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financial
Plutorraat
VOL. 128.
runic
SATURDAY, MAY 111929.
ginannal Cluotticle
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The Financial Situation.
The developments this week have not been of an
assuring character. The Reparations Experts at
Paris have struck another snag, and apparently a
very serious one, in the way of reaching an agreement; the U. S. Senate has refused to eliminate from
the Farm Relief Bill the vicious provision for the
issuance of export debentures to which President
Hoover so strenuously objected and a new customs
tariff measure has been submitted to the House of
Representatives by the Committee on Ways and
Means, and is scheduled for immediate passage, of
so much greater scope and wider application than
had been supposed likely, that it has come as a great
shock to the entire community. The effect of the
changes made in the tariff can only be to add to living costs, already unduly high, and to cause a readjustment of values of many different articles and
commodities that cannot fail to be in the highest
degree disturbing. Where duties are increased,
those fortunate enough to hold stocks and supplies
of the goods and articles affected, will of course
profit. The community at large will be the loser.
The farmer for whose ostensible benefit the tariff
is being revised will gain little, and what little he
does gain, he will probably lose in the higher prices
he will have to pay for many of the things he needs
in the course of his daily living. The duty on Cuban
raw sugar is increased from 1.76c. to 2.40c. a pound,
the duty on raw wool is raised from 31c. a pound
to 34c.; on fresh beef from 3c. to 6c. a pound; on
corn from 15c. to 25c.; on rice from 2c. a pound to
2c. a gallon to 5c. a gallon;
2y2c.; on milk from 21/
on cream from 20c. a gallon to 48c.; on fresh pork
from 3
1
2c. a pound, and so on
/
4c. a pound to 2/
through the list. The duty on wheat was already so
high (having been fixed at 42c. a bushel by President Coolidge, under the flexible provisions of the
existing law) that the Ways and Means Committee
NO. 3333.
did not deem it incumbent to go further than to confirm the action of Mr. Coolidge. No duty is put on
raw cotton, but duties are increased on cotton yarn,
sewing threads, hand-worked cottons, cotton cloth
and on virtually all high class cotton manufactures.
New and higher rates are imposed on variousArticles
of clothing, and on manufactures of wool, including blankets. Cement, previously on the free list, is
made dutiable at Sc. per 100 lbs., and common building brick, now free, would be dutiable at 1.25 a thousand. Increases are also made in many of the
chemical and dye schedules.
The matter is made all the worse by reason of the
fact that among the general public hardly any one
had the slightest notion that anything of the kind
was contemplated. Certainly during the presidential campaign of last year the tariff question was not
one of the things that came up for active discussion.
It was generally taken for granted that tariff duties
were high enough and all that Mr. Hooves suggested
was a limited revision for the assumed benefit of
the farmer. How "limited" the revision now proves
to be, the result shows for itself. We discuss the
subject more at length in a separate article on a
subsequent page.
As for the export debenture provision which the
U. S. Senate has endorsed as part of the scheme for
Farm Relief, there seems little likelihood that the
House of Representatives will recede from its opposition to the debenture proposal and even if a bill
should reach the President containing something of
the kind it is certain that he would put his veto upon
the same. But in the meantime there may be mischievous developments, and the mere fact that the
upper branch of Congress should be capable of such
folly is in the highest degree disturbing. In his
letter to Senator McNary on April 20, Mr. Hoover
properly characterized the export 'debenture proposal, and it is only necessary to recall what Mr.
Hoover then said to see how vicious and objectionable, from every standpoint, the proposal is. In his
letter the President set out ten distinct "weaknesses"
in the plan. It will suffice to enumerate only the
first three of these to indicate how utterly unsound
the whole proposition is. We eproduce the three
points referred to in full as follows:
"1. The issue of debentures to export merchants
and their redemption in payment of import duties
amounts to a direct subsidy from the United States
Treasury. If the plan proposed be generally applied,
it would cost in excess of $200,000,000 a year, as it
would decrease the treasury receipts by such an
amount.
"2. The first result of the plan, if put into operation, would be a gigantic gift from the Government
and the public to the dealers and manufacturers and
.3064
FINANCIAL CHRONICLE
speculators in these commodities. For instance, in
the principal export commodities the value of the
present volume of stocks in possession of these trades
would, if the plan worked, rise by from $200,000,000
to $400,000,000 according to different calculations,
without a cent return to the farmer or consumer.
Every speculator for a rise in our public markets
would receive enormous profits. Conversely, if after
this elevation of prices the plan were at any time for
any reason withdrawn, the trades would suffer a
like loss and a long line of bankruptcies must ensue.
But in the meantime the trades, out of fear of withdrawal or of reduction in the subsidy, would not
engage in normal purchase and distribution. Either
exorbitant margins would be required or, alternatively, the farmer would be compelled to himself
hold the nation's stocks until there was a demand
for actual consumption.
"3. If the increased price did reflect to the
farmer; the plan would stimulate 'overproduction
and thereby increase world supply, which would in
turn depreciate world prices and consequently decrease the price which the farmer would receive,
and thereby defeat the plan. Stimulation of production has been the outstanding experience abroad
where export subsidy has been applied. Overproduction will defeat the plan, and then, upon its
withdrawal, agriculture would be plunged into a
catastrophe of deflation from overexpanded production. The farmers' difficulties to-day are in
some part due to this process after the war."
How, in view of the foregoing trenchant arguments against the scheme, not to mention the seven
other elements of weakness pointed out by Mr. Hoover, the U. S. Senate could be induced to give assent
;to the proposition, passes comprehension.
The sale of $52,000,000 corporate stock by the
City of New York has been one of the events of the
4%,the
week. These bonds bear a coupon rate of 51/
securiYork
City
any
offering
of
New
rate
in
highest
ties for years. Only a little over a year ago, that is
on February 29 1928, $52,000,000 of similar corporate stock was disposed of, bearing a coupon rate of
only 4%. This shows a wonderful transformation
in money market and investment conditions in a
very brief period of time, for which of course the
City officials are in no way responsible. Virtually,
the whole amount of this week's offering went to
Kuhn, Loeb & Co. (all but $9,000, which went to a
small bidder), and through the appearance of this
eminent banking firm as a bidder, the City realized
a somewhat higher price than would otherwise have
been possible, the issue being awarded to them at
their bid of 101.412, whichi is equivalent to a basis
of 4.8065% inIerest to maturity. Yet the fact cannot
be ignored that at the similar sale in February last
year the cost of the borrowing to the city was only
3.866% per annum.
Here is a difference of almost 1% in the interest
cost to the city on a large offering of its securities.
What is the reason for this added cost of borrowing
to the city? We have already stated that the city
is not to blame for the added cost. Then who is?
We know that the ready answer will be that money
market conditions have changed and that interest
costs are higher all around. But what has made
interest cost so much higher? Here again a quick
response will come and we will be :told that the
gigantic speculation on the Stock Exchange,through
its absorption of such a huge mass of banking credit
in speculative channels, supplies the real answer.
Admitting this, we are then obliged to go a step
tvoL. 128. '
further back and inquire what started this speculation that is having such vernicious results in all
directions. Only by considering that phase of the
matter can we hope to get at the true source of the
trouble.
The answer in this case must be that the easy
money policy inaugurated by the Federal Reserve
in the Summer of 1927 is the original and primary
source of the unfortunate development. The Federal Reserve Banks then reduced their rediscount
rate to the extremely low figure of 31/2% with the
distinct view of making money so easy here as to
cause an outflow of gold to Europe and thereby aid
certain leading countries of Europe to stabilize
their currencies on a gold basis. Not only was the
1
2% (one obstreperous Rerediscount rate cut to 3/
serve Bank being even peremptorally ordered to put
the low rate into effect against its will), but the
country was at the same time flooded with Reserve
credit through the purchase of several hundred million dollars of U. S. Government securities. The
gold went out readily enough and the country lost
$500,000,000 of it, to its detriment. But the same
policy also started the unbridled speculation which
it has been found impossible to control ever since.
Governor Roy Young has admitted that the Federal
Reserve Board foresaw the probability of the growing up of speculative excesses in the stock market,
but thought it incumbent nevertheless to embark on
its easy money tour. The train of evils which has followed is now apparent to the whole world. So also
are the ill consequences, and one of these ill consequences, unfortunately, is that our municipalities
are obliged to pay so much more for their borrowings. This is the tribute they are called upon to pay
for a mistaken Reserve policy, and in like manner
heavy costs have resulted in nearly every other
direction.
The Federal Reserve statements this week disclose
no features of special significance. There is a further increase in the total of brokers' loans, but it is
of rather moderate proportions, according to modern
day reckoning. The new increase is $19,000,000, and
it comes after $40,000,000 increase the previous week
and $67,000,000 increase the week preceding, making
a renewed expansion for the three weeks of $126,000,000, but following $368,000,000 contraction during the four previous weeks. The only comfort is in
the diminishing pace at which the expansion is proceeding. To the latest week's increase the loans
made by the reporting member banks in New York
City for their own account have not contributed, the
amount of these in fact having dropped from $979,000,000 May 1 to $864,000,000 on May 8; on the other
hand, the loans made for account of the out-of-town
banks have risen from $1,676,000,000 to $1,734,000,000, while the loans "for account of others" have
not only made good their loss of the previous week,
but have jumped from $2,876,000,000 on May 1 to
$2,953,000,000 on May 8. The grand total of the
loans under the three heads combined stands at
$5,551,000,000 on May 8, this year, against $4,361,000,000 on May 9 last year.
The figures of the Reserve Banks themselves display no very striking changes for the week. Member bank borrowing is slightly less, being $962,022,000 on May 8, as against $985,829,000 on May 1.
But this has reference to the twelve Reserve Banks
MAY 11 1929.]
FINANCIAL CHRONICLE
3065
years back to 1920, with the exceptions of 1921 and
1926. For the crop harvested last year, Winter killing amounted to 11,986,000 acres. The area remaining for harvest this year is now placed at 40,467,000
acres by the Department. This compares with
36,179,000 acres harvested from the crop of 1928 and
is in excess of the area harvested for any year back
to 1922. There was sown for the crop of Winter
wheat to be harvested this year 43,225,000 acres.
With the exception of the area sown in the preceding
year and the four or five years immediately following the close of the late war in Europe, the area
sown for this year's Winter wheat crop was very
large. The crop sown for that harvested last Summer was 47,897,000 acres, but, as previously noted,
this was considerably reduced by Winter killing.
The Department, in its May report, states that some
further loss of acreage may occur this year, particularly in the Pacific Coast States and in parts of
the Southwest, where rain is needed.
Regarding rye, the Department says that acreage
of rye has been decreasing steadily since 1922, and
the present acreage of 3,225,000 acres is 6.3% below
The outlook for the new Winter wheat crop is very the acreage harvested last year and is below the
satisfactory. The May 1 condition, indicated in the acreage harvested in any year since 1916. The May 1
report of the Department of Agriculture, issued at condition for rye this year of 87.6% of normal comWashington on Thursday of.this week, at 83.6% of pares with 73.6% on May 1 1928. For the same
normal, compares with 82.7% for April 1 this year. reason as Winter wheat,rye suffered very materially
The condition of the crop harvested last year was last year, owing to Winter killing. The ten year
almost ten points lower at this time in 1928—in fact, average May 1 condition for rye has been 88% of
it was considerably under the average throughout normal. The estimate of yield this year is now
the entire growing season of 1928. The May 1 con- placed at 44,366,000 bushels, in comparison with the
dition this year of 83.6% compares with a ten year production last year of 41,766,000 bushels. This
average for May 1 of 85%. Based on the Depart- year's crop, based on the latest estimates, will averment's estimate of the indicated yield for this year, age 13.8 bushels per acre, against 12.1 bushels last
the prospects at this time are for 595,345,000 bushels year and ,13.6 bushels the ten year average.
of Winter wheat. The final estimate for the Winter
The stock market this week has much of the time
wheat crop harvested last year was 578,964,000
bushels.
552,384,000
been a dull affair. High money rates have been a
bushels, and for 1927,
influence the greater part of the week and
to
prior
1929,
period
repressing
year
there
Covering the ten
prices have been inclined to sag, though
the
result
which
of
production
in
years
a
four
as
have been
Winter wheat exceeded that now indicated for this of course there have been the customary upward
year, those four years having been 1926, 1919, 1920, movements in special stocks which have been the
and 1921. For three of those four years the.con- subject of clique or pool operations. Call loans on
dition was higher and the area sown to Winter wheat the Stock Exchange on Monday, after renewing at
larger than for the 1929 crop. In the ten year period 10%, quickly advanced to 14%, and this high rate
there were six years in which the final estimated of 14% ruled all through Tuesday and Wednesday
production was under that now promised for this and was the renewal charge on Thursday, on which
year. For the crop harvested in 1928, for which latter day, however, quite large outside supplies of
the yield was quite large, the area sown was con- funds appeared, under the effect of which the call
siderably in excess of that put down to Winter loan rate dropped to 10%. This drop led to a dewheat last Fall. The Winter killing, however, dur- cided rally in stock prices. The rally continued on
ing that period (the Winter of 1927-28) was ex- Friday, when after the renewal rate had been fixed
cessively heavy, and the growing grain began the at 10%, there was actually a decline to 6%. The
Spring season of 1928 with a very poor stand. A small increase recorded in brokers'loans in the statemarked improvement later in the growing season ment issued by the Federal Reserve Bank on Thurshelped materially, however, and the final estimate day evening, also served as a strengthening influence.
of the yield per acre last year was 16 bushels. This Altogether Friday's market staged a very extensive
compared with a ten year average yield of Winter recovery.
wheat of 14.9 bushels per acre.
The marking up on Tuesday of the rates for bankNotwithstanding the excellent condition at the ers' acceptances by 1/
8 of 1% served further to inopening of the growing season for this year, the crease the feeling of uneasiness concerning the
Department's estimate of 595,335,000 bushels of pro- money situation which a call loan rate as high as
duction, is now based on an estimate of only 14.7 14% had engendered. This feeling of uneasiness
bushels of Winter wheat per acre. The Winter kill- was not entirely relieved the latter part of the week
ing for the crop to be harvested this year, which is when the call loan rate declined to 10% and then to
announced in the May report, is estimated by the 6%. Furthermore, the action on Wednesday of the
Department at 2,758,000 acres. This is the smallest U. S. Senate in voting down a proposition to elimiarea which suffered Winter killing in any of the nate the objectionable export debenture provision
as a whole. At the New York Reserve Bank there
has been an increase for the week of $29,307,000.
At the same time, the twelve Reserve Banks have
again reduced their holdings of bills bought in the
open market, and after the previous week's increase
from $141,175,000 to $170,421,000 are back the
present week to $157,181,000. Holdings of U. S.
Government securities are also somewhat smaller at
$149,488,000, against $150,730,000. At the same
time, foreign loans on gold, which last week stood
at $14,899,000, the present week are down to $6,355,000, the gold evidently having been received and
the loan to that extent calcelled.
Altogether total bill and security holdings the
present week stand at $1,281,912,000, against $1,329,245,000 on May 1, and $1,420,627,000 on May 9
last year. Through the gold importations and the
release of gold from earmark, the gold holdings of
the twelve Reserve institutions are rapidly increasing and the present week are up to $2,840,917,000,
which compares with $2,812,030,000 last week and
with $2,690,052,000 on May 9 last year.
3066
FINANCIAL CHRONICLE
[VoL. 128.
Industrial and Miscellaneous-Murray Body.
from the Farm Relief was not calculated to excite Columbia
Gas & Electric.
North American Co.
speculative enthusiasm. Nor did the introduction Commercial Solvents.
Pan-Amer. Petrol. & Transp.
Commonwealth Power.
Penick & Ford.
into the House of Representatives of the new tariff Consolidated Gas.
Prairie Pipe Line.
Federal
Light
&
Traction.
Pure Oil.
bill, making very extensive revisions in the different General Asphalt.
Shattuck (F. G.).
schedules instead of the limited revision which had General Electric.
Skelly Oil.
General Ry. Signal.
Standard Oil of California.
been looked for, serve as a stimulating agency. The Gould Coupler "A."
Standard Oil of New Jersey.
Homestake Mining.
Stewart-Warner.
volume of trading has been on a greatly reduced Independent
Oil & Gas.
Tidewater Associated 011.
scale. The sales on the New York Stock Exchange Internat. Telephone & Telegraph. Tidewater Oil.
Kraft Cheese.
Transcontinental Oil.
at the half-day session last Saturday were 1,992,930 Ludlum Steel.
Underwood-Elliott-Fisher.
Marlin-Rockwell.
Universal Leaf Tobacco.
shares; on Monday they were 3,813,080 shares; on Marmon
Motor Car.
Vick Chemical.
Tuesday 3,493,360 shares; on Wednesday 3,468,280 McCall Corp.
Woolworth.
Motion Picture.
Yale & Towne.
shares; on Thursday 3,657,310 shares, and Friday Munsingwear.
Youngstown Sheet & Tube.
3,919,880 shares. On the New York Curb Exchange
The copper stocks shared in the general recovery
the sales were 1,176,700 shares on Saturday; 1,842,- of the last two days, but nevertheless quite generally
700 shares on Monday; 1,595,100 shares on Tuesday; show losses for the week. Anaconda Copper closed
1,584,100 shares on Wednesday; 1,469,900 shares on yesterday at 1371/
2 against 144 on Friday of last
Thursday, and 1,788,900 shares on Friday.
week; Kennecott Copper at 901/
8 against 95/
1
2;
Owing to the extent of the upward spurt on Fri- Greene-Cananea at 160 against 167; Calumet & Hecla
day closing prices yesterday in not a few cases were at 44/
1
4 against 46½; Andes Copper at 531/
8 against
higher than at the close on Friday of last week, 563
%; Inspiration Copper at 49 against 48%; Calunotwithstanding the declines in the early part of the met & Arizona at 1341/
8 against 133; Granby Consol.
week, and several of the specialties have scored a Copper at 821/
8 against 83%; American Smelting &
very substantial rise for the week. The majority of Ref. at 1051/
2 against 1091%; U. S. Smelting & Ref.
stocks, however, show net losses for the week. Sears at 62 against 601/
2.
Roebuck closed yesterday at 1651/2 against 1641/
8 on
The oil group also is lower. Simms Petroleum
Friday of last week, but Montgomery Ward & Co. closed yesterday at 301/
2 against 32 on Friday of last
at 125/
1
2 against 130%; Woolworth & Co. closed at week; Skelly Oil at 448% against 45; Atlantic Re/
8 against 2297
2313
/
8; and Safeway Stores at 1667
/8 fining • (on which an extra dividend has been anagainst 166½; Western Union Tel. at 198 against nounced) at 707
/
8 against 67; Pan-American B at
2001/
4; American Tel. & Tel. at 219% against 2281/
4; 631/
4 against 63%; Phillips Petroleum at 42 against
and Int. Tel. & Tel. at 2731/
8 against 2631/
8; Westing- 417
/8; Texas Corp. at 661/
4 against 66%; Richfield
house Elec. & Mfg. at 163% against 1611/2; United Oil at 47 against 451/
2; Marland Oil at 38% against
Aircraft & Transport at 154 against 142½; Amer- 401/
4; Standard Oil of N. J. at 62 against 59%; Stanican Can at 149 against 1491/
4; United States Indus- dard Oil of N. Y. at 431/
4 against 43, and Pure Oil at
trial Alcohol at 166% against 1681/
2; Commercial 30 against 28%.
Solvents at 366 against 358; Corn Products at 94%
The steel group has not escaped declines. U. S.
against 96%; Shattuck Co. at 1471/
2; Steel closed yesterday at 181/
4 against 1411/
1
4 against 1821/
8 on
and Columbia Graphophone at 74 against 77%.
Friday of last week; Bethlehem Steel at 109/
1
4
Allied Chemical & Dye closed yesterday at 281 against 112; Republic Iron & Steel at 977
/
8 against
against 2891/
2 on triday of last week; Davison Chem- 9½;Ludlum Steel at 95 against 977
/8, and Youngsical at 57% against 581%; Union Carbide & Carbon town Sheet & Tube at 130/
1
4 against 127. In the
at 254 against 2587
/
8; E. I. du Pont de Nemours at motor group General Motors closed yesterday at
2; Radio Corporation at 99% 83%8 against 84/
178 against 1751/
1
4 on Friday of last week; Nash
against 1103
%; General Electric at 264% against Motors at 98 against 98%; Chrysler at 89/
1
4 against
2581/
2; National Cash Register at 1251/
2 against 93; Packard Motors at 135% against 134%; Hudson
126%; Wright Aeronautical at 141% against 132; Motor Car at 901/
2, and Hupp Motor at
2 against 881/
International Nickel at 521/
8 against 53½; A. M. 55% against 551/
2. Among the rubber stocks GoodByers at 156 against 159½; American & Foreign year Tire & Rubber closed yesterday at 132/
1
4 against
1
2 against 1151/
Power at 112/
2; Brooklyn Union Gas 126% on Friday of last week; B. F. Goodrich at 83%
/
8 against 821/2,and U. S. Rubber at 55% against 55/
at 185 against 1853%; Consol. Gas of N. Y. at 1177
1
4
against 1151/
8; Columbia Gas & Elec. at 69% against and the pref. at 82 against 801/
2.
65½; Public Service Corp. of N. J. at 90% against
The railroad stocks show irregular changes for the
/
8 against 87; week, but with many losses. Pennsylvania RR.
%; Timken Roller Bearing at 907
883
1
4; Mack closed yesterday at 78% ex-rights against 81 on
1
4 against 128/
Warner Bros. Pictures at 126/
Trucks at 104/
1
2against 105; Yellow Truck & Coach Friday of last week; New York Central closed at
at 471/
2 against 47½; National Dairy Products at 183% against 1851%;Del. & Hudson at 1931/2 against
1
4 against 196; Baltimore & Ohio at 1211/
134% against 135; Johns-Manville at 184/
8 against 1203%; New
1
2against 59; Asso- Haven at 99 against 997
191; National Bellas Hess at 56/
/8; Union Pacific at 2207/s
ciated Dry Goods at 527
/8 against 56; Commonwealth against 219%; Canadian Pacific at 235 against
2 237½; Atchison at 200/
Power at 154 against 151%; Lambert Co. at 1431/
1
4 against 199½; Southern
against
at
80%
Sulphur
against 14378; Texas Gulf
Pacific at 128/
1
2 against 127%; Missouri Pacific at
81%; Bolster Radio at 41% against 42. The follow- 851/
8 against 83½; Kansas City Southern at 84
ing shows some of the stocks that have this week against 85; St. Louis Southwestern at 95% against
99; St. Louis-San Francisco at 1121/
established new high records for the year:
8;
4 against 1111/
Missouri-Kansas-Texas at 48Y8 against 493
%; Rock
STOCKS MAKING NEW HIGH FOR YEAR.
Island at 124 against 123%; Great Northern at
Railroad—
Atlantic Gulf & West Indies SS. L.
Chesapeake & Ohio.
1037
/
8 against 103; Northern Pacific at 10134
Atlantic Refining.
Industrial and Miscellaneous—
Barndall Corp., class A.
101, and Chic. Mil. St. Paul & Pac. pref. at
against
Allis-Chalmers.
By-Products Coke.
American Can.
Chesapeake Corp.
511
/
2
against
52.
Columbian Carbon.
American Ice.
MAY 11 1929.]
FINANCIAL CHRONICLE
Trading on all the important European stock exchanges has been dull this week, various events of
a national and international political character and
of a religious nature continuing to absorb most of
the interest. Most prominent among these were
again the vexing uncertainties regarding the reparations meeting in Paris and the British general elections. Religious observances on the Continent interrupted the proceedings there. The London Stock
Exchange began the week with a generally firm tone,
but extremely light trading. A sharp rise in De
Haviland Aircraft shares was attributed to American buying, while interest otherwise was concentrated largely in the international list. "The only
active securities are those in which New York is interested," a week-end dispatch to the New York
"Times" remarked. "In these issues there are sharp
daily fluctuations, but dealers here lack initiative
and merely adjust prices to Wall Street's moods."
Tuesday's market at London was somewhat irregular, with British funds heavy despite the recent influx of gold. Airplane stocks were again the feature
of the market, the interest in these shares being considered largely a by-product of the recent boom in
aircraft stocks in Wall Street. Weakness developed
in the gilt-edged list Wednesday, while aviation
stocks continued to lead the industrial section, a few
substantial gains being noted. The trends otherwise
were mixed. Gilt-edged investment issues dropped
again Thursday, partly as a result of an announcement that underwriting had started for a £12,300,000
Australian conversion loan, to be issued at 97, bearing interest at 5%. Aviation issues reacted somewhat, while the remainder of the market was again
very dull. The Stock Exchange was quiet yesterday
with no increase of business, but some improvement
in the undertone. Gilt-edged issues were again easy.
The Paris Bourse opened the week with a firm
tendency, the _reports from the reparations conference then current being somewhat more optimistic
than formerly. Municipal polls over the week-end
in France showed, almost no change in the internal
political trend, and this circumstance also was favorably commented on. The list moved ahead during
the early trading, but toward the middle of the session the volume of business declined and quotations
dropped again. There was more uncertainty regarding the negotiations of the reparations experts Tuesday and trading on the Bourse quieted down while
further developments were awaited. French rentes
-were the only issues in demand. Stocks receded for
the most part in Wednesday's trading at Paris,
rentes also being affected slightly by the apparent
desire to realize on recent gains. Transactions were
very limited. The Bourse was closed Thursday,
owing to general observance of Ascension Day. The
market yesterday was irregular. The Berlin
Boerse was firm at the opening Monday, and
trading was brisk, especially in banking, electric
power and dyestuffs shares. American buying was
considered a prominent feature of the rise in the
last-named issues. After an uneasy opening Tuesday,the general trend at Berlin again was firm, commentators placing emphasis on the number of foreign
purchasing orders. A further moderate advance occurred Wednesday morning, but the general tendency turned easy during the day with many issues
showing losses at the close. The Berlin Boerse also
was closed Thursday in recognition of Ascension
3067
Day. When trading was resumed yesterday a downward trend developed.
Discussion of reparations annuities and of the conditions surrounding them by the Experts' Committee
in Paris has again brought the negotiations for the
revision or completion of the Dawes Plan to an exceedingly delicate phase. All hopes for reconciling
the conflicting claims and reaching a final agreement have centered this week on the compromise plan
suggested by Owen D. Young, Chairman of the conference and leader of the American delegation. Mr.
Young's plan was seized upon by the experts last
week as offering almost the sole possibility for avoiding a complete rupture of the negotiations. No further mention has apparently been made of the Allied
demands and the German counter offer of the middle
of April, which caused the virtual break that Mr.
Young has now, to some extent at least, succeeded
in patching up. That the path toward complete
agreement still bristles with difficulties has been
made amply plain by the few halting acceptances so
far vouchsafed the compromise plan and by an official British warning Thursday that agreement upon
a plan by the unofficial experts does not necessarily
mean its acceptance by the governments concerned.
The experts have again kept their own official
counsel this week, no statement being issued to indicate the exact terms of the reparations payments
now under consideration. A consensus of press reports indicates, however, that Mr. Young's plan envisages annuities averaging 2,050,000,000 marks
over a period of 37 years, with further annuities
dependent on the profits of the proposed international settlement bank which the experts desire to
establish in Brussels. The plan was accepted last
Saturday by Dr. Hjalmar Schacht and his German
colleagues, with certain definite conditions which
have not yet been fully revealed. After securing this
conditional acceptance of the Germans, Mr. Young
outlined his plan before a meeting of the Allied
experts, securing the immediate approval of Kengo
Mori of Japan. Clarification of the somewhat nebulous German conditions was considered desirable and
further discussion was postponed until Monday. It
appeared over the week-end that Mr. Young's plan
called for an initial amtuity of 1,675,000,000 marks,
to increase at the rate of 25,000,000 marks yearly to
1,900,000,000 marks at the end of the tenth year.
Thereafter, according to the reports, the payments
would increase to 2,367,000,000 marks in the twentyfirst year and continue at this figure to the thirtyseventh year. Deliveries in kind would begin at
750,000,000 marks and then decrease 50,000,000
marks yearly until they were down to 300,000,000
marksin the tenth year, after which they would cease
altogether. Of the cash payments it is provided that
the unconditional part shall begin at 750,000,000
marks and rise at the end of the thirteenth year to
1,000,000,000 marks, continuing at this figure to the
end of the thirty-seventh year.
In a specific comparison of the three plans so far
presented, contained in a Paris dispatch of last Sunday to the New York "Times," it was recalled that
the normal Dawes annuity is 2,500,000,000 marks.
"On the 13th of April," the report continued, "the
Allies formulated their demands calling for 58 annuities, the first 37 to average 2,198,000,000 marks, followed by 20 annuities of 1,700,000,000 marks and a
3068
FINANCIAL CHRONICLE
[VoL. 128.
final annuity of 900,000,000 marks. On the 17th of the heading of "provisions for the last 21 years," and
April the Germans proposed 37 annuities of 1,650,- it was also pointed out that under the Treaty of Ver000,000 marks each. Now Mr. Young has proposed sailles arrangements were made by which Poland
58 annuities comprising 37 of an average of 2,050,- was to pay into the Reparations Commission certain
000,000 marks, 20 annuities of 1,700,000,000 morks large sums for value received in German State and
and a final annuity of 900,000,000 marks. One may central government property located in parts of imperhaps better compare the three proposals by saying perial Germany which were ceded to Poland as a
that the Allies' demands on a 5/
1
2% basis are equiva- result of the war.
lent to a capital value of 39,500,000,000 marks. On
To the uncertainties introduced by the German
the same basis the German offer equals 26,000,- reservations and the continued aloofness of the
000,000, and the Young plan 36,500,000,000 marks. French and Belgian delegations was added another
The difference looks small until one recalls that most surprising development Tuesday which brought an
of the money Germany is to pay is intended to meet instant response from the British Government. "It
payments which the Allies owe America."
is learned," a dispatch of Tuesday to the New York
When the conversations were resumed Monday it "Herald-Tribune said,"that the British delegates are
was reported that provisional acceptance of the new much incensed over the fact, disclosed only today,
scheme was accorded by Sir Josiah Stamp of Britain that Owen D. Young's compromise plan of payments
and his colleagues. The British delegates were in effect proposes a surprising revision of the Spa
anxious to know more about the conditions which reparations percentages, and the British are outthe German experts attached to their acceptance, spoken in declaring that they will accept no plan
and in this demand they were joined by Emile which attempts to alter these ratios." The alteraMoreau, the chief French representative. After the tions, it was added, "would greatly reduce Great
meeting, an Associated Press dispatch said, Thomas Britain's share of the receipts to the benefit of the
W.Lamont expressed the impression of expert circles French, the Belgians and possibly the Italians." It
as to the chances of success for Mr. Young's com- was declared all too evident that the experts' conferpromise measure in these terms: "It would be fool- ence is again in an extremely critical stage, requiring
ish to minimize the importance of Saturday's devel- master statesmanship and diplomacy to bring it
opment and it would be rash to count upon it as safely through,if it can be done at all. Three formidassuring final agreement." In this dispatch it was able difficulties now confront the conference, the
reported that agreement depended largely upon the dispatch said. First, the experts must reach accord
attitude of the French and Belgian experts, the on the question of revision or non-revision of the
Italian delegates having joined the British and Japa- Spa percentages. Second, some safe disposition
nese in giving general approval to the plan. Great must be made of the Germans' admittedly dangerous
Britain, it was said, insisted that there should be conditions, and it must very soon be decided whether
no changes in the percentages fixed at Spa, Belgium, Dr. Schacht is going to circulate them and send the
just after the war,for the distribution of reparations experts' temperatures up a few degrees more, or keep
among the creditors. This agreement granted 52% them in his pocket for future extraction. Third,
to France, 22% to Great Britain, 10% to Italy, 8% there still remains the important question as to
to Belgium and the rest to smaller creditors in small whether the creditor delegates will come down to
items. The principal French criticism of the new Mr. Young's figures, and whether a statistical accord
plan was said to be that France will get for repara- can be reached.
tions, properly speaking, over and above what is
The persistent reports of changes in the Spa pernecessary to pay right out again on her debts, less centages finally caused a definite statement to be
than a third of what she has actually spent for restor- made in the House of Commons Thursday by Winsation of her devastated regions.
ton Churchill, Chancellor of the Exchequer, that any
The exact nature of the conditions attached by the such alterations would be inacceptable to the British
German experts to their acceptance of Mr. Young's Cabinet. Mr. Churchill was asked by Col. Josiah
proposal was reported on "excellent authority" in a Wedgwood, Labor member, "whether the terms of
dispatch of Monday to the New York "Herald- reference of the reparations committee covered alterTribune." The stipulations are therein said to be ations in the Spa percentages, and further, whether
"First, that the Young scheme be provided with a Mr. Churchill had informed our representatives on
clause permitting the possible postponement of pay- the committee of the views of his Majesty's Governments, and beyond that be provided with a clause ment on these alterations." In his reply Mr. Churchunder which a definite downward revision of the ill pointed out that the experts were independent.
annuities may be made in the event of an economic "We have, of course, kept in touch with British memcrisis in Germany. Second, that the Dawes Plan bers throughout these protracted proceedings," he
railroad and industrial bonds be abolished and com- said, "and have been impressed by their admirable
plete responsibility for reparation payments trans- grasp and comprehension of the whole problem. We
ferred to the German Government, and furthermofe, have not, however, at any time sent definite instructhat German industries be freed from all special and tions to these gentlemen, nor do we propose to do so
direct contributions to reparations. Third, that the on this occasion. The experts' committee must be
last 21 years of the annuities should be paid chiefly left to reach their own conclusions. These concluout of the profits of the proposed international bank. sions, whatever they may be, whether agreed to or
Fourth,that certain properties taken from Germany not, in no way commit his Majesty's Government,
by the Treaty of Versailles and ceded to Poland and which remains entirely free to review the whole posiother Allied countries be applied in currency sums tion and take their own decision upon the work and
to Germany's war bill and toward lightening the last the recommendations of the committee. It is clear
21 years of Germany's payments." It was noted therefore that no urgency exists and that it would
expressly that the last clause will be presented under be premature as well as inexpedient for his Majesty's
MAY 11 1929.]
FINANCIAL CHRONICLE
Government to pronounce upon particular aspects,
however important they may be, at this juncture.
However, in order to prevent misconception abroad
and alarm at home, it is perhaps desirable that it
should say that the kind of proposals which were
foreshadowed in the newspapers yesterday would in
our opinion be unacceptable, and that his Majesty's
Government would under no -circumstances entertain them."
Notwithstanding this direct warning by the British Government, which is highly significant despite
its obvious connection with the election campaign
now in progress in England, the experts resumed
their discussions yesterday in at atmosphere that
was described as unusually calm. There were
rumors that the Experts' Committee discussions
were under consideration at a French Cabinet
meeting, but these rumors also failed to disturb the
calm demeanor of the experts. Assertions were
made, according to an Associated Press dispatch
from Paris, that the French had already accepted
the compromise plan offered by Mr. Young on the
basis of what had so far been revealed to M. Moreau
of the German conditions. It was also declared
on behalf.of the British delegation that Sir Josiah
Stamp's acceptance of the new plan still held good
despite the warning speech of the Chancellor of the
Exchequer in London. A meeting of the four principal creditor powers—France, England, Belgium
and Italy—was held yesterday afternoon and it was
announced thereafter by the British spokesman that
the outlook was "distinctly favorable." The British
delegation made known that an entirely new report
on the conference would be drafted jointly by Dr.
Schacht and Sir Josiah Stamp. This report, it was
indicated, would include the German reservations
to the compromise plan.
The Preparatory Disarmament Commission of the
League of Nations adjourned its sixth and most
fruitful session Monday without fixing a date for
resuming discussions, this important matter being
left to the discretion of the Chairman, Jonkheer
Loudon. The draft convention for the projected
future general disarmament conference was almost
completed at this session of the Commission, which
began at Geneva April 15. Most of the progress made
is directly attributable to the two notable declarations made by Hugh S. Gibson, Chairman of the
American delegation at the meeting. Mr. Gibson
declared on April 22 that the United States desires
not merely limitation on the present basis, but actual
reduction of the naval classes left unrestricted by
the Washington Conference of 1921, and he proposed the application of a formula on equivalent
naval -values designed to overcome the obstacles encountered at the Tripartite Conference of 1927. To
this statement he added another on April 26, wherein
he indicated that the United States was prepared to
recede from its stand for including trained reserves
as effectives in peace-time land armaments. Both
these statements were made for the express purpose
of speeding the work of the commission and securing
the indispensable accord on a draft convention which
will make possible the calling of the first general
disarmament conference.
In its discussions toward the end of last week,
the commission considered the important question of
limiting army material, such as rifles, tanks and
3069
other equipment. Some fine drawn distinctions were
made in this debate, some delegates holding that it
is impossible to limit guns and other war stocks if
reserves are to be unlimited. Others maintained that
a check on war stocks is all the more necessary if
reserves are not to be included as effectives. Mr.
Gibson held to a middle ground, saying the exclusion
of trained reserves implied unlimited reserve stocks.
In the interest of a general agreement, he declared
that the United States would withdraw its previous
demands for limitation of materials, save only that
America still demanded direct limitation of stock in
service. This distinction was found somewhat confusing, Mr. Gibson himself admitting that "it is impossible as a practical matter to make a clear distinction between material in storage and material in
service." The discussion subsequently centered
around methods of control, Lord Cushendun of Great
Britain favoring the indirect budgetary method, as
opposed to the direct method. The direct mathematical method "would do the work more effectually
than anything else," Lord Cushendun admitted, save
for one thing—it could not be carried out. The
United States delegation, on the other hand, opposed
the indirect budgetary method of control.
No satisfactory solution of this thorny 'problem
having been proposed by last Saturday, the commission ended the debate by adopting a resolution jointly
offered by the French and American delegations.
This resolution provided that the commission, "having rejected the system of direct limitation of material in service and in stock, and having noted that
the system of indirect limitation (limitation of expenditure on material) has not met with general
assent, decides that the limitation and reduction of
material must be sought by means of publicity on
expenditure, which will be dealt with in examining
the article" on publicity in a section of the draft
convention not reached at this session. The method
adopted of disposing of this important question
caused widespread criticism in the private discussions of many delegations, according to a dispatch
to the New York "Times." "The main defense offered
for the publicity exit from the dispute on the limitation of war stocks is that by thus shelving the
question the final disarmament conference is brought
closer," this report said. Mr. Gibson summed up the
debate by saying: "I challenge anybody to produce
a suggestion for more far-reaching measures of limitation which will be assured of general acceptance.
The question now before us is a very simple one. It
is whether it is well to agree upon a highest common denominator or whether we shall be capricious
to the extent of refusing even measures on which
we can agree simply because at this time we cannot find something that is more satisfactory to the
individual delegations."
In the meantime discussion continued in all capitals regarding the statements made by Ambassador
Gibson on naval limitation and on trained army reserves, with a tendency noted in some quarters to
link the declarations in the sense that the United
States' concession on army reserves was made to
secure support elsewhere on naval limitation or reduction. This brought forth a very emphatic semiofficial pronouncement in Washington on May 3.
"It is apparent," a Washington dispatch to the New
York Times said, "that an effort is in progress to
have it appear that the United States withdrew its
3070
FINANCIAL CHRONICLE
objections to excluding trained reserves in ascertaining the numerical strength of peace-time armies because of a bargain with France and other military
nations by which this Government would get concessions with, regard to the reduction of naval armaments. That nothing could be further from the truth
is the somewhat indignant attitude of those in informed administration quarters." Administration
circles made plain, according to the report, that "it
was with the purpose of relieving the United States
from being placed in a situation having the appearance of taking sides in a controversy over limiting
land armaments that Mr. Gibson was instructed to
make known that the American representatives retired from any expression of opinion, pro or con, on
these technical questions."
The sixth session of the Preparatory Commission
finally adjourned Monday, with the naval powers
agreeing to study privately the American proposals
as a basis for a solution of their armament problem.
The next definite move in this program was left by
Lord Cushendun for the United States to take. He
said the British had not yet seen the precise American proposals, but had "no doubt that they will be
communicated to the different governments by the
Government of the United States. Each government will then have to examine them carefully to see
whether they offer a prospect of agreement." This
step will be followed, Lord Cushendun predicted, by
a period of communications among the interested
governments, the length of which will depend on the
exact nature of the proposals and the opportunities
for examining them. "At all events," Lord Cusheidun added, "we have reached the point when instead of almost despairing of arriving at an agreement we are in the most hopeful frame of mind of
being able at some future period, which may not be
long delayed,to come here to register complete agreement upon this great question." He concluded by
saying that impatience or a desire to hurry matters
might prove "very mischievous and even disastrous,"
urging postponement of consideration of the question "until we are in a position to arrive at agreement."
Count N. Sato of Japan,in proposing the adjournment of the naval question at this session, explained
that Japan was "firmly resolved to do its utmost to
obtain a olution as rapidly as possible." On behalf
of his Government Count Sato paid a tribute to the
American proposals, saying they "certainly contribute largely to accelerate" the reduction of naval
armaments. He said that though Japan, like the
United States, wanted not only limitation but reduction, it was not yet ready to express its opinion "on
problems which constitute the substance of this
question—such as that which forms the basis for an
arrangement in regard -to certain categories of vessels—all the more so because the new American suggestions are only concerned with the method of estimating equivalent values." Count Massigli of
France, who spoke next, greatly simplified the
future work of -the commission by withdrawing the
rigid French plan for the control of disarmament.
He explained that the concession was made in order
to hasten the convocation of the general disarmament conference. France, he said, -was already preparing simpler proposals for settling differences
which might arise when the convention goes into
force and would make allowance for the special
[vorm 128.
position of non-members of the League of Nations,
such as the United States.
The work of the session was then summed up by
Nicholas Politis of Greece, who acted as Chairman
in the later meetings owing to the illness of Jonkheer
Loudon. M. Politis did not attempt to conceal the
fact that the draft disarmament convention would
represent a minimum of reduction, but stressed the
new atmosphere which he attributed .to "the representative of President Hoover." He said that the
question of reduction had now ripened and that the
Kellogg Treaty had hastened this by removing from
war its former character of legality. The pact, he
declared, opened a "new conception of international
relations in which excessive armaments are excluded," and "if security is not yet attained to a
sufficient degree to allow very large reduction of
armaments now at first, it still represents immense
progress." Pointing out that the projected disarmament conference would be both "general and universal," M. Politis said: "For the first time in
history the problem of national armaments will have
changed character. Hitherto it has been essentially
a domestic matter. Henceforth it will become an international question regulated by laws to which
the States will have freely consented. The most
vital thing is that we should start on this path. The
next steps then, will be infinitely easier." M. Litvinoff of Russia criticized the concessions made,
declaring they were all of a nature to limit the scope
of disarmament. He admitted, however, that this
brought the conference nearer and stated that Russia
would participate.
Ambassador Gibson brought the session to a close
by a final speech in which he outlined in general
terms the basic American proposal of the formula
for equivalent naval values. ."The solution of the
naval problem is in essence simple, but in application complex," he remarked. "The technical considerations involved must be studied from many angles
and the American delegation recognizes that our
best hope of agreement upon a method lies in having
each country come into the discussion prepared to
speak on the basis of its independent study and in
possession of all the data that it desires. In view
of the considerations I have indicated, my government feels that the course best calculated to lead to
the successful conclusion of our labors lies in giving
time for a careful study of this whole problem. In
substance, equivalent tonnage is an expression used
to convey the idea, for comparative purposes, of the
military value of individual ships, and hence of the
total value of any number of such units in any given
category in which there may be wide divergences
as to unit characteristics composing the category.
In arriving at this equivalent of value, it would seem
advisable to take into account only factors that are
simple and obvious, easy to compute and easy to
understand. We feel that the problem should not be
complicated by the introduction of factors which
may well be considered as really no more than elements of the prime factors." Mr. Gibson deemed it
inadvisable to give the American proposal in detail
in order not to prejudice the studies independently
made by other governments. He concurred, finally,
in the proposal of the Japanese and British delegates
to postpone consideration of the naval chapter "until
such time as the interested powers have signified
their readiness to embark on a general discussion."
MAY 11 1929.]
FINANCIAL CHRONICLE
Gratification over the progress made by the Preparatory Commission and the manner in which the
world powers had received the American naval proposals was expressed Tuesday by President Hoover.
"I am greatly gratified at the promising character
of the results for naval reduction arising out of the
recent Geneva Conference," the President said. "All
of the principal naval powers have expressed adherence to the principles suggested by the American
delegation, which include the conception of reduction instead of limitation of naval strength. They
have expressed their desire for full and frank discussion and the development of the American formula
into a practical step. The manner by which these
discussions are to be initiated has not yet been
determined, but the question will be followed up
promptly."
Some far-reaching changes in the administration
of Polish finances were proposed Monday by Charles
S. Dewey, American financial adviser to the Polish
Government. In a statement on the country's credit
situation and the government's investment program,
Mr. Dewey emphasized that investment capital practically does not exist within the new Polish State,
the government being the sole possessor of credit
through its taxation power. He expressed the belief,
a Warsaw dispatch to the New York "Times" said,
that direct credit should be extended to private enterprises. The statement declares that the development
of public works has far outstripped the development
of commerce, industry and agriculture and that the
destruction which resulted from the war left Poland
with a very inadequate amount of capital. At the
present time, it is pointed out, commerce and industry are without sufficient reserves and the shortage
of working capital is so great that it is reflected in
an increase of bills going to protest and in an advance in private interest rates.
The government's policy of meeting the most
pressing needs by heavy taxes could only be commended, Mr. Dewe: remarked. He questioned, however, whether the continuation of that policy is advisable, now that these needs have been met. The
Polish budget for 1929-30 carries an item of 558,000,000 zlotys (about $63,000,000) for investment, or
nearly 25% of the total. Mr. Dewey thinks that a
reduction in the government program may stimulate
the general economic welfare of the country. He
suggested a reduction in the government's requirements for revenue on the score that this might pos,sibly permit the abolishment of the turnover tax,
which bears very heavily on business. Mr. Dewey
thought it advisable that the budget for the next
account be reduced by several hundred million
zlotys and that taxation be reduced so as to give
private enterprises more chance.
Suppression of the military revolt in Mexico has
again brought the serious opposition to the Federal
Government at Mexico City down to the so-called
"religious rebels" in various States, and there were
indications this week that the three-year old controversy between the Government and the members of
the Catholic Church also may be settled before very
long. General Calles, the Federal Commander in
Chief, having put down the military revolt, has
assembled a force of 15,000 men in the northwestern
'State of Sonora for an advance on the "religious
3071
rebels" of the Central Mexican States. Loyal troops
previously sent to Jalisco engaged a force of about
1,600 of the "Cristeros" Wednesday, the rebels
finally retreating into the mountains, leaving 68
dead behind them.
In the meantime a public exchange has taken place
between Mgr. Leopoldo Ruiz y Flores, Archbishop
of Michoacan, who is in Washington, and President
Portes Gil. Archbishop Ruiz declared last week
that the religious conflict was not motivated by any
cause Which could not be corrected by men of goodwill. The Catholic Church, he insisted, desires the
welfare of the Mexican people. He suggested submitting the points in dispute to specially authorizeil
representatives of the Church and the Government.
President Portes Gil responded to these declarations
Tuesday by reiterating a recent statement of his
that the Catholic Church as an institution had
nothing to do with the suppressed Escobar revolt
and that many dignified Catholic leaders had counselled respect for law and order. "If Archbishop
Ruiz desires to discuss with me a way to bring about
co-operation in a moral effort for the benefit of the
Mexican people which he desires, I shall be glad to
talk with him on the subject," the President said.
In New York, last Saturday, two arrests took
place which it is believed are related to the unsuccessful Escobar rebellion. Agents of the United
States Government took into custody Salvador
Ateca, Mexican rebel paymaster, and Antonio Gomez
Maquero, his secretary, together with $750,000 in
banknotes, gold coin and securities, alleged to have
been taken by the rebels as loot from Mexican banks.
The men were under indictment for violation of
President Hoover's neutrality proclamation. In the
action against them the lead was taken by attorneys
for the Mexican Consulate in New York, extradition
proceedings being instituted as well as steps for the
recovery of the alleged loot.
Formal request for the abolition by the powers
of extraterritorial privileges in China was made
April 27 by Dr. C. T. Wang, Foreign Minister of the
Nanking Government, in identic notes to the Ministers of the United States, Great Britain, France and
other countries concerned. The note, as published
in Washington last Sunday, calls attention to the
fact that "certain powers" have already ceased to
enjoy extraterritorial privileges in China and have
found satisfaction in the protection given their
nationals by Chinese law. "It goes without saying,"
the note remarked,"that extraterritoriality in China
is a legacy of the old regime which has not only
ceased to be adaptable to the present-day conditions
but has become so detrimental to the smooth working
of the judicial and administrative machinery of
China that her progress as a member of the family
of nations has been unnecessarily retarded. The
inherent defects and inconveniences of the system of
consular jurisdiction have been most clearly pointed
out by the Chinese government on various occasions
and also by the jurists and publicists of other countries in their official utterances as well as in their
academic discussions. With the close contact between China and the foreign powers the assimilation
of Western legal conceptions by Chinese jurists and
the incorporation of Western legal principles in
Chinese jurisprudence have proceeded very rapidly.
In addition to the numerous codes and laws now in
3072
FINANCIAL CHRONICLE
force, the civil code and the commercial code have
reached the final stage of preparation and will be
ready for promulgation before January 1 1930.
Courts and prisons along modern lines have been
established and are being established throughout
the whole country." The note was,promptly taken
tinder consideration by Secretary of State Stimson,
without any indication being given as to whether the
American Government would modify its previous
position to the effect that the United States could
grant only a progressive relinquishment of extraterritorial rights in China in proportion as the Nationalist Government established its own legal and administrative machinery to afford the protection to
American nationals in that country now given
through the system of consular courts. In China,
meanwhile, factional warfare is again reported in
full progress between the provinces of Kwangsi and
Kwangtung, with capture of the important city of
Canton threatened by the Kwangsi group.
The Imperial Bank of Italy on May 9 reduced its
rate of discount from 770, the figure in effect since
April 11 to 67
0. At the European centers no changes
in Central Bank rates have occurred during the
week. Rates continue at 71
/
2% in Germany; at 770
in Italy; at 5/
1
2% in Great Britain, Holland, Norway and Spain; 57
0 in Denmark; 41
/
270 in Sweden;
4% in Belgium, and 31/
27
0 in France and Switzerland. London open market discounts for short bills
are 5 1/16@51/
87
0 against 5@5 1/16% on Friday of
last week and for long bills 51/
870 against
5 1/16(4)5/
1
27
0 the previous Friday. Money on call
in London is 4/
3
47
0. At Paris open market discounts
have advanced from 3 7/16% to 3/
1
270, and in Switzerland have declined from 3%7
0 to 3 5/16%.
[vol.. 128.
The Bank:oferance in its statement for the week
ending May 4 reports another gain in gold holdings
this time Of 674,000,000 francs. This raises the total
gold to 36,462,083,078 francs and establishes another
new high for the year. Due to a further increase in
notes in circulation of 980,000,000 francs the item
now aggregates163,827,539,230 francs as compared
with 62,847,539,230 francs last week and 62,647,-*
539,230 francs two weeks ago. Credit balances
abroad dropped 499,000,000 francs, bills bought
abroad declined 166,000,000 francs, whereas French
commercial bills discounted rose 23,000,000francs and
advances against securities gained 157,000,000 francs.
A loss was also reported in creditor current accounts
of 775,000,000 francs and current accounts and deposits of 115,0003000 francs. Below we show a comparison of the various items of the Bank's return for
three weeks past:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as of
Changes
May 4 1929. Apr. 27 1929. Apr. 201929.
for Week.
Francs.
Francs.
Francs.
Francs.
Gold holdings _ _ _Inc. 674,000,000 36,462,083,078 35,788,083,078 35,097,716,159
Credit bais. abed_Dec. 499,000,000 8,044,546,265 8,543,546,265 9,388,433,615
French commercial
IR bills discounted_Inc. 23,000,000 6,476,745,182 6,453,745,182 5,488,745,182
Bills bought abr'd_Dec. 166,000,000 18,300,231,160 18,466,231,160 18,412,231,160
Adv. agt. securs_ _Inc. 157,000,000 2,440,656,804 2,283,656,804 2,336,656,804
Note circulation_ _Inc. 980,000,000 63,827,539,230 62.847,539,230 62,647,539,230
Cred. curt, accts._Dec. 775,000,000 18,383,521,170 19,158,521,170 18,466,521,170
Curr.accts.& dep_Dec. 115.000,000 6,743,244,395 6,858,244,395 6,287,244,395
The German Bank statement as for the first week
of May shows the large decrease in gold of 125,956,0001marks, carrying the total down to 1,765,619,000 marks, as compared with 2,040,894,000
marks last year, and 1,849,778,000 marks two
years ago. The amount deposited abroad remained unchanged. Notes in circulation dropped
189,068,000 marks, reducing the total to 4,442,428,000 marks, as against 4,238,937,000 marks last year
and 3,503,967,000 marks the year before. Reserve
in foreign currency dropped 45,792,000 marks, silver
and other coin fell 6,607,000 marks, while bills of
exchange and checks rose 58,821,000 marks. Notes
on the other German banks increased 8,999,000
marks, whereas investments remained unchanged.
A decline was recorded in advances of 53,352,000
marks, in other assetS of 21,373,000 marks and in
other daily maturing obligations of 351,000 marks,
while other liabilities rose 4,159,000 marks. Below
we furnish a comparison of the various items of the
Bank's return for the past three years:
The gold reserve of the Bank of England, as shown
in the weekly statement, continues to rise, the increase this week being £2,114,256. Circulation rose
£1,423,000 and accordingly, reserves showed an
increase of £692,000. The proportion of reserve to
liabilities is now 54.06%, against 52.12% last week,
and 40.79% a year ago. Gold reserves,now aggregate
£160,880,419, the largest reported this year, they
totaled a year ago £161,905,405. Loans on government securities fell £5,570,000, while those on other securities rose £2,243,000. The latter is composed of discounts and advances, which increased by £2,322,000,
REICRSBANK'S COMPARATIVE STATEMENT.
Changes
and of securities, which dropped £79,000. Public
May 7 1929. May 7 1928. May 7 1927.
for Week.
deposits and other deposits decreased £2,260,000, Assets—
Reichsmarks.
Retchsmarks. Retchsmarks. Reichsmarks.
Dec 125,956,000 1,765,619.000 2,040,894,000 1,849,778,000
Gold and bullion
and £408,000 respectively. Other deposits include Of
154,344,000
85,026,000 101,249,000
which depos.abrd. Unchanged
53,580,000 197,542,000 127,005,000
curt_ _ _Dec. 45,792,000
for'n
Res've
in
bankers accounts which rose £2,535,000 and other .Bilis ofexch.& checks.Inc. 58,821,000 2,985,418,000
2,281,666,000 1,931,361,000
60,929,000 101,920,000
and other coin_ _ Dec. 6,607,000 127,896,000
accounts which fell £2,943,000. The rate of discount Silver
16,242,000
17,634,000
15,897,000
Notes on oth.Ger. bks.Inc. 8,999,000
Dec. 53,352,000 208,725,000
39,246,000
27,119,000
Advances
remains 532%. Below we furnish the statement in Investments
Unchanged
92,899,000
94,004,000
92,851,000
Dec. 21,373,000 408,358,000 558,081.000 484,973,000
Other assets
detail for five years:
LIaI4Wtea—
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1928.
1927.
1928.
1925.
1929.
May 12.
May 11.
May 13.,
May 10.
May 9.
£
£
£
E
£
Circulation
6362,793,000 135,218,000 136,169,645 141,651,590 147,606,235
Public deposits
8,679,000 13,074,000 12,759,974 21,264,451 17,425,543
Other deposits
98,753,000 100,782,000 102,094,453 102,150,784 102.159,081
Bankers' accounta„ 63,223,000
Other accounts
35,530.000
Governm't securities 39,781.855 29,457,000 47,824,229 46.130,328 33,302,144
Other securities_ _._ 27,311,000 55,696,000 47,220,123 68,671,750 78,331,998
Met. & advances__ 11,607.000
-..Securities
15,705,000
Reserve notes & coin 58,086,000 46,437,000 37,539.033 26,360,713 25,760,629
Coln and bullion ....al60,880,419 161,905,405 135.958,678 148,262,303 153,618,864
Proportion of reserve
to liabilities
21.35%
2134%
32.70%
54.06%
40.79%
Bank rate
5%
4A %
5%
4 yi%
54%
a Includes, beginning with Aprll 29 1925, £27,000,000 gold coin and bullion
Previously held as security for currency notes issued and which was transferred to the
Bank of England on the British Government's decision to return to gold standard.
13 Beginning with the statement for April 29 1925, includes £27,000,000 of Bank
of England notes Issued in return for the same amount of gold coin and bullion
held up to that time in redemption account of currency note issue.
Notes in circulation_ Dec. 189,068,000 4,442,428,000 4.238,937,000 3,503,967,000
351,000 584,768,000 460,549,000 572,014,000
0th. daily mat. oblig _Deo.
