 18 62 Feb 4
3,100 Preferred
6514 6514 6414 65
6314 64
62 63
*61
65
*61
66
No par 62 Mar 6 72 Jan 3
900 Melville Shoe
2878 2934 284 2938 27
281
2612 2758 2518 2634 264 2838 8,400 Mengel Co(The)
No pax 251s Feb 18 3478 Jan 4
*2512 26
•2634 27
2612 261. 2634 2634 •2614 2612 .26
2612
200 Metro-Goldwyn Pictures p1_27 24 Jan 10 27 Feb 25
4734 4834 4518 48
44% 46
4312 45
4312 4512 4412 50 60,200 Mexican Seaboard 01I-No par 424 Feb 11 69% Jan 3
, 4514 4634 4412 4658 4412 46
4418 46
4514 4314 4834 94,500'Mlami Copper
44
5 31)4 Jan 8 4834Mar 8
3158 32
3112 32
3138 3178 31
3112 31
3158 314 32
304 Feb 16 3978 Jan 3
No pa
21,200 Mid-Cont Petrol
Jaar
n 16
8 121 Jan 4
0314
4m
100 123
- Preferred
37
378 4
334 37
4
31 4
334 38 --5is -1- _ 54 Jan 3
10
6-.500 Middle States Oil Corp
234 234
234 24 *234 273
258 234
278 278
312 Jan 3
10
211 278 2,400 Certificates
258 Feb 25
259 26412 25414 262 250 254 246 25014 2464 252
246 25412 4,700 Midland Steel Prod Pref---100 225 Feb 15 26412Mar 2
24
2412 244 24
241
2412 2334 2414 2334 24
2438 24
2212 Jan
2834 Jan 14
No pa
3,300 Miller Rubber
77
7858 7558 7818 7414 7612 74
78% 75
771 275
6958 Feb 1
77 41,100 Mohawk Carpet Mills-No Po
8014 Mar 1
13714 13914 13334 139
130 136
12514 1327s 12512 130
12612 131 202,700 MontWard&C0ll1CorpNo Par 120 Feb 16 15678 Jan 2
638 638
64 638
64 638
64 64
Cl, Feb 2
61a 64
64 614 7.400 Moon Motors
No pa
8 Jan 8
512 534
513 612
558 614
5
51
514 5%
3 Feb
612Mar 4
514 512 142,300 Mother Lode Coalltion_No pa
36
3734 3512 37
33
354 29
3478 31
33
33
43 Mar 1
1212 Jan
3478 13,300 Motion Picture
No
pa
2134 221 234 2114 2212 21
20
2212 21
211
21
2112 9,703 Moto Meter A
2534 Jan 3
No par 19 Feb 1
200 20112 189 200 *186 188
184 18712 185 185
184 184
3,300 Motor Products Corp No pa 165 Jan 1 206 Mar 1
4512 4658 45
4614 x44
4478 434 4412 4314 4358 4358 4412 8,500 Motor Wheel
4212 Jan
4712 Feb 4
No pa
6478 6478 6434 67
6512' 6712 *6412 6613 •64
66
6534 661.1 3,800 Munn,Mfg Co
1
814 Jan 4
6
00
2 Feb 2
No pa
*9512 97
9512 96
9412 9412 *95
97
9412 95
9412 9412
1024 Jan 11
310
No
pa
Preferred
5258 5258 53
5414 52h 5212 53
53
5212 521 .5212 53
593s Feb 13
700 Munsingwear Inc
No Par 524 Feb 1
7512 7414 7873 76
74
7834 7212 7814 7212 7514 7334 7612 122,700 Murray Body
7834 Mar 5
No par 67 Feb 1
11118 11212 110 112% 10758 11114 107 10858 10612 1073 106 108
Napes? 10214 Jan 4 11878 Jan 25
76,400 Nash Motors Co
384 39
3714 3812 3718 3814 3558 371
3514 363
3512 3634 31,500 National Acme stamped-10 284 Jan 7 3912 Feb 28
6958 7078 66
6458 6638 6434 673
6978 13534 67
6418 6734 11.400 Nat Hellas Hess
No par 6418 Mar 8 71 Mar 1
*105 115 *110 115 *110 115
110 110 •105 110 •105 110
100 Preferred
100 110 Feb 27 118 Jan 3
18312 18334 18258 183 18134 18214 180 181
178 17918 1787 18312 8,300 National Biscuit
35 178 Mar 7 205 Jan 4
14312 1431 *14214 145 *14214 145
*143 144
143 143 •14214 145
400
100 141% Feb 20 144 Jan 26
Preferred
132 13614 126% 13214 12012 1291 122 127% 1224 131 226.600
133 137
par 96 Jan 8 14334 Jan 25
No
Awl
Register
Nat
Cash
131% 13358 13118 135
129 13278 12658 131
12634 1314 1294 1305s 85,500 Nat Dairy Producta___No pax 12212 Feb 16 13753 Jan 29
371
37
36
373
3512 371
35
36
35
3618 3512 3638 16,900 Nat Department Stores No par 284 Jan 4 3734Mar 5
93 93 *93
94 •93
*9214 94 •93 94
94 •93
94
100 1st preferred
100 9214 Feb 4 94 Jan 22
ggh 405s 3958 423
3918 41
3712 407
3812 4138 404 404 16.800 Nat Distill Prod cgs-No Par 35 Feb 8 4334 Mar 26
81
7612 7658 784
79
77
79
787
7512 79 •7712 78
5,300 Preferred temp ctfs_No Par 6712 Feb 7 8.178 Mar 26
5558 561
5534 553
55 55
5512 55% 5434 56
56
58
2,600
5212 Jan 4 6214 Jan 9
149 151
14712 1471 14712 148 *149 14978 151 1534 2,600 Nat Enam St Stamping-JO°
15114 153
100 132 Jan 2 15812 Jan 9
National Lead
140 140
140 140
140 140
*140 141
140 140
140 140
210 Preferred A
100 140 Jan 2 1414 Feb 1
*118 121 *118 122
118 118 •118 122 *118 122 •118 122
50 Preferred B
100 118 Jan 2 122 Mar 27
6818 61% 57
55
591
5738 58
5853 55
564 5512 5758 286,000 National Pr & Lt
No Par 424 Jan 8 6138Mar 4
1212 121 •1212 13
*1212 13 •12/1 13 •1212 13
*1234 13
100 National Radiator
Par 1018 Feb 18 17 Jan 10
37
*36
38 •36
38 •37
38
*36
*36
37
*36
37
NO par 3714 Feb 21 41 Jan 29
Preferred
122 124 *121 124 *121 122
120 120
120 120
11934 12412 1,200 National Supply
90 11934 Feb 16 144 Jan 2
*112 114 *114 116 *114 116 *115 116 *115 116 *115 116
Preferred
100 11414 Feb 8 116 Jan lb
*139 142 •1394 142 *139 142 •135 142 •138 142
135 13614
300 National Surety
50
135 Mar 8 155 Feb 1
360 361 *365 359 *344 355
__ - ---400 National Tea Co
No par 330 Feb 18 370 Jan 2
Ws 584 5714 594 681s 60% 5718 6134 5658 593* 58
594 452,400 Nevada Conan'Copper_No par 3934 Jan 161 6134 /gar 6
478 48
4934 48
4834 4912 48
4834 4612 48
46% 48
9,800 NY Air Brake
% 4258 Jan 7 493g Mar 4
No ipso
*48
50
49
*49
*48
48
60
48
447
50 *48
49
200 New York Dock
48 Feb 16 5834 Feb 2
87 •86 87
*86
*8512 87
*8512 87
8634 87
*87
88
300, Preferred
8512 Jan 7 89 Jan 31
10112
100
10112
*100
100
100
100 100
10018 1001 •1004 101
1001 N Y Steam pref (63_--No par 9934Mar 1 103 Jan 30
114 114
113 114
113 113
11312 11312 11312 114
113 113
3701 1st preferred (7)
No pat
o 11212 Jan 3 11478 Feb 19
108 109
108 109 310138 1044 10114 10434 10112 1043 1014 10412 30,200 North
American Co
9058 Jan 7 10912 Feb lb
*5212 53 35134 5134 52
62% 53
52 *52
523
6218 524
9001
ao 5134Mar 5 5414 Jan 9
Preferred
*102 10212 10138 1013* 10112 10112 1014 10112 10114 1011 1011, 1o1l4 1,100 No
pref__No par 101 Feb 16 10334 Jan 15
Amer
Edison
5
5712
60
5914
5838
5812 58
5912
5858 678* 57
574 • 58
4,6001North German Lloyd
55 Feb 11 6414 Jan 12
*4812 4934 *4812 4934 *484 493* *49
4914 4812 481 •49
4914
20
514 54 1.100 Northwestern Telegral/b---W 481s Jan 3 494 Jan 4
514 512 •514 512
bh 5%
514 54
514 51
Norwalk
l
ar
0
.
N.
hir
The
5 Jan 7
:
&
p
Rub
614 Feb 4
*40
42
42
*38
40
*40
*36
40
37
37
*36
40
10 Preferred
100 37 Mar 7 45 Jan 31
413
7
•6
*612 714 *6
7
7
•6
•6
7
7
612
Jan
25
8
Feb 8
25
25
*2514 2512 *2514 2714 *2514 27
25
25
25
25
800 N
O16
16
W
wd
26 2414 Feb 18 32 Jan 3
elllS
Y uC
PP
oly
(The)
102 102 *10014 102
*102 103 *102 103
10014 1001 *10014 102
80 Preferred
100 10014 Mar 7 10612 Jan 16
912 934
9 8 973
912 10
84 84
8
81
74 838 5.700 Omnibus Corp
712 Feb 21 1078 Feb 28
No Par
8812 894 *86
*82
90
90
87 87
82
82 *82
90
400 Preferred A
100 82 Mar 7 90 Feb 28
8012 80
8012 80
81
803* 824 804 803
80
7934 80
9,100 Oppenhalm Collins.13CoNo par 7214 Feb 8 824 Mar 6
*23 65 •23 65 *23
68 *23
*23 65 •23 65
65
3
10
0,Orp
pr
beefu
1
em
rre6
Circult. In0
*78 84
84 84
•77
80
80
80
*85 85
7612 78
100 7612Mar 8 95i Jan 2
310 310 •290 310 •290 310 305 305 301 305
300 304,:t
700
Otis
50
276 Jan 7 335 Jan 19
Elevator
*12214
1241 *12212 1241 *12212 1244
122 1241
12214 12214 124 124
250 Preferred
100 122 Jan 8 125 Jan 24
4358 453* 4358 45
4458 46% 444 45
46
44
4458 4558 88.500 Otis Steel
No
Par 374 Jan 2 4658 Mar 4
10278 1024 1034 1034 103 10318 *1034 104
103 103
10312 1034 1,400 Prior preferred
100 101 Jan 21 108 Feb 20
88 *88
91
88
92
91
90
*88
*88
88
88
*88
200 Outlet Co
No
par 88 Mar 6 9634 Jan 4
941
91
9138 9234 90
90
9314 9434 93 93
94
91
5,000 Owens Bottle
25 81 Jan 7 9834 Feb 13
57
5514 5634 554 5634 5534 563* 12,300 Pacific Gas & Else
5734 5612 567
5714 571
25 53 Jan 2 6814 Jan 31
7612 761 •76
*754 76
76
764 79
7634 7534 7734 76
3.000 Pacific Ltg Corp
70 Jan 7 8134 Jan 31
No
Par
31% *31
3112
31
31
31
3114 31h 311
31
150 Pacific Mills
10
0
100 29 Feb 18 3312 Jan 17
1
14
lis
1 13
lla
14 11
14 14
22
1
11s 14
3,500 Pachic On
1 Mar 6
112 Jan 10
Nova?
17434 179 *173 175 *17512 177
*170 175 *172 174
150 Pacific Telep & Teleg
100 159 Jan 3 182 Jan 30
*129_
*130 --- *129
•130 -- *130 ---- *130
100 11034 Jan 3 129 Feb 27
Preferred
142% 14634 14112 14712 13434 14312 135 1387s 13618 1407; 286.000 Packard Motor Car
14534 149
10 12514 Feb 18 153 Jan 2
43
4334 2,000 Pan-Amer Pelt & Trans
4118 42
4178 414 414 4178 4112 42
43
43
60 4014 Feb 18 50 Jan 4
4214 4114 424 4273 4458 31.400 Class B
4212 43
414 42
41
4214 41
4o12 Feb 10 514 Jan 3
ao
1512 1413 1412
1512 1512 *1512 16 •154 16
15
16
16
900 Pan-Am West Petrol B_No par 1412 Mar 8 174 Jan 3
1012
912 912 •10
10
10
912 10
10
10
101
4
80
*10
00
0 Panhandle
94 Feb 16 1514 Jan 3
ref
,..NoPar
Prod
&
dle
574 5718 *56
57
58
6614 5614 56
*56
597 *55 60
100 4712 Feb 25 76 Jan 16
6434 657e 6414 654 63 65
6234 6414 6338 651a 137,400 Paramount Fam Lasky-No Par 5511 Jan 2 671s Feb 4
6454 661
7014
7038 73
7112 72
701/ 71
70
71
7012
*73 76
5.200 Park & Tilford
No Far 70 Mar 7 877s Jan 14
13
1338 125a 1314 124 124 1218 1278 1218 124 1214 1212 64,400 Park Utah CM
1 1114 Jan 30 1378 Feb 28
1134 1214 41.600 Pathe Exchange
1238 12% 12% 1258 1214 1212 1158 1212 1158 12
No Par 1034 Feb 8 144 Jan 9
2412 2412 2412 24
244 3,400 Class A
.0254 26
25 2558 25
24
25
2314 Feb 11 30 Jan 9
No
Par
4538 4112 437
4458 4734 4414 4614 41
4234 4534 141,600 Patin° Mines& Enterpr____20 341s Jan 7 4734 Mar 4
471
46
1510 ..d mud prima: no Wu on this day. a Ex-dividend. a Ex-righta. S El-dividend and el-right&
PER SHARE
Rangefor Previous
Year 1928
LowestI Highest
Per share $ per shall
444 June 8814 Sept
11712 Aug 125 May
2334 June 4678 Apt
8612 Dec 114 Mar
958 Feb 1934 Apr
78 July 96 Apr
28 Feb 41 May
44 Aug
106 Oct
1084 Mar
6814 Jan
83 Apr
y134 Aug
1814 Dec
4334 Feb
16 Jan
871a Jan
21 Nov
40 Nov
32 June
284 Sept
3134 Feb
124 Feb
33 Feb
4514 Mar
77 Dec
124 Mar
11734 June
115 Jan
75 July
1712 Aug
4018 Aug
894 Dec
56 Feb
77 Feb
8012 Mar
109 Feb
194 Sept
6212 June
451/ Nov
54 Nov
6078 Nov
2514 July
2412 Dec
438 Jan
1734 Jan
254 Feb
10314 Feb
238 Jan
112 Jan
193 June
184 Aug
3918 Aug
11514 Dec
bas Feb
2% Aug
5 Ma
13 Ma
94 July
2512 Jan
6914 Jun
98 De
4634 Ma
2112 Fe
8014 Fe
74 Ja
578 Apr
110 Nov
134 Mar
86 Oct
110 Nov
382 Aug
34 May
75 Nov
384 Nov
110 Oct
41 Jan
88 Jan
4012 Jan
663s June
43 May
2512 Apr
4934 Nov
83 Nov
86 Dee
2558 June
190 Dec
130 Apr
1134 Nov
3013 Nov
52 May
101 May
80 Dee
10973 Nov
11934 Nov
11812 Nov
2812 Mar
783* Nov
5034 Dec
633s Nov
70 Sept
41 Sent
274 May
73 Dee
33 Dee
4412 Nov
12012 Dec
738 May
87a May
295 Nov
27 Jan
7578 Dee
15612 Dec
1112 May
41s May
144 Dec
2434 Sept
218% Oct
514 Oct
9514 Oct
1044 Nov
6212 May
1244 Oct
112 Nov
3212 Dec
9014 Jan 11812 Dec
15912 July 1954 Nov
1371 Feb 150 Apr
474 Jan 10434 Dec
6412 Jan 1334 Dec
2178 Jan 324 Oct
91 Jan 102 May
2914 June 5812 Jan
22
138
34
5114 June 7
Nov
2314 Mar
115 July 136 Jan
139 Jan 14714 May
2% July
11212 Mar 14
26
Dec
2178 Jan
14 July 4033 Jan
36 Dec 9812 Jan
Dee
8414 June
114 Sept1116
49 Jan
13834 Dec 150 Nov
160 Jan 390 Dee
17% Jan 42% Dec
3978 Oct 501 Nov
47 Aug 6414 Jan
95 Jan
85 Sep
9812 Oct 10512 May
102 Jan 115 Apr
5858 Jan 97 Nov
51 Seri
5553 May
9934 Oct 10578 Feb
6334 Jun
6912 Nov
48 Oct 65 May
7h Sept
212 Ma
33% Jan 48 Sept
13 May
684 De
41 Jan
2014 Jun
97 June 11012 Jan
712 Dec 154 May
8312 Dec Nal Yana
6734 Aug 8812 Jan
18 May 70 Oct
75 May 104 Nov
1474 Feb 28512 Dec
11914 Jan 12634 July
1012 Jan 4011 Nov
8212 Jan 103 Nov
81 June 9913 Sept
742 Jan 95% Apr
4312 Feb 564 Nov
69 Dec 853s June
25 Oct 3512 Nov
1 Sept
24 Apr
145 June 169 Dec
114 Oct 12512 May
5614 Feb 163 Dee
384 Feb 5512 Nov
37% Feb 5878 Nov
154 July 28% Apr
1112 Feb 21% May
70 Feb 1064 May
4714 Oct 56% Dec
34 Mar 98 Nov
9 Aug 1412 Jan
2 Feb 15 Nov
812 Feb 34 Aug
23% Jan 42 Apr
New York Stock Record—Continued—Page 7
1522
For sales during the week of stocks not recorded here, see seventh page preceding.
HIGH AND LOW SALE PRICES—PER SHARE, NOT PER CENT.
Saturday,
Mar. 2.
Monday,
Mar.4.
Tuesday,
Mar.5.
Wednesday, Thursday,
Mar. 7.
Mar.6.
Friday,
Mar.8.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Shares Indus. & Miscell. (Con.) Par
2,800 Peerless Motor Car
50
22,200 Penick & Ford
No par
100
100 Preferred
Penn Coal & Coke
50
6,300 Penn-DixieCement____No par
600 Preferred
100
2.600 People's0L & C (Chic)_..100
500 Pet Milk
No par
Philadelphia Co (P1ttsb)___50
5% preferred
50
800 6% preferred
50
47,000 nibs dr Read C & 1____No par
10,600 Philip Morris & Co., Ltd
10
Phillips Jones pref
100
10,200 Phillips Petroleum____No par
400 Phoenix Hosiery
5
Preferred
100
9,700 Pierce-Arrow Class A__No-par
1,500 Preferred
100
6,100 Pierce Oil Corporation
25
700 Preferred
100
4,300 Pierce Petrol'm
No par
10,300 Pillsbury Flour Mills No par
__ Preferred
100
100
1i
34- -ai- -- -1:100 Pittsburgh Coal of Pa
"iiiii -66
11wrii" If- -ii.- li- -igi2 Iiii "ii100
*874
95
95
Preferred
.
1874
*8713
96
97
*8712
98
*8711
•874 98
300 Pitts Terminal Coal
100
27
27
*2612 28
264 2634 2658 2658 •2612 29
28
*26
71
240 Preferred
100
70 .70
70
70
70
17
70 70
*70
71
*70
7.900
A.100
8734
88
Porto
Rican-Am
Tob
el
88
8712
8812
9114
927
90 91
90 9214 91
414 4212 29,100 Class B
No par
4514 4114 448 4114 42
424 43
42
4312 467
800 Postal Tel dr Cable pref___100
10418 10418 *104 10484 104 104 *104 10484 10418 10418 104 10414
No par
714 7018 7234 102,200 Postum Co Inc
714 7314 70
7258 70
7118 7278 7212 74
25
5958 5884 5914 5858 5938 5812 5958 17,400 Prairie 011 & Gas
5834 5978 59
584 60
25
5734 20,900 Prairie Pipe dr Line
584 5878 5714 584 5738 574 5612 5814 5612 5912 56
No par
2178 2178 2153 2134 2114 2158 2058 2112 2012 2034 2018 2012 6,700 Pressed Steel Car
100
7712
500 Preferred
*76
78
79
77
7758 •76
794 7912 *7912 80 •78
20
600 Producers & Refiners Corp__50
*19
19
20
20
19
1914 19
2078 207
21
•20
50
40
90 Preferred
40
40
40
42
40 40
40 40 *40
0384 42
20 Pro-phy-lac-tic Brush-_No par
*63 69
69
65 85 *63 69 .63
*65_- *63 65
par
8814 -9033 8714 90
8613 884 834 8714 8278 8514 8314 844 50.500 Pub ser Corp of N J.
100
1044 10512 *105 10584 1,100 8% preferred
*1054 10612 10614 10614 106 1064 10512 106
100
7% preferred
*1204 123 •12014 123 4,1204 122 *12014 123 *12014 122 *1204 122
100
150
*140
150
8%
preferred
148
148 1504 *148 150 •148 150
5148 152
400 Pub Serv Etc° & Gas pref _100
•1074 1094 109 10934 109 109 *10734 10812 10812 10812 10834 10684
No par
10.500 Pullman. Inc
8312 8418 8353 84% 8234 8312 8114 8214 8118 8112 8118 82
1
50
154 16,
1.800 Punta Alegre Sugar
16
16
16
•1618 1611 1818 1614 1618 164 16
25
10,300 Pure Oil (The)
2458 2478 2412 2412 244 2488 2384 24% 2358 2314 2334 25
100
11412
1124
11212
370
Preferred
11412
8%
114 114
115 115
114 115
114 114
15.400 Purity Bakeries
126 12734 12218 12688 12114 12314 12314 126
12358 1254 11914 125
___
--- ---- - - -- -- - -- Preferred
145 191 *145 190 *145 190
*145 149
82:600 Radio Corp or Amer__ _No par
375 .4-07 39812 445
39112 408 381 398 388 391
3924 406
50
55
55
500 Preferred
55
55
55
55
56
•551
: 5534 5534 5534 *55
7
3814
354
344
112,100
34
Radio Keith-Orp cl A__No par
3418
3658
35% 3612
37
3812 3518 37
10
754 7858 764 7858 37,100 Real Silk Hosiery
81
77
7914 8138 79 8458 7858 83
100
99
70 Preferred
99 .97
9973 *9713 99 *97
*97 10012 100 102 •98
par
No
*1212
13
6,000
Co
13
(Robt)
&
Reis
1234
1238 14
13
1312 1253 143
127s 14
100
90
90
90
1.800 First preferred
90
93
90 94
92
90 91
93
*90
No par
33
3184 3234 3178 3278 42.500 Remington-Rand
3312 3334 321 3378 3212 3314 32
100
200 First preferred
89252 94/
1
4 *9212 9412 93 93 *9353 9414 9414 9414 *934 9414
100
- -- -__ Second preferred
*95 110 •95 110 •95 110 •98- *93
*95 110
10
30
31
2878 30% 29 -2-97-8 2914 -2-97; 103:700 Reo Motor Car
304 304 317
29
9634 924 9453 9218 9434 138,300 Republic Iron & Steel---100
92
975
95 9934 9612 10073 95
100
4
'111
11114
110
110
400
111
111
Preferred
*113
115
113
1144
115
*113
No par
984 10
14.200 Reynolds Spring
95* 988
912 1018
1018 1014 1018 1014 1013 1014
5978 61
6012 6112 60 617
598 60% 5984 6014 5734 594 27.600 Reynolds (RJ) Ton class B-10
10
*76
80
78
180 Class A
76
76
76 •76 80 •76
78
78
*76
58
Rhine Westphalia Elea Pow__
*554 5512 *55
56
56 •55
55514 5812 *5638 564 *55
42
404 4118 40% 4078 4014 423 19.600 Richfield Oil of California-25
43 4312 4118 4318 41
35
3678 24.900 Rio Grande Oil
No Par
344 3818 3412 36
3713 3712 3634 3714 3614 37
25
25784 26334 4,900 Rossia Insurance Co
261 2654 26014 270 258 268 251 25984 252 258
3414 354 10,900 Royal Baking Powder__No par
351 344 35
3612 381
3513 3614 85
37
38
100
1014
1014
•____
10412
200
10412
10212
1021
Preferred
*1024 10412 4.10212 1041 *10212
5212 5258 5184 5258 2.600 Royal Dutch Co(NY shares)
53 *524 53
5318 5358 534 534 53
10
7912 76.300 St. Joseph Lead
7812 7912 7714 79'z 778 814 7513 805* 7534 7958 x76
164 165
No par
13.600 Safeway Stores
16558 17118 161 16612 16038 167
172 17334 17014 174
100
96/
1
4 9634
780 Preferred (8)
96
97
*9512 97
9512 9558 95
97
97
96
100
260 Preferred (7)
103 103 4,1024_ - 10314 10314 10334 1034
10212 103
105 105
434 4414 45
473
4.600 Savage Arms Corp __No par
4658 474 4612 4718 4612 4658 4412 -46-1
par
Stores__No
318
304
31
3014
314
3112
19.400
Schulte
Retail
2912
30
2912
3058
2911 2978
100
106 106
100 Preferred
106 10618 10614 1061 .106 108
108 108
106 106
No par
21
1958 2012 24.500 Seagrave Corp
1812 2012 19
19
1812 195
1914 1914 19
51,300 Sears. Roebuck & Co_-No par
15612 16014 15338 15812 1534 15658 15418 157
16012 16334 160 162
No par
658 7 54,500 Seneca Copper
64 7
7
714 74
72
74 712
712
7
13412
No par
1304
5,900 Shattuck (P 0)
131
12912
12918
1291
133
129
134'2
132
13484 13512
*44
Shell Transport & Trading.£2
4612
4612 *4434 461 •4414 46
*4512 464 *454 461 *45
No par
2718 274 2718 2712 2678 274 32614 26a 2618 2638 2818 2634 24,100 Shell Union Oil
6818 6653 6558 6834 6534 6612 9,700 Shubert Theatre Corp_No par
8778 8978 874 704 8618 68
No par
94 64.500 81II11120/Uil CO
9212 97
9012 94% 91
99 10218 964 100
101/
1
4 103
10
184 19
5.100 Simms Petrolem
19
1884 19
194 1912 1912 1912 19
20
20
3714 39 183,300 Sinclair Cons 011 Corp_No par
3614 38
3858 3634 38
38
39
38
3812 39
100
109/
1
4 110
1.100 Preferred
109/
1
4 110 *10934 11018 110 110
109/
1
4 10958 110 110
28
3484 15,800'Skelly 011 Co
327 337k 34
3418 3458 3334 34
344 3413 347 347
800 Sloss-Sheffield Steel & Iron 100
120 120 *115 120 *115 120
11834 11834 1184 11812 11812 120
100
Preferred
•108 112 *108 112 *108 112 *108 112 *108 112 .108 1126
No par
700 Snider Packing
15 *144 1484 1358 135* *1313 134 1314 13 8
*14
*1412 15
No par
1,100 Preferred
4414 46
*4412 4634 4453 448
47
*45
474 4712 *4612 47
No par
/
4 381
/
4 39
5.500 So Porto Rico Sug
3914 3818 3953 3818 381
3914 3984 394 394 39
25
Edison
80
6018
15,000
Southern
804
Calif
601
5812
6112 62
604 6134 6018 6078 60
1,100 Southern Dairies el A-_No par
35/
1
4 3534 *3512 3638 3512 354 *3512 361 *3512 3812 354 351
par
No
13
113
4
740
Class
B
111
/
4
12
*1112
•1112
1212
*1112
1
4 12
1212 1212 11/
100
115 115
50 Spalding Bros lst pref
115 115
•115 117 *115 117 *115 117 *115 117
46
4412 452 8,800 Spans Chalfant&Co IncNo par
4734 4414 4414 46
45
46
45
45 •44
100
90
*---90
•__
__
Preferred
*---- 90 •____ 90 •____ 90 •____ 90
No par
510 Spear & Co
*1114 1184 *1113 113e
11
108s 11
1012 1084 1134 1184 11
100
79
.77
540
79
*77
Preferred
77
77
7638 764 76
7638 7658 77
6158 33.200 Spicer Mfg Co
No par
60
83 6478 80 641
8012 6334 60 8358 6018 62
10312 b04'z 20,900 Spiegel-May-Stern Co_No par
1094 1104 10914 112
10834 11014 10414 1094 10334 106
3484 4.400 Stand Comm Tobacco_No par
334 3412 34
363 3634 3514 3612 3414 3514 3412 351
1
4 88
13,200 Standard Gas & El Co-No par
9058 8734 8814 87/
92
93
91
9212 9058 917
88
50
65
3,500 Preferred
6514 65
65
6413 6514 65 6512 6412 6538 6414 641
100
114
1144
115
2.1C0 Standard Milling
115
122 122
114 117
120 122
118 118
100
110 Preferred
*120 125
120 120 •116 120 *116 120
120 122
120 120
8612 6918 32.100 Standard 011 of Cal__
Cal___ _No par
87
6858 68's 66
68 6832 6858 6978 68 69
4838 4938 4812 4914 4878 4973 67,500 Standard 011 of New
4978 4858 495* 4853 49
49
384 3814 40 60,800 Standard Oil of New York —25
39% 4014 3914 40
3918 4984 384 3953 38
5
513 3.500 Stand Plate Glass Co_-No par
*55* 54
54 5%
518 53g
54, 554
584 558
100
110 Preferred
1912 20
20
•191
/
4 2012 22
191
/
4 1958 20
22
*1912 20
4958
7,200 Stand San Mfg Co....No par
4814
4814
497
4814
50
4812
49
483
484
4858
4953
100
•125
130
20
130
Preferred
*135__ 135 135 •135
_ *120
- - •125
35
1,500 Stanley Co of Amer____No par
35
35
35
354 3514 -3514 35 -35
354 -3-54 35
134 1371 36.200 Stewart-Warn hp Corp_No par
133 136
13412 1354 13534 14012 135 13978 133 139
13,100 Stromberg carburetor_No par
66
6278 6112 621s 6018 6178 60
614 6038 614 60
61
8818 88 91,300 Studeb'r Corp (The_No par
8618 88
894 907a 8814 9058 8738 8938 8558 891
100
220 Preferred
*124/
1
4 125 *1244 125
12434 12454 12434 1243 •12434 _ .*12484 125
No par
31
3
313 3% 4,200 Submarine Boat
"318
318
3
318 338
3
318 314
par
No
1.900
5812
Sun
011
58
5914
5712
574 5838 58
58
574 577
5784 58
100
20 Preferred
103 10338 •10318 104
•104 1044 *10312 104 *10318 104 *10318 104
No par
713 838 22,200 Superior Oil
718 712
768
714 758
712 753
72
753 738
100
43
43
1,500 Superior Steel
44
43 4312 43
447 *42
44
44 43% 44
50
16
18
400 Sweets Co of America
18
•1812 17
16
*1612 17 •1612 17
18
16
No par
5
5
*514 512
*5
534
514 54
53
400 Symington
54 512 *5
No
par
127
8
127
8
Class
A
900
13
1318 131
13
/
4 1318 13/
1
4 13
13
13
13
No par
800 Telautograph Corp
•19
194 1912 1912 194 1934 *1912 1984 1934 194 1912 191
15 Per share 5 per share $ per share 5 per share 5 per share $ per share
1958 20
1934 2018 1918 1978 1958 1978 1918 1918 1912 194
1
4
49% 467 48/
50
48
524 5384 4912 5373 50
5134 48
109 109
10812 109 •10812 109
109 109 *10811 109 *10812 109
*95 10
*958 10
*958 10
*958 10
*958 10
*94 10
2184
214 21
214 2278 21
214 22
2212 23
2278 23
88
8818 88
90 *88
8818 *88
*88
8834 8834 90 *88
262 265
•270 27212 *268 270 *260 268 255 262 *250 262
39
39
3814 3814 *37
3838 39
39
39
39
39
39
•160 170 *160 170 *160 180 *160 170 *160 170 •160 170
51
*49
51
*49
51 .49
51
*49
51
*49
534
53
53
534 5312 5353 5358 5312 5312 *5314 5353 53
284 2912
317
3038 3134 2818 3014 2818 29
31/
1
4 3214 31
1818 1878 1838 19
1812 188 1712 184 1718 177* 1718 18
90
90 *85
90 •85 90 *85
*85 90 *85 90 *85
3712 3758 3718 3878
3818 3858 3712 38
3812 3878 384 39
27
27
*2512 30
*2584 30
*26
30
2614 2614 254 26
*9514 98 •9514 98
99
*9514 98
99 *98
99 •96
*96
3258
344
3278
32
3178
33
3318
33
34
34
3358 34
8318
804 8012 804 804 82
8284 8284 *8012 83 *8012 83
214 24
214 214
214 214
214 214
214 214
214 212
36
*35
36
8
*35
37
36
367
•36
37
37
3718
*36
48 5
434 48
434 48
47
5
424 478
*414 47s
527
524 52
52
56
5753 5412 5614 517 54
5684 57
•Bld and asked prloes; no sales on this day. s Ex-dlvIdend. 0 Ex-rIgnts
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots
Lowest
Highest
8 per share
174 Jan 14
38 Jan 2
1044 Jan 4
9 Jan 30
2058 Feb 18
8612 Jan 8
208 Jan 11
3814Mar 6
159 Jan 2
484 Jan 15
53 Jan 2
2814 Mar 6
1638 Feb 16
8814 Jan 17
3718 Mar 8
2534 Mar 5
9812 Feb 1
2834 Jan 3
7212 Jan 2
214 Feb 8
30 Jan 8
458 Feb 11
517 Mar 6
143 Jan 2
624 Feb 16
8718 Feb 20
2658Mar 6
70 Jan 29
77 Jan 11
36 Jan 4
103 Jan 7
6814 Feb 18
58 Jan 30
5353 Jan 14
1958 Feb 18
7412 Feb 16
1814 Feb 16
384 Feb 20
6018 Jan 7
8153 Jan 8
104 Jan 5
119 Jan 8
1451g Jan 18
10684 Mar 8
80% Feb 18
1518 Feb 18
234 Feb 16
112 Jan 14
11914Mar 4
333 Feb 18
55 Jan 19
34 Mar 7
57 Jan 7
97 Jan 5
1118 Feb 18
80 Jan 7
2978 Jan 24
9014 Jan 4
934 Jan 19
274 Feb 11
794 Feb 8
10858 Jan 7
912Mar 6
5612 Feb 21
76 Feb 20
53 Feb 26
3934 Feb 16
334 Feb 21
226 Feb 18
3112 Jan 22
10112Mar 7
4978 Feb 19
62 Jan 7
158 Feb 18
94 Jan 10
102 Feb 16
4312Mar 7
29 Feb 27
105 Feb 4
157 Jan 2
16158 Feb 18
512 Jan 2
12312 Jan 8
43 Jan 25
2584 Feb 18
65 Feb 8
9012Mar 7
1814Mar 8
36 Feb 8
10912 Jan 10
3278 Mar 7
11412 Feb 15
105 Jan 2
12 Jan 2
33 Jan 3
3712 Feb 21
5358 Jan 4
3512 Feb 18
1184 Mar 4
115 Jan 2
404 Feb 8
98 Jan 22
1012 Mar 4
76 Mar 4
45 Jan 7
774 Jan 15
31 Feb 18
82 Jan 8
8414 Mar 6
114 Mar 8
113 Jan 2
64 Feb 18
48 Feb 16
38 Mar 7
412 Jan 2
17 Jan 3
4618 Jan 4
11812 Jan 15
35 Feb 28
12113 Jan 3
35284 Jan 11
77 Jan 5
12484 Jan 2
3 Feb 27
5712Mat 6
100 Jan 3
7 Feb 16
38 Jan 2
15% Feb 18
5 Jan 3
124 Feb 16
194 Feb 8
PER SHARE
Range for Previous
Year 1928
Lowest
Highest
$ per share $ per share $ per Awe
144 Sept 2578 Mar
2212 Jan 11
5538 Feb 28
223 Jan 4112 Oct
110 Jan 9 103 Oct 115 Mar
12 Jan 20
8 Aug 141a Jan
27 Jan 6
14/
1
4 July 31 May
94 Jan 22
75 Sept 9658 Apr
1
4 Jan 217 Nov
27214 Feb 28 151/
4512 Jan 3
4112 Dec 464 Dee
180 Jan 5 145 Mar 17484 May
4512 Mar 49 Aug
484 Jan 11
537 Jan 24
5134 Oct 57 mar
2738 June 394 Jan
34 Jan 8
2314 Feb 26
15 Mar 2512 May
85 Apr 99 May
9012 Jan 11
3514 Feb 5378 Nov
47 Jan 3
21 Oct 38 May
3758 Jan 22
94 Dec 10314 Feb
100 Jan 6
1812 Oct 3078 Dee
3778 Jan 9
8612 Jan 9
561z Oct 747 Dec
4 mar
514 Apr
278 Jan 7
44 Feb 16
1614 Feb 50 Oot
658 Apr
34 Feb
573 Jan 15
6378 Jan 15
3284 Feb 5878 Dec
15614 Jan 14 108 Jan 14473 Dec
8334 Jan 9
3618 June 7878 Dee
100 Jan 5 81 May 10078 Dee
343g Jan 9
26 Feb 38 Dec
7814 Jan 9
6318 Oct 82 Mar
927 Mar 4
5334 July 8534 Dec
5034 Jan 2
2314 Aug 5178 Des
105 Jan 31 10058 Aug 106 Sept
7858 Jan 5
6153 July 136'l May
6558 Jan 2
5913 Dec 8458 Dec
60 Feb 25
233 Jan 2
18 June 331/ Oct
80 Feb 28
70 Aug 9312 Oct
2578 Jan 3
16 Feb 297 Nov
43 Jan 3
41 Feb 4958 June
8284 Jan 14
52 Nov 91 Feb
9434 Jan 31
4113 Jan 8312 Dee
10818 Feb 5 10388 Jan 115 May
12478 Jan 3 117 Oct 12912 May
150 Feb 13 134 Jan 150 May
10938 Jan 28 10612 Dec 11012 Are
777 Oct 94 May
9178 Jan 3
2114 Jan 14
1753 Dec 3478 Jan
19 Feb 3114 Nov
2812 Jan 3
116 Feb 25 108 Mar 119 June
75 June 139/
1
4 Oct
13978 Feb 4
105 July 16614 Oct
854 Feb 420 Dec
445 Mar 8
57 Jan 3
5412 Jan 60 May
46% Jan 4
3414 Dec 5112 Nov
8438Mar 4
2476 Jan 6058 Dec
804 July 9712 Dec
1024 Feb 8
164 Feb 1
54 Feb 15 Dee
10812 Feb 6
6114 Feb 8912 Dec
3584 Feb 4
234 Jan 3611 May
96 Feb 4
8714 Dec 98 June
997 Feb 19
8813 Oct 100 Jan
3178 Jan 3
224 Jan 3514 Oct
491
/
4 June 9412 Nov
10078 Mar 4
11512 Feb 27 102 June 112 Feb
1214 Jan 16
84 Feb 1478 June
66 Jan 11
7614 Feb 20 16512 Mar 195 MAY
64 Jan 2
50 Oct 61 Dec
4958 Jan 3
2313 Feb 58 Nov
4178 Jan 25
270 Mar 4 145 June 278 Nov
4314 Jan 2
40 Dec 4984 Dec
10312 Jan 21 10412 Dec 10412 Dec
5584 Jan 5
4458 Jan 64 Oct
94 Jan 21
37 Mar 7112 Dec
1954 Jan 4 171 Dec 201/
1
4 Dec
97 Jan 18
95 Dec 97 Dec
108 Jan 18 10612 Dec 10612 Dec
3614 Dee 51 Dec
5178 Jan 24
4112 Jan 8
3534 Dec 8712 Apt
11812 Jan 2 115 Dec 129 Api
10 Feb 1712 June
21 Mar 7
8218 Jan 19711 Nov
181 Jan 2
712Mar 2
2 Jan
712 Oat
8012 Feb 14014 Oct
142 Feb 4
5584 Jan 10
3953 Jan 574 Oct
3014 Jan 3
2314 Feb 3953 Nov
7412 Jan 24
5454 June 8514 Nov
116 Jan 31
5534 June 10188 Nov
2373 Jan 3
184 Feb 2714 Nov
45 Jan 2
1738 Feb 464 Nov
111 Jan 29 10212 Jan 110 001
40 Jan 22
25 Feb 425 Nov
125 Jan 19 102 June 134 Fet
112 Jan 18 10412 Oct 123 Mal
1614 Feb 5
11 Dee 20 Api
31 Nov 60 Jar
5012 Feb 6
4434 Jan 2
3212 Feb 4938 Ma,
4312 Jan 5611 Nol
884 Jan 31
42 Jan 2
2412 Jan 8058 Ma/
9 Jan 30 Api
1553 Jan 12
117 Feb 6 109 Jan 120 Api
5214 Jan 3
26 July 5758 Du
97 Jan 17
97 Oct 100 Aui
1484 Feb 4
1014 Nov 20 Fet
804 Jan 2
761
/
4 Nov 9238 Fet
6634Mar 1
2312 Jan 5153 Des
11778 Feb 6
8512 Sept 91 Not
4358 Jan 11
24 Oct 4014 Not
997 Jan 31
577 Jan 8456 Des
67 Feb 4
6458 Dec 7112 Maz
16314 Jan 18 100 Jan 14212 Des
133 Jan 12
97 Nov 115 Del
7313 Jan 5
80 Nol
5512 Jan 3
374 Feb 5934 Nol
4584 Jan 2
284 Feb 4512 Da
96 Jan 21
77 Pet
214 Jan
31 Jan 18
10 Jan 40 Fet
54 Jan 29
34 June 5388 De<
135 Mar 4 118 Oct 126/
1
4 Ma/
4314 Jan 3
35 Dec 6984 Sep1
7714 Feb 1284 Deg
145 Jan 22
44 Jan 99 Deg
924 Jan 9
57 Jan 8712 Oct
98 Jan 28
125 Jan 18 12112 Feb 127 J11111
3 Feb
384 Jan 17
64 Mai
3112 Jan 77 Not
6812 Jan 10
1054 Jan 8 100 Jan 110 Am
12 Jan 3
212 Feb 1414 Not
18 Jan 5678 Nol
484 Jan 21
20 Jan 24
1158 Feb 2312 &pi
4 Aug
758 Jan 14
7 Ma,
1834 Jan 14
10 Aug 194 Apt
22 Jan 4
154 Jan 2253 Ma]
New York Stock Record-Concluded-Page 8
1523
For sales during the week of stocks not recorded here, see eighth page preceding.
111011 AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Mar. 2.
Monday,
Mar. 4.
Tuesday,
Mar. 5.
Wednesday, Thursday,
Mar. 6.
Mar. 7.
Friday,
Mar. 8.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Lowest
$ per share $ per share $ per share $ per share $ per share $ per share Shares Indus. & Miscel. (Con.) Par
1918 1978
1812 1912 1812 19
1918 1978
1914 197
1812 19
24,100,Tenn Coop & Chem __No par
5914 5934 588 5912 58% 5912 5838 59
5814 59
25
25734 5938 32,100 Texas Corporation
7512 7638 274
76
7312 747
73
7434 7212 738 7213 7338 38,400 Texas Gulf
_ __No par
2058 2134 20
2138 2038 21
1978 2078
1938 2038 197 2034 32,400 Texas Pacific
SulphurCoal &011
10
1814 19
1834 1938 1858 19
1778 1878 1778 181
/
4 18
1914 16,800 Texas Pat Land Trust
1
•1812 22
1812 1812 81812 1878 1812 1812 1814 1814
18
18
No par
1,100 Thatcher Mfg
84118 42
41
.4118 42
41
41
41
.35
40 .40
41
No par
300 Preferred
*44
45
43
43
45
4212 44
*44
4213 43
42/
1
4 428 3,500 The Fair
No par
109 110
106 107 *106 108 .107 110 .107 110
.106 110
100
40 Preferred 7%
5118 5113 .5034 52
4934 5034 4934 4934 49/
5114 52
1
4 4934 1,600 Thompson (J It) Co
25
1858 1918
1814 1834 1814 1812 18/
1938 187s 1934
19
1
4 19
16,300 Tidewater Assoc 011__No par
•8713 8812 8818 8818 88
88
.8712 89 .8814 89
8812 8812
100
400 Preferred
30
31
307
31
31
29
29 .28
31
30
29
2912
100
800 Tide Water 011
49058 9112 *9118 9134 .9118 9134 918 9158 9118 9118 9033 9038 1,000 Preferred
100
84% 8138 8312 8112 8438 7958 8358 8018 8112 8018 82
83
32.200 Timken Roller Bearing_No par
9513 9334 9434 9414 98
94
94% 947
97
9712 96
96
5,700 Tobacco Products Corp
100
105 10534 .105 106
106 107
105 105
10538 10538 106 10718 1,100 Class A
100
•15
22
.2014 2112 .2014 2118 .2014 21%
19 .2012 22 .20
Dividend certificates A ____
.1618 21
.1618 21
•1616 21
.1618 21
.1618 21
*1618 21
Dividend certificateal
41618 21
.1618 21
•1618 21
.1618 21
.1618 21
.161
/
4 21
Dividend certificates C _
1014
934 10
1018 10
10
918 934
918 10
918 912
41,700 TranscTI 011 tern elf_ _No imir
4912 4938 5214 4912 5178 49
41
50
4812 5012 50
52
18.000 Transue & Williams St'l No par
4012 41
4034 4188 411 4112 4014 41
393* 41
.40/
1
4 41
4,5001Trico Products Corp___No par
27
26
2418 2412 25
2978 2634 2712 2713 2712 27
27
No par
6,400'Truax Truer Coal
54
54
544 54
*54
54
5214 5318 5212 5278 .53
5314 1,400 Truscon Steel
10
108 10934 10614 1084 105 10712 10214 105
102 105
10214 108
11,900 Under Elliott FLsher Co No par
•125 126 *125 126 .12314 126 .125 126 .125 126 .125 126
100
Preferred
35
35
.34
35
36
35
3412 36 .34
36
34
34
1.000 Union Bag & Paper Corp 100
213 21712 21012 21512 20712 213
21334 217
207 21212 20834 21138 68,600 Union Carbide & Carb_No par
4912 4912 4812 4912 4814 5014 *4812 4838 4812 4938 3,800 Union 011 California
48% 49
25
14712 148
146 148 *143 145
142 142 .135 144
136 14012 1,700 Union Tank Car
100
4934 4934 49
4934 48
4838 47
4738 4814 4814 471
/
4 4712 2,500 United Biscuit
Na par
*122
4122
_ •122
.122
_
5122
_ *122
. _
100
Preferred
22/
1
4 ---2278 2212 -227s 2238 2278 2214 227-8 2214 223s 22218 -2-2-14 6,600 United Cigar Stores
10
4100 1001 .100 103 *100 103 *100 101 .100 101
101 101
100 Preferred
100
51
5312 50
5134 487 5113 5018 5314 5058 5234 517 5214 39,100 United Electric Coal___No par
145 146
14414 145
143 144
140 14438 142 14413 141 141
4.100 United Fruit
No par
211
/
4 23
2218 2314 2178 2278 2114 22
2138 22
22
2314 7,000 United Paperboard
100
477
781 .771
/
4 7712 77
77
751
/
4 7514 75
75
*751
/
4 77
700 Universal Leaf Tobacco No par
*8812 8834 *88
881 •88
8812 .88
8812 88
88
88
88
120 Universal Pictures lot pfd_100
1812 187
1814 1814
1814 1814
1718 1814 1718 1718 1714 1738 2,200 Universal Pipe dr Rad__No par
49814 100
*9814 100 .9814 100
*9814 100 .9814 100
•9814 100
100
Preferred
4712 48% 46
49
45
4712 4018 46
4178 4412 4218 44
21,700 US Cast Iron Pipe & Fdy__20
185 1838 1834 1834 .1813 184 *1812 1834 1814 1814 •18% 1834
800 1st Preferred
No par
•19
/
4 1012 1818 19
•19
1912 19
1938 1918 1918 *191
19
4,200 Second preferred_. No par
15
1534 151
/
4 153* 15
1438 147
1514
1438 1412 1414 1414 3.800 U 9 Distill) Corp
No par
*75
77
76
76 .75
77
74
75
75
75 .74
75
400 Preferred
100
4412 4412 435 135
4312 4334 4218 43
*4214 44
43
43
800 US Hoff Mach Corp__ _No par
14538 147
145 146
143 145
141 14414 140 1417 13934 1428 11.300 U S Industrial Alcohol
100
•12434 125
125 125 8125 12812 .12434 12514 .125 12812 .125 1261
100 Preferred
100
*2638 28
26
27
26
26
26
26
26
2614 2614 27
1.500 U S Leather
No par
51
51
60
51
*5012 5034 5012 5034 501
50
/
4 5018 50
1,900 Class A
'To par
•1011, 1021 .102 10212 *102 10212 .102 10212 102 102 .102 1021
200 Prior preferred
100
9518 961
95
96
947
95
92
91
96
93
9038 927 15,300 U 8 Realty & Impt_ __No par
6312 6078 64
58
6138 5734 62% 571
/
4 6134 5914 613k 407,700 United States Rubber
60
1I0
8714 8914 8712 8914 87
89
8612 8834 8514 8612 8634 8634 8,200 1st preferred
100
6758 693* 68
6938 6718 68% 68
67% 6512 6678 651
/
4 67
21,100 US Smelting, Ref & Mln__50
5638 *56
*55
5618 *55
57
5538 56
.55
5612 *55
57
200 Preferred
50
18814 19038 1863* 1897 18438 18714 18038 187
/
4 18238 18714 570,200 United States Steel Corp
18138 1851
143% l44's 1441
/
4 14418 14334 144
14312 1437s 14314 14378 .143 14311 3,000 Preferred
100
10278 1027 103 10312 .99 103 .99 103
100 100
9914 9914
1,600 U 9 Tobacco
No par
4138
___
-_ •139
____ .140
__ 136 140 *140
40 Preferred
100
305 305 •139323 325
- .325 3-4-0
340 340 .320 350
335 331
180 Utah Copper
10
45
4612 4638 4712 4512 47
4438 4612 4412 457
4512
441
/
4
69,000 Utilities Pow & Lt A__No par
11
1118
11
1112 1038 1113 1038 1038 1034 104 1012 103
3,900 Vadsco Sales
No par
470
73
72
72
72
76
472
72
*72
76
75
75
1,100
100
Preferred
107/
1
4 10934 108 10014 10438 10834 10158 10714 102 1047s 103 10712 36.100 Vanadium
No par
Corp
425
30 .25
30
.25
.29
30
30
30
30
30
3014
No par
600 Van Raalte
475
77
465
69
69
70
*6812 69
6811 681 .6812 69
150
1st preferred
100
89
89
897 90
88
88
84
8518 8518 851
907
/
4 86
2,000 Vick Chemical
No par
15614 158
1544 15738 15534 1571
/
4 15414 15714 15414 1611 16014 171
20,200 Victor Talk Machine
No par
411013 112
112 11234 114 114
114 114
114 114
114 114
2,000 7% prior preferred
100
2014 2078 1934 207s
1918 197
1812 20
1838 19
1814 2014 12,200 Virg-Caro Chem
No par
5818 5914 58
5834 57
5614 5614 06
58
5614 55
56
2,000 6% Preferred
100
•93
95
94
04
9312 931
9312 931 .90
92 .90
92
400 7.7 preferred
100
4107 109 .107 109 .10712 109 .108 109 .107 109 .107 109
Virg*Elec & Pow pf (7)..
100
.48
50 .45
49 .48
50
60 .45
*45
52 .18
52
Virg Iron Coal de Coke Dt_ _100
No par
100
Preferred
-ii- -i-8
-------75 ----- ----- .- -17s -7-2.- -7
72- -7-2-- ;ii" -ig.
900 Vulcan Detinning
10
4103 108 .105 108 .105 110 .103 108 *103 110 .105 110
100
Preferred
7612 7834 .76
7112 .70
7712 76
70
7612 75
75
72
370 Class A
100
2334 24
2312 2378 23
2312 24
2318 2314 2334 3,000 Waldorf System
2312 24
No par
3214 347 23358 3412 3338 3438 3214 3414 3212 3418 3318 3678 58,000 Walworth
No par
Co
6912 72
72
7412 .72
72
67
•6712 75
74
60
00
4S0 Ward Baking Class A_ _No par
15
1514 1413 1514
1414 1412 1378 1412 1312 137
133* 1418 9,300 Class B
No par
480
82 .80
82 .80
81
80
82
81
80
*80
81
500
No par
122 1237 12113 12434 12014 12378 11514 12134 116% 11912 11612111838 85,900 Preferred (100)
Warner Bros Pictures No par
*56
561
/
4 557 56
541
/
4 65
53
5234 53
5378 5238 53
3,700 Preferred
par
No
3512 3614 351
/
4 3614 351
3434 3613 8,400 Warner Quinlan
/
4 3514 35
3538 3478 35
No par
149 149
150 152
152 152
148 149 .147 150
146 147
1,100 Warren Bros
No
par
51
450
5012 5112 .50
51
.51
50
52
50 .50
51
70 First preferred
50
26
Dl's 2434 2614 2412 24% 24
24
24
24
24
25
4.700 Warren Fdry & Pipe___No par
47012 797
797 80
82
84
7414 74
•72
72
74
76
4,100 Weber dr Ileilbr
par
No
4101 102 .101 1015 •101 1015s •101 10133 101 101
101 101
500 Preferred
100
*93
*94
97
97
9534 9634 95
9634 _- ----700 Wesson 011 & Snowdrift No par
•110 111 •110 11012 110 110
110 110 .107 iii
no
ffo
1.000 Preferred
No par
19913 201
198 202
198 20712 200 207% 203 21338 20978 2164 74,300 Western
Union Telegram_ 100
5214 54
5234 541
5012 5213 4978 517s 50
5114 5014 514 43.900 Wstnghse Air
_ _No par
15714 16038 15334 1587 151% 156% 1491
/
4 15434 1494 15338 15013 15512 90,200 Westinghouse BrakeElec dtMfg-50
150 150
4149 157
150 153
14812 15012 14812 149 .14812 150
440 1st preferred
50
2614 2614 2618 264 2534 2612 25
25
25
251
/
4 3,400 Weston Elec Instruml_No par
2618 25
1
4 *3334 3412 *3334 3412 43334 3412 .3334 3413 .3334
*3334 34/
3412
Class A
No par
105 105 .1044 105
4105 107
104 105
104 104 .104 105
260 West Penn Else cl A__ _No par
108 109
10712 108
108 108
10614 1064 108 109
107% 109
400 Preferred
100
9714 98
97
98
0738 975
97
9712 .____ 9712 9712 0712
350 Preferred (6)
100
411434 1154 1144 1147 11434 11434 115 11534 115 115
11434 11534
310 West Penn Power pref
100
410814 110 .10618 110 .10814 110
10814 10814 10814 109
10814 10814
40 6% Preferred
100
50 .55
56
*55
*55
06
55
5518 55
55
*54
56
300 West Dairy Prod cl A_No par
29
30
29
ne
2813 2813 *2818 2912 2812 20
28
293
1,300 Class 11
No par
37
371
/
4 3612 37
36
3612 3538 3634 357 38s 36
3634 13.700 WhiteEagiecoll&Rofg_No par
/
4 5218 4934 5134 50
5218 5312 5134 5312 511
507s 50
01
35.100 White Motor
par
No
47
47
4612 47
4612 4612 4434 4513 .45
4512 45
45
1,900 White Rock min Sp ctf
50
3818 38% 3738 384 3612 3718 38
3678 3534 36
357 3758 5.600 White Sewing 5.1achine_No par
5318 531
/
4 .53
5314 5318 5318 5438 543* •531
.5318 531
/
4 54
/
4
300
Preferred
par
No
2412 2412 2414 2478 2414 2414 24
24
23/
1
4 23
23
26
7,500
No par
317
3012 3138 2958 3012 2913 3014 2934 3013 96,300 Wilcox Oil & Gas
3112 317s 31
Wi1lys-Overland (The)
5
*99 100
9834 99
*99 100
997 •99
99
9978 .99 100
400 Preferred
100
11% 1178 1114 1134 1138 1138 •11% 1138 1114 1158 •1114 111
/
4 3,800 Wilson & Co Inc
No par
4
2312
223
225
234
8
23
2318
22% 23
241
225s 2278 .23
1,200 Class A
No par
713* 72
7112 7134 7012 711
*7112 72
/
4 69
7014 266
87
4,600 Preferred
100
20014 20312 200 20318 19878 202
/
4 202
2001
20038 202
19912 2C078 22.700 Woolworth (F W) Co
25
58
5914 5614 581
/
4 5612 565
53
6634 5212 .54
5318 55
9,500 Worthington p & m
we
9014 *87
8714 8734 8712 8712 .87
90 .8612 0014 28212 83
600 Preferred A
100
7812 7834 .7812 8012 *7912 8013 80
80
•70
81
80
.70
300 Preferred B
100
.278 283
275 282
26614 273
26012 271
263 270
267 27512 17.100 Wright Aeronantieal___No par
7618 7618 75
7534 77
7814 77
78
7514 7412 75
476
1.700 Wrigley(Wm Jr)
No par
67
67Is 6614 6614 6712 671
/
4 67
67
6712 6814 68
6838
1,300 Yale & Towne
25
44% 42
44
4034 4213 3934 4238 3918 405s 3914 4238 123,000 Yellow
42
Truck & Coach cl B_10
00 .80
89 .80
*83
00
•80
90
.80
80
85
80
100 Preferred
100
573
4
6054
581
5834
6114
571
5914
3 573
5713 593 11,400 Young
60
2
58
Spring & Wire-No par
11418 11518 11412 115
113% 1137 1091 10934 10934 11013 110 111
3.900 Youngstown Sheet & T_No par
•Bid and Wed Priess; no Bala on Ills day,
Ex-dividend. a Ex-rights. • No par Telma,
PER SHARE
Range Since Jan. 1.
On basis of 100-share Gas
EX-rateis
Highest
PER SHARE
Range for Previous
Year 1928
Lowest
Ilighest
$ per share 8 per share $ per share $ per share
1713 Jan 25 2034 Feb e
1012 Jan
197 Dee
5714 Feb 21 68 Jan 2
50 Feb 7434 Nov
7214 Feb 1
82 Jan 3
6218 June 8212 Nov
1614 Jan 2
227 Feb 28
1218 Mar 2658 Nov
177 Feb 1
2412 Jan 17
20 June 3034 Apr
18 Mar
27 Jan 3
22
Jan 3912 May
41 Mar
4838 Jan 5
45
Oct 5358 June
4218 Mar
5178 Jan 15
34
Jan 5212 Dee
10413 Feb 2 110 Jan 2 10412 Jan 11414 Oet
4912 Mar
62 Jan 12
5614 June 714 Junel
1712 Feb
22 Jan 3
1434 Feb 25 Sept
87 Feb 1 90 Jan 2
8174 Mar 9134 Dee
2718 Feb 1 3738 Jan 3
1938 Mar 4112 Dee
9018 Feb 25 9712 Jan 17
8684 July 10018 Dec
7312 Feb 16 150 Jan 3 11238 Mar 154 Nov
927 Feb 19 102 Jan 11
93 Aug 11818 Apr
10414 Feb 11 112 Jan 3 10978 Aug 128
Feb
16 Feb 18 18 Feb 13
19 Aug 2534 Jan
17% Jan 22 19 Jan 14
19
Aug 24 June
16 Jan 18 1912 Jan 15
19 Dec 23 Atli
9 Feb 26 13 Jan 2
634 June 1413 Nov
41 Feb 28 5214 Mar 4
4414 Dec 5913 Feb
3834 Feb 18 4414 Jan 22
3238 June 443* Sept
2312Mar 1 317 Jan 23
501
/
4 Feb 8 6158 Jan 3
5514 Nov 837 Dec
91 Jan 7 11338 Feb 2
63 June 93% Dec
125 Jan 5 125 Jan 5 119 Mar 126
Apt
34 Mar 8 43 Jan 14
30 Dec 4934 Feb
19612 Jan 7 22738 Feb 5 13618 Feb 209 Nov
46 Feb 20 5214 Jan 19
42/
1
4 Feb 58 Nov
1217s Jan 15 15014 Feb 20 110
Oct 12818 May
47 Mar 6 5312 Jan 14
3412 Apr 57
Oct
120 Jan 19 126 Jan 24 1124 Mar 135
Oct
2218 Mar 8 2712 Jan 11
227s Aug 34% Feb
10018 Feb 26 104 Jan 2 10378 Dec 11418 API
48% Mar 5 8110 Feb 8
584 Oct 8912 De(
13918 Jan 24 15812 Jan 31 1311z June 148 Nov
16 Jan
2633 Jan 22
1612 Dec 27% Apt
7312 Feb 8 8112 Jan 23
6033 June 8738 Nov
8614 Feb 13 93 Jan 2
9114 Nov 100
Fet
16% Feb 18 2214 Jan 2
1538 June 357 Oct
9814 Feb 6 10012 Jan 9
877 Sept 10534 De,
38 Feb 16 4912Niar 1
38 Dec 53 Noi
18 Feb 20 19 Jan 11
18 Nov
1912 Nol
1878 Mat 6 1938 Feb 8
1812 Nov
1914 Da
14 Feb 18 1734 Jan 3
1312 June 2014 .1st
75 Feb 20 8012 Jan 3
76
Oct 903* Jat
421
/
4 Ma2 6 497 Jan 2
41
Dec 5833 Jai
128 Jan 16 15478 Jan 25 10213 June 138
Oo
12414 Jan 8 1257 Jan 4 11838 Sept 1257 No,
2412 Feb 16 3512 Jan 14
22
Jan 51 Ma:
50 Feb 16 617* Jan 14
52
Jan
72
Ap
101 Mar 25 107 Feb 1 10034 Dec 10912 Ma]
81 Jan 8 11912 Feb 8
6114 Feb 935 Mal
42 Jan 8 64 Mar 4
27 June 6314 Jai
77 Feb 16 9212 Jan 16
55 July 10938 Jai
6138 Jan 8 7034 Jan 11
3912 Feb 7112 No,
5434 Feb 19 58 Jan 3
51
Jan 58 Da
15718 Jan 8 19378Nlar I 1323* June 17212 No,
141 Feb 5 14414 Mar 1 13838 Jan 14714 Ap
9712 Jan 9 10934 Jan 30
86 June 120 Or
136 Mar 6 140 Mar 6 12712 Jan 139 Jun
264 Jan 2 340 Mar 6 139
Jan 273 De
40 Jan 8 49% Jan 30
2812 Feb 454 Ma:
103* Feb 26 1312 Jan 21
70 Feb 25 82 Jan 16
9534 Jan 7 11613 Feb 8
60
Jan 11112 No
28 Jan 2 35 Jan 17
73* Jan 407e Oe
60 Jan 2 7214 Jan 17
437 Jan 78 No
82 Jan 4 9418 Jan 16
58
Jan 85 De
143 Feb 18 171 Mar 8
5238 Jan 1584 No
110 Mar 1 114 Jan 15 10112 Jan 11212 De
1814 Jan 8 2434 Jan 26
12 June 2034 No
55 Mar 8 8512 Jan 26
4458 Jan 6414 No
9312Mar 5 971
/
4 Feb 4
8812 Jan 9912 No
107 Feb 21 109 Feb 18 1061/ Dec 11412 Ap
Oct 623* Ja
47
45 Feb 27 48 Jan 29
13 Jan 16 15 Jan 4
1134 June 253* Ja
----------------78 June 100
Jr..
50 Jan 16 89 Feb 20
2212 June 74 No
91 Jan 4 101 Feb 15
74 June 99 Sep
40 Jan 2 80 Feb 19
1912 June 48114 No
2212 Feb 18 2712 Jan 3
1912 Jan 2814 De
2318 Jan 8 36% Mar 8
1412 Aug 2678 Sep
60 Mar 8 844 Jan 17
70 Dec 123 Fe
1258 Feb 19 2114 Jan 16
1514 Dec 2958 Jo
7912 Jan 2 8713 Jan 15
1
4 Ja
77 Dec 97/
11514 Mar 0 134 Jan 21
8078 Aug 1391
/
4 Bel
52% Mar 7 6914 Jan 22
5134 Dee 5714 Di
447
3378 Feb 19 427 Jan 2
26 Feb
0(
141 Feb 18 170 Jan 2 140 June 19213 Ap
4834 Feb 15 52 Jan 8
4914 Nov 01
Al
2334 Feb 26 344 Jan 3
13 June 367 01
72 Mar 7 81 Mar 5
591
/
4 June 8234 De
98 Feb 8 101 Feb 11
Ja
98 Dec 103
93/
1
4 Jan 7 110% Feb 13
87 Nov 110 Dc
10612 Jan 2 112 Feb 13 10538 Dec 10834 No
0(
1794 Jan 2 21634Mar 8 13912 July 201
451
/
4 Jan 24 5412Mar 2
4218 June 573 Ja
13712 Jan 15 16612 Feb 4
8818 Jan 144 No
132 Jan 2 159 Feb 4
9534 Jan 139 Nu
22 Jan 28 27 Feb 6
1212 Jan 2812 Jul
3312 Jan 7 3514 Jan 16
3034 Jan 4012 Ma
104 Jan 5 110 Feb 1 103 June 112
Al
10614 Mar 6 11114 Jan 17 10712 Oct11514 Al
97 Mar 4 102 Jan 17
1
4 Al
9812 July 104/
113 Jan 8 11534 Jan 11 11312 Oct118 Jul
10714 Jan 9 11012 Jan 16 103 June 113
Js
5313 Jan 16 5934 Feb 5
Al
5212 Dec 78
26 Jan 10 347 Feb 5
2033 Jan 49
Al
3014 Jan 30 38 Feb 25
201
/
4 Feb 38 Nt
4038 Jan 3 5312Mar 2
304 Feb4334 Jul
43 Jan 2 48% Jan 8
3418 Jan 497 N(
3512 Feb 14 48 Jan 2
3314 June 6234 D
5318 Mar 2 577 Jan 16
5134 Aug 58 13,
1912 Jan 7 2934 Feb 6
1714 Dec 2214 Nc
2912 Feb 8 35 Jan 3
1734 Jan 33 13,
9834 Mar 4 103 Jan 3
9234 Jan 10418 D
1114 Mar 4 1313 Jan 23
11
Oct16 F(
2238 Mar 5 27 Jan 21
22
Jan 35 Ms
86 Mar 8 79 Jan 23
6314 Oct7734 F(
19538 Feb 18 22214 Jan 3 17512 Feb 2254 N(
4713 Jan 7 6412 Feb 5
28
Jan 55 Ni
8/12Mar 8 9213 Jan 23
4614 Jan 93 N(
781
/
4 Jan 31 82 Jan 11
41
Jan SO N(
253 Feb 18 299 Feb 6
69 Feb 289 N(
73/
1
4 Jan 2 807s Jan 30
68 July 84 Al
8134 Feb 11 6838 Mar 8
6112 Nov8412 Al
3514 Feb 18 45 Mar 1
2738 Feb 5734 N(
80 Mar 8 91 Jan 8
83 Nov 98
Al
5318 Jan 8 6232 Feb 8
4534 Dee 564 N(
105 Feb 19 1161
/
4 Jan 18
8312 June 11532 D
1521
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Jan. 1 1909 the Exchange vuthod of quoting bonds was changed and prices are now "ao4 interesr-exCern for Wove and defaulted bonds.
(limos
N. Y. STOCK EXCHANGE.
Week Ended Mar. 8.
Price
Friday.
Mar. 8.
Week's
Range or
Last Sale.
is
State and City Securities.
New York State Canal 48_1960
1942.3 J
4s Barge Canal
Mar 1962 NI S
As Highway
Foreign Coot. 14 Municipals.