Inc. 4,159,000 294,793,000 189,517,000 188,742,000
Other liabilities
Money rates in the New York market continued
this week to reflect the strained credit conditions
occasioned by the widespread speculation in securities, the figure for call money ruling at 14% in most
sessions and only relaxing late in the week. The
renewal rate Monday was 1070,but scant supply and
a strong demand operated to send the rate to 14% in
the initial session of the week. Withdrawals for
the day were relatively light, amounting to about
$10,000,000. The marked firmness continued Tuesday and Wednesday, both renewals and new loans
Mix
11 1929.]
FINANCIAL CHRONICLE
being arranged at the undeviating figure of 14%.
Bankers' acceptances and time money registered
inoderate increases. In Thursday's market demand
money renewed again at 14%, but somewhat more
liberal offerings caused a drop in new loans to 10%.
In yesterday's final money market session of the
week call money renewals were fixed at 1070, but
an additional influx brought about a drop to a closing figure of 670. Loans to brokers against stock
and bond collateral, as reported by the Federal Reserve Bank for the week ended Wednesday night,
showed an increase of $19,000,000. This was the
third successive weekly gain. Gold movements
through the Port of New York for the week to Wednesday consisted almost entirely of imports, the
receipts amounting to $13,212.000. Exports were
only $1,000. Stocks of earmarked gold held for
foreign account at the Reserve Bank decreased
$11,124,000 in the same period.
Dealing in detail with the call loan rates on the
Stock Exchange from day to day, the renewal rate
on Monday was at 10% and from this there was an
advance to 14%. On Tuesday and Wednesday all
loans were at 14%, including renewals. On Thursday, after the renewal rate had again been fixed at
1470, there was a decline to 10%, and on Friday,
after the renewal rate had been fixed at 10%, there
wasa drop to6%. Time money rates have further stiffened this week,though as a matter of fact there has
been virtually no time money available. On Monday
the quotations were 814@81/
27
0 for 30,60 and 90 days
and for four months, and 8@8y47
0 for five and six
months. On Tuesday the quotations were 83
/
4@97
0
for 30 days, 81/
2@83
/
47
0 for sixty and ninety days,
and 8%@81/
27
0 for four, five and six months. On
Wednesday there was an advance to 970 for 30 and
60 days, to 834(g970 for 90 days and to 81/
2% for
four, five and six months. On Thursday quotations
were 970 for 30, 60 and 90 days and 83
4% for four,
five and six months. On Friday the rate was 81/
2@
97
0 for all dates from 30 days to six months. The
market for commercial paper has slightly improved.
Nominally rates for names of choice character maturing in four to six months are 670 while names less
well known are 6147
0, with New England mill paper
quoted at 6%.
The market for prime bank acceptances was moderately active early in the week, the greatest demand
being for 30 day bills. On Thursday and Friday the
market turned dull despite the fact that offerings
were greatly increased. On Tuesday rates were
marked up 1/
8 of 1% in both the bid and the asked
columns for all maturities except those for 30 days;
on the other hand on Wednesday rates were reduced
/
1 8 for 150 and 180 day maturities. The posted rates
of the American Acceptance Council are now 5%7
0
2% asked for bills running 30 days, and
bid and 51/
27
0
also for 60 and 90 days, and 53470 bid and 51/
asked for 120, 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 been revised
and are now as follows:
Prime eligible Mile
SPOT DELIVERY.
—180 Days— —150 Days—
Bid. Asked.
Bid. Asked.
534
531
634
531
—120 Days—
Bid. Asked.
531
5%
Prime eligible bills
—90 Days—
Bid. Asked,
534
6%
—60 Days—
Bid. Asked.
534
534
—80 DOIM-BM. Asked.
634
554
4073
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible members banks
Eligible non-member banks
53( bid
534 bIG
On May 4 it was announced by the Federal Reserve
Board at Washington that, effective May 6,the rediscount rate of the Federal Reserve Bank of Kansas
2 to 57
0. The 41/
2%
City would be increased from 41/
rate had prevailed at the Kansas City Bank since
June 7 1928.
There have been no other changes this week in
Federal Reserve Bank rates. The following is the
schedule of rates now in effect for the various classes
of paper at the different Reserve Banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASS
AND MATURITIES OF ELIGIBLE PAPER.
Federal &sem Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louts
minneaDolie
Kansas City
Dallas
Ban Francisco
Rate in
Erna on
May 10
54
54
Date
Established.
Freeform
Rats.
July 19 1928
July 13 1928
July 201928
Aug. 1 1928
July 13 1928
July 14 1928
July 11 1928
July 19 1928
Apr. 25 1928
May 6 1928
Mar. 2 1929
June 2 1928
454
434
434
434
434
434
434
434
4
434
434
Sterling exchange was irregular throughout the
week, showing evidences of pressure and strongly in
dined to sag, although seasonal influences might have
been expected to lend some support to the pound.
% to 4.85
The range this week has been from 4.845
for bankers' sight, compared with 4.84 13-16 to
4.85 1-16 last week. The range for cable transfers
has been from 4.851
% to 4.85 5-16, compared with
% the previous'week. As during many
4.853-i to 4.853
exchange, and for that matter, all
sterling
weeks past,
continues to be dominated
exchanges,
European
the
by the strong pull of high money rates in New York.
Although industrial interests in Great Britain are
hoping, and it is believed urging, that there should
be no increase in the Bank of England rate of rediscount, bankers here and also on the other side seem
to be strongly of the opinion that the Bank will soon
be obliged to increase its rate of rediscount, although
it continues, as during many weeks past, to strengthen
its gold reserve position. However, it is persistently
rumored here that the Federal Reserve Bank may
increase its rate of rediscount. While there is a large
body of opinion on this side opposed to any further increase in the rediscount rates here, some even urging
a reduction from current rates, nevertheless it is asserted in usually well informed quarters that the Federal Reserve Bank of New York has had an application before the Federal Reserve Board for several
weeks past for permission to increase its rate of rediscount. This, if correct, presents the possibility of
a higher rate here before long, and of course should
such action be taken, the Bank of England might
have to further advance its own rate of discount.
This week's advance in the rediscount rate of the
Kansas City Federal Reserve Bank to 5% lends
strength to the opinion held in many quarters that the
New York Reserve Bank may increase its rate and
gives further probability to the continuance of high
money rates here and hence leads to the belief that
sterling exchange must continue under pressure
throughout the summer when tourist requirements
and other seasonal factors might be expected to
strengthen the pound. In May a year ago sterling
cables ranged between 4.877
% and 4.88 7-16. When
giving
factors
firmness to the pound
the seasonal
began to ease off in July sterling had a leeway of
3074
FINANCIAL CHRONICLE
[ToL. 128.
about 33/ cents before the gold point was reached. ©4.85 5-16 for cable transfers. On Tuesday the
At present sterling holds hardly one-quarter of a market continued dull and irregular. The range was
cent above the point at which it becomes profitable 4.84%©4.84 15-16 for bankers' sight and 4.853©
to ship gold from London to New York. At present 4.85 9-32 for cable transfers. On Wednesday the
the London money market is congratulating itself market was inclined to ease. Bankers' sight was
upon the success with which the Bank of England 4.84 11-16©4.847
4;cable transfers 4.85 5-32©4.853.
has increased its gold reserves in preparation for the On Thursday sterling was under pressure. Bankers'
fall drain and pressure on sterling which begins sight was 4.84%©4.84%; cable transfers 4.84
4.85 3-16. On Friday the range was 4.84 11-16©
around August.
This week the Bank of England reports a net gain 4.85 for bankers' sight and 4.85 5-3204.85 6-16 for
of £2,114,256 in gold holdings, bringing the total to cable transfers. Closing quotations on Friday were
£160,880,419..- This represents an increase of "£10,- 4.84% for demand and 4.853 for cable transfers.
962,973 since Feb. 7, when the Bank advanced its Commercial sight bills finished at 4.848
%;60-day bills
rediscount rate to 53/2%. Bullion holdings are now at 4.803; 90-day bills at 4.78 3-16; documents for
at the highest since Nov. 27. The present total of payment (60 days) at 4.803; 7-day grain bills at
the bullion item compares with £161,905,405 a year 4.83 15-16. Cotton and grain for payment closed
ago. Most of the recent gold accessions were ac- at 4.84%.
quired in the London open market. On Monday
the Bank bought £200,532 in gold bars, received
The Continental exchanges have been dull and
£1,000,000 in sovereigns from abroad and exported irregular. Virtually all have been ruling easier than
£5,000 in sovereigns. On Tuesday the Bank pur- last week. German marks have been fairly steady,
chased £813,394 in gold bars. On Wednesday the considering the slump of several days ago and the
Bank of England sold £10,254 in gold bars and ex- comparatively weak position of the Reichsbank,
ported £2,000 in sovereigns, and on Thursday sold together with the uncertainty respecting the out£13,636 in gold bars and bought £4,000 in foreign come of the reparations conference. In other regold coin. On Friday the Bank bought £4,447 in spects the facts affecting mark exchange remain
gold bars and exported £2,000 in sovereigns. At unchanged. The Berlin money market has not
the Port of New York the gold movement for the entirely recovered from the fear of a further increase
week May 2-May 8, inclusive; as reported by the in the Reichsbank's rate of rediscount. The ReichsFederal Reserve Bank of New York, consisted of bank continues to restrict the amount of credit it
imports $13,212,000, of which $8,994,000 came extends to borrowers. By this means it evidently
from Germany, $4,000,000 from Argentina and hopes to create a scarcity of credit in Germany which
$218,000 from Latin America. Exports consisted would tend to bring the outward movement of
of $1,000 to Czechoslovakia. The change in ear- funds to a halt. This policy has been in effect now
marked stock of gold was a decrease of $11,124,000. for the past few weeks and it may take a few weeks
This is equivalent to an import of a like amount of more before the full effect of the policy will become
the metal.
clear. If it is successful a further increase in the
'Canadian exchange continues at a discount, al- Reichsbank rate of rediscount may not be necessary.
though as a seasonal matter Montreal funds might As noted above, the Federal Reserve Bank of New
be expected to be at least at par if not at a slight pre- York reports a further increase of $8,994,000 in gold
mium. Credit is in high demand for commercial from Germany. Of course, the extremely high
and industrial purposes in Canada, as well as on this money rates prevailing in New York which have
side of the border. It might also be remarked that now forced up rates in almost all centres are largely
credit is in strong demand there, as here, for invest- responsible for the weakness in German marks and
ment in security markets. There is a large flow of the withdrawal of foreign funds from the German
Canadian funds to this side for employment in the centres. German interests are also sending funds
security markets here, and of course the high charges out of the country. In addition the tight money
for call money keeps a great deal of Dominion funds here has greatly reduced the volume of foreign loans
here. These factors, together with the fact that placed by Germany in the past year. The ReichsCanada has a very large unfavorable commodity bank's loss of gold is not regarded as the most debalance as between itself and the United States, are pressing factor in the situation, for had not the gold
the chief causes for the discount on Montreal funds. been shipped the quotation for marks would be
The opening of navigation on the Great Lakes was much lower. Nevertheless, the circumstances which
expected to mark the turning point for the better in compelled the shipments render the situation much
Canadian dollars. However, the export demand for involved. The "Frankfurter Zeitung" predicts that
wheat has been poor and at present, at least, it is a the Reichsbank will soon request the transfer combuyers' market. The world supply of wheat at the mittee to suspend reparation payments. Banking
moment seems to far exceed demand. and Liverpool opinion in Berlin, however, seems to be averse to
brokers are buying only enough to cover immediate such a measure on the ground that it might induce a
requirements, and from all accounts are looking for further selling of marks.
French francs have been inclined to irregularity
still lower levels. These requirements are largely
being met by Argentina and Australia, while Cana- and ease in common with sterling and the leading
dian wheat is piling up in the elevators. Of course, Continentals. There was no market for francs on
the wheat situation is unfavorable to Montreal ex- Thursday and most of the other exchanges were extremely dull as the day, Ascension Day, was a holichange.
day in France and Germany and in all Catholic counsterling
exchange
on
Referring to day-to-day rates,
Saturday last was irregular. Bankers' sight was tries. That the Bank of France continues to sell
4.84%04.85; cable transfers 4.8534©4.85 5-16. On gold from its earmarked stock to the German ReichsMonday the market was dull and irregular. The bank is evident from the continued decrease in earrange was 4.84%@4.85 for bankers' sight and 4.853 marking reported by the Federal Reserve Bank of
May 11 1929.]
TNANCIAL CHRONICLE
-New York. Referring to these three-cornered gold
operations, a recent dispatch to the New York
"Times" from Paris says:
"These latest operations of the Bank in the gold
market are not at all mysterious. The Bank of
France did not, strictly speaking, sell "earmarked"
gold to the German Reichsbank. There were two
separate transactions, each simple enough. First,
the Reichsbank needed to send gold to New York,
whereas the Bank of France clesired to bring home
from New York part of the gold already earmarked
for its account at the Reserve Bank. Therefore the
Reichsbank sent gold to Paris and the Bank of France
placed an equivalent amount of gold at the Reichsbank's disposal in New York. This saved the cost
of a double shipment and produced the result desired
by each party.
"Second, when the Reichsbank wished to sell gold
held in New York, the Bank of France bought it,
paying in dollars from credit balances available on
the New York market. The character and result
of both operations show that the Bank of France not
only did not sell gold to the German Reichsbank,
but bought gold from the German institution th add
to its own reserve."
Italian lire reflect the lower trend of the major
Continentals for reasons frequently enumerated here.
The London check rate on Paris closed at 124.21
on Friday of this week, against 124.17 on Friday of
last week. In New York sight bills on the French
centre finished at 3.903
%
% on Friday, against .3.905
on Friday a week ago; cable transfers at 3.90%,
against 3.90%, and commercial sight bills at 3.90 1-16
against 3.90 5-16. Antwerp belgas finished at
13.87% for checks and at 13.883/ for cable transfers,
against 13.88 and 13.883
4 on Friday of last week.
Final quotations for Berlin marks were 23.70 for
checks and 23.71 for cable transfers, in comparison
with 23.69 and 23.70 a week earlier. Italian lire
closed at 5.23 7-16 for bankers' sight bills and at
5.23 11-16 for cable transfers, as against 5.24 and
5.243's on Friday of last week. Austrian schillings
closed at 14.10 on Friday of this week, against 14.10
on Friday of last week. Exchange on Czechoslovakia finished at 2.96, against 2.96; on Bucharest at
0.593/
2, against 0.593,; on Poland at 11.23, against
11.23, and on Finland at 2.52, against 2.52. Greek
exchange closed at 1.2934 for checks and at 1.293/
2
for cable transfers, against 1.293 and 1.293/2.
The exchanges on the countries neutral during the
war have been dull. The Scandinavian units have
been generally ruling lower. This is only a normal
readjustment of these rates to low sterling and mark
exchanges. Holland guilders, however, continue
firm, as during the past few weeks. As stated here
last week,the special firmness in guilders is due largely
to payments to Holland for its tropical exports.
Spanish pesetas continue to decline. The commissiop appointed by the Government to study the reestablishment of the gold standard reported on
Wednesday of last week that the time had not yet
arrived for official stabilization of the peseta. Nevertheless, there seems to have been no effort by the
exchange committee in Madrid to prevent the unit
from going lower in other markets.
Bankers' sight on Amsterdam finished on Friday
at 40.193/2, against 40.19 on Friday of last week;
/
2, against 40.21; and comcable transfers at 40.211
2. Swiss
mercial sight bills at 40.16, against 40.153/
francs closed at 19.253 for bankers' sight bills and
at 19.263/3 for cable transfers, in comparison with
3075
19.253
% a week earlier. Copenhagen
% and 19.263
finished
at
checks
26.643/ and cable transfers at
26.66, against 26.653/ and 26.67. Checks on Sweden closed at 26.703/ and cable transfers at 26.72,
against 26.71M and 26.73; while checks on Norway
finished at 26.653/3 and cable transfers at 26.67,
1 and 26.68. Spanish pesetas closed
against 26.66%
at 14.27 for checks and at 14.28 for cable transfers,
which compares with 14.30 and 14.31 a week earlier.
The South American exchanges have been dull,
and inclined to weakness. As already noted, this
week the Federal Reserve Bank reports imports in
gold from Argentina of $4,000,000. The steady improvement in the export position of Argentina is a
factor supporting exchange. Brazilian milreis continue to show a tendency to softness. President
Washington Luis of Brazil in his annual message to
Congress on Friday of last week emphasized the
improvement in the financial position of Brazil
during the year. The message pointed out the good
results 'of the President's stabilization policy, the
firmness of exchange and the confidence in. business
and in the money market, with the financial life on a
gold basis. The national gold reserve was doubled to
£30,000,000 in addition to the £50,000,000 proceeds
of coffee in the Brazilian warehouses. The President
announced that the floating debt was nearly liquidated. The message announced a decrease in the circulating currency of about 26,000,000 reis and an
increase in convertible gold circulation. Argentine
paper pesos closed on Friday at 42.05 for checks, as
compared with 42.08 on Friday of last week; and at
42.10 for cable transfers, against 42.13. Brazilian
milreis finished at 11.87 for checks and at 11.90 for
cable transfers, against 11.93 and 11.96. Chilean
exchange closed at 12 1-16 for checks and at 121%
%; and
for cable transfers, against 12 1-16 and 121
Peru at 3.99 for checks and at 4.00 for cable transfers,
against 3.99 and 4.00.
The Far Eastern exchanges show little change from
a week ago. The Chinese exchanges are fractionally lower, owing to the lower price of silver. For
several weeks past the Chinese markets have been
heavy sellers of silver. Of course the long-continued
political upheaval in the Far East is not conducive to
a steady exchange market. Japanese yen have been
fairly steady, although there is continued pressure
on yen. Tokio dispatches state that banking profits
are falling in Japan, due to the surplus of money with
which the financial institutions are confronted.
Money rates have declined to a point where ordinary
commercial paper yields less than the banks pay on
fixed deposits. Under such circumstances there is
a steady outflow of Japanese funds seeking investment, especially in dollar and sterling securities.
This, of course, is the greatest factor in the depression
of the yen. London dispatches on Thursday stated
that the Imperial Bank of India had reduced its rediscount rate to 6%from 7%,the rate which had been
in effect since April 11 1929. Closing quotations for
yen checks Friday were 44 11-16®45, against 44.80
®45 on Friday of last week. Hong Kong closed at
48%@483
4, against 48%@48%; Shanghai at 60%
(4)60 9-16, against 60%®60 9-16; Manila at 50,
against 50; Singapore at 563, against 563j; Bombay
/s, against
at 36%, against 36%, and Calcutta at 363
36%.
3076
FINANCIAL CHRONICLE
[vol.. 128.
Pursuant to the requirements of Section 522 of the
Tariff Revision, Wholesale and Retail.
Tariff Act of 1922, the Federal Reserve Bank is now
It
may well be doubted if a baker's dozen, figuracertifying daily to the Secretary of the Treasury the
tively
speaking, of the people who voted for Mr.
buying rate for cable transfers in the different counHoover
last November expected that the new Contries of the world. We give below a record for the
gress
would
undertake a wholesale revision of the
week just past:
FOREIGN =CHANGE RATES CERTIFIED BY FEDERAL RESERVE tariff. The tariff had not been made a prominent
BANKS TO TREASUAY UNDER TARIFF ACTS OF 1922
issue in the Republican campaign. It is true that
MAY 4 1929 TO MAY 10 1929, INCLUSIVE.
the Kansas City platform declared in favor of
Noon Dieing Rate for Cabld Transfers to New York;
Comity and Monetary
"adequate tariff protection to such of our agriculValue in Untied States Money.
Untt.
May 4. May 6. May 7. May 8. May 9. May 10.
tural products as are affected by foreign competiEUROPE3
,
3
it
$
$
$
tion," and pledged the Congress, if it should be ReAustria, schilling __-- .140432 .140482 .140408 .140457 .140492 I .140442
Belgium, beige
.138827 .138837 .138827 .138831 .138803 .138810
publican,
to such tariff revision as should aid certain
Bulgaria, 1ex,
.007215 .007180 .007211 .007181 .007186 .007229
Csechoslovakia, krone .029598 .029596 .029595 .029596 .029598 , .029595
which "cannot now successfully compete
industries
Denmark. krone
.266605 .266557 .266530 .266510 .266521 , .266504
I
England, pound sterwith
foreign
production because of lower foreign
ling
4.852721 4.852513 4.852109 .851835 4.851354 4.851575
Finland, markka
.025158 .025155 .025157 .025158 .
.025153
wages
and
lower
costs of living abroad"; but the
France. franc
.039080 .025155 .039072 .039059 .039057 .039055
Glermany,reichsmark- .237006 .237093 .237192 .237111 .237073 .237069
first of these declarations seemed clearly to make
Greece. drachma
.012928 .012921 .012924 .012923 .012920 .012922
Holland. guilder
.402079 .402015 .401991 .401972 .401964 .402018
tariff revision only an incident in the larger plan
Hungary, pengo
174301 .174261 .174246 .174215 .174278 .174261
Italy, lira
.052409 .052390 .052390 .052379 .052370 .052366
Norway, krone
of farm relief, while the second, if it meant anything
.266681 .266670 .266636 .286619 .266612 .266571
Poland,zloty
.111950 .111850 .111859 .111945 .111815 .111922
Portugal. escudo
.044640 .044675 .044840 .044740 .044540 .044740
more than a sop to the general policy of protection,
Rumania,len
005951 .005950 .005945 .005944 .005943 .005942
Spain, peseta
.142934 .142129 .142308 .142272 .142645 .142463
apparently
indicated that revision was to be limited.
Sweden.krona
.267219 .267200 .267181 .267159 .267133 .267119
Switzerland. franc.-- .192653 .192625 .192616 .192616 .192587 .192591
In
his
message
at the opening of the present Congress
Yugoslavia, dinar
.017567 .017560 .017570 .017558 .017555 .017560
ASIAMr. Hoover specified "limited changes in the tariff"
OhinaCheloo tael
.625416 .625416 .626458 .625208 .623958 .625208
as one of the "two pledges given in the last election"
Hankow tael
.618750 .618750 .620156 .618437 .617343 .618281
Shanghai tadl
.602857 .602857 603839 .602142 .601339 .602053
which Congress had been convened at an early date
Tientsin tadl
.635E33 .635833 .636458 .635625 .634791 .635625
Hong Kong dollar
.484821 .484464 .484553 .484642 .483928 .484575
in
order to redeem; and while his discussion of the
Mexican dollar_ __ .436250 .437500 .436000 .435000 .434500 .435750
Tientsin or Peiyani
dollar
tariff opened the way to a liberal interpretation of
.435416 .435416 .436666 .435416 .434166 .435416
Yuan dollar
.432083 .432083 .433333 .432083 .430833 .432083
India, rupee
the word "limited," most of what Mr. Hoover had
.362208 .362193 .362143 .361818 .361831 .362031
rapan. Yen
.447421 .447255 .446375 .447763 .447928 .447263
lIngapore(8.S.)dollar. .559583 .559583 .559583 .559583 .559583 .559583
to
say related"to the agricultural situation, and to
NORTH AMER.".lanada, dollar
.992450 .992508 .992726 .992743 .993774 .994971
the
need which he felt existed for some changes in
3uba. peso
.999997 1.000231 1.000310 1.000247 .999935 1.000185
ktexIco. peso
.482175 .481725 .481850 .481800 .481675 .481750
the
administrative provisions of the Fordney8ewfowadland, dollar .989875 .990000 .990078 .990062 .991312 .992578
SOUTH AMER.McCumber
act regarding the Tariff Commission and
LrgentIna. Peso(gold) .956143 .955694 .955904 .955754 .955794 .956076
Stasi!, mike!.
.118870 .118745 .118654 .118660 .118663 .118590
the valuation of imported goods.
:Mile. peso
.120534 .120533 .120533 .120427 .120423 .120425
Yruguay, peso
.971506 .970506 .971684 .971056 .971503 .971563
The bill which the Ways and Means Committee
3olotobla. peso
.963900 .963900 .963900 .963900 .963900 .963900
presented to the House of Representatives on
Owing to a marked disinclination op the part of Wednesday is anything but a limited revision. It is
two or three leading institutions among the New a measure of wholesale revision from top to bottom,
York Clearing House banks to keep up compiling in and out and across, administrative provisions and
the figures for us, we find ourselves obliged to dis- all. Every one of the sixteen schedules, with the
continue the publication of the table we have been
giving for so many years showing the shipments and single exception of tobacco, has been overhauled.
From one-fourth to one-third of the existing rates,
receipts of currency to and from the interior.
As the Sub-Treasury was taken over by the Fed- it is estimated, are affected by the proposed changes,
eral Reserve Bank on Dec. 6 1920, it is als'o no longer and in the majority of cases the revision is upward.
possible to show the effect of Government operations There are increased rates on cotton yarn and thread,
in the Clearing House institutions. The Federal cotton cloth and most of the higher grades of manuReserve Bank of New York was creditor at the Clearfactured cotton goods; on practically all manufacing House each day as follows:
tures of wool, including blankets and clothing, and
NEW
YORK
BALANCES
OF
FEDERAL
DAILY CREDIT
RESERVE BANE
AT CLEARING HOUSE.
on more than thirty items in the chemical schedule.
Saturday. Monday. Tuesday, Wednesday Mosel/, Friday.
dope:ate
The rates on iron and steel remain about as at presMay 9.
May 10.
May 4.
May 6.
May 7.
May 8.
for Week.'
ent, and logs and'lumber will continue to come in
151,800,100 113.000.000 135.000,000 144.000,0K 140.000.000 130.000.000 Cr 813.000.000 free, but various kinds of building material, includNote.-The foregoing heavy credits reflect the huge mass of checks which come ing cedar
shingles and lumber and common building
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 brick (the latter now on the free list), are to pay
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 duty.
New York are not accounted for in arriving at these balances, as such checks do
Particular interest, of course, attaches to the agrinot pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.
cultural schedule, since it was the farmers who were
to be specially "relieved." The rate on Cuban raw
The following table indicates the amount of bulsugar
goes up from 1.76 cents a pound to 2.40 cents,
hon in the principal European banks:
and on Cuban refined sugar from 1.91 cents to 2.80
May 10 1928.
May 8 1929.
cents. These changes, of course, are intended primarBanks of
Gold.
Silver. I Total.
Total.
Gold.
ily to benefit the Americ.in beet sugar industry.
I
£
England_ 160.880,419
1161,905,405 The rate on raw wool is raised from 31 cents to 34
160,880,419 161,905.405
France a_ _ 227,340,294
227,340,294 147,141,638 13,718.0321160,859,670
d
Germany b 88,231,220 n994.600 89,225,820 100,718,050
994.600101,712,650 cents a pound. The duty on wheat remains at 42
Spain
102,394.000 28,780.000 131,174,000 104,318,000 28,153,000 132.471.000
Italy
50,406.000 cents a bushel, but that particular rate had already
56,520,000 50,406,000
56,520.000
NetherY Os 36,017,000 1,770,000 37.787,000 36.263.000 2,177,000 38,440,000
Nat, Belg_ 27,488,000 1,270,000, 28,758,000 21.704,000 1,244,000 22,948,000 been
imposed by President Coolidge in 1924, under
Switzerl'd 19,704,000 1.664,000 21,368,000 17,511,000 2.323.0001 19.834,000
I 12.893,000
Sweden _ 13,040,000
I 13,040,000 12,893,000
the
so-called
flexible provisions of the Fordney641.000.
10,750,000
Denmark
10,109,000
9,593.000
10,063,000
470,000,
1 8.180,000
Norway
8,157,000
I 8,157,000 8,180,000
McCumber act, in place of a previous figure of 30
Total week749,364.933 34.948,600784,313,533671,149,093 49.250.632720,399.725
Frey. week 742.042,477 34.869,600 776,912,077669.274.952 49.180.472718.455.424 cents. The duty on corn goes up from 15 cents to
a These are the gold holdings of the Bank of France as reported in the new form 25 cents a bushel, and that on rice from 2 cents to
of statement. b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year is £2,481,300. c As of Oct. 7 1924. 2.5
cents a pound Other increases of interest to
d Sllver is now reported at only a trifling sum.
MAY 11 1929.]
FINANCIAL CHRONICLE
the farmers include 48 cents instead of 20 cents a
gallon on cream, 5 cents instead of 2.5 cents a gallon
on fresh milk, 2.5 cents in place of 0.75 cents a
pound on fresh pork, and 2 cents instead of 0.5 cents
a pound on hogs. The rate on butter is raised from
8 cents to 12 cents a pound, the latter figure, however, being the one fixed by President Coolidge in
1926. The present rates on barley, rye, oats and
potatoes remain unchanged, but the rate on buckwheat goes up from 10 cents to 25 cents a hundred
pounds.
The administrative changes proposed are of farreaching importance. The Tariff Commission is
reorganized by increasing its membership from six
to seven, terminating the services of present members whenever new members are appointed and eliminating the requirement that the Commission shall be
bi-partisan. Mr. Hoover will be able, accordingly,
if the bill becomes law, to appoint a Tariff Commission composed entirely of Republicans. In place
of the present provision which requires the Tariff
Commission, in recommending to the President increases or decreases of duties, to base its recommendations upon the equalization of domestic and foreign costs of production, the bill authorizes the
President, in case such differences of cost cannot
be equalized, to proclaim a rate "based in whole or
in part upon such selling price as in his judgment is
shown to be necessary," subject only to the present
limitation of a 50 per cent. change upward or downward. The Board of General Appraisers, by which
name the present Customs Court is hereafter to be
known, is to be deprived of jurisdiction over the
basis of valuation in the appraisal of imports, the
decision of the local appraiser, subject to review by
the Secretary of the Treasury, being made final.
One effect of this latter change, it has been pointed
out, may be to bring about different valuations of
imported merchandise at different ports of entry.
Judging from the outspoken criticisms which were
voiced as soon as the provisions of the bill were
known, the new rates are likely to be attacked from
all points of the compass. The Washington correspondent of the New; York "Times" reports that
Joseph R. Grundy, president of the Pennsylvania
Manufacturers' Association, finds that "the few
rises" proposed "fall short" of meeting what is required, and that some of the administrative provisions are "more unsatisfactory than these contained
in the existing law." New England members of the
House object to keeping boots, shoes and leather on
the free list and want specific instead of ad valorem
duties on textiles; Wisconsin insists upon a duty
on calfskins; New'Jersey, Delaware and Maryland
want a duty of 60% instead of 25% (the latter an
increase from 15%) on canned tomatoes, and Oklalahoma desires a duty on fuel oil. The farmers,
whose idea of a protective tariff appears to be one
that will raise the prices of whatever they have to
sell without raising the prices of anything they need
to buy, are reported to be up in arms over the negligible amount of "relief" that they are able to discover in the bill. Representative Hull of Tennessee,
former chairman of the Democratic National Committee, declares that "the major portion of the agricultural changes only offer the farmer increased
paper rates which confer no tariff benefits," and
brands the proposed increase of the duty on corn
from 15 cents to 25 cents a bushel as "an insult to
3077
the American farmer." It is not apparent that the
proposed new duties on cotton manufactures will be
of any special benefit to the cotton planters of the
South, and the continuance of the present high duty
on wheat, while it might possibly, under some circumstances, restrict the importation of wheat from
Canada, does not seem likely to benefit the wheat
growers of this country in view of the large carryover for which producers, with the aid of the Government, are just now laboring to find a market.
There are indications that the new tariff bill will
lead to prolonged debate in Congress, and that its
political repercussions may be serious for both parties. Instead of the limited revision, designed primarily to assist agriculture, which was definitely
promised, the country is presented with a scheme of
comprehensive revision, extending,it is estimated,to
about a thousand different items, most of which,
we feel sure, do not need any more protection than
they now enjoy. The Republicans will be hard put
to it to justify the new schedules to the farmers of
the West and South. The Democrats, who will, of
course, oppose the measure, will find themselves
handicapped, as far as consistency goes, by their
own protective leanings and the unfortunate declarations of the Houston platform, but it is greatly to
be hoped that the position of former Governor Smith
of New York, who did his best during the campaign
to commit his party to a tariff policy in no substantial respect different from that of the Republicans, will be repudiated, and that whatever is unwise
or uncalled for in the proposed measure will be
thoroughly exposed and stoutly resisted. It is difficult to believe that Mr. Hoover, in calling for a limited revision of the tariff for the special relief of
agriculture, expected his request to be used as an
occasion for bringing forward a general upward revision of the Fordney-McCumber rates, but the action
of the Senate in approving, on Wednesday, the
debenture plan to which he is opposed, together with
the submission of the tariff bill by the Ways and
Means Committee in the House, raises a question
regarding Mr. Hoover's ability to command the full
support of his party in Congress.
Be this as it may, the country has now to look
forward to a prolonged and partisan tariff debate
such as it has not witnessed since 1922. The protected interests whose claims were urged upon the
Ways and Means Committee during the tariff hearings earlier in the year will be on hand to see to it,
if possible, that their demands are granted, and the
farmers will insist upon being shown where they
come in in the distribution of favors. We shall hear
from the States and the sections, from manufacturers and merchants, from the farmers and fruit
growers and cattle raisers; from everybody, indeed,
except the great mass of consumers upon whom the
burden of enhanced prices of food, clothing and other
necessaries of life ultimately falls. It will be strange
if .foreign nations, already restive under our high
tariff policy, do not protest against any changes
which will further restrict imports and make more
difficult the repayment of American loans. At the
moment, of course, it is the agricultural States that
will feel themselves most affected, and upon the
attitude of their Senators and Representatives in
Congress the fate of the new tariff bill may even-,
tually depend. The only substantial reason, it
should be remembered, for bringing forward a tariff
3078
FINANCIAL CHRONICLE
bill at this time is the hope that a limited revision
of the rates may afford some relief to agriculture.
Unless such relief can be made evident there is no
sound necessity of disturbing the tariff at all.
The Minnesota Newspaper Suppression Law.
The American Newspaper Publishers' Association,
at its annual meeting,just recently concluded, passed
a resolution pledging its membership to a united
effort to secure the repeal of what is known as the
"newspaper suppression law" of the State of Minnesota. Under the terms of this law, passed in 1925,
any judge may, without "jury trial or hearing," suppress permanently any publication which in his
opinion prints "scandalous, malicious or defamatory
matter" (such publications being declared "a
nuisance"), and under the exercise of this power the
Minneapolis Saturday "Press" was suspended in
1927. In the first place it is difficult to understand
the state of feeling that could have called for such
a law. There is a place in the courts for prosecution
for defamation of character by a newspaper, but
peremptory suspension and suppression of publication is a far different matter.
A newspaper is a continuous publication, a daily
or weekly. It is property—valuable property, as
recent sales of large city dailies have shown, and as
such is entitled to the protection of the law. To
this property an element of goodwill attaches. As
an organized integer, having a circulation and advertising, attained through systematic business effort,
it has established its value as a property regardless
of its editorial policy on public questions, whether
it be for or against the position taken by a majority
of its patrons, or the position taken by its contemporaries. To summarily abolish it because of its views
honestly held and promulgated is an equivalent to
the work of a mob which sacks its offices, destroys
its presses, and throws its type into the street. That
any judge, as the sole interpreter of the defamatory
matter in the newspaper's columns, should have this
power of destruction through suppression, is a grant
of power over property utterly at yariance with the
traditional guarantees of the Constitution and laws
thrown around the ownership and possession of property that in itself is innocent of wrong-doing. There
is no "freedom of the press" under such a condition.
So-called "defamation," though it were established
by hearing and trial, would not establish the right
of "suppression" save in the case of treason to the
United States.
But property rights are the least of the considerations in determining the right and justice of such a
law to exist. The most important aspect of the law
is that it grants to a court a power that is tyrannical.
The opinion of one man, invested with judicial
power, becomes greater than the opinions of all
men. Free speech, free press, free worship, the
great triumvirate of the freedom of the individual
under a representative democratic form of government, are set at naught. If a judge were to hold
that printed matter in a religious weekly in criticism of the tenets of another creed was "defamatory"
thereof he could suppress the publication, and thus
destroy it, and there would be no recourse. This is
contrary to all the established opinions of free
peoples everywhere. It is done in Russia, but Russia
is a despotism set up by Communism. It is partially done in a few other countries that submit to
[Vol.. 128.
the unbridled rule of dictators. But it is in no case
the province of democracies that are true to the
rule of the people. But we are taking the most
extreme example. Even in our own country, an open
discussion of the form the government, free from
the advocacy of open rebellion against its authority,
is not held to be treasonable, for a lawful change in
the structure is permissible and possible under
majority rule established in an orderly manner.
The right of honest, fair, constructive criticism
of our forms of government and our public officials
in the performance of their duties can never be
justly denied in a republic. Our courts are held in
high' esteem. In the fearless performance of their
judicial duties they are almost universally sustained
by public practice and opinion. There is, it is true,
a power vested in them to punish for contempt.
But this in no sense is the tyrannical power this
law would set up over person and property against
which there is no recourse in the law and the court
itself. It is apparent, without stopping to cite any
examples, that the vesting of arbitrary power in a
judge might be carried to an oppressive extent. -It
is said that this law provides for the suppression of
a manuscript before publication. In such a case,
if it be true, the penalty would accrue before the
offense, if it be one, is committed. But our courts
are in no sense the arbiters of public opinion. They
were not instituted to censor the press. There are
constantly appearing in our Federal courts cases
where the gist of the printed matter turns on whether
it is scandalous or scientific. But no arbitrary
power of suppression is granted. The guardian of
the press is the people, and the "consensus" of
opinion, it is manifest, holds the publications we
enjoy to a high standard of conduct. When intelligent and devoted men and women of the stage tell
us that the people themselves can elevate it by demanding clean plays we are bound to take note of
the ultimate control in all cases of censorship.
Despite their faults, our American newspapers
are the pride of our people. What was once known
as "yellow journalism" and "muckraking" is fast
disappearing. Our publications are not only fearless, they are free. Few of them abuse their privileges or seek to profit by lowering the ethical
standards now well established and followed. To
try to set up, as this Minnesota law does, a power
to suppress because of individual opinion is to fly in
the face of experience in growth and service. If it
should come to pass that a court can suppress, according to individual opinion, under the same power
it can allow a transgressor of newspaper ethics to
run, and•there would be no way in which the paper
could be haled into court.
As to ,the duty of the Legislature to repeal, that
is for the people of this great State to determine.
But it must appear that each State is a living
example to all the others. If it is really a good and
righteous law in Minnesota there is reason to believe
it would be so in all the other States. But if it is
not really a good law there, the standing of the State
demands its speedy repeal. The law is of profound
importance. The people have other means, the radio
for instance, of learning the news and opinions of
our progress; but none of these will ever supplant
the press. What is set down in cold type remains.
The speech of yesterday over the radio is gone to-day
forever into the "ether lanes" that carried it to us.
MAY 11 1929.]
FINANCIAL CHRONICLE
3079
self arrayed against the world, was reckless and
faithless.
Mr. Churchill recognized President Wilson's lofty
idealism and also his sympathy and common sense
displayed at Versailles; but deplores the results
which, even with his well chosen "fourteen points,"
he could not ultimately attain. They were possibly
at that hour an impossibility. Central Europe was
in the midst of a political convulsion. Every man's
hand was against his neighbor, under the pressure
of dire necessity, at home, and instinctively against
outaders. Parties and classes had everywhere lost
The Aftermath-1918-1928.
position and influence; and the new League of
The Rt. Hon. Winston Churchill in the opening Nations was only the voice of a peace yet to be
of his new book,"The Aftermath" (Scribner), says: created. The great states clamored for guaranteed
"I am sure that there is scarcely any period about security and payment of debts. Our author shows
which more has been recorded, more has been for- his faith when in the face of these conditions he
gotten, and less is understood than the four years explains: "Nevertheless the law of the structure
which followed the Armistice." This testimony will was set upon the living rock"; as he reports the
be accepted here no less readily than in Great guiding influence of the principle of self-determinaBritain. Events, as he says, "were crowded and tion now become widely advocated. For this he
turbulent, men tired and wayward." The impor- gives chief credit to President Wilson, though the
tant judgment he offers is that all of the discontent, principle itself was neither new or original, but
faction and disappointment was in itself "a process it was then given life and was accepted by both
of growth." In this light the volume before us, victors and vanquished. On this his concluding
besides its abundance of interesting incident, will judgment is that the map of Europe has for the
command attention. It is the sequel to his historical first time been drawn in general harmony with the
account of the war.
wi: hes of its people.
William II. was now added to the list of mighty
There were still many fresh settlements to be
sovereigns and military lords whom England during made. The Allies failed to act effectively in their
400 years had successfully withstood. Furthermore, efforts in the re-establishment of boundaries and
England was now united with France, her nearest divided peoples. Russia, Finland, Estlionia, Latvia,
neighbor and oldest enemy, by ties strong and dur- Lithuania and • Poland were given opportunity to
able. British troops and those of the United States establish themselves as civilized states; and that
had for the first time fought side by side, and the repulsion of aggressive Socialism in Britain, France,
British Empire had withstood every shock since the Italy and elsewhere was begun which has developed
beginning of the world-convulsion now over. The a strong general repulsion today. The Allies also
ordeal was ended and both England and the world fell short of making their will and strength of use
counted upon enduring peace. Unhappily these jubi- to guide, still less to control, the wild force let loose
lant hours were brief. The disillusionment came in Turkey, and to prevent the ruthless massacres
swiftly. The loss and the suffering were too severe which gave the Turks again the terrible name they
and universal to be disregarded; enmity had been won when centuries ago they first appeared in modaroused too deep to be promptly uprooted. When ern history. That tale and the indecision of the
"the shouting and the Kings were gone," life in con- Allies, and if it must be said, their faltering, coupled
ditions unlooked for and unintelligible appeared on with the sad story of Greece, are too well known to
all sides, and there was no escape. Conditions at enter here, but full details may be found in the book
home absorbed and perplexed the leaders now called before us, to 'be read by all who would have a part
to give all thought to conditions abroad.
in the task of redressing the wrongs of the past and
Is it any wonder that, reviewed in the light of establishing new relations and conditions of long dewhat has followed, policy was faltering, judgment ferred peace for "the Near East," that once fertile
faulty, action feeble and misled or hopelessly delayed and prolific, but much trampled, garden of the world.
till it was too late; or as our author says, the transiMr. Churchill supports the position now taken by
tion to peace, at least for Britain, was more violent the advocates of peace for the world, that the inthan the entry into war? In fact, it involved a disputable proof of aggression on the part of any
revolution of their minds. Energy and treasure nation shall henceforth be the sending of its armed
could not continue to be used up at such a pace. forces across a neighboring frontier before any presOnce the supreme incentive was removed the con- entation of its grievance is made to a judicial
sciousness of the strain became unbearable. Ex- tribunal. The violation of Belgium and Luxemburg
haustion, nervous and physical was on all. Antici- by the German armies marching upon France "will
pative preparations might meet immediate need, but stare through the centuries from the pages of histhey were of necessity short-lived. Other require- tory." The Triple Entente could never have attacked
ments, mainly new and clamorous, asserted them- the Central Powers. It would have fallen to pieces
selves. Human nature found the field open to all at the first aggressive move of any one of its memits fretted impulses. Antagonism abroad and strife bers. Its unyielding spirit which surprised and
at home created new perils which a public mind alarmed the German Emperor was the inevitable
inured to the horrors of war little regarded. Russia, result of the completeness of the German preparation
already in the hands of the Soviets, became the cen- for war displayed in every act, but now found to
ter of acute disturbance; and having suffered enor- face a supreme test. The German ambassador, in
mous losses in every direction, and with a policy fact, had received instructions, in case France should
And once delivered there is no exposition of its
meaning and import save through the memories of
those who "listen in." But the doings of to-day
receive editorial comment to-morrow that may be
referred to next week or next year. The newspaper
is our greatest mental aid and always will be. Its
responsibility is well understood by publishers,
associated and individual. To grant to any part of
our institutions the power of suppression is to, destroy its usefulness and to enslave and degrade the
people.
3080
FINANCIAL CHRONICLE
[VOL. 128.
desert Russia and declare neutrality, to demand the
But the "good press" which the action of the Jugoslav
surrender to Germany of the fortresses of Toul and ruler had in America was not always based on a complete
Verdun as guarantee for the future. The issue, comprehension of the situation in Belgrade. Many editorial
writers regarded it as a victory for the Croatian Peasant
Mr. Churchill feels, may now be left to the long jus- Party, which
had thus got rid of the hated Parliament in
tice of the German people.
Belgrade, and foresaw the concession of all the demands of
He holds that the Marne will long remain "the the Zagreb politicians. The legend had gained ground in the
mystery of all time."' Five hundred volumes of United States that the Croatians, culturally and intellecnarrative and comment have been written. Not tually, stood on a higher plane than their Serbian brothersin-race and were being subjected to intolerable oppression
much real fighting, comparatively few casualties, by
an ignorant and brutal
majority. As a conseno decisive episode. Fifty explanations and no de- quence, having got rid of theSerbian
Belgrade Parliament and policisions. We only know that here came the time for ticians, all that need be done was to grant all the Croatian
peace. No one would hear the call for it. The demands and everything would be for the best in the best
armies were to dig in. Tanks and poison gas and of all possible Jugoslavias.
As the process of reform undertaken by King Alexander
much else were yet to come. The cup was to be
goes on the results may not be in conformity with this somedrained.
what simple formula and certain editorial writers may lose
Spring came and events moved forward swiftly. some of their early enthusiasm. The solution
of the probDivided counsels, half hearted measures, grudged lem is nothing like so simple as they suppose. In the first
resources, makeshift plans, no real guidance or ade- place, the legend of the cultural and intellectual superiority
quate control. Destruction spread, misery and sor- of the Croatians over the Serbs will probably undergo conrow beyond words were in countless homes; and siderable modification, and this for the simple reason that
it does not exist. The Croats, in their culture and their
America stood apart. A second climax followed the point of view, are different from, but not
superior to the
Marne, in the Dardanelles; and then a third in the Serbs. It is true that in their long association with Austria
collapse of Russia early in 1917. The German sub- they acquired a veneer of Austrian culture which supermarine began to force the issue which for Britain ficially made them seem more polished and polite than the
came to hang on a few months of possible endur- more rude and rustic Serbs, whose whole history was one
long and
ance. But the submarine attack brought in the for the bloody struggle against Turkish and other enemies
maintenance of their national life and the achieveUnited States. The embargo was broken and the ment of their independence.
final victory assured; but the year dragged on and
Croatia, under the Austrian regime, had developed a cerslow months followed. At last, after more sacrifice tain amount of industry, and Zagreb, with the help of
Vienna, had become to a certain extent a financial center,
and dreadful I As, the end was reached.
It now lies in the past. No more may an Alex- while the Serbs were a race of peasants living from the
cultivation of the
ander, Caesar, Napoleon,lead armies to victory. We and their banking soil. The development of their industry
business brought the Croats into
have had the last of the great commanders. The with the foreign industrial and financial worlds, contact
while the
treaty of Locarno may be regarded as the Old World Serbs concentrated all their energies on their agricultural
counterpart of the Treaty of Washington, which in labors within the Kingdom. But this concentration did not
1921 insured the peace of the Pacific. These two prevent the development of the nation or hinder its pergive assurance to civilization. Around them and sistent effort to raise itself, culturally and intellectually, to
the level of the other nations of Europe. The progress was
the wider conceptions of the League of Nations and naturally slow in a nation which had, for generations,
to
the Kellogg Pact may rise the more spacious struc- keep up a bitter struggle for its national life, first with its
ture of progressing because of a peace loving world. Turkish oppressors and later with the powerful AustroThe Aftermath has been long and trying, but hope, Hungarian Empire which, for years, planned the destrucsince Locarno, rests on a secure foundation. Diffi- tion of Serbia and its absorption as a vassal State by the
Empire of Francis Joseph.
culties will of necessity persist, but they will not
As a consequence of this menace Serbia had to devote all
be greater than thoie that have been overcome. They her energies to preparing her defense and to creating an
must not daunt any man. The conditions through army such as would inspire respect. All her energy and all
which we have passed, we can now see, if they have her intelligence had to be devoted to this task. The list
not promoted, have at least not prevented the uni- of the great military leaders she produced, Field Marshal
Putnik, Field Marshal Misitch, Field Marshal Stepa Stepanoversal recognition of the necessity for organization vitch, Field Marshal Petar Boyovitch
(to mention only a
and technical knowledge in industry, which is the few) proved that in inborn intelligence and force of chargreat economic fact today. Greatly increasing both acter the Serbian race is second to none in Europe. I need
production and consumption, raising wages,shorten- not recall the glorious role played by this army, first in
ing hours of work and steadying employment, it the war with Turkey, when, by its brilliant victories, it
redeemed hundreds of thousands of Serbs in Macedonia
promotes closer relations between capital and labor, from Turkish oppression and nearly
doubled the territory
it levels upwards and not downward, and confirms of the Kingdom and later its exploits in the World War,
that recognition of the common humanity which in which ended in the liberation of the remainder of the
its daily application is the basis of lasting peace Serbo-Croat race from the Austrian yoke and led to the
creation of the present Kingdom of the Serbs, Croats and
and all true progress.
Slovenes under King Alexander.
The country at the same time produced great statesmen
and political leaders, the greatest being the late Nicolas
Pashitch. For fifty years M. Pashitch worked untiringly
to advance the interests of the little Kingdom and to steer
By Captain Gordon Gordon-Smith.
It is now four months since King Alexander, the ruler of It through all the pitfalls laid for it by the selfish policies
the Kingdom of the Serbs, Croats and Slovenes, dissolved of the Great Powers of Europe, eager for their share of the
the Parliament and abolished the Constitution of 1921, and spoils in the Near East, when the break-up of the moribund
some conclusions may now be drawn as to the effect of his Ottoman Empire should take place. All these factors enaction. When, on January 7th last, news of this action titled Serbia to play the part of the Balkan Piedmont in the
reached the United States the King had what our French Jugoslav risorgimento. This was spontaneously recognized
friends would describe as a bonne presse. Though the word by the Serbo-Croat Provinces of the Austrian Empire when
"dictator" sounds somewhat harshly in American ears, the they rallied round Serbia and proclaimed the union of the
press, as a whole, admitted, that as things stood in Jugo- Jugoslav race in the Kingdom of the Serbs, Croats and
slavia, no other course was open to the King.
Slovenes.
Jugoslavia Under the New Regime—A Defense
of King Alexander.
MAY 11 1929.]
FINANCIAL CHRONICLE
3081
Every Jugoslav was at one—and still is to-day—regarding have been approved in advance as an act of national salvathe absolute necessity of this union and its maintenance at tion by the immense majority of his subjects, not only in
all costs. They were not,'however, so unanimous as to the Serbia but also in Croatia and Slovenia.
form which the new Kingdom should take, whether it should
King Alexander did not take the step he did until it was
be a Federated State or a Centralized one. The Constitu- forced upon him. Nothing is more foreign to his nature than
ent Assembly, after long debate, voted the centralized form to assume the role of a dictator, which circumstances have
of government.
imposed upon him. But at the same time nothing is more
It was at this point that the Croatians showed their inex- certain than that he will carry out the restoration of and ,
perience in parliamentary government. By the rules of this, purification of the national and public life of the country
the vote of a Parliament, after due debate and discussion, with every means at his command. The knowledge that
is as binding on the minority as it is on the majority. It the great mass of the people are behind him and wish him
Is the object of every opposition, by constructive criticism, well in the accomplishment of his arduous task will do
to weaken the majority in power and by its arguments to much to lighten his labors.
win over the necessary number of votes to secure a majority,
That this task is no easy one and one that will tax all
turn out the Government and take power in its turn. This his energies and experience as a statesman is certain. The
has been the procedure of all parliaments for a century past. difficulties will be great. The constant succession of
This the Croats failed to do. By order of their leader, ephemeral Cabinets led to the creation of a large number
M. Stephan Raditch, the Croatian Peasant Party retired to of professional politicians, eager for the "loaves and fishes"
Zagreb, refused to take their seats in the Belgrade Parlia- of public office. These men, when in power, had, in order
ment, and declined to recognize the laws and resolutions to consolidate their political influence, peopled the public
passed by that body. Such a policy is not constitutional departments with their followers and supporters. Every
opposition, but is merely a negation of government. Two Department of State was overmanned and thousands of
years of this regime proved its futility. M. Raditch saw incompetent functionaries were drawing public money. As
that he was getting nowhere with such a policy, and he and this mass of employees could, owing to their excessive numhis party returned to Belgrade. Not only that, but he made ber, only be paid miserable salaries, "graft" was the order
a complete volte-face, pubicly renounced his demand for of the day.
Croatain autonomy and declared his acceptance of the ConThe only Ministry which had escaped this curse was the
stitution he had hitherto ignored. It was quite in keeping Ministry of War. This, of all the Departments of State,
with his temperamental character that he should, a few remained, as it always had been, a model of thorough
weeks later, propose a coalition with M. Pashitch and take service and efficiency. It was this fact that led King
office in the Cabinet as Minister of Education. Unfor- Alexander to choose a soldier as his Prime Minister to
tunately, M. Raditch was a politician and not a statesman carry out the arduous task of cleaning up the "Augean
and could never realize that power brings responsibility. stables" left by the politicians.
As a member of the Government he went about the country
It was only natural that his choice should fall upon Genmaking violent speeches against Signor Mussolini and the eral Zivkovitch, commander of the Royal Bodyguard. That
Italian Gopernment. So embarrassing was his action that officer's functions necessarily brought him into daily conthe Ministry resigned and was reconstructed, leaving M. tact with King Alexander, who was thus'able to form an
Raditch outside.
estimate of his character and appreciate his many qualities.
He soon drifted again into the Opposition, that is to say
General Zivkovitch's first act has been to eliminate ruthopposition as he understood it; in other words, pure and lessly all the "dead wood" in the various Ministries. Thousimple obstruction of all debate. He and his seventy fol- sands of incompetent officials who owed their appointments
lowers howled down every speaker on the Government side, to political influence have been got rid of. The money
slammed the lids of their desks and used horns and whistles. thus saved has been devoted to improving the position of
The Parliament was reduced to a bear-garden in which the the capable functionaries retained in office. These have
Government members were denounced as thieves, robbers, been given stern orders that "graft" in every shape and
grafters and swine. Fist fights were common and the form must cease. The first object has been the re-establishsittings had to be suspended almost daily on account of ment of discipline in the whole administrative machine
disorders. Such a state of affairs was not legislation, but from top to bottom. Public officials must further appear
parliamentary anarchy. It culminated in tragedy. On punctually at their desks and put in a conscientious day's
June 20th last a Montenegrin deputy lost his head as the work. No professional intermediaries with political "pull"
result of the chorus of insults hurled at him from the are allowed any longer to enter the public Departmentia
Croatian benches, drew a revolver and fired six shots, kill- People having business with the Government must present
ing two Croatian deputies and wounding four more, includ- this in person, and not through the "interventionists" who
ing M. Stephan Raditch, who died eight weeks later.
formerly haunted the corridors of the Ministries, levying a
The result was a fresh breach with the Croatian Peasant heavy toll for their services.
Party. Its Members retired to Zagreb and declared that
The Provincial Administrations have also been taken in
they would never again set foot in the Belgrade Parliament. hand. These were dissolved by royal decree and have been
The demand for Croatian autonomy was put forward afresh reconstructed under competent heads. Thus Slovenia,
and in even more drastic form, amounting to a mere per- which formerly formed two administrative districts, now
sonal union with Serbia in the person of King Alexander. forms a single one. This is a great step towards realizing
All negotiations proved fruitless. The parliamentary par- the autonomy which Slovenia demanded.
ties in Belgrade, divided into opposing groups, indulged in
Another great reform has been the complete revision of
purely sterile discussions and showed themselves unable the national finances. To aid in this King Alexander has
to unite on a single constructive measure. It was clear that called in Dr. Karl English, the famous Czechosloval finanthe machine of state was gradually shaking loose and cial expert, who first put the finances of the Czechoslovak
threatening complete ,disintegration. In this situation Republic on a sound basis, and has invoked his aid and
everyone looked to the throne as the only rock in the counsel for those of Jugoslavia. At the same time the
tempest.
financial situation of the country is not unsatisfactory.
The people, especially the Serbs, have the greatest respect For five
years past the budget has been balanced. But with
for and confidence in King Alexander. The position of the the cleaning up of the other Departments of State great
monarchy in Serbia is a peculiar one. In that country there economies will be realized which will still further increase
Is no aristocracy and hardly any middle class. Over 85% the financial strength of the country. This will restore
of the population are peasants tilling the soil they own. foreign confidence in Jugoslavia's financial credit and will
Tenant farmers do not exist. There are not even any facilitate the negotiations of loans for the development of
large landed proprietors, as the amount of land a single the immense natural resources of the Kingdom. The natural
peasant may own is limited by law to 200 hectares (425 wealth of Jugoslavia in minerals, forests, etc., Is incalacres). There is thus no barrier of any kind preventing culable, but its exploitation can only be undertaken when
direct contact between the King and his people. They the necessary railways and harbors have been constructed
regard him as their counsellor in time of peace and their and other public works undertaken.
leader in time of war. I am convinced that if before disOnce the administrative reforms have been carried out
missing the Parliment and abolishing the Constitution, and the country launched on a career of prosperity, King
King Alexander had taken a plebiscite his action would Alexander will be in a position to tackle the constitutional
3082
FINANCIAL CHRONICLE
question and take means to determine the exact amount of
autonomous self-government which may be accorded to the
various provinces. The postponement of this for a time
will do no harm, as it will give time for the political passions which led to the crisis to "simmer down."
It is a curious fact that the man who, months ago, urged
[VOL. 128.
King Alexander to take the step he did in appointing General Zivkovitch as his Prime Minister was none other than
Stephan Raditch himself. Raditch had unbounded admiration and affection for King Alexander, who was perhaps
the only person in the Kingdom able to exercise any control
over that most temperamental politician.
The New Capital Flotations During the Month of April and for the Four
Months Since the First of January
The retarding influence exerted upon new financing by
In April of last year, likewise, the new flotations ran in
the high money rates prevailing, and from which no relief excess of a billion dollars. In other words, as against new
was experienced during April, is reflected in a diminution offerings of $815,391,289 in April of he present year, the
of the new capital flotations for that month. In the months aggregate ill April 1928 was $1,057,906,842. The total of the
immediately preceding there was little evidence, at least awards by municipalities and State governments in April
as far as the grand totals of new stock and bond issues the present year was only $85,592,914 against $129,904,592
are concerned, of the presence of the tension in the money In April last year. No foreign government issues of any
market, though, back last summer, when high money rates kind were floated in this country in April 1929 against
first became a feature and when there was at the same $87,130,000 in April 1928, and $121,686,000 in April 1927.
time concurrent congestion of the bond market, the effect Nor were any Farm Loan Issues floated in April 1929.
In restricting new security offerings was very marked and As to the foreign corporate issues, $15,558,900 of Canadian
resulted in a sharp diminution of the totals. For the month stock, representing one Issue, comprised all that found a
of April now, after the very heavy offerings during the first market here during the month the present year. Including
three months of the year, the aggregate of new financing the Canadian issue referred to, the total of the corporate
once more shows a very substantial falling off. The total securities brought out in April 1929 was $725,798,375 against
is still of large proportions, but, nevertheless, does not $840,472.250 in April 1928. Deducting the foreign corporate
anywhere near approach the previous record figures.
Issues, the financing by domestic corporations aggregated
And this shrinking in the magnitude of new financing is $710,239,475, as against $761,167,500 in April 1928.
perfectly natural. In the first place, with money rates in
The distinctive feature of domestic corporative financing
this country so extremely high, the offering in this market during April was the same as in other recent months, namely
of securities on foreign account is virtually out of the the stock issues largely exceeded the bond issues. For
question, and that is true, not alone of foreign corporate April 1929 the amount of common and preferred stock
Issues, but of foreign Government loans as well. In the offered was $422,717,175, while the offering of bonds and
second place, the high money rates militate also against the notes was only $287,522,300. In April last year, on the
bringing out of domestic corporate issues for the twofold other hand, the stock offerings footed up no more than
reason, that corporations ate unwilling to float bond issues $280,474,500, while the bond offerings aggregated $480,carrying the high rates of interest necessary for the pur- 693,000. Another particular in which the month the present
pose, and that at the same time very little public appetite year differed sharply from that of last year was that
exists for bond issues, even of the highest grade, the demand refunding was on a very much smaller scale, and It is
at present being overwhelmingly for stocks with the valuable quite possible that the tension in money market had much
equities which the public imagines exists therein. For the to do with that also. Taking the grand total of new
same reason municipal obligations find a market only at security issues of all kinds for the month at $815,391,289,
greatly increased rates of interest.
only $138,752,779 represented refunding, leaving $676;638,510
As against new capital flotations aggregating a billion as comprising new capital. In April 1928, on the other hand,
dollars a month and over to which we had become accus- out of a grand aggregate of $1,057,906,842, no less than
tomed, the total of the new issues of all kinds during April $367,990,011 consisted of new issues put out to retire or
foots up only a little over $800,000,000. Our compilation, take up the existing issues, leaving $689,916,831 as the
as always, includes the stock, bond and note issues by corpo- amount for new capital. It will be observed that on the
rations, by holding and investment companies of one kind basis of the new capital applications, the amounts for the
or another, and by States and municipalities, foreign and two years do not differ greatly.
domestic, and also farm loan emissions. The grand total of
An analysis of the corporate offerings during April shows
the offering of securities under these various heads during that industrial and miscellaneous corporations continue to
April reached in exact figures $815,391,289. In March the account for the bulk of the corporate issues. Their total
total was $1,044,134,349, in February $1,018,230,602, and in reached $438,704,391, which, however, shows a decrease of
January $1,063,012,703. In December the offerings aggre- 154 millions from the total of $592,808,045 reported for
gated $1,178,659,551, or far in excess of any previous monthly March. Railroad issues ranked next with $159,783,000 for
total. In November 1928 the offerings were $961,566,999. April against only $21,500,000 shown for March, while
In October, before full recovery had occurred from the mid- public utility flotations at only $127,310,984 for April were
summer slump which was such a conspicuous feature of considerably less than in March, when they aggregated
the 1928 financing, the new emissions were $797,508,691. $320,221,900.
As against these amounts, the aggregate of the new issues
Total corporate offerings, foreign and domestic, during
brought out during September last was only $543,095,069, April were, as previously noted, $725,798,375, and of this
and that for August no more than $267,001,422, this last amount stock issues, foreign and domestic, accounted for
standing as the smallest amount of new financing done in no less than $438,276,075, long-term bonds and notes aggreany month of any year since July 1923. This reflected the gated $246,044,000, while short-term issues totaled only
very pronounced slowing down which occurred during the $41,478,300. The refunding portion amounted to $134,summer of last year in the bringing out of new stock and 171,779, or slightly over 18% of the total. In March the
bond issues because of the money tension, which was then in amount for refunding was only $58,327,000, or not quite
Its early stages, and the readjustment of security values 614% of the total. In February the amount was $122,that this made necessary. In July, also, of last year, the 393,350, or over 13% of the total, while in January the
money situation, along with the congested condition of the refunding portion reached $142,547,192, or nearly 15% of
bond market, operated to hold down the appeals to the the total. In April 1928 no less than $349,116,372, or nearly
money and investment markets and as a consequence the 42% of the month's total of $840,472,250, was for refunding
aggregate of the new capital issues brought out in that purposes. The more prominent issues brought out in April
month reached no more than $446,542,439. On the other of this year for refunding purposes were as follows:
band, in June last year the grand total of the offering of $53,815,760 out of $65,166,000 Southern Pacific Co. 40-year
new securities ran above a billion dollars, the precise 4%s 1969; $30,551,000 out of $46,392,000 Missouri Pacific
amount for June 1928 having been $1,029,567,131. In May RR. cony. deb. 5s "A" 1040; entire proceeds of 666,667
1928 the total of new financing also exceeded a billion dol- shares of Atlantic Refining Co. common stock offered at
lars, the exact figure being $1,033,438,110.
$40 per share, aggrenting $26,666,667, and $12,000,000 out
MAY 11 1929.]
FINANCIAL CHRONICLE
3083
total of $725,798,375 of corporate finincing, $188,644,100
of $16,500,000 short-term notes sold by Edison Electric
of corporations thus classed as miscellaneous, and
consisted
Illuminating Co. of Boston.
that $99,756,500 of the $188,644,100 comprised
find
now
we
comApril
in
refunding
for
used
79
The total of $134,171,7
by investment trusts and holding and traddone
financing
longprised $84,450,760 new long-terra to refund existing
.
ing companies In like manner, out of a total of $3,567,term, $1,500,000 new long-term to replace existing stock,
857,008 of new corporate issues brought out during the
,
short-term
$12,000,000 new short-term to refund existing
months of the present year ending with April, $1,019,$819,500 new stock to replace long-term, $2,945,218 new four
consisted of corporations classified as "miscel187,801
new
1
stock to retire existing short-term, and $32,456,30
laneous" and out of this latter in turn $712,679,138 comstock to replace existing stock.
prised issues brought out by investment trusts and holding
April
during
Foreign corporate financing in this country
. We shall hope to make a more comprehensive
companies
was confined to a single offering, viz: 311,178 shares
this class of financing in subsequent months.
of
analysis
stock
capital
Shawinigan Water & Power Co. (Canada)
we show the figures for each of the four
following
the
In
issued at $50 per share, involving $15,558,900.
and also indicate what portion of the
separately
months
loan
farm
or
loans
There were no foreign Government
investment trusts and holding companies
these
by
financing
securities offered during April.
the shape of bonds and notes and what portion conAmong the domestic issues during April the largest was was in
stock issues.
of
sisted
$65,166,000 Southern Pacific Co. 40-year 4%s 1969 offered
TRADING AND HOLDING
promiof
flotations
railroad
at 94, yielding 4.85%. Other
FINANCING BY INVESTMENT TRUSTS AND
COMPANIES DURING 1929.
nence comprised $46,392,000 Missouri Pacific cony. 5%s
Grand
Short-Term
Long-Term
1949 issued at 97%, to yield 5.71%; $30,000,000 Chesapeake
Total.
Stocks.
Bonds & Notes. Bonds & Notes.
1929.
and
8256,645,500 8265.645,500
& Ohio Ry. Co. common stock, offered at par ($1OO),
89.000.000
January
197.314,050
175.814.050
*21.500,000
$8,925,000 Missouri Pacific RR. Co. equip. trust 4%s "F" February
149.963,088
102,963,086
**47.000.000
March
99.756.500
1930-44, priced to yield 5.75% to 4.95%.
98.256,500
1.500,000
April
Industrial and miscellaneous offerings were featured by
3633,679,138 8712,679,138
879,000.000
Total
the following: $30,000,000 American I. G. Chemical Corp.
•Includes 615,000.000 Canadian.
cony. deb. 5%s 1949, offered at 95, to yield 5.93%; 666,667
** Includes 86.000.000 Canadian.
$25)
(par
stock
offered
common
shares Atlantic Refining Co.
The following is a complete summary of the new financing
at $40 per share, involving $26,666,667; 1,250,000 shares
—corporate, State and city, foreign Government, as well as
Electric Shareholding Corp. common stock purchased by
loan issues—for the month of April and since the
farm
organizers of the company at $20 per share, involving $25,first of January. It should be noted that in the case of the
000,000; 500,000 shares Western Electric Co., Inc., common
offerings we subdivide the figures so as to show
corporate
stock, offered at $40 per share, accounting for $20,000,000;
and the short-term issues separately, and
long-term
207,728 shares (B. F.) Goodrich Co. common stock, offered the
common stock from preferred stock, and
separate
also
we
at $81 per share, involving $16,825,968; 300,000 shares
s the Canadian corporate issues,
themselve
by
show
Graymur Corp. (Del.) capital stock, priced at $53 per share, likewise
corporate flotations.
foreign
other
the
as
well
as
of
stock
shares
and
preferred
Involving $15,900,000; 200,000
. FOREIGN GOVERNMENT, FARM LOAN
200,000 shares of common stock of Dahlberg Corp. of SUMMARY OF CORPORATE
AND MUNICIPAL FINANCING.
1
of
share
of
at
each
$60
per
units
in
America, offered
Total.
New capital. Refunding.
unit, which, with a further offering of 220,000 shares of
s
s
8
common stock of the same company at $15 per share, inMONTH OF APRIL.
volved a grand total of $15,300,000; $12,000,000 Fox Film Corporate—
Domestic—
Corp.6% notes due April 1 1930, priced at 99, to yield 7.05%;
85.950.760 246,044,000
160,093.240
Long-term bonds and notes
41,478,306
12.000,000
29,478,300
600,000 shares United States Lines, Inc. (Del.) partic. cum.
Short term
97,017,501
2,442,000
94.575,501
stocks
Preferred
share,
g
325,699.674
per
for
$17%
accountin
at
33.779.019
offered
291.920,655
preference stock,
Common stocks
Canadian—
$10,500,000; 100,000 shares Second National Investors'
Long-term bonds and notes
Short term
Corp. $5 cony, preferred stock, offered jointly with 200,000
Preferred stocks
15.558,900
15,558,900
Common stocks
shares of common stock in units of 1 share of pref. and 2
Other Foreign—
involving
0.
unit,
$10,150,00
per
at
notes
common
and
of
shares
$1013
Long-term bonds
Short-term
Public utility issues of importance during April consisted
Preferred stocks
Common stocks
of: 450,000 shares International Hydro-Electric System,
591.826,596 134,171.779 725.798.375
Total corporate
offered at $43 per share, involving $19,350,000; $17,500,000
Foreign Government
Southern Cities Public Service Co. cony. deb. 6s 1949, issued Farm Loan Issues
Finance Corporation
85.592.914
581,000
at 99, yielding 6.05%; $16,500,000 Edison Electric Illumi- War
85.011.914
Municipal
4.000,000
4,000,000
Canadian
nating Co. notes, consisting of $8,000,000 6 months notes
U.S.Possessions
6.25%
basis
discount
a
on
and
sold
1929,
25
due Oct.
676.638.510 188.752.779 815.891,239
Grand Total
$8,500,000 1-year 6% notes due April 30 1930, sold at 99%,
30.
APRIL
ENDED
MONTHS
to yield 6.25%. Other large public utility offerings in- FOUR
Corporate—
Domestic—
cluded: 197,923 shares General Gas & Electric Corp. class
785,239.840 270,989.260 Lotman.=
Long-term bonds and notes
87.117,500
19,997.500
67,120.000
Short-term
A common stock, offered at $70 per share, involving $13,53,074,950 634.510,536
581.435,586
stocks
Preferred
1.481,003.772
111,427.611
1,369.576.161
Co.
Pr.
&
1st
& ref.
Light'
854,610; $8,000,000 Carolina
Common stooks
Canadian—
66,100.000
66,100.000
mtge. 5s 1956, offered at 99, to yield 5.07%, and $7,000,000
Long-term bonds and notes
Short-term
10.400.000
State Line Generating Co.2-year 5%% notes due May 1 1931,
10.400.000
stocks
Preferred
15.558,900
15,5.58,900
Common stocks
priced at 98%, to yield 6.18%.
Other Foreign—
93,010,000
2,000.000
91.010.000
notes
of
securities
and
offerings
four
during
April
Long-term bonds
There were
600.000
600.000
Short-term
100.827,200
100.827,200
which did not represent new financing on the part of the
Preferred stocks
22,550.000
22,550,600
Common stocks
company whose securities were offered. These issues
3,110.417.687 457.439,321 3,567.857.008
corporate
35,760,000
aggregated $4,488,592 and, as pointed out by us in previous ForeignTotal
85.750,000
Government
our
into
totals
of
issues
these
Issues
take
new
Farm
Loan
not
reports, we do
War Finance Corporation
5,589,433 333.228.588
327,639,155
financing. The issues are shown, however, in tabular form Municipal
9,750,000
7.750.000
2,000.000
Canadian
1.495.000
flotations
capital
new
during
actual
of
details
1,495,000
following the
U.S. Possessions
R 477 gni 542 /70 77R 71'14 3.94s.0s0.39e
the month. See page 3089.
nranel tntal
Investment Trusts and holding companies have of late
In the elaborate and comprehensive tables on the sucbecome so prominent in emitting new securities and obviof
pages we compare the foregoing figures for 1929
financing
new
ceeding
other
from
sharply
so
ously they differ
this
ons
time
to with the corresponding figures for the four years preceding,
descriptions that we have made computati
of
the
totals
thus affording a five-year comparison. We also furnish a
new
grand
the
to
ons
contributi
Indicate their
months
of
four
the
detailed analysis for the five years of the corporate offerings
capital flotations for April and for the
separately the amounts for all the different classes
detailed
analysis
showing
our
In
April.
with
ending
year
calendar
ns.
corporatio
each
in
length
month
of
of the corporate financing given at
Following the full-page tables we give complete details
tabular form these security offerings by investment trusts
flotations during April including every
and holdings companies are grouped under the designation of the new capital
out during that month.
brouga
kind
"Miscellaneous." For the month of April, out of a grand issue of any
MONTH OF APRIL FOR FIVE YEARS.
New Capital.
228,071,730
27,411,000
19,776,500
9,306,750
31,250,000
1,250,000
1926.
Refunding.
$
81,135,770
17,234,000
700,000
12,000,000
Total.
309.207,500
44,645,000
20,476,500
9,306,750
1925.
New Capital. Refunding.
$
219,439,500
65,618,000
19.978,750
200,000
106,349,000
1,706,000
28.878,888
1,110,000
43,250,000
1,250,000
14,370,000
12,500,000
12,500,000
19,000,000
1.950.000
331,515,980
80,300,000
2,250.000
2X25.0456
111,069,770
2,800,000
1,950,000
442,585.750
83,100,000
2.250,000
109,264,459
1,886,800
111,151,259
06- 1.45615
iXii0565
Total.
285.057.500
20.178,750
108,055.000
29,988,888
14,370,000
2.500,000
1.000,000
19,000.000
411.441.138
8,000,000
6,400.000
71,134,000
88,830,212
15,000,000
1,050.000
530,721,350
5,841,447
14,240,000
i.Yob:666
2,425,000
482,575,138
8,000,000
11,100.000
94.671,659
29.240,000
1,050,000
626,636,797
523.330,439 115.756,570 639,087,009
95.915.447
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE
UNITED STATES FOR THE MONTH OF APRIL FOR
FIVE YEARS.
1929.
1928.
MONTH OF APRIL.
1927.
1926.
New Capital. Refunding.
Total.
1925.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Long Term Bonds and NotesTotal.
New Capital. Refunding.
Total.
Railroads
45,416.240
$
84,366,76
0
129,783,0
00
15,562,00
0
17,083.00
32,645.00
0
0
17.925,000
Public utilities
24,809.000
42,734.000
37.292,000
33.642,000
1,500,000
18,632,000
35,142,000
55,924,000
76,028,100 184,291,900 260,320,000
33,398,000
54,216.00
89,728,500
Iron, steel, coal, copper. &c
87,614,00
0
61,971,50
0
151,700,0
0
00
116,997,2
1,350,000
30
70,353,770 187,351,000
1,350.000
21,345,000
40,860,000
12.430,000
33.775,000
5,593,000
Equipment manufacturers
46,453,000
1,150,000
7.500,000
1,150.000
2.400.000
7,500.000
1,150,000
2,400,000
1,000,000
Motors and accessories
725.000
2.150,000
725,000
4,000.000
Other industrial & manufacturing
4,000,000
37,108,000
37.108.000
16,657.600
75,000,000
15,457,400
32,115,000
Oil
46,850,000
75,000,000
46,850,000
29,285,000
650,000
29,935,000
7.465,000
2,935,000
61,056,60
Land, buildings, &c
10,400,00
0
18,443.40
0
79,500,00
0
0
21,627.000
84,000
21,711.000
68,423.000
27,000,000
19,325,000
87,748,000
46,151,000
Rubber
27,000,000
3,643,000
49,794,000
38,897,500
3,500,000
42.397,500
49,986,500
Shipping
1:0-47,6156 51.860,500
2,100,000
2,100,000
2,500,000
Miscellaneous
2,500.000
4,500,000
17.700.000
17.700,000
4,500,000
49,637,000
10,553.000
60,190,000
34,220.000
4.130.000
38,350.000
37.350.000
Total
37,350,000
160.093,240
11,450,000
85.950,760 246,044,000
11,450,000
250,052.700 259,140,300 509.193,000
Short Term Bonds and Notes296,656.100 112,996.900 409.653,000
271.821.730
93.135,770 364,957,500
252,809,500
Railroads
65,618,000 318.427,500
Public utilities
11,500,000
12,000,000
6,000,000
23,500,000
6,000.000
5.625,000
5,625,000
Iron,steel, coal, copper, &c
9,350,000
9.350,000
7,185,000
10,000,00
0
17,185.00
400,000
0
10,350,00
0
400,000
Equipment manufacturers
10,350,000
500,000
i,-sW656
Motors and accessories
3,000.000
Other industrial and manufacturing
160.000
200,000
360,000
OU
300,000
300,000
8,350,000
8,350,000
4.943,750
Land, buildings, dm
4,943,750
6,466,000
3,608,300
1,034,000
3,608,300
7.500.000
2,625.000
1,000.000
2,625,000
200,000
Rubber
1.200,000
965,000
965,000
2,250,000
2,250,000
3,185.000
Shipping
3,185,000
750,000
750,000
Miscellaneous
125,000
125.000
500,000
14,370,000
14,370.000
500.000
7,100.000
7,100,000
3.000.000
Total
3,000 000
29.478,300
12,000,000
41.478,300
15,750,000
15.750.000
Stocks10,740,000
10.740,000
28,661,000
17,234,000
45,895.000
19.978.750
2,700,000
Railroads
22,678,750
30,000.000
30,000.000
18,408,250
44.000,00
62,408.25
0
0
15.096,20
Public utilities
0
15,096,200
68.568,984
100,000
68.668,984
112.228,945
4,367,500 116,596.445
33,231,405
Iron, steel, coal, copper. &c
2,450.000
35,681,40
5
12,396,00
4,936.800
0
4,936,800
12,396,000
1,952,746
24.597.200
1.000,000
1,952,746
25,597,200
Equipment manufacturers
1,920.000
1,920.000
Motors and accessories
12.820,732
3.170,902
15,991,634
262,500
262.500
Other industrial and manufacturing
82.017,472
400.000
6.283.450
88,300,922
400,000
89.950,000
33,925.065
33,687,672
1,110.000
67,612,737
91.060.000
10,087.500
Oil
1.000.000
11,087,500
8,600,000
4,054,500
26.666.667
500,000
35,266,667
4,554,500
4,144,000
7,300,000
706.000
7,300.000
4,850,000
Land, buildings, &c
1,950,000
8,633.000
8.633,000
1,950,000
4,531.288
5,868,033
911,000
4,531.288
6,779,033
5,835,000
Rubber
5,835,000
16,825,968
8.885,200
16.825,968
8,885.200
5,515,000
5,515.000
Shipping
326,675
326.675
13.078.000
400,000
13,078.00
400,000
0
Miscellaneous
156.574,100
156,574.100
43.687,639
7,009,900
50,697.539
18,242,000
15.134,250
33.376,250
2,947.550
Total
200.000
3.147.550
9,915,400
402.055.056
36.221,019 438,276.075
9.915.400
225.553.178
89,976,072 315.529,250
Total82,818,780
18,584,250 101.403.030
31.033,250
700,000
31.733,250
138,652,888
2,816,000 141,468.888
Railroads
75,416,240
84,366,760 159,783,000
33.970.25
61,083,00
0
95,053,250
0
33,021,200
Public utilities
24,809,000
57.830,200
113.710.984
37,292,000
21,632,000
13.600,000 127.310.984
61,924.000
33,398,000
193,882,045 188,659,400 382,541,445
54,216,000
87,614,000
132.309,905
Iron, steel, coal, copper. &c
64,421.500 196,731,405
136.578.230
6.286.800
80.353,770 216,932,000
6,286.800
75,807.200
23.697,746
6,593,000
12,430,000
82,400,200
36.127.746
Equipment manufacturers
1,150.000
7,500,000
7,500,000
1,150,000
1,650,000
4,320.000
3,500,000
5,150,000
4,320,000
Motors and accessories
725,000
725.000
12,820,732
3.170,902
15,991,634
4,000,000
262,500
4.000.000
262,500
Other industrial and manufacturing 119,125.472
560,000
6.283.450 125.408,922
200,000
760,000
164,950.000
50,582.665
1.110,000 166.060,000
49,145,072
99,727,737
57,237.500
Oil
1,000,000
58.237,50
0
41,689,50
8,600,000
26,666.667
1,150,000
0
42,839,50
35,266,66
0
16.552,75
7
7,300,000
0
3,641,000
20,193,750
7,300.000
61,056.600
Land, buildings, &c
18,443,400
79.500,000
33,868,300
8,416,000
1.034.000
84,000
9,450,000
33.952,300
32,531.288
76,916.033
200,000
20,236.000
32,731,288
97,152,033
52,951,000
Rubber
3.643.000
56,594,000
50,032,700
16,825.968
3.500,000
53,532,700
16,825,968
58.686,500
1,874,000
60,560,500
326.675
Shipping
326.675
15,178,000
1,150.000
1.150,000
15,178,000
2,500,000
2,500.000
125,000
Miscellaneous
125,000
188,644.100
5,000,000
5,000,000
188.644.100
100,424,639
17.562,900 11/.987.539
52.462.000
19,264,250
71.726.250
43.297,550
200,000
Total corporate securities
43,497,550
21,365.400
591,626.596 134.171,779 725.798,375
21,365.400
491,355,878 349,116,372 840,472,250
390.214,880 131.581.150 521.796,030
331.515.980 111.069.770 442.585.750
411,441.138
71.134,000 482,575.138
arIOINOUTIO rIVIONVNIA
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM
LOAN AND MUNICIPAL FINANCING FOR THE
MONTH OF APRIL.
1929.
1929.
1927.
CorporateNew Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
Domestic$
$
$
Long-term bonds and notes_ 160,093,240
$
85,950.760 246,044,000
227,594,7
00
240,348,3
467,943,0
Shortterm
00
222,206,1
00
00
112.996,9
00 335,203,000
29,478.300
12,000,000
41,478.300
12,750.000
12,750,000
Preferred stocks
10.740,000
10.740.00
94,575,501
2,442,000
97,017,501
73.269,514
14-X71868 87,741,014
Common stocks
47,749,750
1fX61:§116 59,614,0000
291,920,655
33.779,019 325,699,674
133,228,914
59,504,572 192,733,486
Canadian33,725,280
6,720,000
40,445.280
Long-term bonds and notes_
4.708,000
18,792,000
Short term
23,500.000
33,700,000
33,700,000
Preferred stocks
3,000,000
16,000,000
Common stocks
19,000,000
15,558,900
15.558,900
Other ForeignLong-term bonds and notes_
17,750,000
Short term
17,750,000
40.750,000
40,750,000
3,000.000
3,000,000
Preferred stocks
9,850.000
9.850.000
Common stocks
6.204,750
6,204.750
1,343,750
1,343.750
Total corporate
591,626,596 134.171.779 725.798.375
491,355,878 349316.372 840,472,250
Foreign Government
390.214,880 131,581,150 521,796,030
75.130,000
Farm Loan issues
12,000.000
87,130,000
119,186,000
2,500.000 121,686,000
400,000
War Finance Corporation
400,000
13,050,000
92.800,000 105.850,000
Municipal
85.011.914
581,000
85.592,914
123,030.953
6,873,639 129,904,592
Canadian
127,909,048
6.972.000 134,881,048
4,000,000
4,000.000
United States Po
20.525,000
2,169,000
22,694,000
ions___
525.000
525,000
Grand total
676.638.510 138,752,779 815,391,289
689.916.831 367,990,011 1,057,906,842
671,409,928 236,022.150 907.432,078
arlOINOITHO rIVIONVKIA
FOR THE FOUR MONTHS ENDED APRIL 30 FOR FIVE YEARS.
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING,
1925.
1926.
1927.
1928.
1929.
4 MONTHS ENDED APRIL 30.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
Refunding.
Capital.
New
Corporate$
$
$
S
$
$
$
1,073,684,200
200=8.425
873255,775
i
1,115.093,000
Domestic195.237,770
1,055,712,040 512,386.460 1,568.098,500 919,855,230
65,600,000 168,278,750
Long-term bonds and notes- 785,239,840 270.939.260 1,056,179,100 856,146,200 782,873,600 1,639,019.800
18,234,000 141,064,195 102,678,750
55,131,000 122,830,195
8,616,000
46.515,000
97,022.500
29,838,100
67,188,400
87.117,500
3,389.500 259,675,800
19,997.500
67,120,000
Short term
6,100.000 283,008,342 256,286,300
33,215,250 328.184,525 276,908,342
294,969.275
325,650,056 116,026.800 441.676,856
2,692.500 125,797.848
53,074.950 634.510.536
581,435,586
123,105,348
Preferred stocks
5.109,575 203,047,529
26,903.300 271.582.625 197.937,954
244.679.325
93,584.170 355.837,146
262,252.976
1.369,576.161 111,427.611 1.481,003,772
Common stocks
54,420.000
10.050.000
44,370,000
66,000,000
Canadian25,358.000
40.642,000
44.625.000
44,625,000
49,122.000
18.792.000
20,500.000
30.330,000
66.100,000
2,500,000
18,000,000
66,100,000
1,250.000
Long-term bonds and notes_
1,250,000
2,000,000
2,000.000
3,600.000
2,600,000
1,000,000
Short term
4,000,000
4,000,000
1,000,000
1,000,000
19.000,000
16,000,000
3,000,000
2,600.000
10,400.000
2,600,000
10.400,000
Preferred stocks
990,000
990,000
15,558,900
15.558,900
Common stocks
123.600,000
123.600,000
113,400.000
Other Foreign113,400,000
131,850.000
131.850,000
19,618,500 153,500,000
12.000.000
133,881.500
93,010.000
2.000.000
12,000.000
91,010,000
4.000,000
Long-term bonds and notes_
4,000,000
8,000,000
8.000,000
6,000,000
6.000,000
750,000
600.000
600,000
750.000
10,000.000
Short term
10.000,000
9.850,000
9.850.000
2,425,000
100,827.200
2.44.000
100.827,200
Preferred stocks
9.870.000
9.870,000
2,906,250
2,906.250
21,681,750
21
681,750
22.550,000
stocks
22,550.000
Common
289,960,425 1,847.331.598
581.121,010 2.413,377.900 1,701,683,721 250,039,345 1,951.723,066 1,557,371,173
28,000,000 106,500,000
78,500,000
3,110,417,687 457,439.321 3,567,857,008 1,715.978,882 1,076,731,170 2,792,710,052 l.832,256.890
Total corporate
14,873,000 133,372,000
29.500,000 332,878,800 118,499,000
303,378,800
278,445,500 01,593,500 370.039.000
71,925,000
35,750.000
7,700,000
35,750,000
64,225,000
Foreign Government
41,000,000
200.000
40,800,000
138.300.000
92.800,000
45,500,000
6.000,000
6,000,000
Farm Loan issues
14,793,032 421,599,166
War Finance Corporation
6,428,547 470,774,988 406,806,134
464,346,441
507,494,813
13,418,500
494,076,313
493,905.006
16,613,689
477,291,317
44,048,000
24,240,000
5,589,433 333,228,588
19,808,000
327.639.155
Municipal
56,000,000
40,000,000
16.000.000
66.244,000
28,969.000
37,275,000
8.840.000
8,840,000
4.050.000
9,750,000
7,750,000
4,050,000
2,000,000
Canadian
5.748,000
5.748.000
1,910,000
1.910.000
1.110.000
1,110,000
1.495,000
ions.
1,495,000
United States Po
2.495,453,764
364,693.457
2,130,760,307
2,658.618.054
311.540.892
2.347.077.162
1 714 297 nna 745.808.510 3.460.205.513
3.672.604.058
1.184.938,359
2,487,665,699
3.948,080.596
470,778,754
3,477,301.842
Grand total
MONTHS ENDED APRIL 30 FOR FIVE YEARS.
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR FOUR
1925.
1926.
1927.
1928.
1929.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
MONTHS ENDED APRIL 30. New Capital. Refunding.
New Capital. Refunding.
Total.
S
$
$
$
$
3
$
$
$
$
584,00C134.65,70
$
$
86,286,000
$
150,298,000
i
$
33,655,000 152,535,000
Long Term Bonds and Notes139,016,260 273,668,000 18,0.2391
96,490,500 182,388,500 278,90:ailrods
68415,000 472,547,500
404,132500
,
118,947.240 104.143.760
540961000
126,887,770
414,03230
669,613,000
290,357.800
379,255,200
350.144,500 42,816300 792,960800
25,646,00(7
2,396,000
23,250,000
69,700,000
212.109,500 153140000 365,249,500
10,589,000
'ublic utilftls
59,111,000
10,500,000
4,983,000
5,517,000
57,957,300 136.965,000
79,007,700
5,400,000
72,250,000
5,400,000
3,186,500
69,063,500
430,000
ron, steel, coal. copper, &c
430,000
5.195.000
5,195,000
4,816,000
4,816,000
76,500.000
350.000
1,150,000
76.150,000
1,150,009
55,000,000
:quipment manufacturers
55.000.000
50.000,000
50.000,000
5,550,000
780,000
96,713,500
4,770,000
14,897.200
81,816.300
123.260,000
32,916,000
lotors and accessories
90.344,000
34,918,000 199,422.000
164,504,000
44,601,300 146.676,000
67.400,000
102.074,700
13,500,000
53,900.000
575,000 124.943,000
124,368,000
50.650.000
7,935,000
ther industrial & manufacturing
42,715,000
20,443,400 175,800,000
155.356,600
20,500,000
20,000.000
500,000
12,412.000 184,878,200
9,000,000
400,000
8,600,000
7,205,000 187,847,000 172,466,200
11
214,041,500 180,642,000
10,468,000
203,573,500
251,717,000
205,231,000
46.486,000
00.000
185,255,600
32,500.00032.5
3.289.000
1,100,000
181,966,600
and, buildings, &c
1,100,000
800,000
5,000,000
4.-3-15,228
800,000
684,775
1,000,000
1,000,000
6,900,000
ubber
6,900,000
1.710.000
1,710.000
48.535.000
8.007,000
9.100,000
40,528,000
6,000,000
3,100,000
800.000 106,110,000
LIIPPing
144,624,000 105,310.000
12,200.000
132,424.000
202,778.000
26,254,700
176.523,300
2,205,000 224,250,000
222,045.000
1,251,704.20C
Iiscellaneous
210,578,425
1,041.125.775
1.294,493,000
512,386,460 1,744,573,500 1,074,505,230 219,987,770
942.349.840 272,939,260 1,215,289,100 1,020,357,700 821,284.100 1,841,641,800 1,232,187,040
Total
24,900,000
400,000
24,500,000
11,000,000
6.000,000
Short Term Bonds and Notes5,000,000
30,500,000
17,000.000
60,950,000
13,500,000
15.000,000
1,500,000
45,950.000
1,500,000
33,885.000
10,000,000
&Broads
23,885,000
23,650,000
2,500,000
21,150,000
22,355,000
400.000
21,915,000
21,955,000
2,500,000
35,990,000
19.415.000
18,081,000
6,000.000
17,909,000
ublic utilities
6,000,000
1,000,000
1.000,000
400,000
1,150,000
400,000
1.150.000
IIon,steel, coal, copper, &c
1,200.000
1.200.000
2,860.000
200,000
quIpment manufacturers
2,660,000
1.200,000
14,118,750
1,200,000
14,118,750
500,000
34,350.000
500,000
1,000.000
Lotors and accessories
33,350.000
12,800,000
4,450,000
8,350.000
5.500,000
2,316.100
57,200,000
50,200,000
3,183,900
7,000,000
9.000.000
11,000,000
9,000,000
1,034,000
9,966,000
0ther industrial and manufacturing
200,000
200,000
12.200,000
10,120,000
11,820,000
2,080,000
11,820,000
5,625,000
5,625,000
0il
17.131i6;666 14,806,000 32,250,000
13,130.000
10,067,500
10,067,500
17.307,500
32,250,000
17,307,500
and, buildings, &c
5,000,000
5.000,000
500,000
ubber
500,000
125.000
125,000
3,725.000
3.725,000
8,844,195
8aipping
8,844,195
11.350.000
11,350,000
20,800,000
20,800,000
23,420,000
1,916.500
21,503.500
200.778,750
Liscellaneous
68,100.000
132,678,750
18,234,000 146,314,195
65,131,000 128.080,195
8,616,000
56,515,000
29.836,100 103.022,500
73,186.400
87,717,500
19,997,500
67.720,000
Total
Stocks15,096,200
15.096,200
.
131,894,050
97,796,400
34,097,650
2,563,500 163,508,421
30,000,000
2.005,000 135,416,362 160,944.925
30,000,000
allroads
28,450,000 376,539,745 133,411,362
348,089,745
61,555,948 273,439,065
5,640.000
211,883,117
5,640,000
36,675,000
14,465,000 543.988,540
529,523,540
Mille utilities
36,675,000
150,000
150,000
28.563.471
1.200,000
27,363,471
83,117,780
5,628,500
16,142,500
66,975,280
on, steel, coal, copper, &c
5,628,500
1,920.000
92,769,000
1,110,000
1,920.000
91.659,000
26,751.900
quipment manufacturers
26.751.900
25.000.000
25,000.000
3,737.500
1,250,000
57.185,981
6,593.500
50,592,485
2,487,500
48,511,704
99,097,967
5.511,852
6,204,575
42.999,852
92,893,392
iotors and accessories
61,689,525
13,586.300
48,103.225
44,962,422 149.844.636
9,866,288
9,866.288
104,882.214
81.565.370 427.517.300
2,800,000 103,337,140
ther industrial and manufacturing 345.951,930
6,562,500 100.537,140
6,562,500
10,426,890
18,010,000
10,426,890
120,000
17,890,000
16,208,700
41,751,939 189.028,119
147,276.180
16,208,700
11
16.100,000
100.000
16,000,000
36.080,033
1,346.000
750,000
34,734,033
750,000
95,960,830
1,464,537
408,500
95,552,330
and, buildings, &c
1,464,637
2,701,675
2,701,675
12,405,375
1,042,400
2,250,000
11,362,975
2,250,000
52,030,334
52,030.334
ubber
6,212,500
44,868.950
895,000
6,212,500
43,973.950
23,178,000
86,335.765
808,000
23,178.000
85,527,765
g
21ppin
99,833,755
17.982.250
81,851.505
16.457,800 193,522,232
177.064,432
4.657.400 771.517,801
766,860,401
11,282,000 394,848,648
Liscellaneous
11,817,575 510,915,871 383,566,648
80,118,550 603,673.400 499.098,296
543,554.850
2,100,347,847 164,502,561 2,284,850.408 622.434,782 225,610,970 848,045.752
Total
86,686,000 261,484.000
163.535,000 174,798.000
39.655.000
123,880,000
Total288,764,200
139,016,260
149,747,940
85,978,500 697,005,921
144,088,150 297.184.900 441,273,050
710,262,362 611,027,425
150,447,240 104,143,760 254.591.000
allroads
748.494.945 321.307.800 1,069,802,745 571,369.592 138.892,770
53,201,000
583,982,617 504,772,248 1,088,754.865
4,896.000
48,305,000
10,689,000 112,375,000
759.542,040 185,686,000 945,228,040
ublle utilities
11,650,000 101,786,000
4,983,000
6,667,000
59.157,300 165,928,471
6.550,000
------ _
106,771,171
6,550,000
6,058.500
_
19,329,000 155,367.780
136.038,780
6,058,500
on,steel, coal, copper, &c
6,395,000
6,395,000
6,736,000
1,460,060
169,269,00(
6,736,000
167,809,000
1,150.000
84,611.900
200,000
1,150,000
84,411,900
quipment manufacturers
75,000,000
75.000,000
10,487,500
2,030,000
21,490,700 168,018,231
8,457,500
49,011,704
258.707.967 146,527.535
5,511,852
40.120,575
43,499,852
216.587,392
[otors and accessories
273,911,525
52,954,300
220.957,225
91,879,822 302,020,636
63,700,000 134,466,280
210.140,814
70.766,288
11.769.000 164.987,140
82.140,370 61.460.300
ther industrial and manufacturing 479,319,930
20,443.400 182,562,500 153.218.140
162,119,100
43.126.890
30,120.000
12.532,000 214,708,20f
13,006,890
42,151,939 198.028,119
155.876,180
7,205.000 209.680,700 202,176,200
U
12,234.000 244,947,500 202,475.700
232.713,500
47,832,000 297.864,533
33,250,00C
250,032,533
33,250,000
34,814,537
3,697,500 298,523,930
294,826,430
34,814.537
and, buildings, &c
2,701,675
2,701,675
13.205,375
1,042,400
4.315,225
12,182,975
12,250,000
7,934.775
53,030,334
7,400,000
53.030,334
7,400,000
ubber
1.835,000
1.835,000
6,212,500
8,902,000
6,212,500
97,128.950
88,226,950
32,278,000
201,289,960
6,000.000
1.608,000
26.278,000
199.681,960
3ipp1ng
255,807.755
30,182,250
225,625,505
42,712,500 417,100,232
374,387.732
8,778.900 1.019387,801
1,010.408,901
289,960,425
liscellaneous
1,847.331.591
1.557,371,173
1.701.683,721 250,039.345 1,951,723,066
R 11 n 417 (1117 457.430.221 3.587.857.008 1.719.978.882 1.078.731.1702.792,710,052 1,832,256,890 581,121,0102,413,377.900
Tntal evirnorate aneuritists
c#a
3086
FINANCIAL CHRONICLE
[VOL. 128.
DETAILS OF NEW CAPITAL FLOTATIONS DURING APRIL 1929.
LONG TERM BONDS AND NOTES (ISSUES MATURING LATER THAN FIVE YEARS).
Amount.
Purpose of Issue.
Price.
Railroads46.392,000 Refunding; other corp. purposes__ _
8,925,000 New equipment
6,300,000 New equipment
3,000,000 New construction
9734
94
65,166,000 Refunding; other corp. purposes_
94
129,783,000
Public Utilities2,000,000 Additions. extensions, &c
97)4
8,000,000 Additions; other corp. purposes_ _ _
99
4,000,000 Retire pref. stock; pay bank loans.
442,000 Additions, betterments, 5.tc
17,500,000 Acquisitions
94
98)4
99
1,000,000 Capital expenditures
99
2,200,000 Acquisitions; other corp. purposes_
98
35,142,000
Iron, Steel, Coal, Copper, &c.
1,000,000 Working capital; acquisitions, &c_ _
100,000 General corporate purposes
s
250,000 Acquisitions; other corp. purposes_
0034
90
100
To Yield
About.
Company and Issue and by Whom Offered.
5.71 Missouri Pacific RR. Co. Cony, 534s "A," 1949. Offered by company to holders of preferred anti
common stock: underwritten by Kuhn, Loeb & Co.
5.75-4.95 Missouri Pacific RR. Co. Equip. Tr. 434s "F," 1930-44. Offered by Salomon Bros. & Hutzler.
4.90 New York Central RR. Equip. Tr. 414s, 1930-44. Offered by Edward Lowber Stokes & Co.
4.88 Pittsburgh & West Virginia Ry, Co. 1st M. 414s "B," 1959. Offered by Brown Bros. de Co. and
Stone & Webster and 131odget, Inc.
4.85 Southern Pacific Co. 40-yr. 434s, 1969. Offered by company to stockholders; underwritten by
Kuhn, Loeb & Co.
5.15 Birmingham Water Works Co. 1st M.5s "C," 1957. Offered by W.C. Langley & Co. and Halsey;
Stuart & Co., Inc.
5.07 Carolina Pr. & Lt. Co. 1st & Ref. M.Is. 1956. Offered by W.C. Langley Sr Co., Bonbright & Co.:
Inc. and Old Colony Corp.
5.50 Massachusetts Utilities Associates Deb. Is "A." 1949. Offered by Lee, Tligginson & Co., Blyth
& Co., Hornblower & Weeks, Spencer Trask & Co. and C. D. Parker & Co., Inc.
5.23 North Shore Gas Co. lot NI. 55, 1937. Offered by Continental Illinois Co.
6.05 Southern Cities Public Service Co. Cony. Deb.6s, 1949. Offered by Harris, Forbes & Co., IT, NI.
Byllesby & Co., Inc., Halsey, Stuart & Co., Inc., Bonbright dr Co., Inc., West & Co. and Albert
E. Peirce & Co.
6.05 United Public Utilities Co. lot Lien es "C," 1947. Offered by Thompson, Ross & Co., Wm,L.
Ross & Co., Inc., Central Trust Co. of Illinois and Whitaker & Co.
6.20 Western Continental Utilities, Inc., Cony. Secured 6s, 1944. Offered by Federal Securities Corp.;
Freeman, Smith & Camp Co. and Paul H. Davis & Co.
6.05 Reliance Bronze & Steel Corp. Deb. 6s, 1944. Offered by J. A. Sisto & Co. and Wm.R. Compton
Co.
6.65 Western Crucible Steel Casting Co. 1st NI. 634s "A," 1939. Offered by Marquette Trust Co.:
Minneapolis.
6.00 Wyatt Metal & Boiler Works lot M.6s. 1932-39. Offered by Republic National Co., Dallas, Tex.
1,350,000
Equipment Manufacturers450,000 Provide additional equipment....
700,000 Finance lease of equipment
1,150,000
Other Industrial & Mfg.30,000,000 Bevel. Chem.Industry in U. S.,&c.
600,000 Construction; working capital
3,000,000 Acquisitions: other corp. purposes_
1,000,000 General corporate purposes
2,508,000 AcquLsition.s
6.00 American Steel Car Lines, Inc.. Equip. Tr. 5s"D." 1930-39. Offered by First Illinois Co.. Chicago.
5.20 North American Car Equipment Trust 5% Equip. Tr. Ctfs. "K," 1929-44. Offered by Freeman
& Co. and Blyth & Co.
5.93 American I. G. Chemical Corp. Guaranteed Cony, Deb. 51.0, 1949. Offered by the National City
Co., International Manhattan Co., Inc., Leo, Iligginson & Co.. Harris, Forbes & Co., Brown
Bros. & Co., Bankers Co. of N. Y., Equitable Tr. Co.. N. Y., and Continental Illinois Co.
6.50 Fairforest Finishing Co. 65.65, 1932-41. Offered by A. M. Law & Co., South Carolina Security
100
Co., Spartanburg, S. C., and Alester G. Furman Co., Greenville, S. C.
6.35 (The) Garlock Packing Co. Cony, Deb. 6s, 1939.
971,5
Offer by White, Weld & Co., the Marine Tr.
Co. of Buffalo, Sage, Walcott & Steele and J. A. Siete & Co.
6.15 Gulf States Creosoting Co. Deb,68, 1939. Offered by Whitney Central Tr. & Savings Bank, New
99
Orleans, and First National Co., St. Louis.
Placed privately North American Refractories Co. Cony. Deb. 614s "A." 1944. Offered by Blair & Co.. Inc.
95
37,108,000
Land, Buildings, &c.500,000 Provide funds for loan purposes_
6.00 American Home Security Corp. 1st M. Coll. Tr. Cs "C," 1943. Offered by Smith, Hull .4 Co.:
Minneapolis.
5.50 Atlantic City (N. J.) Post Office Service Station let M. 544s, 1939. Offered by Love, Bryan &
Co., Inc., St. Louis.
392,000 Refund debt; capital expenditures. 100
5.50 Board of Hospitals & Homes of the Methodist Episcopal Church (Colorado Springs, Colo.)
lot M. 510, 1929-47. Offered by Peck-Brown & Co., Denver.
400,000 Finance construction of building..
5.88-6.25 Broadway-Barry Bldg. (Chicago) 1st M. 614s, 1932-39. Offered by Greenebaum Sons Investment Co.
2,000,000 Acquisition of property
6.13 Central Industrial Real Estate Trust 1st M. fis, 1949. Offered by Lee, Higginson & Co. and
9534
Jackson & Curtis.
225.000 Finance lease of property
100
6.00 Chicago Chain Store Terminal (R. D. Brown Properties) let Coll. Tr. 13s "A," 1937. Offered by
Robert Garrett & Sons, Baltimore.
185,000 Real estate mortgage
100
6.00 Clifton Apartments 1st M.(3s, 1931-39. Offered by Guaranteed Securities Corp. of Illinois.
185.000 General corporate purposes
100
5.50 Congregation of Notre Dame de Lourdes R. C. Church (New Orleans) 5345. 1933-49. Offered
by Dane & Well, Inc., Cleaver. Vass & Co.. Inc., and Canal Bk. & Tr. Co.. New Orleans.
90,000 Real estate mortgage
100
6.00 (Clarence E.) Day (Detroit) 1st M.(3s, 1931-39. Offered by J. G. Holland ,t Co.. Detroit.
226,000 Complete new building
100
6.00 Demery & Co. lot Leasehold Mtge.6s, 1939. Offered by Livingstone, Crouse & Co., Detroit.
700,000 Finance construction of building_ _
5.00-5.80 Farrand Bldg.(Detroit). 1st Mtge. 6s, 1932-41. Offered by Straus Bros. Investment Co., Chicago.
525.000 Refund current debt; wkg. capital_
99
6.13 Ferro Realty Co. 6s, 1939. Offered by First National Bank, Cincinnati.
315,000 Real estate mortgage
100
6.00 First Baptist Church of Asheville, N. C. let NI.(3s, 1930-41. Offered by Waldheim, Platt & Co.;
St. Louis.
1,400,000 Finance construction of buildings_ 100
6.25 Fischers Paramount Theatre & Business Bldg. 1st M. aqs, 1930-40. Offered by Geo. M.
Forman & Co.. Chicago.
150,000 Finance construction of building
100
6.00 General Metals Realty Corp. let (closed) M. 6s, 1929-39. Offered by Mark C. Steinberg & CO.:
St. Louis.
165,000 Finance construction of building-. 100
(The) Greenhorn (Chicago) 1st M. 6545. 1931-39, Offered by Leight & Co.. Chicago,
6.50
250,000 Finance lease of building
Price on application Grigsby-Grunow Bldg. (Chicago) 1st Ni. 6s, 1930-39. Offered by Chicago Trust Co.
27,000 Finance construction of apartment 100
6.00 (The) Hanna Apts.(Chicago) 1st NI. R. E. 65, 1931-36. Offered by Capital State Savings Bank
Chicago.
6,500,000 Finance construction of hotel... _ 100
6.25 Hotel Pierre (N.Y. City) 1st NI, 611s, 1049. Offered by S. W. Straus & Co., Inc.
750,000 Finance construction of building
100
6.00 Leader Store Bldg.(Chicago) 1st M. Cs. 1932-39. Offered by National Bank of the Republic, Chios.
500,000 Real estate mortgage
Price on application Loring Park Hotel 1st M. 634s, 1931-43. Offered by John C. Kuck dr Co., Minneapolis,
310,000 Finance construction of hotel
100
6.00 Marine Hotel Co. (Port Arthur, Tex.) let M. 6s, 1930-41. Offered by Wheeler. Kelly, Hagny
Trust Co., Wichita, Kan.
37,000 Real estate mortgage
100
5.50 Minnehaha Lutheran Church Corp. 514s, due to 1939. Offered by John C. Kuck & Co.,
100
450,000 Real estate mortgage
6.00 910 Lawrence Ave.(Chicago) let M. R.. E.6s, 1932-41. Offered by Iluszagh, Musson & Co.,Minn.
ChM.
60,000 Finance construction of building
100
6.00 Pyramid Bldg. (Little Rock, Ark.) lot M. 68, 1930-39. Offered by Real Estate Mortgage Trust
Co., St. Louis.
500,000 Real estate mortgage
100
6.00 San Carlos Hotel (Fla.) lot M.6s, 1929-14. Offered by Hibernia Securities Co.. Inc., and Whitney
Central Bank, New Orleans.
6.00 Saturday Night Bldg. (Detroit) 1st 1st. 6s, 103240. Offered by Union Trust Co., Detroit.
240,000 Finance construction of building_ _ 100
5.00 School Sisters of St. Francis of St. Joseph's Convent (Milwaukee) deb 55, 1931-35. Offered by
100
500,000 Retire bank loans
the Milwaukee Co.
6.00 Stonehenge Apts. 1st M. (3s, 1931-39. Offered by Clarard Trust Co., Chicago.
435,000 Finance construction of apartment 100
6.00 Thalhimer Bros. Realty Corp. Sec. Gtd. (is, "A, 1931-44. Offered by Fred E. Notting dr CO.:
100
600,000 Finance construction of building
Inc.. and Central Trust Co., Richmond, Va.
100
6.00 Trinity Reformed Church (Akron. Ohio) let Mug,1931-39. Offered by Whitaker & Co., St. Louis
150,000 Refunding; construction
5.50 259-261 West 30th St. Bldg. (N. Y. City) Gtti. 1st 514% partic. certifs, 1930-39. Offered by State
100
.500.000 Real estate mortgage
Title & Mortgage Co., New York.
5.57-6.00 2920 Commonwealth Ave. Apts. (Chicago) lot M. Cs, 1031-41. Offered by Greenebaum Bona
700,000 Finance construction of apartment
Securities Corp., Chicago,
6.00 Universal Mortgage Co. Gtd.I3s,"E," 1932-37-39. Offered by Howard R.Taylor & Co., Baltimore.
1,000,000 Provide funds for loan purpoees__ _ 100
100
6.00 (E. W.) Vaughn Bldg. (Port Arthur, Tex.) let M.6s, 1931-42. Offered by Canal Bank & Trust
100,000 Real estate mortgage
Co., New Orleans.
6.00 Washington Square Development Co. let M.(3s. 1939. Offered by First National Co.of Det., Inc.
100
110,000 Retire mtge. debt; construction
5.50 Wilmette Bldg. 1st R. E. NI. 514s, 1930-38. Offered by Union Trust Co., Chicago.
70,000 Real estate mortgage
100
5.80-6.00 (The) Wilton (Detroit) let NI. 6s, 19:32-1939. Offered by Straus Bros. Investment Co., Detroit,
105,000 Finance construction of building
6.00 Wilton Apts. (Chicago) 1st M. 65, 1930-38. Offered by Chicago Trust Co.
105,000 Real estate mortgage
TOO195,000 Finance construction of building
Price on application (F. F.) Woods Motor Co.(Grand Rapids, Mich.) let (closed) M. 5140, 1944. Offered by Grand
Rapids Trust Co.
21,711,000
Shipping175,000 Provide new motor ship
6.50 Leathern Smith-Putnam Navigation CO. 1st M. 614s, 1038. Offered by Lloyd E. Work & Co.
100
and Forgan, Gray & Co., Chicago.
1,750.000 Acquisitions; working capital
6.80 Pacific Atlantic SS. Co. 1st dr Gen. Marine Equip. 634s, "A," 1031-37. Offered by Freeman &
Co. and Chemical National Co., Inc.
175.000 AequIs, and consol. of properties.6.50-6.78 Puget Sound Freight Lines let M. 6Ks, 1930-39. Offered by Seattle Title & Trust Co.; Ferris
& Ilardgrove and Wm. P. Harper & Son, Seattle.
2,100,000
Miscellaneous-500,000 Additional capital
5.00 Capital Management Corp. Cony. Deb. 5s, 1939. Offered by Coffin & Burr, Inc.
100
2,500,000 Acquisitions
6.05 National Food Products Corp. Coll. Tr. Cony. (Ss ."A," 1944. Offered by J. A. W. Iglehart
0954
Co., Baltimore, and Arthur Perry & Co.. Now York,
700.000 Acquisitions; construction, &e..„. 99
6.60 Nicholson Terminal & Dock Co. (Detroit) let M. 634s, "A," 1944. Offered by E. IT, Rollins
& Som.
5,000,000 Acquire constituent companies.... 0914
6.05 Parmelee Transportation Co. Cony, Deb,6s, 1944. Offered by J. A. Slate & Co., New York,
1.000,000 Provide funds for investment purp_ 100
7.00 United States Banking Corp. Cony. 7s, 1954. Offered by W. E. Willard & Co., Inc., New York.
7,000,000 Acquisitions, retire debts, &o
6.10 Warner Co. 1st 51.65, 1944. Offered by Dillon, Read & Co.; Janney & Co.; Hemphill, Noyes & Co.:
90
Chandler dr Co., Inc.; J. S. Wilson Jr. & Co., and Laird, Bissell & Moods.
1,000,000 Finance lease of property
6.00 Wilts-National Veneer Corp. (Plymouth. N. C.) let M. 6s, 1929-39. Offered by Hitchcock
100
& Co., Chicago.
17.700000
60,000 Finance lease of property
100
100
FINANCIAL CHRONICLE
MAY 11 1929.]
3087
YEARS).
SHORT TERM BONDS AND NOTES (ISSUES MATURING UP TO AND INCLUDING FIVE
Amount.
Purpose of Issue.
Price.
To Yield
About.
Public Utilities8,000,000 Refunding; other corp. Purposes_
8,600,000 Refunding; other corp. purposes_ _
0931
7,000.000 New construction
9831
Company and Issue, and by 1Vhom Offered.
1929. Plaoed with Old
6.25 Edison Electric Illuminating Co. 6-months Discount Notes, Oct. 25
Colony Trust Co., Boston, and others.
with Old colon,
Placed
1930.
30
April
Notes,
6%
1-year
Co.
Illuminating
6.25 Edison Electric
Trust Co., Boston, and others.
Stuart & Co., Inc.
Halsey,
by
1
Offered
May
1931.
Notes,
%
Co.
Generating
Line
State
6.18
23,600.000
Land, Buildings, &c150,000 Provide funds for loan purposes
100
50,000 Provide funds for loan purposes
100
500,000 Provide funds for loan purposes
1,580,000 Real estate mortgage
Federal Trust
6.00 Federal Corp. 1st Coll. Tr. 65, "AX," April 1 1930-31. Offered by Union Bank &
Co., Richmond, Va.
by Richmond
Offered
1932.
1
6s,
April
Tr.
"L,"
Coll.
Va.)
(Richmond,
6.00 Investors Mortgage Corp.
(Va.) Trust Co.
Stone & Webster
by
6s,
1
Tr.