1947 FA
Agile Mtge Bank :16,
Slaking fund 6s A_ _Apr 15 1948 AO
1963 MN
Akershus (Dept) exit 56
Antionula(Dept)col 7s A. 1945 J J
1945 J J
External 5 f 7s oar B
External, f 7s series C-1945 J J
1945 J J
External s f 78 ser D
1957 AO
External a t 78 1st ser
Eati see a 1 75 78 20 ser -1957 AO
1957 AO
Esti sec 5 f 7s 3d ser
Argentine Govt Pub Wks6a.1960 AO
Argentine Nation (Govt of)Sink fund 68 of June 1925-1959 J D
Extl s f 6s of Oct 1925 -.1959 AO
1957 MS
Sink fund 63 series A
External 65 series B_ _Deo 1958 J O
Extl s f 66 of May 1926 -1960 MN
External,f es (State Ry)-1960 MS
Extl es Sanitary Works_ .._1961 FA
Ext6s pub wks(May 27).1961 MN
Public Works esti 5328-1962 FA
Argentine Treasury 58 E____1945 MS
Australia 30-yr 5s_July 16 1955 J J
External 58 of 1927__Sept 1957 MS
1956 MN
Extl g 43211 of 1928
1943• 1.)
Austrian (Govt) s 1 78
Bavaria (Free State) 6328--1945 P A
Belgium 25-yr ext sf7348 2_1945 J D
1941 FA
20-yr f 88
25-year external 6328._ _1949 MS
1955'.3
Externals f 6s
External 30-years f 78_ -.1955 J D
1956 MN
Stabilization loan 78
Bergen (Norway) 13 f 86 --1945 MN
1949 AO
15-year sinking fund es
Berlin(Germany)816 he__ -1950 AO
External sink fund 6s_.- _1968 J D
Begets(City) ext'l sf 8s. _1945 AO
Bolivia (Republic of)extl 88-1947 MN
1958 J J
External sec 79
1969 MS
Externals f 79
Bordeaux (City of) 15-ir 68-1934 MN
Brazil(US of) external ea.__1941 J D
External s f 632s of 1926-.1957 AO
1957 AO
Exti 8 Ohs of 1927
78 (Central Railway) -.1952 ID
7226(coffee secur) (flat)-1952 AO
Bremen (State of) esti 79-1935 MS
1957 MS
Brisbane (City) s f 55
1958 FA
Sinking fund golds:
Budapest(City) exti s 168 _1962 J D
Buenos Aires(City)632s- 1955 J
1960 AO
Ext1 it I /
11
4 ser C-2
1960 AO
Extl 6 f ser C-3
611_1961
MS
extl
(Prov)
Buenos Aires
Bulgaria(Kingdom)6178.-1967 J J
StabTnl'n 1 7hs_Nov. 15'68
Caldas Dept of(Colombia)7348'46 J J
1931 AO
Canada (Dominion of) 56
1929• A
10-year 53411
1952 MN
55
1936 FA
434.
1954 J J
Carlsbad (City) 8 1 88
Cauca Val(Dept) Colom 732s'53 A0
Central Agri° Bank (Germany)
Farm Loan 8178 Sept 15 1950 D.1
Farm Loan 81 6s_July 15 1960 J J
Farm Loan a 1 6s_Oct 16 1960 A0
Farm Loan 68 ser A_Apr 15'38 AO
Chile (Republic of)1942 MN
20-year external
79
External sinking fund 69_1960 AO
External s 6:
1961 FA
1961 J J
Ry ref extl e 69
Extl sinking fund 66
1961 M
Chile Mtge 13k 6348 June 30 1957 J D
S f 61
/
48 of 1926__June 30 1981 J D
Guar a f es
Apr 30 1961 AO
Chinese(Hukuang Ry)58__1951 J D
ChrisUania (Oslo) 30-yr s 1843 '54 MS
Cologne(CRY)Germany 6%51950•S
1961 J J
Colombia (Republic)68
1961 AO
External f es of 1928
Colombia Mtg Bank of 6325_1947 AO
1946 MN
Sinking fund 76 of 1926
Shaking fund 78 of 1927 1947 FA
Copenhagen (City)56
1952 J D
1953 MN
25-yr g 4 WI
Cordoba (City) ext1 f 75_1957 FA
External a 1 75 Nov 15 1937 MN
Cordoba (Prov) Argentina 761942 J .1
Costa Rica (Repub)extl 79_1951 MN
Cuba (Repub) 58 of 1904_1944
External 68 of 1914 ser A._.1949 FA
External loan 4326 eer C _ _1949 ✓ A
ainkbag fund 5326__Jan 14 1963 J J
2 Os Os Dads at 56 so the S iNer1Ing
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Mar. 8.
Na.
Price
Friday.
Mar. 8.
;Intl
Last Sale.
011,
4
Range
Since
Jan.1.
High
High.
Bid
Ask Low
High NO. Low
Cundinamarca(Dept) Columbia..
Extl 6 f 632s
85 8914
41
1959 MN 85 Sale 85
971%99141
86
993499921% Czechoslovakia(Rep of) 89._1951 A0 10912 110 10914 10912 26 109 111
9911n100242
Sinking fund 89 ser B
1952 AO 10912 110 10918 109/
1
4 30 108 111
7 109 111
991% 9924,t Danish Cons Municip kle A_-1946 FA 10914 Sale 109
10912
9 10814 110/
1
4
.
Series B s f 88
10914 Sale 10834 10914
1946 F
1
4
99914001'1s Denmark 20-year ext11/
1
4--1942'.3 10312 Sale 10314 10414 66 10314 104/
9934 111
1
4
Exit g 5329
1955 FA 9934 Sale 9914
'07101411M,
9871) 101/
Esti 44325
87/
1
4 DO
1021041106'0n
Apr. 15 1962 AO 8734 Sale 8734
8832 157
99104410317n Deutsche Bk Am part ctf 68.1932 MS 97 Sale 97
99
73 97 99
4
9712
97 99
96104198"st Dominican Rep Cost Ad 5348'42 MS 97 Sale 97
9812.
let eer 5329 of 1926
96":498un
95
2
1941) AO 96
95
9614 95
2d series sink fund 5325
1940 A0 9313 Sale 9312
1
4
9734
4
93/
1
4 97/
1
4
Dresden (City) external 78-1945 MN 10014 10112 100
101
4 100 101/
Dutch East Indies extl 68_1947 J J 10312 Sale 103
10312 16 103 10284
40-year external eis
1962 MS 10318 Sale 1031
8812 8812
/
4 10312 56 108 104
8812 Jan'29
39-year external 5328- -1953 MS 10212 103 10212 10234 11 10212 108/
1
4
8813 8812
87
93 8812 Jan'29
30-year external 5329
1
4.
1053 MN 10212 103 10234 10234
9934 Mar'28
2 10284 103/
El Salvador (Repub) fte
1948 JJ 110 Sale 110
110
8 110 111
9913 June'28
91 99 Finland (Republic) Intl 65_1945 MS 9412 Sale 9412 96 11 9412 97/
1
4
95
97 95 Feb'29
External sink fund 79_ _ _1950 MS 9838 Sale 9838 10014 34
98/
1
4 101
10112 -- 10438 Nov'28
Externals f 632s
97
99/
1
4
14
1956 MS 97 Sale 97
98
10112
- 10438 Nov'28
Exti sink fund 53213
"iiit
1958 FA 8734 Sale 85/
97/
1
4 Jan'29 _
1
4 92
1
4
8812 85
95
85/
Finnish Mun Loan 6328 A 1954 AD 9612 Sale 9612
971
/
4 98
95/
1
4 9912
9634
7
98 Jan'29
99/
1
4 10018
1
External 634:series B._.._1954 AO 9612 Sale 0612
96
98/
1
4
6
9612
9814 10214 10018 10018
French Republic ext 7 he
1941 JD 11034 Sale 11014 11134 175 110/
99
99
1
4 115
984
-- 99 Feb'29
External 7s of 1924
1949 JO 10612 Sale 106
108 398 106 1084
10138 Nov'28
9814
-- German Republic ext'l 7s.__1949 A0 105/
256 10514 108
1
4 Sale 10514 106
981
/
4 99 10112 Nov'28
Gras (Municipality) 813
1
4 102/
1
4
4 100/
1954 MN 10038 10134 10034 10112
102 107 10812 June'28
Gt Brit & Irel(UK of) 5328.1937 FA 1034 Sale 10308 10414 119 103 104/
10134 105
1
4
10034 -- -- 10134 Feb'29
10-year cony 5326
1929 FA ____ 99/
1
4
4
1
4 9934
9944 118/
997g
10034 11038 107 June'28
4% fund loan £ op 1960_._1990 MN 58318 8412'84/
10312 1041s
84/
1
4 21 08412 87/
1
4
1
4
10238 ____ 10418 Feb'29
5% War Loan E opt 1929.1947 JD c9714 Sale c9714
1
4 100
6 c97/
9734
10712
2 104 10712
Greater Prague (City) 7328.1952 MN 0634 107 107
9912 Aug'28
Greek Governments face 78_ 1964 MN 9712 Bale 971
/
4
99
45
9514 99
4194 Dec'28
1968 FA .82/
1
4 54
1
4 Bale 82
Sinking fund sec 6s
82
84/
10312 June'28
8741
1952 A0 10014 Bale 100
Haiti (Republic) a f 68
9912 101
10014 23
1946 AD 9312 Sale 93/
Hamburg (State) 8
1
4
9414 14
/
1
4
93/
1
4 9684
10214
2 102 10412
Heidelberg (Germany)ext 7he 50 JJ 10214 Sale 102
8412 9012 Hungarian Munic Loan 7328 1945
8
89
9512 100
95/
1
4
7
9534 9614 9512
88 Sale 4412
90
External s f 78.--Sept 1 1946 JJ 8934 9134 8912
8 85
894 20
8612
8812 94
85
87 85
9638
7
8713 8912 Hungarian Land M Inst 730'61 MN 9512 9638 96
8818 84
95 98/
1
4
8738 Sale 87/
1
4
9212 9814 Hungary (KIngd of) e f 7325.1944 FA 10014 Sale 1001g 10012 41
99/
1
4 10112
9312 12
9278 Sale 9212
94/
1
4 Irish Free State extis s f 59_1960 MN 9512 9834 9512
9614 31
92
9514 97/
1
4
9338 43
92 Sale 92
JO
78._1951
31:4
Italy
ext'l
9412
9708
Sale
95
/
1
4
12
(Kingdom of)
92
9412 97/
9234
1
4
952
92 Sale 92
9412 11
9
9612
941
/
4 9814
9134 9512 Italian Creel Consortium 76 A1937 MS 9512 9612 9512
9212 9414 9212
94
51
1947 MS 93/
1
4 Sale 9318
931
/
4 95
Ext1 sees f 78 ser 13
91
95
93
91
91
01
/
4
9312 47
9214 911
Italian Public Utility ext 79.1952 JJ 91
9312 .9512
90
94
3
92
91 Sale 91
91/
1
4 94
9238 69
90
93 Japanese Govt E loan 48_ _1931 JJ 9214 9214 92
20
92
9012 Sale 90
99/
1954 FA 10014 Sale 9934 10118 313
1
4 10078
9934 10214
30-year,f 6325
10012 24
100 Sale 100
99 10012
20
100
Leipzig (Germany) 0 f 713_1947 FA 9938 Sale 99
96
3
98 96
9914
97
9914 10114 Lower Austria (Prov) 7328._1950 JO 97
10012 54
100 Sale 100
52
9834 10434
990g 10034 Lyons (City of) 15-year 69..1934 MN 9834 Sale 9934 100
100 Sale 9978 10012 45
9834 101
Marselles (City of) 15-yr 69_1934 MN 10014 Sale 9934 10014 61
9934 101
101
9978 Sale 9934 101
27
84 8984
86
9934 10034 Medellin (Colombia) 6328_ _1954 JO 8334 84 84
100 Sale 9978 10014 58
231 2413 Feb'29
24
21
25
99/
1
4 10034 Mexican Irrlgat Aestng 4329_1943
10034 44
100 Sale loo
4934 Jan'29 -9938 1004 Mexico(U S) extl 5.9 of 1899 Z'45 Q J
10038 Sale 994 10012 120
14 -ao- 86
30
1945
-56- gide' 30
Assenting 56 of 1899
9934 1004
9934 Sale 9934 10014 55
34
34
2
Assenting 58 large
3134 34
99/
1
4 101
9978 Sale 9978 10014 32
9612 134
139
1
4
20
20 Sale 1612
1612 22/
Assenting 49 of 1904
9434 9714
96 Sale 9518
20 103
19/
1
4 Sale 1778
Assenting 48 of 1910 large... _
91
17/
1
4 2314
5
9214
9134
9134 Sale 9113
16
22/
1
4
1072 114
18 Sale 16
Assenting 49 01 1910 small_ _
9312 97
9514 75
9312 Sale 9312
2
291
/
4
2918
29/
1
4 3711
Trees 6s of'13 assent(large)'33
9434 352
9334 9612
94 Sale 9334
3012 85/
3012 Feb'29 -Small
1
4
8412 8814
8738 137
8512 Sale 8412
91
894 95
88
1
4 Bale 88
Milan (City. Italy) ext'l 6329 '52 AO 88/
10212 Sale 102
10212 50 10114 103
Minas Geraes (State) Brazil1958 MS 9334 Sale 9212
9212 9513
9334 32
Exti S f 6348
94
9612
9478
94 Sale 94
14 101 10336
102
11378 Sale 11334 11478 146 11334 1150s Montevideo (City of) 78__ _1952 J D 102 Sale 101
10912 Sale 10914 10912 33 108 110
10312
11 10312 108
103
/
1
4
prices)
1972
M8
A
0
10312
Sale
68
(flat
54
105
107
57
Netherlands
4
1053
Sale
105
105
40
9934 10038
9934 Bale 9934 100
99 1003:
131
30-year external 69
100
99 Sale 99
9112 95
9338 32
New So Wales (State) ext 581957 F A 91h Sale 9112
10814 Sale 10818 10858 124 10734 109
38
93
90/
1
4 9434
External :f 55
Apr 1058A 0 9038 Sale 9013
1054 63 105 10611
105/
1
4 Sale 105
10212 26 101 10314
6 10938 11212 Norway 20-year extl 6s..1943 F A 101 Sale 101
11034 Sale 10938 11034
1044 F A 10114 Sale 10114 10238 39 10114 1034
100 101
20-year external 6s
100 10012 101 Feb'29
14
1952 A 0 10214 Sale 10134 10212 14 10134 10378
9512 99
97
30-year external 68
9512 Sale 9512
9878 1014
1
4 79
40-year s f 5325
1965.3 D 100 Sale 991
90
92
90/
1
4 20
1
4
/
4 100/
9018 Sale 90/
97/
1
4
96
12
10112
104
9612 94
Externals
I
59_
_
_Mar
15
1963
M B 9614 sale 9534
103
103 Sale 102
89
95
90/
1
4 86
Municipal Bank extl s f 58_1967 J D 80 Sale 89
1011
/
4 46 100 g 104
101 Bale 101
881g 9012
89/
1
4 31
38
95
91
88
Nuremberg (City) extl 68_1952 F A 8812 Sale 8812
90 Sale 89
10 100 10214
101
91/
1
4 Oslo
87
8934 31
u
3n
0-yea
5 se f es_ _1955 M N 100 Sale 100
88 Sale 8734
3 98 1014
9918 101
9934
99/
1
4 9914
Sinking
1946 F A
(City)fund
10034 17
10014 Sale 100
26
102
101/
1
4 1021,
10134
31
10114
1017
8
Panama
105
10612
3
4
1083
3
10718 Sale
(Rep) exti 51211--1953 D
109
_- 10112 Jan'29 _ 10114 1014
1961
9334 9612
Extl see 9 f 6329
D
9514 79
9414 Sale 9334
9212 944
937s 26
98/
1
4
94
Extl f 58 set A_.May 15 1963f4 N 9212 Bale 9212
9514 88
9414 Sale 94
26
914 96
99 102 Pernambuco (State of) ext 7,3 '47 M S 9134 93 9134
93
10014 91
9978 Sale 99
2 10512 107/
1
4 Peru (Republic of)
107
106
- 106
Jan'29
107
1074
10714
34
1926).1956
M
S
100
10212
E
N
x
10012
t
t
l
i
e
s
i
r
oe
7
7
8
2
3
s
(of
Sale
100
10012
10112 33 100 103
3
1959 M S 10112 Sale 100
f
901s 93
9214
9034 Sale 9134
85
904
8614 87
1960 J D 8534 Sale 85
901
/
4 917
: Nat Loan esti 6 f
911
/
4 39
9014 9134 9034
100
86
85 9012
1981 A 0 851a Sale 85
8114 44
80'2 sale 8012
f g 6s
8014 8312
811
/
4 19
804 8312
9 10014 1O2'e Poland (Rep of) gold 65.......1940 A 0 81 Sale 81
10112 10212 10178 10214
92
87
8512 884
9 9838 100
Stabilization loan s f 76.-1947 A 0 8512 Sale 8512
9834 .9878
65
98
964 99
97 Sale 97
19501
7
9612 1004
Extl sink fund g 88
100
99 100 99
13 10618 106/
1
4
9212 9334 Porto Alegre (City of) 86_1961 J D 10534 106 10534 106
9334 107
9314 Sale 93
4 100/
10112
101 10114 101
1
4 10232
88 90
Exti guar sink fd 7328.--1966
8714 88 Feb'29
85
8 10418 113
1
4 10413 110/
1
4 11114
88
9714 Queensland (State)extl8170 1941 A 0 103/
8912 157
8814 Sale 88
1
4 1044
1947 F A 10312 Sale 10314 10334 39 102/
25-year external 6a
20 10514 106
97 101
41
Rio Grande do Sul extl a f 85 1946 A 0 10514 Sale 10514 106
9712 Sale 97
98
8814 27
1968.3 D 8712 Bele 87
87 92
Exti a f 68 temp
1
4 53 9912 101%
10018 Sale 9912 100/
1
4
9812 82
9714 99/
1966 M N 9734 Sale 9714
9902 10038
Exti 8 I 75 of 1928
9978 43
1
4
99/
1
4 Sale 99/
Exdiele
ro25-yr f 8a.....1046 A 0 10534 Sale 10512 10612 14 105 10612
Jane
t tlixs
10334 Sale 10334 10453 14 103 10534 Rto
9412 44
93 95/
1
4
1953 F A 93 Sale 93
8
98
9902
9814
98 Sale 98
1
4
8912 91/
9038 101
1952 A 0 8912 Sale 8912
10 10572 10712 Rome (City) extl 6328
10614 Sale 10578 107
5 10812 104/
1
4
12
98 102
100
Rotterdam (City) extl 69_ _.1964 M N 10312 104 10334 104
100 Sale 95
89
88
6
88
88
1953.3
88
9112
Saarbrueeken (City) es
11418 13 118 114
96
99 Sao Paulo(City)51 85._Mar 1952 M N 11418 Sale 1141
9712 10
9712 Sale 97
1
1957 M N 9614 97 9614
96/
1
4
96 98/
1
4
83
883s
8518 32
EMI s it 8548 of 1927
85 Sale 83
107 Sale 106
30 105 108
107
93
85
83 88 San Paulo (State) exti a f 8, 1936J
8434 Sale 83
1
4
106 Sale 105
30 105 107/
106
86/
1
4 9034
8812 94
External sec s f 86
88 Sale 8618
14 100 402
10018 Sale 100
8
101
8
56
9
External f Ts Water L'n_ 196
8834 Sale 8712
12
89
32 100 103
8712 9304
Esti s t 68 int rots
10034 Sale 10012 102
9618 98
9214 94 Santa Fe (Prov Ars Ben) 78 1942 M S 9734 Sale 97
9312 100
9734 42
9312 Sale 93
1
4
9611 100/
4
97/
1
4
92/
1
4 9414 Saxon State Mtg Inst 731- _ _1946 J D 9612 97 9612
9334 89
9312 Sale 93
9434 92/
_
1
4 Mar'29
Dec 1946 J D 92
923s 95
921
/
4 94
9312 Sale 93
f g 6328
9334 125
1
4
1
4 108/
1
4 10612 29 105/
9212 94 Seine, Dept of(France)exit ?8 '42 J J 10614 Sale 105/
9312 69
9313 Sale 93
91/
1
4 96
30
93
9512 9934 Serbs, Croate & Slovene! 88 '62 II N 9212 Sale 9112
9638 24
9638 Bale 9534
8112
8012 46
79
1962 M N 80 Sale 7912
32
9712 10072
991
Extl sec 78 tier B
99 Bale 9812
1
4
80 84/
80
8212 26
9014 93 Silesian Landowners Amu 69,1947 F A 80 81
9134 57
9014 Bale 9014
99/
1
4
98
26
9914
35
4438 Solssone (City of) extl 66_211938 M N 99
20
41
3612 41
38/
1
4
9034 93
98
13
14
2
1946 F A 9214 Sale 9
9914 40
92
9912 10112 Styria (Prov) extl 78_
9912 1003s 9912 1003s
1939 D 10278 Sale 10134 1021
/
4 23 10114 10414
Sweden 20-year 65
1964 MN 10134 Sale 10134 10314 92 10134 105
93 9702
10
943
External 1030 514,
9434 Sale 9412
8412 91
8614 22
Swiss Conted'n 20-yr if 89_1940 J .1 109 Bale 10812 10934 16 10812 11034
8512 Sale 8412
/
4 Sale 101/
1
4 10312 52 10112 10876
8414 91 Switzerland Govt ext 5348._1944 A 0 1011
61
86
1
4
8514 Sale 84/
784
77
4
M S 7714 Sale 77
7714
_
17
8434 8812 Tokyo
861
ity6elg
oan of 10121952
u City
85 Sale 85
8634 904
A
0
8634
1961
Sale 86/
1
4
87/
1
4 81
89
9314
9314 29
90 90
88
92
90
1
901 9112
9112
88/
1
4 9514 Tolima(Dept of) extl7s....._1947 M N 00
9314 36
1
4
9214 9314 92/
9412 9614
6
94 97 Trondhjem (City) 1st 5328..1957 M N 96 Sale 95
16
953
9414 Sale 94
904 0812
13
25 8719 8918 Upper Austria (Prov) 74_1945 J 13 9754 Sale
88
8738 Sale 8718
8278 874
1
87514
4
2
9
89
73
18
Externals f6hs-June 15 1957 J D 8714 88 9
96/
1
4
9438 98
9412 95 9438
108
10914
11
N
A
1083
4
89.1
1
946
960
61
1
,
96
9
Sale 10812 10
941
1
4 9678 Uruguay (Republic) exti
3 94/
9414 953 9412
9718 99/
1
4
39
98/
1
4 Sale 9812
99
13
9912 10034
E-tternal s f es
9912 100
9912 101
90
94
4
0
911
78_1962
A
911
9014
9014
Bank
94
31
Mtg
Prov
951
954 Venetian
94/
1
4 Sale 9408
8618 9018
36
87
1
4 1033: Vienna (City of) exile f 613 1962 M N 8612 Sale 8618
4 100/
10038 Sale 10014 1001
3012 8514
46
821
10115 102/
1
4 Warsaw (City) external 78_10158 F A 81 Sale 8012
951 10134 Jan'29
95
9814
93
24
941
05 97/
7
1
4 Yokohama (City) WI as__ 1961.3 D 9314 Bale 93
951
95 Sale 95
11 18141 106
10314 Sale 10314 1031
a Cash sale
U. S. Governmont.
High No.
Ask Low
Bid
First Liberty Loan
331% of 1932-1947
ID 972%Sale 972% 9843 390
9920,2 Jan'29
Cony 4% of 1932-47
J D
J D 991% Sale 991242 99241 80
Cony 41
/
4% of 1932-47
2d cony 4/
J D 992432 Sale 99I% 99"ss
1
4% of 1932-47
Fourth Liberty Loan434% of 1933-1938
A 0 991%Sale 991% 99"tt 756
Treasury 43£6
1947-1952 A 0 1071043 Sale 10710:31081344 72
Treasury 46
1944-1954 J D 10210,,Sale 102104110317n 387
Treasury Ws
1946-1956 M 5,1001%100"n 99014: 100104 333
Treasury 334s
1943-1947 J D 9715 9711% 960043 9703 120
Treasury 3228 June 15 1940-1943 J D 9610n Sale 961041 97031 67
NYC 332% Corp st-Nov 1954 MN
332% Corporate stMaY 1954 M N
1936 M N
413 registered
45 registered
1956 MN
1957 MN
4% corporate stock
432% corporate stock_--1957 M N
432% corporate stock._ -1957 MN
1958 M N
4% corporate stock
4% corporate stock
1959 NI N
1960181 S
41
/
4s corporate stock
1964 M 5
41
/
49 corporate stock
1966 A 0
41
/
45 corporate stock
1972 A 0
434: corporate stock
1971 J D
4328 corporate stock
1963 M 5
434s corporate stock
1965.3 D
corporate
stock
434:
4328 corporate stock_JulY 1967 J .1
Range
Since
Jan. 1.
Low
New York Bond Record-Continued-Page 2
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Mar. 8.
it
Price
Friday.
Mar. 8.
Week's
Range or
Last Sale.
hi
4 '252'
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Mar. 8.
E,*
tt
1525
Price
Friday,
Mar. 8.
Week's
Range or
Last Sale.
Range
Since
Jan. 1.
Bid
Ask Low
Ask Low
High No. Low
Bid
High
High Chic Milw & St P (Concluded)
High No. Low
Railroad
Gen 4 As series E__--MaY 1989.3 J 92 Sale 92
74
98
92
96
19253 D
10234 10234
Ala Gt Sou 1st cons A bs__ _ _1943 J O 102 104 10234 Jan'29
717 Feb.'28
Debentures 48
1943 J O 93
93
1st cons 4s ser B
94
Chic Milw St P & Pac 5s_ _ _1975 F A 91 Sale 9058
9412 93 Feb'29
9212 229 -6E4 14-3
Jan 1 2000 A 0 7714 Sale 77
85
8612
Alb & Slag 1st guar 3As- _1946 AO
Cony adj 513
8612
- - 9034 8612
80
77
7734 1188
4
Alleg & West let g gu 4s___ _1998 AO 90 Sale 90
90
Chic & N'west gen g 3As_ _ _1987 /21 N
90
90
77% 78
2
78
76
801/
1942 MS 92
9258 95
Alleg Val gen guar g 45
7
95
Registered
92%
7712 Oct'28
@ F
1987 121 N 89
76
Ann Arbor lot g 4s___ _July 1995 Q J 7312
eraislte
4s
red
78
_ _ 76 Feb'29
GeR
neg
7
8912 8912
8912
89's 9158
Atch Top & S Fe-Gen g 48_1995 AO 9114 Sale 9012
9014 9334
91% 108
_ 94
Apr'28
F
AO
Registered
8914 90%
8812 Jan'29
8914 161:
8914
Stpd 4s non-p Fed in tax '87 M N 8914
8914
Adjustment gold 4s_ _July 1995 Nov 88 Sale 85
12
1-01 10612 Oct'28
84% 87%
86
Gen 4115 stpd Fed Inc tax.1987 M N
Nov
Registered
9912 Jan'28 Feb'29
Gen 5s stpd Fed Inc tax _1987 MN ____ 108 107
10512 1614
N 86 Sale 8687
July 1995
Stamped
MN
16
113 May'28
Registered
847s 887s
MN
Registered
99
_
1879-1929 A o iooT4
89 -Oct'28
Sinking fund 68
Jan'29
99
99
1955 J D 8818 8912 89
Cony gold 4s of 1909
2 -ggra 16A 0 9912 1-66 10014 Oct'28
89
Registered
1955 ID 8658 9018 88
Cony 413 of 1905
frini;
1879-1929 A 0 9912 Sale 9913
88
91
Feb'29
.
1R
2 -44
Sinking fund 55
9913
Cony g 4s issue of 1910 _ I960 J D
90
_ _ 90 Feb'29
A 0
2
99
99
Registered
90
99
99
1965 ii 90Rocky Mtn Div 1st 4s
93
1933 m N 10012 fo-o-791% 92
91
Feb'29
88
Sinking fund deb 55
8 10012 10012 15 104) 101%
Trans-Con Short L lot 48_1958• J 8834 9012 89
M N
Feb'29
89
93
10034 10034
_ 10034 Jan'29
Registered
9.714 98/
1
4
Cal-Ariz let & ref 434s A_1962 MS 9818 Sale 97%
1930 J D ioii2 gale 10138
12 100% 103
102
10-year secured g 75
9818 32
1946 J O 9834
Ati Knoxv & Nor lst g 58
10314 10314
_ _ 10314 Jan'29
10834 Sale 10834
15-year secured g 63is---1936 m
10914 10 108% 1112
.