Offered
Feb.
Coll.
1930.
Co.
Guaranty
Title
&
Jersey
Mortgage
6.25
and Blodget, Inc., and First National Corp. of Boston.
by Lawyers
5.50 Lawyers Mortgage Co.(New York) Gtd. 5;i% Mtge.Partic, Certifs., 1933-34. Offered
Mortgage Co., New York.
11930-34. Offered by Scott & Stringfellow;
6.00 Mortgage Corp. of Virginia 1st M. Coll. Tr. 6s, April
Richmond, Va.
N. C.) 1st M. Os, April 15 1931-Ott 15 1933.
6.00 T. A. H.Stevenson & S. C. Ripple (Winston-Salem,
Offered by Did Dominion Mortgage Corp., Richmond, Va.
Prudence Certifs., Feb. 1 1934. Offered
Gtd.
(N.Y.
City)
554%
Bldg.
Apt.
St.
5.50 307-313 West 79th
by the Prudence Co., Inc., New York
0 Prudence Certifs., Oct. 1 1930-AprIl 4 1934.
7
5.50 (The) Worth Bldg. (Brooklyn, N. Y.) Gtd. 64,
Offered by the Prudence Co., Inc., New York.
994
100
133,300 Provide funds for loan puproses
100
220,000 Finance construction of building
100
375,000 Real estate mortgage
100
600,000 Real estate mortgage
100.
3,608,300
Miscellaneous2,000,000 Acquisitions; new equipment, &c
0834
250,000 Working capital
120,000 Acquisition of equipment
Offered by Lane, Piper
7.00 American Motor Transport Corp. 1-year Coll. Tr. 75, April 15 1930.
& Jaffray, Inc., Minneapolis.
Whitney-Central Banks,
by
1
Offered
6.35 Central Finance Co., Inc., Coll. Tr. 6s, "A," March 1934.
New Orleans.
Offered by Lane.
1
1932.
1929-April
1
Oct.
6s,
Equip.
System
6.00 Columbia Gorge Motor Coach
Piper & Jaffrey, Inc., Minneapolis.
Inc.
Co.,
&
by
Stuart
Offered
Halsey,
11930.
April
7.05 Fox Film Corp. 6% Notes,
100
100
99
12,000,000 Capital expenditures
14,370,000
STOCKS.
Par sr No.
of Shares.
Purpose of Issue.
Railroads30,000,000 A cq. ohs, cap. stk. Pere Marti. rty _
a Amount Price
To Yield
lnrolred. per Share. About.
30,000,000 100 (Par)
Public Utilities*25,000 she Acquisitions other corp. purposes_
•1,(21,056slis Acquisitions additions, &c
•15,000 shs Acquisitions other corp. purposes_
150,000
13,851,610
500,000 General corporate purposes
•450,000shs Acquisitions; other corp. purposes_
Chesapeake & Ohio Ry. Co. Common. Offered by company to stockholders.
American States Public Service Co. clam A Common. Offered by Pync lion A: Co.
Arkansas Natural Gas Corp. Class A Common. Offered by co. to stockholders.
6.50 Commonwealth Utilities Corp. $654 Cum. Pref., Series C. Offered by Smith, Moore
& Co.; Merrill, Lynch & Co., and Bodell & Co.
Invest100
7.00 Continental Telephone Co. 7% Cum. Prof. Offered by Municipal Utility
ment Co., Kansas City. Mo.
70
General Gas & Electric Corp. Class A Common. Offered by company to stockholders:
underwritten.
Galveston,
48
7.29 Houston Natural Gas Corp. 7% Cum. Pref. Offered by Geo. D. Morgan,
and San Jacinto Trust Co., Houston, Tex.
of Class A;
holders
to
stock.
A
Offered
Class
System
-Electric
Hydro
43
International
B and C Common stock of International Paper & Power Co.
1 sit. pref. and 11 National Water Works Corp.$334 Cum.Pref. Offered by Detwiler & Co., Inc.,&N.Y.
Detwiler Co.;
shs. corn. for $65 National Water Works Corp. Class A Common, Series 1. Offered by
Inc., New York.
& Co., Inc.;
Ohrstrom
L.
Offered
G.
by
Pref.
Cum.
$6
Corp.
Power
&
96
6.25 Peoples Light
Graham, Parsons & Co.; Parsley Bros. & Co., and Janney & Co.
31%
Portland Electric Power Co. Common. Offered by company to stockholders.
stockholders.
50
Shawinigan Water & Power Co. Capital Stock. Offered by company to A, Co., Inc.;
38
United Power Gas & Water Corp. Common. Offered by G. L. Ohrstrom
and Peopleil
Corp.
Service
Water
Federal
of
stockholders
to
issued
rights
to
subject
Light & Power Corp.
& Co.;
49
6.12 United Power Gas & Water Corp. $3 Cum. Pref. Offered by G. L. Ohrstrorn
Corp. and
Inc., subject to rights issued to stockholders of Federal Water Service
Peoples Light A Power Corp.
233.4
Western Continental Utilities, Inc., Class A Common. Offered by Federal Securities
Corp.; Freeman, Smith & Camp Co. and Paul II. Davis A: Co.
675,000 27
4
4,084,224
1,500,000 100
150,000 Retire bonds; other corp. purposes_
•197,923shs Acquisitions
Company and Issue, and by Whom Offered.
500,000
19,350,000
•16,000 shs Acquisitions
•16,000 shs Acquisitions
1,040,000
*35,000 shs Acquisitions; other corp. purposes_
3,360,000
*37,500 shs General corporate purposes
•311,178shs Additions & 'amts.; acquisitions_
•100,000shs Acquisitions
1.181,250
15,558,900
3,800,000
2,205,000
•45,000 sho Aoquisitions
1,410,000
*60,000 shs Acquisitions; other corp. purposes_
68,668,984
Iron, Steel, Coal, Copper, &c.
250,000 General corporate purposes
*2,500 shs General corporate purposes
*25,000 shs Working capital; acquisitions, &a_
*75,000 shs General corporate purposes
1,500,000 General corporate purposes
*34,000 sits Acquire Dilworth, Porter & Co
I
Birmingham Pressed Steel Co. 7% Cum. Pref. Offered by Investment Seem-Bk.
250,000 I sit. pref. & 1 oh.I
Finance Co., Birmingham, Ala.
coin. for 3100
Birmingham Pressed Steel Co. Common. Offered by Investment Securities Finance
Co., Birmingham, Ala.
537,500 21;i
Reliance Bronze & Steel Corp. Common. Offered by Jerome B. Sullivan & Co. and
E. F. Gillespie & Co.. Inc.
2,437.500 3254
Sharon (Pa.) Steel Hoop Co. Common. Offered by company to stockholders.
600,000 40
Superior Steel Corp. Capital Stock. Offered by company to stockholders.
Hill, Wright
1,111,800 31A-34;i b
Witherow Steel Corp. Common. Offered by Moore, Leonard & Lynch;
& Frew, and J. II. Holmes & Co.
4,936,800
Motors and Accessories*96,000 sits letire current obligations, &c__ _
•283,758shs Finance increased production
3,072,000
7,093,950
32
25
•150,000slis Retire deb. bonds; other corp. pur_
*65,203 shs Retire preferred stock
1,000,000 Plant expansion
1,800,000
1,825,681
2,200,000
12
28
11
(The) Cleveland Tractor Co. Common. Offered by Otis & Co.
underGraham-Paige Motors Corp. Common. Offered by company to stockholders;
written.
stockholders.
to
company
Jordan Motor Car Co., Inc., Common. Offered by
Motor Products Corp. Common. Offered by company to stockholders.
Pines Winterfront Co. Common. Offered by company to stockholders.
16,991,631
Other Industrial & mfg.•110,000slis Acquire Predecessor cos.; wkg. cap_
1,595,000
*20.000 she Acquisitions; wkg. capital. &c__
1,020,000
*40,000 shs Plant additions; working capital__ _
*105,000611s Acquire plant; other corp. purposes
1,060,000
2,887,500
*52,500 shs Acquire plant; other corp. purposes
*36,050 shs Retire preferred stock
*45,000 shs Retire debt; working capital
1,622,250
562,500
*20,000 shs Expansion of business
*33,000 she Consolidation of properties
400,000
1,320,000
290,000 Acquire predecessor company
*7.600 shs Acquire predecessor company.__
*3,665 she New capital
250,800
458,125
•10,995 shs New capital
*78,150 she Acquisitions and development _ _ _
*37,500 shs General corporate purposes
*30,000 silo Expansion of business
*5,000 she Additional capital
1,289,475
825,000
750,000
155,000
•125,000shs Acquisition of properties
3,625,000
*62,500 shs Acquisition of properties
•100,000shs Acquisitions; other corp. purposes_
2,300,000
*300,000slis Acquisitions; expansions, Ac
4,500.000
•61,068 sits Acquisitions; working capital
*26.716 shs Acquire constituent cos
4.702,236
2,618,168
250,000 Acquire Predecessor company
250,000
-- Allied Aviation,Inc.. capital stock. Offered by Love, Bryan & Co., Inc., and Augustine
& Co., St. Louis.
Co., Kansas City;
Allied Laboratories. Inc., Cony. Prof. Offered by S. W. Straus &
Mo.
Co.
&
Hutton
E.
W.
2634
Aluminum Industries, Inc., Common. Offered by
Offered by Brickhoule
American Aeronautical Corp. (Del.) Class A Cony. stock.
1 sit. A & 34 sit.I
& Co., Inc., New York.
13 for $273i
American Aeronautical Corp. (Del.) Class B stock. Offered by Briekhouse & co.:
Inc., New York.
to stockholders.
45
American Sumatra Tobacco Co. Common. Offered by company
Faulkner & Co.;
1254
Arrow Aircraft & Motors Corp.(Del.) Common. Offered by Woods,
Chicago.
20
Asper-Lax, Inc. (Del.) Common. Offered by Olsen & Co., New York.
40
Berkshire Fine Spinning Associates, Inc. (Mass.) Common. Offered by Baker.
Young & Co. and Old Colony Corp.
1 sh. Pf. & 1 sit. Colonial Chair Co.(HI.) 7% Cum, Pref. Offered by Forgan, Gray & Co., Chicago.
Corn, for $33
Colonial Chair Co. (III.) Common. Offered by Forgan, Gray & Ce., Chicago.& Co.;
Cornstalk Products Co., Inc., Class A stock. Offered by Wilfred E. Boughton
1 sit. A & 3 ells.
Inc., New York.
Corn. for $125
Cornstalk Products Co., Inc., Common. Offered by Wilfred E. Boughton & Co.:
Inc., New York.
1654
Crown Cork International Corp. (Del). Class A stock. Offered by Paine, Webber
& Co. and liarubleton & Co.
22
Curtis Lighting, Inc., Common. Offered by Paine, Webber & Co.
25
Elias Aircraft & Mfg. Corp. (Del.) Common. Offered by Lowell Underwriters, Inc.;
Buffalo, and Harry Thompson & Co., Inc., New York.
31
Ferry Cap & Set Screw Co. (Cleveland) Common. Offered by McDonald, Callahan
& Co., Cleveland.
Forman &
Foremost Dairy Products, Inc., Cony. Pref. stock. Offered by Geo. M.
1 sit. Pf. & 14 sh.i
Co. and Moore, Leonard & Lynch.
and
Corn, for $29
Foremost Dairy Products, Inc., Common. Offered by Geo. M. Forman & Co.
Moore, Leonard & Lynch.
Union
Marine
by
Co.,
&
Offered
White,
Weld
23
(The) Garlock Packing Co. Common.
Investors, Inc., Sage, Walcott A, Steele and J. A. Sisto & Co.
Holmes A co.;
15
General Aero Corp. of America (Del.) Common. Offered by E. H.
Inc., New York.
77
General Mills. Inc.. Common. Offered by the National City Co.
98c.
6.12 General Printing Ink Corp. $6 Cum. Pref. Offered by Dillon, Read & Co., Otis &
Co., It. V. Mitchell & Co. and Shields & Co., Inc.
6.00 Giddings & Lewis Machine Tool co. 6% Cum. Pref. Offered by Commercial Co.;
50 (par)
Fond du Lac. Wisc.
1414
51
3088
Par or No.
of Shares.
FINANCIAL CHRONICLE
a Amount. Price
To Yield
Involved. per Share. Abota.
Purpose of Issue.
Other Indust. & Mfg. (Cond.)
*7,000 shs Acquire predecessor company
•100,000shs Acquisition of properties
*13,138 shs Expansion of business
•100,000shs Expansion of business
.
34,000 shs Acquisition of predecessor co
*34,000 shs Acquisition of predecessor co
.40,000 shs Reduce bank loans
350,000
50
[vol. 128.
Company and Issue, and by Whom Offered.
Giddings & Lewis Machine Tool Co. Common.
Offered by Commercial Co., Fond
du Lac, Wisc.
Glidden Co. (Cleveland) Common. Offered by
company to stockholders.
Gold Seal Electrical Co., Inc., capital stock.
Grand Rapids Store Equipment Co. Common.Offered by company to stockholders.
Ilolophane Co., Inc.(Del.). Pref. stock. Offered Offered by company to stockholders.
Holophane Co., Inc. (Del.). Common. Offered by Jackson d, Curtis.
Jackson & Curtis.
(G. R.) Kinney & Co., Inc., Common. Offered by
by company to stockholders; underwritten.
Knox Hat Co., Inc., Common. Offered by company
to stockholders; underwritten.
(Joseph) Kreutzer Corp. Common. Offered by Thomas
McAleer mfg. co. Cum. Cony. stock. Offered by Brand,J. Edwards, Los Angeles.
Dressler & Co.. Detroit.
(The) New Haven Clock Co.(Conn.)83.370 Cum. Cony.
Pref. stock, Series A. Offered
by Geo. H.Burr & Co., Thomson, Fenn & Co. and Chas.
W. Scranton & Co.
North American Creameries, Inc., Class A Common.
Offered by Wells-Dickey Co.
and First Minneapolis Co.
Ohmer Fare Register Co. $3 Cony. Partic. Class A
stock. Offered by F. J. Llsman &
Co.
Perryman Electric Co., Inc., Common. Offered by
Abeles, Reynell & Campion. Inc.;
New York.
Sanitarium Equipment Co (Battle Creek, Mich.) Cum,
Cony. Pref. Offered by
H. NV. Noble & Co., Detroit.
Schickerling Radio Tube Corp. capital stock. Offered
by
Daniel Runkle & CO.;
Inc., New York.
7.00 Sterling Flour. Mills, Inc. (Statesville, N. C.) 7% Cum,
Cony.
Pref. Offered by
R. S. Dickson & Co., me., Charlotte, N. C.
Taylor Milling Corp. Common. Offered by Geo. H. Burr,
Conrad & Broom, Inc.;
Si. II. Lewis & Co., J. J. Metes & Co.. E. It. Gundelfinger
, Inc., Banks, Huntley
& Co. and Toole-Tletzen & Co.
Tru-Lax Products Co. Common. Offered by Backus, Fordon
& Co., Detroit.
United Carbon Co. Common. Offered by company to stockholders;
underwritten by
G. M.-P. Murphy & Co.
United Chemicals, Inc., Common. Offered by company to stockholders.
United Merchants & Manufacturers, Inc.(of Del.),6% Cutn.
Cony. Pref.. Series A.
Offered by Kidder, Peabody & Co.
United Merchants & Manufacturers, Inc.(of Del.), Common. Offered
by company
to stockholders.
Utica Flying Service, Inc., Common. Offered by A. J. Callahan, Utica,
N.
Y.; Avery
Horton, Utica, N. Y., and B.. B. Vermilya, Oneonta, N.Y.
Western Electric Co., Inc., Common. Offered by company to stockholders.
Westvaco Chlorine Products Corp. Common. Offered by company
to stockholders.
3,500.000 35
755,435 57%
1,250,000 12%
} 1,360,000 1 sh. Pf. and 1 sh.1
Corn, for $40 I
1,040,000 26
.35,360 shs Refdg.; retire pref. stk.: win. cap_ _
*54,000 shs Expansion; working capital
•15,000 shs Working capital
750,000 Retire 7% pf. stk.;other corp.purn.
*40.000 shs Acquire predecessor company
3,889,600 110
270,000
5
187,500 1234
750,000 100 d
920,000
*72,222 shs Retire notes, pf.stk. & bk.Ins. &c.
3,719,433
*75,000 shs New factory & eq.; win. capitaL. _
1,162,500
*50,000 shs General corporate purposes
*56.250 shs Enlarge plant; working capital_
_
130,000 Retire debt; Wards.; win.
23
51%
15%
000,000
18
1,125,000
20
150,000 100
*75,000 shs Acquire predecessor company
2.700,000
36
*40,000 shs Expansion of business
.25,008 shs General corporate purposes
580,000
1,250.400
14%
50
*37,000 shs Acquisitions; other corp. purposes_
3,500.000 ACQUIsit10139: expansion
3,700,000 100
3,500,000 100
*60,000 shs Acquisitions; expansion
1,500,000
*2,000 shs Working capital, da
25
50,000
25
*500,000shs Increase mfg. facilities; wkg. cap_ _ 20,000.000
*25,000 shs Plant expansion
1,500,000
40
60
6:85
6:66
88,300,922
Oil16.666,667 Retire 7% preferred stock
26,666,667
500.000 Additional working capital
•100,000shs General corporate purposes
300,000 Acquisitions
500,000
500,000
300,000
2,000,000 General corporate purposes
*400,000shs General corporate purposes
*60.000 shs Development; other corp. purposes
40
Atlantic Refining Co. Common. Offered by company to stockholders; underwritten
by Guaranty Co. of New York.
Dollar Oil Co., Inc., Capital Stock. Offered by C. W. Glans,
Los Angeles.
Mexico-Ohio Oil Co. Capital Stock. Offered by company
Producers Royalty Corp. Cum. Cony. Partic. Pref. stock.to stockholders.
Offered by Glenn & Co.;
Buffalo.
Royalty Corp. of America Pantie. Prof. stock.
Offered by Stanley-Andrew Co.;
Inc., New York.
Superior Oil Corp. Capital stock. Placed privately.
Western 011 & Refining Co., Inc.. Class B Prof.
stock. Offered by John C. Fell
& Co., Inc., New York.
5
1253
3,000,000
15
2,800.000
1,500,000
(e)
25
35,266,667
Land, Buildings, &c.
*25,000 shs Acquire predecessor company
500,000 Additional capital
1,200,000 48
850.000 170
3,000,000 Finance construction of building._
.30,000 shs Finance construction of building .._
800 ctfs. Finance lease of property
1,500,000 Acq. int. of fanner stkholders, &c_
(Louis) Friedman Realty Corp. Common.
National Title Guaranty Co.(Brooklyn, N.Offered by Itarvey Fisk & Sons.
Y.) Capital stock. Offered by company
to stockholders.
Newark & Essex Building Corp. 7% Cum.
Class A stock. Offered by Clark. Dodge
3,750,000 2 shs. "A" and 11
& Co.
sh. "B" for $125 Newark & Essex Building
Corp. Class B stock. Offered by Clark, Dodge & Co.
808.000 1,010
5.20 Smith•Kasson Co. Land Trust Certifs.
Offered by Geo. C. Riley Co., First National
Bank of Cincinnati, and W. E. Ilutton & Co.,
Cincinnati.
2,025,000 135
Title Insurance Co. of Minnesota Capital
stock. Offered by Lane, Piper & Jaffray,
Inc.; First Minneapolis Trust Co., and Minnesota
Co., Minneapolis.
8,633,000
Rubber•207.728Shs Plant construction; development- 16,825,968
81
Shipping2.580.500 Acquisitions; working capital
29,805 shs Acquisitions; working capital
•600,000shs Acquisition of vessels, 6,c
1755
Miscellaneous50,000 shs Acquire predecessor company
.
300.000 Additional capital
} 2,578.000 (1)
10,500,000
(B. F.) Goodrich Co. Common. Offered
by company to stockholders; underwritten.
-
13,078.000
1.250,000
25
Pacific Atlantic SS, Co. 7% Pref. stock. Purchased
by organizers of Company.
Pacific Atlantic SS. Co. Common. Purchased by organizers
of company.
United States Lines, Inc.(Del.) Pattie. Cum.Prof. stock. Offered
by P. NV. Chapman
& Co., Inc.
Alaska Public Service Corp Class A stock. Offered by Bond & Goodwin & Tucker,
Ina
American Discount Co. of Georgia 633% Cum, Cone. Pref. Offered by Fourth*
National Co., Atlanta.
*6.000 shs Additional capital
American Discount Co. of Georgia Common stock. Offered by Fourth National
Co.,
Atlanta,
350,000 Provide funds for investment PUrPBergen County First National Corp. 7% Cum. Pref. Offered by F. B. Wilcox
550,000 7 shs. pref. and 7
& Co., Inc.
*35,000 shs Provide funds for investment purp_
sh. corn. for $110 Bergen County First National Corp. Class A Common.
Offered by F. B. Wilcox
& Co., Inc.
900,000 Provide funds for investment purp_
1,035,000 23
Brooklyn Capital, Inc., Capital stock. Offered by Brooklyn Commerce Co.
•15,000 shs General corporate purposes
390,000 26
Commercial Bookbinding Co (Cleveland) Common. Offered by Middleton, Worthington & Co., Inc., Cleveland.
•100,000shs New capital
10,000,000 100
6.00 Corroon & Reynolds Corp. (Del.) $6 Div, Cum, Cony, Pref., Series
A. Offered by
Merrill, I,ynch & Co.; Hunter, Dulin & Co.; J. A. Sisto & Co., and W.
Wallace
Lyon & Co.
*200,0000hs Acquisitions and development..._
Dahlberg Corp. of America Pref. stock. Offered by Liberty National Bank
& Trust
Co., International Germanic Co.. Ltd.; Throckmorton & Co.. and Dahlberg Corp.
12,000,000 1 sh. pref. and 1
of America.
*200,000shs Acquisitions and development.._ _
Oh. corn, for $60 Dahlberg Corp. of America Common. Lffered by Liberty National Bank
& Trust Co.:
International Germanic Co., Ltd.;Throckmorton & Co.,and Dahlberg Corp. of Amer.
•220,000shs Acquisitions and development.._ _
3,300,000 15
Dahlberg Corp.of America Common. Offered by Liberty National Bank & Trust
CO.:
International Germanic Co.,I.td.; Throckmorton & Co.,and Dahlberg Corp. of Amer.
•1,250,0Gashs Provide funds for investment PtirP- 23,000,000 20
Electric Shareholdings Corp. Common. Purchased by organizers of company.
•100,000shs Provide funds for investment purp_
1,800,000 18
Equity Ownership Shares, Inc., Class A Common. Offered oy International Bank;
Washington, D. C., and Bennett, Converse dr Schwab, Inc.
300,000 Expansion of business
300,000 100 g
7.00 (M. II.) Fishman Co., Inc., 5c to $1 Stores 7% Cum. Cony. Pref., Series A. Offered
by Geo. If. Burr & Co., Boston.
*300,000shs Provide funds for investment purp_ 15,900,000 53
Graymur Corp. (Del.) Capital stock. Offered by G. M.-P. Murphy & Co.
2,500,000 General corporate purposes
} 3,000,000 1 sh. "A" and 1 Harvard Financial Corp. Class A stock. Offered by company.
*50,000 shs General corporate purposes
sh. "B" for 860.1 Harvard Financial Corp. Class B stock. Offered by company.
*5,000 shs Provide funds for investment purp_
40,000
8
(The) Investment Fund of New Jersey Certifs of Beneficial Interest. Offered by
Geo. E. Bailey & Co., Jersey City, N. J.
•15,000 shs New stores
165,000 1 sh. "A" and 11 Johnston Paint Bc Varnish Co. Class A stock. Offered by W. A. Hamlin &
•15,000 shs New stores
sh. "B" for $11.1 Johnston Paint & Varnish Co. Class)) stock. Offered by W. A. Hamlin & Co., Bet.
Co., Det.
•100.000shs Provide funds for investment purP- 1,000,000 10
Journal Square Securities Corp Common. Offered by company.
*60,000 shs Working capital
1,290,000 213.3
Lyons-Magnus, Inc. (Del.) Capital stock "D." Offered by Walsh, O'Connor & Co.;
San Francisco.
*60,000 shs Working capital
750.000 1233
Lyons-Magnus, Inc. (Del.) Capital stock "B." Offered by Walsh, O'Connor & Co.;
San Francisco.
.6,000 shs Working capital
294,000 49
M-A-C Plan of Hartford rattle. Pref. Offered by Chas. Scott & Co., Hartford, Conn,
1,614.600 Acauisitions
1,614,600 110
6.36
MacMarr
Stores, Inc. (Md.) 7% Cum. Pref. Offered by Merrill. Lynch & Co.
*50030 shs Acquisitions
1,750,000 35
SlacMarr Stores, Inc. (Md.) Common. Offered by Merrill. Lynch & Co.
250,000 Provide funds for investment purp_
412,500 1 sh, pref. and 1 Massasoit Corp. Class A Partic. Pref. Offered by Pirnie,
Simons & CO., Inc.
✓25.000 shs Provide funds for investment purp_
eh.com.for 5163,5 Massasoit Corp. Class B Common. Offered by Finite, SIM0119 & CO., Inc.
.
50,000 shs Acquisitions
Mayflower Drug Stores, Inc.. Cony. Pref. Offered by Moore, Leonard & Lynch.
1,750,000 1 sh. Pf. and 1 sh.
Hill, Wright & Frew and J. It. Holmes & Co.
*50,000 abs Acquisitions
Corn. for $35
Mayflower Drug Stores, Inc., Common. Offered by Moore, Leonard & Lynch, Hill,
Wright & Frew and J. It. Holmes & Co.
*40,000 shs Provide funds for invest. purposes.
Mitchum,Tully Participations, Inc., No. 2, Cum. Cony. Prof. Offered by Mitchum,
1,040,000 1 sh. Pf. and 1 sh.
Tully & Co. and Kidder, Peabody & Co.
.40,000 abs Provide funds for invest. purposes_
Com. for $26
Mitchum, Tully Participations, Inc.. No. 2, Common. Offered by Mitchum, Tully
& Co. and Kidder, Peabody & Co.
*10,000 shs New capital
180,000 18
Motor Casualty Corp. of America capital stock. Offered by Morley, Wood &
Co.,
Philadelphia.
•200.000shs Provide funds for invest. purposes_
2,950,000 1453
National Bancorporation of America, Inc., Class A Investors' stock.
Offered by
Underwriters
Bancorporati
Inc.,
,
York.
New
on
•100,000stis Provide funds for invest. purposes.
Normandie National Securities Corp. Partic, Pref. Offered by Normandie
National
I 5,400,000 1 sh. Pf. and 1 sh.
Corp., New York.
•
•100,000shs Provide funds for invest. purposes_
Corn. for $54
Normandie National Securities Corp. Common. Offered by Normandie
National
Corp.. New York.
*30,000 shs,Expansion; gen. Corp. purposes_-_ _
330,000 11
__ Paris Pattern Co , Inc., Common. Offered by Stanley & Bissell,
Inc., and Stralm
V. Claggett & Co., Inc.
-
348,000 1 sh, pref. and 1
sh. corn. for $58
1I
FINANCIAL CFIRONICLE
MAY 11 1929.]
Par or No.
of Shares.
To Yield
a Amount Price
Involved. per Share. About.
Purpose of Issue.
Miscellaneous (Concluded)*25,000 shs Provide funds for invest. purposes_
funds for invest. purposes_
Provide
•12,500 shs
•12,500 shs Provide funds for invest. purposes_
*30,000 shs Acquire & operate garages, &c__ _ _
3089
Company and Issue, and by Whom Offered.
Parker Trading Corp. Class A Partic. Cony. Common. Offered by C.D.Parker & Co
Parker Trading Corp. Class B Common. Offered by C. D. Parker & Co.
Parker Trading Corp. Class B Common. Purchased by C. D.Parker & Co.
Parking Stations of N. Y., Inc., $2 Div. Cum. Partic. Class A stock. Offered by
E. H. Rollins & Sons.
Parmelee Transportation Co. Common. Offered by J. A. Sisto & Co.
3,625.000 24;4
Pennsylvania-Bradford Co. 3214 Cum. Pref. Offered by Singer, Deane & Scribner.
Inc., and Glover & MacGregor, Pittsburgh.
364.000 1 sh. Pf. & 2 shs.1
Pennsylvania-Bradford Co. Common. Offered by Singer. Deane & Scribner, Inc.;
Corn, for $28
and Glover dr MacGregor, Pittsburgh.
(The) Pilot Reinsurance Co.of N.Y.capital stock. Offered by company.
1,540,000 77
York
Radio Securities Corp. Class A stock. Offered by Frank T.Stanton & Co., New
714
7,500,000
and Sawyer Bros., Inc.. Boston.
by
Pref.
Offered
A
Series
7%
of
Co.
Indianapolis
Investment
&
Finance
Republic
Jennings, Ayers Co. and Geo. J. Huebner & Co.. Detroit.
470,000 1 oh. Pf. and 1 sh.I
A stock. Offered by
Class
of
Indianapolis
Co.
Investment
&
Finance
Republic
"A" for $23)4
Jennings, Ayers Co. and Geo. J. Huebner & Co.. Detroit.
Pref. Offered by Hayden, Stone & Co Jack6.50 Rich's, Inc. (Del.), 634% Cum. Cony.
1,000,000 100
son & Curtis and Trust Co. of Georgia.
by Hayden, Stone & Co., Jackson &
Offered
stock.
Rich's, Inc. (Del.), Common
1,190,000 34
Curtis and Trust Co. of Georgia.
by Geo. H.Burr & Co.
Offered
stock.
capital
Inc.,
Russeks Fifth Avenue,
1,750,000 35
Valley Trust
Second National Investors Corp.$5 Cony. Pref. Offered by Mississippi
Louis.
St.
Co.,
10,150,000 1 sh. Pf. & 2 shs.
Mississippi
by
Offered
Valley Trust
stock.
Common
Corp.
Second National Investors
Cora. for $101 34
Co., St. Louis.
by
Stein Bros.
Offered
stock.
capital
Corp.
Securities
Bankers
Second Southern
1,590,000 53
& Boyce, Baltimore.
by C. Lester Horn & Co. Inc.;
Offered
Common.
Pa.)
(Altoona,
Co.
Stores
Shaffer
675,000 22;4
Fitch, Crossinan &
New York; LeBar & L'Hommedieu, Inc., Stroudsburg, Pa., and
Co., Philadelphia,
stockholders.
to
by
company
Offered
Pref.
7%
Co.
3,000,000 1 oh. Pfd.& 14 oh.1 Southern Sugar
Southern Sugar Co. Common. Offered by company to stockholders.
Corn. for $100
F. Rothschild & Co.;
Sun Investing Co.,-inc., $3 series Cony. Pref. Offered by L.
New York, and The Herrick Co., Cleveland.
6,375.000 1 oh, Pfd. & 1 sh.
& Co., New
Rothschild
F.
L.
Sun Investing Co., Inc., Common stock. Offered by
COM. for $75
York, and The Herrick Co., Cleveland.
Co., Inc.;
Detroit
Guardian
by
Offered
Common.
Corp.
-._ Third National Investors
10,000,000 50
and The Shawmut Corp.Boston.
Corp.
Investors
National
by
Purchased
Common.
Corp.
Investors
Third National
1,000,000 50
by Spencer Trask & Co.
_ -_ Spencer Trask Fund,Inc., capital stock. Offered privately
5,250,000 42
company.
by
Offered
Pref.
Cum.
6%
Corp
Trading
-National
Tr
1,100,000 1 eh. Pfd. & 1 oh.I
company.
Corn, for $110 I Tr -National Trading Corp. Common stock. Offered byby
Jerome B. Sullivan & Co.
__ _ Tr -National Trading Corp. Common stock. Purchased
500,000 10
by E. Stuart Winfield &
Offered
common.
B
Class
Inc..
--- United Cosmetic Shope,
450,000 18
Co., New York.
Janney & Co. HemphM;
Co.,
&
Read
Dillon,
by
Offered
Prof.
1st
$7
Co.
99
Warner
7.07
3,118,500
Lair& Bissell &
Noyes & Co., Chandler & Co., Inc., J. S. Wilson Jr. & Co., and
Meeds.
& Co.,Ino.
Wilcox
B.
F.
by
Pref.
Offered
Cum.
7%
Corp.
National
Westchester First
by F. B. Wilcox & Co.;
337,500 4shs.Pfd.&4shs.1 Westchester First National Corp. Class A common. Offered
Inc.
•
Corn. for $135
750,000 lab."A"& 14 oh.j
"B" for $30 I
250,000 20
750,000 25
•250,000shs Acquire constituent companies.__.
*14,000 shs Acquisition of securities
*28,000 shs Acquisition of securities
250,000 Additional capital
5,000,000 Provide funds for invest. purposes_
200,000 Working capital
*20,000 shs Working capital
1,000,000 Acquire predecessor company
*35,000 shs Acquire predecessor company
*50,000 shs General corporate purposes
5100,000shs Provide funds for invest. Purposes.
•200.000shs Providefunds for invest. purposes.
*30,000 shs Providefunds for invest, purposes-
1
*30,000 shs Acquisitions; expansion
3,000,000 Increase acreage; new mill
*15,000 shs Increase acreage; new mill
*85,000 shs Provide funds for Invest. purposes_
*85,000 shs Provide funds for invest. purposes_
*200,000shs Provide funds for invest. Purposes.
•20,000 ohs Providefunds for invest. purposes_
*125,000sbs Provide funds for invest. purposes_
1,000,000 Provide funds for invest. purposes_
*10,000 shs Provide funds for Invest. purposes_
*50,000 shs Provide funds for Invest. Purposes.
*25,000 shs Acquisitions, &is
*31.500 shs Acquisitions: retire debt. &c
250,000 Provide funds for invest. purposes_
*10,000 shs Providefunds for Invest. purposes.
I
156,574,100
ISSUES NOT REPRESENTING NEW FINANCING.
Par or No.
of Shares, Price.
$
•108,850shs
*20,000 shs
*27,778 sbs
*30,000 she
To Yield (a) Amt
About. Involved.
18)4
31
51;4
22%
1,783,025
620,000
1,430,587
675.000
Company and Issue and by Whom Offered.
Co.and Hambleton & Co.
Crown Cork International Corp.(Del.) Class A stock. Offered by Paine, Webber & & Co., Cleveland.
Ferry Cap & Set Screw Co.(Cleveland) Common. Offered by McDonald, Callahan
& Co.
Lisman
J.
F.
by
Offered
Ohmer Fare & Register Co.$3 Cony. Panic. Class A stock.
New York; LeBar & L'Hommedleu,
Shaffer Stores Co.(Altoona, Pa.) Common. Offered by C. Lester Horn & Co., Inc.,
Philadelphia.
Co..
&
Inc., Stroudsburg. Pa., and Fitch, Crossman
4,488,592
•Shares of no par value.
common stock are computed at their offering prices.
a Preferred stocks of a stated par value are taken at par, while preferred stocks of no par value and all classes of
b 20,400 shares priced at 33134 per share and 13,600 shares priced at $3434 per share.
offered.
C Limited amount of common stock also
d Limited amount of common stock offered at $25 per share.
e Contracted for eels at price not less than $7 net per share to company.
total cost of 82,578,000.
f $2,580,500 par value 7% preferred stock and 29,805 shares of common taken by organizers of company at
g Limited amount of common stock offered at market.
Tariff Revision Bill Introduced in House-Principal Changes in Rates
Embodied Therein.
With the introduction of the bill in the House on May 7,
General debate was begun on May 9 on the tariff revision
of the New York "Journal
bill, reported to the House on May 7 by Representative the Washington correspondent provisions, said in part:
its
to
in referring
Hawley, Chairman of the House Ways and Means Com- of Commerce"
the Hawley-Smoot tariff
Congress was to-day given its first glimpse of
in
Press
Associated
dis- bill of 1929 and with it there came a lengthy report, with sections conmittee. On May 9, it was stated
House Ways and
by each of the 15 Republican members of the
patches from Washington that Republican Representatives tributed
situation as it exists, in
Means Committee, dealing fearlessly with the
of ten agricultural States had decided to ask the Republican agriculture and industry, from a tariff standpoint.
between 15 and 20%
actual changes in protective rates will affect
it Is claimed, despite this
caucus on May 10, to delay for a week action on a rule ofThe
the dutiable items of the present law, and,
changed.
governing the offering of amendments pending the efforts fact, the average rate on dutiable imports will not be materially
Yet.
Rates
Highest
have
that
arisen.
The
to effect agreement on differences
inspection of the bill will deIn the matter of individual rates, however,
Associated Press accounts of May 9, also said:
assessments exceed greatly any
velop the fact that some of the proposed
instances of advances of 1,000%
heretofore contemplated. There are
not hesitated to double
In isolated cases, and the conunittee members have
molasses, as an example,
rates In many paragraphs. In the case of edible
present law to 3.3c. per
the rate advance is found Xc. per gallon under the
of increase in the rate
gallon in the Hawley-Smoot bill. The increment
is increased from .275c.
of duty for each per cent of total sugars above 48
a rate of 2c. per galto .6c. On blackstrap molasses for distilling purposes
tariff.
lon is provided, a very heavy increase over the present
either of the farmers
The bill cannot be said to measure up to the demands
uncertain terms that
or the industrialists. The former are told in no
no avail. To some
some of the rates asked for on their behalf would be of
are in a healthy
of the latter there is stated that their particular industries
presented the viewpoint
condition. To the importers in some lines there is
engaged in and
of the Committee members that sharp practices have been
voted present.
additional safeguards must be adopted on behalf of domestic
,
that,
and
therefore,
of
Massachusetts
RepreRepublican,
Treadway.
Representative
the revenues of the Government.
sentative Canfield, Democrat, of Indiana, were represented by proxies, the Industries and
former for and the latter against a favorable report.
From the Washington account May 7, to the New York
Representative Hull of Tennessee, a Democratic member of the coma
we take the following:
file
would
that
he
minority
"Times"
meeting
report
the
after
mittee, announced
it was apparent that
on the bill within the next two days.
Hardly had the bill been offered to the House when
in the
Chairman Hawley said after the meeting he expected debate on the bill It would be the basis for one of the most spectacular tariff contests
to last at least four or five days. He added that the full committee would history of the United States.
which were sufficiently
meet daily after the amendment stage was reached to determine what
Protests were heard from members of Congress
a revolt in the House.
committee revisions would be proposed.
explosive to bring predictions that there would be
A Democrati suggestion that the bill be taken up under the five-minute Interested organizations emitted statements bristling with indignation.
of those affected, they
rule permitting any member to offer an amendment at any time was made
While the dissatisfied ones may be in a minority
for anybody to digest thorat the meeting, but Mr. Hawley said this would not be done.
are making the most noise. The bill us too big
Representative Dickinson, Republican of Iowa, was desingated to present
the request for delay to the caucus.
The decision was reached at an informal conference of Representatives
from North and South Dakota, Nebraska, Illinois, Iowa, Kansas, Minnesota, Wisconsin, Missouri and California.
The dissatisfaction arose over provisions in the new tariff bill, affecting
the drawback on wheat,failure to impose a duty on hides, cattle and vegetable oils.
Republican members of the House Ways and Means Committe earlier
overrode Democratic opposition and formally reported the tariff bill to
the House.
The 15 Republicans lined up solidly for the measure, while of the 10
Democrats, nine were opposed to the bill, and one, Hill, of Washington,
3090
FINANCIAL CHRONICLE
mealy in the comparatively few hours since it was introduced. It comprises about 83,000 words, and, most of those who require time to read
and study the measure are yet to be heard from.
[VoL. 128.
Tannic Acid, Tann and Extracts of Nutgalls (containing by weight of
tannic acid less than 50%)—Present 4 cents a pound, new 6 cents.
Tannic Acid (50% or more and not modicinal)—Present 10 cents, new
12 cents.
Tannic Acid (50% or more and medicinal)—Present 20 cents, new 22
cents.
Tartaric Acid—Present 6 cents a pound, new 8 cents.
Gallic Acid—Present 8 cents a pound, new 10 cents.
Nitric Acid—One-half of 1 cent a pound (new provision).
Oxalic Acid—Present 4 cents a pound, new 6 cents.
Phosphoric Acid (containing by weight of phosphoric acid 80% or more)
—Present 2 cents a pound, new 334 cents.
Pyrogalllc Acid—Present 12 cents a pound, new 15 cents.
Alcohol (methyl or wood, or methanol)—Present 12 cents a gallon, new
18 cents.
Ammonium Carbonate and Bicarbonate—Present 134 cents a
pound.
new 2 cents.
Synthetic Gums and Resins (not especially provided for)—Four cents
a
pound and 30% ad valorem (new provision).
Barium Carbonate (precipitated)—Present 1 cent a pound, new
134 cents.
Barium Chloride—Present 134 cents a pound. new 2 cents.
Barium Dioxide—Present 4 cents a pound, new 6 cents.
Barium Oxide-234 cents a pound (new provision).
Calomel, Corrosive Sublimate (and other mercurial preparations)—
Present 45% ad valorem, new 22 cents a pound and 25% ad valorem.
Chalk, or Whiting, or Paris White (dry, ground or bolted)—Present 25%
ad valorem, new M cent a pound.
Diethylbarbituric Acid (and salts and compounds thereof)—$2.50 a
pound (new provision).
Phenol, Metacresol, Orthocresol—Present 7 cents a pound, new 20%
ad valorem and 334 cents a pound.
Majority Plans Quick Action.
Democratic members of the Ways and Means Committee will meet
Thursday to consider the bill. Every effort the Democrats can make to
change the Republican rates, however, is likely to be voted down. The
majority program is to report the measure to the House on Thursday
afternoon, On Friday a rule limiting debate will be offered by the Republicans. Majority Leader Tilson said to-night that he thought! the
House would pass the bill in the last week of the month.
President Hoover. in campaign speeches and his inaugural address,
called for a "limited revision of the existing Fordney-McCumber tariff.
which has been on the statute books since 1922.1 It Is a question of opinion
at this writing whether the new bill constitutes a limited revision. Every
schedule, except that on tobacco, has undergone proposed changes. Perhaps from 34 to 1-3 of the existing tariff rates are revised, mostly upward.
Nearly every paragraph of the agricultural schedule is altered in some way,
For Reorganizing Commission.
The measure contains a provision to make possible a reorganization of
the Tariff Commission by the President, terminating the services of present
members at such times as their successors are appointed. The number of
members is increased from six to seven and salaries increased from $10.000
to $12,000. The provision of the present law providing for division of the
personnel among the political parties is eliminated.
Increased rates are sought to be imposed on sugar, beef and wool. Some
say that they are the highest rates ever imposed on these commodities.
Cement, shingles and certain classes of brick and lumber now on the free
list, are transferred to the dutiable lists. The farmers in whose interest
tariff revision was conceived, have been peotesting against putting duties
on these building materials.
Rise in Casein Ad Valorem Rate.
The rate on full-content sugar is increased from 2.2 cents per pound
Compounds of Casein (made into finished or partly finished articles)—
to 3 cents. Under the existing law Cuban sugar, which enjoys a preferential duty, is admitted at 1.76 cents. Under the proposed increase Cuban Present 40 cents a pound and 25% ad valorem, new 40 cents a pound and
50% ad valorem.
sugar will pay 2.4 cents.
Edible Gelatin, valued under 40 cents a pound—Present 20% ad valorem
Philippines products are left untouched. The Ways and Means Committee declined to yield to the demand ef the beet sugar interests and and 334 cents a pound, new 20% ad valorem and Scents a pound.
Gelatin, Glue, Glue Size and Fish Glue, not specially provided for, valued
the American sugar interests in Cuba and elsewhere, that part of the importations of Philippine sugar should be made dutiable. Demands from under 40 cents a pound—Present 20% ad valorem and 134 cents a pound.
new
25% and 2 cents a pound.
cotton seed oil producers and others that Philippine cocoanut oil should be
Gelatin, Glue Size and Fish Glue, valued at 40 cents a pound and over—
taxed also were disregarded.
Chairman Hawley, speaking for the Republican members of the Ways Present 20% and 7 cents a pound, new 25% and 8 cents a pound.
Sulphate or Epsom Salts—Present 134 cents a pound, new 1 cent.
and Means Committee, said:
•
Kierserite—M cent a pound (new provision).
"All amendments proposing to restrict in any way imports from the
Oxide or Calcined Magnesia—Present 334 cents a pound, new 7 cents.
possessions of the United States by imposing limits as to kind, quality,
Synthetic Camphor—Present 6 cents a pound, new 1 cent.
values and in any other way, were rejected."
Linseed or Flaxseed Oil—Present 3.6 cents a pound. new 4.16 cents.
Representative Rainey of Illinois. a Democratic member of the Ways
Soy Bean Oil—Present 234 cents a pound, new 5 cents.
and Means Committee, charged that under the new bill agriculture will
Palm-Kernel 011-1 cent a pound (new).
suffer a net loss of more than $400,000010 annually, as compared with a
Sesame 01I-3 cents a pound (new).
net loss of about $300,000,000 under the present law.
Sperm Oil, Refined—Present, 10 cents a gallon, new 14 cents.
Increased sugar duties provided in to-day's measure will cost the farmers
Spermaceti Wax-6 cents a pound (new).
an additional $30,000,000, Mr. Rainoy said. The cotton farmers, he
Wool Grease—Present M to 1 cent a pound, new 1 to 3 cents.
asserted, would look in vain for anything in the bill that would help their
Grapefruit 011-25% ad valorem (new).
industry. Be mentioned that farmers asked for a duty on hides, but got
Phosphorous Oxychloride and Phosphorous Trichloride-6 cents a pound.
none in the bill. Hides remain on the free list.
Two of the Republican members of the Ways and Means Committee, (new).
Representatives Frear of Wisconsin and Ramseyer of Iowa,announced that
Materials for Artists.
they were opposed to certain features of the revision. Mr. Freer indicated
Artists' Paints or Colors in Tubes or Jars—Present 40% ad valorem,
that he would fight the increased sugar duties. Mr. Ramseyer criticized new 2 cents each and 40% ad valorem.
the rise in the rates on building materials.
Artists' Paints or Colors in Cakes, Pans or Other Forms—Present 40%,
The sub-committee which framed the earthenware schedule says in its new l'M cents each, and 40% ad valorem.
report accompanying that schedule that brick not now specifically proPrecipitated Barium Sulphate or Blanc Fite—Present 1 cent a pound,
sided for is transferred from the free list to the dutiable list of $1.25 per new 134 cents.
thousand. This raise, says the sub-committee, was due to "the comDecolorizing and Deodorizing Chars and Carbons—Present 20% ad
paratively large importation of common brick at New York City." Men- valorem, new 45%.
tioning.that 95% or more of the common building brick is imported free
Vermilion Reds containing Quicksilver—Present 28 cents a pound, new
of duty, the sub-committee says that "practically all of the duty-free brick 22 cents a pound, and 20% ad valorem.
entered through the port of New York competes with the Hudson River
Cuprous Oxide-35% ad valorem (new).
district."
Lithopone and Other Combinations or Mixtures of Zinc Sulphide and
In indicating some of the principal changes proposed, the Barium Sulphate containing by weight 30% or more of Zinc Sulphide—
Present 134 cents a pound, new 134 cents a pound, and 20% ad valorem.
"Times" of May 8, said:
Potassium Chlorate and Perchlorate—Present 134 cents a pound, new
Following are some of the most important changes in rates made by the
234
cents a pound.
new tariff measure at Washington:
Potassium Nitrate or Saltpeter, Refined—Present M of 1 cent a pound,
Agriculture.
new 534 cents.
Commodity—
Present Rate. Proposed Rate.
Potassium Permanganate—Present 4 cents a pound, new 6 cents.
Cuban raw sugar, a pound
1.76c.
2.40c.
Potassium Citrate-18 cents a pound (new).
Cuban refined sugar, a pound
1.91c.
2.80c.
Raw wool, a pound
31c.
34c.
Fresh beef and veal, a pound
New Rates on Sodium Compound.
3c.
6c.
Wheat, a bushel
42c.
Sodium and Potassium-25% ad valorem (new).
42c.*
Corn, a bushel
15c.
25c.
Sodium
Formate—Pres
ent 2 cents a pound, new 234 cents.
Rice, a pound
2c.
2.50c.
Sodium Nitrate—Present 3 cents a pound, new 434 cents.
Cream,a gallon
20c.
48c.
Fresh milk, a gallon
Sodium Sulphate, Anhydrous—Present $2 a ton, new $4 a ton.
2.50c.
Sc,
Fresh pork, a pound
75c.
Sodium Oxalate-3M cents a pound (new).
2.50c.
Swine, a pound
Sc.
2c.
Sodium
Phosphate, except Pyre Phosphate, containing by weight lees
•The rate on wheat is that fixed by President Coolidge
flexible than 45% of water—Present M cent a pound, new 1
movisions of the Fordney-McCumber act. Philippine sugarunder
cent.
remains
duty
Sodium Phosphate, not specially provided for—Present 34 cent a pound,
free.
new 2 cents.
Manufactures.
Silicofluoride-1M cents a pound (new).
Cotton.—Duties increased on cotton yarn, sewing threads, handworked
Potato Starch—Present 134 cents a pound, new 234 cents
cotton. cotton cloth and on practically all high class cotton manufactures.
Other Starches, not specifically provided for—Present 1 cent a pound.
Clothing.—New rates from 26 cents a pound and 40% ad valorem, to
new 151 cents.
to 50 cents and 50%, as compared with 24 cents a pound
and 40%, to 45
Strychnine
and Salts of—Present 15 cents an ounce, new 20 cents.
cents a pound and 50%.
Dextrine, made from Potato Starch or Potato Flour—Present 234 cents
Wool.—Increases in practically all manufactures, including blankets
a pound, new 3 cents.
and the like, as well as clothing.
Dextrine, not otherwise provided for, Burnt Starch or British Gum,
Building Materials.—Iron and steel rates practically unchanged. Logs
Dextrine Substitutes and Soluble or Chemically Treated Starch—Present
and lumber generally remain on free list. A duty of 25% ad valorem
is 13€ cents a pound, new 2 cents.
provided for cedar shingles and lumber, with 15% on maple and birch.
Zinc Sulphine—Present 134 cents a pound, new 3 cents.
Common building brick, heretofore free, would be dutiable at $1.25
a
Collodion Emulsion-25% ad valorem.
thousand.
Chemicals & Dyes.—ThIrty-three increases and six decreases made in the
SCHEDULE 2.
chemical schedulee. Some are compensatory duties only. Present duty
Earths, Earthenware and Glassware.
on dyes is retained. '
Brick, Bath, Chrome, Face and Magnesite--Rates unchanged. AD
The following detailed summary of the principal changes other
brick, not glazed, &c., or ornamented in any manner—Now freel
in tariff rates made by the new bill presented in the House new rate $1.25 per thousand of glazed, &c., new rate 5%
ad valorem, but
not
less
than $1.50 per thousand.
of Representatives on May 7 by Chairman Hawley of the
Tiles, whether unglazed or ornamented, including all other earthen
Ways and Means Committee is from the New York "Times": tiles at not more than ID cents per square foor—Present,
8 cents per square
foot, but not less than 45 nor more than 60% ad valorem new, 10 cents
SCHEDULE 1.
per
square foot, but not less than 50 nor more than 70% ad valorem
where
Chemicals, Oils and Paints.
valued at 40 cents per square foot, present 50% ad valorem, new 60%.
Citric Acid—Present rate 17 cents a pound, new 18 cents
Caustic, Calcined, Magnesite—Present M of 1 cent per pound new 15-16
Formic Acid—Present 25%, new 4 cents a pound.
of 1 cent.
MAY ii 1929.1
FINANCIAL CHRONICLE
Cement, Roman and Portland and Other Hydraulic Cement or Cement
Clinker-Now free new rate 8 cents per 100 pounds, including weight of
container. Non-staining Portland Cement remains 8 cents per 100 pounds.
Statues, Statuettes and EM-Reliefs Wholly or in Chief Value of Plaster
of Paris (not specially provided for)-Present, 35%iad*valorem; new,50%.
Talc, Soapstone, French Chalk Where Ground &c., Except Toilet Preparations-Present,25% ad 'valorem new, 30%.
Earthenware and Crockery Ware Composed of a Non-Vitrified Absorbent Body-Present 45% ad valorem; new, 50%. Same when painted,
enameled, gilded or decorated-Present, 50% ad valorem; new. 55%•
China, Porcelain and Other Vitrified Wares,Including Chemical WaresPresent 60% ad valorem, new, 10 cents per dozen pieces, and 60% ad valorem. Some, when painted or decorated in any way-Present 70%, new
10 cents per dozen pieces, and 70%.
Graphite or Plumbago, Crude or Refined Crystalline, Lump, Chip or
Dust-Present 20% ad vaolorem, new 25%. Crystalline flake-Present
1H cents per pound, new 1% cents.
Chemical and Surgical Articles.
Biological, Chemical, Surgical Articles, &c., of all lands, whether used
for experimental purposes in colleges, schools, hospitals, Sze.. finished or
unfinished, composed wholly or partly of glass-Present rate, 65% ad
valorem new, 85%. Same, where chief value is fused quartz or silicaNew 40% ad valorem.
Illuminating Vehicles of Every Description with chief value of glassPresent 60% ad valorem, new 65%.
Bottles, Vials and Jars, Wholly or Chiefly of Glass, or Character Designed for Perfume, Talcum Powder, Toilet Water or Other Toilet Preparations-Present 55% ad valorem, new 65%•
Table and Kitchen Utensils, chiefly of glass not specially provided for,
where colored, cut, etched, &c., where unfilled or filled with dutiable or
non-dutiable articles-Present 55% ad valorem, new 60%•
Cylinder, Crown and Sheet Glass of various descriptions is subjected to
these changesfrom the present tarifflaw: From 1)4 to 1)4 cents per pound,
from 1% to 21-16 cents, from 1% to 2 7-16 cents, from 1% to 2% cents
from 2 to 3 cents. from 2% to 3% cents, from 2H to 3% cents, provided
that none of the above shall be subjected to a less rate than 50% ad valorem.
3091
and the phraseology has been changed to provide for alloys containing iron.
Provision has also been made for assessing higher duties on chromium and
vanadium contained in steel and iron.
Jewelers' and Other Anvils, weighing 5 or more pounds-Present 1%
cents a pound, new 3 cents.
Cast Iron Fittings for Cast Iron Pipe-Present 20% ad valorem. new
30%.
Iron and Steel Chains, for Power Transmission, of not more than two
inch pitch-Present 35% ad valorem, new 40%.
Table, Household, Kitchen and Household Utensils-Provision that
when plated with platinum or gold these shall pay 65% ad valorem and
when plated with silver 50%•
Umbrella and Parasol Ribs and Stretches-Present 50% ad valorem,
new 60%.
Spring-Beard Needles and Crochet Needles-Present $1.15 per 1,000 and
40% ad valorem, new $1.50 per 1,000 and 50%.
Latch Needles-Present $2 per 1,000 and 50% ad valorem, new $2 per
1,000 and 60%•
Tape, Knitting and Other Needles-Present 45% ad valorem, new 50%•
The present law provided that cylindric all-steel rolls, ground and polished, valued at 25 cents a pound and over should pay 25% ad valorem.
The new bill provides that any of the foregoing containing more than one-tenth of 1% of vanadium, or more than two-tenths of 1% of tungsten,
molybdenum or chromium, shall pay 40% ad valorem.
Pens of Plain or Carbon Steel-Present 12 cents per gross, new 15 cents.
Pens, Wholly or in Part of other Metal-Present 12 cents per gross, new
18 cents.
Pens with Nib and Barrel in One Piece-Present 15 cents per gross, new
20 cents.
Special Provisions on Some Medal Products.
The bill provides that in addition to the rates on muck bars, steel ingots, boiler plate, sheets of iron or steel, structural iron and steel, and
similar products.
A duty of 8% ad valorem if such steel or Iron contains more than onetenth of 1% of vanadium, or more than two-tenths of 1% of tengsten,
molybdenum or chromium, or more than six-tenths of 1% of nickel, cobalt
or any other metallic element used in alloying steel or iron: provided, that
phosphorus shall not be considered as alloying material unless present in
the steel or iron in excess of 5%, nor shall manganese or silicon be so considered unless either is present in the steel in excess of 1%,or unless either
Is Present in the iron in excess of 3%.
It is further provided that on this product:
An additional cumulative duty of $1 a pound on the vanadium content
in excess of one-tenth of 1%. 72 cents a pound on the tungsten Content
in excess of two-tenths of 1%,65 cents a pound on the molybdenum content
in excess of two-tenths of 1% and 4 cents a pound on the chromium content
in excess of two-tenths of 1%•
Laminated, Rolled and Plate Glass.
Laminated Glass, composed of layers of glass and other materialsNew 60% ad valorem.
Rolled Glass, not sheet glass, whether or not fluted, figured or rough, or
containing a wire netting, divided into classes with duty per square foot as
follows-Present tt or 1 cent, new 1 cent; present 1H cents, new 2 cents.
Same, where weighing over 100 pounds per 100 square feet, shall pay additional duty on excess at same rates.
Plate Glass, by whatever process made, not exceeding 384 square inches
-Present 12H cents per square foot, new 16 cents. From that to 720
square inches-Present 15 cents, new 19 cents. All above that-Present
Electrical Machinery.
17H cents, new 22 cents but none of the above glass more than H inch
thick shall pay less duty than 50% ad valorem.
The bill contains an entirely new provision relative to electrical maPlate Glass Containing a Wire Netting, not exceeding 384 square inches- chinery and apparatus reading:
Present 15 cents per square fot, new 17 cents. From that to 720 square
Par. 353. All articles suitable for producing, rectifying, modifying,
Inches-Present 17H cents, new 20 cents. Above that-Present 20 cents, controlling or distributing electrical energy, electrical telegraph, telephone,
new 23 cents.
signaling, radio, welding,ignition, wiring,therapeutic and X-ray apparatus.
[The bill describes plate glass as "glass wholly ground and polished on Instruments and devices, and articles having as an essential feature an
both surfaces.")
electrical element or device, such as electric motors, fans. locomotives.
Plate, Cylinder, Crown and Sheet Glass, when made into finished or Portable tools, furnaces, heaters, ovens, ranges, washing machines, reGlass and Glass Mirrors exceeding 144 square inches-Present, 13H cents frigerators and signs; all the forging and parts thereof, finished or Unper square foot, new 17 cents. Above 384 square inches-Present. 16 finished, wholly or in chief value of metal, and not specially provided for.
cents, new 20 cents. Exceeding 720 square inches-Present 21 cents, new 40% ad valorem.
23 cents. Provided none of the above shall pay less than 45% ad valorem,
Concerning this report:
an increase from presene35%.
"The products of this important group of industries are now dutiable
Plate, Cylinder, Crown and Sheet Glass and Glass Mirrors exceeding under two paragraphs. Transformers, wiring devices, control apparatus.
144 square inches remain at 5% ad valorem in addition to the rates other- eic., are assessed at 40% as manufactures of metal under Paragraph 399,
wise chargeable, but the paragraph describing such glass contains new de- whereas generators and motors which are more expensive and difficult to
scriptive terms.
manufacture, and more susceptible to competition are assessed only 30%
Optical Glass for Spectacles or Instruments-Present 45% ad valorem. as machines under Paragraph 372.
new 50%.
"Furthermore, litigation over the meaning of the term machine, as
Incandescent Electric Light Bulbs with Filaments-Present 20% ad applied to electrical equipment, has resulted in transferring some products
valorem, new 30%.
to the machinery paragraph and leaving similar products classified under
Stained or Painted Glass Windows, not specially provided f. r-Ntw. Paragraph 399. The industry is of such importance that separate classivalorem.
ad
80%
fications of its products are warranted, which is done by this bill."
Glass and Its Manufacturers, ruled for photographic reproduction or
Surgical Instruments.
engraving-New 55% ad valorem.
Surgical Instruments-Present 45% ad valorem, new 70% ad valorem.
Marble, Breccia and Onyx, made into monuments, vases, &c., where
not specially provided for-New rate 50% ad valorem.
Dental Instruments-Present 35% ad valorem, new 60%.
Pliers of all kinds, other than Slip Joint Pliers-Present 60% ad valorem,
Granite for Monuments or Building, partly or wholly manufacturednew 10 to 20 cents each plus 60% ad valorem.
New 25 cents per cubic foot.
Pistols and Revolvers values not over $4 each-Present $1.25 each plus
SCHEDULE 3.
55% ad valorem, new $2 each plus 55% ad valorem.
of.
Metals and Manufactures
The watch and clock paragraphs of the metals schedule have been entirely
Pig Iron and Iron Kentledge-Present 75 cents a ton, new $1.12H cents, rewritten. The committee believes this new phraseology, which on the
per
$1
pound on the vanadium whole increases the rates on an average of about 50% over the two parawith the provision that an additional duty of
content in excess of one-tenth of 1%, 72 cents per pound on thet ungsten graphs of the 1922 act, will to a very large extent prevent evasions of duty
content in excess of two-tenths of 1%. 65 cents per pound on the molyb- and the importation of merchandise tending to mislead the consumer.
The new classifications for watches depends solely, the committee said,
denum content in excess of two-tenths of 1%, and 4 cents per pound on
the chromium content in excess of two-tenths of 1%, shall be levied, col- on the physical characteristics of the mechanism, and the rates are adjusted
kentledge,
spiegeleisen,
iron
pigs,
wrought and according to the size of the mechanism, additional duties being added to
lected and paid on all iron in
the base rates for each jewel and for each adjustment of the mechanism
scrap iron.
Tungsten Ore and Concentrates-Present 45 cents a pound on the to insure proportional duties in higher grade products.
Steam Turbines-Present 25% ad valorem, new 30%•
metallic tungsten contained therein, new 50 cents.
Silicon Aluminum, Aluminum Silicon, Alsimin, Ferrosilicon, Aluminum
Acetylene Apparatus.
pound.
a
cents
(New).
-Five
Silicon
and Ferroaluminum
There is a new provision in the metal schedule fixing the duty at 20%
Barium, Boron, Calcium, Columbium or Niobium, Strontium, Thorium,
Titanium, Uranium, Vanadium, Zirconium, alloys of two or more of these of apparatus for generation of acetylene gas from calcium carbide and 40%
bar cutters
metals, or alloys not specially provided for of one or more of these metals on machines for cutting or hobbing gears and also on shears and
with one or more of the metals Aluminum, Chromium, Cobalt, Copper, for use in fabricating structural iron or steel.
Aluminum Foil less than 6-1,000th of an inch thick-Present 35%, new
Manganese, Nickel or Silicon-25 % ad valorem. (New).
Steel Ingots-New language inserted providing that on hollow bars and 40%.
Gold Leaf, unmounted-Present 55 cents per 100 leaves, new 82H cents
hollow drill steel valued at more than four cents a pound there shall be
Per 100 leaves.
levied an additional duty of 1 3-10 cents a pound.
Gold Leaf, mounted-Present 55 cents per 100 leaves, new 6% cents
Iron and Steel-A duty of one-fifth of a cent a pound on sheet piling.
Wire Rods Valued Over 4 Cents a Pound-Present rate six-tenths cent Per 100 square inches plus 25% ad valorem.
Tinsel Wire-Present 6 cents a pound plus 10%. new 6 cents a pound
a pound, new 20% ad valorem.
Woven Wire Cloth-Present rates 35 and 45% ad valorem, new. 40 plus 20%.
Lame or Lahn-Present 6 cents a pound plus 20%, new 6 cents a pound
to 50%. New language provides that fourdrinler wires and cylinder wires,
suitable for use in paper making machines, and woven wire cloth suitable plus 30%.
Bulllons or Metal Threads-Present 6 cents a pound plus 35%. new
for use in the manufacture of fourdrinier wires or cylinder wires pay 55%
ad valorem.
6 cents a pound plus 45%.
Belting and other articles made of Tinsel Wire-Present 45%. new 55%•
Boron Carbide, Chromium Carbide, Vanadium Carbide, Chromium
Nickel, Chromium Silicon, Chromium Vanadium and Manganese Copper_
Woven Fabrics, Ribbons, &c., made of the foregoing-Present 55%.
new 65%.
25% ad valorem. (New).
carry
to
expanded
the
out
policy of
An entirely new paragraph in the metals schedule provides that illuAlloy Steel Products-Provision
special traiff treatment for alloy steels so as to embrace the entire range minating or lighting fixtures,lamps,lamp bases, candelabra and candlesticks
of alloy materials and the products of which they are important components, finished or unfinished, not specially provided for, if wholly or in chief
3092
FINANCIAL CHRONICLE
value of base metal or alloy, pay 50% ad valorem:I f wholly or in chief
value of, or plated with, platinum, gold or silver. 65% ad valorem.
Another new paragraph provides that phosphor copper pay 3 cents a
pound.
New Types—Present rate 20% ad valorem, new 30%.
Print Rollers for Printing, Cutting and Stamping Designs—Present
60%. new 60% to 72%.
Articles not specifically provided for composed of Platinum, Gold or
Silver—Present 60%,new 65%.
Articles not specifically provided for composed wholly or in chief value
or Iron, Steel, Lead, Copper, Brass, Nickel, Pewter. Zinc. Aluminum or
other Metal—Present 40%,new 50%.
SCHEDULE 4.
Wood and Manufactures of.
Logs of Fir, Spruce, Cedar or Western Hemlock when imported to be
used in the manufacture of Wood Pulp—New,duty free, under regulations
to be prescribed by the Secretary of the Treasury.
Cedar, except Spanish Cedar, in Boards, Planks, Laths, &c.—New 25%
ad valorem.
Maple, except Japanese Maple. and Birch for Boards, &c., and other
Lumber except Logs—New,25% ad valorem.
Shingles of Wood—New,25% ad valorem.
Veneers of Wood—New, 20% ad valorem.
Plywood—New 40%.
Unmanufactured Wood, not specially provided for—New 20%•
Porch and Window Blinds, Chair Seats, Shades, &c., wholly or chiefly
of Bamboo, Palm Leaf. &c., and Wood Compositions net specially provided for—Present 45% ad valorem, new 50%•
Molders' Patterns and Folding Rules, wholly or partly of Wood—New
40%.
SCHEDULE 5.
Sugar, Molasses and Manufactures of.
Sugars, Tank Bottoms, Cane Juice Syrups, Melade, Concentrated
Melade, Concrete and Concentrated Molasses Testing by the polariscope
not above 75 sugar degrees, and all mixtures containing sugar and water,
testing by the polariscope above 50 sugar degrees and not above 75 sugar
degrees—Presnt rate 124-100 cents per pound, new 1.5625 cents.
For each additional polariscopic sugar degree, but not above 94 sugar
degrees [present law makes it 46-10001—New rate 625-10000 of 1% pound
additional, and fractions of a degree in proportion; testing by the polar'scope 94 sugar degrees, new 275-100 cents per pound, and for each additional sugar degree shown by the polariscope test, 125-1000 of 1 cent
additional per pound, and fractions of a degree in Proportion.
Rates on Molasses and Sugar Groups.
Molasses and Sugar Syrups not specially provided for, testing not above
48% total Sugars—Present 25-100 of 1 cent, new 33-10 cents per gallon;
testing above 48%,present 275-1000 of 1 cent, new 6-10 of 1 cent additional
for each percentum of total sugars, and fractions of a percent in proportion,
Instead of making the additional rate apply to molasses testing not above
52% total sugars, as in the present law.
Molasses not imported for commercial use for the extraction of Sugar
or human consumption ["or for distillery purposes"]—Present 1-6 of 1 cent
per gallon, new 3-100 of 1 cent per pound of total sugars.
Molasses to be commercially used for distilling purposes—New 36-100
of 1 cent per pound of total sugars.
[The framers of the bill deleted the present provision that molasses
"testing above 52 and not above 56% total sugars not imported to be
commercially used for the extraction of sugar or for human consumption
1-6 of 1 cent additional for each percent of total sugars, and fractions of a
percent in proportion."(
Maple Syrup—Present 4 cents per pound, new 5 cents.
Dextrose testing not above 99.7% and Dextrose Syrup—Present 1%
cents per pound, new 2 cents.
Sugar Cane in natural state—Present $1 per ton of 2,000 pounds, new
$3.
[VOL. 128.
Live Birds, Chickens, Ducks and Other Poultry—Present 3 cents a
pound, new 6 cents, baby chick, new,4 cents each.
Chickens and Other Poultry, Except Turkeys, Dead—New 8 cents a
pound. Turkeys—New 10 cents a pound. All other—Present 8 cents,
new 10 cents. All the foregoing, if prepared or preserved—Present,
35%
ad valorem, new 10 cents a pound.
Eggs in Shell—Present 8 cents a dozen, new 10 cents. Whole eggs or
parts,frozen or preserved—Present Scents a pound, new 8 cents.
Halibut, Salmon, Mackerel and Swordfish fresh or frozen. Undressed
or partly dressed—New 2 cents a pound, other fish 1 cent.
Fish, Boned, Sliced, &c., not specially provided for—New 234 cents a
pound.
Dried and Unsalted Cod, Haddock, Hake, Pollock and Cusk—New 234
cents a pound, other fish, new I% cents.
Fish, When Packed in Oil or Other Substances—New 30% ad valorem.
Salmon and Other Fish in Air-Tight Containers, weighing not more than
15 pounds—New 25% ad valorem.
(Various ad valorem or specific duties on several classes offish are carried
In new paragraphs. Duties on crabmeat, caviar, clams, clam Juice and
fish paste are imposed or increased.]
Corn, Wheat, Rice and Rye Malt.
Buckwheat—Present 10 cents per 100 pounds, new 25 cents.
Corn (Maize)—Present 15 cents a bushel, new 25 cents.
Corn Grits and Similar Corn Products—Present 30 cents per 100 pounds.
new 50 cents.
Macaroni. Noodles, &c., Containing Eggs—Present 2 cents a pound.
new 3 cents.
Rough Rice—Present 1 cent a pound, new I% cents. Other rice duties
Increased.
Rye Malt—New 40 cents per 100 pounds.
Wheat—Present 30 cents a bushel, new 42 cents, which is the present
temporary flexible tariff increased rate. Under the flexible tariff the
President has authority to raise the rate to as high as 63 cents.
Wheat, Elm*, Cracked Wheat and Similar Products—Present 78 cents
per 100 pounds, new $1.04.
Bran, Shorts and Other Wheat By-products—Present, 15% ad valorem,
new reduced to 10%.
Apricots, Dried or Desiccated—New 2 cents a pound.
Cherries, Preserved in Brine, &c.—New from 534 to 934 cents a pound.
Maraschino Cherries, Candied or Preserved—New 534 cents a pound in
addition to the present rate of 40% ad valorem.
Oranges, Grapefruit and Lemon Peel, Preserved—New 2 cents a pound.
Candled—New 8 cents. Candied Citron Peel—New 6 cents.
Grapefruit—Present 1 cent a pound, new 134 cents.
Olives, Ripe, in Brine—Present 20 cents a gallon, now 30 cents.
Dried Ripe Olives—Present 4 cents a pound, new 5 cents.
Pineapples, per crate—Present 2234 cents, now 35 cents. In bulk—
Present % of 1 cent each, new 134 cents each.
Pears, Fresh or Preserved—New from % of 1 cent to 2 cents a pound.
Pears, not specially provided for-35% ad valorem.
Fruit Pastes and Pulps, Candied Apricots and Other Fruits—New 35%
ad valorem provided that a mixture of two or more kinds of candied fruits
or peels shall bear the highest rate of duty on any component.
Tulip, Lily and Narcissus Bulbs—Present $2 per thousand, new $6.
Crocus corms—Present $1 per thousand, new $2. Lily of the valley pips—
Present $2, new $6.
8 cents a pound, new 534 cents.
Almonds, Not Shelled—Present 4%
Shelled—Present 14 cents, now 1634 cents. Roasted or otherwise preserved and imitation almonds—New 1834 cents. Almond paste—Present
14 cents, new 1834 cents.
Brazil Nuts—Present 1 cent a pound, new not slfelled, 2 cents. Shelled—
Six cents.
Filberts, Unshelled—Present 234 cents, new 5 cents. Shelled—Present
5 cents, new 10 cents.
Peanuts, Unshelled—Present 3 cents, now 434 cents. Shelled—Present
4 cents, new 6 cents. Preserved peanuts and peanut butter—New 7 cents a pound.
Walnuts—Increased from 4 cents a pound unshelled and 12 cents shelled
to 5 and 15 cents, respectively.
Edible Nuts, Not Specially Provided For—Present 1 cent a pound, new
unshelled, 5 cents shelled 10 cents.
Flaxseed—Present 40 cents a bushel, new 56 cents.
Soy Beans—Present one-half of 1 cent a pound, now 2 cents.
Grass Seeds, Alfalfa and Alsike Clover—Present 4 cents a pound, new
6 cents. Increases in duties are also provided for seeds of crimson clover,
white and laaino clover, sweet clover, vetches and bent grass.
Cabbage Seed—Present 10 cents a pound, new 12 cents. Increases
are also provided on radish, turnip and rutabaga seeds.
Beans, Not Specially Provided For, and Cowpeas. Ripe—Present onehalf of 1 cent a pound, new 3 cents. Dried—Present 18% cents, new 234
cents. In brine—New 3 cents. Preserved—Present 2 cents, now 3 cents.
Mushrooms—Present 45% ad valorem, now 60%. Truffles—Present
25%, new 30%•
Peas—Increased variously from 1 cent to 234 cents a pound.
Onions—Present 1 cent a pound, new 134 cents. Garlic—Present 2
cents a pound, new 134 cents.
Tomatoes, Natural State—Present one-half of 1 cent a pound, now 3
cents. Prepared or preserved—Present 15% ad valorem, new 25%.
Turnips and Rutabagas—Present•12 cents per 100 pounds, new 25 cents.
Peppers, Eggplant, Cucumbers, Natural State—New 30 cents a pound
Squash—New 2 cents. Others, including horseradish—Present 25% ad
valorem, new 50%•
Acorns, Chicory and Dandelion Roots, Ground—Present 3 cents a pound,
new 4 cents.
New rates are provided for chocolate and cocoa, which are now dutiable
at 1534% ad valorem. The now rates proposed range from 2 to 4 cents a
pound plus 10% ad valorem, and a 40% ad valorem when the value is more
than 35 cents a pound.
Various increases of duty are provided on spices and spice seeds, including mustard seed, cayenne pepper, curry and curry powder.
SCHEDULE 6.
Tobacco and Manufactures of.
No change is made in the existing tobacco duties. The Republican
sub-committee in charge of the tobacco schedule submitted a report stating
that those who asked for an increase on certain wrapper and filler tobacco,
and all leaf tobacco from two or more countries when mixed together,
now dutiable at from $2.10 unstemmed to $2.75 stemmed per pound,
and filler tobacco not specially provided for, unstemmed 35 cents and
stemmed 50 cents per pound. "have failed to sustain their case."
The sub-committee thinks that those who asked for the increase should
ask the Agricultural Department to try to eradicate a tobacco disease
which it holds to be responsible for the depression in part of the tobacco
industry.
SCHEDULE 7.
Agricultural Products and Provisions.
Beef and Veal, Fresh, Chilled or Frozen—Present duty, which applies
to fresh beef and veal only, 3 cents a pound new 6 cents.
Sheep,Lambs and Goats (lambs being new)—Present,$2 ahead now,$3.
Mutton and goat meat,fresh, chilled or frozen—Present,2% cents a pound
new, 5 cents. Lamb, fresh, chilled or frozen—Present, 4 cents a pound
new, 7 cents.
Swine—Present, % of 1 cent a pound, new 2 cents. Bacon, hams and
shoulders and other pork, prepared or preserved—Present 2 cents a pound,
new 3% cents. Lard—Present 1 cent a pound, new 3 cents. Lard, corn-.
pounds and substitutes—Present 4 cents a pound, new 5 cents.
Reindeer Meat, Venison and All Game Except Birds—Present 4 cents a
pound, new 6 cents.
Meats, Including Chilled or Frozen, not specially provided for—New
6 cents a pound, but not less than 20% ad valorem.
Whole Milk, Fresh or Sour—Present 23-i cents a gallon. new Scents.
Cream, Fresh or Sour—Present 20 cents a gallon, new 48 cents.
Milk, Condensed or Evaporated, if in Airtight Containers, Unsweetened
—Present 1 cent a pound, new 1 4-10 cents. Sweetened—Present 1%
SCHEDULE 8.
cents, new 2% cents. All other—Present 134 cents, new 2 cents.
Dried Whole Milk—New 43j cents a pound. Dried cream—New 1034
Spirits, Wines and Other Beverages.
cents. Dried skimmed milk and dried buttermilk—New 134 cents.
No changes in rates of duty have been made in any of the paragraphs
Malted Milk and Milk Substitutes—Present 20% ad valorem, new 30%. in this schedule except through the deletion of a special commodity, which
automatically classifies it with all other similar commodities at a higher
Butter Rate Open to Increase.
rate of duty.
Butter, Oleomargarine and Substitutes—Present 8 cents a pound, new
This change occurs in Paragraph 802, in which the exception in the
present
law.
Under
case of angostura bitters is eliminated on the theory that the existing pro12 cents. [The 8-cent rate is the fixed rate in the
the flexible tariff system President Coolidge raised it to 12 cents. The vision discriminates against similar bitters imported under other names.
12-cent rate is made permanent in the new bill. Under the flexible tariff Angostura bitters are also of foreign origin. The old rate of $5 per proof
system President Hoover could raise the rate to as high as 18 cents.]
gallon will, therefore, apply to all bitters.
By reason of the elimination of Paragraph 1610 of the tariff act of 1922,
Cheese and Substitutes—Present 5 cents a pound, but not less than 25%
valorem.
which provides for the free importation of lemon, lime and sour orange
cents,
but
not less than 35% ad
ad valorem, new 7
MAY 11 1929.]
3093
FINANCIAL CHRONICLE
juice when containing less than 2% of alcohol, such products, if imported
for beverage purposes, will automatically fall under the basket clause of
Paragraph 806, providing for "all other fruit juices." without change in the
language of the paragraph. Such juices, when imported to be used for the
extraction of citrate of lime, will fall in the chemical schedule.
Berries and fruits, of all kinds, preserved in alcohol, formerly dutiable
under Paragraph 750 of the tariff act of 1922, have been transferred to
this schedule without change in duty. The committee believed that such
products properly belong in Schedule 8 with other alcoholic beverages and
edible products containing alcohol.
The phraseology of the paragraph, however, has been changed so as to
limit the alcoholic content to one-half ofj%,to conform with the alcoholic
limit on fruit juices which are now subject to additional duty for alcoholic
content in excess of one-half of 1%. The rate provided for alcohol in
excess of one-half of 1% in this paragraph is the same as previously existed
SCHEDULE 9.
Cotton Manufacturers.
The committee increased the duties on cotton yarn, cotton sewing thread
and handwork cottons, countable cotton cloth, cloth in chief value of cotton, containing silk; cloth, in chief value cotton, containing wool; tapestries
and other Jacquard-figured upholstery cloths, velveteens, Jacquard-figured
quilts or bedspreads made of single fabrics and chenille rugs.
It decreased the duties on tire fabrics and warp knit fabric in the piece,
It recommended that women's unembroidered warp-knit fabric gloves, of
which commercial production in this country has practically creased, be
placed on the free list.
The committee made no change in the duties on other manufacturers,
dutiable under Schedule 9, except that certain compound duties have been
changed to equivalent ad valorem duties, to simplify the work of administration without affecting the protection afforded.
The duty on warp-knit fabric, imports of which are small and principally
of a special type of underwear fabric not made in this country, was reduced
from 55% ad valorem to 45% ad valorem. No change as made in the
35% ad valorem rate applicable to other knit fabric.
Provisions of the bill include the following:
Cotton Yarn, Not Bleached—Present law, 5% ad valorem and 31 of 1%
ad valorem for each number, of numbers not exceeding No. 80: new bill,
5% and 3-10ths of 1% ad valorem for each number,of numbers not exceeding
No. 90.
Cotton Yarn, Bleached of Numbers Not Exceeding No. 80—Present 10
ad valorem and in addition, for each number, % of 1% ad valorem; new
bill, 10% ad valorem and 3-10ths of 1% for each number, on yarns not
exceeding No. 90.
Cotton Yarn, Bleached—Present law 30% ad valorem for numbers exceeding No. 80; new 37% for numbers exceeding No. 90.
Cotton Sewing Thread—Present, 31 of 1% per 100 yards: new 25% ad
valorem.
Crochet Embroidery and Knitting Cottons—Present, 34 cent per 100
yards, new 25% ad valorem.
Flax, Hemp and Ramie Threads, Twines and Cords—Present 1831 to
56 cents a pound, new 2131 to 59 cents.
Cordage, of Manila, Sal and other Hard Fibers—Present % of 1 cent
a pound, new 2% cents.
Hemp Cordage—Present 231 cents a pound, new 331 cents.
Vegetable Fiber Host—Present 17 cents a pound and 15% ad valorem,
new 1931 cents a pound and 15%.
Table Damask of Vegetable Fiber, except Cotton—Present 40% ad
valorem, new 45 cents.
Handkerchiefs of Vegetable Fiber, hemmed—Present 45% ad vakiretn,
new 50%.
Inlaid Linoleum—Present 35% ad valorem, new 40%•
Matting and articles made from Cocoa Fiber or Rattan—Present 8
cents a square yard, new 10 cents.
Pile Mats and Floor Covering, of Cocoa Fiber or Rattan—Present 6
cents a square yard, new 8 cents.
SCHEDULE 11.
Wool and Manufactures of.
The wording of paragraph 1101 is changed for "clarity and simplicity
of operation." All wools of 40s or coarser in grade are added in order to
enlarge the supply of raw materials available to domestic carpet manufactures; wools and hair of the camel are made dutiable at 24 cents a pound
of clean content.
The committee says this form of the duty does not increase the present
average tariff on carpet wools, but merely changes the form of the duty.
An additional duty of 2 cents is placed on sorted wools or matchings,for
the protection of domestic wool sorters against cheaper labor in foreign
countries.
"Paragraph 1102 is perhaps the most important part of this schedule;
certainly the one concerning which there has been the widest differences
of opinion," the committee says. "It relates to improved wools of sheep
and the hair of the Angora goat, Cashmere goat, alpaca and like animals.
From these wools and hairs practically all cloths and other manufactures
of wool and hair, except carpets and cheapest clothing, are made."
This paragraph provides that wools, not specially provided for and hair
of the Angora goat, Cashmere goat, alpaca and other animals, in the grease
or washed, pay.34 cents a pound of clean content, instead of the present
rate of 31 cents.
When imported in the scoured state these wools are to pay the same rate,
but when imported on the skin they are to pay 33 cents a pound instead
of 30 cents on their clean content, and there is a new provision, that such
wools, sorted or matchings, shall pay 36 cents a pound.
Provision for Wool Grade Standards.
The only change in paragraph 1104 is the addition of a provision for use
in United States custom houses' standards of grades for wool, and for permissive display of samples and interchange of such samples between custom houses, in the interest of uniformity in assessing the duties and for the
more complete information of the trade and of appraisers.
With the exception of mungo, the duties on wool wastes, foils, shoddy.
Cotton Cloth Provisions.
proportion to the increase made in
Cotton Cloth, Not Bleached, Printed, Dyed or Colored—Present, 10% &c., are raised by paragraph 1105 in
wools in paragraph 1102 from 31 cents to
ad valorem when containing yarns, the average number of which dos not the duty on the medium and fine
exceed No. 80, and in addition for each number, % of 1%; new, when con- 34 cents a pound.
The duty on mungo is raised from 731 cents to-10 cents a pound, betaining Yarns,the average of which does not exceed No.90,10% ad valorem,
cause it is a partly manufactured product. Other changes are as follows:
and in addition for each number,35-100 of 1%.
Wool Advanced by Manufactures Beyond Washed and Scoured ConCotton Cloth, Not Bleached, Dyed, Printed or Colored—Present, 33%
dition—Present 33 cents a pound ad 20% ad valorem, new 37 cents and
when exceeding No. 80; new 44%% when exceeding No. 90.
Cotton Cloth, Bleached—Present law, 13% ad valorem when con- 20%.
Wool Yarn—Present from 24 cents a pound and 30% ad valorem to
taining Yarns, the average number of which does not exceed No. 80, and
40 cents and 45% ad valorem.
in addition for each number, % of 1% ad valorem; new, when containing 36 cents and 40%,new 27 cents and 30 to
In paragraph 1107 relating to wool yarn a change is made in the conayarns, the average of which does not exceed No. 90, 13% and in addition
made in the duty on wool.
change
the
proportionate
to
Pensatory duty
for each number, 35-100 of 1% ad valorem
Two additional value brackets are provided, one for yarns valued at
Cotton Cloth, Bleached—Present n% when exceeding No. 80. new
more than $1 but not more than $1.50 per pound, and one for yarns valued
4431% when exceeding No. 90.
at more than $1.50 per pound. The protective rate on yarns valued at
Tracing Cloth—Present 5 cents a square yard and 20%, new 30%.
pound is increased from 40 to 45% on the ground that
Tapestries and Jacquard—Figured upholstery cloths present 45%. new more than $1.50 per
imports under the latter bracket are of the finer counts and labor is a greater
55%.
for those of lower counts.
Pile Fabrics—Present 50%, new 6234% if velveteens,50%,if corduroys, Proportion of the total cost than
In paragraph 1108, relating to woven fabrics, a change is made in the
plushes or chenilles, 40% if terry-woven.
compensatory rates proportionate to the change made in the duty on wool.
.Household Cotton Articles.
Two additional value brackets are provided, one for fabrics valued at more
Paragraph 911 (new) is a revision and amplification of paragraph 912 Vaan $1.25 but not more than $2 per pound; another for fabrics valued
of the act of 1922 and covers what are known collectively as "household at more than $2 per pound. On these the ad valorem or protective rate is
articles of cotton." In the new paragraph the rates of duty on quilts or increased from 50 to 55 and 60%,respectively.
bedspreads have been differentiated on the basis of jacquard or non-jacquard
Basis of the Change.
figured cloths instead of on the old basis of double or single cloths,
"This change in the protective rate," says the committee. "is predicated
This has been done to include at the higher of the two rates the increasing
importation of jacquard-figured quilts woven with one warp and one on estimated differences between home and foreign costs of production.
Is the manufacture of the more expensive light worsted fabrics as low as
filling.
With the exception of this change and an increase of 10% ad valorem 20% of the total production cost results from cost of raw material; 1. e.,80%
on blankets not jacquard-figures, the rates provided in this paragraph is conversion cost. About 60% of this conversion cost is the charge for
are the same as those provided in the act of 1922. In addition to the non- labor.
jacquard-figured blankets heretofore included there has been brought
"Domestic wool textile labor averages about 23% more efficient than in
over,from old paragraph 909, jacquard-figured blankets and also jacquard- Great Britain, but American wages are 2% times as high. The other
figured napped cloth.
conversion costs are estimated at nearly 100% higher in the United States
The duty on warp-knit fabric, imports of which are small and prin- than in Great Britain.
"It is obvious that with the higher rates, American labor constituting so
cipally of a special type of underwear fabric not mado in this country,
was reduced from 35% to 45% ad valorem. No change was made in the large a proportion of the manufacturing cost, a higher protective rate on
the more expensive of these light weight fabrics is necessary in order to keep
35% ad valorem rate applicable to other knit fabric.
Paragraph 915, covering gloves and mittens, was changed by eliminating American labor employed in the domestic mills.
"Thus on fabrics costing $1.50 per pound in Great Britain the converany provisions for warp-knit fabric gloves for women. Men's and boys'
warp-knit fabric gloves have been retained in this paragraph because sion cost amounts to as much as 75% of the total cost. The cost of the
of the possible effect of duty free imports of these on the domestic pro- raw material in this case is about 38 cents per pound and conversion $1.12.
The labor included in this foreign conversion cost amounts to 67 cents and
duction of circular-knit gloves for men and boys.
There has boon no change in the rate on circular-knit gloves nor in the other conversion charges to 45 cents per pound.
"In American mills, with wages 150% higher and 23% more efficient,
rate of gloves made of woven fabric.
Paragraph 921 of the cotton schedule, which is entirely new, provides: the corresponding labor cost is $1.37. Other conversion charges amount
"Rag rugs, wholly or in chief value of cotton, of the type commonly to about 85 cents, making a total of $2.22 per pound. The difference beknown as 'hit-and-miss,' 55 percentum ad valorem chenille rugs, wholly tween the domestic and the British conversion costs is $1.10 per pound, to
or in chief value of cotton, 45 percentum ad valorem all other floor cover- be protected by an ad valorem rate. Fabrics costing $1.50 per pound in
ings, including carpets, carpeting, mats and rugs, wholly or in chief value Great Britain have an export value of approximately $1.75, and the ad
valorem rate is 60%. Owing to general use of estimates in arriving at this
of cotton 35 percentum ad valorem.
figure, a protective rate of 55% is recommended on those valued at more
SCHEDULE 10.
than $2 per pound."
Flax, Hemp, Jute and Manufactures of.
New Woven Fabric Duties.
Flax Straw—Present rate $2 a ton, new $3.
In paragraph 1109, covering woven fabrics, the committee made a change
Flax (not hackled)—Present 1 cent a pound, new 1% cents.
in the compensatory rates on woven fabrics of wool proportionate to the
Flax (hackled)—Present 2 cents a pound, new 3 cents.
change made in the duty on the raw wool. In the act of 1922 the highest
Flax Noils—Present % of 1 cent a pound, new 1 cont.
value bracket provided for fabrics valued at more than 80 cents a pound,
cents.
Hemp—Present 1 cent a pound, new 1%
whereas the average value of imports under this paragraph amounts to
Hackled Hemp—Present 2 cents a pound, new 3 cents.
about $2 a pound: 97% of the total value of imports are valued at more
Flax Hemp and Ramie Yarns not finer than 60 lea—Present 10 cents than 80 cents a pound.
a pound, new 13 cents. Finer than 60 lea—Present 35 cents a pound,
The committee has therefore added two value brackets: (.0 For tabrum
new 25% ad valorem.
valued at more than $1.50 but not more than $2 a pound,and (2) for fabrics
3094
FINANCIAL CHRONICLE
valued at more than $2 a pound. On these the protective rate is increased
from 50 to 55 and 60%,respectively.
The committee made a change in paragraph 1110, in the compensatory
duty on pile fabrics and manufactures thereof proportionate to the change
made in the duty on raw wool, but made no change in the value brackets
or in the protective rates. If the pile is wholly cut or wholly uncut the rate
Is 44 cents a pound and 50% ad valorem, compared with the old rate of
40 cents and 50%, but if the pile is partly cut the new rate is to be 44 cents
and 55%.
In paragtaph 1111 a change was made in the compensatory duty on
blankets and similar articles proportionate to the change made in the duty
on raw wool, the new rates ranging from 20 cents a pound and 30% to 40
cents a pound and 40%, compared with the present rates, which range
from 18 cents and 30% to 37 cents a pound and 40%•
In paragraph 1112 there is a change in the compensatory duty on felts
not woven. The new rates ranging from 20 cents a pound and 30% to
40 cents a pound and 40%, compared with the present rates ranging from
18 cents a pound and 30% to 37 cents a pound and 40%•
Small Ware Fabrics.
In paragraph 1113 there is a change in the compensatory duty on smallware fabrics, the new rate being 50 cents a pound and 50%, compared
with present rates of 45 cents a pound and 50%.
The changes in detail are:
Knit Fabric in the Piece—Fresent 30 cents a pound and 40% to 45
cents a pound and 50%, new 33 cents a pound and 40 to 50 cents a pound
and 50%.
Hose, Gloves and Mittens—Present 36 cents a pound and 35% to 45
cents a pound and 50%,new 40 cents a pound and 35% to 50 cents a pound
and 50%.
Knit Underwear—Present 36 cents a pound and 30% to 45 cents a
pound and 50%, new 40 cents a pound and 30% to 50 cents a pound and
50%.
Outwear—Present 36 cents a pound and 40% to 45 cents a pound and
50%, new 44 cents a pound and 45% to 50 cents a pound and 50%•
[Vox,. 128.
The duty of 65% ad valorem, which is proposed for plain fabrics under
Paragraph 1306, for plain-woven fabrics, with fast edges under twelve
inches in width, and other small wares, under Paragraph 1308 for knit
fabrics under Paragraph 1309 and for unhemmed handkerchiefs and woven
mufflers under Paragraph 1310, is substituted for the present compound
duties, which have amounted to approximately 70% ad valorem under
the 1922 act.
Elimination of specific duties on partially manufactured rayon, not
further advanced than roving, under Paragraph 1302, and the substitution
of a flat ad valorem duty of 30% therefor is a decrease in the 50% ad valerein equivalent of the present specific rates, but is an increase of 5% ad
valorem over the minimum ad valorem rate of 25% in the act of 1922.
Increase on Fine Rayon Yarns.
On fine-sized single yarns weighing less than 150 deniers, the new proposed
rate of 50% ad valorem is a 5% ad valorem increase over the present
minimum ad valorem rate for all single rayon yarns irrespective of size.
On the plied yarns weighing less than 150 deniers which get'a 5% ad valorem
differential under the proposed law, the aggregate duty amounts to 55%
ad valorem, which is a net increase of 10% ad valorem over the present
level.
On spun rayons in the plied condition, there is an increase of 5% ad
valorem over the minimum ad valorem proviso of the present act. The
10% ad valorem increase on Jacquard-figured woven fabrics in Paragraph
1306, and on ribbons and narrow small wares with fast edges under Paragraph 1308, brings the duty on these articles in these two paragraphs to
75% ad valorem. This is, in effect, an increase of about 5% ad valorem
over the equivalent ad valorem rate in force on such goods under the
present act.
Paragraph 1307 provides for an increase of 5% ad valorem on pile fabrics.
including pile ribbons, if partly cut.
Duties That Are Unchanged.
No change was made in the rate on rayon, waste, or on cut rayon filaments, formerly classified under Paragraph 1459 (now Paragraph 1559)
at 20% ad valorem. On pile fabrics and articles thereof in Paragraph
1307, on knit and crocheted articles In Paragraph 1309, on wearing apparel
in Paragraph 1311, and on the articles in the basket Paragraph 1312,
the proposed rate of 70% ad valorem is substantially the same as the
equivalent ad valorem of the compound rates operative under the present
New Rates on Clothing.
A change was also made in the compensatory duty on clothing, the
new rates ranging from 26 cents a pound and 40% to 50 cents a pound
and 50%, compared with present rates raaging from 24 cents a pound and
40% to 45 cents a pound and 50%.
The bill contains an entirely new provision imposing protective rates
The elimination of specific rates in Paragraph 1301 and 1303 operates
on wool—felt hats and bodies, reading:
to make the ad valorem rates, which were substituted therefore, identical
"Bodies, hoods, forms and shapes for hats, bonnets, caps, berets and with the minimum ad valorem provisos under the present act on medium
similar articles, manufactured wholly or in part of wool felt, 40 cents per size and coarse rayon yarns, single and plied, over fifteen deniers in count
pound and 75% ad valorem and, in in addition thereto, on all the fore- and also on single spun rayon yarns.
going, if pulled, stamped, blocked or trimmed (including finished hats,
Paragraph 1313 contains the definition of rayon, and which is applicable
bonnets, caps, berets and similar articles) 25 cents per article."
throughout the proposed act. This definition reads as follows:
"The present duties levied upon hats and hat bodies," the committee
"Whenever used in this act the term 'rayon' means the product made by
said in explanation of this change, "are far from sufficient to equalize any artificial process from cellulose, a cellulose hydrate, a compound of
differences between domestic and foreign costs of production. * * *
cellulose, or a mixture containing any of the foregoing, which product
It is proposed that a rate of 25 cents be levied upon each article advanced is solidified into filments, fibers, bands, strips, or sheets, whether such
beyond the hat—body condition. This 25 cents is, of course, additional products are known as rayon, staple fiber, vises, or cellophane, or as
to the rates of duty levied upon the hat body."
artificial, imitation, or synthetic silk, wool, horsehair or straw, or by any
In Paragraph 1116 the rates on carpets and rugs that are mainly hand- other name whatsoever."
made are changed. The present rate is 55% ad valorem. Because of the
SCHEDULE 14.
difficulty of ascertaining the foreign value of Oriental rugs, particularly
Papers and Books.
those of lower grades, the bill proposes to change the form of duty from
The print paper Paragraph 1401, has been changed so as to provide
a straight ad valorem to a specific duty with a minimum ad valorem rate.
The proposed duty Is 50 cents a square foot, but not less than 60% ad specifically for uncoated book or printing papers, but the rate of duty
In the tariff act of 1922, Si of 1 cent a pound and 10% ad valorem, remains
valorem.
The effect of this change will be considerably to increase the duty on unaltered.
competitive rugs, that is those valued at not more than 83 1 3 cents per
There is only one change of importance in Paragraph 1402, relating to
square foot, and to increase the duty on those valued at more than 83 1-3 Paper Board, Wall Board and Pulp Board. Pulp Board in rolls for mancents per square foot 5%.
ufacture of Wall Board has been coming in at a lower rate of duty than
Pulp Board in other forms. The committee sees no good reason for this and
Rise in Duty on Carpets.
so all users of Pulp Board are put on the same basis in this bill.
In Paragraph 1117, relating to machine-made carpets and rugs, the
The line of demarcation between paper and paper board has been raised
rates of duty proposed remain the same as those in the act of 1922 ex- from 9 to 12 one-thousands of an inch to conform more nearly to trade
cept on axminster, wilton, brussels and velvet, and tapestry carpets and usage.
rugs that are valued at more than 40 cents per square foot. The proposed
In Paragraph 1404, what is described as a "reasonable" increase of
duty on them is an increase from 40% ad valorem to 60% ad valorem.
duty has been granted upon tissue paper of exceptional thinness, used
The carpet industry, here and abroad, has recently developed a new in the electrical and radio industries. The rate on these has been Increased
type of high-grade rug. These rugs, as yet unnamed, are technically similar to 20% ad valorem compared with 15% at present.
to wiltons and are practically the only rugs that will fall under the 60% rate.
In Paragraph 1405 there are slight increases on the lighter-weight decoIn Paragraph 1119, tapestries and upholstery goods (other than pile rative papers and on the simplex decalcomania papers, in line with the
fabrics), in separate cuts are dutiable under the act of 1922 at 50% ad curve of importations. The manufacture of simplex decalcomania paper
valorem, whereas tapestries in the piece are dutiable at the rates provided Is a relative new industry in the United States. The paper Is produced
for woven fabrics of wool. In order that all tapestries, in the piece or by few mills.
otherwise, shall be dutiable at a uniform rate, the committee suggests a
The tariff on plain basic paper for photographic purposes has therefore
new paragraph for these articles. The effect of this paragraph will be to been reduced from 15% to a nominal 5% ad valorem, so that if a small
make upholstery fabrics in separate units dutiable at the rates provided tariff duty is later found necessary it can be adjusted within limits by the
for similar cloths in the piece.
Tariff Commission.
'A small tariff adjustment Is probably all that will be needed within a
SCHEDULE 12.
Period that can now be foreseen," said the committee.
Silk Manufactures.
"In this paragraph occurs under the old act a real inequality, and plain
The changes in actual rates of duty in this schedule involve six increases basic paper for photographic purposes is not produced in the United States
and one decrease. An upward readjustment, amounting to 10% ad valorem at all, except by the Eastman Corp. for its own uses. The Eastman sells
Is made on velvets in Paragraph 1206. An additional increase of 5% ad none to its competitors, and there is no reason why it should. The cornvalorem is given on all pile fabrics, if the pile Is partly cut. An increase of Petitors import from Belgium, France and Germany. Plain basic paper
10% ad valorem is also given such broad silks and narrow fabrics under requires meticulous care in manufacture, intimate contact with the senParagraphs 1205 and 1207 as are woven with jacquard patterns.
sitizing plant, and the small quantities needed by the independent comIn Paragraph 1204 sewing silk in the gum gets an increase of 5% ad panies are not likely to stir even the most skilled producers of paper In
valorem over the present minimum rate. In Paragraph 1203 thrown silk the United States into production. Nearness to the customer is a great
desideratum.
Is reduced from 25 to 20% ad valorem.
"There is an agreement at the present time between a paper company
Alteration in the basis of assessment occurs in Paragraphs 1202 and
1204 covering spun silk yarns and sewing silk, respectively. In these in New England and one of the independent companies in the making
paragraphs the form of duty is changed from specific rates with a minimum of photographic supplies in New York, for experimental collaboration
ad valorem proviso to a flat ad valorem basis.
looking to the possible manufacture later of the marketable unsensitized
The new system involves no changes in the height in duties for spun product.
"Representatives of the skilled labor engaged in the lithographic insilk. In the case of sewing silk it furnishes a 5% ad valorem increase over
the present minimum rate on imports in the gum, but does not change the dustry and representatives of the manufacturers of lithographs in the
minimum ad valorem rate effectively on ungummed sewing thread which in United States appealed for higher rates of duty on lithographic material
1927 comprised 95% of the total value of the imports under the paragraph. to establish a par between the cost of production here and aboard. Certain
adjustments have been made in Paragraph 1406. looking to this end.
SCHEDULE 13.
"The chief change in Paragraph 1407 concerns so-called 'papeteries'
Rayon Manufactures.
—writing letter or note paper, together with envelopes, packed or assemThe new tariff bill for the first time devotes a separate schedule to the bled in boxes or other containers and sold as a unit to the ultimate conrayon industry in American tariff making, this Industry having been in sumer. This conversion of paper into fancy boxes of stationery, with the
Its infancy at the time the act of 1922 was enacted. The duties on rayon, Increased use of labor and materials, is not considered adequately provided
as now defined, were all fixed in the act of 1922 in Paragraph 1213 of the silk for in the old law. All other adjustments are relatively unimportant."
schedule. The important changes in the rates are embodied in the proposed
SCHEDULE 15.
new Schedule 13 and are substantially as follows:
Sundries.
Decreases on rayon in bands and strips (visca and cellophane) provided
The changes on articles listed as sundries are as follows:
for in Paragraph 1305. The proposed duty is 40% ad valorem, as comAsbestos Yarn, Silvers, Rovings, &c.—Presont rate 30%. new 40%•
pared with the minimum ad valorem rate of 45% now in force.
MAY 11 1929.]
FINANCIAL CHRONICLE
Imitation Solid Pearl Beads-Present 45%, new 2 cents an inch and
20% to 10 cents an inch and 60%.
Iterate Hat Braids-Present 30%, new 20%•
Leather Moccasins-30% ad valorem (new).
Braids. Plaits, Laces for Hats, bleached,colored or stained-Present 20%,
new 25%.
Hats, not trimmed or blocked, of Straw, &c.-Present 35%, new 25%•
Hats, blocked or trimmed-Present 50%. new $4 a dozen, and 50%•
Harvest Hats, if sewed-Present $3 a dozen and 25%, new $4 a dozen
and 60%.
Brooms-Present 15%,new 25%.
Tooth and Toilet Brushes-Present 45%, new 50%.
Brushes not specifically provided for-Present 45%. new 50%•
Imitation Pearl, Shell or Agate Buttons-Present 15%, new 1
cents
per line per gross and 25% ad valorem.
Artificial of Composition Cork Bark, cut in squares-Present 10 cents
a pound, now 25 cents.
Artificial Cork-Present 6 cents a pound, new 10 cents a pound.
Corn not specifically provided for-Present 30%, new 50%.
Dolls and Doll Clothing-Present 70%, new 00%•
Matches-Present 8 cents per gross of 144 boxes, new 11 cents.
Precussion Caps and Cigarettes-Present 30%, new 40%•
Feather Dusters-Present 45%, new 60%•
Artificial Flowers-Present 60%, new 00%•
Artificial Flowers, &c. When colored, dyed, painted-Present 60%,
new 75%.
Higher Duty on Dress Furs.
Dress Furs and Fur Skins, except Silver and Black Fox, if dyed-Present
25%, new 30%.
Plates, Mats, and Crosses of dressed Dog. Goat. and Kid Skins-Present
10%. new 25%.
Gun Wads of Hair Felt-Present 20%. new 35%•
Human Hair Tops, &c.-Six cents a pound and 25% (new).
Press Cloth, chiefly of human hair-Eight cents a pound and 40% (new.)
Other Hair Press Cloth-10%.
Chamois Skins, Piano Leather, Upholstery Leather, &c.-Present
20%, new 25%.
Bags, Baskets, Card Cases, Pocketbooks, &c., of Leather or Parchment,
not sufficiently provided for-Present 30%. new 35%•
Bags, Cases, &c., fitted with Traveling Bottle, dining, manicure and
similar Sets-Present, 45%, new 50%•
Candles-Presnet 20%. new 35%.
Leather gloves, men's, not over 12 inches long-Present rate $5 a dozen,
new $6.50 per dozen pairs.
Women's and children's Leather Gloves not over 12 inches long-Present
rate $4 a dozen, new $5.50 per dozen pairs, and 50 cents a dozen pairs
for each inch in excess of twelve inches, provided that in addition there
shall
be paid these cumulative duties: When machine seamed, $1 per dozen
pairs; when seamed by hand, $5 a dozen pairs; when lined with cotton,;
wool or silk, $3.50 per dozen pairs (compared with $2.40 at
present).
when trimmed with fur, $4 a dozen pairs; when lined with leather
or fur
$5 a dozen pairs (compared with $4 at present.)
Pipe targarm and parts-Present 40%, new 60%•
Musical Instruments Cases-Present 40%, new 50%.
Violin Chin Rests-Present 40%, new 60%.
Bridges for fretted stringed instruments-Present 40%, new
50%.
Strings for musical instruments-Present 40%. new
60%•
Violins, Violas, Violincellos-Present $1 each and 35%. new $1.25 each
and 35%.
Carillons and Parts-20% (new.)
Needles for Phonographs, &c.-Present 45%, new 8 cents a thousand
and 35%.
Sponges, commercially known as sheep's wool, yellow grass or velvetPresent 15%. new 25%•
3095
Pencils of paper, wood or other material not metal, filled with lead or
other materials, and pencils of lead, crayons, not specifically provided
for-Present 45 cents a gross and 25%, new 60 cents a gross and
35%•
Photographic Dry Plates, not specifically provided for-Present
15%.
new 25%.
A new provision in the sundries schedule proposes these rates:
"Photographic films, sensitized but not exposed or developed, of every
kind except motion-picture films, having a width of one inch or
more.
25% ad valorem; motion-picture films, sensitized but not exposed or developed, four-tenths of 1 cent per linear foot of the standard width of
154
inches, and all other widths of 1 inch or more shall be subject to
duty in
equal proportion thereto."
There is also a new provision in the pipes and smokers' articles
paragraph
which provides that pipes "wholly or in chief value of brier wood or brier
root, in whatever condition of manufacture, whether bored or unbored,
and tobacco pipes having such bowls, 5 cents each and 60 percentum ad
valorem; cigar and cigarette holders, and mouthpieces for pipes, or for
cigar and cigarette holders, composed wholly or in chief value of synthetic
phenolic resin, 75% ad valorem."
There are no other changes in rates in the pipes and smokers' articles
paragraph.
Under present law all thermostatic bottles, carafes, jars, jugs and other
such containers having a capacity of 1 pint or less are dutiable at 15 cents
each, and those holding over a pint at 30 cents each, and in addition thereto
45% ad valorem. In Paragraph 1555 of the new bill such bottles, &c..
having a capacity of 1 or 2 pints are to take a rate of 30 cents each, and
those having a capacity of more than 2 pints are to be dutiable at 30 cents
each and in addition thereto 5 cents for each pint or fraction by which
their capacity exceeds 2 pints, and in addition to that 50%.
Other changes in the sundries list include:
Umbrellas. Parasols and Sun Shades covered with material other than
paper or lace, not embroidered-Present 40%, new 60%•
Bleached Beeswax-Present 25% ad valorem, new 30%.
SCHEDULE 16.
Free List.
Nitric Acid, Buchu Leaves, Licorice Roots, Extracts of Annato and
Archil.
Argols, Tartar and Wine Lees.
Acetate Calcium, Crude Chestnuts, including Marrow.
Chip and Chip Roping.
Citrons and Citron Peel, crude, dried or in brine.
Semianthracite and Semibituminous Coal.
All Cyanides and Cyanide mixtures, not including Sulphocyanide or
Thiocyanides, Thiocyanates and Nitro Prushides.
Game Animals and Birds for stocking United States and State game
preserves.
Gloves, except calf skins.
Gloves and mittens wholly or in chief value of cotton or other vegetable
fiber made of farbic knit on a warp knitting machine.
Henequen, Sisal, Manila, Jute, Jute Butts, Kapok, New Zealand Fiber,
Maguey, Ramie or China Grass, Raffia and Pulu textile greases.
Copper Iodine, crude.
Fish landed in a foreign country and there not further advanced than
beheaded, eviscerated or frozen.
Fresh Sea Herring when not frozen naturally or artificially. Smelts,
fresh, whether or not packed in ice.
Frozen Shell Fish.
Nitrate.
Sulphide of Iron in its natural state.
Fish Scrap and Fish Meal tankage unfit for human consumption.
Tapioca, Tapioca Flour and Cassava are retained on the free list in spite
of the demands of corn growers and producers of corn products.
Indications of Business Activity
THE STATE OF TRADE-COMMERCIAL EPITOME.
Friday Night, May 10, 1929.
Bad weather has continued to be a drawback in the general
trade of the country. For the most part it has been too cool
and wet. That has acted as a deterrent on the normal
spring trade. It has also more or less retarded growth of
grain and cotton. But if we turn to trade and industry as
a whole we find that it is stall in advance of a year ago. The
automobile output for April is believed to have exceeded even
the large total of March. An outstanding incident of the
week was the break in grain prices of some 5 to 10 cents,
under the impetus of remarkably large liquidation, the
transactions in wheat on one day at Chicago exceeding
70,000,000 bushels, while in corn they were more than half
that amount. The open contracts in wheat in Chicago are
stated at nearly 130,00,000 bushels and in corn at over
50,000,000 bushels. Wheat is selling at the lowest prices
seen since 1925. In fact the May delivery is the lowest since
1924. The salutary liquidation in the grain markets has
left the technical position in better shape, and if genuine
bullish news should supervene there would probably be a
quick upturn, at least for a time. Meantime it is pointed
out that the break in wheat prices in May has exceeded
the emergency rail freight rate cut.
The sales by chain, mail order and department stores in
April were in each case larger than in the same month last
year. Mail order sales increased 4% over those of March
and 38.7% over those of April last year. For the first four
months of this year the mail order sales were 28.6% larger
than in the same period last year. The total sales of chain
stores for April were, it is true, 10% smaller than in March
but they were 8.8% larger than in April last year. The
combined mail order and chain store sales for April were 5%
smaller than in March but nearly 20% larger than in April
last year. For four months of this year the chain store sales
are some 13% larger than for the like period last year and
the total sales of both mail order and chain stores for that
period were 18
larger than in the corresponding time
in 1928. The sales of department stores in April were 2.6%
larger than in April last year. Cotton goods have been for
the most part quiet, during the past week land print cloths
have declined %c.for narrow widths. Finished cotton goods
met with a moderate demand for prompt delivery. Woolen
and worsted dress fabrics were quiet. Unseasonable weather
has hurt trade in these goods. Men's wear lines were in
fair demand. Silk piece goods were quiet. In raw silk
there was only a moderato trade. In iron and steel there
was little that was new. Production keeps up but for the
time being new trade at best is on only a fair scale.
Wheat declined nearly 10 cents, making about 30 cents
from the high point of February. May liquidation gathered
momentum as farm relief progress was disappointing, the
weather mostly favorable and, to crown all there were the
big supplies in the United States, Argentina aid Canada.
The reduction in rail freights for export moreover weakened
the foreign markets, and 14% call money was not without
some effect. The Government estimate of the winter wheat
crop of 595,000,000 bushels, was some 23,000,000 bushels
below the average of recent private estimates. Corn declined only about half as much as wheat, for it has more
friends than wheat. Moreover, the receipts were small, and
the shipping demand good. It is true that corn prises are
3096
FINANCIAL CHRONICLE
[VoL. 128.
1==.
nearer than usual to those for wheat and the supply in the
country is large. Yet not for years has corn been so close
to wheat in the ruling price. Corn will probably be a
.weather market for a time. Other grain has declined with
very moderate trading. The seeding of both corn and oats
has been delayed by recent bad weather. Provisions have
declined in sympathy with grain. Coffee has declined in
Brazil and naturally also here, especially as the demand has
been comparatively small. The recent loans said to be
$30,000,000 negotiated by Brazil have created a suspicion in
the minds of many that Brazil is having some difficulty in
supporting the price. Spot coffee has been dull. Mild
coffee seems to sell more readily than Brazilian. Prices of
c or more. With
futures have fallen this week X to
pretty much everybody bearish there is, of course, a tendency
to overdo the short side. That seems to be the case in most
of the commodity markets at this time. Raw sugar has
declined 1-16c on prompt sugar and Xic on futures because
of trade selling and dullness of refined sugar. For that
matter there has been no great demand for raw, which at
times has been rather pressed for sale, although there was
at one time noticeable firmness in May, in which there
appeared to be a sizeable short interest. The new tariff
bill provides for an increase in the rate on full duty raw
sugar from 2.206c the old rate to 3e while the duty on Cuban
sugar is raised from 1.76480 to 2.40e. On full duty refined
sugar the proposed rate is 3.50c and on Cuban refined 2.80c.
In other words, here is an advance of about 64 to 80 points.
Yet on the theory that all the bull news was out there was
as usual in such cases in all markets enough selling to depress
prices. But it was understood that refined was to be advanced at the close to-day to Sc. Rubber advanced roughly
1 to 154 cents, on covering of shorts in a market which had
become oversold. Moreover, there is a belief that potential
supplies have been somewhat overestimated. Stocks in the
Far East are decreasing and those in England are increasing
very slowly. Cocoa, like coffee, has declined. Tin has
advanced Vic under the stimulus of buying by consumers
and covering of shorts in a natural rally after the recent
sharp decline.