Atl & Charl A L 1st 4 As A 1944.3' 95
_ _ _ _ 95
95
1
39 1011, 10512
May 20373 D 10112 Sale 10112
96
95
103
1st ref g 5s
lot 30-year 58 series B___ A944 j
10212 Sale 102
May 20373 D 95
10212
4
5 101 103
9514 9734
9534 9554
lst & ref 4 As
9534
Atlantic City 1st cons 4s_ _ A951 J J 85
871, 16
8912 8712 Oct'28
Chic R I & P Railway gen 4s 19883 J 8712 Sale 8714
86% 89
Atl Coast Line 1st CODS 4s July'52 M S 9034 92
4 -8934 lir
91%
.1 J 84
9114
9672 8814 Dec'28
Registered
MS
Registered
90,4 9014
1934 A 0 9414 Sale 94
9014 Jan'29
94% 196 -654 -9-1Refunding gold 4s
1964 ID
General unified &As
95
A0
97%
9&7g 9612 Feb'29
9234 92%
9234 Jan'29
Registered
8914
L & N colt gold 4s__ __Oct 1952 MN 89 Sale 33812
1952 M S 9118 Sale 91
8634 91
5
90% 95%
72
92
Secured 4348 series A
1948 j
Atl de Day 1st g 4s
7012 72% 70
70
5
85 Feb'29
Ch St L & N 0 Mem Div 48_1951 J D 85
75
7012
85
88
88
1948 j
2d 4s
D 10318
6478 6712
67 Sale 6478
10
10312 105
10312 Feb'29
June 15 1951
67
Gold 5s
1949 AO 81
Atl & Yad let guar 48
J I)
8278 8534 Dec'28
107
Apr'28
Registered
Austin & NW let gu g 5s_ 1941 j
9612 10258 100
June 15 1951.3 D
8412 Jan'27
Gold 330
Jan'29 - - 100 100
100 1-61Ch St L & P 1st cons g 5s___ _1932 A 0 100 1-6i 100 Feb'29
Bait de Ohio lot g 4/1_ __ _July 1948 AO 9134 Sale 9112
9214 84
90
93
10158 June'28
A 0
Registered
1948
July
Registered
Q J
8912 0114 Chic St P M &()cons 6s_ __ _1930 J D 10014 1-667_ 8912 Feb'29
10012
10012
8
8 Hsi' III'
20-year cony 434s
1933 MS 9758 Sale 97%
97% 99
9814 127
9614 97
Cons 6s reduced to 3A8-- _ 19303 D 9634 _ _ _ _ 9612 Jan'29
Registered
S
1930 at S 98 Sale 98
98 June'28
5 98 101
98
Debenture 55
Refund & gen 55 series A _ _1995 J O 10014 Sale 100
M S 98
8
101
9814 9918 Jan'29
95 100- 1-62198% 99%
Stamped
Registered
J D
9934 Dec'28
Chic T H & So East lst 5s_ 1960 J D 96
97 10012
8
9678 97
981s
1st gold be
July 1948 AO 10314 Sale 10314
92%
1
Inc gu 5s
Dee 1 1960 M S 8614 Sale 86
10412 42 10314 10412
86
89
Ref & gen 6s series C
1995 J O 108 Sale 10734
68 10734 110
17
98
98
109
98 10014
98
Chic Un Sta'n lst gu 4 As A_1983 J J 99
P LE& W VaSysref 4s 1941 M N
1963J J 10358 105 10212
9234 94
42
_
9412 93
4 102 10412
93
10252
let 523 series B
Bouthw Div 1st 58
1950 j
1944 J D 10214 Sale 101
25 100 10312
10014 Sale 100
101
10214 36 100 10212
Guaranteed g Se
Tol& Cin Div 1st ref 4s A _1959 j
1963.3 J 115 11512 115
81
8514
81 Sale 81
1st guar 6 Asseries C
115
8212 18
9 114 118%
Ref & gen bs series D___ _2000 MS 100 Sale 100
Chic & West Ind gen Os Dec 1932 0 M 10112 -- 10114 Feb'29
10114 10114
10034 93 100 102
j 100 105 105 Feb'29
Bangor & Aroostook 1st be _ _1943
1952 J J 8512 Sale 85,2
103 105
8512 8832
86
Consol 50-year 45
5
Con ref te
1951 Ii _84,4 8614 8412
1962 121 S 10214 10334 102
8318 8614
10212
6
9 10178 105
1st ref 5348 series A
8614
Battle Crk & Stur 1st go 31.1_ -1989 J O
Choc Okla de Gulf cons 5s_ 1952 M N 101 102 101
6812 Feb'28
10052 10111
Feb'29
.• 1 9412 9512 94%
Beech Creek 1st gu g 45_
1936
19373 J 93
9412
95
-9-i5-8 Cin H & D 2d gold 4 As
5
94%
9412 9452
9458
5
Registered
• J
C I St L de C let g 4s.Aug 2 1936 Q F 9412 9614 9412 Feb'29
95 Aug'28
9412 9614
2d guar g 58
1936 .1
97
Aug 2 1936 @ F
Oct'28
Registered
97 June'28
Beech Crk Ext 1st g 3As_ _ 1951 AO 7513 ____ 82 Aug'28
-80- -8-6- Cmn Leb & Nor 1st con gu 45 1942 M N 712 8912 8734 8734 5 878g 88
Belvidere Del cons gu 30_1943• j
1944 J D
Big Sandy 1st 4s guar
9114 Clearfield M 121ah 1st gu 58_1943 J J 9812
100 July'28
90
-_-_-_-_
-60-Bolivia Ry 1st 58
1927• j
90
Cleve Cin Ch & St L gen 4s_ _1993 3 D 90 Sale 90
88 If
Boston & Maine 1st 5e A C._1967 M S 95 Sale 94
1931 J .1 9834 Sale 9834
94
99
91
9772 99%
9834
20-year deb 4 As
96
Boston & N Y Air Line let 4s 1955 FA 76
1993 J D
Jan'29
7912 8112
4
80
112 112
General 55 series B
-- 112
7912
80
Bruns & West 1st gu g 4s_ _1938 ▪ j 9512 96
99% 10015
99%
10018 33
94,2 9512
99 101%
Ref & Impt tls series A _ _ _1929 J J 103129512 Feb'29
Buff Roch & Pitts gen g 513_1937 MS
19413 J 10412 Sale 104
10412 29 104 105
101% 10012 Dec'28
Ref & impt 6s ser C
Consol 45s
1957
N 91% Sale 9114
1963J J mo Sale 99
10112 11
99 10332
Ref &(mot 5s ser D
50 -9012 927
92
Burl C R & Nor 1st & coil 5s 1934 AO 100 102 100
9312 Feb'29
_ _1939 J J 9312
93% 9312
Cairo Div 1st gold 411
5 100 102
100
_84 83
91
1
83
CinW&MDivIstg4s.1991J
83
Canada Sou cons gu 5s A__ _ _1962 A 0 10312 10334 10312
85,
2 8812
St L Div ist coil tr g g 413- 1990 MN 67758 _ _ _ 8558 Feb'29
1 10338 10634
10312
Canadian Nat 434e_Sept 15 1954 m s 92% Dec'28
9614 11
9514
_
9418 9634
96
Spr & Col Div 1st g 4s_ 1940 MS 92% -95
5-year gold 4 As_Feb 15 1930 F A 99
9112
_ 90
1940J J
Oct'28
W W Val Div 1st g 4s
9914 9918
98% 9934
34
993
30-year gold 434s
1957 j J 9412 Sale 9412
951 95
98
32
96
Feb'29
1977 J J
94
96
Ref & impt 4 As ser E
Canadian North deb s f 73_1940 J D 11112 Sale 11118
104%
19343 J inc
1041g
104 10412
CCC&Igenconsges
11134 41 ,1105s 113
25-years f deb 63s
1946.3
115 Sale 11478
100 101%
11612 27 11418 11612 Cley Lor & W con lst g 5s_ -1933 A 0 99,2 16114 100 Feb'29
10-yr gold 45o_ __ _Feb 15 1935 F A
_ 100
9712 Sale 9712
Oct'28
97% 99
9858 12
Cleve & Mahon Val g 5s_ _ 1938 J J
Canadian Pac lty 4% deb st1:16
8414 Sale 84
9614 Feb'29
96
97
- '96 16-1:
83% 88
83
85
Ci & Mar 1st gu g 4 As_ __ _1935 MN 95Col tr 4(49
96% Sale 96%
A O
j 9838 101 10034 Mar'28
2i
194
942
96
gu 4 As ger B_1
99
97
&
P
gen
69
Cleve
1932
Carb & Shaw Ist gold 4s_
3838 Feb'29
9832 100
9818 Nov'28
__
9838 9838
Series A 4348
Caro Cent let cons g 45
1949 J J
7414 V61-4 80
91
Oct'28
1948 M N
80
Jan'29 _ _ _ _
Series C 3 As_
8O's
Caro Clinch de0 1st 30-yr 53_1938 J D 101 Sale 101
898. 598g
1950 F A 85_ 8934 Jan'29
10138
8 100 10112
Series
D
3
As
1st & con g 6s ser A_Dec 15 '52.3 D 10812 Sale 10812
10858
9734 99114
6 107 10838 Cleve Shot. Line ist gu 4348.1961 A 0 95% 1-66 9734
9734
1981 j D 8512
Cart & Ad 1st gu g 4s
_ 8734 Feb'29
8 10512 109
8734 8734 Cleyeagnisltoe
_
nred
Term 1st 5 As_ _1972 A 0 10652 Sale 10612 106%
Cent Branch U 13 1st g 421_1948
1)
852 8412
107
Oct'28
A o
8413 85
4
85
Central of Ga 1st ge_Nov 1945 F A iOY 10612 105 Dec'28 _ _1973 A 0 100 1043-4 10458
105
iO 10414 10514
lsts f 5sser B
Comm' gold be
1945 M N 101 Sale 101
10218
9778 98 Mar'29
1977 A 0 97
4 100 1-6i"
98 101
lets f guar 4AsserC
Registered
MN
-_ 100 Jan'29 _
100 100
10-year secured 6s June 1929 J D ioo Sale 99%
19453 D
99% 10018 Coal River Ry lot gu 48
100
90
90
Jan'29
12
90%
Ref & gen 5348 series B__1959 A 0 102 10412 10334
9912 9972
10412 10 10334 10512 Colorado & South lst g 4s_ _ _1929 F A
99% Jan'29
Ref & gen 5s series C
1959 A 0 100 103 10012 Feb'29 _- 1C012 10112
9512 9712
26
97
Refunding & erten 4 As._ _1935 MN 9818 9612 9618
Chatt Div our money g 4s 1951J D 85
86
93% June'28 1948A 0 8912
87
9058 91
91
Jan'29 _ -87
Col & H V lat ext g 422
Mac & Nor Div Ist g _ --1946 J J
107 101
9112
Jan'29 _- 101 101
92% Nov'28
1955 F A
Col & Tol 1st ext 45
Mid Ga & Atl div pur m 5s 1947J J ioo- 103 10312 Apr'28 _90 May'28
-Conn & Passum Riv let 4s_ _1943 A 0 90
1946 J J
Mobile Div 1st g 5s
105 Dec'28
9412
1930 F A
9534 Nov'28
_
Consol Ry deb 4s
j 79% 827g 8234 Feb'29
Cent New Eng 1st gu 4s_ __ _1961
71
-7-3
8234 gi
4
73
1954 J
71
75
73
Non-cony 43
Central Ohio reorg let 4 As_ _1930 M S 98
9912 9712 Feb'29
9714 99
70
72
2
69
89
69
Non-cony deb 4s_ _ _ Ad2.1 1955.3
Cent RR & Bkg of Ga coil be 1937 m N 98
9912 98 Feb'29
9713 9914
76 Nov'28 - - -Non-cony deb 48_ __ _A&O 1955 A o
Central of NJ gen gold 58_1987 J J 10858 10912 10758
109
5 107% 11118
73
Non-cony debenture 4e_ _ _1956 J
73
76
Jan'29 _ _ _
Registered
1987 Q J
109
Jan'29
109 109% Cuba Nor Ry let 5lie
72
19423 D 86 Sale 85
86
85
9314
General 4s
1987 J J 8834 9112 91 Dec'28
89
89
9112 92
Cuba RR lst 50-year be g _1952 J
92
9278 12
92
98
Cent Pac 1st ref gu g 43
1949 F A 9038 91
9012
9012 14
9032 9112
1936.3 D 10112 Sale 101
5 10058 106
10112
lot ref 730 series A
Registered
1. A
88 Sept'28
_
9112 98
9234 28
1st lien & ref 6s ger B .._ _1936 J D 9212 Sale 9112
Mtge guar gold 3 As_Aug1929 J D
_
99 Feb'29
_ if( 99
Through Short L 1st gu 49_1954 A 0 9992- 91
91
91
1
90% 9134 Day & Mich 1st cons 4346..1931 .1 J 9718 9734 9734 Feb'29
9734 97,14
Guaranteed g be
1960 F A 10114 Sale 100
102
65 100 103
Del de Hudson 1st de ref 4a_ 1943 M N 9112 Sale 9112
9134 9412
5
9212
30-year cony
1935 A 0 99 100
98
Feb'29 --- 1 97 10412
Charleston & Sayn'h 1st 7s_ _1936 J
11838 Aug'28 _113%
MN
1937
105
100
103
Feb'29
1017
g
102%
r
coney 59
Ches& Ohio 1st con g 55_......1939 m N 10214 1-63 102/
1
4 103
5 ioira foil;
24 10014 10314
10-year secured 76
1930 3D 101 Sale 101
102
1939 M N
Registered
10214 Dec'28 _D RR & Bldge Ist
FA 94
_
_
_
_
Aug'28
9614
g
431
-1936
General gold 4('s
1992 M 5 9512 Sale 9514
96 1 43 -9614 10014 Den & R G let eons g 42_
33
I936 Si 89 Sale 89
89
90
9238
Registered
M 13
9518 Feb'29'
95,2 95's
1936 J J 9134 9238 911
9412
Consol gold 4345
91
9134 26
1930 F A -99- Sale 988
20-year cony 4348
9914 53
98% 99% Den ARC West gen 5s_ Aug 1955 MN 9512 Sale 9512
93
116
97
98
Ref & Impt 4(48 ser A_1993 A 0 911 Sale 95
95
95
74
95
Ref & lint be ear B Apr 1978 M N 89 Sale 89
89
9334
9014 36
Craig Valley 1st 5s_ May 1 '40 J J 100 Sale 100
110
13
9934 10012 Des M & Ft D Ist gu 4s
40
33
36 Feb'29
1935,3 J 3512 39
Potts Creek Branch 1st 48.1948.3
85
8934 9034 Sept'28
Temporary ctfs of deposit-----1- - 30 Sale 30
2
30
2914 38
R & A Div 1st con g 4s_ _ _1989 J J 86
9414 86
86
86 Ida; Des Plaines Val 1st gen 430_1947 m S 93% 99
1
9258 Feb'29 ---1 92% 9252
19893 J
2d consol gold 42
86
1
86
82% 86
Deto&ld
1st lien g 4s
1995 J D 75
78
Feb'29 -79
7614
76
Warm Springs V 1st g bs_ _1941 si 5
100
_ _ 100 100
Jan'29
Gold 4s
19953 D 75
7913 75
Feb'29--1 75
75
9914 gale 99
Chesap Corp cony 55 May 15 1947 si N
100
161
99 10012 Detroit River Tunnel 4;0_1961 M N 98
911 100%
9814
9858 28
993
4
Chic & Alton ItR ref g 3s.„1949 A o 69
69% 69
1
69
69
70/s Dul Missabe & Nor gen 53._ 19413 J 10238
103
10314
9 103 10314
Ctf dep stpd Oct 1928 int
68
68
69
13
68
68
89
Dul & Iron Range 1st 5.2_ _ _ _1937 A 0 1011s ---- 101
Jan'29
10014 101
Railway first lien 3 As_ _1950
68
70
68
26
69
68
71
10012 May'28
Certificates of deposit__________ 6734 69 6734
68
6734 71
11
Du
Rleg
Soisute
gre & A tl g 5s_ _ -1937 A
1
5
81
753
4
753
4
J
CI
J
7538 8138
3;48_1949
Q-111
Div
Burl
&
85
Chic
8512 12
86% 85
84% 86
East Ry Minn Nor Div 1st 45'48 A o 91% 94
9312 Feb'29 _ _ _
9313 94
J .1
Registered
8512 Dec'28
_
East T Yu & Ga Div g 5.3._1930 J J
3
9912
9878 9912
99
9912
1949 J J 92% 9414 9234
Illinois Division 46
9234
1 -50
,
494
Cons 1st gold Ss
1956 M N 105 10534 105 Feb'29
_ 10418 105
1958 M S 9052 92
General 45
9014
93
5
90,4 9312 Elgin Joliet St East let g 5s_ _1941 M N 100 10212 100
1 100 10312
100
M S
Registered
9134 Sept'28
_ El Paso 4,8 W let 53
1985 A 0 10012 102 10212 Feb'29
10232 105%
1977 F A 86 Sale 9534
let& ref4 As serB
9618 17
9534 9912
1971 F A 10314 10312 103
10314
let de ref 5s series A
3 103 105
Erie 1st consol gold 7e ext._1930 M S 101 Sale 101
10212 34 101 104
Feb'29
_ _ _ 106
Chicago & East 111 lst 6s_ _ _1934 A 0 103
105 106
1st eons g 45 prior
J 8414 Sale 8414
1996
84
25
85
85%
8314 47
C & E 1111ty lam co) con 513_1951 MN 82% Sale 823s
81
8518
1996 J J
86
Jan'28
__
1982 MN 102 103 103
Chic & Erie 1st gold bs
10314
5 102 106
1stRegisteredu
,
:lien g 4s _ _ _ _ 1996 .1 J 77 Sale 76
7712 63
si
gee
811-2
76
48_1959
M
s
Chicago Great West let
6734 102
67 Sale 6652
6658 69%
1996
J
2
73%
7234 73%
73%
112
112
Chic Ind & Louley-Ref Os. _1947 J J 112
1 11012 113%
2 10058 101%
Penn coil trust gold 4s_ _....1551 F A ioiTa 1-64:- 101
10114
1947 J
Refunding gold be
10014 1-64-12 10114 Feb'29 _ _ -- 100 10312
82
50-year cony ts series A _ _1953 A 0 75
3
8078
8078
8078 8412
1947 J J
Refunding 4s Series C
92
Jan'29 -_ _ _ 92
92
1953 A 0
8178 82 Feb'29
Series B
82
84
1966 M N 8898
99
let & gen bs ser A
98
97
95 10314
1
82
1953 A 0
8412 Dec'28
Gen cony 4s series D
1st & gen 68 ser IL.-.May 1966
J 106 108 106 Mar'29
108 10812
1967 M N 93 Sale 911
93 ,153 -Sli2
Ref & Inlet be
94% Feb'29
Chic Ind & Sou 50-year 4s._ _1956 J J 8812 87% 9418
108
Erie de Jersey 1515 f ris _ _1955 J J 108 10878 10714
6 10714 11012
9912 Oct'28
Chic L & Eaet let 4;ie.__ _1969 J D 94
__
se
Gern
10712 11 10712 1112s
ies
essc
ee3R
4
.
iver 1st s f be_ _1957 J J 10712 Sale 10718
cuM de St P gen g 4e A_May 1989 J ./ 8314 14
8312
8312 15
-8-6-3-4 Erie & Pitts CU g 3As ear 13_1940 J J 8818
102 Feb'28 _ -Q J
8258 Dec'28
Registered
1940J J 8818 If 8818 Jan'29 _ _ _
88I 881*
Gen g 3As Her B_ _ _ _May 1989 J J 7213 75% 7312 Feb'29
_
7313 75
1954 M N 103% Sale 10312
Est RR esti f 7s
104% 56 103,2 105
Gen 43.0 series C___May 1989 J J 9412 Sale 9412
9413 13
9418 9534
Registered
100 May'28
1526
BONDS
N. Y. STOCK EXCHANGE
Week Ended Mar. 8.
New York Bond Record-Continued-Page 3
Price
Friday,
Mar.8.
H
Week's
Range or
Lasi Sale
Range
Since
Jan. 1.
High
High No. Low
_
Oct'28
1 "5E; 1114
9512
94
93
6
94
80
75
791s 15
251 50
36
94
Jan'29 -_-_-_94
10714 10714
10714
10334 10378
Feb'29
9914 100
Feb'29
9914 100
7
100
9812 9912
Feb'29
85
86
89
9678 9834
Feb'29
Jan'29
7433 75
97
Jan'29
96
_
7 (10978 113
1103a
10512 20 1044 106
Oct'28
Fla Cent & Pen let ext g 58_1930 .1 .1
1st consol gold 55
1943 J
Florida East Coast 1st 4hs_1959 J D
lat & ref 55 series A
1974 MS
Fonda Johns& Gloy lat4 ha 1952 MN
Fort St U Co lat g 4 hs1941 J J
Ft W & Den C 1st g 5 W.__ 1961 J D
Frem Elk & Mo Val 1st 68 1933 AO
GHdcSAM&P let6s
1931 MN
2d extens 58 guar
1931 J J
Galy Hous & fiend 1st as__ _1933 * 0
Ga& Ala Ry 1st cons 5s Oct 1945 J J
Ga Caro & Nor 1st gu g 5s_ _1929 J J
Georgia Midland 1st 3s
1946 A
Or R & I ext 1st gu g 4%5..1941 J J
Grand Trunk of Can deb 65_1948 AO
15-year a 1 65
1936 M S
Grays Point Term 1st 58_ _1947 J D
Low
99
9512
94
78
36
94
10714
_ 10714
10312 1-04 10334
_ 100 100
156 Sale 994
9788 9912 981
89 Sale 89
9718 9834 97
7438
7438 75
97
9512
16678 10978
16872 sale 105
9618
98
Great Nor gen 7s series A___1936 J J
J J
Registered
18t & ref 4hs series A_ _ _1961 J J
General 5345 series B____1952 J J
General be series C
1973 J J
General 4545 series D
1976 J J
General 4hs series E
1977 J J
Green Bay & West deb Cu,A __ Feb
Feb
Debentures ctfs B
Greenbrier Ry 1st gu 4a____1940 MN
Gulf Mob & Nor 1st 5145_ _1950 A 0
lat M 5s series C
Gulf & I 1st ref & ter g5..b1MII
Hocking Val 1st cons g 4)45_1999 J
Registered
1999 J J
Housatonic Ry cons g 5s_ _ _1937 MN
& T C 1st g as int guar
1937 J
N
Waco & N W div lat 6s_ _ _1930
Houston Belt & Term 1st 53_1937 J
Houston E & W Tex 1st g 56_1933 M N
let guar 68 red
Bud & Manhat 1st 55 ser A1
A
F N
3M
_ 19
95
37
Adjustmentincome Je Feb 1957 A 0
10912 Sale 10912 11034 89
114 Apr'28
94
9534 94 Feb'29
20
107 Sale 10612 107
100 10214 10112 Mar'29
8
9412
9312 9538 93
94
15
9212 9338 9358
Oct'28
79
85
26
29
25 1612 25
9312 Dec'28
9114
100 10478 10012 10114 21
91
994 102 Dec'28
Jan'29
10618 ____ 108
9714 11
97 Sale 97
10212 May'28
5
98
9713 _- 98
1
102_ 10214 10214
Jan'29
10014 1-62 102
9912
8
9912 Sale 9912
9812
_ 9812 Jan'29
0812 16 9812 Feb'29
9534 46
9458 Sale 94
8018 105
7918 Sale 79
Illinois Central 1st gold 4s___1951 ii
J
Registered
1st gold 334s
-J
Registered
Extended 1st gold 3135_ _1951 * 0
1st gold 3s sterling
1951 M
Collateral trust gold 4s
1952 * 0
MN
Registered
lstr efunding 4s
1955 MN
Purchased lines 334s
1962 J J
J J
Registered
Collateral trust gold 4a___1953 MN
MN
Registered
Refunding as
1955 MN
15-year secured 6 hs g
_ 1936 Ji
A
60-year 4h s
Aug 1 1966
Cairo Bridge gold 40
1950
Litchfield Div 1st gold 38.1951
Louisy Div & Term g 334s 1953
Omaha Div 1st gold 38._ _1951
A
St Louis Div & Term g 38_1951
Gold 3.14s
.1
1951
Registered
Springfield Div lat j 354s.1951
Western Lines 1st g 4s.,....1951
A
Registered
A
DI Cent and Chic St LA N 0
Joint 1st ref 58 series A___1963
lit & ref 444s series C___ _1963
92
9234 92
95 May'28
8538 Jan'29
84 Nov'28
-8534 -1614 8612 June'28
7414
7414
73521
874 Sale 8634 Feb'29
Oct'28
87
9114
-9034 92
91
88 8334 Jan'29
82
87 Nov'28
8312 16-58 8638
863,3
9014 May'28
104%
ioiis 165'- 102
10938 Sale 10938 1093s
9812
9714 Sale 9714
90
92
90
90
7514 Sale 7514
7514
8212 Jan'29
81
84
74
74
74
75
7638 Oct'28
7338
81
81
82
-- 7834 Oct'28
80_ 88 Dec'28
894 -9012 9014 Jan'29
92 Apr'28
102 Sale 10134
9434 9534 9434
Ind Bloom & West 1st ext 48 1940
Ind III & Iowa 1st g 4s
1950
Ind dr Louisville 1st gu 413._ _1956
Ind Union Ry gen 5s ser A _ _1966
Gen & ref re series B
1965
Int& Grt Nor lat 68ser A _ 1952
Adjustment 65 ser A July 1952
Stamped
1st 58 series B
1966 JJ
lst g 5s series C
1956 J
Int Rys Cent Amer 1st 5e
1972 MN
1st coil tr 6% notes_
1941 MN
lit lien dc ref Ohs
1947 FA
Iowa Central 1st gold 68._ _1938 J D
Certificates of deposit
Refunding gold 45
1951 MS
James Frank & Clear 1st 48_1959
D
KanA&GR let gu g 5a1938 J J
Kan & M Ist gu g 4s
1990 * 0
91
9214
8733 8814
165
_ 103
103
103
10412 Sale 10412
94 Sale 9338
7712
____ 9478 9638
93 Sale 93
8012 Sale 7934
93
9412 9834
064 Sale 96
4212 49 49
4013 50
5112
1478 1534 1478
85
88 88
1004 - - - 100
8412 -86 8412
KC Ft S& M Ry ref g 48._1936 * 0
fiC&MR&B 1st gu 58..1929 AG
Kan City Sou 1st gold 3s.- _1950 * 0
Ref &'rapt 5s
Apr 1950 J
Kansas City Term 1st 4a_ __1960 J J
Kentucky Central gold 4s._1987 J J
Kentucky & IncrTerm 00.1961 J J
Stamped
1961 J J
Plain
1961 J J
Lake Erie & West 1st g 5s__.1937 ▪ J
2d gold fe
1941 J
Lake sh & Mich So g 3418-1997• D
Registered
1997 J D
25-year gold 48
1931 MN
MN
Registered
Leh Val Harbor Term gu 50_1954 FA
Loh Val N Y lat gu g 4;46_1940 J J
1,16161h Val(Pa) cons g 4s___2003 MN
MN
Registered
General cons 434s
2003 MN
M
Registered
9218 12
9112
_
9914 Jan'29
7212 30
7078
9812 10
9778
75
88
8738
9
8812
8814
95 Jan'29 -92l Oct'28 Jan'29 95
01 Feb'29 ---00 Feb'29 -7
80
7912
8112 July'28 -84
9778
98
9934 Apr'28 -, 4
101 1-02-12 0212 1023
_
9878 9878 Feb'29 ---38
Sale 8414
85
86 Jan'29 -_
9412 ---94 Sale 94
99 Nov'28
Lehl Valley RR gen 58 series 2003 MN
Leh V Term Ry 1st gu g 5s__1941 AO
116, Registered
AO
Lab & N Y 1st guar gold 45..1945 M S
Lex & East 1st 50-yr 5s gu_ _1965 * 0
Utile MILIEU'gen 4s series A_ 1962 MN
Long Dock consol g 68
1935 AO
Long UM 1st con gold 58 July1931 Q J
let consol gold 48___July 1931 Q J
General gold 45
1938 J D
Oold 48
1932 J D
Unified gold 48
1949 MS
Debenture gold toi
1934 J D
30-year p m deb be
1937 MN
Guar Sh B 1st con gu as Oct'32 MS
Nor Eih B let con gu 5s_Oct'32 Q J
Louk& Jeff Edge Co gd g 4/4.1945 M
Louisville ar Nashville Es„..1937 MN
Unified gold 48
1940 J J
ii
Registered
Collateral trust gold 6s.._1931 MN
103 Sale 03
10312 ---- 0312
0378
____
86_ 90
106 1-6i12 106
8812
1-66- 10412
9958
0558 101
0418 _
100
904 2412 9034
9912
8914 Sale 8914
98
98
99
96
964 97
9014 Sale 9014
9934
99 100
89
9414 89
101 102h 10212
94
9234 94
9312
160- 1614 100
Bid
1. Duo Feb.
9512
9258
784
36
Ask
99
973s
9414
Sale
38
92
2
----
834
85
102
9514
5
5
_
2
2
76
3
5
8
1
23
16
Nov'28
Feb'29
Feb'29
103
Feb'29
10518 28
289
95
Feb'28
Mar'29
10
93
8012 31
9534 13
9678 12
Feb'29
Feb'29
148
Jan'29
Feb'29
Feb'29
9134 Sale
984 9914
7134 Sale
9538 9734
8712 8934
8814 Sale
_ _ 9012
87
so
95_
100 11 12
98 10312
7812 7934
74
7814
974 9814
10318
10312
Feb'28
Oct'28
10612
Dec'28
Jan'29
Feb'29
Feb'29
Feb'29
Dec'28
8914
Feb'29
Feb'29
9138
100
Feb'29
Jan'29
94313
Dec'28
Feb'29
8
5
2
25
6
18
44.'4
Price
Friday,
Mar,8.
Bid
Louisville & Nashv (Concluded)10-year sec 7s. _ _May 15 1930 M N
1st refund 550 series A _ _2003 A 0
lat & ref as series B
2003* 0
lat & ref 4 ha series C_ _ _2003 A 0
N 0 & M 1st gold 68
1930.8 J
2d gold 68
1930.8 J
Paducah & Mem Div 45_1946 F A
St Louis Div 2d gold 35_ _1980 M S
Mob & Montg 1st g 434e..1945 M S
South Ry joint Monon 45_1952 J J
Atl Knoxv & Gin Div 4E1_1955 M N
Loulay Gin & Lex Div g 4)0'31 MN
Mahon Coal RR 1st as
1934.8 J
Manila RR(South Lines)45_1939 Se N
let ext 4s
1959 M N
Manitoba S W Coloniza'n as 1934 J D
Man GB&NW 1st 3%3_1941 J J
10912 11258 Mich Cent Det& Bay City 5s_'31 M
QM
Registered
1940 J J
9314 98
Mich Air Line 45
J J
106 10934
Registered
1st gold 334e
1952 M N
101 104
1929 A 0
20-year debenture 48
93
9714
A 0
93
Registered
9732
Mid of N J 1st ext 5s
1940 A 0
Milw L S & West imp g 58._1929 F A
D
Mil & Nor lst ext 4 ha(1880) 1934
D
Cons ext 410 (1884)_ _ -1934
Mil Spar & N W 1st gu 48_ _1947 M S
Milw & State Line 1st 3148- _1941 J J
97
Minn & St Louis 1st cons 55-1934 M N
99
Temp eth3 of deposit_ 1934 M N
9734 -161
8
1st & refunding gold &L.-1949 M S
10214 10214
Ref & ext 50-yr 5s ser A 1962 Q F
102 102
Certificates of deposit-----9834 9934 MStP&SSMconglaintgu'38
1938 J .1
1st cons 58
9812 9812
let cons 55 gu as to int_ _ _1938 J J
9714 10218
10-year coil trust 6 hs___ _1931 M S
94
98
1946.8 .1
1st & ref 6s series A
79
8434
1949M S
25-year 5545
1941 MN
91
1st Chicago Terms f 4s
9514
53.
8 -8-538 Mississippi Central 1st 6,_.1949J
Mo Kan & Tex 1st gold 48._1990 J D
Mo-K-T RR pr lien baser A_1962 .2 J
1962.8 J
40-year 48 series B
"7414 7414
1978
J
Prior lien 4145 ser D
Cum adjust 55 ser A _Jan 1967 A 0
8634 9334
Mo Pac 1st & ref 5sser A _ 1965 F A
1975 M
General 4s
9012 924
1977M S
8334 8334
1st & ref 5s series F
Mo Pae 3d 75 ext at4% July 1938 MN
1978 M N
lst&refg5sserO
"iiis 91
Mob & Bir prior lien g 58.....1945 J J
J J
16 1-668Small
8
1945J J
110 1114
let M gold 45
1945.8 1
9714 10012
Small
86
Mobile & Ohio gen gold 45...1938 M S
90
7514 7514
Montgomery Div 1st g 55_1947 F A
8212 8428
1977 M S
Ref & impt 4345
Moh & Mar 1st gu gold 48_1991 M S
74
74
1937.8 J
-- -- Mont C 1st gu 68
1937 J
8612
1st guar gold fe
81
Morris & Essex 1st gu 3145-2000 J D
"e5; 9014 Nash Chatt & St L 4s ser A.1978 FA
N Fla & S 1st gu g as
1937 FA
Nat Ry of Mex or lien 4348_1957.8.8
.1 -1
10112 10514
July 1914 coupon on
944 96
Assent cash war rct No 4 on
Guar 70-year s f 45
1977 ;4- -41
Assent cash war rct No 5 on
9214 Nat RR Mex pr lien 4 hs Oct'26
92
8814 8814
Assent cash war rct No 4 on
103 10612
1st consol 48
1951 WI)
103 103
Assent cash war rct No 4 on
103 106
Naugatuck RR let g 48--1954 MN
New England RR Cons 58..1945
9034 96
Consol guar 45
1945 J
94
9658 N J Junc RR guar lat 45_ _ _ _1988 FA
93
9512 N O& NE lst ref &imp 410,1'52 J J
7918 82
New Orleans Term 1st 45_ J953 J J
9318 964 NO Texas & Mex n-c Inc 55.1935 AO
96
let 5,series B
9858
1954 * 0
40
1st as series C
51
1956 FA
let 414s series D
4812 5112
1956 FA
1412 20
1st 5145 series A
1954 * 0
8778 8912 N & C Bdge gen guar 4 he_ _1945 J
994 1004 NYB&MB1stcongas 1935 * 0
844 8412 N Y Cent RR cony deb 6s...1935 MN
MN
Registered
9114 93
1998 FA
Consol 45 series A
Ref& Rapt 4135 series A._2013 A0
99
9912
Ref & impt as series C.._2013 AO
7078 78
AO
9778 9954
Registered
87
9C112
8814 907s NYCent&HudRivM3j4s 1997.8 J
1997 J .1
95
95
Registered
wi N
1934 M
Debenture gold 45
95
95
Registered
1942 1 J
10038 101
30-year debenture 45
Lake Shore coil gold 3545.1998 F A
99 100
•
1998 F A
781g 8112
Registered
Mich Cent coll gold 3hs 1998 F A
975 98'4
1998 F A
Registered
N Y Chic & 8t L 1st g 48-.1937 A 0
1937 A 0
jai" 105
1931 MN
Registered25-ardebenture 4s
9878 9934
2d 138 series A B C
1931 MN
844 8814
Refunding 045 series A._1974 A 0
86
86
Refunding 5345 series B_ .1975.8 .1
94 100
Ref 413s series C
1978 MS
NY Connect 1st gu 434s A.1953 F A
1st guar 5s series B
1953 F A
103 10714
10314 10312 N Y & Erie 1st ext gold 4s_ _1947 M N
3d ext gold 4345
1933 M 8
1930 A 0
4th ext gold as
i68- 1087, N Y & Greenw L gu g 55_1946 M N
NY&Harlemgold334e...2000M N
MN
Registered
9958 10114 NY Lack & W lit & ref gu 58'73 M N
97 100
1973 M N
lst & ref fru 430 con
9034 93
NY E
Ny
1930 M S
je&
rseW
y s
i 58
7s ett
1932 F A
89
9012 NY&NE Bost Term 48_1939 A 0
98 100
NYNH&H n-c deb 48.„1947
96
9834
Non-cony debenture 3145.1947 M
90
9138
Non-cony debenture 3;0_1954 A 0
9934 100
Non-cony debenture 45_1955 J J
90
89
Non-cony debenture 48._ _1956 M N
10214 10212
Cony debenture 334s
190 J J
93
9534
Cony debenture 68
1948.8 J
Registered
.1 J
100 10052
Collateral trust(Is
119957
40 A 0
Debenture 49
let .4 ref 4345 ser of 1927_1967 J
Harlem Rdc Pt Chas 1st 4s 1954 M N
i6:11.8 1-6458
7
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Mar. 8.
Week's
Range or
Last Sale.
Ask Low
88
9912
_ 10034
93
9612 0818
9218
8314 84
8038
9938 9934 9912
99
1634 9634
July'28
Jan'29
Apr'28
Nov'28
July'28
Jan'29
Feb'29
Oct'28
Feb'29
"58" WI; 96
9912
95
9512 94
91 Sale 91
90
-LOT, l27 53
4814 5134 49
24
2478 24
1634 1914 1634
818614
95
99
99
9812
95
9312 ____ 9312
8
97
334
8
99
32
F
ja
e9b:2
29
Feb'29
91
Apr'28
Feb'29
Feb'29
26
1634
Jan'
29
8834
Feb'29
9912
100
9812
95
Jan'29
Feb
8
'
4238
9
9934 Sale 9912
89
8214 8,19
8412 8
,
3118
4
18
0
,
07
184
8,12
105 Sale 10434
9614 Sale 9614
74 Sale 7334
9534 Sale 9534
82
8412 9178
9538 Sale 9538
9814 101 103
98 100
99
8834 89
90
89
9112
9314 9
9918 _ _ 10334
9034 -9212 9034
8318 8478 8518
106 109h 106
10034
10034
77 Sale 77
105
9818
7412
97
Feb'29
9612
Aug'28
Feb'29
Feb'29
89
9112
Nov'28
9212
Feb'29
Feb'29
Feb'29
77
-1814
9412
99
9912
9812
Sale
9612
Sale
Sale
9912
Range
Since
Jan. 1.