Cotton has declined 30 to 40 points under the belief that
the crop on the whole is doing well after having gotten a good
start. Pretty much everybody, especially at the South,
seems to be bearish. Meantime the sales of standard
cloths during April are reported by the Textile Merchants
Association as only 71.3% of a full production while unfilled
orders fell off close to 15%. Worth Street's trade has been
dull and Manchester complains that its China business is
disappointing even though the demand from India persists.
Western Texas which needed rains had some late in the week,
although it would be the better for more. Taking the belt
as a whole it needs dry warm weather after a prolonged
period of rains and abnormally cool temperatures. There
are complaints that the weevil infestation is large. But
the rank and file of the speculative element are bearish in
the belief that damage reports are exaggerated and that the
acreage will be large enough with ordinary luck to produce a
big crop. Of course it is a weather market and weather
scares from time to time are the normal thing during the
next few months. Meantime it is noticeable that the cotton
mill strikes at the South are petering out.
The stock market to-day advanced noticeably and another
outstanding event was the decline in call money to 6%,
which was heartening to everybody, after the 10 to 14% rates
ruling during most of the week. The trading increased and
approximated 4,000,000 shares. Foreign exchange was in
general firm and sterling advanced Xc. Bonds were irregular
to-day, the decline in money for the moment having no effect.
New Bedford, Mass,wired that for the first time since last
October a month has passed without manufacturing margins
on cotton goods being narrowed, and for the first time this
year the chances of profit making in carded or combed gray
fabrics are practically as good as they were a year ago. Examination of a list of plain standard constructions regarded
as barometric of market conditions reveals that the gray
goods manufacturer's opportunity for making a profit on
his output was 0.70 cent per pound better at the outset of
the present month than thirty days previously and only
0.05 cents short of being as good as a year before. Spot
cotton on the New York Exchange opened the month at
20.75 cents, and, after a spasmodic decline, closed April
30, at 19.45 cents, a net drop of 1.5 cents a pound for the
month. Gray goods prices sagged in sympathy but not in
like degree, the average selling price being only 0.80 cents
less a pound at the close than at the opening of last month.
At Lowell, Mass., a steady improvement in business is
noted at the Nashua Manufacturing Co. Day and night
shifts are employed to keep pace with the volume of orders
and the future holds good promise. About three months
ago the company increased its production 35% and that
increase is still maintained. Greenville, S. C. wired that
efforts to settle the Brandon textile strike which has lasted
for seven weeks, were to be renewed with the return to the
city of H. L. Thompson, Secretary of the South Carolina
Board of Conciliation. Later Greenville, S. C. wired that
operatives at the Brandon Mill oppose any settlement of the
strike there, unless it provides for abolition of the "stretch
out" system. Some advices said that Carolina mill strikes
were simmering down to a point where they are having very
little effect upon mill operations and it seems to be general
belief that the trouble would disappear this week. Charlotte, N. C. advices said that many plants were back practically on full time. Johnson City, Tenn. wired May 6
that with four companies of National Guard on duty, assisted by scores of special police and deputy sheriffs, the
plants of the American Bemberg Corporation and the
American Glanzstoff Corporation, in Happy Valley, at
Elizabethton, resumed operations on that day after three
weeks' shutdown on account of strikes. No disorders of
any kind occurred. About 900 workers made application
at the Johnson City and Elizabethton offices according to
reports from the employment managers. Plant officials
expressed themselves as being well pleased with the response
on the first day. The return of the plants to full operation
will necessarily be slow, since several processes have to be
started before there can be work for any considerable number
of employes.
At Elizabethton, Tenn. the determination of officials of
the American Bemberg and American Glanzstoff rayon companies to reopen their plants there on May 6th and the
pledge of union leaders that efforts would be made to prevent
such action brought the strike situation to its most acute
stage. The State, county and city answered by preparing
to have approximately 800 national guardsmen, deputy
sheriffs and policemen ready for duty. On the 8th it was
said that hundreds were at work. Tennessee rayon plants
were reported later as near a normal output. Full production
schedule will be reached again in 10 days it is predicted.
Sales of mail order houses in April again showed substantial increases over the same month last year. Sears,
Roebuck & Co. reported sales of $34,045,867 for last month
against $24,159,161 in April 1928, an increase of 40.9%.
The aggregate for the first four months of this year is $121,854,817 compared with $96,277,026 in the same period of
1928, an increase this year of 26.6%. S. S. Kresge Co's.
sales for April amounted to $11,367,682 an increase of 5.4%
over the preceding week. Sales for the first four months of
this year amounted to $42,727,950 an increase of 7.8% over
the corresponding period last year. F. W. Woolworth &
Co's sales for April amounted to $22,060,812 an increase of
0.5% over the preceding week. Sales for the first four
months of this year amounted to $83,621,152 an increase of
4.6% over the corresponding period last year.
The weather here during the week has been rather cool.
That in fact has been the case throughout the country where
rain has been very prevalent. To-day the temperatures here
were 44 to 61 degrees. Within 24 hours Chicago temperatures
have been 48 to 54, Cincinnati 40 to 62, Cleveland 40 to 48,
Kansas City 58 to 66, Milwaukee 40 to 56, Philadelphia 44
to 62, Portland, Me. 38 to 56, St. Louis 52 to 68, Seattle
44 to 58, San Francisco 50 to 54.
Loading of Railroad Revenue Freight Again Exceeds
1,000,000 Cars for the Week.
Loading of revenue freight for the week ended on April 27
totaled 1,051,728 cars, the Car Service Division of the
American Railway Association announced to-day. This was
the second time so far this year thatloading of revenue freight
has exceeded the million car mark in any one week, being
an increase of 47,572 cars over the preceding week this year,
with all commoditiesshowing increases over the week before.
Compared with the corresponding week last year, loading of
revenue freight for the week was an increase of 88,721 cars,
and an increase of 30,152 cars above the corresponding week
in 1927. Further details are set out as follows:
Miscellaneous freight loading for the week totaled 412,722 cars, an
increase of 27,381 cars above the corresponding week last year and 16,997
care over the same week in 1927.
MAY 11 1929.]
FINANCIAL CHRONICLE
Coal loading totaled 168,924 cars, an increase of 12,258 cars over the
same week in 1928 and 6,855 cars above the same period two years ago.
Grain and grain products loading amounted to 36,828 cars, a decrease of
6,428 cars below the same week in 1928 and 6,326 cars below the same week
in 1927. In the western districts alone, grain and grain products loading
totaled 23,652 cars, a decrease of 6,314 cars below the same week in 1928.
Live stock loading amounted to 31,069 cars, an increase of 1,170 cars
above the same week in 1928 and 1,613 cars above the same week in 1927.
In the western districts alone, live stock loading totaled 25,501 cars, an
Increase of 1,916 cars over the same week in 1928.
Loading of merchandise less than carload lot freight totaled 263,768 cars,
an Increase of 4,376 cars above the same week in 1928 and 3,532 cars over
the same week in 1927.
Forest products loading amounted to 71,726 cars, 7,836 cars above the
same week in 1928 and 1,055 cars above the same week in 1927.
Ore loading amounted to 54,126 cars, 40,068 cars above the same week in
1928 and 5,022 cars over the same week two years ago.
Coke loading totaled 12,565 cars, 2,060 cars above the same week last
year and 1,404 cars over the corresponding week two years ago.
All districts reported increases in the total loading of all commodities
compared with the same week in 1928 while all except the Pocahontas and
Southern districts reported increases compared with the same week in 1927.
Loading of revenue freight in 1929 compared with the two previous years
follows:
1929.
1928.
1927.
Four weeks in January
3,570,978
3,448,895
3,756,660
Four weeks in February
3,767,758
3,590,742
3,801,918
Five weeks in March
4.807,944
4,752,559
4,982.547
Four weeks in April
3,983,978
3,740,307
3,875,589
Federal Reserve District-
3097
Percentage of Increase
Number of Stores
or Decrease in Sales.
Reporting.
Apr. 1929 Compared
with Apr. 1928.
Increase. Decrease,
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louts
Minneapolis
Kansas City
Dallas
San Francslco
United States
+0.3
+5.3
+0.9
+1.8
+2.6
-1.4
+8.3
+1.4
+0.1
+4.6
+1.1
-0.1
26
21
17
19
20
11
23
11
12
15
11
42
+2.6
228
33
33
24
16
22
24
27
6
7
4
33
236
Note.-The month had 26 business days this year. 25 last year; the date of Easter
this year. March 31, was S days earlier than last year.
Chain Store Sales Continue to Increase.
Sales of 24 leading chain store companies for the month
of April amounted to 878,170,343, an increase of $5,952,250,
or 8.24% over the same month a year ago, according to a
compilation of Merrill, Lynch & Co. of this city. Davega,
Inc., Sally Frocks, Inc., Morison Electrical Supply Co. and
Total
16.130,658 15.532,503 16.416,714 Lerner Stores Co. led all others in point of percentage gain
with increases of 94.6%,62.8%,61.6% and 55% respectively.
Monthly Indexes of Federal Reserve Board.
Sales of these same companies for the four months ended
The monthly indexes of the Federal Reserve Board cover- April 30 1929 totaled $297,070,321, an increase of 833,855,ing production, employment and trade issued about the first 665, or 14.7% over the corresponding period last year. A
of each month in advance of publication of the indexes in comparative table shows:
Month of April
First Four Monthsthe Federal Reserve Bulletin were made available as follows
1928.
1929.
1929.
%
1928.
May 2:
Inc.
$
Inc.
(Monthly average 1923-25=100.)
1929 1929 1928
Mar. Feb. Mar.
Industrial Produrlion, adjustedTotal
x118
Manufactures
x120
Minerals
x106
Manufactures, adjadedIron and steel
132
Textiles
116
Food products
96
Paper and printing__ x123
Lumber
x89
Automobiles
163
Leather and shoos__ x97
Cement, brick, glass_ 122
Non-ferrous metals__ 127
Petroleum refining..... 160
Rubber tires
x151
Tobacco manufactures 126
Minerals, adjustedBituminous coal
Anthracite
Petroleum
Codper
Zino
Lead
Silver
Fraght-car loadings,
adjustedTotal
Grain
Livestock
Coal
Forest products
Merchandise I. e. 1.,
and mIseellaneous_
117
.117
120
109
110
103
126
113
101
*122
78
.155
.97
123
.124
161
152
129
114
107
105
118
94
111
102
112
108
141
134
120
88
75
134
135
112
90
85
109
110
138
136
106
99
.91
95
80
121
102
112
109
94
103
103
81
89
87
107
106
82
118
80
102
115
90
95
89
111
109
107
1929 1929 1928
Mar, Feb. Mar,
Building contractsAdjusted
Unadjusted
x IV/missals dtstribu
lion, adjusted••Total
Groceries
Meats
Dry goods
Men's clothing
Shoes
Hardware
Drugs
Furroture
x Wholesale Distribulion, unadjusted
**Total
Groceries
Meats
Dry goods
Men's clothing
Shoes
hardware
Drugs
Furniture
Dept.store salesAdjusted
Unadjusted
104
118
119
88
128
144
96
96
91
95
122 119
88
83
98
88
x95 *107
92
87
109 114
93 .91
96
97
109
83
94
96
91
110
95
101
89
117
92
136
110
95
120
105
90
83
113
84
114
*84
76
105
•91
100
95
105
87
131
111
95
121
107
112 •110
110
85
104
103
Dept. store stocksAdjusted
Unadjusted
100 .102
103 .97
103
106
Mall order house
salesAdjusted
Unadlusted
142
156
113
125
143
129
• Revised. xPreliminary. ••E ght lines. Women's clothing discontinued Jan.
1929, See Federal Reserve Bulletin for March.
FACTORY EMPLOYMENT AND PAYROLLS.
Unadjusted (1919=100).
Employment.
1929
March.
Total
Iron and steel
Textiles-grout)
Fabrics
Products
Lumber
Railroad vehicles
Automobiles
Paper and printing
Foods. dm
Leather, &c
Stone, clay, glass
Tobacco, .1‘e
bri
93.8
94.3
92.7
93.8
91.3
85.9
71.4
166.6
108.9
84.9
80.2
101.7
.,76.8
80.8
1929
Feb.
93.0
92.6
91.8
94.0
88.9
85.2
70.7
164.5
109.2
85.9
81.3
98.6
76.7
81.6
Payrolls.
1928
1929
March. March.
89.9
84.0
92.9
93.6
92.0
86.0
71.3
130.2
107.0
84.4
84.1
105.7
77.9
76.9
112.9
107.9
105.9
105.3
106.8
97.2
84.3
213.6
155.6
100.9
80.0
124.6
78.0
114.1
1929
Feb.
1928
March,
110.5
104.4
103.3
104.1
102.3
95.0
80.9
212.3
152.2
101.8
82.7
118.4
76.1
115.0
104.9
93.3
101.9
100.3
103.9
93.1
80.4
168.9
147.7
100.4
87.5
128.7
79.4
110 9
F. W. Woolworth _ _ _22,060,812
11,367.682
S. S. Kresge
American Stores_ _ _10,767,033
5,063,007
8.11. Kress
4,421,034
W.T. Grant
3,159,690
McCrory Stores
2,049,009
Melville Shoe
1,969,683
Interstate Dept
1,808,441
J. J. Newberry
1,655,591
Lane Bryant
1,588,397
F. & NV. Grand
McLellan Stores_ _ _ 1,510,964
1,337,344
Waldorf System
1,312,578
Lerner Stores
1,272,614
David render
1,171,264
Peoples Drug
1,141,176
Metropolit'n Chain
G. C. Murphy Co_ _ _ 1,112,339
972,209
Nelsner Bros
965,241
Mange! Stores
566,425
I. Sliver ex Bros
404,017
Davega, Inc
297,160
Sally Frocks
196,633
Morison Elec. Supply
Total
x Decrease.
Increases in total sales were reported in all Federal Reserve districts
except Atlanta and San Francisco, but were largest in the New York and
Chicago districts.
Percentage changes in total sales between April 1928, and April 1929 are
given by districts in the following table:
78,170,343 72,218,093
0.5
5.4
x3.0
1.6
20.9
3.3
0.8
18.6
38.8
49.8
35.5
36.1
13.0
55.0
10.3
28.3
24.4
19.6
41.3
36.0
21.6
94.6
62.8
61.6
83.621,152
42,727,950
46.283,382
18,872,279
16.407,969
12,430,148
7,774,781
6,860,623
6.336,265
5.331,082
5,571,833
5,553,731
5,251,906
4,672,520
4,975,484
4,595,365
3,961,037
4,035,413
3,348,692
3,256,064
1.987,484
1,464,449
1.056.132
700,052
79.882,546
39,616,264
44,371.011
17,557,913
12,829,066
11,477.386
6,297,875
5,261,879
4,335,533
3,968,332
4,001,326
3,820,730
4,830,325
2,941,393
4,472,783
3,298,066
3.274.083
2,988,623
2,180,792
2.175,473
1.645,719
959,350
633,795
394,393
4.6
7.8
4.3
7.5
27.9
8.3
23.4
30.3
46.4
34.3
39.2
45.4
8.7
59.0
11.2
39.3
21.0
35.0
53.5
49.6
20.7
52.6
66.6
77.5
8.24 297,070.321 263,214,656
12.3
Annalist's Weekly Index of Wholesale Commodity
Prices.
The Annalist Weekly Index for Wholesale Commodity
Prices is 143.1, against 144.5 last week and 152.5 last year
at this time. The Annalist adds:
The drop of 1.4 points from last week is due to declines in the farm pro
ducts, food products, textile products and fuel groups. The metals and
miscellaneous groups show a rise and the remaining groups are unchanged.
This week's index is the lowest since July 19 1927. The decline of 2.6 points
in the farm products group is the steepest in the list and was brought about
by renewed sharp declines in virtually all farm commodities, led especially
by wheat, corn and hogs. The decline of 1.5 points in the food products
group prices, due to declines in prices of beef, ham, pork, veal and flour, is
a reflection of the declining prices in the farm products group.
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES.
(1913=100.)
May 7 1929. Apr. 301929.
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All enrnmnriltina
Preliminary Report of Federal Reserve Board on Retail
Trade in April-Sales Larger Than in Same Month
Last Year.
Total sales of department stores in April were 3% larger
and average daily sales 1% larger than in the corresponding
month a year ago, according to preliminary reports made to
the Federal Reserve system by 464 stores. Increase in total
sales was reported by 228 stores and decrease by 236 stores.
The Board's advices May 9, add:
21,936,188
10,783,845
11,099,912
4,983,739
3,656,007
3,059,271
2,032,505
1,661,257
1,302,670
1,104,806
1,171,804
1,110,509
1,183,144
844,524
1,153,983
912,853
917,556
929,824
687,736
708,671
465,598
207,571
182.433
121,687
-42bWia,
The terms "a6lusted" and "unadjusted" refer to adjustments for seasonal variations
141.4
145.1
151.3
161.5
128.1
154.0
135.2
121.3
144_5
May 8 1923..
160.7
156.0
155.3
157.5
120.3
154.3
135.0
115.6
152.5
Orders for Electrical Goods Booked by Manufacturers
During First Quarter of 1929 Higher than in
Corresponding Period Last Year.
New orders booked during the first quarter of 1929, as
reported to the Department of Commerce by 81 manufacturers of electrical goods, were $321,732,414, as compared
with 3282,226,449 for the last quarter of 1928 and $237,508,001 for the first quarter of 1928. The following totals
of bookings for each quarter since the beginning of 1924 are
presented by the Department, not as a complete statement
of the industry, but as probably sufficiently representative
to indicate the trend:
FINANCIAL CHRONICLE
3098
ORDERS FOR ELECTRICAL GOODS.
1924.
Quarter.
First — _
Second_
Third__
Fourth_
1925.
1926.
1927.
1928.
1929.
$
$
$
$
$
$
221,687,030 227,767,511 255,917,883 235,883,303 237,508,001 321,732.414
218,637,855 222,056,450 240,855,953 229,353,332 245,520,801
181,160,835 225,184,732 233,873,171 228.610,346 264,466,257
225,070,111 237,225,521 251,442,991 232,877,670 .282226449
Total_ 844.655.831 912.234.214 982.089.998 928.724.651 .1029721508
*Revised.
[Vol,. 128.
This is only a slight margin under the corresponding figure of last year
which was the largest April in history. It is estimated that in thirty-seven
eastern states, the average daily contract awards in April totaled $25,761,000.
"There has been an upward trend in Industrial construction, in recent
weeks. Residential construction still comprises about 40% of the entire
building program. Commercial structures are second in volume with
public works, industrial, educational, social and recreational structures.
hospitals and institutions following in activity.
"In point of valuation of building permits in fifteen leading cities, New
York is far and away in the lead, with Chicago, Philadelphia, Los Angeles,
Detroit, Boston, Seattle, Baltimore, Cleveland, Milwaukee, San Francisco,
St. Louis, Pittsburg, New Orleans and Atlanta following in order named."
Building Plans in New York (Manhattan) Total $171,847,350—April Sets Record Despite Slump After
Workers in Building Trades in New York City Granted
New Law.
10% Wage Increase and Five-day Week—Strike
The following is from the "Sun" of May 3:
•
Which Would Have Tied Up $300,000,000 ConstrucPlans for new buildings filed with Superintendent of Buildings Charles
tion Averted.
Brady in Manhattan during April broke all records, the sum represented
by them amounting in the aggregate to $171,847,350. This staggering total
An agreement between the Building Trades Employers'
was compiled despite the sharp drop in the number of plans filed following
Governod Roosevelt's action in signing the Multiple Dwellings bill. During Association and the Building Trades Council was reached in
the week which preceded the Governer's action plans for buildings to cost this city on May 4 at a meeting of representatives of the
$58,635,800 were filed. In the week after plans were few and amounted two bodies as a result of which the five-day week
and 10%
in costs to $925,000.
The rush to file plans as a matter of protection should the bill limiting increase in wage will be made effective Aug. 24 in about 25
heights become law began early in March, and when the Building Superin- crafts in the building industry. The "Herald-Tribune"
tendent checked up the month's record he found that the sum represented of May 5 in indicating the result of the agreement entered
by the plans was little less than $114,000,000. Never had there been a
month like that in the history of the department. Then came April—the into said:
rush still on. The Governor signed the bill on April 19 and the plans
stopped. But April's totals were greater than Starch's.
One hundred and sixty-one new buildings, many of them of great height,
are represented by April's plans. A comparison with April 1928 is striking. Plans were filed during that month a year ago for 62 buildings to
cost $23,411,050.
Continued High Rate of Activity in Many Important
Lines Except Building Seen in Business Review
by American Bankers Association Journal.
The past month has brought a continued high rate of
activity in the basic steel and automobile industries and in
a host of other important lines, with the exception of building construction, which is slowing down somewhat, says the
current business review of the American Bankers Association Journal, made available May 10. The "Review" says:
"Distribution of Commodities is running along with a volume and smoothness seldom surpassed. There Is an absence ofsuch troubles as car shortage,
strikes, commodity price gyrations, or excessive inventories.
"Whatever easing took place in rates on bankers' acceptances and on
time loans apparently raised false hopes that the money market was returning to normal, for another stringency developed in connection with
May 1 transactions which are usually of relatively moderate size. With
the temper of the secuirty markets still so confident, there seems little
likelihood of any material easing in interest rates Meanwhile the bond
market is depressed and the decline in new offerings is not only affecting
building construction and public improvements in this country, but has
cut off the source of foreign credits that other countries need for settling
their huge balance in our favor on account of interest, dividends, and
exports
"Earnings statements published during the month make an excellent
showing even allowing for the fact that the best reports are usually published most promptly. To date, 150 corporation reports have been issued
which show combined net profits of $265,000,000. representing an increase of 24% over the corresponding period of 1928.
"Volume of manufacturing, never surpassed has not resulted in any congestion of markets or decline in prices such as often occurs, for the reason
that distribution has kept pace with it. As measured by railroad freight car
loadings, and sales of chain and department stores, the movement of commodities into consumption is proceeding with a quantity and smoothness
seldom witnessed. A study of reports for all large merchandising chains
in the United States shows that the year to date has brought sales more
than 20% above the corresponding period of 1928.
"In the mail order and department store lines there has been an appreciable slowing up in collections that must be watched. There is no confirmation, however, of the assertion often heard, that collections throughout the country are slowing up because the public generally is disposed
to put its money into the stock market instead of paying its bills. Sales
and collections are satisfactory in most lines."
Building Construction During Third of 1929 over Two
Billion Dollars According to Indiana Limestone
Co.
Construction for one-third of the present year totals approximately $2,100,000,000, says a survey issued May 6
at Chicago by the Indiana Limestone Company. This is
based on figures from several hundred cities and towns.
President A. E. Dickinson is quoted as saying:
"Favorable factors in the construction industry are in the ascendency.
Predictions that the cycle of building, which has been a major factor in
the nation's prosperity of recent years, has run its course, have been apparently without foundation. It Is true that diversion of credit to the
stock market and the consequent tightening of money for industrial purposes caused a slight slowing up in building early in the year. But it is
also true that present signs indicate that last year's level Is being fairly
well maintained.
"Expanding wealth, evolution of industrial processes and advances In
living conditions are all reflected in the current program of rebuilding
American cities. Business sections of metropolitan centers have been
transformed by giant new structures. Suburban areas are spreading out
with great rapidity. And public utilities and governmental buildings are
Increasing in number.
More than ever before, construction is being planned with a view to
permanency, artistic design and economy.
"Taking the country as a whole, construction during the month of April
has shown a good volume, approximately $640,000,000 having been spent.
This pact, besides being labor's biggest gain in its five-day week movement, is also regarded as establishing peace in the building industry. Its
first effect is expected to be the return to work of several hundred craftsmen
who are supporting electrical workers in their dispute with the employers'
association, and the continuance of building operations valued at $300,000
which were threatened with stoppage.
Court Fight Averted.
The employers' organization submitted to the new working conditions
only after being defeated in an effort to stave off the short week in a court
fight.
Three months ago Supreme Court Justice Bijur denied the application
of the employers' association to restrain the Electrical Contractors' Association from signing an agreement giving their employees a five-day week
and a wage increase from $12 to $13.50 a day. The employers' association
had previously won a temporary restraining order preventing the putting
into effect of this agreement.
Of the 150,000 workers affected by yesterday's agreement, some 40,000
already have been taking advantage of a five-day week agreement with employer groups, although these agreements had not previously been ratified
by the Building 'trades Employers' Association. These were the plasterers.
bricklayers, masons, painters and electrical workers.
The chief grievance of the other workers was that they still labored five
and one-half days a week. The largest of these dissatisfied groups of workers
were the carpenters and among the others were plumbers, stearafitters.
sheet metal workers, elevator constructors, iron workers and cement workers. Their contracts ran to January 1.
Announce Agreement.
But at 5 o'clock yesterday afternoon, Christian G. Norman, Chairman
of the Board of Governors of the Building Trades Employers' Association.
and John Halsett, President of the Building Trades Council, jointly announced the new agreement. The two bodies they represented had begun
conferring at 10 a. m., at the employers' office 2 Park Avenue.
Mr. Norman did most of the talking although Mr. Halkett made frequent
explanations of various points. What they said was that:
Through the conference between the executive committee of the Building
Trades Council and the Building Trades Employers' Association, arrangements have been made for the apparent tcontinuance of peace in the building
industry.
For trades that had agreements extending to the end of the year there
have been made modificaitons by which the five-day week with 10%
Increase in pay will go into effect on Saturday. Aug. 24. As we couple the
five-clay week with the 10% increase, it was understood between the two
organizations that Saturday is not to be a work day except in cases of
emergency.
Reaffirm Arbitration Plan.
The Building Trades Council's executive committee has assured the
executive committee of the Building Trade Employers' Association that
any differences existing in the building industry will be adjusted, and they
affirm and support the general arbitration plan calling for arbitration of
all disputes and certain conditions that shall prevail in the industry to
prevent strikes nad lockouts.
All units of the Building Trades Council are affected by the five-day week
—all trades and occupations of the council. This will put 150,000 building
workers on ,
t e five-day week before Labor Day.
More than 500,000 workers in the United States enjoy the five-day week,
accordiag to the American Federation of Labor figures This plan Is in operation in the Ford plants and in the building trades of New Jersey.
The granting of the demands of the Building Trades Council ends a long
continued controversy over the five-day week, which was started last
February when the Electrical Contractors' Association, affiliated then with
the B. T. E. A.. granted the five-day week to the electrical workers.
The association fought the B. T. E. A. in court, siding with the union.
and the Building Trades Council remained neutral in the controversy until
a few days ago, when it voted to withdraw men from all jobs on which
non-union electricians were employed.
Construction work has been halted in sympathy strikes on the summer
home of William Randolph Hearst at Sand Point, L. I. the Stewart
Bldg., Fifth Ave. and 56th St. Adelphia College, Garden City, L. I.
a bank at Corona. L. I. a church at 204th St. and Vermilyea Ave.. in the
Dyckman section, and a bus terminal at Flushing, Queens.
In retaliation the B. T. E. A. planned to lock out all mechanics and
helpers on all construction work, a situation that would imperil more than
$300,000,000 worth of construction work in the city.
Three firms, Harry Alexander, Inc., the Tucker Electric Co. and the
Ericson Engineering Co., had precipitated the strike situation by refusing
to recognize the decision of the Electrical Contractors Association to
grant the five-day week. These firms had employed non-union members
on a 44-hour basis.
In making the announcement of the agreement yesterday it was explained
that it is the intention actually to bar all Saturday work. Even in emergencies double time will be paid for all work done on that day.
"This is not," Mr. Halkett declared, "just a move to make for overtime, We mean to cut out all Saturday work and make Saturday a
holiday. Hence the double rate of pay."
The prevailing rate of wages, which will not be affected by the agreement, averages about $12 a day for employees of each craft In the trade.
MAY 11 1929.]
FINANCIAL CHRONICLE
Members of the painters' union, however. receive $14 a day and bricklayers, masons and plasterers got the five-day week on the scale of $15
a day.
From the "Times" of May 5 we take the following:
3099
Pay Increase Ends Strike of Workers on House Wrecking Jobs—Employers Grant Wage Rise of 5 Cents
an Hour, 8-Hour Day and Time and a Half for
Overtime.
The strike of 1,800 barmen and helpers on housewrecking
jobs throughout the city was ended at the beginning of its
sixth week on May 6 by an agreement between the union
and the employers conceding to the workers a 5 cent an hour
pay increase, an eight-hour day, five-and-half day week,
with time and a half for overtime. We quote from the New
York "Times" of May 7 which also said in part:
Mr. Norman and Mr. Heiken were asked how the agreement would
affect the electrical industry's tangled relations with the Building Trades
Employers' Association, and Mr. Norman made this statement:
Every effort will be made to adjust the differences with the employers
in the electrical industry and (here Mr. Halkett was asked specifically to
approve, which he did with certain modifications that made the statement
continue) the Building Trades Council is to co-operate with the Buiding
Trades Employers' Association in seeing that peace Is maintained in all the
industry.
The difficulties between the electrical industry and the Building Trades
Employers' Association were precipitated last January when the Electrical
Contractors' Association granted to the Electrical Workers' Union, an
The memorandum of agreement was signed by officers of House Wreckers
organization of between 6,000 and 7,000 workers, a five-day week at
an increase to $13.20 a day from $12. On Jan. 31 the Building Trades Union, Local 95, and the House Wreckers' Association at 4.30 p. m. at
Employers' Association obtained a temporary injunction restraining the the officers of State Industrial Commissioner Francis Perkins, 26 East
Electrical Contractors' Association and the Electrical Workers' Union Twenty-third Street.
The settlement came after five weeks of negotiations between reprefrom putting their agreement Into effect. Later the order was vacated.
Meanwhile the electrical workers walked out on more than 50 con- sentatives of the union and the association who had been brought tostruction jobs throughout the city, where employers declined to accept gether through the instrumentality of A. J. Portenor. Chief of Mediathe agreement. After the temporary injunction granted to the Banding tion, and James Brady, Director of the Bureau of Industrial Relations of
Trades Employers' Association had been vacated, the Electrical Con- the State Department of Labor, acting under instructions from Commistractors' Association obtained an order restraining the Building Trades sioner Perkins.
The memorandum was signed on behalf of the employers by Morris
Employers' Association from interfering with the Contractors' AssociaD. Wallace, President and Louis Forman, Secretary, and on behalf of
tion in carrying out its five-day agreement with the workers.
the union by Dimitri Tarassos, President, and Basil BaranetzkY, VicePresident.
Weekly Pay Not Increased.
Workers Receive All Demands.
The five-day week and 10% increase conceded to the workers does
Under the agreement the workers receive all that they bad demanded,
not mean that the weekly pay envelope of the workers will be any fatter according to Charles Glenn, business agent of the union, who was at the
unless they happen to be called upon to work overtime, according to Mr. conference. The union representatives included Frank Miller, executive
Norman and Mr. Halkett Spokesmen for the two sides explained that board member; Lawrence Truhan, Aaron C. Keck and Frank Yusoupoff,
the new agreement in effect would mean that the workers would get the said to be a cousin of Prince Felix Yousoupoff, who is credited with having
same pay for a five-day week that they have been getting for 53. days. killed Rasputin.
Work done on Saturdays will be paid for at the rate of time and a half
Albert Volk was Chairman of the committee on negotiations for the
for overtime, according to Mr. Norman and Mr Halkett, Mr. Norman House Wreckers' Association. The association's entire membership of 71
on his own initiative asserted;
employers was present.
With the signing of the memorandum both sides understood that the
"It's the 5-day week that labor is looking for. It is not to be used merely
as a pretext for making more money."
strikers would go back to work to-da,y,resuming the demolition of buildings
Attending the conference were the following: For the Building Trades on which work had been practically tied up for five weeks. Despite the
Council. John Halkett, Chairman; Albert Day, representing the water- fact that the majority of barmen and helpers are Russians who are celeprooters; George Meany, plumbers; Michael Gallagher. plasterers; John brating their Easter holiday, which began on Sunday,it was promised that
Brennan. cement masons; William Butle, sheet metalworkers; Daniel they would all return to work.
Collins, metal lathers; Charles Sheridan, ornamental ironworkers; Peter
The barmen, who have been getting $1.25 an hour. will receive $1.30 imCassidy, concrete laborers: Frederick Comerford, hoisting engineers; John mediately and until March 31 1930, when they will receive $1.35, the
F. Dalton. machinists; Martin McCue, steamfitters; James P. McGrain, schedule to be effective until March 31 1931. Helpers will receive immetile layers' helpers, and Edward Smith, elevator constructors.
diately $1.20, as against $1.15 an hour that they were being paid, and they
For the Building Trades Employers' Association: C. G. Norman, Chair- are to enjoy a 5 cents an hour increase on April 1 1930. continuing until
man; Walter S. Fadis, representing the mason builders; A. J. Rosenthal, April 1 1931.
painters; Max Baumann. metal lathers; F. T. Young, mason builders;
According to Mr. Glenn, agreements conceding the demands of the
G. Edward Esther, cement workers; Francis J. Duffy. plasterers; W. K. union previously had been signed independently by 22 employers and 500
Ross, ironworkers; William Wallace. plumbers; J. E. Rutzler, steamfitters, men had gone back to work.
and William Young, carpenters.
The 5-day week movement in the New York building trades was launched
by the Bricklayers' Union, an organization of 12,000 workers and the key American Newspaper Publishers Association Conunion in the building trades. The bricklayers after negotiations that covered
demns Five-Day Week in Printing Trades as Unmany months won the 5-day week and a wage Increase from $14 to $15 a
economical.
day, effective May 1 1929. The agreement with the Mason Builders'
Association was announced last April 24. When the agreement expires at
At the concluding session on April 26 of its 42nd annual
the end of the year their daily increase will be $1.40 over the former rate,
convention, held at the Waldorf-Astoria Hotel,'this city,
or an increase of 10%.
In the Ford plants in the Detroit area 150,000 workers are on the 5-day the American Newspaper Publishers' Association unaniweek, but Mr. Ford is operating his plants on a 6-clay week. In order to
get an extra day's work out of his plants and tools without compelling his mously adopted the following resolution:
Whereas, the five-day week is urged by certain unions of the printing
employes to work six days, Mr. Ford on Dec. 30 1928, announced that he
was hiring an additional 30,000 men at a minimum daily payroll increase of trades and
Whereas the five-day-week plan is without economic justification and
$180,000. He had put the 5-day week into effect in 1926.
contemplates a still further widening of the gap at the expense of other
Regarding action taken on May 7 to adjust differences Industrial
groups and the agricultural group that do not now participate
between the International Brotherhood of Electrical Workers, in the already high earnings and short hours of work for union labor now
Local No. 3, and several other groups is indicated in the therefore be it
Resolved. That the American Newspaper Publishers' Association in confollowing which we take from the "Herald-Tribune" of
vention assembled condemns the five-day-week plan as uneconomical and
May 8:
recommends that members refer all demands for a flee-day-week to the
Decision to mediate differences among themselves averted
yesterday a next meeting of the American Newspaper Publishers' Association and in the
split in the ranks of allied groups of general contractors and builders attend- Interim adhere to this reholution.
ing a conference called by the Mason Builders' Association at the Engineers
In its reference to the adoption of the resolution the
Club, 32 West 40th St.
As charges of collusion between employers' associations and unions pre- "Times" of April 27 said:
cipitated a storm, Robert D. Kohn,of the New York Society of Architects,
The proposal for a 40-hour working week has been urged by some of the
proposed the appointment of a committee to mediate and adjust differ- unions in the industry. The resolution registering the sentiment of the
ences between the Electrical Contractors' Association and the other groups nation's publishers was offered by the special standing committee of the
represented at the meeting. James Strong, President of the Tucker Elec- association. The members
of this committee are Edward 11. Butler of
tric Construction Co.. asked that some unaffiliated contractors at the The Buffalo Evening News,President of the association Charles H.Taylor
meeting be represented on the committee, and this was granted. and Mr. of The Boston Globe and Harvey Kelly in charge
of the A. N. P. A. labor
Kohn's proposal adopted.
Bureau at Indianapolis.
Make-up of Committee.
The mediatory committee will include representatives of the follow- Seasonal Decline in New York State Factories Less
ing groups: The Electrical Contractors' Association, the Mason Builders'
Than Usual in April.
Association, the New York Society of Architects and the New York chapter
The index of factory employment in New York State
of the American Institute of Architects as one group, the Investment
Builders and the independent electrical contractors.
declined less than usual in April, dropping under one-half of
Percy Vormilyea, of Marc Mintz & Son, Inc., Chairman of the meeting,
appointed immediately the following members of the committee: Theodore 1% from the March index of 99.2 based on the three year
I. Coe, of Carron)& Hastings,architects Mr.Strong, head of the independ- average of 1925-1927. This was due to continued strength
ents Herman Plaut, of Black & Boyd Manufacturing Co. G. W. Cassidy, in the metals which generally begin curtailing forces in
for the electrical fixtures manufacturers, and W. S. Faddis for the Mason
this month. Railroad shops, mschinery and electrical
Builders' Association.
The primary purpose of the meeting was to consider these three points In apparatus firms, instrument and appliance factories and
the labor situation: the intensive drive of unions to unionize all shops, ship builders all showed important increases. The other
unfair limitation of output by union methods, and the suspicion of collusion
large industries cut forces. Fairly heavy curtailment in the
between employers' associations and union organizations.
•
clothing shops was no greater than usual at this season,
Not Opposed to Unionising.
according to Industrial Commissioner Frances Perkins.
Mr. Vermilyea said:"We have no quarrel with the further unionizing of
The decline was confined mainly to New York City. The
shops. Certain differences between employers and manufacturers, however,
must be straightened out, especially those in the manufacture of electric survey, issued May 9, by the Department of Labor, also
lighting apparatus. As to limitation of output, we ask no more of the unions has the following to say:
than a fair day's work, but we ask at least that. The third point we must
Employment continued well above a year ago on a level six points higher.
consider is that the relation of any trade association with a trade union In addition as many were holding factory jobs as two years ago when the
should be above suspicion."
downward trend of factory employment was just beginning.
3100
FINANCIAL CHRONICLE
Monthly reports to the Department of Labor from a fixed list of more
than 1,500 manufacturing firms furnish the basis for these statements. The
various industries located all over the State are represented among the
reporting factories.
Activity Generally Slower; Metals Up.
In general, cuts in forces were more frequent than increases. Only half
of the metals enjoyed advances in April whereas they were widespread
in March. Progress continued at a high rate among instrument and appliance firms, railroad shops, ship builders, and machinery and electrical
apparatus plants. Smaller advances were felt in the iron and steel and
structural and architectural iron mills. Automobile makers were unable to
retain their March forces and a large number were dismissed from the
brass, copper and aluminum firms.
The clothing and allied industries, with the greatest reductions, entered
seasonal dullness in April after the spring rush. Just the previous month
they had shown the strongest improvement. Large cuts appeared in shoes,
men's clothing and furnishings, and women's apparel. Losses extended
to the textiles as well. However,knit goods makers,fur shops and millinery
concerns continued upward.
The food industry again Indicated small change. Increase among beverage producers, bakeries and canneries were offset by losses in the other
industries, especially large in candy firms. The continued gain in stone.
clay and glass was due to resumption of activity in the brickyards as well
as further advances in stone, lime, cement and plaster.
Printers and paper makers maintained their March forces but producers
of paper goods were forced to lay off workers. Fairly heavy reductions in
the drugs and chemicals were counteracted by irregular upward movements
in paints and colors, oil and miscellaneous chemical products. All of the
wood industries lowered their forces.
Business in Cleveland Federal Reserve District Continues at High Level-Conditions in Rubber and
Tire Industry.
General business in the Cleveland Federal Reserve District in April continued at the high level of February and
March, says the Monthly Business Review, May 1, of the
Federal Reserve Bank of Cleveland. In further indicating
the situation in the District the Bank says:
First quarter reports already published show that, with the exception of
building, most lines experienced a volume of business at least as large as a
year ago and many firms report noticeable gains. Employment in most
lines is above the level of last year. Steel mills continue at record rates,
with orders showing no let-up and production in March breaking all
records. Demand for railroad equipment, including both rails and cars,
continues strong and mills supplying the automotive trade are behind in
deliveries. Automobile production in March exceeded the previous high of
February by over 100,000 units and automotive parts and equipment concerns in this area are operating at record levels. Passenger car registrations in 51 Ohio counties in March were over 60% higher than a year ago.
Sales of department stores were 6% higher than in March a year ago, and
increases were evident in wholesale drugs, dry goods, and hardware sales.
Production and demand for tires remains high, and employment at Akron
rubber factories in March reached the highest level since 1920. Paint
business seems to be showing slightly more than a seasonal increase.
Glass, though showing a falling-off in early April, was ahead of last year
for the first quarter. The early spring has aided farmers and the condition
of fall-sown crops is much better than in 1928, and is ahead of the ten-year
average.
Industries in which conditions are unfavorable are few. Sales of
wholesale groceries and shoes showed declines in March. Building in this
District has continued to run behind last year. Lumber prices have
stiffened and are now much higher than a year ago. Coal production,
while showing a gain over last year, declined slightly from February.
Shoe production experienced a decline and the price of hides and leather
continued toward lower levels. Clothing is irregular with manufacturers
of women's apparel reporting gains, and of men's clothing, losses.
[Vol.. 128.
index is also 2 points lower than a year ago; according to
the Bureau's advices April 30, which state:
The decline during the month ending April 15 was the result of a
general decline in the farm prices of all crops, livestock products, eggs,
calves and wool, which was only partly offset by increases in the prices of
hogs, beef cattle, sheep, lambs, horses and chickens.
On April 16 the several indices of farm prices of agricultural products,
by groups, were below the March 15 figure by the following amounts:
Poultry products, 17 points; grains, 4 points; cotton and cottonseed, 3
points; and fruits and vegetables and dairy products, 2 points. The index
for meat animals alone showed an increase, the advance amounting to
4 points.
The advance in the farm price of hogs, which began in January, continued
from March 16 to April 15. At $10.20 per hundredweight on April 16,
the farm price is 2% higher than on March 16, nearly 29% higher than
on December 15 1928, and about 36% higher than a year ago. This price
advance was accompanied by a decline in hog receipts at primary markets.
The corn-hog ratio continued to advance from March 15 to April 16,
increasing from 11.3 to 11.7 for the United States and from 13.6 to 14.2
for Iowa.
The farm price of beef cattle advanced 4% from March 15 to April 15.
The increase in the farm price during this period was accompanied by
advances in prices of beef steers and common to medium cows at Chicago.
Higher farm prices for beef cattle appear to be a reflection of a shift In
consumer demand from pork to beef due to relatively larger increases in
hog prices since the first of the year and a keen demand everywhere for
stock cattle for grazing and breeding purposes. The number of cattle on
feed in Corn Belt States on April 1 was slightly smaller than a year ago.
The farm price of corn, during the period from March 15 to April 15,
declined slightly over 1%, thereby losing most of the gain registered during
the previous month. The farm price decline Was accompanied by a
decline in exports due to the marketing of new crop supplies in Argentina,
and reports indicating a slightly smaller number of cattle on feed this year.
The farm price of wheat declined about 5% from March 15 to April 16.
The decline was general over the country as a whole. The large visible
supply of wheat in this country, the better than average reported condition
of winter wheat, and indications pointing to less than average abandonment
have apparently been the principal factors influencing the decline in the
farm price.
At 55c. per bushel, the farm price of potatoes on April 15 was 5% lower
than on March 15 and 63% lower than a year ago. The decline in the
farm price, which started in March, has pulled potato prices to a point
18% below the 5-year pre-war March average and to the lowest level sine.
October 1915. The trend toward lower potato prices since February 15
has been primarily influenced by the depressing effect of continued heavy
available supplies of old potatoes. Unusually heavy shipments of new
potatoes from Florida and Texas have succeeded in raising the average
farm price of all potatoes in Texas and from Mississippi to South Carolina
since March 16, although price declines from North Carolina to Maryland
were sufficient to lower the average farm price for the South Atlantic
Division as a whole.
The farm price of apples declined from March 15 to April 15 for the
first time since the period of post-war deflation and for the second time
in 19 years. The slight decrease in price since March 15 appears to be a
reflection of decreased demand due to relatively low orange prices.
Seasonal Increase in Distribution of Merchandise in
Atlanta Federal Reserve District.
With' reference to the course of business in its District,
the Federal Reserve Bank of Atlanta, in its Monthly Review,
April 30, said:
Sixth District Summary.
Seasonal increases in the distribution of merchandise during March were
indicated in figures reported confidentially to the Federal Reserve Bank
by both retail and wholesale firms in the Sixth (Atlanta] District. The
volume of retail trade was slightly larger than in March last year, while
Under the head "Rubber and Tires" the Bank reports as sales.by wholesale firms averaged somewhat smaller. Savings deposits of
•
follows:
82 reporting banks increased in comparison with February, but were less
April production of tires by Akron factories continues at the high level than at the same time a year ago. Debits to individual accounts at reportnoted during the first quarter of the year. With automobile production ing cities of the district increased over February, and were greater than
for March at a new record for all time, demand for tires as original In March 1928. Building permits issued at twenty cities during March
equipment remains high and a seasonal increase in sales to consumers is increased nearly 16% over February, but averaged 19% less than for
March last year, and contracts awarded in the District increased about 14%
being experienced.
The following table shows average stocks per dealer in the United States over February, but were approximately 15% less than a year ago. The
as of April 1, for the past five years, according to the Department of consumption of cotton increased over February and was greater than in
Commerce. It will be noted that, with the exception of solid tires, dealers' March last year, and the production of cotton yarn and cloth by reporting
stocks are now considerably higher than at any time during the past mills in the sixth district also increased over both of those periods. Production of bituminous coal in Alabama and Tennessee was less than in
four years:
March last year, but the output of pig iron increased.
Number of Tires per Dealer
1927.
1928.
1926.
1925.
1929.
Loans and discounts by thirty weekly reporting member banks in the
63.9
70.6
62.2 larger cities of the district
78.9
90.3
Total casings (including balloons)
increased a little more than four millions
35.6
40.1
21.9
148
63.7
Balloon casings (alone)
2 millions
/
120.9
119.6
102.1 between March 13 and April 10, and on this date were about 141
121.2
137.9
Inner tubes
26.6
24.7
20.1
33.2
32.7
greater
a
than
year
tires
ago. Demand and time deposits were smaller than on*
Solid and cushion
Figures compiled by the Rubber Association of America show that the March 13, or on the corresponding report date last year. Discounts for
use of reclaimed rubber in 1928 was slightly greater than in 1927. The member banks by the Federal Reserve Bank of Atlanta increased about six
ratio of reclaimed rubber to total crude rubber used was 51% last year millions between March 13 and April 10, and were substantially larger
and 50.8 .n 1927. Ohio, the leading State in rubber consumption, used than a year ago.
542,238,362 pounds or 55.39% of the total crude rubber and 226,642,584
Wd also quote from the Review the following regarding
pounds or 45.37% of the reclaimed rubber.
and wholesale trade:
retail
has
to
continued
rubber
rise
since
crude
of
price
average
The monthly
December 1928, when it stood at 17.86c. per pound, the lowest in several
Retail Trade.
years. In January it rose to 20.05c., February 23.54c., and March 24.22c,
The distribution of merchandise at retail in the sixth district during
per pound. April experienced a slight decline, first latex, spot, being March, reflected in sales figures reported confidentially by representative
quoted on April 5 at 23.25c., on April 16 at 22.5c., but fell to 21e. on department stores located throughout the district, increased seasonally as
April 27.
compared with the preceding month, and was in slightly greater volume than
Preliminary figures on tire production (including solids) in the United for March of last year. Stocks increased over those a month ago, but
States for March show an output of 5,587,584 units as compared with were smaller than
a year ago, and the rate of turnover for March was the
5,157,000 a year ago.
same as for March of last year.
March sales by 45 reporting department stores averaged 30.1% greater
this fear
Farm Price Index Declines During Month to April 15- than in February, and 1.5% greater than in March 1928. March
had one more business day than March of last year and another factor
Advance in Price of Hogs.
affecting the comparison is the fact that Easter came at different times in
The index of the general level of farm prices declined 2 the two years. In 1928 Easter fell on April 8, and some of the Easter
in April, while this year Easter came on March 31, and Easter
points from March 15 to April 15, reports the Bureau of buying fell largely
in that month. Stocks of merchandise averaged 3.2%
sales were
Agricultural Economics, United States Department of Agri- greater than at the end of February, but were 3.9% smaller than at the
culture. At 138% of the pre-war level on April 15, the end of March last year. Accounts receivable at the end of March averaged
MAY 11 1929.]
FINANCIAL CHRONICLE
2.9% greater than a month earlier, and 5.9% greater than a year ago.
March collections, however, were 3.4% less than those in February, and
10.7% less than for March 1928. The ratio of collections during March to
accounts receivable and due at the beginning of the month, for 33 firms,
was 32.3%; for February this ratio was 31.3%, and for March last year,
37.4%. For March the ratio of collections against regular accounts
receivable for 33 firms was 34.8%, and the ratio of collections against
installment accounts for 8 firms, was 14.6%.
TVholesale Trade.
The volume of wholesale trade in the Sixth District during March,
reflected in sales figures reported confidentially to the Federal Reserve
Bank by 123 wholesale firms in eight different lines of trade was 11.6%
greater than in February, but 4.3% smaller than in March of last year.
Notwithstanding this increase over February, reports from some of these
wholesale dealers, particularly those whose territories include the southern
parts of Georgia and Alabama, state that excessive rains retarded
business
during the first half of the month, interfering with transportation
both by
rail and by highway. Stocks of merchandise on hand at the end of
March
averaged about the same as a month earlier, showing an increase of 0.02%,
and were 3.7% smaller than a year ago. Accounts receivable averaged
0.6% larger than for February, and 1.4% less than for March
1928, and
collections during March were 1.8% greater than in February, but
were
3.0% less than in March last year.
Retail Trade inlRichmond Federal Reserve District in
Larger Volume Than Year Ago-Labor Conditions
Improved-Unfavorable Farming Conditions.
The favorable and unfavorable conditions in the Richmond Federal Reserve District are indicated in the following summary which we take from the April 30 Monthly Review of the Richmond Federal Reserve Bank:
Spring trade opened well in the Fifth [Richmond] Reserve District in
March, and on the whole the volume of business was larger than in March
of last year. Construction work provided for last month in permits
issued in leading cities was somewhat less than the volume of work
provided for in March 1928 permits, but nevertheless the month's totals
represented an extensive building program. Labor is much better employed now than it was a year ago. Retail trade in March 1929 was in
considerably larger volume than a year ago, chiefly due to good
weather
preceding the Easter holiday, and sales of department stores in the
first
quarter of 1929 exceeded sales in the first three months of 1928.
Debits
to individual accounts figures, representing the volume of checks
passing
through the banks of the district, were considerably higher in
amount
during the four weeks ended April 10 1929 than in the preceding
four
weeks this year or the corresponding four weeks in 1928. Business
failures
in March in both the Fifth District and the Nation were less numerous
and
liabilities were lower than in March a year ago. Textile mills are
operating
at a higher rate than at this time last year. The weather this
season has
been excellent for agricultural activities, on the whole, and
crops are
getting a much earlier start than in 1928.
On the other hand, there are some unfavorable factors to be seen.
Last
year's crops were less profitable than in most years, and a large
number
of farmers were unable to liquidate their 1928 obligations, which
handicaps them in their operations this year. One result of this
weakened
financial position of the farmer is a decreased use of fertilizer under
the
1929 crops. In textile mills at scattered points industrial disputes
have led
to stoppages of at least local importance. Cotton prices declined
last
month, coal production dropped below the 1928 level, and wholesale trade
in March was in smaller volume than in March 1928. Member banks in
the district have lower deposits than in early April 1928, and are therefore borrowing more extensively from the reserve bank than they were a
year ago.
The Bank has the following to say regarding labor conditions:
Emplophent.-Labor conditions in the Fifth District continue good on
the whole, although for the first time in several years industrial disputes,
affecting weavers in particular, have led to the closing of several mills.
All other industries are using their usual quota of workers, and an extensive
construction program is giving employment to building tradesmen.
Farmers
are busy with Spring planting and are employing some extra help.
Details of wholesale and retail trade conditions are set
out as follows:
Seventy-seven wholesale firms, representing six leading lines of
trade,
sent reports to the Federal Reserve Bank of Richmond on wholesale trade
during March. Sales of furniture firms exceeded sales in March 1928, but
sales in the other five lines declined last month. March sales in all six lines
increased seasonally over February 1929 sales, both because of increased
demand as a result of Spring requirements and on account of splendid
weather which stimulated retail trade and created many retail orders. In
total sales during the first quarter of this year, sales of drugs exceeded
sales by the same firms during the first quarter of 1928, but this year's
sales in groceries, dry goods, shoes, hardware and furniture were lower than
sales in the same lines during the first three months of last year.
Stocks on hand in the reporting firms at the end of March 1929 were
larger in hardware than on March 31. 1928, but were less in groceries,
dry goods and shoes. Stocks in all lines declined during March from those
on hand at the end of February this year, a seasonal development after
the bulk of Spring and early Summer shipments had been made.
Collections in groceries during March totaled 62.4% of outstanding
receivables as of March 1. Drugs averaged 57.2% of outstanding receivables collected during the month, while hardware averaged 35.3%, dry
goods 34.0%, and shoes 23.4%. The dry goods, hardware and drug percentages for March 1929 were higher than those for March last year, but
last month's percentages in groceries and shoes were lower. All of the
changes in percentage were slight.
Retail trade in the Fifth Federal Reserve District in March, as reflected
in sales by 32 leading department stores, exceeded the volume of trade
in March 1928 by 9.2%. The Easter holiday occurring in March this
year, combined with favorable weather during the latter half of the
month, stimulated a large volume of business which was generally distributed through the entire district. Of the 32 stores reporting on their
March operations, all but five reported larger sales in March this year.
Cumulative sales figures for the first three months of the year show 1929
an average of 2.6% ahead of the same period in 1928, and March sales
this year averaged 18.8% above average March sales during the three
years 1923-1925, inclusive.
3101
Stocks on hand at the end of March 1929 were 3.3% lower in selling
value than stocks on hand on March 31 1928, but were seasonally larger
than stocks on hand on February 28 this year, an average increase during
March of 6.2% being reported.
The percentage of sales in March to average stocks carried that month
was 31.2%, compared with 27.7% in March last year, and the percentage
of sales during the first quarter of 1929 to average stock carried during
each of the three elapsed months was 76.5%, indicating an annual turnover
rate of 3.04 times this year in comparison with a rate of 2.92 times in
the first quarter of 1928.
Collections last month were slightly better than in March last year, the
percentage of collections during the month to total receivables outstanding
on March 1 being 28.8%, compared with 28.0% of outstanding receivables
collected in March 1928. The percentage this year improved in Baltimore,
Richmond and Washington, but declined in the Other Cities stores, which
are more largely affected by conditions in rural sections than the larger
city stores.
Improvement in Agricultural Situation in Dallas Federal Reserve District-Indications of More Active
Business.
Stating that a marked improvement in the agricultural
situation is shown in its District, the Federal Reserve Bank
of Dallas also notes that "late reports indicate that business
is becoming more active since the improvement in the agricultural outlook." The April 30 Monthly Business Review
of the Bank presents the District summary as follows:
A marked improvement in the agricultural situation during the past
month stands out as the most important development in the business and
industrial situation in the Eleventh [Dallas] Federal Reserve District.
The heavy general rains broke the drouth which was becoming acute in
portions of Eastern New Mexico, Northwest, West, and Southern Texas, and
enabled the farmers to proceed with agricultural operations. The added
moisture has also greatly stimulated the growth of small grains and
present prospects for these crops indicate good yields. In the Eastern half
of the district there has been sufficient fair weather to enable the farmers
to make rapid progress with plowing and planting operations, and late
reports indicate that they are rapidly overcoming the handicap of a late
start. Corn planting is practically completed with much of the crop up
to a good stand and cotton planting has become general in practically all
sections except West and Northwest Texas. A noticeable betterment has
likewise occurred in the condition of livestock and their ranges. The
grass and weeds on the ranges have, since the rains, made excellent growth
with prospects pointing toward an ample supply of pasturage for spring
and summer. Coincident with the improvement in range conditions, livestock are putting on considerable flesh.
The distribution of merchandise at retail in the larger cities reflected a
sharp increase with sales averaging 37% greater than the previous month
and 5% larger than in the corresponding month last year. While a
seasonal gain in the volume of merchandise distribution at wholesale was
reflected as compared to the previous month, yet sales in some lines fell
short of those a year ago. The decline from a year ago, however, may be
attributable in part to the uncertainty in the agricultural situation during
the greater part of March and to the fact that business in all lines was
exceedingly active during March 1928. Late reports indicate that business
is becoming more active since the improvement in the agricultural outlook.
Reflecting the withdrawal of funds for use in agricultural business and
industrial operations, the daily average deposits of member banks during
the month of March reflected a further seasonal decline, the total being
$949,031,000 as compared to $961,260,000 in February. This compares to
actual deposits of 6886,533,000 on April 11 1928. Federal Reserve Bank
loans to member banks reflected a sharp decline toward the middle of
March, reaching a low point at $9,097,646 on March 19, as compared to
$19,009,260 on February 28, but these loans had again risen to 817,475,233
on April 15. While the volume of loans to country banks has increased
noticeably since the first of April, the larger proportion of these funds are
still being absorbed by the reserve city banks.