Ma
High No, Low
101 10134 10058 10184
104 Sale 104
105
10312 10338 10378 10378
9714 Sale 9714
9712
10012 101
9978 Feb'29
10014 Jan'29
911
_ _ 9214 Dec'28
6514
4-68
6678
6678
98',_.-. 100 Sept'28
87
8734 8784
8734
91
92
9158
9133
9838 9912 9812 Feb'29
10012-___ 100 Feb'29
74
75
75
75
7478 77 Feb'29
100
10018
-56j2
8412 90
100
co4
30
27
1
7
10038
104
10212
9714
994
1004
103
10711
105%
99
10014
10014
/
12
6 "OF 1
4
5
2
874 86
- 12
9118 92
9812 9912
100 100
76
74
7478 77
984 100.2
;
"55; 101
----
----
"55E8 1-14
9938 9984
5(
.44
9912
96
94
91
55
1
36
20
7
11
4
1_1_
17
1
__
72
41
119
219
_ _
113
_
_
_
1
10
17
_a
iiia;
9912
96
94
92
50 -551;
49
534
1914 35
1534 20
16
16
8814 8914
9334 99
9634 9912
974 101
98h 102
92
95
9314 93l
98
9931
8314 853*
9814 102
83
86ss
8914 9412
102 105
9614 10133
7334 77
9534 99
914 9178
9533 9833
-55"
834
86
91h
IOC
90
89
93
9054
851s
108
10034
77
971s
86
106
101
8011
894
3
8938 Sale 804
8912 9078
10034 10212 10034 10034
5 10034 100%
July'28
18
- - - -1734
- 1834 July'28
1218 86 "1012
1012 Oil; 1012
8712 Aug'27 _..„
15
15
1 "ii" Tit;
3812 July'27
2018
2018
5
"iii2 20
19
2218
22 Apr'28
9
77 il1s
10
8
834 778
Oct'28
86
987
, 3 -58-58- 9834 9878
8618
8618 8712 8618
864 8638
88
88
88
88
95 Mar'29
_
95
974
8834
8834 89
938834 91
-,
4 8834
00 Feb'29
98 100
9812 100
9914 18
9712 9912 9838
9814 10011
9912 13
____ 9978 9812
9812 101
9418 30
9388 9512 9338
9358 90
10274 13 102 1054
02
10134 102
95 Feb'29
9412 98
9418 95
97
98
9834 Dec'28
103 Sale 0214
10312 34 102r4 1-68"
07 Apr'28
89 Sale 8712
89
13
8712 16178
9912 28
98 Sale 98
98 10012
10578 Sale 10512 10618 28 10512 10712
106 Mar'28
79
8012 79
8034 51
77
80
7712 Feb'29
9612 Bale 9612
9712 24
_
95
Jan'29
9058 9412 9212 Feb'29
7538 7778 7778
7778
7534 79
78 Nov'28
7678 79
7634
7712 16
7538 78
78 Mar'29
94 Sale 94
9434
3
_
9612 Feb'28
9712 Sale 9712
9734
1
10134 Sale 10034 10134 16
106 Sale 106
10634 36
10614 Sale 10614 10612 15
92
9378 93
9414 51
95
9712 9714 Feb'29
_
10238 10212 Feb'29
90 Feb'29
9912 Nov'28
99 Feb'29
9438 Feb'29
83
Jan'29
7512 _ _ _ 8518 Apr'28
10058 __ 10018 Feb'29
10018 Feb'29
104 Feb'28
160- 1-661-2 10012 Feb'29
90 Nov'28
7758 84
86 Dec'28
7212 7734 7734 Feb'29
71
7234 72
72
10
7738 7958 7988 Mar'29 - _
7734 80
5
7714
7878
7012 71
3
7114
7114
11958 Sale 11934 123
55
117
117
_
6
103 103
10334
7
9
75
7512 sale 73
8812 26
8634 Sale 8612
89
90
9012 Feb'29
79
7712
9534
95
911.2
7682
8214
781k
9714
95
9454
81ss
7684 79
7614 78
96
94
_
9814
10012
10384
106
93
9418
100
go
98
1024
1074
107
9512
974
10212
90
99
93
83
99
98
83
ioors 10011
10018 10011
,
166" 1001
Wi
d
75
72
7953 841s
774 841s
7114 75
11712 125
115 119
103 1051s
72
7811
8618 9212
8911 904
New York Bond Record—Continued—Page 4
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Mar. 8.
11:•'•
4k;
Price
Frida1.4
Mar. 8.
Week's
Range or
Last Sale,
Range
Since
Jan-I.
Bid
Ask Low
High No. Low
High
N y 0& W ref let g 4s_June 1992 NI S 69 Sale 69
10
70
67
7434
76 Apr'28
Reg 15,000 only...June 1992 NI S
General 45
1
4 Jan'29
1955 J D 62
-99i8 7114
6531 68/
87/
1
4 Oct'28
91
N? Providence & Boston 4s 1942 AG 90
AO
Registered
8934 Jan'28
8414 Feb'29
N Y & Putnam 1st con gu 4s 1933 AO 8518 88
8414 8912
'
S 84
1
4
N Y Susq & West 1st ref 55_1937
84
3
8612 83/
82
8612
1937 FA _
83
2d gold 4 As
8434 Nov'28
7O1 82
1940 FA 7612 77
General gold 53
76
7612
6
1943 MN 9912 10078 9912 Feb'29
Terminal 1st gold 5s
9918 10112
NY W-ches & 11 1st ser I 434s '46 S i 8134 Sale 8112
83
27
7938 85
1950 AO 10112 10212 10112 102/
Nord By ext'l 5 1 630
1
4
10012 105
Norfolk South 1st & ref A 58_1961 FA 83
85
85
31
86
85 1 90/
1
4
Norfolk & South 1st gold 55_1941 MN 9614 100
9934 Feb'29
9934 1001
/
4
Norfolk & West gen gold 69_1931 MN
Improvement & ext 8s _ _ _1934 FA
New River 1st gold 6s
1932 AO
N & W By 1st cons g 4s 1996 AO
Registered
1996 AO
Div'l 1st lien & gen g 4s 1944 J
10-yr cony 6s
1929 56 S
Pocah C & C joint 4s_ _ _ _1941 S D
North Cent gen & ref 55 A 1974 MS
Gen & ref 4 As ser A stpd_1975 MS
North Ohio 1st guar g 5s_ _ _1945 AO
North Pacific prior lien 4s_ _1997 Q
Registered
1997 Q
Gen lien ry SC Id g 3s.Jan 2047 Q F
Registered
Jan 2047 Q F
Ref & impt 434e series A_ _2047 S i
Ref & hunt 68 series B....2047 S i
Ref & impt 5e series C___ _2047 S i
Ref & Inuit 58 series D_ _2047 ii
Nor Pac Term Co 1st g 65_1933 J J
Nor By of Calif guar g Se.....1938 AO
102 103 102
102
1
1041
/
4 105 10438 Dec'28
10112 10312 10312 10312
1
9034 Sale 9034
16
91
8912 Feb'29
9014 9034 9014
9014
1
13212 Feb'29
92/
1
4
9234
5
1071
/
4 Jan'29
95/
1
4 Feb'29
06 Feb'29
io Sale 88/
1
4
89/
1
4 21
1
4 Sale 86/
86/
86/
1
4 10
1
4
65 Sale 64
6612 55
63
2
63
06
9734 9734 Feb'29
11114 Sale 110/
1
4 11134 144
10234 10312 10234 Feb'29
102/
1
4 Sale 10234 10234 15
10934
10934 Feb'29
101 1163; 107 June'28
North Wisconeln 1st
.__1930 ii
Og & L Clam 1st gu g 4s _ __1948 J J
Ohio Connecting By 1st 4s__1943 M S
Ohio River RR 1st g 5s....1936 J D
General gold 55
1037 AO
Oregon RR & Nay con g 45_1946 J D
Ore Short Line 1st cons g 5s_1948 J J
Guar stpd cons 58
1946 S i
Guar refunding 4s
1929 J D
Oregon-Wash 1st & ref 43_1961 J J
Pacific Coast Co 1st g 5s_ _ _1946 J D
Pac RR of Mo 1st ext g 45_.1938 P A
2d extended gold 58
1938 J J
Paducah & his 1st 51 4349_1955 S i
Paris-Lyons-Sled RR extl 6s 1958 P A
Sinking fund external 7e 1958 56 S
Paris-Orleans RR s I 7s__ _ _1954 MS
Ext sinking fund 55s_ _ 1968
s
Paulista By 1st & ref a f 7s 1942 MS
9712 10214 100 Sept'28
78/
1
4 8212 8212
4
8212
923-95/
1
4 Nov'28
- 104
99 10212
28
99/
1
4 102
9034 Feb'29
9018 91
5
00
9014
10312 10412 10312 103/
3
1
4
104 10538 105/
1
4 Feb'29
9878 Sale 98/
1
4
98/
1
4 61
8512 Sale 8512
8612 57
3
79
85
79
79
94
_6.
911
/
4 Feb'29
9614
9614 10
941
/
4 9978 100/
1
4 Oct'28
98 Sale 98
122
100
10412 Sale 104
10412 65
Jan'28
103
95
0512 95
9534 17
103 Sale 10234 103
28
Pennsylvania RR cons g 4s_1943
N
Consol gold 48
1948 MN
45steri stpd dollar_May 1 1948 MN
Consol sink fund 4 As..._1960 P A
General 41.4s series A _ _ _ _1965 J D
General 5s series 13
1968 J D
10-year secured 7s
1930 AO
15-year secured 6 As
1936 FA
Registered
F A
40-year secured gold 55
1964 SIN
Pa Co gu 31,4s coil tr A reg-1937 56 S
Guar 3 As coil trust ser B_1941 FA
Guar 334s trust ctfs C
1942 50
Guar 3 As trust ate D_ _ _ _1944 J O
Guar 15-25-year gold 4s_ _1931 A0
Guar 45 ser E trust etfs
1952 M
Secured gold 44s
1903 SI N
Pa Ohio & Det let & ref 430 A'77 AO
Peoria & Eastern 1st cons 4s_1940 AO
Income 4s
April 1990 Apr.
Peoria & Pekin Un 1st 530_1974• A
Pere Marquette let ser A 58_1956 J J
1st 48 series LI
1956• J
93
93
9214
10014
99
10614
102
109
9412
9214
9334
100
9834
10614
1011
/
4
10834
112
10112 Sale 10112
88- _ 88
1;'i 85
85
87
___
89
851 87
85
9714 9758 9712
_
90
8814
9734 Sale 9712
9318 95
95
85
861 8534
37/
1
4 4138 3734
102
102
10214 Sale 10214
8838 Sale 8834
Phlla Bait & Wash 1st g 4(1_1943 SIN
1974 FA
General 55 series 11
Philippine Ity let 30-yr s I 4s '37 J J
Pine Creek registered let 65.1932 J O
P C C & St L gu 434s A _ _1940 AO
1942 AO
Series 11 414s guar
1942 SIN
Series C 434e guar
series D 4s guar
1945 SIN
Series E 330 guar gold
1949 FA
Series F 4s guar gold
1953 J D
Series G 4s guar
1957 NI N
Series H con guar 4s
1960 FA
Series I cons guar 4 As _ 1963 FA
Series J cons guar 434s...1964 MN
General M 5s series A
1970 J D
Registered
J O
Gen mtge guar 58 ser 13.._1975 AO
Registered
AO
95
95
95
107
108 Feb'29
36
3534 Sale 3534
103
103
103
9712 9812 95/
1
4 Feb'29
Jan'29
9712 9914 99
9712
9934 Jan'29
96
95 • Jan'29
91
9714 Sept'28
90
941
/
4 Jan'29
95 Feb'29
90
00
05 Feb'29
9934 Feb'29
9934
9912 1-06 0934 Feb'29
1
4
10614 10838 10634 106/
10338 Jan'28
106
10938 10638
11312 Jan'28
95
Sale
04
Sale
Sale
Sale
Sale
Sale
95
11
93
9
9334
5
10014 29
9912 88
107
30
102
113
110
50
Apr'28
10314 110
Oct'28
Feb'29
Feb'29
Feb'29
97/
1
4 24
1
8814
98/
1
4 98
Feb'29
2
85/
1
4
1
3734
Feb'29
10338 12
8838 10
Pitts McK & Y 1st gu 8s...-1932 J J
Oct'28
105
1934 J J
24 guar 6s
103/
1
4 July'28
Pitts Sh & 1. E Ist g 5s
1940 w 0 99744 1-6112 10012 Jan'29
1943 J J
let consol gold 58
10014 Aug'28
Pitts Va & Char 1st 4s
1943 SIN
9918 Sept'28
Pitts Y & Ash let 4s ser A--1948 J D 9312
931
/
4 Jan'29
1st geu 58 series 13
1982 FA 101
10318 Oct'28
let gen 55 series C
1974 J
101
Providence Secur deb 48___ 1957 MN 73 Stile 73
73
Providence Term 1st 4s. _1956 MS 84
84 Feb'29
Reading Co Jemmy Cen coil 4s'51 AO 92 Sale 92
92
Registered
AG
9434 June'28
Gen & ref 434s serles A..1997 • J 92 -6612 0618
9634
1948 MN
Rich & Meek let 5 48
/
4 May'28
85
791
.• 1 100
Riehm Term Sty 1st gu 5s._1952
Feb'29
101
997, 100 Nov'28
Rio Grande June 1st gu 513_ _1939 J D
Rio Grande Sou 1st gold 40.1940 J J
6 May'28
Guar 4s (Jan 1022 coupon) '40 ii
712 Apr'28
89
Rio Grande West 1st gold 43_1939 is "a&- 88
89
8112 84 Feb'29
let con & coil trust 4s A..1049 AO
R I Ark & Louis 1st 4 As...1934 MS 951, 0612 9514
9614
Rut-Canada let gu g 48.- - -1949 J J
81
82 Nov'28
1941 S i
Rutland 1st con g 434s
8912
8912
1
6
1-6378
87
St Jos cit Grand Id 1st 4s._1947
8812 87
1
4
St Lawr & Adir 1st 5 58_ —1996 J J
104/
1096 AO 101 1-66 105/
1
4
2d gold 68
45
1931
guar
g
9012
J J 96/
1
4 97
St L & Cairo
St L Ir Mt S gen con g 58_1931 AO 10018 Sale 100
1931 AO
10134
Stamped guar 58
1929 J J 9918 Sale 9918
Unified & ref gold 4s
1
4
1
4 Sale 93/
Riv & 0 Div let g 48-1933 MN 93/
-1930
AO 99 100
99
St 1, 1.1 Bridge Ter gu 5 5s_
Due May.
Due
June.
k Due August
87
Feb'29
Nov'28
Feb'29
10034
Dec'28
99/
1
4
9438
Jan'29
2
11
_
18
10112 10314
1031 104
9012 9214
8912 9034
9014 94
13212 13212
9218 05
107/
1
4 107/
1
4
95/
1
4 99
96
9614
8814 90
8612 89
6712
64
83
631,
96
9878
11034 11312
10234 105
10234 10438
10934 10934
8211 83
5514 116-
-oaT8
.-_-
1
1
24
37
21
St 2,-San Fran pr lien 4s A__1950 MS
Con M 4 As series A
1978 M
1950 S i
Prior lien 58 series B
St Louis & San Fr By gen 6s_1931 S i
1931 S i
General gold 58
St L Peor & N W lst gu 5s_ _1948 J J
St Louis Sou 1st gu g 4s
1931 56 S
St L S W 1st g 45 bond ctfs_ _1989 MN
2d g 48 inc bond Ws Nov 1989
1932
Consol gold 48
1st terminal & unifying 5s_1952
A
St Paul & K C Sh L 1st 43.0_1941
A
St Paul & Duluth lst 5s
1931
1968
1st consol gold 4s
St Paul E Gr Trunk Ist 4346_1947
St Paul Minn & Man con 48_1
193
,33
1st consol g 8s
Registered
Cs reduced to gold 4 As_ _1933
Registered
1937
Mont ext 1st gold 4s
Pacific ext guar 4s (sterling)'40
St Paul 13n Deo let & ref 55_1972 J J
'
S
SA & Ar Pass 1st gu g Is_ 1943
Santa Fe Pres & Phen 1st 55_1942 NI S
Say Fla & West 1st g 68-1934 AG
1934 A0
1st gold Is
Scioto V & N E lst gu g 48_1989 MN
Seaboard Air Line lst g 48.-1950 AO
1950 AO
Gold 4s stamped
94
,
9 FA
Oct 1,5
Adjustment 5s
AO
Refunding 45
1st & cons 6s series A____1945 56 S
51 S
Registered
Atl & Birm 30-yr 1st g 4s_41933 SI S
Seaboard All Fla tat gu Os A_ ,
193
35
5 FA
FA
Series 13
Seaboard & Roan 1st Is extd 1931 J J
So Car & Ga 1st ext 5As__ _1929 MN
1936 FA
S & N Ala cons gu g Ss
_ _ 1963 AO
Gen cons guar 50-yr Is...
9212 So Pac coil 4s (Cent Pac col) k'49
90
10312 10638
S D
Registered
105/
1
4 108
June 1929 S D
20-year cony 4s
98
9914
1st 430(Oregon Lines) A_1977 MS
8512 8918
1934 J D
20-year cony 53
75
80
1968 MS
Gold 434s
911
/
4 9418
1950 AO
San Fran Term 1st 4s
9614 9812
AO
Registered
So Pac of Cal 1st con gu g 58..1937 SIN
-98- 101 So Pac Coast 1st gu g 4s____ 1,
95
35
7J J
10312 10412 So Pao RR. 1st ref 4s
is
is
Registered
-5434 161-2 Southern By 1st cons g 5s___1994 S i
10234 103
S i
Registered
en 4s series A___1956 AO
DeR
ve
eglitgred
AO
9334 95
9214 93/
1956 AO
1
4
Develop & gen 68
9214 9334
1956 AO
Develop & gen 634s
9974 101,2
1996 J J
Mem Div 1st g 55
0811 10014
1951 • J
St Louis Div 1st g 4s
10584 10812
East Tenn reorg lien g 58..1938 56 S
1011
/
4 103/
1
4
Slob & Ohio coil tr 4s..._1938 M S
10834 111
1955 S i
Spokane Internet 1st g 5s
10h1 105
1943 J D
Staten Island Ry lst 4 As
Sunbury & Lewiston lot 4s_ _1936 S i
8412 8712 Superior Short Line 1st 5s..e1930 NI S
89
89
Term Assn of St L 1st g4348-1939 AO
85
85
1944 FA
tat cons gold Is
9731 9918
1953• J
Gen refund s I g 45
8814 92
Texarkana & Ft S let 5345 A 1950 FA
9712 9918 Tex & N 0com gold 5s
1943 S i
94
9714 Texas & Pac 1st gold Ss
2000 1 D
8312 87
2d inc5s(Nlar'28cp on)Dec 2000 Mar
3734 45
1977 A0
Gen & ref 58 series B
10112 102
1931 is
La Div B L 1st g 5s
10034 1041
/
4 Tex Pac-Mo Pac Ter 53451
34
1 M S
_ 198
86
9178 Tol & Ohio Cent let gu Ss__ -1935 J J
1935 AO
Western Div 1st 5 Is
9214 95
1935 J D
General gold 58
107 108
Toledo Peoria & West let 48_1917 S i
3512 39
Tol St L & W 50-yr g 45
1950 A0
103 103
Tol W V & 0 gu 4 As A_1931 S i
95/
1
4 99/
1
4
1933 S i
1st guar 4345 series B
99 10012
1942 M S
1st guar 45 series C
9934 9034 Toronto Ham & Buff 1st g 4s 1948 J D
9412 95
Ulster & Del 1st cons g 5s__1928 J D
945 145-8
Certificates of deposit-95
95
1st refunding g 45
95
95
Union Pac 1st RR& Id gr't 4s1947 J
98/
1
4 100
J
Registered
9934 9934
1st lien & ref 48
June 2008 M S
1051
/
4 10818
19675
Gold 434s
1st lien & ref 5.1
June 2008 NI S
10658 168-1-2
19138 J D
40-year gold 4s
LY N ,1 RR & Can gen 45
1949 M S
Utah & Nor 1st ext 48
1933 J J
Vandals cons g 4s series A...1955 F A
Cons s 1 45 series B
SIN
10012 1661-2 Vera Cruz & P assent 434s._1934
1667
Virginia Mid Sa series F....1931 M S
General 5s
Vics Va & Southw'n 1st gu 55_._21003
936 1
M N
J
1st cons 50-year Is
1958 A 0
Virginian By let 58 series A_1962 M N
73
74.- Wabash RIt let gold 58
84
84
24 gold 58
1939 F A
92
93,2
Ref & gen s f 5 As eer A_ 197
1935
9 MS
M N
Debenture B Os registered_ 1939 J
99
1st lien 50-yr g term 4s_ _1954 J J
& Chic ext 1st g 5s__. 1941 J J
"iifs 102. Det
Des Moines Div 1st g 4s 1939 J J
Omaha Div Ist g 3 As_ _1941 A 0
Tol & Chic Div g 4s
1941 M S
By ref & gen 5s 13_1976 A 0
9214 Wabash
89
Ref & gen 434,series C_1978 F A
83
861
/
4
9434 9814 Warren let ref gu g 3)4e____2000 FA
Wash Cent 1st gold 4s
1948 QM
V612 Wash
1945 FA
Term let gu 3348
1st 40-year guar 4s
1945 FA
87
8814 W Min W &N w 1st gu 53-1930 FA
1041
/
4 104/
1
4 West Nlaryland 165 e 48
.-1952 AO
1St ref 534s series A
1977 J J
siiT, WI; West &
N Y & Pa lst g 58
1937 is
9918 101
1943 AG
Gen gold 4s
Western Pac 1st ser A Ss__ 1946 MS
-99- -061-2
MS
Registered
93/
1
4 9434 West Shore let 4s guar____2361 is
99
99
2381 J J
Registered
Wheeling & Lake Erie—
1930 FA
Ext'n & Impt gold Ss
Refunding 43.4s series A..1966 MS
1986 M
Refunding 5e series 13
RR 1st consol 4s
1949 MS
____
21
BONDS
N. Y. STOCK EXCHANGE
Week Ended Mar, 8.
1527
Price
Friday,
Mar,8.
Week's
Range or
Last Sale
•
E.2
02tR
Range
Since
Jan, 1.
Bid
Ask Low
High No. Low
High
83/
1
4 Sale
83/
1
4 8812
8534 153
8334
84/
1
4 Sale 8438
8612 187
84/
1
4 89
99/
1
4 Sale 9934 10034 43
981
/
4 101
10112 Sale 10112 10112 10 10112 102
9934 100,4 9934 10014
4
99/
1
4 10014
10318 10514 10318 Jan'29
10314 10314
9618 9718 9678
9678 10
9512 97/
1
4
____ 86/
1
4 88/
1
4 Feb'29 -89
88
/
4
79/
1
4
2
7914 Sale 791
79/
1
4 8114
96 Sale 9534
9614 26
9512 9512
24
98 10012 98
99
98 1011
/
4
1
4
93
6
93 Sale 92/
9218 9514
Oct'28 _
100
88/
1
4 9014 9312 Sept'28
9718 Jan'28
2 -9611
95
9714
9714 9714
10312 10414 105 Dec'28
Jan'29
10212 10414 103
ioi" 103
9712 99
98 Feb'29 ---98
9914
9713 99,4 95 Dec'28
2
94
94 Sale 94
61 II89
9112 92 Nov'28
16 1023 10514
103 Sale 10234 103
8878 14
8712 Sate 8712
8712 91
9812 102 102 Feb'29
- 102 102
1041
2 106 106
/
4
106
106
9934 9934
99/
1
4
-- 9934 Jan'29
8912 _ _
9014
90
90
90
5
74
74
2
74 Sale 74
73
72
40
7114 Sale 7114
7114 7514
44
48
4112 Sale 4112
45
38
59
37
5812 Sale 58
57/
1
4 6012
7812 114
75/
1
4 Sale 75
7314 80
85 Dec'28 _
8914 90
8712 89
89 Feb'29 - - -.
73
67
66/
1
4 Sale 85
64
7114
66
65
647
65
8
64/
1
4 7011
_
98 Dec'28
99/
1
4 99/
_
1
4 9938 Feb'29
9938 993‘
10012
_
101 Dec'28
10534 107 10614 Feb'29
10614 10634
871
/
4 Sale
8514 Sale
991
/
4 Sale
9834
i0012 Sale
9514 Sale
9014 9034
102 1-019513 Sale
/
4 92
911
90/
1
4 Sale
108 10854
108 109
8418 Sale
Ili- Sale
11734Sale
108 Sale
9912
9212
_
87/
1
4
89/
1
4 24
8514
1
8514
9914
9912 181
9812
9812
5
10012 10112
8
95
9512 57
9034
9034 11
90 Nov'28
103 Feb'29
9512
95/
1
4
9
9214 45
9034
5
9034
90$4
108
10812 43
108 Feb'29
8418
8514 51
8714 Sept'28
112
11314 41
11734 11912 20
10614 Feb'29
8512 Feb'29
100 Feb'29
9234
9234 11
7678 7712
1
7712
86 Nov'27
95 Apr'28
99 100
99/
1
4 Apr'28
6
98
_
98
98
10214 1-03 103
103
4
8612 87
87
8738
10014 103 102/
1
1
4 10238
101 Nov'28
105
98__10678 107/
1
4 Feb'29
100 Dec'27
98's 9813 9812 10014 110
10
98/
1
4 100 100
100
1
__ 10514 10512
10599/
1
4 100
9834 Feb'29
9912 103
1
9912
9912
9734 98/
1
4 100 Feb'29
12
15 Nov'27
8812 -90
9038 Feb'29
98 Nov'28
97/
1
4 Oct'28
92_ 9412 Nov'28
84 16 86/
1
4 Feb'29
__
7612 82
82
79
____ 77/
1
4 77 Feb'29
53
5978 5918
5912
0314 Sale 9314
93/
1
4
9112 0518 9112
9112
87
87/
1
4 87
8834
9514 Sale 95
9512
108 11234 10812 10812
87
85/
1
4 Sale 8538
9212 96
96
96
95/
1
4
96 Nov'28
9312
9514 Aug'28
9312
Jan'29
94
9/
1
4 _17
1412
1412
10014 June'28
11-11-)Ta 1-6112 100/
1
4 Feb'29
Jan'29
---- -- 100
90
9112 9112 Nlar'29
10312 Sale 10312 10412
10212 Sale 1021
/
4 103
9914 100
9914
9878
102 Sale 102
103
8818 May'27
84
80
88/
1
4 Nov'28
10112 100 Jan'29
____ 9078 88
Jan'29
79
831 8334 Feb'29
8912 941 9012 Jan'29
9512 Sale 9512
9714
85
8514 85
8612
_8014
/
4
9414 911
85
87
911
/
4 94
97
99
8014 Sale
98 Sale
_
9912
06'4 Sale
98 Sale
83 Nov'28
8414 Jan'29
86 Feb'29
Feb'29
91
97 Feb'29
8014
82
96/
1
4
98/
1
4
991
/
4 10018
8978
90/
1
4
9734
9812
9718 Aug'28
85
86
85
85
811
/
4 8414 84 Feb'29
-9934
89T8
_
102
8712 88
10()
90
102
8634
Sept'28
Feb'29
Feb'29
Feb'29
17
14
49
3
17
36
5
30
20
8752
85,4
9914
9814
100
95
89
9172
8514
9934
9914
10112
9712
91
ini" 1619512 9512
9034 0212
90/
1
4 9034
1071
/
4 110
108 108
8418 8818
1113* 1-11
/
1
4
117 12212
10614 10614
8518 89
99 100
911/ 9312
7712 8112
"iiT3-
98
1021
/
4 103
87
89
10214 10412
iaii2 1093*
-98i2 162-1;
98/
1
4 100
10212 10614
98 10112
9912 10112
98 100/
1
4
164 if"
----
----
86e 881,
5512
55
33
93
9112
87
95
10678
8514
96
85
85
1
4
82/
9518
92
90%
9918
10812
8514
96
6
93
WI;
1412 17
23
14
6
15
100 1663;
100 100
9112 95,
4
10312 10434
10114 10314
98/
1
4 1014
10152 10414
100"
58
20
100
88
88
83/
1
4 8534
1
4
9012 90/
95/
1
4 10014
85
9071
60
23
6
4
52
841, 8414
86
84
91
91
97
97
80
82
96/
1
4 9972
99/
1
4 1011
/
4
8812 9112
9734 100
8434 88I
8834
8378
90 162;
102 102
8612 8934
1528
New York Bond Record -Continued -
Page 5
r, •
BONDS
N. Y. STOCK EXCHANGE
Week Ended Mar. 8.
z•T
Price
Friday
Mar. 8.
Week's
Range or
Last Sale
453
No.
4..k Low
Rid
Hi
Wilk & East lst gu g ba
7318 11
19423 D 7212 74
7212
WIll & SF lst gold be
19383 13 1002s - - -- 10032 J46.26
Winston-Salem S B ist 413. _1960 J
92 June'28
88
90
Wls Cent 50-yr let gen 4s_ _ _ 1949 J ./
- 8718 849 Feb.29
Sup & Dul dlv de term 1st 48'36 M N -881s 8812 8812 Feb'29
Wor & Con East 1st 4 Ms_ __ _1943 .1 J
924 Dec'28
INDUSTRIALS
Abraham & Straus deb 556_1943
With warrants
A 0 114 Sale 114
40
116
Adams Express coil trg
M S 8714 874 8718
9
8834
Adriatic Elec Co extl 7s_ _ _ _1952 A 0 9534 Sale 9534
17
96
Ajax Rubber 1st 15-yr s I 8s_1936 .1 D 10258 103 10218
10212 11
Alaska Gold M deb 65 A__ _ 1925 M S
Feb'29
4
4
12
Cony deb 6s series B
1926 M S
Jan'29
8
Albany Peter Wrap Pap 68.1948 A 0 96
9
9612
9612 9614
Allegheny Corp coil tr 5s __ _1944 F A 10314 Sale 10212 10518 2329
Allis-Chalmers Mfg deb bs_ _1937 M N 99
61
100
9914 99
Alpine-Montan Steel 1st 76_.1955 M 8 9214 95
6
95
9312
Am Agric Chem 1st ref a f 744s'41 F A 105 Sale 10514
26
106
Amer Beet Sag cony deb 65.1935 F A 8318 9238 86
8
88
Amerlcan Chain deb 51 6s_ _ _1933 A 0 96 Sale 96
5
97
Am Cot 011 debenture bs.... _1931 M N 9812 100
9858 Feb'29
Am Cynamld deb 5.2
1942 A 0 9514 96
9534 57
9514
Amer Ice s I deb be
1953.1 D 91 Sale 90
9114 20
Amer Internal Corp cony 5%8 411 J J 1054 Sale 10434
1063s 606
Am Mach & Fdy s f 136
1939 A 0 10334 10534 104
Jan'29
American Natural Gas Corp-.Deb 6/4s (with numb wart)'42 A 0 90
27
901
0012 90
Ain Sm & It lat 30-yr bs ser A '47 A 0 10012 Sale 10012
58
101
Amer Sugar Ref 15-yr 613- --1937
10312 Sale 10312 10414 54
Am Telep & Teleg coll tr 4s_ _1929 J J 9938 Sale 9914
42
991
1936 M S
Convertible 48
931, 9258 941
9
20-year cony 44/8
1933M S 55 Sale 99
88
993
30-year coil tr 58
1946 J D 1035s Sale 10334
1041
91
Feb'29
Registered
J D
101
1960.1 J Fog, Sale 10314
35-yr s f deb ba
1041 251
20-year a f 5348
1943M N 10512 Sale 1053s
106% 126
Am Type Found deb fle
1940 A 0 105
10
_ _ _ 10414
105
Am Wat Wks & El col tr5s..1934 A 0 98 Sale 9712
40
981
Debg6sserA
1976 M N 10418 Sale 10212 1041
21
Am Writ Pap let g 68
15
1947
84
J 94 Sale 834
Anaconda Cop Min let 6s_ _ _ 1953 F A 10448 Sale 10458
177
105
Registered
10414 Oct'28
15-year cony deb 76
743
1938 F A 245 Sale 228
249
Registered
Jan'29
200
Andes Cop Mln cony deb 78_1943 .1 J
235 Dec'28
Anglo-Chilean aI deb 7s_ _ _..l945 M N 9912 Sale 9812
156
100
6612
Antilla(Comp Azuc)732s__ .1939.1 J 68
6712 22
69
Ark & Mem Bridge & Ter 58 1964 M 8 10112 103 10312
10312 19
Armour & Co 1st 4/4s
9112 66
1939.1 D 9018 Sale 90
Armour & Co of Del 5;48_1943
9112 81
J 9014 Sale 9018
Associated 0116% gold notes 1935 M S 10234 Sale 10212
30
103
Atlanta Gas L 1st be
1947.1 D 10134
10312 Dec'28
Atlantic Fruit 79 et:a dep._ _1934
D 124
_ 15 Nov'28
AtStamped etre of deposit
.1 D
1258
_ 15 July'28
A tl Gulf& W I SS L col tr 50.1959 .1 J 7018 -7112
7134 17
71
-Atlantic Refg deb Ss
1937 J .1 10012 102 1001s
10214 23
Baldw LOCO Works 1st
_1940 M N 10612 Sale 106
10612 19
Baragua (Comp Az) 734s_ _ _ 1937 J .1 9512 Sale 954
9712 11
Barnsdall Corp 69 with warr_1940 J
Jan'29
136
Deb 65(without warrant).1940 J D
9978 Feb'29
Batavia,, Pete gen deb 43.s_ 1942 J .1 9134 Sale 9134
9234 55
Belding-Hemingway Os
4
1936.1 J 9012 95
9014
9012
Bell Telep of Pa 5s series B...1948 ./ .1 10414 Sale 10414
31
105
1st & ref 58 series C
1960 A 0 106 Sale 106
10718 59
Berlin City Elec Co deb 644s 1951 J D 9234 Sale 92
9234 38
Berlin Elec El & Undg 6A6.1956 A 0 9114 Sale 919
9212 40
Beth Steel 1st 04 ref 56 guar A '42 M N 10234 Sale 10034
10234 30
30-yr p m & imp s f
J .1 10018 Sale 9934
10012 54
Cons 30-year 6s series A 1948 F A 10434 Sale 10414
10558 118
Cons30-year 5/4a ser B_ 1953 F A 10214 104 102
68
103
Bing & Bing deb 6429
4
1950M S ____ 9714 9712
9734
Botany Cons Mills6y/s
7214 32
1934 A 0 71 Sale 71
Bowman-Bill Hotels 76
12
1934 M S 100 Sale 9912
100
3
IPway & 7111 Av Ist cone 59-1943 J D 7414 Sale 74
7434
9
Brooklyn City RR Ist bs _ __ _1941 J
8814
8814 Sale 8814
23
Bklyu Edison Inc gen be A
1949 J .1 1014 10418 104
105
Registered
.1 .1
10538 Dec'28
5
General 6s series I)
1930.1 .1 10018 1-61 100
101
Bkiyn-Man It T sec 613
115
98
1968.1 .1 9614 Sale 9614
Bklyn Qu Co at Sub con gtd bs'41
2
N 72
75
75
75
1st 58 stamped
1941,j .1 78
Jan'29
83
83
Brooklyn R Tr 1st cony g 4s_2002 J .1
8314 Nov'27
3-yr 7% secured notes__ _ _ 1921,3 .1 105
_ 13614 Nov'27
Bklyn Un El Ist g 4-59
1950,F A
-if 9014 9014 3
90
1950 F A
Stamped guar 4-55
1
9012
9012
91
90
Bklyn Un Gas 1st cons g 55..1945 M N 105 Sal • 105
10538
8
1st Hen & ref 6s series A...1947 M N 117 120 1174
11738 10
Cony deb 5s
1936 .1 J 240 380 36018 Feb'29
Buff & Susq Iron 18t s f 5s_ _ _1932..1 D
-- 9612 Nov'28
Bush Terminal let 49
19521A t.
879 Feb'29
871
96'8-8814
6
CO11201 59
1955:1 J
99
9712 Sale 974
Bush Term SIdgs 5s gu tax-ex '60,A 0 100 10112 10134
1024 24
By-Prod Coke 1st 534e A_ 1945IM N 100 101 10078
7
101
Cal G & E Corp urn( & ref5s_1937IM N 1021s Sale 10218
10212 11
22
Cal Petroleum cony dabs 1 52 1939 F A
99
9912 Sale 9912
Cony deb s f 534s
Po.p,M 14 102 Sale 10112
10214 357
Pi42 A 0 90
Camaguey Sag 1st sf g 7s
90
9012 90
Canada 58 L 1st & gen 6s
_
11441,A 0 100 10112 10012 Feb'29
Cent Dist Tel 1st 30-yr 58......1943'J D 10314 104 10312 Mar'29
Cent Foundry let sf6s May 1931iF A
99 9812 Feb'29
6
Central Steel 1st g s f 844
1941 M N
12312
Sale 12312
26
Certain-teed Prod 51•28 A . 1948 M S 7314 Sale 73
75
Cespedes Sugar Co 1st s f 71413'39,M S 9514 97
97 Mar'29
Chic City & Conn RYO 5s Jan 1927,A 0 70
Feb'29
7112 69
C130 L& Coke Ist gu g 58---1937 I
10114
10114 10314 10114
14
Chicago Rye 1st 5s
1927F A
79
78
781s 78
Chile Copper Co deb 5s
19471
1
9534 101
.1 94 Sale 94
Cin & E 1st M 4s A
40
1968 A 0 87 Sale 864
87
Clearfield Bit Coal 1st 4s
1940 .1 .1
90 Dec'28
75
Colon 011 cow" deb 66
74
1938 F A 105 Sale 105
109
Colo F & I Co gen s 5:3
4
99
10433 J
9812 9914 99
Col lades 1st & coil be gu
9
04
1934 F A 94
9438 94
Columbia G & E deb bs
1952 M N 994 Sale 99
9934 143
Columbus Gas 1st gold bs_ 1932 J
9812 20
9712
98
97
Columbus Ry PA L let 4%s 1957 J J 9212 Sale 9214
34
93
Commercial Cable 1st g 4s-2397 Q J 8714 _ _- 87
Oct'28
Commercial Credit f Sa. _ _1934 M.N 9834 Sale 9812
4
9878
Col tr s f
% notes
6
1935 j
9318
9314
-- 9318
Comm'l Invest Tr deb6s_ _1948 MS 94 Sale 54
9434 17
Computing-Tab-R.4T s f 66 1941 J J 105 1054 105
10514 34
Conn Ry & L 1st & ref g 4)0 1951 .1.1 9812 97
9612 Feb'29
Stamped guar 4Sis
4
1951 • J 9612 97
9714
9612
Consolidated Hydro-Elec Works
of Upper Wuertemberg 75_1956 J J 96
3
9612
9612
97
Cons Coal ofMd let & ref 5s 1950 J D 6618 6978 6512
31
67
Cons& Gas(NY)deb 5Ms_ _1945 FA 10514 Sale 10434
10514 27
Consumers Gas of Chic gu 55 1936 JO 10118 Sale 10118
10114 26
Consumers Power 1st 5s___ _1952 MN 103_ _ 103
10312 45
Container Corp let Os
1946 3D 9612 gile 96
971z 30
lb-yr deb ba with ware_ _ I943 3D 8912 Sale 85
34
90
Coot Pap & Bag Mills6 As1944 FA 97
_
Feb'29
9712 97
Copenhagen Telep ext 6s_ _ -1950 J 0 9912 100
9
100
9914
Corn Prod Refg 1st 25-yr sf58'34 MN 1029 103 10152 Feb'29
Crown Cork & Seals f 6a_ _ _ _1947 Jo 9818 Sale 984
15
99
Crown-Willamette Pap6s
1951 J J 10034 Sale 1004
10114 19
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Mar. 8.
Price
Friday
Mar. 8.
Week's
Range or
Last Sale
Range
Since
Jan. 1.
High
Low
Rid
AO
High
1110 No Low
Cuba Cane Sugar cony 7s_ _ _1930 J J 7114 Sale 7114
6512 74
7138
5
709 794
1004 1005s
80
Cony deben stamped 87
70
34
0_1930 33 7158 Sale 7112
72
Cuban Am Sugar 1st coll 85.1931 MS 10012 Sale 100
9912 10354
10012 54
141; Cuban Dom Sug lot 7448_1944 MN 90 Sale 8812 9112 57 884 974
8814 9112 dumb T & 1st & gen 5s___1937 J 3 1014 103 1014
1014
7 10178 10212
Cuyamel Fruit 1st a f 68 A.„1940 A0 994 100
9912 102
9912 Mar'29 ____
Denver Cons Tramw 1st 58 _ _1933 A0
76 Dec'27
Den Gas & EL lst&ref sfg 58'51 MN 9814 Sale 98
-fig- 101-11
9812
11112 120
Stamped as to Pa tax
98 101
1951 MN 984 Sale 5814
2
9812
8314 8834 Dery Corp (D G) 1st s eis.. _1942 M S 65
0912 73
7434 6912 Feb'29
98
94
Second stamped
6312 6974
65
4
68
66
--6312
10218 10412 Detroit Edison 1st coil tr 88.1933,J
10014 10112 100
10112 10 100 102
4
1st & ref 55 series A _July 1940'M 5 10112 Sale 10112
4
31 10114 10434
102
8
8
Gen & ref 55 series A
1949 A0
3 102 10414
__ 10134 10212
1021
9814 9834
1st & ref Os series B_July 1940 51 S 10712 Sale 10614
23 1069 1085s
1071
102 11012
Gen & ref 5sser B
1955 3D 102 104 10212
28 10212 1044
103
97 101
Series C
1962 F A ____ 10434 105
15 10478 10515
105
Dot United 1st cons g 4%11- 1932'3 97 Sale 97
9312 95
97
10438 10612 Dodge Bros deb 64
1940 M N 10014 Sale 100
97
0 10
94
64
10038 509
5 10
8935 Doid (Jacob) Pack Ist6s_ _1942 SI N 8734 88
80
$A 88
98
88
99
96
Dominion Iron & Steel 5s
97 Dec'28 --------1939 NI S 90
99
98
99
Donner Steel 1st ref 78
1942 33 10012 Sale 10012
110
1001
5
Duke-Price Pow 1st 6s ser A '66 MN 10438 Sale
9334 96
11 2103
78
1043 119 1034 05
9212 Duquesne Light 1st 4 is A._1987 A0 9934 Sale 8
90
.
99 1007
81
99
218
100
10434 111
East Cuba Suit I5-yr s f g 7 tis'37 Si
07
82
31
92 Sale
87
Ed El Ill likti 1st con g 45-1933 3 . 9434 964 96
10334 104
9515 9614
14
96
Ed Elec III Ist eons g 5s
1995
• 1094
- 11078 Feb'29____ 11014 11078
00
9632 Elec Pow Corp (Germany)6%s'50 MS 9112 9314 924
9218 96
9338
7
100 102
Elk Horn Coal 1st & ref 6%9.1931 J D 9234 95
959
90
6
93
93
10312 10478
Deb 7% notes(with warr ta) 31 3D 7912 93
814 8118
8118 Feb'29
994 994 Equit Gas Light 1st con 5s_ _1932 MS 994
100
Feb'29 ____
994 1099
9253 9712 Federal Light & Tr 1st 58._ I942,M S 94
-95
95
Feb'29 ___
10
9
00
2
0142 1100
94
81,
4
99 101
1st lien s f 5s stamped-1942'M S 94
9412 07
5
9412 9412
95
1039 10478
1st lien Os stamped
1942,M S 103 Sale 10278
5
103
30-year deb 6s ser B
101 101
195413 D 9912 Sale 9912
9912
10314 10538 Federated Metals a f 7s
1939 ▪ D 10318 105 10218
10312 23 102 10412
1054 10734 Flat deb 7s (with warr)
1946 .1 .1 14818 Sale 148
15512 46 148 171
10414 105,4
Without stock purch warrants_
96 Sale 96
06 11)3
9712 54
971s 9938 Flak Rubber 1st s f 8s
1941 17v1
112 113 113
3 113 11475
11312
10212 10534 Ft Smith Lt & Tr 1st g bs_._1936 MS
10438 Nov.28_
81
8512 Frameric Ind & Deb 20-yr 7 4E1'42 33 105 Sale 105
10534 37 106ii
10334 10534 Francisco Sugar 1sts f 7%a. _1942 MN 10618 Sale 10618
108
8 1041s 109
_ French Nat Mail 88 Lines 7s 1949 J O 10212 Sale 102
10212 13 10134 1024
186 2-41 Gas & El of Berg Co cons g 55 1949 II 13
105 10518 Dec'28
_
A 0 i5i
198 200
Gen Asphalt cony (Ss
Sale 105
- -1691;
106141
8
Gen Cable lets? 5,14s A
19473
9838 Sale 9852
9818 100
9991 66
9413 100
Gen Electric deb g 3%11
1942 F A 9458 9434 100
Feb'29 ____
9458 96
6512 7978 Gen Elec(Germany) 7s Jan 15'45 J J 10034 Sale 1100063:4
6 100 104,4
101
10112 10312
S f deb 01.54 with Warr..,19403 0 115 11712 112
9 1119 123
114
9278
90
9914
20
Without warets attach'd '40 J D 9
9712 99(
ale 9
8
20
1
0
9
8
1
99
9018 9212
1948 M N
20-year s I deb 63
91
9412
924 34
1937 F A 10214 Sale 1004
102 1039 Gen Mot Accept deb Os
10235 170 10078 10354
Genl Petrol 1st s f 5e
1940 F A 10118 Sale 101
10
07
2
3.8
91
10118
8
5 100
Gen Refr 1st s f 6s ser A
1952 I, A 1069 Sale
107
Good Hope Steel & I sec 75_ _1945 A 0 9712 98
9755 10078
7
99
98
-577- 77 Goodrich(B F) 1st %s_.1947 3
31 107 10514
108
108 Sale 1073s
100 10212 Goodyear Tire &CoRub
1st 53_1957 M N
91
9238 Sale 924
9374
9258 283
106 107
Gotham Silk Hosiery deb 68.1936 J D 9912 Sale 9912
9912 100
9934 57
9512 99
Gould Coupler 1sts f65
1940 F A
70 Sale 6934
70
3
6934 73
12918 142
Gt Cons El Power(Japan)7s_1944 F A 984 Sale 9812
99
9914 44
994
9858 100
18t & gen f 6%s
J 94 Sale 939
1050
934 9512
9418 44
9112 9312 Great Falls Power 1st s f 5s_ _1940 M N
2 10434 10584
10434
10434
i5-4
D
8912 92
J
5%6_1042
GuRStates Steel deb
97
16
10414 10512 Hackensack Water let 4s...._1952
J 979 -9879
86
7
4
8 87 Mar'29
9
87
9,a
106 1089 Hartford St Ry 151 48
1930 M
9618 Nov'28
87
95
92
Havana Elec consol g 55_ _ _1952 F A 969 98
87
81
87 Feb'29 _ _ _
91
94
/eb 5%s aeries of 1926_ _ _1951 MS 80
65
59
82
649 14
6312
10034 104
Hoe (It) & Co 1st 6%s ser A.1934 A 0 8712 9812 8712
8715
85
5
9712
1I.:gland-Amer Line (is(flat).1947 MN 10258 104 10234 Feb'29
9912 102
_ _ 10238 103
104 10534 Hudson Coal 1st s f Maer A.1962
D 7712 Sale 75
7412 85
7712 43
10078 104
Hudson Co Gas 1st g 59
10212
101 103 10212
4 10212 lop
9712 100
J 10114 Sale 10012 10154 95 10011 1024
Humble Oil& Refining 5%5_1
19
993
49
7
2 JM N
71
7318
* 0 9978 Sale 9934
Deb gold 55
0912 10112
73
100
9812 100
Illinois Bell Telephone 58.-1956 ▪ D 10312 Sale 10234
104
48 10234 1047*
7218 7718 Illinois Steel deb 4%s
1940 A0 97 Sale 97
934 9872
98
33
9814 9212 ilseder Steel Corp 817a
AO 103 10312 103
5 103 10312
103
104 10512
1948
85
9 FA 85 Sale 85
8712 166
9914
IndIana 6
1-81mestone 1st 9165_1941 MN
go 92
9134 53
9012 Sale 9012
100 103
Ind Nat Gas & 01158
1936 MN 100 Sale 100
9712 100
2
100
9514 9854 Indiana Steel 1st Se
1952 MN 10212 Sale 10212 10312 10 102 105
63
76
Ingersoll-Rand lot 55 Dec 31 193
35
2J J
102 Sept'28 - - - ----1978 A 0 -5i90
83
Inland Steel lot 41.4a
91
93
91
59
92
10184 14 101 102
Inspiration Con Copper 6 54 1031 M
1019 Sale 101
Interboro Rap Tran 1st 58.._1966 J
7678 7912
7814 111
7712 Sale 7712
J J 7634 Sale 7634
-55- 921
Stamped
76,
4 7912
78'2 190
894 93
Registered
77 Nov'28 _ _ _ ----.
105 10614
10-year 66
84
25
1932 ;CO 80 S41e 80
79
8
9,
2%2 51
117.5 118
10-year cony 7% notes...1932M S 98 Sale 98
98
9934
mat Agric Corp let 20-yr 65._1932 M N 05 Sale 95
359 400
4
9034 05
0'
Stamped extended to 1042____ M N 7814 7912 7814
7814 8112
7814
3
Int Cement cony deb 5$_ _ _1948 M N 11018 Sale 11094
87's 88
11312 266 10932 11812
Si
971g 9912 Internet Match deb 55
1947
N 954 Sale 9512
9512 99
9734 104
10134 10458 Inter Niercan Marines f 68_ _1941 A0 101 Sale 10012 10112 165
9912 102
100 102
International Paper baser A.1947 33 94
9412 94
94
95
45
Ms
10172 103
Ref a f 68 ser A
1955 MS 9418 Sale 94
9512 36
9314 97
9812 102
lot Telco & Teleg deb g 4548 1952 J J 93 Sale 9234
9314 100
9234 9512
J
J
10112 10314
Cony deb 4
114 Sale 114
11818 2742 10912 120
39
2M
9712 Kansas City Pow & Lt 58_ _ _1195
90
10212 Sale 10212 10312
9 10212 10534
100 10112
1957• J 99 Sale 99
1st gold 4 Ati series LI
99 1004
9914
16
Kansas Gas ec Electric 6s...1952 MS 10458 Sale 10412
1029 104
10412 106
105
33
0612 9812 Kayser (Julius)& Co deb 5545'47 St S
132 June'29 _ _
128 141
MS
12312 12412 Keith (11 II Corp 1st (321_ _ _1946
94 (
97
-./.6. 95,5 9518 2 9234 11014
83
Kelly-Springf Tire 8% notes,1031 MN 110 Sale 110
68
110
7 110
Kendall Co 53.48 with warr. _1948 MS 9534 Sale
09
95
94
96
29
Keystone Telep Co 1st 5s_ _1935
69
65
.8
4 Nov'28
9
Kings County El & P g 58_ 1189
10114 103
937 A
iO20258
i
- 10258 103-1;
A
l'urchase money 68
83
78
1281
:Sale 12814
199208234 14
12814
1 12814 130
A 8218 85
984 Kings County Elev 1st g 43_ ,
194
49
94
82
2
80
82
8212
A 8218 85
Stamped guar 48
8614 899
82
7914 82
Kings County Lighting 55_1954
10412 ____ 10413 102
85
7
1 10413 10514
I115-1
jai- 119-58 First & ref 6 tis
11514 Sale 11514
11514
1 11514 11614
98
9912 Kinney(GR)& Co 7%% notee'36 .1
10714 10712 10658
10714 22 10512 10714
9518 Kresge Found'n coil tr Os. .1936
94
102 Sale 102
10212
16 102 104
Lackwanna Steel 1st 55 A..1950
99 100
100 10034 9975
994 1024
100
4
97
9934 Luce 1Gas 01St L ref&ext 85.1934 A
100 Sale 100
10018
9 109 1014
A 10214 Sale 10214
Col & ref 53.45 aeries C._ _1953
9134 9312
103
36 1021410512
Lehl C & Nay s f 4348 A_1954 .1
98 Sale 98
9934
98
981, -1:
191-2 Lehigh Valley Coal 1st g 56_1933
907
99 101
78
Registered
9634
93
99 10
90
97 Oct'2.....
28 _let 40-yr gu int red to 4% _ 1933
9812
94
9212 97
97
Oct'28 _111:134
1044 106
Ist&refsf5s
101
101 Mar'29 -- ioi lin
9612 99
st & ref s f be
1
917 9112 Feb'29
V112 9324
9612 99
1st & ref s f 53
9178 92
9174 931.
Feb'29
1st & ref f 55
91
94 Nov'28
.....
943s 9734
lat & ref s f &a
874 98
88
90111
Feb'29
659 7334 Lax Ave & P F 1st gu g 55...1943 NI S
MF:y9:28
29
10434 10634 Liggett & Myers Tobacco 7s _1941 A
1R1- 12-012
.118 12112
- 132079
1014 10158
58
99 Sale 99
99 103
100
49
10112 104
4 1 hV A 11514 120 177 Dec'28
Liquid Carbonic Corp Gs... _ 195
-96 10012 Loew's Inc deb fla with warr.1941 AO 11614 Sale 11558
122
72 -162'2 -1-23-1;
85
Without stock put warrants. * 0 9814 Sale 98
96 10012
91 12
Lombard Elec 1st 78 with war '52 3D 100 Sale 100
97
97
go% 102
100
987
4 9
26
8
J D 92 Sale 92
Without warrants
99 10012
944
9212 181 90
1944 A0 12
Lorillard (17)Co 75
994 103
.2_ Sale. 109
112
9 109 11311
A0
Registered
98 100
_
117
Apr'28
FA 86 -87-14 8814
99 10314
go
8O'i 19 ..841-4 -'91711
195
37
1
Deb 5448
8972
211 85
857
854 8758 859
Louisville Gas & El(Ky)56_1962 M N 10118 Sale 1011s
35' 1011s 104
1021
Loulaville Ry lstcons5s...,19303 J 9058 9212 9012 Feb'29
go 9319
y
1964 AA
271
BONDS
N. Y. STOCK EXCHANGE
Week Ended Mar. 8.
New York Bond Record-Concluded-Page 6
q
Price
Friday.
Mar.8.
High
Ask Low
Bid
Lower Austrian Hydro El Pow8512
1944 PA 8514 Sale 85
let 8163411
9914
McCrory Stereo Corp deb 5;48'41 3D 99 Sale 98%
100
Manati Sugar 1st at 7Hs- _1942 AO 99 Sale 99
6734
Manhat Ry(NY)cons g 48.1990 AO 67 Sale 67
60%
2013 JD 6012 61 6012
2d 48
10118
Manila Elec Ry & Lt a1 5s 1953 MS 10118 103 101
Marion Steam Shove 6186..1947 AO 98
9854 9712 Feb'29
Mfrs Tr Co etre of partic in
102%
A I Names & Son 1st 68_ _ 1943 JD 102 103 102
8812
Market St Ry 75 ser A April 1940 Q J 86 Sale 86
0512
0512
Meridional El 1st 78
1957 AO 9512 98
Metr Ed 1st & ref &seer C _1953 J J 10214 Sale 10214 10254
7612
Metr West Side El(Chic)48_1938 PA 75 Sale 75
98 98 Feb'29
Miag Mill Mach 76 with war_ 1956 JD 96
JD 86
88
88 88
Without warrants
Mkt-Coot Petrol 1st 6348._1940 MS
_- 105 Feb'29
9912
Midvale Steel &0cone sf58.1936 MS 9918 Sale 9878
9834
Milw El Ry & Lt ref & ext 4345'31 J J 98 Sale 98
General & ref be series A _ _1951 Jo 100 102 10214 Feb'29
1961 JD 10018 Sale 10018 10034
let & ref 58 series B
Montana Power 1st 58 A__ 1943 J J 10014 Sale 10014 10214
Deb 58 series A
1962 JD 98% Sale 9878
9912
Montecatini Min & AerieDeb 75 with warrants_ _ _1937 J J 11612 Sale 11612 121
94%
J J 9412 Sale 9414
Without warrants
97%
9778
Montreal Tram 1st & ref 5s__194 J J
9854 Jan'29
Gen & ref I be seriee A__1955 AO
9814 Feb'29
Series B
1955 AO
Morris & Co 1st s f 4 Hs_ _ 1939 ii 8734 Sale 875s
88
Mortgage-Bond Co 45 ser 2_ _196e AO 79
90 8112 Jan'29
10-25-year Is aeries 3
1932 J J 9634 9712 9634 Feb'29
Murray Body let 634s
1934 3D 10058 101 10012 101
Mutual Fuel Gas 1st gu g 55_1947 MN 10458 105/
1
4 10278 Feb'29
Mut 11n Tel gtd 68 eat at 5%,1941 MN
98 Feb'29
Namm (A I)& Son-See Mfrs Tr
Nassau Elee guar gold 4s__ _ 1951 3 .1 5812 Sale 5814
60
Nat Acme lst a 16a
1942 JO 10114 102 102 Mar'29
Nat Dairy Prod deb 5/
1
4a_ _ _1948 FA 9412 Sale 9354
95
101
Nat Roam & Stampg 1st be 1929 3D 101
Jan'29
Nat Radiator deb 634s
76
78
1947 PA 75% 78
Nat Starch 20-year deb 5.6._ _1930 3, 98 100 98 Jan'29
National Tube 1st a f
_1952 MN 103 10334 103
10318
Newark Consol Gas cons 58_1948 Jo 102 105 10312 10312
New England Tel & Tel be A 1952 3D 106 Sale 106
106
lst g 4348 series 11
1961 MN 0014 9912 9914
9912
00
New On Pub Serv 1st 55 A 1952 AO 9412 Sale 9412
First dr ref Is series B__ _ _1955 3D 9434 Sale 9434
95%
NY Dock 50-year let g 46._1951 PA 78
8218
8358 8218
Serial5% notes
1938 AO ---_ 8612 8614
8612
N Y Edison let & ref 6346 A-1941 AO 11312 Sale 11312 11514
1st lien & ref 58 series B_ _.1944 AO 10312 10434 104
10412
NY Gas El Lt 11& Pr g 58..1948 Jo 106 Sale 106
10614
110 Apr'28
Registered
Purchase money gold 4a._1949 F A 9212 931g 92%
9254
NY LE &WC & RR 5346_1942 M N
10253 Oct'27
100 Aug'28
NYLE&WDoek&Imp 5819433 .1 i6618
NY&QEIL&P1etg56_1930 F A 0914 166 9914
9914
56 Jan'29
N Y Rye lat R E & ref O.._ _1942 J J
_ _ 5614 Feb'29
Certificates of deposit
2% Feb'29
30-year adj Inc 56__ Jan 1942 A 0 56-258 10
3 Jan'29
2
9
Certificates of deposit.........
NY Rye Corp the Os __Jan 1965 Apr 20 Sale 20
21
Prior lien Os aeries A
1965 .1 J 8412 8012 8554 Feb'29
N Y & Richm Citt2 let 66 4_1951 MN 105 10512 10512
NY State Rya 1st cons 4348_1962 MN iiEs Sale 471s
4718
6014
65/
1
4
1st cons 6 Hs series B
1962 M N 6012 63
NY Steam let 25-yr Os ser A 1947 M N 105 10514 105
105
N Y Telep let & gen 61430_1939 MN 9912 9954 99%
9934
30-year deben a 1 68_ _Feb 1949 F A 111% Sale 110
11138
20-year refunding gold 68_1941 A 0 108% Sale 10618 10658
N Y Trap Rock 1st 6s
1946 J D 100 Sale 100
10014
Niagara Falls Power let 58..1932 J J 102 Sale 102
102
Ref & gen fis
Jan 1932 A 0
102 101
102%
Niag Lock &0Pr let Se A_ .1955 A 0 t35i8 Sale 102
10312
Norddeutecbe Lloyd (Bremen)20-years f Os
1947 MN 90 Sale 90
92
Nor Amer Cem deb 6 Hs A..1940 M
72 Sale 7114
72%
NO Am Edison deb 5eser A_ _1957 M S 1005s Sale 9954 10118
Deb 5He aer B_ _ _Aug 15 1963 F A 10018 Sale 99
10114
Nor Ohio Traci & Light /
11
4„_1947 M S 102% Sale 102
103
Nor States Pow 25-yr 58 A_ _1941 A 0 99
9912 9918 10014
let & ref 5-yr 68 series B_ _1941 A 0 10518 Sale 10518 1051
/
4
North W T 1st fd 4 Hs gUI.1934 J J 9754 9878 9754 Feb'29
Norweg Hydro-El Nit 5345_1957 M N 8914 Sale 8914
9112
Ohio Ptiblic Service 7He A_ _1946 A 0 11214 112% 11214
11212
let & ref 7s series B
1947 F A 11014 11034 110
11053
Ohio River Edison 1st 85
1948 J J 106 Sale 10554 106
Old Ben Coal 1st 68
1944 F A 8914 93 89
8914
Ontario Power N F 1st Is...1943 F A 99% Sale 9928 10114
Ontario Transmission 1st 58_1945 M N 10034 1021, 101
10114
Oriental Devel guar 66
1953 M S Ms Sale 9658
9714
Extl deb 5He int ctfe
1958 MN 8638 Sale 8554
87
Oslo Gas & El Wks extl 55_1963 M S 90% 92
49214
5)s
1946
100 Nov'28
Otte Steel 1st M Os ser A_ _ _ _1941 M S 10112 Sale 101
1011
Pacific Gas& El gnu & ref 88 1942 .1 J 100% Sale 100
1005s
Pao Pow & Lt let& ref 20-yr 51'30 F A 99% 99% 9918 10012
Pacific Tel 4c Tel 1st Se
1937 3 J 10112 Sale 10112 10258
Ref mtge re series A
1952 M N 10312 104 104
10414
Pan-Amer P & T cones f 69_1934 MN 10212 Sale 1021
/
4 10254
1st lien cone 10-yr 75
1930 F A 10434 105 10428 10434
Pan-Am Pet Co(of Cal)conv 66'40 J D 9254 94 9354
95
Paramount-B'way let 5346.-1951 8 J 102 Sale 101
102
Paramount-Fam's-Laaky 66_1947 J D 9912 Sale 99
9954
Park-Lex let leasehold 6346_1953
J 921: gg
9214
9258
Pat& Passaic G & El eons be 1949 M 8
- 1041 105 Jan'29
Paths Exch deb 78 with warr 1937 M N 791s 821 79
8012
Penn-Dixie Cement 13e A_
1941 M
92
9412 92
92/
1
4
peep Gas & C 1st cons g 88 1943 A 0 11212 115 113
Jan'29
Refunding gold 58
1947 M
104% 105 10418 10514
Registered
M
_ 102 Dec'28
Philadelphia Co see Se ser A_1967 J D 9712 Sale 97
9854
Phila Elee Co let 434s
1967 M N 9912 Sale 9912
9934
Phila & Reading C & I ref 58_1973 J J 94 Sale 9218
94
Phillips Petrol deb 5316
1939 J D 9018 Sale 90
9034
Pierce-Arrow Mot Car deb 881943 M S 10618 Sale 10618
1081
/
4
Pierce Oil deb at 8s_ _Dee 15 1931 J D 106 107 106
106
Pillsbury Fl Mills 20-yr 68..1943 A 0 103 10418 10312 105
_ 195218 N 133 13878 131
Pirelli Co(Italy)cone 78_ _ .
137
Pocah Con Collieries let a f 581957 J J 9412 Sale 9412
9412
Port Arthur Can & Dk 66 A_1953 F A 104% Sale 10438 10512
1953 F A
let M 66 aeries B
10558 10438 10438
Pow
let
Os
B..1947
M N 1011 10124 10214 Mar'29
Portland Elec
1935 J J loo
Portland Gen Elec 1st be
102
Jan'29
Portland Ry let & ref Is... _1930 M N 96 Sale 96
96
Portland Ry L & P 1st ref 55_1942 F A 9858 10454 9812
9858
1st lien & ref 65 series 13_1947 M N 101 10214 10112 1011
/
4
1st lien & ref 78s series A.1946 M N 107 108 107
107
Porto Rican Am Tob cony tle 19423 J 103 Sale 10234 10454
Postal Teleg & Cable coil 58.1953.1 J 9114 Sale 91
• 9214
J 94 Sale 94
95
Pressed Steel Car cony g 58--1933
11034 Sept'28
Prod & Ref e f 8a (with war)_1931 J D 11118
J
D
attached__
Without warrants
11054 1-1114 11134 Feb'29
Pub Serv Corp N J deb 4 He_1948 F A 18512 Sale 1851: 196
1031
/
4
Pub Serv El & Gas ist & ref 5s'65 J 13 102 Sale 102
1967 J D 9958 Sale 9912
9928
let & ref 4J45
8312
82 Sale 82
Punta Alegre Sugar deb 75_ _1937 J
Range
Since
Jan. 1.
Week's
Range or
Last Sale.
No. Low
High
15
27
20
20
3
2
85
877s
98
9914
987s 10012
6614 48
59
6058
97/
1
4 101%
9712 9912
4
31
11
4
2
102 105
82
9758
9434 9712
10112 103
75 8014
9334 983s
86
9412
104 10514
99 10018
9712 9918
10214 103
100 10114
10034 104
98% 101
3
112
75
29
75
50
30
46
29
11612
93
9778
9654
9814
86%
8112
9634
9934
10212
98
127
95
99%
96N
9814
8812
8112
9712
102
104
98
5
2
14
8
8
26
1
2
26
10
12
55 64
10114 10214
9354 9778
101 101
74 82
98
98
10214 1042
10312 10312
10554 107
9914 10014
9412 9654
9434 9612
1
4 8714
82/
8614 90
113 11534
10378 105
106 10712
8
9212 94
1
994 1001k
58
56
58
58
2% 2%
212 3
18
2412
84
87
10518 106
45
54
5712 70
105 107%
9914 101
110 11158
106 10812
9912 101
102 10258
101 10318
102 10418
132
14
39
4
1
8
6
33
35
30
25
1
10
25
34
11
84
156
21
82
7
- _41
1
17
18
10
4
6
73
76
29
_
27
72
16
19
5
9
23
22
34
28
5
28
18
8
74
17
20
98
11
7
2
28
75
7
1
_
1
4
1
6
65
144
_
73
9
25
23
90
94
70
80
99% 102
99 10112
10114 10314
9918 101%
105 1061
/
4
9754 10534
8914 9212
11112 11312
10978 11512
10534 107
89
91
99% 102
101 103
9028 977s
8534 90
9114 9314
100 10212
100 10212
9914 10014
10112 10314
104 10558
10212 106
102/
1
4 10454
9354 9718
10012 1021:
99 10034
9512
91
10312 105
84
78
92
9714
1121
/
4 113
10458 10534
97 166"
9914 10012
8978 94
90
94
10618 10712
106 107
10312 105
119 15412
9412 95
104 10554
10334 10558
10118 10314
100 102
96
99
9812 9914
101 10212
107 10718
10012 107
- 95
94
99
ii44 11253
i8112 20814
102
99
82
10512
9978
88
BONDS
N. Y. STOCK EXCHANGE
Week Ended Mar,8.
1529
Price
Friday,
Mar,8.
Week's
Range or
Last Sale.
ea
e
Jan,1.