The district's commercial failure rate during March, while slightly
higher than in the short month of February, was considerably smaller
than in the corresponding month last year. The compilation for the first
quarter of the current year discloses that there were fewer insolvencies
and a smaller volume of indebtedness than in any corresponding period in
nine years.
The March valuation of building permits issued at principal cities
reflected a gain of 29% over the previous month but was 46% less than
the record volume in March 1928. The production, shipments and new
orders for lumber showed a seasonal increase over February but were in a
smaller volume than a year ago. The production and shipments of cement,
likewise, showed a large gain over the previous month.
Surveying wholesale and retail trade the Bank says:
Wholesale Trade.
Seasonal expansion in the demand for merchandise in wholesale channels
of distribution was in evidence during the month of March, yet the
volume of business in some lines was on a slightly smaller scale than in
the corresponding month of last year. In making the latter comparison,
however, it must be borne in mind that buying in March 1928 was
unusually active. Due to the fact that most merchants are continuing to
follow the conservative policy of keeping commitments well aligned with
consumer demand, buying during the early part of March was retarded
somewhat by the uncertainty in the agricultural outlook. Reports indicate
that the demand for seasonal merchandise was generally good. While
collections in most lines were larger than in the previous month, they
were smaller than a year ago.
The distribution of dry goods at wholesale reflected a further slight gain
over the previous month, but was 1.9% smaller than in the corresponding
month last year. While the early Easter stimulated the buying of seasonal
merchandise, business was somewhat spotty. Collections reflected a substantial gain over the previous month.
The demand for farm implements at wholesale reflected a seasonal decline
in March. Sales for the month were 5.2% less than in February, but they
exceeded those of the corresponding month last year by 11.5% even though
distribution was unusually heavy in that month. The unfavorable weather
during the first two months of the year, which delayed farm work in
many sections of the district, retarded the distribution of farm implements
to some extent, but the demand has strengthened considerably along with
3102
FINANCIAL CITRONICLE
the improvement in the agricultural outlook. Prices remained generally
stable.
The sales of reporting wholesale drug firms showed a large seasonal
expansion of 9.5% as compared to the previous month, but were 7.1% less
than a year ago. In considering the decline from March last year, it
must be borne in mind that buying in that month was on a very broad
scale. Furthermore, sales during the first quarter of 1929 were 4.3%
greater than in the same period of 1928. Collections reflected a substantial
decline from the previous month and were smaller than a year ago.
A strong demand for hardware at wholesale was in evidence during the
past month. Sales of reporting firms showed a gain of 12.8% over the
previous month and were 9.2% larger than in the corresponding month
last year, even though the volume of business in the latter month was
very large. The heavy gain in March as compared to a year ago offset
the decline registered during the first two months of the year. The
increased volume of businss was general over the district and reflects the
heavy buying of seasonal merchandise. Collections reflected a large
increase over the previous month.
While the distribution of groceries at wholesale reflected a seasonal
expansion of 1.9% over the previous month, it was 7.1% less than in the
corresponding month last year. Distribution during the first quarter was
1.4% smaller than in the same period of 1928. Collections were slightly
less than in the previous month. Prices remained generally steady.
Retail Trade.
Retail buying at department stores in the larger cities of the Eleventh
District was on a broad scale during the past month. Sales of reporting
firms were 37.3% greater than in the previous month and exceeded those
of March 1928 by 5.1%. Business during the month was stimulated by
the early Easter and the generally warm weather prevailing during the
month. The substantial gain in sales during March was responsible for
the 0.9% increase in the first quarter of 1929 as compared to the same
period in 1928. While the sales in piece goods departments reflected a
decline as compared to a year ago, sales in most women's and misses'
ready-to-wear departments, ready-to-wear accessories departments, small
wares departments, men's and boys' wear departments reflected increases.
Stocks on hand at the close of March were 8.2% less than a month
earlier and were 14.8% smaller than on March 31 1928. Due to the larger
sales and the smaller stocks the rate of stock turnover during the first
quarter of 1929 was .77 as compared to .73 in the same period last year.
Collections showed a slight improvement. The ratio of March collections
to accounts receivable on March 1 was 37.0% as compared to 36.3% in
February and in March last year.
Business Conditions in St. Louis Federal Reserve District-High Rate of Activity Despite Some Irregularity.
While developing some irregularity and spottiness, business in the St. Louis Federal Reserve District maintained
during March the high rate of activity which marked the
two months immediately preceding. In stating this in its
April 30 Monthly Review, the St. Louis Federal Reserve
Bank of St. Louis added:
A particularly good showing was made by industry, and as was the case
earlier in the year, iron and steel and the metal working industries generally were unusually active. New business placed with iron and steel
plants was large enough to offset the heavy current shipments, and in
numerous instances unfinished orders at the close of the period were slightly
in excess of the total thirty days earlier. In the textile industry moderate
improvement was noted, and in a number of miscellaneous lines output
was in excess of a year ago. Except in the case of commodities used
extensively in highway and other public works, building materials were
less active than last season. This reflects a decrease in construction contracts awarded and building permits granted, also later opening of the
building season this year than last.
Distribution of commodities continued on a large scale, and that the
merchandise moving is going into consumption is evidenced by the generally
small inventories at wholesale and retail and the statistics of freight car
loadings and merchandise sales. Retail business was stimulated markedly
by the spell of favorable weather about Easter. Purchasing of apparel
and the general run of holiday goods was above expectations, and well in
excess of the volume a year ago. March sales of department stores located
in the chief cities of the district were 4.5% larger than for the same
month in 1928, and good gains were recorded in the month's business of
mail order houses, chain and five and ten cent stores. Debits to individual checking accounts in the main centers in March were 12.0% larger
than in Fearuary and 5.1% greater than the March 1928 total.
Weather conditions were the most favorable so far this year for agriculture, and considerable progress was made in soil preparation and the
seeding of early crops. Since the second week in April, however, outdoor
work has been hampered by excessive rains, and in many localities serious
flood conditions have prevailed,,resulting in heavy damage to farms, highways and railroads. Planting of cotton and oats are behind the usual
seasonal schedule. The industrial employment situation generally through
the district was satisfactory, the seasonal gain in the number of workers
employed being somewhat above the average for the past several years. In
the lead and zinc fields a slight shorMge of miners was reported, and
the same was true in steel plants in some sections. There was an excess
of both skilled and common laborers in the building industries, and in
the bituminous coal fields.
Following the rise in temperatures about the middle of March, the
bituminous coal trade sustained a decided slump. There was a drop in
prices in all fields on April 1, and demand for both heating and steaming
coal quieted down Industrial users are not disposed to accumulate stocks
and railroads were buying sparingly, with fuel oil in oversupply. Operations in the Western Kentucky, Illinois and Indiana fields declined sharply,
despite which fact operators reported an increase in loaded cars on track
at mines for which there were no orders. For the country as a whole,
production of soft coal during the present calendar year to April 6, approximately 82 working days, totalei 145,700,000 tons, against 134,872,000
tons for the corresponding period in 1928 and 175,072,000 tons in 1927.
Freight traffic of railroads operating in the district continued at the
high levels of the preceding two months, total loadings exceeding those a
year earlier, though falling slightly behind the record figures of 1927.
Miscellaneous freight made a particularly good showing, and gains were
also made in the L. C. L. merchandise classification. For the country as a
whole, loadings of revenue freight for the first thirteen weeks this year,
[Vol.. 128.
or to March 30, totaled 12,146,680 cars, against 11,792,196 cars for the
corresponding period in 1928, and 12,541,125 cars in 1927. The St. Louis
Terminal Railway Association, which handles interchanges for 28 connecting lines, interchanged 255,717 loads in March, against 243,696 loads
in February, and 245,780 loads in March 1928. For the first nine days
of April the interchange amounted to 70,286 loads, which compares with
76,709 loads during the corresponding period in March, and 63,202 loads
during the first nine days of April 1928. Passenger traffic of the reporting lines was unchanged in March as compared with same month last
year. Estimated tonnage of the Federal Barge Line between St. Louis and
New ()them in March was 104,900 tons, against 109,419 tons In February,
and 104,535 tons in April 1928.
Reports relative to collections reflected considerable irregularity, with
the average not as high as during the preceding thirty days, though considerably better than a year ago. Wholesalers with whom April is an
important collection month reported results less satisfactory than a year
earlier. Backwardness in settlements in the flooded areas was the rule,
and rains and heavy dirt roads interfered with communications in certain
sections. Retailers in the rural areas complain of slow payments, which,
however, they attribute to preoccupation of farmers with spring work. For
the most part retail merchants in the large cities reported settlements up
to expectations. Answers to questionnaires addrenei to representative
interests in the several lines scattered through the district showed the
following results:
Excellent.
Gerd.
Mr.
Poor.
4.1%
30.1%
50.0%
March 1929
15.3%
2.7
33.1
44.0
20.3
February 1929
1.3
16.5
66.2
March 1928
15.6
Commercial failures in the Eighth Federal Reserve District in March,
involving
123,
numbered
Dun's,
liabilities
of
$1,897,665,
according to
against 120 defaults in February with liabilities of $1,762,479, and 104
failures for $3,983,257 in March 1928.
Automobile Outlook Described as Unusually Spotty in
Fenner & Beane Survey of South and Southwest.
Despite the fact that automobile companies are operating
at a very high percentage of capacity and at a rate much
above the average rate of consumption in recent years, there
Is a decided tendency for stocks of cars to accumulate in
dealers' hands, and the demand for automobiles is at present
governed almost entirely by local conditions, which are
spotty in many instances, according to reports made public
this week by Fenner & Beane, received as a result of a questionnaire addressed to their local managers in 55 principal
cities of the company's territory, principally in the South
and Southwest. Of the 55 cities represented by the private
wire system of this stock exchange house, replies were received from 40, and Texas appears to be the only bright spot
in the situation so far as these states are concerned. With
regard to the survey, it is announced:
The conclusion reached from this questionnaire method of ascertaining
the facts with regard to one of the country's principal industries, indicates
that the tight money situation is primarily responsible for the fact that
although most of the automobile companies are reporing excellent earnings
as a result of a high level of production and large volume of sales to
dealers, the dealers themselves are confronted with a problem of distribution which is directly contrary to the current situation In the production
end.
Out of the replies received from 15 different States, reports from
17 cities show an upward movement in sales as compared with 23 reporting
a slump in sales. Dealers' inventorias of cars on hand show a majority
with an excess supply. In this connection the reports reveal that in 18
different cities stocks of cars are larger than the current demand justifies,
while in 6 cities stocks have decreased.
Chevrolet and Ford, this unusual survey shows, are the makes which
are leading in volume of sales in at least 11 of the cities reporting. In
other cities the reports were more difficult to analyze with respect to
leadership of individual makes.
Lumber Demand Holds Up.
With 45 fewer mills heard from in preliminary reports for
the week ended May 4, combined softwood and hardwood
lumber orders remained at practically the same total as for
the previous week. Telegraphic reports from 774 mills to
the National Lumber Manufacturers Association showed now
business for the 6 day period amounting to 390,843,000 feet,
while a week before 819 mills reported orders received for
392,543,000 feet. Unfilled orders at the softwood mills
amount to the equivalent of 27.3 days production, a drop of
1.3 days from the high figure of a month ago, but an increase
of one-tenth day over the preceding week. Production fell
off, as measured by reports so far received. The 774 mills
reported only 393,391,000 feet, while the larger number of
mills the week before gave 408,223,000 feet. There was a
loss in new business for hardwoods for the later week, but
a compensating gain in softwood orders. The Association
further states:
Unfilled Orders.
The unfilled orders of 349 Southern Pine and West Coast mills at the end
of last week amounted to 1.037,017,000 feet, as against 1,086,792,000 feet
for 356 mills the previous week. The 143 Southern Pine mills In the group
showed unfilled orders of 233,427,000 feet last week as against 263,506.000
feet for 150 mills the week before. For the 206 West Coast mills the unfilled
orders were 803,590,000 feet, as against 823,286,000 feet for 206 mills a
week earlier.
Altogether the 524 reporting softwood mills had shipments 105%, and
orders 99%. of actual production. For the Southern l'ine mills those
percentages were respectively 101 and 96 and for the West Coast mflis 108
and 100.
Of the reporting mills, the 524 with an established normal production for
the week of 333,257,000 foot. gave actual production 104%,shipments 109%
and orders 104% 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.
Mills (or units.)
Production
Shipments
Orders (new business)
3103
FINANCIAL CHRONICLE
MAY 11 1929.]
Preceding Week 1929
Raised.
Softwood.
Hardwood.
Softwood.
Hardwood.
524
348,202,000
364,033,000
345,941,000
289
45,189,000
51,058,000
44,902,000
554
361,276,000
367,347,000
335,858,000
329
50.975.000
53,775,000
52,339,000
West Coast Lumbermen's Association Weekly Report.
According to the West Coast Lumbermen's Association,
reports from 210 mills show that for the week ended April 27
shipments exceeded production by 2.55%, while orders fell
below output by 7.46%. The Association's statement follows:
WEEKLY REPORT OF PRODUCTION, ORDERS AND SHIPMENTS.
210 mills report for week ending April 27 1929.
(All mills reporting production, orders and shipments.)
195,452,444 feet (100%)
Production
180.881,771 feet (7.48% under production)
Orders
200,436,963 feet (2.55% over production)
Shipments
COMPARISON OF CURRENT AND PAST PRODUCTION AND WEEKLY
OPERATING CAPACITY (261 IDENTICAL MILLS).
(All mills reporting production for 1928 and 1929 to date).
Feet.
West Coast Movement.
217.133.135
Actual production week ending April 271929
187,052,548
The West Coast Lumbermen's Association wires from Seattle that new Average weekly production, 17 weeks ending April 27 1929
197,548,525
due 1928
business for the 206 mills reporting for the week ended May 4 totaled Average weekly production
200.155,026
Average weekly production, last three years
192,612,000 feet, of which 68,702,000 feet was for domestic cargo delivery, *
269,503,825
Weekly operating capacity
and 24,616,000 feet export. New business by rail amounted to 82.385.000
• Weekly operating capacity is based on average hourly production for the 12
feet. Shipments totaled 209,261,000 feet, of which 73,464,000 feet moved last months preceding mill check and the normal number of operating hours per week.
coastwise and intercoastal, and 32,942,000 feet export. Rail shipments
COMPARISON (IN FEET) FOR 206 IDENTICAL MILLS-1929
totaled 85,946,000 feet, and local deliveries 16,909,000 feet. Unshipped WEEKLY
Of production, orders and shipments and complete for the
orders totaled 803,590,000 feet, of which domestic cargo orders totaled (All mills whose reports
last four weeks.)
Aprit 6.
April 13.
April 20.
April 27.
feet.
320,913,000 feet, foreign 233,624,000 feet and rail trade 249,053,000
Week Ended194.000,743 194,685,825 196.206,913 180,282,759
Weekly capacity of these mills is 235,114,000 feet. For the 17 weeks ended Production
205.581.846
196,150,232
179,640,838 220,148,717
April 27, 140 identical mills reported orders 9.9% over production, ship- Orders
88.300,556
88,483,393 81,462.633
76,845,287
Rail
ments 2.4% over production. The same mills show a decrease in inven66.025.056
57,990.869
92,439.642
65,658.673
Domestic cargo
37.689.534
39,795,887
tories of 3.7% on April 27, as compared with Jan. 1.
27,758,839
25,678,250
Export
13.566,708
16,900,838
11,466,843
11,458,628
Local
199,170,933 197.369.755 200,995.599 189,431,627
Southern Pine Reports.
Shipments
78.085.380
84,376.586
83,837,535
87.747.227
Rail
68,474.454
The Southern Pine Association reports from New Orleans that for 143
61,800.613
75,880,817
63,818.117
Domestic cargo
29.325.085
37,917,562
26,184,560
36,146,961
mills reporting, shipments were 1% above production, and orders 4%
Export
13,566,708
16,900.838
11,466,843
11,458,628
Local
below production and 6% below shipments. New business taken during
823,286,016 848.487,107 830,485.353 842,443,929
the week amounted to 59,602,000 foot, (previous week 65,264.000) ship- Unfilled orders
253,362,871 267,446,526 265,547,668 273,461,669
Rail
326,533,967 326,034,237 310,502,597 315,562,684
ments 63,638,000 feet, (previous week 76,114,000) and production 62.710,Domestic cargo
243,389.178 255,006,344 254.415.088 255,419,576
000 feet, (previous week 67,448,000).
Export
•A unit is 35,000 feet of daily production capacity.
The Western Pine Manufacturers Association of Portland, Ore., reports
production from 34 mills as 35,947,000 feet, as compared with a normal
production for the week of 35,205,000. Thirty-two mills the previous week
reported production as 34,512,000 feet. There were notable increases in
shipments and new business last week.
The California White and Sugar Pine Manufacturers Association of San
Francisco, reports production from 16 mills as 22,506,000 feet, as compared
with a normal figure for the week of 18,463,000. Twenty-two mills the week
earlier reported production as 30,353,000 feet. Shipments and orders
showed some reduction last week, due to the fewer number of reporting
mills.
The California Redwood Association of San Francisco, reports production
from 14 mills as 8,263,000 feet, compared with a normal figure of 8,081,000,
and for the preceding week 7,979,000. Shipments showed a marked increase
last week, and new business showed some reduction.
The North Carolina Pine Association of Norfolk, Va., reports production
from 72 mills as 11,157,000 feet, against a normal production for the week
of 12,660,000. Seventy mills the week before reported production as 9,980,000 feet. There was a considerable increase in shipments last week,
and a norminal increase in orders.
The Northern Pine Manufacturers Association of Minneapolis, Minn.,
reports production from 9 mills as 10,063,000 feet, as compared with a
normal figure for the week of 11,668,000, and for the previous week 9,208,
000. There was a substantial increase in shipments last week, with an
increase in new business of nearly 50%.
The Northern Hemlock and Hardwood Manufacturers Association of
Oshkosh. Wis.. (in its softwood production) reports production from 28
mills as 3,610,000 feet, as compared with a normal production for the week
of 4,633,000. Thirty-three mills the preceding week reported production
as 4,538,000 feet. Shipments were slightly larger last week, and new
business slightly lower.
Hardwood Reports.
The NorthernTIlemlock and Hardwood Manufacturers Association of
Oshkosh. Wis., reports production from 39 units as 8,342,000 feet, as compared with a normal figure for the week of 10,027,000. Forty-seven units
the week before reported production as 9.193,000 feet. There were nominal
decreases in shipments and new business last week.
The Hardwood Manufacturers Institute of Memphis, Tenn., reports
production from 250 units as 36,847.000 feet as against a normal production
for the week of 44.914,000. For the week earlier 265 units reported production as 38,608,000 feet. Shipments wore about the same last week, with a
slight reduction in new business.
Detailed softwood and hardwood statistics for reporting mills of the
comparably reporting regional associations will be found below:
LUMBER MOVEMENTIFOR 18 WEEKS AND FOR WEEK END. MAY 41929.
Arerage
Produaion
Production.
for Week.
Shipments.
Orders.
Association-Southern Pine (18 wesks)_1,179,609,000 1,234,011,000 1,270,490,000
82,710,000
63,638,000
59.602,000 69.939,000
Week (143 mills)
West Coast Lumbermen's3,040,904,000
3,055,713,000
3,207,178,000
weeks
Eighteen
193,946,000 209,757,000 193,156.000 172.558.000
Week (208 milts)
West Pine Mfrs.(18 wk.)_ 521,989,000 578,496.000 618,273,000
35,917,000
36,322.000
39,508.000 35,205,000
mills)
Week (34
Cant White dr Sue. Pine328,215.000
472,576,000
475,595.000
Eighteen Weeks
22,506,000
18,334,000
19,281,000 18,163,000
Week (1(1 mills)
Calif. Redwood (18 weeks)- 132.356.000 127,693,000 144,822,000
8,278,000
8,263.000
9,089.000
8.081,000
Week (14 mills)
No. Caro. Pine (18 weeks). 183,258,000 175,022,000 163,632,000
11,157,000
13,087,000
10,282,000
12,660,000
Week (72 mills)
No.Pine Mfrs.(18 weeks). 91,550,000 144,093,000 152,011,000
10,063,000
10,962.900
12,789,000 11,668,000
Week (9 mills)
Nor. Hemlock & Hardw'd65,670,000
81,730,000
74,430,000
Softwood (18 weeks)- - - 3,655,000
3,610,000
2,144.000
4,633,000
Week (28 milts)
Softwoods total (18 wks.)5,559,611,000 5,353,274,000 6,106,429,000
348,202,000 364,033,000 345,941,000 333,257.000
Week (524 mills)
No. Hemlock &
Hardwoods (18 weeks)._ 238,860,000 189,360,000 186,912.000
6,092,000
4,908.000 10,027,000
8,342,000
Week (39 units)
Hardwood Mfrs. Institute710,629,000 787,204.000 803,596,000
Eighteen weeks
39,904,000 44.914,000
44,966.000
36,847.000
Week (250 units)
Hardwood total(18 wkit) 949,489,000
45,189,000
Week (289 units)
956,564,000
51,058,000
970.508,000
44.902,000
54,941,000
111 IDENTICAL MILLS.
(All mills whose reports of production, orders, and shipments are complete for 1928
and 1929 to date.)
Average 17
Average 17
Weeks Ended
Weeks Ended
Week Ended
April 27 1929. Aprli 28 1928
Aprf127 1929.
113.302,448
106,516,913
121,834.601
Production (feet)
120,004,109
115,212,573
113,396,595
Orders (feet)
111,158.912
109,531.471
135,791,725
Shipments (feet)
DOMESTIC CARGO DISTRIBUTION WEEK ENDED APR. 13'29 (112 mills).
Orders on
Hand BeOrders
gin'g Week
Apr. 13'29. Received.
CancelBatons.
Shipmerits.
Unfilled
Orders
Week Ended
Apr. 20 29.
Washington & Oregon
Feet.
Feet.
(94 Mills)98,222,427 36,975,779
California
141,191,873 40,656.931
Atlantic Coast
392,825
6,633,483
Miscellaneous
Fed.
Feel.
Feet.
246,000 24,716,580 110.235,626
42,000 34,922,072 146,834,782
None 2.677,135 4,349,173
Total wash. Jr Oregon 246,047,783 78,025,585
288,000 62,315,787 261,469,581
Brit. Col.(18 /ifills)California
Atlantic Coast
Miscellaneous
940,000
1,115,919
20,922,442 6,337,340
324,000
9,861,644
Total Brit. Columbia_ 31,900,005 7,601,340
0,, 04, ,42Q as A9A 090
939,671
None 1,116,248
199,000 6,216,000 20,844,782
983,000 9,202,644
None
199,000 3,315,248 30.987,097
.1Q7
nnn 7041.11
MS 902 450 078
Agricultural Department Report on Winter Wheat,
Rye, &c.
The Department of Agriculture at Washington on May 9
issned its crop report as of May 1 1929. This report estimates the abandonment of winter wheat at only 6.4%,
leaving the acreage remaining to be harvested at 40,467,000
acres as compared with 36,179,000 acres harvested last year.
The May 1 condition is placed at 83.6% of normal, compared
with 74.9% a year ago and 85% the 10-year average. On
the present condition the yield per acre is placed at 14.7
bushels, making a total production of 595,335,000 bushels,
against a yield per acre of 16 bushels and a production of
578,964,000 bushels in 1928.
The condition of rye on May 1 was 87.6%, with an average
yield per acre of 13.8 bushels, and the production estimated
at 44,366,000 bushels. This compares with a yield of 12.1
bushels per acre a year ago and a total production of 41,766,000 bushels. Below is the report in full:
Winter Wheat.-A winter wheat crop of 595,335,000 bushels is indicated
by the May 1 condition of 83.6% of normal. Last year production of winter
wheat was 578,964,000 bushels, and the five-year average production was
549,257,000 bushels. The May 1 condition this year is much above the
May 1 1928 condition of 74.9%, but slightly below the ten-year average of
85%. The yield per acre indicated by the condition is 14.7 bushels, as
compared with 16 in 1928 and a ten-year average of 14.9 bushels.
The acreage of winter wheat abandoned to May 1 is estimated at 6.4%
of the 43,225,000 acres sown last fall. This abandonment is less than half
the average abandonment to May 1 during the last five years, but some further loss of acreage may occur, particularly in the Pacific Coast States and
in parts of the Southwest, where rain is needed. The acreage of winter
wheat remaining for harvest on May 1 is estimated at 40,467,000 acres,
compared with 36,179,000 acres harvested last year. The present acreage
is above tho acreage harvested in any year since 1922.
Roe.-The production of rye indicated by May 1 condition is 44,366,000
bushels, against 41,766.000 bushels produced last season, and the average of
54,793,000 bushels for the preceding five years.
Condition on May 1 was 87.6% of normal compared with 73.6% a year
ago, and the ten-year average of 88%. Yield per acre indicated by May 1
condition is 13.8 bushels. In 1928 the average yirld was 12.1 bushels, and
the ten-year average yield is 13.6 bushels.
FINANCIAL CHRONICLE
Hay.
Condition May 1 c: Per
cent of normal
88.4
Stocks on farms, May 1,
1,000 tons
a12,803
Stocks on farms May 1,
per cent of crop
12.1
76.1
87.8
17,896
11,126
14.5
10.5
Early Potatoes.(d)
Oats
Southern Stales.
83.4
1929
Crop.
3.444
3,895
3,225
3.360
4.0
73.6
87.6
41.766
44,366
12.1
Pasture.
613.8
ma
•••
71.3
86.9
Peaches.
1927. 1928. 1929. 1927. 1928. 1929. 1927. 1928. 1929.
Condition May 1: Per cent
of normal
72.0 76.3 77.6 71.1 67.5 78.7 42.7 73.8 87.4
a Five-year average. 1923-1927. b Indicated by condition May 1. c Condition
of tame hay. d Includes all potatoes for harvest before Sept. 1 in 10 States. State
figures will be released at 5 p. m. May 9.
WINTER WHEAT.
Condition,
May 1.
State.
6.4
1.000
Acres.
278
61
1,126
1,853
1,627
2,381
861
42
188
387
1,944
133
3,428
11,443
100
538
716
145
470
74
112
270
448
5
4
26
4,283
2,267
489
502
60
1,137
215
41
150
4
1.120
853
686
40.467
Harvested Subject to
Revision in December.
1929
10Average
Foreest
Year
1923by May
Avge. 1928. 1929. 1927. 1928. Cond'n.
Per
Cent.
86
86
87
81
84
84
83
85
85
90
86
84
85
83
88
86
88
85
89
81
82
87
86
83
84
86
82
76
84
93
90
86
76
90
94
96
88
94
84
85.0
t CCICOWNIN4 COMOOOWCAO2o0.
4..CDNOLOCIC,NONOmo.Mmo
pit.0
0C.V..0,040t.CMCOO,
OCCOCt.00Dt...0000001.000CAWW00
UnItod States
.....
MuiM ,
NC000 ,
0NOMWMNOINVO
C,
1
New York
New Jersey
Pennsylvania_ _
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
South Dakota_ .. _
Nebraska
Kansas
Delaware
Maryland
Virginia
West Virginia_ _ _ _
North Carolina
South Carolina....
Georgia
Kentucky
Tennessee
Alabama
Mississippi
Arkansas
Oklahoma
Texas
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Nevada
Washington
Oregon
California
t'iqcr?Rqq.1q.?q"1qRqq.qqqqqqqqqc?qqqqqqqq
Walk
Area
Per
Cent Remainof
tag
Area
to Be
HarAlandotted. vested.
Production.
74.9
Per
Cent.
87
93
92
90
89
84
82
94
93
90
86
88
87
81
90
91
89
91
87
78
78
91
86
83
92
84
80
78
85
90
84
83
85
90
92
95
76
83
71
1,000 1,000 1,000
Bush. Bush. Bush.
6,105 4,529 5,563
1,271 1,200 1.162
21,795 17,066 20,718
33,871 9,331 35.022
30,057 9,450 26,789
40,654 18,915 40,001
17.607 14,112 14,826
1,426
777
948
2,848 2,640 3,759
8,550 7,664 7,837
23,451 18,999 25.078
1,349 1,260 2,049
44,760 66,697 55.174
116,443 177,361 148,301
1,899 1,836 1,755
10,193 8.745 8,323
9,650 9,758 8.921
2,101 1,586 2,243
5,389 5,150 5,111
948
800
866
1,242 1,034 1,179
4,111
920 3,440
4,796 3,714 4,816
44
91
54
76
60
68
253
453
306
46,240 69,576 49.683
19.783 22,176 26.524
9,202 12,150 8,106
10,356 10.488 11,069
930
597
983
13,618 11,076 17,930
1,616 1,500 2,741
980 1.269 1,044
2,784 3,726 2,760
104
94
94
24.589 35.600 22,982
16,478 20,088 18,638
11.785 16.380 10,472
83.6 649,257 578.964 595,335
Rye. Barley.
Flax.
Total.
1.108
2,117
1,599
2,329
1,680
1,525
466
905
614
1,032
767
784
--------49916
--------49924
--------75,409
--------69,092
--------47,888
--------45,060
63,756
39,051
38,825
20,196
43,122
26,934
20.261
15,424
13.615
7.641
15,794
9,328
5,280
3,681
2,575
1,377
2.277
2.161
911
650
691
664
466
270
--------90,208
______
58,808
--------55,706
--------29,878
--------61,659
--------38,693
30,888
61,453
48,827
37.965
49,626
34,681
11,418
24,474
17.076
17,662
13,819
11.344
2.785
3,233
2,917
938
1,798
912
381
1.248
805
862
1,331
1,621
--------45,472
--------00,408
--------69,625
--------57,427
--------66,574
--------48,558
71,601
48,306
42,142
46,000
47,486
33.123
13,588
28,987
20.274
20,894
16,927
11,563
1,653
1,800
1,021
1,424
2.310
1,356
1,683
1,365
1,752
1,278
1,122
99
--------88,525
--------80,458
--------65,189
--------69,596
--------81,845
--------47,040
35,838 19,257
57,903 23,286
3,197
4,327
1,800
2,82
--------60,092
--------88,344
Chicago Board of Tr. 1,106,146 426.574 57,378 27.294
--------1,617,392
561
42,423 12,127
38
Chicago Open Board.
--------55,149
98,077
___ - 8,730 4,125 7,352 2,091 120,375
Minneapolis C. of C..
Kansas City B. of T. 62,303 23,787
----------------86,090
--------2,426
*47,218
Duluth Board of Tr
73 1,157
50,874
St. Louis Mer. Each_
1,990 1,179
----------------3,169
340
Milwaukee C. of C
2,477 2,647 1,041
--------6,505
Seattle Grain Exch.819
Los Angeles GrainEx.
---------------San Francisco CotC.
Total all markets1,381,453 486,314 67,710 34,223
April 1929
7,425
3,248 1,940,373
Total all marketsApril 1928
2,974
4,147 2,540,648
1,589,735 745,011 148,942 49,837
Total Chicago Board
r. Aor111928
1.354.075891.036 133,721 41,580
--------2,220,412
•Durum wheat with the exception 01 1.314 wheat.
"OPEN CONTRACTS"IN FUTURES ON THE CHICAGO BOARD OF TRADE
FOR APRIL 1929.
("Short" side of contracts only, there being an equal volume open on the "long".
side.)
April 1929.
1
2
3
4
5
a
7 Sunday
8
9
10
11
12
13
14 Sunday
15
16
17
18
19
20
21 Sunday
22
23
24
25
26
27
28 Sunday
29
30
AverageApr. 1929_
Apr. 1928
Mar, 1929_
Feb. 1929._
Jan. 1929__
Dec. 1928_
Nov. 1928_
Oct. 1928._
Sept. 1928
Aug. 1928_
July 1928__
June 1928__
as.,, logs
Wheat,
Corn.
Oats.
144,739,000 x71,003,000 28,244,000
145,263,000 70,655,000 28,225,000
146.096,000 68,826,000 x28,606,000
147,090,000 68,671,000 28,467.000
146,632,000 68,416,000 28,463,000
146,329,000 68,540,000 28,438,000
Rye.
z8,404,000
8,440,000
8.520,000
8,465.000
8,717,000
8,821,000
Total.
145,804,000
145,405,000
145,035.000
146,439,000
147,171,000
146,412,000
68,563,000
67,991,000
68,621,000
69,258,000
69,716,000
70,148,000
27,866,000
27,438,000
27,110.000
26,988,000
20,650,000
26.157,000
8,933,000
8,946,000
8,897,000
9,096,000
0,055,000
9.044,000
146,904,000
146,315,000
147,453,000
148,505,000
160,194,000
150,308.000
70,751,000
69,778,000
69,818,000
68,919,000
69,727,000
70,103,000
25.704,000
25,265.000
25,054.000
24,838,000
24.485,000
24,579,000
8,940,000
8,881,000
8,899.000
8,930,000
8,948,000
8,893,000
x155.199.000
152,054,000
150,614,000
147,207.000
143,635,000
141,264,000
68,643,000
68.158,000
67,834,000
67,696,000
66.343,000
64,763,000
24,178,000
23,759,000
23,409,000
23,054,000
22,965,000
22,823,000
8,878,000
9,053,000
9,088,000
9,282,000
9,243,000
9,287,000
139,039,000 62.616,000 22,949,000
z133,057.000 z60,825,000 221,746.000
9,778,000
x9,816,000
25,671,000
34,559,000
27,320,000
26,288,000
25,896,000
28,548,000
29,997,000
29,314,000
29,502,000
26,766.000
23,824.000
23,901,000
30.890.000
8,971,000
8,551,000
8.510,000
9,343,000
8,783,000
10,366,000
12,222,000
11,826,000
10,431,000
9.005,000
10.381,000
10,249,000
7.763.000
146,314,000
105,609,000
144.719,000
127,350,000
118,503,000
128,515,000
129,718,000
120,644,000
114,061,000
111,279,000
90,257,000
92,547,000
In& 191 nen
x High. s Low.
68,315,000
91,532,000
78,542,000
79,574,000
68,461,000
78.736,000
90,553,000
81,548,000
77,168,000
79,207,000
78.156,000
83,174,000
59 1.11 MO
§§
Acreage:
For harvest _ _1.000 acres a36,244 36,179 40,467 04,105
Sown in preceding tall" a41,644 47,280 43,225 a4,138
Per cent aban. to May 1
6.4
10.5
25.1
Condition May 1: Per cent
of normal
88.0
74.9
83.6
85.0
Production:
Harvested- _ _1,000bus. a549,257 578.964
a54,793
Indicated by condition May 1_1,000 bus
595,335
Yield per acre (for
13.6
bus.
harvest)
16.0
114.7
14.9
1928
Croy.
Oats.
15,781
12,030
21,810
21,631
12.859
9,831
aC
abc
10-Year
Average.
1929
Croy.
Corn.
32,563
34,872
51,386
44.100
32,582
32,920
NNNNNN
WWWWWW
10-Year
1928
Average. Crop.
Wheat.
NNNNNN
WWW4.1,
.W
United States.
April 1929.
1
2
3
4
5
6
7 Sunday
8
9
10
11
12
13
14 Sunday
15
16
17
18
19
20
21 Sunday
22
23
24
25
26
27
28 Sunday
29
30
NNNNNN
WWWWWW
Rye.
Winter Wheat.
VOLUME OF TRADING.
Expressed in thousands of bushels, i.e., 000 omitted.
W*ON
pwt,:tvw
"co.
o,..to tOW
wcow.g.toto cocoo.wco
mcomama totocaCo
.-1000.o.00 wa.w4.cop
r,
!.!—poco compooczo
The Crop Reporting Board of the United States Department of Agriculture makes the following forecasts and esimates from reports and data furnished by crop correspondents, field statisticians and co-operating State Boards (or
Departments) of Agriculture and Agricultural Colleges:
Transactions in Grain Futures During April on Chicago
Board of Trade and Other Markets.
Revised figures showing the volume of trading in grain
futures on the Board of Trade of the City of Chicago, by
days, during the month of April, together with monthly
totals for all "contract markets," as reported by the Grain
Futures Administration of the United States Department of
Agriculture, were made public May 6 by the Grain Exchange
Supervisor at Chicago. For the month of April 1929, the
total transactions at all markets reached 1,940,373,000 bushels, compared with 2,540,646,000 bushels in the same month
in 1928. On the Chicago Board of Trade the transactions
in April 1929 amounted to 1,617,392,000 bushels, against
2,220,412,000 bushels in April 1928. Below we give the
details for April, the figures representing sales only, there
being an equal volume of purchases:
)1
NNNNNN
W4,
11,
WWW
WNNOWO
Acreage of rye for grain has been decreasing steadily since 1922 and the
present acreage of 3,225,000 acres is 6.3% below the acreage harvested last
year and is below the acreage harvested in any years ince 1916.
Hay.-The condition of hay meadows is reported at 87.8% of normal
on May 1, which is very slightly below the ten-year average, but much
above the figure of 76.1% reported at the same date last year. This year's
acreage of hay has not been determined. In March farmers reported an
intention to cut about the usual acreage this year, a little less than in
1927. but a little more than in 1928. Thus the present situation point to
an average crop if the season is average. The condition of hay meadows
is reported as close to average in all sections of the country, except the
West, where the condition is reported to be from 5 to 10% below average.
Hay Stocks.-As a result of the moderate production in 1928 and the
severe winter weather, stocks of hay have been reduced and on May 1
were 11.126,000 tons compared with the large supply of 17,896,000 tons at
this time last year and the unusually low holdings of 10,746,000 tons two
Years ago, and the five-year (1923-1927) average holdings on May •1 of
12,803,000 tons. Present hay supplies are particularly low in the Western
States where only 5% of last year's hay crop was still on the farms on
May 1, indicating Western holdings of 1,167,000 tons, or less than half the
average at this date during the last five years.
Pasture.-The condition of farm pastures on May 1 averaged 86.9%,
which is the highest for this date since the spring of 1921, and is well above
the ten-year average of 82.3. Pastures are above average in practically all
Eastern.States, but are poor from Montana and Colorado west. In Washington and Oregon the condition is the lowest on record for this time of
the year.
Peaches.-The condition of peaches in ten Southern States averaged
67.4% on May 1 compared with 73.8% last year, 42.7 in 1927 and 57.2
in 1926. In Georgia prospects declined sharply during April, chiefly as a
result of rainy weather at blooming time and on May 1 the condition averaged only 60, compared with 83 last year and 43 two years ago. In Arkansas, Oklahoma and Texas prospects are still much better than in any of
the past three years.
[VOL. 128.
NAN
NW
Ca
3104
249,271,000
240,251,000
259,091,000
242,555,000
221,643,000
246,165,090
262,490.000
243,332,001
231.222,000
226.256,000
202.618,000
209,871,000
225.137,000
MAY 11 1929.]
FINANCIAL CHRONICLE
Foreign Crop Prospects.
The latest available information pertaining to cereal
crops in foreign countries, as reported by the Foreign Service
of the Bureau of Agricultural Economics to the United States
Department of Agriculture at Washington and given out
on May 9 is as follows:
Wheat.-The acreage sown to wheat for the 1929 harvest in the 16 foreign
countries reporting to date is 96,443,000 acres as compared with 95.403,000
acres for the 1928 harvest, according to reports received by the Foreign
Service of the Bureau of Agricultural Economics. These 16 countries
represent approximately 50% of the estimated world winter wheat acreage
in countries other than Russia and China.
The acreage prepared for all crops in three Prairie Provinces of Canada
Is estimated at 17,453,000 acres as compared with 16,296,000 acres for the
1928 crops. The amount of seeding completed up until May 1 compared
favorably with the position at the same time last year. The moisture
content of the soil, however, is not at all favorable.
The latest reports from Europe indicate that conditions there are not
entirely satisfactory. The cold weather which has been general over a
greater part of the continent has delayed the normal development of the
grain. Although reports are contradictory, it now appears that the extent
of the winter killing of grain in Rumania and Poland was larger than earlier
expected. An official report from Germany stated that the winter killing
of wheat is estimated at 4.9% of the acreage sown against 2.8% in 1928
and 1.9% in 1927. The condition of the winter crop as of May 1 was
average. Recent rains in Prance have improved conditions there and reports from Italy are satisfactory. The acreage sown to winter grains in
the U.S.S.R. averaged 3% less than the acreage for the 1928 harvest. The
decrease in the winter wheat acreage is apparently greater than 3%,as the
decrease for all grains in the Ukraine was reported at 10.4% and in North
Caucasus at 10.6%. The winter wheat acreage in these two regogns
represents approximately three-fourths of the winter wheat acreage of
U.S.S.R. Winter killing was not above normal, according to official
Publications and considerably below last year.
The first estimate of wheat production in India was 307,515,000 bushels,
which compares with the final estimate of 288,811,000 bushels in 1928.
Rye.-The 1929 rye acreage in 11 European countries, which in 1928
represented over 60% of the estimated European total rye acreage excluding
Russia, has been reported at 24,686,000 acres as compared with 24,831.000
acres in 1928. The winter killing of rye in Germany is estimated at 1.1%
of the acreage sown against 3.5% in 1928 and 2.9% in 1927. The condition
of the crop as of May 1 was above average. The condition of winter rye
In Poland as of April 10 was slightly below average but above the condition
at the corresponding time last year.
BREAD GRAINS-ACREAGE IN SPECIFIED COUNTRIES, AVERAGE
1909-1913. ANNUAL 1926-1929.
"This is a somewhat broader conception than is accepted by some cooperative leaders. Although most associations pool sales returns more or
less completely, and though the two major pooling practices--pooling of
sales returns and of sales expenses-are identical in principle, they differ
somewhat in their mechanical application. Great care should be used in
.formulating plans for the pooling of marketing expenses. There is danger
in generalizing as to such methods and in attempting to apply methods
that have been proved successful to situations that are different.
"Three considerations are essential in pooling sales returns:
"(1) Pooling on the basis of quality, so as to reflect back to the
grower in differentials in price which the market affords for the various
grades of his product;
'(2) Adjustment of the pooling time, or length of the pooling period
so as to attain the proper balance between the grower's financial needs
and the demands of efficient management;
"(3) Fixing the pooling area so as to enable a single business unit to
control distribution to market, and to convert, or allocate for conversion,
the raw product into such uses as will result in the greatest net returns."
Harvest Year.
Crop and Countries Reporting (a).
WheatCanada 5
United States
Total
Europe (11)
Africa (3)
India, 3d estimate
Total above countries (17)
Average
1909-13 1926.
1927.
1928.
Canada
United States
Europe (11)
Total above countries (13)
1929.
1,000 Acres1,019 1,0Q8
979 1.033
951
28,382 36,987 37,723 36,179 40,467
29.401 37,995 3,8702 37,212 41,418
58,057 53,905 54.387 55,340 56,150
8.531 8,139 7,181 7,352 7,838
29,224 29,899 30,952 31.678 31,504
123,213 129,938 131,202 131,582 136,910
Estimated world total winter acreage,
.185,500 187,700 190.000
excluding Russia and China__
Estimated world total winter and spring,
232,500236,900 242,100
204,200
excluding Russia and China
____
626
568
601
557
117
2,236 3,578 3,648 3,444 3.225
25,947 21,813 21,939 24,831 24,686
28,300 25,992 26,155 28,901 28.468
Estimated North Hemisphere total. excluding Russia and China
48,300 45,500 45,900 44,800 Pill.a Figures in parenthesis indicate the number of countries included S Acreage Bowe
Pooling in Relation to Co-operative Marketing-Department of Agriculture Issues Publication on
Subject.
Pooling in its relation to co-operative marketing has been
subject to various interpretations. By some persons the
practice of pooling has been confused with the principles of
co-operation, and a certain method or practice of pooling has
often been used as a measure to determine not only whether
an association was or was not engaged in pooling but also
whether an association was or was not co-operative in character. "There has been a tendency," declares Chris L.
Christensen, Bureau of Agricultural Economics, United
States Department of Agriculture, "to group co-operative
associations according to whether they pool sales returns
or merely operating expenses. A definition of pooling should
cover the practice as it concerns not only sales returns, but
also operating expenses, marketing, and other business risks,
or any combination of these."
Pooling as practiced by-agricultural co-operatives to-day
" is defined by Mr. Christensen as involving two essential
activities: (1) The mingling or grouping together under
unified action or control of any function of production or
marketing; (2) the determination of the results of such
group action and the allocation to each participant in the
pool of his share of the sales returns, service, expenses, or
risks that may arise therefrom. In his treatment of the
subject he says:
3105
A more detailed discussion of the subject by Mr. Christensen has just been published by the United States Department of Agriculture, in Miscellaneous Publication No. 14-M,
"Pooling as Practiced by Co-operative Marketing Associations." Copies of the publication may be obtained free as
long as the supply lasts by writing to the United States Department of Agriculture, Washington, D. C.
Canadian Wheat Exports Nearly Half World's TotalHeavier European Purchases and Strong Oriental Demand Factors in Trade, Says Canadian Bank of Commerce Survey-Business Conditions in Canada.
Canada has supplied 43% of the world's wheat exports
since the opening of the current season, according to General Manager S. H. Logan of the Canadian Bank of Commerce, in a review of Canada's economic position. He
attributes the record proportions of the international wheat
trade to improved conditions and increased purchases in
Europe, despite larger European crops; the prospect of a
strong Oriental demand, and improved facilities for the
orderly marketing of a record Canadian crop, which have
placed Canada in an exceptionally favorable supply position. Mr. Logan says:
"On the import side of wheat trade, Europe has so far bought
slightly more foreign wheat than at this time last year, while the
importations of the Orient and Asia have been exceptionally large.
World trade need only be of the same volume during the balance of
the current season as from April to August, 1928, to bring the exports from surplus producing countries for the entire twelve-month
period to over 900,000,000 bushels, and so exceed those for the 1927-28
season by at least 100,000,000 bushels. On this basis, and assuming
that importing countries will not prefer American and Argentine
wheat to Canadian, all but about 60,000,000 bushels of the vast quantity of Canadian wheat available since August 1, 1928, should be
disposed of."
Discussing general conditions in Canada, Mr. Logan
states:
"Seasonal influences, which play such an important part in Canadian
business, have been favorable during the past month, affording encouragement as to the outlook for the next few months, the most
productive period of the year. The recent heavy liquidation on the
stock markets has not altered the character of the general economic
situation, and the lull in speculation has come at a time when the
country's credit resources and man-power should be directed, as far
as possible, to commercial pursuits. The volume of trade, while less
than normal in some districts, is so large in the aggregate that the
leading industries continue to operate at a high, and in some cases
a record, level. Construction continues to expand as the season ad.
ances and to afford an unusual degree of employment."
Production, Sales and Shipments of Cotton Cloth
During April and Four Months.,
Statistical reports of production, sales and shipments of
standard cotton cloths during the first four months of 1929,
and also for the month of April, were made public May 9
by the Association of Cotton Textile Merchants of New
York. The figures for April cover a period of four weeks.
During the first four months of 1929 shipments were 1,257,203,000 yards. This was equivalent to 103.3% of production, which was 1,217,551,000 yards. Sales during the same
four months' period were 1,218,640,000 yards, or 100.1% of
production. During the four months stocks decreased 10.1%,
and unfilled orders decreased 8.2%. Continuing, the Association says:
Shipments during April were 277,098,000 yards. This was equivalent
to 97.6% of production, which was 283,878,000 yards. April production
was 4.7% less than March.
Sales in April amounted to 202,520,000 yards, or 71.3% of production.
Stocks on hand at the end of the month amounted to 352,091,000 yards,
an increase of 2.0% as compared with stocks at the beginning of the month.
Unfilled orders on April 30 amounted to 430,298,000 yards, or 14.8%
less than they were on April 1st.
As of April 30, 1929, unfilled orders represented slightly over six weeks
production at the current rate, while stocks on hand are equivalent to less
than five weeks' production. On April 30, 1928, stocks on hand exceeded
unfilled orders and represented nearly six weeks of production at that
time.
These statistics on the- manufacture and sale of standard cotton cloths
are compiled from data supplied by 23 groups of manufacturers and selling
3106
FINANCIAL CHRONICLE
agents reporting through the Association of Cotton Textile Merchants of
New York and the Cotton-Textile Institute, Inc. The reports cover upwards
of 300 classifications of standard cotton cloths and represent a large part
of the production of these fabrics in the United States.
Strikes in Textile Mills in South—Rayon Plants in
Tennessee Reopen—Senator Wheeler's Resolution
Calling for Investigation of Working Conditions in
Mills.
Strikes in textile mills In North and South Carolina and
Tennessee which began in April may possibly result in an
investigation into labor conditions in the mills in those
States. A resolution proposing an inquiry was introduced
in the Senate on April 29 by Senator Wheeler (Democrat)
of Montana, and it was stated on May 3 (in Washington
advices to the "Journal of Commerce") that a preliminary
study of the situation in the textile centers in conformity
with the resolution may be undertaken by the Senate Committee on Manufactures, of which Senator Robert Al. La
Follette (Republican) is Chairman. The Washington account referred to further stated:
This fact was indicated following a visit to the Capitol of a delegation
of the American Federation of Labor, beaded by President William Green.
A prolonged conference was held by the labor leaders with Senator
Overman (Dem.) of North Carolina, who has objected to a Congressional
investigation of the labor troubles in his State. With Senator Simmons
(Dem.) of North Carolina, Senator Overman has headed the opposition to
the probe, but to-day he relented to the extent of the suggestion that the
Committee on Manufactures, before deciding upon an investigation in the
field, hold preliminary hearings, calling in officials of the Department of
Labor and the Federation before going further.
It was said that this suggestion failed of active response by the labor
men. It was added that this move would give them a desired opening for
the airing of the entire textile labor situation. There has been something
of a demand that if undertaken, the investigation be made to include the
mills of New England as well. This is not desired by the American Federation of Labor it is understood, but, in the Senate on Monday, Senator
Walsh (Dem.) of Massachusetts, expressed a willingness that this be done.
The North Carolina Senators had also stated that any investigation should
be nation-wide in its scope and to-day Senator Tyson of Tennessee, a
member of the Committee on Manufactures, said that he will consent to
no investigation whatever unless it takes in all sections.
•
•
•
The members of the Legislative Board of the Federation who accompanied
President Green were Edward McGrady, who was one of the two labor
leaders kidnapped at Elizabethton, Tenn., last month and driven out of
town; William Roberts and John Hushing.
"The reason why we deem a Federal investigation necessary in the
South," said Mr. McCrady in his argument to Senator Overman, "is that
State action cannot produce the results that obviously are needed. The
mill owners of the three Southern States are working at cross purposes and
seem unable to get together to standardize the important factor of hours
of employment. North Carolina mills work on one set of hours, South
Carolina on another and Tennessee on still another in general, but there is a
variation even within a State. There are mills in the South that work
up to 90 hours a week and others work 60. The mill with the longer
hours obviously has an advantage in the keenly competitive industry.
"The owners realize this, but somehow they appear to need an impetus
from the outside to get together and abolish the futile and uneconomic
methods by which they are now cutting one another's throat. Such an
impetus would be furnished by a Senate investigation in which all the
facts could be brought out and analyzed."
[VOL. 128.
said their Happy Valley plant was operating all departments and that
production to-day would reach 4,000 pounds out of a possible 7,000 maximum plant capacity. Hundreds of additional employes were put back to
work to-day.
At the American Glanzstoff plant officials said workers were reporting
for duty faster than they could take them on, and that they were delighted
with the unending response to the announcement that old employes were
invited to return.
The American Cigar Box Co. at Johnson City says that approximately
145 men were working out of a total force of 225.
Union headquarters emphatically denied this, stating that only a "few
hundred" persons were working at the various plants. William J. Kelley,
Vice-President of the United Textile Workers, said: "The union is stronger
now than at any time since the organization was started here, and I
believe the plants will recognize us before many hours."
Armed guards are riding all commuter trains operating between Johnson
City and the plants and armed guards are either riding on all buses or are
accompanying the conveyances in automobiles as escorts. Various threats
of violence are continually being reported, but no disorders of a serious
nature have developed, a few arrests being made for minor violations.
E. L. McGrady, legislative representative of the American Federation
of Labor, and Paul Aymon, President of the State Federation of Labor, are
expected to arrive in Johnson City within the next twenty-four hours,
and important announcements are anticipated. A parade is scheduled for
Thursday afternoon.
Reports of strikers from the North Carolina area coming in here
could not be confirmed, although it was reliably reported that five automobile loads of North Carolina strikers were in Tuesday's parade.
Adjutant-General Boyd, in charge of the troops on duty, stated that his
men will remain here as long as they may be needed.
At the time of the walkout last month the same paper had
the following to say in the report from Johnson City:
Labor difficulties at the American Glanzstoff Corporation in Happy Valley
at Elizabethton reached a new high point to-day when practically the
entire force walked out and a few minutes after 4 o'clock were joined by
almost the entire force of the American Bemberg Corporation, an adjoining
plant. Close to five thousand are affected, but there were no disorders
of any kind.
Strikers claim that employers have grossly discriminated against union
members in violation of the recent agreement by which factories agreed
to permit union members to work, although not recognizing the unions.
Executives of the plant said the trouble was caused by the discharge of
workmen who refused to work under nonunion assistant foremen.
The Glanzstoff plant is offering $500 reward for the apprehension of
persons responsible for recent damage to machinery. It is understood that
the plants intend to remain closed and that building programs are
suspended.
In advices from Charlotte, North Carolina, April 30, the
"Journal of Commerce" announced the situation in that section as follows:
The most recent developments in the strike situation indicate that the
high tide of unrest, stirred by the National Textile \Yorkers' Union, has
passed. The return of strikers at the Chadwick-Hoskins Pineville plant
was a complete surrender by union forces. Recent attempts to cause
strikes at Calvine Mills, Charlotte; Pinkney Mills, Gastonia, and Rex
Mills, Ranlo, fell flat.
The Gambril and Melville Mills, Bessemer City, where the latest strike
developed, are operating with a full force, union leaders there admitting
that more workers have applied for work than were necessary. The Osage
Mills, which closed their doors when a strike developed, have made no
attempt to reopen. The two plants of the American Mills are operating
with a comparatively small number of workers out.
Loray at Gastonia, scene of the first National Union strike, is known to
be operating at least 90% of capacity and anticipates no further trouble.
The Loray Mills have served eviction papers on fifty-six strikers and
expect to continue the movement to have them moved from company
owned houses.
Relief for idle workers is now apparently the most pressing need of
the union forces at Gastonia. It is understood that the relief stores supply food only to families of seven or more. Union officials are credited
with saying that relief from New York has come very slowly. Small
quantities of food are being distributed daily, but in nothing like satisfying quantities. Close observers believe that the lack of adequate relief
funds is going to allow the strike to die a natural death.
The resolution of Senator Wheeler is given further below.
At Elizabethton, Tenn., the plants of the American
Glanzstoff Corporation and the American Bemberg Corporation were reopened on May 6, five companies of National
Guardsmen, together with a force of police and deputy
sheriffs, having been provided to guard against disorders.
The Associated Press accounts from Elizabethton May 6
The start of the strike in North Carolina was indicated in
had the following to say regarding the reopening of the the following to the "Journal of Commerce" from Charlotte
mills:
on April 2:
Under the ominous muzzles of machine guns mounted on roofs and
guarded by about 600 city, county and State officers, the mechanical and
chemical departments of the American Bemberg and Glanzstoff textile
plants resumed operations to-day after being closed since April 15 by a
strike.
William Kelley, Vice-President of the United Textile Workers, expressed
the opinion that "not more than two dozen" men had reported for work
this morning, while no official figures were available from the plants.
Registration of applicants for employment went forward at both Elizabetbton and Johnson City as other strikers paraded past the plants as a
show of union strength.
Officials of the plant announced that forces would be augmented gradually as other departments were opened. About 5,500 were made idle by
the strike, the second to be called within a space of three weeks. Union
leaders said its purpose was to "do away with black lists."
Settlement of the first strike, confined to the Glanzstoff plant, resulted
In an increase in wages that brought the scale up to that in effect at the
Bemberg plant.
The hours passed to-day without any serious disorders. Two guards
engaged in a fistfight, but it caused only a brief flurry. Early in the
afternoon two men were arrested. One, officers said, refused to obey the
order to "move on," but he was released a few minutes later. The other
was charged with "picketing" and "soliciting," and was released under
$25 bond, provided by the union.
Five companies of National Guardsmen, serving as State police, assisted
In guarding the plants.
From Johnson City (Tenn.) May 8 the New York "Journal of Commerce" reported the following:
All three industrial plants in this strike area reported large increases in
the number working to-day. The American Bemberg Corporation officials
Because five workers in the Loray Mills, near Gastonia, were discharged
for being members of the newly-organized branch of the National Textile
Workers' Union, about 700 workers were on strike last night.
Conflicting reports as to the progress of the strike were made with both
the union leaders and the mill officials claiming gains.
No formal demands have been made on the mill officials yet, but are
scheduled to be presented at a meeting to be held to-morrow at noon.
The demands were drawn to-night at a meeting of the strike committee,
composed of fifty-five workers from all departments of the mill, but have
not yet been made public.