Tnc
Bid
Ask Low
High
High No. Low
Pure Oil s f 5H% notes
1937 PA 9712 Sale 9712
96% 100%
9812 58
Purity Bakeries81 deb 5a-1948 J J 9112 Sale 9112
9112 95
9353 56
99 Sale 99
21
Remington Arms 66
1937 M
98 101
100
Item Rand deb 5348 with war '47 MN 9414 Sale 932
9334 951s
9412 97
10318 52 101 10314
Repub I dr 8 10-30-yr See f_ _1940 AO 10318 10312 102
5 10112 10358
Ref & gen 5Ha series A...1953 J J 102 103 102
103
Reinelbe Union 75 with war_1946'3 103 10312 10354 10334 14 10212 1041j
96% 11
Without stk pureh war,...1940 33 9414 Sale 9538
95% 98
30 100 10234
102
Rhine-Main-Danube 713 A...1950 MS 102 10212 102
Rhine-Westphalia Elec Pow 75'50 MN 100 10034 100
10012 17 100 102
15
89 8712
1352 MN 88
89
Direct mtge 65
8712 9334
9214 31
1953 F' A 9054 Sale 9054
Cons m 66 of 1928
9024 98as
2 91
9414
Rime Steel lat 17e
1955 FA 9312 9414 9312
96
S 108 10812 10812 10812
1 10812 110
Rochester Gas & El 75ser B _1946
5 106 107
107
1948 MS 105 10634 100
Gen mtge 5HsserleaC
5 99% 100/
Gen mtge 434e series D.._ _1977 MS 9912 10014 99%
1
4
991s
_ 90 Dec'28
Roch & Pitts C&Ipm 5s__ _1946 M
953k 96
96
96
98
-14 96
St Jos Ry Lt& 111 1st 5s_ _ _1937 MN 9099 Feb'29
99 99
St Joseph Stk Yds 1st 4Hs_ _1930'.2
75 Feb'29 ---75
77
St L Rock Mt& P 5s stmpd_1955 33
St Paul City Cable eons 58_ _1937 3J ---- 9714 92 Jan'29 -- 92 92
4 10318 105
San Antonio Pub Serv let 65_1952 33 ____ 10454 10434 105
1
4
98% 100/
9934 26
Saxon Pub Wks(Germany) 7e'45 FA 99 Sale 9812
92
11
93
93 92
1951 MN 92
9454
Gen ref guar 6 He
9934 101
9
1946 3, 10012 Sale 993
Sehuleo Co guar 6Hs
: 10012
9814 101
1946 A0 10012 Sale 9814 10012 10
Guar a 1634s series B
95
1
9514 95
9712
95
Sharon Steel Hoops f 50_1948 MN 95
MN 9472 Sale 94
94
97
9514 89
5s
1952
Shell Pipe Line at deb
9818 9874
64
97
Shell Union Oil e f deb 58_1947 MN 9658 Bale 9618
88% 94
8953 10
Shinyetsu El Pow 1st 6345..1952 JO 88H Sale 8812
83 911
13
87
/
4
Shubert Theatre 6s_June 15 1942 3D 84 Sale 84
1037g 10 102 105
1935'3 102% 10212 1021g
Siemens 34 Halske s f78
103 Sale 10212 10378 50 102 108
1951 M
Debe16348
43 101 108
St 634s allot ctfs 50% pd__'51 MS 102% Sale 10253 103
9812 101
8
9834
Sierra & San Fran Power 58_1949 PA 9812 Sale 9812
89
9 86
87
Silesia Elec Corp sf634s._ 1946 FA 86 Sale 86
97% 99
98
98% 98
Silesian-Am Exp coll tr 7s_ 1941 PA 98
99 100
9912 99 Feb'29 -- -1929 MN 99
Simms Petrol6% notes
103
95 10134 10312
Sinclair Cons 01115-year 7s- _1937 MS 10212 Sale 102
9834 100
68
100
1st lien colitis series D___ _1930 MS 99 Sale 99
99 10184
10012 88
1938 3D 99 Sale 99
1st lien 634s series D
9738 29
9534 97114
Sincalir Crude 0115;458er A_1938 33 9578 Sale 957
1942 A0 94 Sale 9312
93 95
29
94
Sinclair Pipe Lines f be
931
9312 9212
92 9384
1939 MS 93
50
Skelly 011 deb 5345
/
4 10112 10212
5 10112 102%
Smith (A 0)Corp let 6348-1933 MN 101 1021
2 10312 107
South Porto Rico Sugar 78_ _1941 JO 10512 Sale 10512 10558
27 102% 10414
South Bell Tel& Tel let815e 1941 J J 10253 Sale 10212 103
10278
Southern Colo Power (te A_ _1947 33 102 Sale 102
9 102 10412
10412 54 102% 10514
Sweat Bell Tel let & ref 58-1954 FA 10234 Sale 10234
97% 9712
3
971.
Spring Val Water 1st g 58-1943 MN 9712 9912 9712
1930 MN 9812 100 99% 100%
9932 10114
2
Standard Milling 1st be
S 10234 10314 10234
10234
1945
1 102 104
let & ref 534e
10212 81 10114 103114
Stand 01101 NJ deb be Dec 15'46 FA 102H Sale 102
9612 87
95/
1
4 98
Stand 011 of N Y deb 454s1951 JO 9614 Bale 9534
97/
1
4 100
9834 15
Stevens Hotel 181 65series A.1945 J' 9812 Sale 972
90 98
6
9212
Sugar Estates (Oriente) 76..1942 MS 92 Sale 90
FA
100 Nov'28 -1929
Superior Oil 1st sf78
3 jai- ARV
Syracuse Lighting let g 5s__ _1951 3D 1051g 107 10512 10512
1 10I5s 1031s
10214
Tenn Coal Iron & RR gen 58_1951 33 10214 --- 10214
110
12 104 • 114
Tenn Cop & Chem deb 65_ _ _1941 A0 107 tale 107
107
39 106 107
Tennessee Elec Pow 1st 80_1947 3D 106 Sale 106
J 6212 6338 6212
60 66
6312 24
1960
Third Ave let ref 4.8
59 8434
6212 32
Ad., Inc 5$ tax-ex NY Jan 1960 AO 59 Sale 59
3'
95 Sale 94%
94% 9714
95
6
1937
Third Ave Ry lstg5a
9814 99511
9954 18
1955 MS 9912 Sale 99
Toho Elm Pow 1st 75
98/
1
4 9934
9934 46
6% gold notes_ _ __July 15 1929 3' 9954 Sale 998
Tokyo Elec Light Co. Ltd--- 8914 9112
1953 3D 91 Sale 91
1st 88 dollar aeries
9114 139
9912 10012
Toledo Tr L & P 534% notes 1930 J J 991 100 9953 10018 40
992
9724 10414
51
Transcont Oil 6 Hs with war 1938 33 99 Sale 98
Trenton G & El 1st g 58-1949 MS 10214 10478 10454 June'28
9912 49 -68T4 f631;
Truax-Traer Coal cony 8345_1943 MN 9834 9912 9834
Trumbull Steel hats f Os__ _.1940 MN 103 Sale 10218 10314 47 102 1031g
65 62 Feb'29
60 02
Twenty-third St Ry ref bs_ _1962 J J 58
9811 9912
4
99
Tyrol Hydro-Elec Pow 734s_1955 MN 9834 Sale 9834
9212
9212 9012
90• 9211
4
1952 FA 92
Guar see s f 76
98 100
998 Sale 9958
1945
9954 13
Ujigawa El Pow s 78
9534 Mar'28
Undergr'd of London 4He_ _1933 3 J
100 161" 100 Feb'29
i645Union Elec Lt.2 Pr(Mo)5.6_1932 M
1
4 101 1007
7 10018 101114
1933 131 N 100/
10114
Ref & ext 5e
1 101 104
UnE
P(III) Istg 534seer A_'54 3 J 102 103 10212 10212
85
8718
8712 85 Feb'29
Union Elev Ry (Chic) 55___ _1945 A 0
2 10158 10158
1931 3 J 10153 ____ 101% 10158
Union 011121 lien s f 58
7 1085s 109N
1087s
30-yr 66 series A_ _ _ _May 1942 F A 10712 10854 1087
93 10154
1
9814
let lien af 5s aeries C_Feb 1935 A 0 9814 9854 9814
98 100
6
United Biscuit of Am deb 81_1942 M N 10014 Sale 9912 10012
0518 65
9518 Sale 9412
9412 9714
1953 M
United Drug 25-yr 5s
8334 84 84
82 841:
8414 20
United Rye St L lat g 48.-1934 ...I
97% 100
1
99
. 985 99 99
1937,w5
United SS Co 15-yr 68
8514
87
8514 9012
8758 15
UnSteelWorksCorpOl4sA.h95hJ D 86
8813
D 8812 Sale 8612
8612 92
3
With stock pur warrants
87 9014
1
8734
Series C without warrants J D 872 9014 8734
8934 Feb'29
8712 8914
With stock pur warrants J D
United Steel Wks of Burbach
8 103 10514
Esch-Dudelange a f 75_ _ _ _ 1951 AO 10514 106 10412 10514
9118 150' 8912 92e
US Rubber hat & ref 58 ser A 1947 33 9014 Sale 90
10112 40 100as 102%
10-yr 754% secured notes.1930 FA 101 Sale 101
164 107 10912
109
US Steel Corp{Coupon Apr 1963 MN 10812 Sale 108
10814 Dec'28
st 10-60-yr 5s Regis_ _Apr 1963 MN
8524 14-6"
Universal Pipe & Rad deb 65 1936 JO -28i4 -88 - 8554 Feb'29 -92% 96%
931. 28
Utah Lt& Trac 1st dr ref 5.8._1944 A0 9312 94 9314
PA
993
99% 101
21
993
4
Sale
4
100
1944
Utah Power & Lt let 58
104 104%
104 Feb'29
Utica Elec L & P 1st 5 f g 5.6_1950 3J
3 10434 107
10053 Sale 10653 10658
Utica Gas& Elec ref & ext 58 1957 J
9314 98
9514 297
Utilities Power & Light 5;0_1947 3D 9412 Sale 9412
9018 97118
9134 24
Vertlentes Sugar let ref 75..1942 JO 9112 Sale 901e
3478 40
1
37
19533' 3554 43 37
Victor Fuel 1st at 58
8112 Feb'29
79
81% 82
Va Iron Coal & Coke let g 551949 MS
99 100/
1
4
1934 33 100 Sale 9912 10012 15
Va Ry & Pow lat & ref 5s
91
991:
34
991
Walworth deb 6345(with war)'35 A0 9812 Sale 9812
9173 92
17
93
90 93
let sink fund Os series A_ 1945 A0 91
107
/
4 Sale 106
2 106 107
Warner Sugar Refin let 76_ _1941 JO 1081
26
85
83% 8534
Warner Sugar Corp 1st 7s._.1939'.2 85 Sale 8454
101
_ 101
101
2 100 102%
Wash Water Powers f 5s_._1939 J
10212 Sale 10253 10212
3 102% 105%
Westehes Ltg e 58 stmpd gut 1050 J
West Penn Power ser A 52_ _1946 MS 10214 Sale 10218 10212 22 102% 105
104 10354 104
7 103 105
let 58 series E
1963 M
/
4 Sale 104
1st 5345 series F
104/
1953 A0 14141
1
4 14 104 10514
1
4 18 10234 10454
1st sec 5$ eeriest)
1958 3D 10214 103 10234 102/
30
32
West Va C &C let Os
297s 3314
3114 11
1950'3 28
10312 39 102 103+4
1
4 Sale 102
Western Electric deb 5s___ _1944 A0 103/
10278 Sale 10253 10318 16 10258 10454
Western Union coil It cur 55_1938 J
977
1
4 Sale 97
96 9914
Fund & real est g 4348_ _ _1950 MN 97/
19
23 10814 Ill
109
1936 PA 10814 Bale 10814
15-year 634s
25-year gold 58
1951 JO 101 10154 101
10218 27 101 103%
Weat'h'se E & M 20-yr g 58 1946 MS
10414 105
10484 Feb'29
Westphalia Un El Pow 68_1953 J J -iirz dile" 832
8312 90
85% 24
Wheeling Steel Corp 1st 5345 1948 3' 10112 Sale 101
102
50 100 102
White Eagle Oil& Ref deb 5148'37
With stock perch warrants_ __ _ M S 10114 Sale 100%
99/
1
4 105%
10214 39
White Sew Mach 8s(with war)'36 J J 9912 130 128 Feb'29
125 130
9912 26
9834 Sale 9872
Without warrants
97
9912
Panic f deb(
/
1
4
1940 M N 98% Sale 9812
25
99
9812 10012
4811 21
4718 Sale 47
Wickwire Spec. St'l let 7s
1935 J
404 5013
Wickwire Sp SVI Co 75_Jan 1935 M N 45
1
49 47%
47%
43 50
102 Sale 10118
WillYs-Overland a f 6 Hs_ _ _ _1933 M
8 101 102as
102
Wilson & Co Ist 25-yr a f 6s 1941 A 0 101 Sale 101
10172 51 101 103%
Winchester Repeat Arms 7348'41 A 0 10712 -- -- 10712 10712
7 107/
1
4 108
Youngstown Sheet& Tube be 19783 J 100 Sale 100
100% 83 100 101
1530
[VOL. 128.
FINANCIAL CHRONICLE
Outside Stock Exchanges
Chicago Stock Exchange.-Record of transactions at
Chicago Stock Exchange :Mar. 2 to Mar 8, both inclusive,
compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
Acme Steel Co
25 80% 89
90
650 83%
Adams (J D) Mfg corn...' 40
40
40% 3,150 40
Adams Royalty Co, corn.'
19
19
650 19
All-Amer Mohawk "A"._5 23
29
10,000 22
22
Allied Motor Ind Inc Corn.' 45
4155 46% 6,450 4135
Preferred
• 48% 48.55 49
350 48
Allied Products "A''
3,550 49%
58
• 62
66
Altorfer Bros,con pfd
43
* 45
300 43
45
American Colortype corn.' 4555 45
950 36)4
46
Amer Commw Pow "A" •
1.950 22
25
26%
•
Class"B"
450 24
30
31
Warrants
200
8
8% 9
Amer Pub Serv pref.__ _100 100% 99% 10054
326 9955
Amer Radio & Tel St Corp* 32
my, 375% 23,700 3134
American Service Co,core • 14% 1434 1435 6.400 14%
Am States Pub Ser A corn.' 27
1,500 27
27
27
Amer Yvette Co Inc corn • 21% 2155 22
700 21%
Preferred
750 28%
• 2855 2855 29
Art Metal Wks IncCommon
• 4751 4534 51% 19,300 38
Assoc Appar Ind Inc corn.' 50
51
2,250 50
50
Assoc Investment Co_ _ • 54
650 53
53
55%
Assoc Tel Util Co cotn
27
• 28
28% 2,750 27
8,250 56
56
67
Atlas Stores Corp corn...' 61
19.100 131%
163 188
Auburn Auto Co corn __ • 175
Automatic Washer CoConvertible preferred_ _• 34% 3455 34% 1.100 34
49%
Backstay Welt Co corn_ •
950 46
46
Balaban & Katz v t c. _25
79
200 79
79%
41
700 41
41%
Bastian-Blessing Co corn.' 41
Baxter Laundries Inc A..' 21
20% 22% 1,500 2055
Beatrice Creamery com_50 8735 8755 90
350 87%
Bendlz Coro Class B new5 102
100 10954 23,615 100
Sinks Mfg Co el A cony pt * 31
30
31% 2.100 29
131um's. Inc., common_ *
27
28
1,850 27
Convertible preferred..• 53% 53% 54
1.950 5355
Borg-Warner Corp corn, tO 12451 120 135
25,550 120
100
7% Preferred
102% 10255
150 102
Bonin VivItone Corp pref • 37% 36% 39% 10.050 3651
Brach & Sons(E J) corn •
200 25
25
26
Bright Star Elec "A"____* 24% 23% 24% 1,500 23
Class B
• 11% 10% 1255 18.750
8
Brown Fence dr Wire cl A.' 29% 2855 32
2,800 28%
Class"B"
• 29% 2855 32
1,150 2855
Brown Mfg Co
10 5151 50
54% 2,750 49
Bunte Bros common._ _ _10 3355 32
1,450 27
34%
Bulova Watch Co corn...' 30% 30
3055 3,100 30
4,250 49%
$355 preferred
49% 50
• 50
Butler Brotners
20 31% 31% 33% 16,200 31%
Campb Wyant & Can Ftly• 42% 4155 4355 3,800 40%
Canal Constr Co cony pf.' 20% 20
21% 2,100 19
Castle & Cu(AM)corn _ _10 67
69
600 66
66
CeCo Mfg Co Inc) corn __• 64
61% 69% 3,800 5955
260 94
98
Central lii Pub Serv pref..'
94
Cent Pub Ser (Del)
500 24
35
• 37
37
Class"A"
• 43% 42
4451 2,850 35
Centrals W CHI corn....'
500 79%
7954 82
Preferred
450 94
95
97
• 95
Prior lien. pref
100% 101
200 100
•
Chain Belt Co corn
49% 5155 1,100 4955
•
Cherry Burrell Corp corn.* 5355 53
650 50
54
155
Chic City dr C Ry par sh •
400
1% 2
23
• 23
24% 2,350 18
Preferred
Chicago Corp corn
2651 2955 11,450 18
• 27
Units
• 6755 67
69% 41,800 67
150 14%
Chicago Elec Mfg A
14% 15
Chic No Sh & Mil corn 100
13 13%
20
20
Prior lien preferred__ 100 99
125 9654
97
99
51 54
64
62
Preferred
100 62
2%
100
Chic Rys part ctf ser 2.100
4
4
150 17
22%
20
Partic ctfs ser "1" _100
1,550 27%
City Radio Stores corn-- • 28
2731 29
3,650 30
3055 32
Club Alum Uten Co
• 31
250 7355
Coleman Lamp kr St corn •
76
76%
4,394 209
24534252
Commonwealth Edison_100 247
700 35
43
41
Commonw CBI Corp 13...• 41
2.450 29%
3135 34
Community Tel Co cum pt' 34
34
4.550 31
Construction Material...' 33
32
6,150 45%
Preferred
• 48% 4555 50
9
1.800
9
10
9
Consumers Co common...5
4
500
4
4
Warrants
226 46
Crane Co, common
46
46%
25 46
1.150 34
3555
Curtis Mfg Co
3435 34
550 1255
12% 14
Davis Indus Inc "A".... • 1255
200 38
Dayton Rubber MfgAcom*
38
40%
200 20
Decker(Alf) & Cohn,Inc.'
20% 20%
De Mets. Inc. pref w w_ _ _• 36
1,000 3555
3555 36%
2055 20% 21% 5,100 20%
Dexter Co (The) COM
•
El Household CHI corp_10 44% 4355 48% 10,600 30
Elec Research Lab Inc_ _ _• 13
13
1555 5,123 13
340 92
92
Empire0 & F Co 6%01100
93%
50 94
94
94
655% preferred
100
100 96%
7% preferred
9855 08)4
100
11055 110%
50 109%
8% preferred
100
Fabrics Finishing corn___• 2255 22% 23% 2,150 22%
150 25
Federated Publiens $2 pre( 28
27
28
Fitz Simmons & Connel Dk
450 60
60
62
2
& Dredge Co rights
650
2
2%
255
Foote Bros G & M Co__ 5 25
24
28% 2,600 24
Foot Burt
3.000 52
53
52
53
Gen Spring Bumper A.... 40% 40
2,200 40
44
Class 11
1,650 38
4234
38% 38
Gerlach Barklow corn ___• 2355 23
3,150 23
24%
Preferred
27
2555 2755 2,050 2555
1,350 95
110
GleanerCornHarves'rCorp: 103% 101
Godchaux Sugar, Inc, el B• 30
1,050 24
33
30
Goldblatt Bros Inc corn_ _•
600 28%
28% 31
Great Lakes Aircraft A • 2355 21
5,600 21
25
Great Lakes D & D._ _.100 235% 235% 240
95 220
Greif Bros Cooper A corn_•
540 3935
40
40%
Grigsby-Grunow Co
Common (new)
• 16854 16155 17835 107,050 14055
God Grip Sh Co, Inc corn • 37
2,250 35%
36
37
Hahn Dept, Store, com • 46
1,200 44%
4454 4756
Hail Printing Co cool __ _10 2935 29
1,850 29
3055
Hart-Carter Co cony DT. _• 29
2.400 29
30
29
Hartford Times part pref.'
43
50 42
43
Hart Schaffer & Marx..100
20 173
174 175
Hormell & Co(Geo)com A • 48
500 33%
47
48
Houdallle-Hershey Corp A• 49
8.450 48
48
55
Class 13
• 4831 4751 55
12,800 4751
Illinois Brick Co
450 3635
25
38
38
III Northern Util pfd. _100
36 100
100 100%
Inland WI it Cable com_10 79
850 71
78
79
Inaull CHI Invest Ine____• 45% 42
4755 18.800 30
$555 Prior preferred_ _ _• 235
380 125
215 23555
Iron Fireman Mfg Co•t c• 30
3,850 24%
31
30
Irving Air Chute Co, meCommon
• 2755 26% 28
13,750 2655
Jefferson Electric Co corn • 5255 52
2,100 45%
5355
Kalamazoo Stove com
• 111
550 110
110 115
High.
91
43%
25
39
57%
49
75
53
49%
29
34
1054
10034
37%
18
29
22%
29%
573(
56%
60
33
74%
191
3955
52%
88
46%
26
98
12855
37%
28
54
152
10354
3935
2955
26
12%
3651
37
57
3454
31%
5035
45
47
2155
79%
86%
98
37
44%
90
98%
103
59%
5855
2
25
34
75 15
15
21
99
65
4
22%
31
34%
80
252
4335
3555
38
55
1355
651
48
37
1755
43
27
37%
2255
49
22%
96%
97
9855
11055
25
28
83%
2%
30
53
4955
49
26
30
125
38
36
32
275
42
17934
3655
5435
3555
3435
45
190
5755
59%
59
41
100%
84
53
250
34
28%
58%
131
Sales
Friday
Last Week's Range !or
Week.
ofPrices.
Sale
Stocks (Continued) Par Price. Low. High. Shares.
Kellogg Switchbd com__10 1334
Ren-Itad Tube&l.p A corn. 33
Kentucky Util Jr cum pf 50 5235
Keystone St & WI com___• 45
Lane Drug corn v t
• 23
Cum preferred
• 26
La Salle Ex* Unit,com__10
Lambeck Corp ctfs of dep.
Leath dr Co corn
•
Cumulative preferred.,' 44
Warrants
755
Libby McNeill & Libby-10 11%
Lincoln Ptg Co 7% pref_50 4334
Common
• 2455
Purchase warrants
5
Lindsay Light.corn
10
Lion 011Ref Co corn
• 2655
Loudon Packing Co
•
Lynch Glass Mach Co...' 27
McCord Radiator Mfg A-•
McQuay-Norris Mfg
• 60
Mapes Cons Mfg Co. COM •
Mark Bros Theatres pref • 2434
Material Serv Corp corn 10 38
Meadow Mfg Co com____• 21%
Mer & Mfrs SecPart preferred
25 2954
Metro Ind Co ctf of dep --• 1005)
mid Coot Laund Inc. A..* 32
Midland Steel Prod corn..' 100
Middle West Utilities__ • 173
Preferred
100 120%
• 10255
$o cum preferred
Prior lien preferred..100 125
Midland Util100 89
6% Prior lien
6% Preferred "A" _100
100
Preferred 7% A
7% prior lieu
100 98
Hart,Inc,cony pf• 47
MInneap Honeywell Reg.•
MO-Kan Pipe Line com__• 36%
•
%Iodine Mfg corn
Mohawk Rubber
Common
• 5435
M °Mahan Mfg Corp A...'
noantr Chem Works..' 129
•
Monroe Chem corn
• 44
Preferred
Morgan Lithograph core_• 39
Morrell & Co Inc_ _ ....• 62
Muncie Gear class"A" : 1
2 %
Class"B"
Muskegon Mot Specialties
28%
Convertible class A
•
Nachman Springfilled corn. 70
National Battery Co pfd.' 58
Nat Elea Power A part...* 3355
National Leather corn...10
Nat Secur Inv Co, corn. _I 27%
6% cumul pref
ioo 103
Nat Standard corn
• 47
Nat Term Corp part pref.'
'eve Drug Stores. corn...'
New Eng Pow Assn% pf 100
Nobblitt-Sparks Ind corn.' 3951
North American Car corn.' 60
North Amer 0 & El cl A_• 23%
Northwest Eng Ce, corn •
North West CUMIN,
7% preferred
100
Ontario Mfg Co corn
• 33
PacPub Ser Co cl"A"com* 23%
Pacific West 011 CorP
• 21
Parker l'en (The) Co com10 4955
Penn Gas & Elec A com • 23
Peoples Lt & Pow "A"com• 59
Perfect Circle (The) Co..'
Pines Wintertront A oom_5 198
Poor & Co class 13 corn___• 27%
• 32
Potter Co(The) corn
• 22
Process Corp corn
Pub Seri, of Nor III100 234
Common
•
Common
6% preferred
100
Q-R-F3 Music Co, corn____• 161
Quaker Oats Co corn
•
Preferred
100
56
Raytheon mu Co
Reliance Mfg corn
10 2355
Richards(Elmer) Co Oral.' 28
Ross Gear & Tool corn___• 53
Ruud Mfg Co, corn
•
Ryerson & SOO Inc COM • 42%
Sally Frocks, Inc, corn___• 31
tiangamo Electric Co ' 41
Saunders class A com_
•
60
Preferred
Seaboard Pub Serv pref_ _•
Shaffer Oil & Bet pref..100
•
Sheffield Steel corn
SIgnorie Steel Strap Co_ • 17
28
Preferred
3
Purchase warrants
4oruttron Tube Co corn...' 3455
So Colo Pow El A com..5 2434
Southwest Lt dr Pow pfd..' 90
Standard Dredge cony Pi.' 36%
• 3455
Common
Stand Pub gory"A"
• 31%
Standard Tel pref $7
•
36
Stelnite Radio Co
31
Sterling Motor, pref
Storkline Fur cony pref _25 28%
Studebaker Mall Or corn.6 18%
Class A.
• 27
66%
Super Maid Corn corn_ _ _
Sutherland
tft
Pap Co.corn _10
100 13455
&Co
15 35
Swift International
Tenn Prod Corp, corn _ .._• 2655
25 49%
Thompson (J It) com
Rights
Tirne-O-St Controls "A"_• 31
12th St Store (The) pfd a • 2355
United Chemicals Inc PL• 54
Unit Corp of Am pref....' 2855
United Dry DIrs, Intl corn.:
33%
United Gas Co corn
United Lt dr Pow A pref.'
(In Repro Corp part of A.' 3451
Universal Theatres Cone5
Class A
20 61
U S Gypsum
25% paid
30
•
1351
32
5255
44
22
26
4%
100
1835
754
11%
4255
2435
414
24%
48%
20
41
59
40%
23
38
19%
5155
29
127
24
42
3251
6155
2335
20
4,410
100
1,100
75
6,500
900
610
350
2774
100
31
98
169
119
98
1243-4
90
147
87
187
96
66
99
142
48
750
200
6054
37% 10,850
60
550
8534
85
9434
98
4634
5555
2255
5334
58
30
130
24
45
38%
63
27
24
2735 30
69
72%
53
61
33% 35
355 4
2655 2754
10234 10355
45
49
1655 1654
9
9
9731 97%
39% 45
5755 6351
23
2434
45
45
101
33
Low.
15
2,500 1355
3955 14,050 32
185 5055
5255
47
1,500 44
25% 2,850 2155
27
1,400 25
4
455
350
102
500 100
1955
800 17
650 44
45
6
200
751
1255 5,050 1151
200 42
43%
2451 3,050 24%
4%
555 1,000
800
334
455
4,200 2455
27
4854
100 43
1,150 20
27
50 4055
41
1,100 57%
60
100 39
40%
550 23
2555
150 3635
39
21,450 1455
23
28
3055
100 100%
31
3235
100 100
173 180%
12055 121
101 103%
125 126
85%
85
94%
98
4651
5955
35
5755
Range Since Jan. 1.
4,800 513-4
350 29
2,450 104
100 23
050 40
4,200 3155
4,100 61
4.360 2355
5.000 20
High.
Mar 1955 Jan
Feb
Mar 42
Feb 523.4 Mar
Jan
Mar 58
Feb 2934 Jan
Jan
Feb 32
Jan
551 Jan
Jan 102% Jan
Jan
Jan
21
Jan
Mar 46
Jan
754 Jan
Mar 153.6 Jan
Jan 4534 Jan
Mar 2655 Feb
755 Feb
Mar
5
Feb
Jan
Jan
Mar 34
Feb
Jan 60
Jan
Mar 30
Jan 44% Jan
Jan
Jan 65
Jan
Feb 42
Mar 3334 Jan
Jan 42% Jan
Jan 2934 Feb
Feb
Mar
Mar
Feb
Jan
Jan
Jan
Feb
32
106
3455
108
190
122
10355
127
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Mar 91
Jan
Mar 88
Jan
Mar 98
Jan
Mar 102
Jan
Mar 52
Jan
Jan 67
Jan 3734 Feb
Feb
Jan 68
Mar 66
Feb 35
Jan 130
Feb 26%
Feb 51
Mar 5615
Feb 6655
Mar 31
Jan 30
Jan
Jan
Mar
Jan
Jan
Jan
Feb
Jan
Jan
3,300 2735 Mar 3655 Jan
3,600 6135 Jan 7655 Feb
Jan
Feb 64
2,470 50
1,200 3355 Mar 38
Jan
1,050
554 Jan
33,4 Mar
Feb 29% Feb
2,350 25
1,350 10235 Mar 10555 Feb
Feb
Mar 68
3,750 45
50 16% Feb 17% Feb
1151 Jan
Feb
50
9
Feb 9734 Mar
100 97
1,750 37
50
Feb
Jan
Jan
Jan 70
2,400 50
Feb
1,250 23
Mar 26
500 4355 Jan 48
Feb
Feb 10234
93
3255 Feb 40%
Jan
Jan
2455
Feb
Feb 23
Mar 57
Feb
2455
Jan 58
Jan 60
Jan 236
Mar 34
Jan 4035
Mar 33
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Mar
Jan
Jan
44 205
Jan 245
234 241
132 205
235 241
Jan 245
215 11734 Jan 125%
125 125
159% 163
6,400 144
Jan 164
360 36451
33 350
Jan 369
278 114
114 119
Feb 120
65
53
2,760 53
Mar 70
243.4
22
1,800 22
Slur 30%
28
2854 1.400 28
Jan
2855
54
52
1,950 45
Jan 57
43
44%
1,450 43
Mar 44%
41% 4434 19,600 38
Jan 46
29
31% 6,900 29
Mar 3151
4055 43
1,050 3555 Jan 4635
6251 6255
100 68
Jan 73
50
5055
300 47
Feb 5154
9455 9454
60 9455
93
95
95
50 95
Jan 100
71
75
146 66
90
Jan
17
1855
750 17
Mar 2054
2754 2955 1.200 2755 Mar 3255
255 3
890
255 Feb
4%
32
38% 31,900 31% Jan 4455
2435 2434
500 24
2635
Jan
90
9035
282 873,4 Jan 9054
35% 39
4.550 3534 Mar 41
3355 39% 12,200 3354 Mar 3954
3055 33
2,200 27
Jan
33%
04
94
100 94
Mar 07
34
40
3,600 343.4 Mar 49
3055 33
1,600 3055 Mar 36
2635 2835
800 2654 Mar 30
1855 2155 2,100 1355 Jan 22
27
28
500 27
Mar 30
6355 7155 4,500 634 Feb 74
18
18
100
173.4 Fet) 21
134 13
950 133% Feb 140
34
3551 4,900 33
Feb 3755
2555 27
900 21
Feb
2834
49% 5254
1,500 4954 Mar 62
1-16
55 3,400
115 Feb
134
29
33% 2,500 29
Mar 3954
2355 23%
300 2354 Mar 26
54
54% 6,400 54
Feb 55
28
3054 2,650 28
Mar 37%
2055 21
1,050 2054 Mar 23
3335 3756 2,750 2935 Jan 3954
97% 98
10' 97% Feb 100%
34
3555 2,650 34
hiar 4255
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Mar
Feb
Mar
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Mar
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
102
34
110
400
2355 2434 10,900 2155
20% 22
450 18
4955 5051
950 49%
22
24
1.550 2054
450 4734
55
56
53%
250 4954
51
4,350 182
195 206
275( 2854 2,550 2751
450 30
32
34
1,300 213.4
2155 28
11% 1155
81
63
45% 4635
100
3,450
2,35
Jan
11
61
Mar
4555 Jan
15% Feb
7255 Jan
Feb
53
MAR. 9 1929.]
US Radio Telev com__• 110
Utah Radio Products corn• 25
• 22%
Ut & Ind Corp. corn
• 27%
Cony. prat
Van Sicklen Corp part el A• 31%
Vesta Battery Corp corn 10
• 34
Vogt Mfg corn
Vorclone Corp part pref.._• 47%
• 2155
Wahl Co corn
Walgreen CoCorn stock purch warr_ _ -----100
634% preferred
20%
Warchel Corporation_ _ _
• 32
Preferred
Ward(M)& Co,class A..• 13355
Waukesha Motor Co corn.' 184
Wayne Pump Co
Convertible Preferred_ •
Western Grocer Co com _25
Wextark Rad Sts Inc. corn' 52%
West P L & T pt told A__ _• 3455
• 9855
7% preferred
White Star Refine° com_• 48%
• 45
Wieboldt Stores, Inc
Wilcox-Rich cony pf A • 44%
•
Class B
Williams 011-0-Nlatio corn. 26%
Wil-Low Cafeter Inc com_. 2555
Convertible preferred_ _* 56
Winton Engine con pref_ _• 67%
Woodruff & Edwards Ino• 25%
Partici class A
Wrigley(Wm Jr) Co corn •
Yates-Amer Mach Part Pf• 26%
Yellow Cab Co Inc (Chic)• 33
Zenith Radio Corp com__• 51
BondsChic City Ry 59 ______ 1927
Certificate of deposit.-Chicago Rys 58
1027
Certificates of deposit._ _
5s series A
1927
58 series 11
1927
Chicago Stadium 6s._1943
Commonw Ed 435s D_1957
El Paso 635s
1943
10-yr 6s debs
1938
1944
Elightown R 655s_
Insull CBI Inv 5e "A''_1949
Metro IV Side El 1st 4s'38
Northwest Elev 5s_ _1941
Pettibone-Mulliken 6s 1943
Swift & Co late f g 5s_1944
Wrought Iron of Am655s'38
YaarabTemplellidg6 4(3'48
8235
8055
7735
10355 11955 9,850
15,700
24% 27
22
2435 50,700
26% 28% 41,750
30% 32% 2,400
1335 14
350
50
34
34
4555 5135 1,950
21
2355 1,050
60
60
10455 105
20
23
31
32
133% 13355
172 208
40
21
40
21
32
9855
46
45
44%
4335
25%
25
54%
66
3455
98%
.50%
47
47
46
28%
27
58
73
25%
75
25
3235
47
sales
I,may
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Concluded) Par. Price. Low. High. Shares.
Range Since Jan. 1.
High.
Low.
44%
22%
2055
25
30%
13%
32
45
204
Jan 141
Feb 56
Feb 31
Feb 31
Mar 36%
Jan
15
Jan 35
Feb 5735
Feb 27
Feb
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Jan
50 57
Feb 78
Feb
100 1044 Feb 105
Feb
Feb 26
850 20
Jan
Feb 36
2,000 31
Jan
Jan 1333.5 Mar
100 131
355 165
Feb 210
Mar
40
21
38
32
98
46
45
37
33%
20
24%
54%
66
Mar
Mar
Jan
Feb
Mar
Mar
Mar
Jan
Jan
Jan
Feb
Mar
Mar
46
25
6534
3535
9835
51
57
49
49
294
27
58
94
Jan
Jan
Jan
Jan
Mar
Mar
Jan
Feb
Feb
Jan
Jan
Mar
Jan
450
26%
75
200
28
3,500
333.4 3.800
53.4 23,252
25% Mar
Mar
75
Jan
24
31% Jan
Mar
47
284
80
32
35
6215
Jan
Jan
Jan
Jan
Feb
8235 34,000
82
8034 8055 1,000
8135 Feb
8034 Mar
85
8334
Jan
Jan
7735 807
% 9,000 7735 Mar
653.4 6655 7,000 60
Feb
9,000 4135 Feb
4534 46
95
3,000 95
95
Feb
9735 9735 2,000 9735 Mar
100 100
2,000 9854 Jan
7,000 9955 Mar
994 101
9834 9855 2,000 9855 Mar
215 230
4,000 140
Jan
1,000 7635 Star
7634 7655
4,000 84
84
Mar
85
Mar
98
12,000 98
98
10134 1013
5,000 10134 Jan
Jan
101
101
18,500 100
9914 9935
5,000 9935 Mar
834
6634
46
9834
99
101
10154
9855
251
7831
96
99
1024
103
994
Jan
Mar
Mar
Jan
Jan
Jan
Feb
Mar
Feb
Feb
Feb
Jan
Feb
Feb
Mar
100
100
14,250
1,800
260
2,050
1,050
200
200
15,250
4,000
750
1,600
•No par value.
Boston Stock Exchange.-Record of transactions at
the Boston Stock Exchange, Mar. 2 to Mar. 8, both inclusive, compiled from official sales lists:
Stocks-
Frmay
sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. high. Shares.
Railroad100
Beaton & Albany
100
Boston Elevated
100
Preferred
let preferred
100
100
2d preferred
Boston & Maine
Common unstam ped _100
Ser C 1st pref unstpd 100
Prior preferred stpd__100
Ber A let pkI stpd . _10n
Ser"B" let pfdatpd _ -100
aler C let pref etpd-106
Boston & Providence_ _100
Conn & Pass prof
100
East Mass St Ry Co- _100
100
Preferred B
100
let preferred
100
Adjustment
100
Maine Central
N Y N H & Hartford _ _ _100
Northern New IIam ps.100
Norwich & Worcester pf100
100
Old Colony
50
Pennsylvania RR
Vermont & Mass
100
1531
FINANCIAL CHRONICLE
Friday
Sales
Last Week's Range for
Week.
of Prices.
Sale
Stocks Concluded) Par Price. Low. High. Shares.
175
106
17435
83
9655
112
104
99
9934
109
79
125
124
108
108
18334
102
24
63
65
554 54
75
9035 8974
109
125
136
136
7731 77
115
115
110
MiscellaneouaAir Investors Inc
2134
American Brick Co
Amer Cities Pr Lt Corp _ _.
50 43
Class A
Class 13
73
Amer. & Gen See Corp.._
Amer Pneumatic Service 25
25 18
Preferred
100
let preferred
100 21454
Amer Tel & Tol
• 1834
Amoskeag Mfg Co
.• 10035
Bigelow-Hartf Carpel _ _.
Brown & Co
Capital Admin Co Ltd _ --- -----Columbia Graph'n
Continental Securitlee Corp 114
4535
Credit Alliance Corp el A.._
15
Chelan Cork & Beal Co,Ltd
Dixie Gas & Utilities Co_
10
East Boston Land
Eastern SS Lines Inc_ _ _.2o 10435
• 47
Preferred_ __ _ .
Bit preferred
100
Economy Grocery Stores..' 2355
100 314
Edison Elea Ilium
44
Empl Group Assoc
Galveston-Houston Elec100
Preferred
100
Gen'l Public Service Corp_
Georgian Inc (The)20
Class A pre
• 25
GlIchriat Co
Gillette Safety Rasor Co.• 11534
Greenfield Tap .8 Die _ _ _25 1631
Greif Coop'ge Corp el A
Hathaway Bakeries class 11 33
Preferred
• 25
Hood Rubber
444
Hygrade Lamp Co
10135
Preferred
10
Insurance See, Inc
Int Button Hole Sew MAO
International Corn...
Kidder Peab Recap A p1100 93
Libby meNeill & Libby. 10
177
86
98
113
108
99
9934
110
81
127
109
18335
102
24
63
68
7
55%
75
9414
109
125
136
80
115
2034 2255
1734 1754
70
68
4135 43
28
28
7234 73
235 3
18
16
4835 49
2104 21734
1735 19
9835 1004
9235 934
76
75
714 8034
112 120
9374 47
1435 154
13
13
5
5
10334 105
4635 47
10134 1024
2334 24
314 325
45
42
22
22
59
58
40
40
1835
25
11511
164
4055
33
126
24
4434
101
3134
935
8234
93
114
17
27
119
17
41
34
126
2814
4515
102
314
1035
9535
93
1231
Range Since Jan. 1.
Low.
High.
287 17415 Mar 182
416 83
Mar 8834
78 9655 Mar 101
42 110
Jan 114
467 103
Feb 108
Jan
Jan
Jan
Jan
Jan
40 99
50 9934
SO 106
106 7735
140 124
100 108
28 18334
6 102
25 2031
100 62
35 65
865 53
110 62
1,557 8335
5 100
36 125
35 135
848 7511
5 115
Mar
Mar
Feb
Jan
Feb
Feb
Jan
Mar
Feb
Feb
Feb
Feb
Jan
Jan
Jail
Mar
Jan
Feb
Mar
106
132
110
8134
129
111
199
103
24
70
72
5635
76
9874
115
134
139
823.4
121
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Jar
la
4,019
10
1.925
550
545
855
300
1,160
25
3,385
2,218
1.250
228
305
1,792
1,015
3,610
1,910
25
.
2,005
170
158
1,250
338
3,270
70
220
10
20
17
6335
40
26
724
235
154
4735
193
I731
95
9215
72
6534
105
41
1331
1014
4
99
4835
100
2215
280
3935
22
54
27
Feb
Feb
Jan
Feb
Star
Feb
Jan
Jan
Jan
Jan
Afar
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Mar
Feb
Jan
2235
20
70
43
29
75
331
18
49
22231
24
102
94
76
8834
120
47.4
154
13
655
10834
48
10235
24
351
4935
27
6134
42
Mm
Jar
Jar
Ma
Fel
Jar
Jar
Jar
Ma
Jar
Jac
Jar
Jar
Fet
Jar
Mai
Jar
Jar
Fat
Jar
Fet
Jar
Mal
Mal
Jar
Jar
Jar
Jar
Jar
120 1655
1,335 25
1,176 115 34
580 1215
490 39
735 33
20 110
1,184 21
425 40
60 99
5 30
110
915
1,033 683-4
45 93
36
1134
Jan
Mar
Mar
Jan
Jan
Mar
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Mar
174
3334
1264
1834
4135
3535
126
2635
524
108
333-4
1035
10214
933-4
1334
Pet
Jar
Jar
Fel
pet
Fet
Fet
Ma
Jar
Jar
Jar
Ma
Fel
Fel
Jar
25
Loew's Theatres
Kassachusetts Gas C0.100
Preferred
100
'.lass Utilities Ass. corn__
Mergenthaler Linotype 100
Mortgage Bk of Colombia
10
National Leather
Nat Mfrs & Stores Corp.. •
Vat Service Co
Nelson Corp (II) tr ctfs_ _5
New Engl Equity Corp_ _ _ _
100
Preferred
New Eng Public Service_ •
New Engl Pub Serv pr pfd•
New Eng Tel.8 Tel......100
North Amer Aviation Inc__
North Texas Elec prat _ _100
100
Pacific Mills
Reece But Hole M Co _ _ _10
Reece Folding Machine_10
Reliance M anagementCorp
Ross Stores(The) Inc
shawmut A ss'n Con Stk___
iter Sec Corp pf allot ctfe....
Swift & Co
100
•
Torrington Co
rower Mfg
Traveller Shoe Co
Tr -Continental Corti
Union Copper Land & Min
5
Union Twist Drill
United Shoe Mach Corp_25
25
Preferred
U 8-Brit Int $3 pfd
U S & For See Corp it pfd
U S & Int'l Sec Corp
CtIlity Equities Corp
Venezuela Holding Corp
Venezuelan Mx Oil Corp 10
Waldorf System Inc
•
Waltham Watch cl B____•
Waltham WatchPref trust ctts
100
Prior preferred
100
25
Walworth Co
50
warren Bros
lot preferred
50
2d preferred
50
WhItenights. Inc
%thineAdventure Cons Copper_25
4readian Cone Min co_ _25
5
trizona Commercial
25
Calumet & Hecht
Copper Range Co
25
PAM Butte Copper Min_10
Franklin Mining Co_ _25
Hancock ConaolIdated_ _25
1
Hardy Coal Co
25
Helvetia
island Creek Coal
1
25
Isle Royal Copper
2b
Keweenaw Copper
25
La Salle Copper Co
25
Lake Copper Corp
Ma..on Valley
5
25
Mass Consolidated
Alayflower & Old Colony 25
25
Mohawk
New Cornelia Copper _ _ - _5
New Dominion Copper_ .
5
NI visaing Mines
15
North Butte
25
Oilbway Mining
25
Old Dominion Co
•
P. C.Pocahontas Co
Quincy
25
St Mary's Mineral Land.25
10
Shannon
Superior & Boston Copp _10
5
Utah Apex Mining
1
ntah Metal h Tunnel
Victoria Copper Mlning_25
Range Since Jan. 1.
Low.
87
35
50
16
44
5635
3034
435
33
235
800
49
4435
48c
331
8
154
453.1
4031
33c
54
2
87
100
33
152
50
5134
1535
87
101
35
152
50
53
45c
134
431
5535
304
435
135
255
2
I
623.4
3035
6
235
135
135
800
80c
45
4454
40c
3
74
3
1654
134
4531
39
35e
33c
431
131
2
mq
10 87
20 100
44 2535
30 143
135 49
75 514
853 144
45c
500
13-4 2,832
5
4,920
6034 1,477
32
9.080
435 3,64'
14
110
420
23-4
25-4
200
1
500
66
79
3335 7,293
734 2,280
195
3
697
134
150
15-4
80c 1,100
90e 1,200
4935
7.060
4734 1,457
50c 2,950
70
334
835 35,945
335
243
1,630
18
6,245
18
49
3,206
4135 2,965
940
45c
SOc 2,050
7,600
6
24 53,985
50
235
25c
1
z4
44%
254
34
1
155
2
65c
5255
25
555
135
13i
134
50c
70c
41
4011
20e
3
54
23-4
16
11
42
343.4
25c
30e
334
990
131
Bonds8815 528,000 8735
88
Amoskeag Mfg 611____1948 88
1,000 100
100 100
1948
Brown eo. 534q
88
5,000 874
88
Chic Jet Ry de 135 Y 4s '40
99
9934 17,000 99
5s
1940
East Mass Street RR6135 6135 15.000 81
1948
415s series A
2,000 79
79
79
1948
6s series D
41,000 9935
Fox N Eng Th Inc 6358'43
102 105
9555 4,000 90
95
Hood Rubber 7s
1936
91
9374 11,000 91
Karstadt(Mid) Inc 6s 1943
5,000 98
98
98
Kreuger & Toll 5s _ _ _ _1959
9131 9134 2,000 914
Lexington Wat Pow 5s 1968
9835 9835 5,000 9834
Mass G8.9 Co 435s... _ _1941
9935
0934 9935 4,00
Miss River Power 5s..1951
New Engl Tel & Tel 5s.1932
9934 9031 2,000 994
New Ocean House Inc1,000 99
99
1916
64s
99
P C Pocah Co 78 deb _ _1935
5,000 103
105 108
Pow Gas & Water Sec Corp
5,000 95
100 100
5s
1948
993.41013.4 89,000 9935
Reliance Managment 5554
Swift & Co 5s
1944 10131 101% 1014 4,000 101
West End St Ry 4s 1932
944 9435 5,000 9434
7.000 99
western Tel & Tel 58_1932
100 10035
2.000 65
Whltenights Inc 3018.1932
72
72
•No par value.
High.
1,015 12
1231 1274 13
Jan
13
Jan
Jan
14015 1384 14134 2,157 12834 Jan 145
Jao
216 764 Feb 78
77
7634 77
15
14,879 1255 Jan
Jan
1434 1455 15
1084 11215
280 1004 Jan 1124 Mar
4734 4735 1,000 4335 Feb
4774 Mar
311
354 Mar
354 4
53-4 Jan
45 31
3234
32
Feb 40
Jan
635 Jan
103
535 Mar
535 534
25
254
376 24
Jan
27
Feb
394
390 36
Feb 40
Feb
3935 36
80 92
96
Jan
97
97
Mar
20 96
96
Mar 9935 Feb
97
25 101
Jan 10454 Jan
103 104
149 153
556 144
149
Jan 156
Feb
19
Jan
1574 154 1831 1,455 1534 Feb
10 30
30
Mar 3551 Jan
30
Jan
Feb 33
314
605 29
31
31
1731 Jan
130 1754 Jan
1735 174
131 Jan
490
135 Jan
1'4
131 131
3415 3435 3535 4,400 324 Feb 3631 Feb
Mar 2935 Jan
150 15
15
16
Mar
2,918 2335 Jan 28
2535
2535 26
Jan
3435 1,782 3235 Jan 37
34
Feb 1393.4 Jan
189 133
1334 13331 13631
Star 84
Jan
81
529 78
78
78
8
Jan
14
5,390
1235 11
1734 Feb
Mar
1,210 1874 Jan 24
2355 24
Feb
34
900 294 Jan 34
3235 32
134 Mar
I
0.70 Jan
900
85c 155
Mar
Jan 37
4,653 26
3031 37
37
Jan
1.670 7411 Jan 87
7951 7834 80
Jan 3135 Jan
1,262 31
31
3131
Jan 4135 Jan
95 39
41
41
Jan
Jan 95
50
9351 934
2,360 2135 Mar 2534 Feb
2134 2134 24
Jan 1114 Mar
10931 10931 11135 2,308 100
935 Jan
60
635 Mar
634
64 635
541
66
Feb 7755 Jan
67
66
66
Jan
26
Feb
100 23
2334 2334
Jan
Feb 70
70 60
60
GO
Feb 9555
Feb 102
Jan 35
Feb1844
Feb52
Mar 53
Jan
1754
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jar
Mai
Jar
Jar
Mar
Jar
45c
2
54
6034
32
434
135
355
234
1
66
334
735
3
135
234
80c
95e
4935
473-4
60c
34
84
555
1935
16
60
4135
50c
50c
6
Mai
Fel
Jar
Ma'
Ma
Ma
Fel
Jai
Mar
Ma
Ma
Ma.
Ma
Jai
MN
Jai
Jar
Jai
Ma
Ma
Fel
Jar
Ma
Jar
Jai
Ma
Fel
Ma
Jar
Jar
Ma
234 Ma
235 Ja
Ja
Jan 90
Fe
Feb 100
Ja
Feb 89
Feb 10174 Ja
Ja
Jan 64
Feb 79
Fe
Jan 1064 Ja
Ja
Jan 96
Ja
Mar 98
Afar 98 I Mr
Mar 9131 NiS
Mar 9935 Ja
Ja
Mar 102
Mar 10034 Ja
Mar 99
Feb 107
Jan
Jan
Feb
Star
Jan
Jan
101
10135
102
944
10034
80
ME
Ja
Fe
Fe
Jo
Mr
Fe
JE
a Ex-dividend.
Philadelphia Stock Exchange.-Record of transactions
at Philadelphia Stock Exchange, Mar. 2 to Mar. 8, both
inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
of Prices.
Week.
Sale
Par. Price. Low. High. Shares.
635
•
Almar Stores
64
10 2635 26
American Milling
• 8735 86
American Stores
Bankers Sec Corn pref.. _50 614 61
30
50% Preferred
116
Bell Tel Co of Pa pref10.1
10
Bornot Inc
• 5735 5831
Budd (E G) Mfg Co
7915
Preferred
894
Budd Wheel Co
Camden Fire Insurance_ -- 36% 354
731
834
Central Properties Cora _ _
264
Commonwealth Cas Co_10
194
Consol Theatres Ltd
335
354
Cramp Ship & Eng___-100
Curtis Pub Co corn new..... 11935 119
117
Preferred
8531
Electric StorageBatterY100
Range Since Jan. 1.
Low.
5,110
7
634
1,800 18
28%
92
10,485 83%
6235 5.500 58
31
2,500 2835
520 115%
116
10
200
851
6034 11,000 3435
80
380 5635
97
25,500 34
3735 6,830 3335
731
834 29,510
28
800 25
1931
300 18
24
1.000
34i
120
385 11635
119
35 11435
1,580 8335
8831
High.
84
Jan
Jan 28
Feb 97
Jan 634
Feb 31
Feb 118
Jan
10
Jan 8035
Jan 82
Jan 97
Jan 4235
Mar
834
Feb 32
Jan
1931
Jan
4
Feb 12135
Jan 119
Jan 9274
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Mar
Feb
Mar
Jan
Mar
Jan
Mar
Feb
Feb
Mar
Feb
1532
FINANCIAL CHRONICLE
Friday
Sales
Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Range Since Jan. 1.
LOS
igititigggMigigitigggtigitggigti2ggUgg
tc200t-t-s-.0moms
t-mgam..m..soo..o
Nmm.cm.m4mraNco...r ..o.,
C-V. Ner4 4 WCts40M4 N4ONMV...M
NV
14
V t4
OCIVN ,
VC;
Cl
Fire Association
10
Horn & Hard (Phila) cam.* 230
Horn & Hard(NY)com •
Insurance Co of N A_ _ _ _10 79
Keystone Watch Case,__'
Lake Superior Corp_ __ _100 33
Lehigh Coal & Nay
50 159k
Lit Nrothers
10 21
Lit Schuylkill Nav RR_ _50
Manufact Cas Ins
66
Mark (Louis) Shoes Inc_ •
Minehill & Schuyik Hav_50
North East Power Co_ •
North Penn RR
30
Penn Cent L&P cum pt..* 79%
Penna Insurance
159
Pennsylvania RR
50
Pennsylvania Salt Mfg_ _50 93
Phila Dairy Prod pref
Phila Elec Pow pref___ _25 34
Plies Rapid Transit_ _50
50 51%
7% Preferred
Phila & Reading C & I Co•
Philadelphia Traction_ -50
Real Est Land Title new__ - 8035
Reliance Insurance
10
Shreve El Dorado Pipe L 25
Scott Paper Co
•
Sentry Safety Control
Tacony-Palmyra Bridge- •
Telephone Security Co
Tono-Belmont Devel._ __I
Tonopah Mining
1
Union Traction
50 37%
Un Corp Temp etfs
52%
Preference
46%
United Gas Improvem1-50 179
United Lt dr Pr"A"com *
U .13 Dairy Prod class A_ _• 51
Victory Insurance Co .....10 21%
Victor Talking Mach corn *
Warwick Iron & Steel. -10
West Jersey A:Sea RR _50
Westmoreland Coal
50 35
Low.
High.
Bonds (Concluded)-
[VOL. 128
Friday
Last Week's Range Sales
Sale
of Prices.
for
Price. Low, High, Week.
R tigeSince Jan. I.
Low,
High.
..4
,...
..1
aWsittititil
..N.04NM44404
004400000OG
4,000
30
600
3300
5
7,400
4.700
100
49
8,200
700
15
9.500
40
460
15,400
12,900
300
250
4,500
600
2,800
200
1,800
3,800
400
2,345
245
1,600
25
755
2,900
2,400
1.400
79.100
52,800
65.000
600
1,900
800
1,650
500
900
500
.4
Jan Benesch I & Sons Inc,6s w I
99
8,000 99
99
Mar 9935 Feb
Feb Black & Decker 6%3_1937
149 150
2,000 120
Mar 155
Feb
Jan Case-Fowler Lumber Co 7s
Mar
97
97
1,000 97
Mar 97
Jan Consol CI E L & P
1st ref fis ser A
Mar
1949 104% 104% 104% 1,000 104% Mar 106
Jan
Jan Elkhorn Coal Corp 6355'31
92
Feb
92
1,000 90
Feb 92
Jan Georgia Car & Northern_ __
Mar
98
Mar 98
98
3.000 98
Jan Ga Sou & Florida 5s__1945
Jan assi Feb
9834 9834 1,000 98
Feb Houston Nat Gas 6s W W.
100 100
Feb
3,000 100
Feb 100
Jan Houston 0115%% notes'38 9734 9714 9734 15,000 9734 Mar 100
Feb
Jan Lord Balt Hotel 635s._1945 97
97
97
1,000 97
Feb 99% Jan
Feb Md Electric Ry 1st 58_1931 93
93
Mar 9534 Feb
93
6,000 93
Jan Merchants Term 6s...1948
Mar
98
98
5,000 98
Mar 98
Jan North Ave Market 68.1940
Jan
96
96
2,000 95
Feb 98
Feb Olustee Timber 6s_ _ _ _1935
Jan
94
94
2,000 94
Feb 95
Mar Prudential Refin 6%3_1943 103% 103% 103% 48,000 100
Jan 10434 Jan
Jan Rosemary Mfg 735s
Mar
100 100
1,000 100
Mar 100
Jan Sandura Co Inc 1st 68_1940 94
Jan
94
94
1,000 94
Mar 95
Jan Silica Gel 634s
1932 10634 104% 106% 46,000 101
Feb 10634 Mar
Feb Southern Bankers See 5s'38 105
105 105% 5,000 101
Jan 10535 Mar
Feb Un Porto Rican Sugar
Feb
1937 9535 9535 96
634% notes
Feb
3,000 9534 Mar 97
Mar United Ry & E 1st 43_1949 60% 6015 61
Feb
57,000 6034 Feb 65
Jan
Income 43
1949
Jan
33
37
58,000 33
Mar 43
Jan
Funding 5s
1936 58
Jan
5735 59
22,100 5734 Mar 63
Jan
1st 6s
1949
7435 79
9,000 7434 Mar 83% Jan
Jan Warrington Apartments (is 100
Jan
100 100
Jan 100
4,000 100
Feb Wash Balt & Annan 58 1941
80
80
5,000 7634 Jan 8334 Jan
inn
Jan Muth nnnanl Title. R Of_ 10A1
inn
1 nein inn
Fah 100
Feb
Feb
* No par value.
Mar
Jan
Cleveland Stock Exchange.-Record of transactions at
Jan
Jan Cleveland Stock Exchange, Mar. 2 to Mar. 8, both inMar
Feb clusive, compiled from official sales lists:
Jan
Friday
Sales
Jan
Last Week's Range for
Range Since Jan. I.
Mar
Sale
of Prices.
Week.
Jan
Stocks-Par.Price. Low. High. Shares.
Low.
High.
Mar
Jan
Rubber corn
22
21
25 2035 Feb 27
Jan
Jan Aetna
• 12
Industries corn
11% 12
180 11% Feb 1435 Jan
Jan Allen
Preferred
•
31
38
100 31
Feb 34
Feb
Amer Multigraph corn_ •
38% 38%
125 37
Feb 40
Jan
Bonds34
33
1,814 2634 Feb 34
34
Mar
Consol Trac N J Ist 5s 1932
81
84% Jan Apex Electric
81
$2,000
Bishop & Babcock com_ _50
4
4
4
6
100
Mar
Jan
Elec&Peoplestrats 4s _1945
54% Jan Bond
54
13,000
54
•
134 134
Stores B
110
1
1% Feb
Jan
Ctfs of deposit
51% Mar
51% 2,000
51
corn..'
1835
18
225 1034 Jan 1134 Mar
Inter-StateRyscolitr4s 1943
50
47% 47% 3,000
Jan Buckeye Incubator
66
22 6534 Jan 66
Mar
66
Building pref._100
Lake Sup Corp 5sstamped.
65
12,000
Jan Bulkley
61
60
18
BY0111 Machine A
935 Feb 20
* 13% 13
1,835
Feb
Philo El(Pa) lstl & r56.1960
105
102% 102% 10,000
Jan Central
112 112
Alloy Steel pref 100
Feb 113
10 111
Jan
1st 5s
1966
10535 Jan City
103% 104% 5.000
56
59
• 59
315 56
Mar 64
Jan
1st lien & ref 5%8_1947
106% Jan ClarkIce dr Fuelcommon_10
105% 106
3,000
5
13
935
575
(Fred
10
Jan
Feb
11
G)
1st lien & ref 5%s_ _ _1953
106% Jan Clew
106 106
2,000
31
31
Bldrs Sup & Br com_.
175 30
Mar 35
Jan
Phila ElecPow Co 5%81972 103% 103% 105% 10.500
100
Jan Cleve-Cliffs
138 140
393 135
Feb 147
Jan
Iron com_
•
P & Read Term deb 5e 1941
104% Feb Clew
100% 100% 1,000
112 112
Elec 111 6% pfd_ _100
Jan 112% Jan
97 111
StratobrIrlina A- rfilth Fea10.152
Inn
1 nn Lc 17 nnn
100t4 Feb
Cleve Ry common
492 10436 Jan 110
Mar
100 109
10655 110
•No par value.
Clev Securities pr In p1.10
334 Jan
335 334 7.355
3% Jan
334
Jan 465
16 398
Mar
460 465
100
Baltimore Stock Exchange.-Record of transactions at Cleveland Trust
Clev Union Stkyds corn...'
22
109 22
Mar 2435 Jan
22
Baltimore Stock Exchange, Mar. 2 to Mar. 8, both inclu- Clev Worsted M corn_ _100 18
18
105 1735 Mar 1934 Jan
18
Columbus Auto
•
1,650 31
Jan 35
Mar
35
33
sive, compiled from official sales lists:
Chase Brass pref
100
10434 10334
300 103% Mar 104% Feb
Fri day
Sales
Dow Chemical common_ •
260 270
Jan 270
14 200
Mar
Range
Since Jan. 1.
Last Week's Range for
100 10634 10635 10635
Preferred
Feb 107
Feb
9 105
Sale
of Prices.
Week.
Elec Control & Mfg coin_ _* 66
Jan 69
Mar
68
66
67 57
Stocks-.
Par. Price. Low. High. Shares.
Low.
High.
Enamel Products
• 3335 3335 34
475 33
Feb 34
Feb
Falls Rubber common_ •
835 835
150
5
Jan 1134 Feb
Annap Dairy Prod corn •
Mar 15
Mar Faultless Rubber coin_
16 14
15
15
36
Jan 3935 Jan
36 ' 100 33
•
Arundel Corporation_ - __• 41
1,581 40% Feb 43% Feb Federal Knit Mills com_ •
40% 42
40
282 35% Jan 41
Jan
40
Bait Brick pfd
100
Mar 75
Mar Firestone Tire & R com_10
10 75
75
75
250 250
Feb 250
260 220
Jan
Baltimore CommlBank100
Feb
10 15634 Jan 158
158 158
110 110
100
6% Preferred
40 10935 Jan 111
Jan
Baltimore Trust Co
Jan 195
Jan
50 18634 186 190
573 168
100 10935 10835 1093.4
Feb 110
Jan
7% Preferred
381 108
Baltimore Tube pfd
100
Jan 75
Feb Foote Burt new
341 61
66% 67
52
50
Jan 5435 Feb
54
5.196 40
Benesch (I) & Sons new w I
Feb 18% Feb Geometric Stamp
16
85 16
16
• 33% 3335 35
Feb 35
Mar
1,010 29
Black & Decker com
Jan Gen Tire & Rub coin _ _25 272
* 40
40
40% 1,205 31% Jan 42
260 275
182 250
Feb 282
Jan
Century Trust
Jan
Feb 210
50
67 198
200 202
100 101
101 10135
Preferred
60 9935 Jan 102
Jan
Ches & Po Tel of Balt pf100
15 113% Jan 117% Feb Glidden prior pref
116 116%
100
95 103% Jan 105
Jan
10434 105
Commercial Credit
Jan Godman Shoe common...'
9 40% Feb 62
•
5135 55
52
53
249 50
Feb 54
Jan
Jan 26
Jan Goodyear Tire & R corn...*
25
Preferred
182 25
26
25
13334 13331
7 128
Jan 13334 Mar
Preferred B
Jan 27
Feb Great Lakes Tow core _ _100
25 26
209 26
26
27
95% 95%
Feb 96
10 95
Jan
Mar 92
Mar Greif Bros Cooirge corn..'
634% 1st pfd ex-warr 100 92
17 92
92
92
4035 41
215 40
Jan 43
Jan
With warr-ex-divs_ - - _ 100% 100% 10035
Feb 10434 Jan Guardian Trust
20 100
400 402
27 376
100
Jan 500
Jan
Corn Credit of NO pref__
Feb 25% Jan Halle Bros
190 24
25
44
25
49
10 49
1,794 44
Mar 49
Mar
104
Jan
Feb
Corusol Gas,E L & Power.*
552 9234
27
9935 10034
Gabriel Snubber
27
50 27
Mar 27
Mar
27
Jan 111% Feb Halle Bros pref
20 110
110% 110%
100
104 104
8% Preferred ser D_ _100
5 103% Jan 105
Mar
56 106% Jan 109% Mar Harbauer common
220 20
20%
20
• 20
109% 109%
Mar 2534 Feb
534% pref w I ser E_ _100
Jan Harris-Seybold-Pot'r corn •
Feb 103
1435 15
100 143.4 Mar 15
136 101
102 102%
5% Preferred ser A....100
Jan
Feb 22% Jan India Tire & Rub corn...' 62
Consolidation Coal_ _ _ _100 16
65
62
297 16
1,030 39
Mar 73
16
17
Jan
Jan Interlake Steamship corn •
Mar 55
147 147
3 54
Preferred
15 145
100
Feb 155
54
54
Jan
Jan Jaeger Machine corn
Davis Drug units
34% 36
100 56% Feb 57
• 36
401 3434 Mar 4534 Jan
57
57
3% Jan Kaynee common
Jan
Delion Tire & Rubber..,,,'
30
30%
1
10 30
790
660 29
Jan 33
134 2
Feb
Jan 3434 Feb Kelley Isld Lime & T core •
Eastern Rolling Mill
59
115 56% Feb 60% Feb
60
• 30
861 29
30
31
Scrip
Feb 3435 Feb Lake Erie Bolt & N com •
40 29
30
30
2 3-20 28
32
Jan 3235 Jan
30
Feb
49
135
46
Jan
Equitable Trust Co
Lamson
250
115
Sessions
25
711
25
43
Feb 50
130 13034
Feb
Jan Marlon Steam Shov pfd 100
102 10234
Mar 310
112 102
Fidelity & Deposit
342 295
Feb 105
295 300
50 297
Jan
Jan McKee, AG & Co,corn_ •
41' 42
Jan 12
Finance Co of America A -•
10 11
270 3934 Jan 4335 Jan
12
12
Mar
45
Jan 20
47
Finance Service corn A....10
Met Paving Brick, corn..•
54 44
34 18
19
Jan 52
19
Jan
Mar Miller Wholes Drug, corn.* 3634 33
3635 2,505 27
Jan 19
Common class B
6 11
Jan 3634 Mar
10
19
19
70% 75
First Nat Bank W I
Feb 60% Jan Miller Rubber, pref._ .100
156 7014 Mar 8234 Jan
294 58
58%
58
53
Mar 92% Jan Mohawk Rubber, corn •
58
665 53
Houston Oil pref v t ctfs100
38 83
Mar 6535 Jan
83
85
Feb
Jan 36
22 81
Mfrs Finance corn v t___25
8734 8735
Preferred
100
Jan 9034 Jan
50 27
3334 3334
Feb Murray Ohio Mfg, coin... 37
37
50 34
37
1st preferred
50 2035 Jan 22
Feb 43
25
Jan
2134 21%
655 34
2d preferred
• 3434 34% 3535
80 17% Feb 1935 Feb Myers Pump,corn
Feb 38
25
19
18
Jan
7
37
1%laryland Casualty Co_.‘25 160
36
Feb 183% Jan Nat Refining, corn
36
25 36
326 160
Jan 38
Jan
16035 162
134 134
1 134
Maryland Mtge core
Jan 39% Feb
100
Preferred
Feb 138
Jan
* 38% 38% 38% 1.893 31
4,27
41
37
Mar National Tile. corn
Maryland & Penn RR_ _100
43
Feb 27
• 37
Jan 41
5 25
27
Mar
27
24
11
23
Mar 480
Mar Nestle-LeMur,corn
Mercantile Trust Co_ _50
23
Mar 2936 Jan
7 480
•
480 480
24
Merch & Miners Transp--•
26
26
22
Jan 4734 Jan "1900" Washer,corn
* 26
Feb 26
454 44
Mar
4434 45
1
Monon W Penn P S pref_25
Feb Nor Ohio P & L 6% pf _100 9835 9835 9835
98
Jan 9934 Jan
8 25% Jan 27
2635 26%
2 11234 Jan 11534 Jan
Morris Plan Bank
Jan Ohlo Bell Telephone, p1100
113 11354
250 12% Feb 40
10
12% 1234
58
8934
8435 Feb 92
85
Mortgage Security corn...
4% Jan Ohio Brass 13
1% Ma
* 85
140
Jail
1%
135 2
10635 Jan 107
Second preferred_ -100
107 107
Jan
Feb 14
8
100
20
Mar
Preferred
8
8
Mt Ver-Wood Mills v t 100
31
7234
6835 Feb 7534 Jan
72
Jan 15
Jan Ohio Seamless Tube,corn.*
100 13
13% 13%
1,30
Preferred
38
38
38
Jan Pat Sargent
38
Feb 38% Mar
Feb 82
267 78
78
7834
100 78
Nat Sash Weight pfd w L __ 51% 513.4 51%
906 40
42
40
Mar 42
Mar
425 51% Mar 51% Mar Packard Electric, corn_ _.• 40
11
New Amsterdam Cas Co-I0 87
29% Jan 3334 Jan
• 3035 3034 30%
411 7734 Jan 93
Jan Packer Corp, com
86% 89
Northern Central Ry. _50
2235 Jan 2835 Mar
Jan Paragon Refining, corn...' 2634 2635 28% 6,30
90 85% Jan 88
86% 86%
Park Bank
21
4234 Feb44
Feb
• 4334 423( 43%
Feb 31
Jan
10
Preferred
105 30
30
30
Penns Water & Power,,,'
209 21
27% 28
Jan 100
Jan Paragon vot tr ctfs
Jan 28
Mar
466 84
90% 92
• 30
Silica Gel Corp corny t___• 43
493( 51% 2,187 48
Jan 43
Mar Reliance
@FedFRASER