"Forty hours, five-day week" is expected to be the initial demand as
was intimated this afternoon by banners displayed in a street parade.
The same paper on May 3 reported the following from
Charlotte:
Clearing skies developed in the beclouded labor situation in the textile
mills in this section this week. The several strikes, which originally Involved hundreds of mill employes in Gastonia and nearby towns, have
apparently about collapsed. A checkup on the number of workers on
strike late in the week showed that only about 232 workers remain idle
in Gaston County. Of this number 120 are out at Osage Mills, Bessemer
City, which have resumed day operations, but which have not yet called
for a night force. At Loray Mills, Gastonia, the first mill affected by the
strike, fifty-six families, averaging, it Is believed, two workers to the
family, cr 122, are still idle. The Loray management reports that it is
working with a full day force and a night shift that is within four-fifths
of normal.
Strike Leader Fred Erwin Beal is quoted as saying: "We realize that
the strikes are lost, and we are unable to secure funds from the North to
feed the workers who are still out." There has been a constant dwindling
in the number of mill workers attending the daily mass meetings at union
MAY 111929.1
FINANCIAL CHRONICLE
headquarters in Gastonia and the depleted ranks of paraders and picketers
is further testimony of the waning interest on the part of union members.
3107
paid from the contingent fund of the Senate upon vouchers approved by
the chairman.
From South Carolina (Spartanburg) the strike conditions
April 16 are shown in the following from the "Journal of April Silk Imports Slightly Lower-Deliveries to
American Mills Again Increase-Stocks Decline.
Commerce":
According to the Silk Association of America, Inc.,
A tentative agreement between the management of the Woodruff Mill at
Woodruff, in this county, and striking employes ended a walkout lasting iniports of raw silk in April totaled 47,762 bales, a decrease
sixteen days here this afternoon. The 600 employes of the mill will return
of 341 bales as compared with the preceding month. The
to work Thursday morning.
The mill employes walked out on April 1 in protest against the multiple current figure, however, represents an increase of 11,207
loom or so-called "stretch-out" system. This efficiency measure has bales over the month of April 1928. Approximate deliveries
increased the number of looms operated by each employe.
American mills in April 1929 amounted to 53,855 bales, an
Under the tentative arrangement drawn up to-day the workers return to to
the mill under the multiple loom system and both management and em- increase of 3,977 bales as compared with the previous month,
ployes are bound to be guided by the outcome of the strikes at the Bran- and an increase of 12,597 bales over the corresponding
don Mill and Poinsett Mills in Greenville. The three mills are the
last year. Stocks of raw silk on May 1 1929, totaled
property of the Brandon Corporation of Greenville. The Woodruff Mill month
39,125 bales, as against 35,483 bales a year ago and 45,218
struck soon after the Greenville workers walked out.
C. E. Hatch of Greenville, Secretary of the Brandon Corporation,' said bales on April 1 last. The Association's statement follows:
to-night that there was no change in the situation of the Brandon and
Poinsett strikes and no conferences with the employes are scheduled.
Absolute quiet marked the strike at the Woodruff mill. There were no
demonstrations during the sixteen-day period. The conference to-day was
markedly friendly. The employes again express their wishes of returning
as they went out, unorganized, and declared that they would allow no
union labor organizer to enter their ranks.
RAW SILK IN STORAGE MAY 1 1929.
(As reported by the principal warehouses in New York City and Hoboken.)
European.
Japan.
AU Other.
(Figures in Baws.)Total.
773
5,473
38.972
Stocks April 1 1929
45,218
539
5,831
41,392
Imports month of April 1929 x
47.762
In addition we also take from the May 9 issue of the
same paper the following from Spartanburg:
Approx. deliveries to American
mills during April y
Affidavits from Brandon mill operatives placed in the hands of the
committee representing the strikers give the public for the first time
first hand information as to work and wages as applied to individuals in
various departments of the mill work.
Following are some of these affidavits sworn to before J. A. Davis,
notary:
•
"Personally appeared before me John Messer, F. K. Hill and B. 0.
Moon, who upon oath make the following statement: That they were
making $25 per week on 24 looms, but under the stretch-out system on 28
looms make (fly $23.40 per week, this weave being 160.
"Personally appeared before me E. P. Lark, a section man in the spinning
room at Brandon mill, who upon oath says: 'Under the old system I had 40
frames to fix and work the help, but now I have 50 frames with all the
fixing to do and the additional help to work. I made $20.90 under the old
system and the 'lame per week with the additional work-20.90.'
"Personally appeared before me Bennett Christopher, who upon oath
says that under the old system he was running 40 looms and making on
an average $23.69, but now under the stretch-out system he is running 48
looms and making on an average 623.03 per week. This is 86 weave.
"Personally appeared before me Ralph Riddle, a sweeper in Brandon
mill. He said upon oath: 'I am a sweeper on warp in Brandon mill and
under the old system had 36 frames and made $9.60 per week, but under the
stretch-out system I have 72 frames and two large spare floors and make
the same wage-$9.60.'
"Personally appeared before me Lois Hudson, who upon oath says:
'Under the old system I had 36 batteries to fill and made $10.80 per week,
but now under the stretch-out system I have 82 batteries to fill and make
$10.35. This is a raise per week of Sc., with 16 batteries added.'
"Personally appeared before me Eunice Hudson, who upon oath says
that she works as a battery filler in Brandon mill and that under the old
system she had 68 batteries to fill and made $10.80 per week, but now
ender the stretch-out system she has 80 batteries to fill and only makes
$10.20, 60c. cut in wage per week.
"Personally appeared before me Jack Browning and C. F. Kelley, who
upon oath say that under the old system they had seven men in the slasher
room, but under the stretch-out system they only have five at the same
wage scale of $15.40.
"J. A. DAVIS,
"Notary Public for South Carolina."
Tot.=Mint avail.during April
Stocks May 1 1924 z
1,312
773
80,364
33,344
539
47,020
11.304
5,008
92,980
39,125
53,855
SUMMARY.
imports During the Monih.:
Storage at End ef
onth.z
1929.
1928.
1927.
1929.
1928.
1927.
58,384
43.278
48,103
47,762
46,408
44.828
50,520
88.555
52,972
45,090
38,670
62,930
47.286
48.857
48,134
44,128
48.456
33,991
88,600
48,488
49.284
42,809
47,858
59,819
52,475
51,207
36,650
44,828
49,943
46,993
45.218
39.125
47,528
41,677
40,186
35,483
42,088
41,127
38.888
50,975
50,464
49,381
49,806
48,908
52,627
43.713
33,116
31.741
35,527
37,024
43,841
56,618
58,986
62.366
52,041
63,548
Total
197,527
Average monthly__ 49,382
566,873
47,198
552,441
46.037
46,320
44:fa
January
February
March,.
April
May
June
July
August
September
October
November
December
Approximate Deliveries
to American Mills.
January
February
March
April
May
June
July
August
September
October
November
December
Approximate Amount in Transit
Between Japan & New York.
End of Month.
1929.
1928.
1927.
1929.
1928.
1927.
57.349
46,228
49,878
53,855
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
29,000
30.700
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
26,990
33,500
207,310 571,010 551,379
Total
Average monthly_
47.584
51.828
30.175
45.948
26-Ai 24.225
x Imports at New York during curren month and at Pan tic ports previous to
the time allowed in transit across the Continent (covered by Manifests 78 to 104
inclusive). y Includes re-exports. z Inc udee 1,434 bales held at railroad terminals
at end of month. Stocks in warehouses include National Raw Silk Exchange
certified stocks 2.535 balm.
We give herewith the resolution introduced in the Senate Petroleum and its Products-Crude Oil Continues Firm
April 29 by Senator Wheeler:
as Market Tightens Throughout Country.
Resolved, That the Committee on Manufactures, or any duly
authorized
A most optimistic outlook in the oil industry is permitted
sub-committee therecf, is hereby authorized and directed to investigate
immediately the working conditions of employee in the textile industry of by the developments of the past week, with consumption of
the States of North Carolina, South Carolina, and Tennessee, with a view refined products continuing at new high levels, and with conto determining (1) whether the employee in the textile industry have been
servation of production to the 1928 levels spreading throughand are working for starvation wages, despite the fact that the textile
industry Is the beneficiary of the highest tariff protection granted any out the oil producing territories. An excellent indication of
industry in the United States and is still appealing for more tariff pro- constantly improving conditions in the oil industry is found
tection; (2) whether men, women, and children are compelled to work
as in the reports current throughout the financial district conmany as 60 hours a week for wages insufficient to permit a human being
to live in decency; (3) whether such employes have been and are the cerning the meeting of the Standard Oil Company of New
victims of oppression such as is prevalent in countries where peonage is Jersey directors to be held next Wednesday. It is the conthe rule; (4) whether enormous dividends are being paid by the textile sensus of opinion
that this, the largest oil enterprise in the
corporations that are made possible by the oppression of the wage earners
in their employ; (5) whether the appeal of the textile interests of the entire country, will take action on dividends and that an
South for higher tariff protection Is justified; (6) whether United States increase in the rate is to be ordered. Naturally,the directors
citizens entering the textile districts to aid these underpaid and oppressed have declined to discuss the subject publicly, but in circles
workers in their misfortunes have been kidnapped and deported to other
offiStates and threatened with death if they returned; and (7) whether union which ordinarily are credited with having more or less
relief headquarters have been demolished by masked men and acts of cial information on the subject it is believed that the regular
vciolence committed against workers that are making life unsafe. The dividend only will be declared but that an announcement
committee shall report to the Senate as soon as practicable the results
of great interest will be made. It is expected that the comof Its investigation together with us recommendations, if any, for necessary legislation. For the purposes of this resolution, the committee, or pany's statement of earnings, which will be issued probably
any duly authorized sub-committee thereof, is authorized to hold hearings, on Monday, will be extremely favorable.
to sit and act at such times and places during the sessions and recesses of
Throughout the Oklahoma and California,fields the conthe Senate until the final report is submitted, to employ such clerical
and other assistants, to require, by subpoena or otherwise, the attendance servation program is being put into force with increasing
of such witnesses and the production of such books, papers, and documents, effect. There is being shown a constantly decreasing outto administer such oaths, and to take such testimony and make expendi- put,
which though small comparatively, is indicative of the
tures as it deems advisable. Every person who, having been summoned as a
witness by authority of such committee or any sub-committee thereof, spirit which predominates the oil industry to-day, and that
willfully makes default, or who having appeared, refuses to answer any is to prevent as far as possible the wholesale destruction of
question pertinent to the investigation herein authorized, shall be liable to the country's natural resources, bringing
with it danger of
the penalties provided by section 102 of the Revised Statutes of the
United States. The cost of stenographic services to report such hearings exhaustion and prohibitive prices. A safe and sane consershall not be in excess of 25 cents per hundred works. The expenses of vation program is far preferable in any event that such an
the committee or sub-committee, which shall not exceed $10,000, shall be ocourance, In the opinion of the industry's leaders. That
3108
[VoL. 128.
'FINANCIAL CHRONICLE
their original proposal was stopped temporarily through the 15,700 barrels. The following estimates of daily average
action of the Attorney-General of the United States means gross production, by districts, are for the weeks shown below:
DAILY AVERAGE PRODUCTION (FIGURES IN BARRELS).
nothing to them as far as the wisdom and the advisability
May 429. Apr.27'29. Apr.20'29. May 5 '28.
of such action is concerned. They feel that it brings only OklahomaWeeks Ended
676,100
663,300673,600
617,100
111,650
the question of finding a legal means to bring about the Kansas
109,850
109,100
110,300
Panhandle Texas
60,350
64,050
60,000
68,800
desired results. That the Government is in reality in sympa- North Texas
84,400
84,150
83,300
74,750
West Central Texas
52.500
51,350
52,500
55,500
thy with the proposed movement is shown by the action in West
Texas
353,100
358,200
357,500
426,950
Central
East
Texas
18,700
18,400
19,050
23,500
designating an official investigator to go into the problem Southwest Texas
71,750
23,250
71,800
72,850
thoroughly and report to Washington his recommendations North Louisiana
35,650
35,450
35,600
44,800
Arkansas
72,300
84,100
72,550
73,500
as to legal steps which may be taken to bring about the same Coastal
Texas
131,150
137,600
139,850
106,100
Coastal Louisiana
20,700
21,650
17,650
19,300
result.
Eastern
112.000
110,750
111,250
110,500
60,050
52,900
53.650
46,150
Prices have been well maintained throughout this week, Wyoming
Montana
10,450
9,550
11,000
11,750
without any price advances officially.
Colorado
6,250
6,850
6.300
6,400
Prices of Typical Crudes per Barrel at Wells.
(All gravities, where A. P. I. degrees are not shown.)
Bradford. Pa
$4.10 Smackover. Ark., 24 and over-_
Corning. Ohio
1.75 Smackover, Ark., below 24
Cabell, W. Va
1.35 El Dorado. Ark, 34
Illinois
1.45 Urania. La
Western Kentucky
1.53 Salt Creek, Wyo.. 37
1.23 Sunburst, Mont
Midcontinent, Oklahoma. 37
Corsicana. Tex.. heavy
.80 Artesia, N. Max
Hutchinson. Tex..35
.87 Santa Fe Springs, Calif.. 33
Luling, Tex
1.00 Midway-Sunset, Calif., 22
1.20 Huntington, Calif.. 26
Spindletop. Tex.. grade A
1.05 Ventura, Calif., 30
SPindletoP, Tex.. below 25
Winkler,Tex
.65 Petrolia. Canada
New Mexico
California
5.90
.76
1.14
.90
1.23
1.65
1.08
1.35
.80
1.09
1.18
1.90
REFINED PRODUCTS-INQUIRIES NUMEROUS FOR U.S. MOTOR
GASOLINE ON FIRM PRICE LEVEL.
1,550
751,200
2.400
787,700
3,350
796,600
. 2,400
622,300
2,629,850 2,650,650 2,671,860 2.486,650
i'he estimated daily average gross production for the Mid-Continent
Field, including Oklahoma, Kansas, Panhandle, North, West Central.
West, East Central, and Southwest Texas, North Louisiana and Arkansas,
for the week ended May 4 1929, was 1,534.900 barrels, as compared with
1.526,650 barrels for the preceding week, an increase of 8,250 barrels.
The Mid-Continent production, excluding Smackover (Arkansas) heavy oil,
was 1,485,800 barrels, as compared with 1.477,550 barrels, an increase of
8.250 barrels.
The production figures of certain pools in the various districts for the
current week,compared with the previous week,in barrels of 42 gals.,follow:
-Week Ended-Week EndedMay 4. Apr.27
Oklahoma-May4. Apr. 27 North Louisiana-5,350 5.350
Allen Dome
25,700 25,760 Hayneaville
6,750 5,900
32,950 Urania
34,
Bowlegs
ArkansasBristow-Slick
19,600 19,650
8,850 8,650
Burbank
20,850 20,950 Champagnolle
6,200 6,200
Cromwell
7,900 7,900 Smackover (light)
49,100 49,100
Earlsboro
63,050 60,200 Smackover (heavy)
Little River
78,250 72.350
Logan County
Coastal Texas10,800 10,900
9,000 9,100
Maud
28,650 28,900 Hull
20,100 21,100
Mission
31,950 30,300 Pierce Junction
31,200 32,600
St. Louis
99,250 99,750 Spindietop
6,400 6,500
Searight
11,900 11,550 West Columbia
Seminole
33,700 32,350
Ton kawa
Coastal Loutstana10,450 10.400
2,800 2,650
KansasEast Hackberry
2,900 3,300
SedgwIck County
28,400 26,250 Sulphur Dome
400
400
Panhandle TexasSweet Lake
Carson County
4,000 4,100
6,800 6,550 Vinton
Gray County
3,700 4,300
25,400 25,800 Old Hackberry
Hutchinson County__ 25,700 25,150
WycmtfnoNorth Texas33,600 27.150
Salt Creek
Archer County
16,450 16,700
Wilbarger County
Montana27,300 27,250
West Central Texas'6,500 6,500
Sunburst
Brown County
8,250 8.400
Shackelford County_ __ _ 13,000 13,200
CaliforniaWest Texas10,300 10,500
Dominguez
30,000 35,000
Crane dt Upton Counties 47,000 47,600 Elwood-Goleta
42,000 44,000
Howard County
'45,000 46.350 Huntington Beach
22,500 23,500
Pecos County
87,600 88,500 Inglewood
3,600 3,500
Reagan county
18.500 18,800 Kettleman Mils
175,000 180,000
Winkler County
143,000 144,150 Long Beach
72,500 . 72,500
East Central TexasMidway-Sunset
6,400 6,700
Corsicana-Powell
7,950 8,000 Rosecrans
160,000 170,000
Banta Fe Syringe
Southwest resat-36,000 41,000
11.800 11,950 Seal Beach
Laredo District
13,500 14,000
Luling
11,900 12,000 Torrance
54.000 56,500
40,900 40.450 Ventura Avenue
Salt Flat
Total
Inquiries for U. S. Motor Gasoline throughout the week
have been numerous, and the market is in a firm position.
There have been no advances during the period, but the
strong undertone indicates that such action may be looked
for within the next few days. This opinion is strengthened
by the fact that several large existing contracts have been
almost absorbed, and the buyers will have to place new commitments. That these will be at a higher level than those
expiring is an accepted fact. Despite the firmness of the
trade, there is keen competition for business, and in frequent
instances, although the fact is not broadcast, there have been
price shadings for the benefit of preferred customers. In
general, however, prices have been firmly held.
The advance in charter rates from the Pacific Coast will
also have its effect in gasoline prices, and buyers who are
fully covering for nearby future requirements are resting
easily, much more so than their competititors who, in the
belief of lower prices to come, have held off covering their
needs.
The condition existing in gasoline does not obtain in kerosene this week. There has been a lessening in demand and
prices consequently have suffered, although not to any great
extent. In this market there have been frequent reports of
price shading to obtain spot business, but the outlook indiOklahoma Oil Producers Vote Against Contin uance of
cates that such a condition will not obtain for long, and that
Restrictions.
kerosene is soon to go through the same period of demand
from Tulsa (Okla.) May 9
dispatches
Press
Associated
as is now engulfing gasoline. A quiet demand has existed
for fuel oil throughout the week, but there has been nothing said:
Oklahoma oil producers voted in a mass meeting here to-day against
to arouse undue enthusiasm on the part of operators. They continuance
of restrictions on the daily petroleum output after expiration
have been able for the most part to maintain their prices on May 15 of an order of the State Corporation Commission, which set
firmly, due to contracts which are absorbing a large part the figure at 650,000 barrels a day.
The producers voted to veto all proposals for State-wide proration,
of the immediate supplies.
for restrictions on drilling, and for continuing in any form the present
Gasoline, U. S. Motor, Tankcar Lots. F.O.B. Refinery.
06% North Louisiana-___.07
New York (Bayonne).094 Arkansas
.06%
.08l4 North Texas
.06% California
West Texas
07
.07It Los Angeles, export._.073d Oklahoma
Chicago
.09
Gulf Coast,export_ -.08M Pennsylvania
New Orleans
Gasoline. Service Station, Tax Included.
Minneapolis
18
182
Cincinnati
19
New York
New Orleans
16
195
Denver
.21
Atlanta
21
.188 Philadelphia
22 Detroit
Baltimore
San Francisco
.18
.215
.20 Houston
Boston
Spokane
.24
.205
.15 Jacksonville
Buffalo
.179 St. Louis
189
Kansas City
.15
Chicago
Kerosene, 41-43 Water White, Tankear Lots, F.O.B. Refinery.
.07%
.05w I New Orleans
New York (Bayonne) 08'i Chicago
.0534 Los Angeles. export...05M I Tulsa
North Texas
Terminal.
Fuel Oil, 18-22 Degree. F.O.B. Refinery or
.85 I Gulf Coast
75
New York (Bayonne)1.05 Los Angeles
55
.95 I Chicago
2.00 New Orleans
Diesel
Gas Oil, 32-36 Degree, F.O.B. Refinery or Terminal.
.03
.03 !Tulsa
New York (Bayonne).055( Chicago
Estimated Crude Oil Output in United States
Continues Ahead of Last Year.
The American Petroleum Institute estimates that the daily
average gross crude oil production in the United States, for
the week ended May 4 1929, was 2,629,850 barrels, as compared with 2,650,650 barrels for the preceding week, a decrease of 20,800 barrels. Compared with the output for the
week ended May 5 1928 of 2,446,650 barrels per day, the
current figure shows an increase of 163,200 barrels daily.
The daily average production east of California for the week
ended May 4 1929 was 1,878,650 barrels, as compared with
1,862,950 barrels for the preceding week, an increase of
restrictions.
A resolution was adopted asking the commission to maintain its jurisdiction of the oil situation so that economic and actual waste may not
occur, but to issue an order that the State's daily output may be fixed
according to the market demand. The demand at this time, it was stated
by W. S. Fitzpatrick, Chairman of the Board of the Prairie Oil & Gas
Cempany, is about 725.000 barrels a day.
In advices from Tulsa yesterday (May 10) the "Sun" of
•
last night stated:
Oil operators of Oklahoma at a meeting here decided by an overwhelming
vote not to renew the curtailment agreement in effect in the Seminole
district or to extend it to other Oklahoma fields. The agreement will expire
May 15. The effect of their decision will be to throw the State wide open
after that date and permit production of as much oil from all fields as
possible.
The decision of the oil operators is a setback to the oil conservation
movement. State Umpire Ray M. Collins had recommended that the
agreement be renewed and extended to cover all pools in Oklahoma. He
had petitioned the State Corporation Commission, and that body was to
have held a hearing on the petition. As an outcome of the action of the
operators, however, it is understood.that the commission will not hold a
hearing.
The oil operators, however, have requested the commission to keep an
eye on production with regard to market demand. If it should appear
that there was overproduction by July 1 the commission could then act in
Petition and issue another proration order.
As matters now stand the Seminole restriction plan will not terminate
until May 15. It Is considered doubtful, however, whether the operators
will observe restrictions from now on.
The Prairie Oil & Gas Company and the Sinclair Consolidated 011 Corporation were the principal factors In swaying the opinion of oil operators
at the conference. W. S. Fitzpatrick, President of the Prairie 011 & Gas
Company, stated that his company was prepared to buy 50,000 barrels of
oil daily above its present purchases.
He asserted that there is no overproduction in Oklahoma. He said that
the demand for Oklahoma crude amounts to 700,000 barrels a day, compared with the present restriction maximum of 650,000 barrels.
MAY 111929.]
FINANCIAL CHRONICLE
Production of Slab Zinc in April Exceeded:by Shipments-Stock Again Decline.
According to statistics compiled by the American Zinc
Institute, Inc., shipments again exceeded production of slab
zinc during the month of April. The total output amounted
to 54,653 short tons, as compared with 55,471 tons in the
preceding month and 53,493 tons in April 1928. Shipments
for the month of April 1929 were 58,027 short tons, of which
1,469 tons were exported, and compares with 50,263 tons
in the corresponding month last year and 58,129 tons in
March 1929. Stocks at April 30 1929 totaled 34,558 short
tons, the lowest since Oct. 31 1927, when the total was
36,223 tons. The current figure also compares with 37,962
tons at March 31 last and 44,759 tons at April 30 1928. The
Institute also released the following.statistics:
Metal sold, not yet delivered, at the end of April 1929 amounted to 42,828
short tons; total retort capacity at April 30 was 119.786 tons; the number of
idle retorts available with 60 days, 43,241; the average number of retorts
operating during April, 73,289; the number of retorts operating at the end
of the month, 73,319. A Comparative table shows:
PRODUCTION, SHIPMENTS AND STOCKS AT END OF PERIOD.
(Figures In Short Tons.)
Prodenten.
Domestic
Shipments.
aprli
March _ _.. .......
February
January
54,653
55,471
48.154
49,709
56,558
56,267
51.057
47.677
1.469
1.862
1,895
2.055
58,027
58,129
52,952
49,732
Total 4 mo8. 1929_
207,987
211,559
7,281
218.840
50,591
50.260
50.259
49,361
52.157
50.890
50,825
53.422
53,493
55,881
50,042
52.414
49,625
48,698
50,126
44,103
47.050
49,510
49,780
49,818
48,517
51.856
46,754
45.771
2.067
1.088
1,980
1,759
2.901
3,638
1,802
3,138
3,746
3.786
4,134
5,231
51,692
49,786
52.106
45,862
49.951
53,148
51,582
52,956
50,263
55.642
50,888
51,002
45.441
46,562
46.063
47,915
44.418
42,210
44.468
45,225
44,759
41.529
41,290
42,163
Month of-
Exports.
Total
Stocks at
Shipments. End of Mo.
1929.
1928.
December
November
OctoberSeptember
August
July
June
May
April
March
February
January
Total in 1928
619,595
579.608
35,270
614.878
----
46,483
44.374
46,602
44,033
49,739
43.359
43,122
45,560
44.821
48.107
43,555
45.384
4,433
1.746
1,637
4,007
4,009
4,803
4,784
4.898
1,876
5,098
4,760
2.989
50.916
46.120
48.239
48.045
53,748
56,162
47.907
50,458
46,697
53,205
48,315
48,873
40,751
89,320
86.223
34,277
34,587
89.329
43,858
42,046
41.208
36,27t
32.938
29,912
540.644
45.040
594.684
____
613.548
Tin prices have been firmer on a moderate consuming demand here and
increased support abroad by the Anglo-Oriental group.
Steel Ingot Production at High Level.
The monthly report of the American Iron and Steel Institute, issued May 8, places the production of steel ingots in
April 1929 at 4,938,025 tons. This compares with the record
output of 5,058,258 tons in March 1929 and with 4,305,382
tonsin Apri11928. The approximate daily turn-out amounted
to 189,924 tons in,April 1929 with 26 working days as against
194,548 tons in March 1929, which also contained 26 working days and comparing with 172,215 tons for the 25 working days in April 1928. Below we show the monthly statement in detail back to January 1928:
MONTHLY PRODUCTION OF STEEL INGOTS, JANUARY 1928 TO
APRIL 1929-GROSS TONS.
Reported for 1928 by companies which made 94.51% of the Open-hearth and
Bessemer Steel Ingot Production in that year.
Months
1928.
Openhearth.
January _ __ *3,273,294
February _. *3,300,407
Vfarch ____ *3,692,648
kpriL
*3,505,104
Calculated
Monthly
Approx. Per
Monthly No.of Daily Cent.
Output
Bessemer. Companies. Output, all Wkg. Output. OpelReporting. Companies. Days. all Co.'s. Wiens
*498,691
*521,250
*567,330
*564,110
*3,771,985
*3.821.657
*4.259,978
*4,069,214
a3,990,902
a4,043,457
a4,507,217
04,305,382
26
25
27
25
0153,496 851.42
6161,738 085.80
a166.934 688.55
6172,215 a91.35
4 mos-. *13,771.453 *2,151,381 *15,922,834 a16,846,958 103 a163,563 686.76
34,558
37,962
40,420
45.418
1927.
December
52.347
November
49,217
October
..
.
50.185
September
----47,735
August
49,012
July
47,627
June
49,718
May
51,296
AprIl
51,626
March
56.548
February
51,341
January
56,898
Total In 1927
3109
%/lay
tune
Filly
tugust
leptember_
ktober_ _ _
govember3ecember Total_
1929ranuary
i'ebruary
darch - Will
• ____
*3,394,301
*3,010,341
*3,068,257
*3,379,625
*3,375,654
*3.795,800
*3,442,112
*3,301,114
*582,128
*528,193
*528,588
*569,771
*544,710
*599,098
*590,669
*496,679
*3,976,429
*3,538,534
*3,596,845
*3,949,396
*3,920,364
*4.394,898
*4,032,781
*3,797,793
64,207,212
63,743,903
63,805,598
64,178,610
04.147,893
04.649,968
64,266.835
64,018,208
27
26
25
27
25
27
26
25
a155,823 082.66
6143,996 a76.38
6152,224 680.75
0154,763852.10
0165,916 a88.01
a172,221 091.36
a164.109 687.05
6160.728 685.26
*40,538,657 *6,591.217 *47.129,874049,865.185 311 6160,338 685.05
3,694,218
3,599,224
4.183,869
4,026,576
.- -..........
549,616
489,279
596,691
640,351
n nne nnn
4,243,834 *4,490,354
4,088,503 *4,326,000
4,780,560 *5,058,258
4,666.927 4,938.025
19 970 595
15 519 4
.
47
27 *166,309 *84.80
24 *180,250 *91.91
26 *194,548 *99.20
26 189,924 96.84
147
149 AL? 01 11
• Revised. a Adjusted.
z The figures of "per cent of operation" are based on the annual capacity as of
Dec. 31 1928, of 60,990,810 gross tons for Bessemer and Open-hearth steel ingots.
Steel Output Maintained at High Rate-Shipments
Continue Heavy-Further Advance in Price of Pig
Iron.
Steel production is undiminished, but a slight decline
in the volume of specifications has been reflected in a proportionate shortening of deliveries, says the "Iron Age"
of May 9, which further states:
To expect the flow of shipping orders to be maintained at an unchanged
rate would be to ignore the fact that, in some cases, consumers have already
specified fully against contracts for the current quarter. Mill books for
Steel Orders Show Further Increase.
the third quarter have not yet been opened, except for contracts subject to
The unfilled tonnage on the books of the subsidiary com- Prices ruling at time of delivery, and buyers, as a rule, have not yet entered
panies of the United States Steel Corp. as of April 30 1929 the market for that period.
No definite announcement regarding third quarter quotations has been
was reported by that company in its statement issued yes- made
by producers, but advances in sheets, bars, plates and shapes are freely
terday as aggregating 4,427,763 tons. This compares with mentioned as pasibilities. Such a move, coupled with any uncertainty
4,410,718 tons on March 31 1929 and 3,872,133 tons April 30 among consumers regarding money market influences, might retard conit is held, with resulting further reduction in mill backlogs. Lulls
1928. Below we show the unfilled orders by months for tracting,
between buying movements, though hardly distinguishable of late, have
six years. Figures for earlier dates may be found in our issue been familiar market developments, but they throw little light on the rate
of steel consumption.
of April 17 1926, page 2126.
Meanwhile, shipments continue at a virtually unaltered pace, and ingot
UNFILLED ORDERS OF SUBSIDIARIES OF U. S. STEEL CORPORATION,
output shows few variations except those dictated by mechanical limitaEnd. of Month 1929.
1928.1926.
tions.
Production of mill products is still restricted by the scarcity of
January
4,109,487 4,275,947 3,800,i77 4,882.739 5,037,323
February
4,144,341 4,398,189 3,597,119 4,616,822 5,284,771 4,798.429 crude steel, sheet mill operations being most affected on that account.
4,912,901
March
4 410,718 4,335,208 3,553,140 4,379,935 4,863,504
The leading sheet maker is now running at 88% of capacity and independents
April
4,427,763 3,872,133 8,456,132 3,867,976 4,446,568 4,782,807 are on a
slightly higher basis. Tin plate output, on the other hand, is at
4,208,447
May
3,416,822 3,050,941 3,649,250 4,049,800 3,628.089
100%.
June
3,637,009 3,053,246 3.478,642 3,710,458 3,262,505
July
Complete figures for April show an increase in the rate of pig iron output
3,570,927 3,142,014 3,602.522 3,539,467 3,187.072
August
3,624,043 3,198,037 3,542,335 3,512.803 3,289.577 that verifies the estimate made by the "Iron Age" on the closing day of the
September _ _
3.698,368 3,148,113 3,593,509 3,717,297
month. The daily average, in fact, was 187 tons higher than that given a
October
3,751,030 3,341.040 3,683,661 4,109,183 3.473.780
November
3,673,000 3,454,444 3,807.447 4,581,780 3,525,270 week ago. At 122,087 tons. it made a gain of 2,265 tons, or 1.9% over the
December
daily rate for March. The month's total, as revised, was 3.662.625 tons,
3,976,712 3,972.874 3,960.969 5,033,364 4,031,969
4.816,676
compared with 3,714,473 tons for the 31 days in March.
The 215 furnaces in blast on May 1 were producing at a rate of nearly
Firmer Undertone in Non-Ferrous
Metals-Copper 44.900,000 tons per annum, exceeded only twice, in 1923.
Variations in the production of different makes of automobiles, although
Holds at 18 Cents, Delivered in East
-Business
as yet resulting in little change in total output, have been reflected in similar
Below Average.
divergencies in the position of mills. Makers of low-priced cars are taking
Despite the quiet prevailing in non-ferrous metals, the steel at an unchanged rate, but a few other car builders have curtailed operaundertone in the major items appears to be somewhat firmer, tions preparatory to introducing new models. The unfilled tonnage of a
leading independent sheetmaker has declined 10% since April 1, but the
"Engineering and Mining Journal" reports, adding:
backlog of another large producer shows almost no reduction.
The immediate Outlook is more promising and favors a continuation of
Expanding exports are contributing generously to the activity of the
present price levels in most instances. The minor metals are quotably unmotor car industry and other steel-consuming lines. Ten per cent of the
changed, though tungsten ore is strong as the result of a shortage that
Passenger automobiles and 35% of the motor trucks manufactured in
appears worldwide in scope.
March were for shipment to other countries. Machinery exports in March,
In the domestic market all sales of copper have been on the basis of 18
valued at 859,508,000, established a'new monthly record, exceeding the
cents, delivered Connecticut Valley. The larger producers continue out of
previous peak total of January 1921, by $2,802,000.
the market. Included in the week's business was a fair tonnage for August
Unrelaxed pressure of demand in the Chicago district has raised the
delivery. Shipments from refineries in April were at a high rate and stocks question
whether consumers have pyramided orders to insure required
of refined copper are expected to remain substantially unchanged in the deliveries. Sales in that area were well in excess
of shipments, and specifiA. B. M. S. statistics available about May 13. Foreign business was con- cations were the largest in five weeks. Bars, plates and
shapes are strengthsiderably below normal, but inquiry from abroad showed some improvement. ening in price,
with orders more commonly bringing 2.10c. to 2.15c. a lb.,
Two large consumers bought moderate tonnages of lead. Total volume Compared with a recent minimum of 2.05c. Buyers continue to turn to
of business was below an average week. Prices were quotably unchanged, outside mills for supplies, and a Lake Erie producer has arranged a schedule
both here and in St. Louis.
calling for the delivery of two cargoes at Chicago every week.
Zinc sold in a small way at 6.65 cents, which compares with 6.60 cents
In the East, shipbuilders will need sizable tonnages of plates and shapes
earlier in the period. Most of the producers are out of the market, being for merchant vessels recently contracted for, and have entered bids on scout
disinclined to sell below 6.75 cents, East St. Louis.
cruisers to be placed by the Navy Department.
3110
Fully 100,000 tons of steel will be required for a pipe line to be laid for
the Southern Natural Gas Co. from Monroe, La., to Atlanta Ga. The
general contract has been placed with Ford,Bacon & Davis,Inc., New York.
Pig iron is stronger in the Valleys, where various grades have advanced
50c. a ton. Demand is light in most markets, pending the inauguration of
third quarter buying. Shipments, however, are at an undiminished rate.
May specifications from foundries affiliated with the automotive industry
indicate that they will take as much iron as during any previous month this
year. The third cargo of Lake Erie pig iron has been unloaded at Chicago
and others are to follow soon. A ship-load of English hematite is expected
to dock there next week.
Scrap prices still have a weak tone. Heavy melting grade has declined
25c. a ton at Chicago, but has shown no further change at Pittsburgh.
The "Iron Age" composite price for pig iron has advanced from $18.58
to $18.67 a ton, a new high for this year and Sc. a ton above the peak for
1928. The finished steel composite remains at 2.412c. a lb., as shown
by the following tables;
Finished Steel.
Pig Iron.
May 7 1929, 2.412c. a Lb.
May 7 1929. 218.67 a Gross Ton.
One week ago
2.412c. One week ago
One month ago
2.412c. One month ago
$118.
One year ago
2.348c. One year ago
17.50
10-year pre-war average
1.689c. 10-year pre-war average
15.72
Based on steel bars, beams,tank plates. Based on average of basic iron at Valley
wire nails, black pipe and black sheets, furnace and foundry irons at Chicago.
These products make 87% of the United Philadelphia. Buffalo. Valley and BirStates output of finished steel.
mIngham.
High.
Low.
Low.
High.
1929_2.412c. Apr. 2 2.391c. Jan. 8 1929-218.67 May 7 $18.29 Mar.19
1928...2.391c. Dec. 11 2.3140. Jan. 3 1928... 18.59 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 2.403e, May 18 1926_, 21.54 Jan. 5 19.46 July 13
1925_2.560c. Jan. 6 2.396o. Aug. 18 1925... 22.50 Jan. 13 18.96 July 7
Steel producers are swinging into the fifth month of the
year operating their plants close to capacity and still unable
to satisfy demands, according to the "Iron Trade Review"
of Cleveland in its current issue. New orders for some finished products are tapering slightly from the high points
of recent weeks, but the steady flood of specifications on
contracts emphasizes the shortage of steel for finishing
operations. Specifications for some of the leading interests
in the past week were the best of five weeks. Delivery dates
have not materially shortened, while scarcity of semi-finished
steel is becoming a more serious factor, and with the more
general advance in prices of sheet bars, billets and slabs, is
leading finishing mills to take steps to prevent the pyramiding
of second quarter orders, and to refuse business for third
quarter, continues the "Review", adding:
Steelmaking iron is stronger, a single order for 15,000 tons of basic iron
bringing $18.50. valley, 50 cents more than the price done on several thousand tons previously. Shipping instructions for pig iron generally indicate
May will continue the high average daily rate of March-April. Recent
sales of low phosphorus pig iron in eastern districts total 25,000 tons.
Final figures compiled by "Iron Trade Review" show the average daily
rate of coke pig iron production in April was 122,106 gross tons, the highest
rate for any April in history, and the third highest for any month The
closest approach to this record for any previous April was in 1923, with a
daily rate of 118,210 tons. Only May, 1923. with an average of 124.790
tons, and June, 1923, with a daily rate of 122,262 tons, exceeded this April a
accomplishment. The April rate was an increase over that of March of
2.444 tons, or 2.4%. The total output for April was 3,663.167 gross tons,
this also being the highest for any April in history. Production in the first
four months of 1929 reached the total of 14,024,089 tons, a new record for
such a period, and 732,042 tons ahead of the best previous record made in
1923.
Plate backlogs have been extended in the Middle West and Pittsburgh
districts, although unfilled plate business at Pittsburgh is not as large as
that in steel bars. About 30.000 tons of finished steel, mainly plates, has
been placed on Chicago district mill books in the past week for additional
car orders. An eastern Pennsylvania mill has booked 5,000 to 10,000 tons
of plates for shipment to Milwaukee, because of mill congestion at Chicago.
New inquiries for plates for western oil refinery work total 15,000 to 20,000
tons. An important eastern plate mill is operating at capacity for the first
time in its history.
Independent mills in the Youngstown district have followed the leading
interest in advancing sheet bars, billets and slabs to $36, base, Youngstown
and Pittsburgh, representing for the valley makers an increase of $1 a ton.
Practically all eastern, central and Middle West mill interests now are on
the higher basis. While operations are at the highest point since the war
supplies of semi-finished steel still fall short of demand, and this scarcity
has resulted in further slight curtailment of sheet mill operations in the
Pittsburgh and Chicago districts. Some sheet mills are refusing to book
orders for third quarter.
While delivery of sheets continues a major problem with the mills, new
orders and specifications, especially from the automotive industry, show
a moderate decline from the high points of March and April. Eastern
mills are unable to schedule delivery of full finished sheets before August
or September. Some substantial orders for black sheets have been booked
by American mills for shipment to Japan.
Structural awards for the week amounting to about 25,000 tons compare
with a weekly average of 42,000 tons for 1929 to date. In the New York
district 150,000 building trades workers have been granted a five-day week,
with a wage increase maintaining their pay the same as for 53 days,
effective Aug. 24. Builders estimate this will increase construction costs
4%.
Steel bar specifications have receded slightly from the recent high mark,
though deliveries in the Middle West have been extended further to
12 to 16 weeks. Preliminary estimates of April car awards total 7,035,
against 12.023 in March. The Baltimore & Ohio is about to let 3,000 cars
More than 7,000 freight cars now are pending on the active list. General
awards in the past week include 1,800 for western shops.
More than 100,000 tons of 14 to 22-inch steel pipe will be required for a
1,400-mile gas line from Monroe. La., to Atlanta, Ga.. the general contract for which has Just been awarded. About 30,000 tons of 48-inch cast
iron pipe for Albany, N. Y.,is reported placed. Further slowing in demand
for scrap is noted, with price reductions averaging 25 cents a ton on some
grades. The "Iron Trade Review's" composite of 14 leading products is
unchanged this week at $37.07,remaining at the highest point in 28 months.
Higher prices, which are developing this quarter in semifinished steel, due to pressure demands and increased market,
are likely to be reflected in advanced rolled steel prices,
states the "Wall Street Journal" of May 7, which adds:
[Vox,128.
FINANCIAL CHRONICLE
Full finished automobile sheets will be marked up next quarter, it is
believed. On new business booked for delivery over the remainder of the
second quarter, sheet bars command $36, compared with current shipping
price against contracts of $35, and a first quarter market of $33. Steel
billets have been advanced to $36, but buyers protected by contracts
will receive this quarter's shipments at $34. First quarter market was $32.
The "Wall Street Journal" of May 8 says:
Some makers of full-finished automobile sheets are announcing price
advances of $2 a ton, for third quarter shipments, carrying the market to
4.20 cents a pound. This advance is in line with increases on common
finishes, announced for the second quarter, which are now becoming effec
tive. The higher full finished price at this time is due to a firmer market
in black sheets and to stronger tendencies in semi-finished steel.
Full finished sheet makers are operating at a capacity rate,and one leading
producer is booked through August.
Youngstown Sheet & Tube Co. has started No. 9 and No. 11 lapweld
pipe mills in its Campbell group in addition to schedules announced at
the beginning of the week. Makers of lapweld pipe are frequently obliged
to change rolled several times a week under current conditions. Last week
one valley interest operating four days, changed rolls four times. Indicating
that many different sizes were rolled.
Ford Motor Co. has been encountering difficulty in meeting semi-finished
steel requirements in recent weeks.
The "American Metal Market" this week says:
Actual production of steel at the majority of open-hearth plants is at
above regular tonnage ratings and the common prediction is that this will
continue at least to June 1. The so-called shortage should be relieved
by unavoidable decreases in automobile steel and rails. Some observers
are convinced that the decline in automobile production, which cannot be
Postponed many weeks, will have far-reaching consequences, both directly
and through sentimental influence.
Record April Pig Iron Output.
Actual data of the April production of pig iron, from all
operating furnaces, show estimates made by the "Iron Age"
last week (see V. 128, p. 2912) to have been substantially
correct. The actual output last month was 122,087 gross
tons per day as compared with an estimated daily rate of
121,900 tons previously published.
Total April pig iron output was 3,662,625 tons, or 122,087
tons per day for the 30 days in April, as compared with
3,714,473 tons, or 119,822 tons per day for the 31 days in
March. This is a gain for April of 2,265 tons in the daily
rate, or 1.9%. This is the largest April production on
record, approached by April 1923 at 3,549,736 tons, itself
a record month up to that time. The April daily rate this
year is the third largest ever recorded, exceeded only by
June 1923 at 122,548 tons and by May 1923 at 124,764 tons.
For the first four months of this year the total output
of 14,025,653 tons establishes a new record for that period.
The nearest to this was 13,407,684 tons for the same four
months in 1925. The largest output for any four months
was 14,772,209 tons for April to July, inclusive, in 1923,
continues the "Age," adding:
Operating Rate Active on May 1.
There were 215 furnaces operating on May 1 having an estimated daily
operating rate of 122,980 tons. This contrasts with 120,740 tons per day
for the 212 furnaces active on April 1. In April, nine furnaces blew in
and six were shut down, a net increase of three.
The Steel Corporation blew in seven stacks but blew out none. Independent steel companies blew in two stacks and shut down five. Only
one merchant furnace was blown out, none being blown in. Thus there
was a net gain of three steel-making furnaces for the month.
Both Steel-Making and Merchant Iron Gain.
Steel-making output in April at 95,680 tons per day was a gain of only
219 tons per day over the 95,461 tons per day in March. The increase
in merchant iron in April was 2.046 tons per day, the daily output having
been 26,407 tons, against 24,361 tons in aMrch.
Manganese Alloys in April.
Sptegeleisen at 21,993 tons in April was a record for some menthe made
by three companies. The ferromanganese production at 22,413 tons was
the smallest this year.
Furnaces Blown In and Out.
Among the furnaces blown in during April were the following: "A"
furnace at the Bethlehem plant of the Bethlehem Steel Corp. in eastern
Pennsylvania one Carrie, one Edgar Thomson and one Isabella furnace
of the Carnegie Steel Co. in the Pittsburgh district; "E" furnace at the
Cambria plant of the Bethlehem Steel Corp. in eastern Pennsylvania; one
Newcastle furnace of the Carnegie Steel Co. in the Shenango Valley; two
furnaces of the National Tube Co. in northern Ohio and one Ensley furnace
of the Tennessee Coal, Iron & RR. Co in Alabama.
The following furnaces were shut down during April: One furnace of the
Pittsburgh Steel Co.in the Pittsburgh district; "K"furnace at the Cambria
plant of the Bethlehem Steel Corp. in western Pennsylvania; the Cherry
Valley furnace and "A" furnace of the Youngstown Sheet & Tube Co. in
the Mahoning Valley; one furnace of the Colorado Fuel & Iron Co. in
Colorado and No. 4 furnace of the Sloss-Sheffield Steel & Iron Co. in
Alabama.
DAILY AVERAGE PRODUCTION OF COKE PIG IRON IN TIIE UNITED
STATES BY MONTHS SINCE JAN. 1 1924-GROSS TONS.
1924.
97,384
January
106,026
February
111,809
March
107,781
April
84,358
May
67,541
June
95.794
First six months
57,577
July
60,875
August
68,442
September
79,907
October
November
83,656
95,539
December
12 months'average - 85,075
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
95,199
95,073
92.498
89,810
88,279
86,060
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
119,822
122,087
MAY 11 1929.]
FINANCIAL CHRONICLE
DAILY RATE OF PIG IRON PRODUCTION BY MONTHS—GROSS TONS.
liferchant.•
69,520
78,444
83,489
85,183
85,576
81,630
79,513
82.642
82,590
88,051
88,474
85,415
85.530
89.246
95,461
95.680
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
25.261
24,361
20 497
1928—January
February
Marsh
April
May
June
July
August
September
October
November
December
1929—January
February
March
April
Total.
r-0--.00e0coCleat—cloe0d,
12c.ce,
Steel Works.
•Includes pig leen reads for the market by steel companies.
TOTAL PRODUCTION OF COKE PIG IRON IN UNITED
STATES
BEGINNING JULY 1 1926—GROSS TONS.
1927.
1921.
1929.
1926.
1927.
1928.
Jan__ 3,103,826 2,862,761 3,442,370 July.
__ 3.223,338 2,951,160 3,071.824
Feb..__ 2,940,679 2,900.126 3,206,185 Aug _ 3,200,479 2,947,276
3.136,570
Mar__ 3,483,342 3,199,674 3.714.473 Sept__ 3.136,293 2.774.949 3,062.314
Apr__ 3,432,226 3.185,504 3,662,625 Oct___ 3,334,132 2,784,112
3,373.806
May__ 3,390,910 3,233,856
Nov_ _ 3,236,707 2,648,376 3,302.523
June__ 3.089,651 3,032,000
Dec__ 3,091,060 2.695.755 3,369,846
34 yr_19.430.678 19,520,921
Year5_39,070.470 36,232,396 37.837,804
•These totals de not include charcoa pig iron. The 1928 production
of this
Iron was 142,960 gram tons.
PRODUCTION OF STEEL COMPANIES FOR OWN USE—GROSS TONS
Total Pig Iron—
Spiegel and Ferromanganese.
Ferromanganese.x
1927.
1928.
1929.
1927.
1928.
1929.
January
February
March_
,
2.343,881
2,256,651
2,675.417
2,155,133
2,274,880
2.588,158
2,651,416
2,498.901
2,959,295
31,844
24,560
27,834
22.298
19,320
27,912
28.205
25,978
24.978
3 Months
April
May
June
7,275.949
2,637.919
2,619.078
2.343,409
7,018,171
2,555,500
2,652.872
2.448.905
8,109,612
2,826,028
84.238
24,735
28,734
29.232
69.530
18.405
29,940
32,088
79,164
22,413
Hall year
July
August
September
October
November
December
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
1,934.043 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
Year
27.345,388 30,211.606
:Includes output of merchant furnaces.
291,840 312.061
Consumption of Anthracite Shows Increase in Last
Coal Year.
Notwithstanding the untoward weather conditions that
prevailed during the winter of 1928-29, the consumption
of anthracite in the coal year ended March 31 1929, as
reported to the Anthracite Bureau of Information, showed
an increase of approximately half a million tons. The commercial production, which includes railroad shipments and
local sales, but excludes colliery consumption, in the coal
year 1928-29, amounted to 64,060,000 gross tons as compared with 64,005,000 tons the preceding year, an increase
apparently of only 55,000 tons. On March 311929, however
the quantity of coal in storage was less by 425,000 tons than
on April 1 1928, so that the quantity going into consumption
actually increased by 480,000 tons.
Preliminary Estimates of Production of Coal and
Beehive Coke for the Month of April 1929.
The preliminary estimates of coal production for the
month of April, 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 the complete canvass of production made at the
end of the calendar year. The figures as now reported show
that the production of 36,871,000 net tons of bituminous
coal during April 1929 exceeded that of the same month
last year by 4,683,000 tons but fell below the output for the
month of March 1929 by 2,476,000 tons. Anthracite production during April 1929 totaled 6,386,000 net tons, an
increase over the preceding month of 1,342,000 tons. A
loss of 623,000 tons, however, is shown in comparing the
current figure with that of the corresponding month one year
ago. The statistical tables, as given out by the Bureau of
Mines, are appended:
Total for
Month.
(Net Tons).
No. of
Arerape Per
Working. Working Day
Daps, (Net Tons).
April. 1929 (preliminary) a—
36.871.000
Bituminous coal
25.6
1,440,000
6,386.000
Anthracite
25
255,000
464.700
Beehive coke
26
17,873
April 1929 (prelimmary) a—
March 1929 (rented)—
39.347.000
Bituminous coal
26
1,513,000
5,044,000
Anthracite
26
194,000
5:33.500
26
Beehive coke
20,519
figures)—
April 1028
32,188.000
24.7
Bituminous coal
1,303,000
6,909.000
24
Anthracite
288,000
377,500
25
Beehive coke
15,100
a Slight revisions of these estimates will be Issued in the weekly coal report about the
middle of Me month.
3111
Bituminous Coal, Anthracite and Beehive Coke Output
Higher.
According to the United States Bureau of Mines, the
output of bituminous coal, anthracite and beehive coke for
the week ended April 27 showed increases over the preceding
week, 466,000 net tons, 462,000 net tons and 700 net tons,
respectively. As compared with the production in the
corresponding week a year ago, the current figures represent
an increase of 925,000 net tons, a decrease of 3,000 net tons,
and an increase of 20,700 net tons, respectively. The
Bureau's statement follows:
BITUMINOUS COAL.
The total production of soft coal during the week ended April 27 1929.
Including lignite and coal coked at the mines, is estimated at 9,117,000 net
tons. Compared with the output in the preceding week, this shows an
Increase of 466,000 tons, or 5.4%. Production during the week in 1923
corresponding with that of April 27 amounted to 8,192.000 tons.
Estimated United States Production of Bituminous Coal (Net Tons).
1929-1928
Cal. Year
Cal. Year
Week.
to Date.
Week.
to Date.a
April 13
3,247,000 153,961,000
7,415.000 142.287,000
Daily average
1,375,000
1,750,000
1,236,000
1.647,000
April 20 b
8,651,000 162.612,000
7.917.000 150,204.000
Daily average
1,442,000
1.730,000
1,330,000
1,619,000
April 27 c
9,117,000 171,729,000
8,192,000 158,396,000
Daily average
1,520,000
1.717.000
1,364.000
1,600,000
a Minus one day's production first week in January to equalize number of days in
the two years. b Revised since last report. c Subject to revision.
The total production of soft coal during the present calendar year to
April 27 (approximately 100 working days) amounts to 171.729,000 net
tons. Figures for corresponding periods in other recent years are given
below:
1928
158,396,000 net tons 1926
170.625,000 net tong
1927
199.339,000 net tons11925
159,881,000 net tons
As shown by the revised figures above, the total production of soft Coal
for the country as a whole during the week ended April 20 amounted to
8,651,000 net tons. This is an increase of 404,000 tons, or 4.9% over the
output its the preceding week. The following table apportions the tonnage
by States and gives comparable figures for other recent years:
PENNSYLVANIA ANTHRACITE.
The total production of Pennsylvania anthracite during the week ended
April 27 is estimated at 1,886,000 net tons. Compared with the output In
the preceding week, this shows an increase of 462,000 tons, or 32.4%.
Production during the week in 1928 corresponding with that of April 27
amounted to 1.889,000 net tons.
Estimated Weekly Production of Coal by Stales (Net Toes),
Week Ended
April 13
April 21
April 20
April 23
State—
1929.
1929.
1927.
1928.
Alabama
321,000
335.000
352,000
349,000
Arkansas
15,000
14.000
10,000
24.000
Colorado
143.000
134,000
148.000
155,000
linnets
808,000
893,000
335,000
55,000
Indiana
261,000
270.000
197.000
41.000
Iowa
53.000
58,000
50,000
15,000
Kansas
26.000
24.000
37,000
13,000
Kentucky—Eastern
790,000
708.000
937,000
826.000
Western
196.000
187,000
440.000
314,000
Maryland
44,000
30,000
52,000
48,000
Michigan
12,000
11,000
6.000
11,000
Missouri
50,000
51,000
51.000
14,000
Montana
42,000
52,000
55,000
61,000
New Mexico
50.000
45,000
57.000
48.000
North Dakota
20.000
17,000
27,000
24.000
Ohio
390.000
370,000
136,000
188,000
Oklahoma
33.000
29,000
40,000
36,000
Pennsylvania (bit.)
2,438,000 2,374.000 2,218.000 2,134,000
Tennessee
98,000
111.000
109,000
96,000
Texas
15.000
23.000
14,000
17.000
Utah
94.000
72.000
83,000
71,000
Virginia
261,000
215,000
222.000
220.000
Washington
42.000
38.000
45.000
37.000
W.Va.—Southern b
1.706,000 1,563,000 1,736,000 1,972,000
Northern c
787.000
648,000
600,000
610,000
Wyoming
107.000
107.000
100,000
83.000
Other States
5,000
5,000
1,000
1.000
Total bltumlnous coal _ 8,651,000 8,247,000
Pennsylvania anthracite
1.424.000
1.142.000
April'23
Average.a
412.000
21,000
184,000
1,471,000
514.000
100.000
79.000
620,000
188,000
52,000
22.000
59.000
42.000
59.000
16.000
766.000
49.000
3,531.000
121.000
20.000
70.000
249.000
35.000
1,293.000
741.000
116,000
6,000
7,917,000
7.906.000 10,836,000
1,605.000
1,651.000
1,974,000
Total all coal
10,075,000 9,339.000 9.522,000 9,557.000 12.810.000
altding
Average tweekly
w
t,:eallnk
e d1l yeK.rate for entire month. b Includes operations on the N. & W.:
C.&
& M.,and Charleston division of the 13. & 0. c Rest of State.
Including
Estimated Production of Pennsylvania Anthracite (Na Tons).
1928
Cal. Year
1929Cal. Year
Week Ended—
to Date.a
Week.
Week,
Date
to
April 13
1,596.000
19,611.000
1.142.000
21.522,000
April 20 b
21.216.000
1,605.000
22.946.000
1.424.000
April 27 c
1,889,000
23.105,000
24.832,000
1,886,000
a Minus one day's production first week in January to equalize number of days in
the two years. b Revised. c Subject to revision.
BEEHIVE COKE.
The total production of beehive coke during the week ended April 27 is
estimated at 112.600 net tons as against 111.900 tons in the preceding
week. The following table apportions the tonnage by States:
Estimated Production of Beehive Coke (Net Tow).
Week Ended
1929
1928
April 27
April 28
April 20
to
to
1920.c
1929.b
Date.a
Date.
1928.
Pennsylvania & Ohio _ --91,900
90.500
70,500 1.503.600 1.118,200
West Virginia
11,100
10.100
9.800
213,100
168,100
Georgia, Ky.& Tenn.
1,400
1,500
4.100
77.200
28.000
Virginia
5.000
5,000
4,200
79.400
83,400
Colorado, Utah & Wash_
3.900
4.100
75.800
3.300
96.600
United States total __ --
112,600
111.900
91,900
1,879,700
1,563,700
Daily average
18,767
15,317
18.650
18.611
15.482
a Minus one day's production first week in January to equalize number of days in
the two years. b Subject to revision. c Revised.
[VoL. 128.
FINANCIAL CHRONICLE
3112
Current Events and Discussions
The Week With the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on May 8, made public by the Federal
Reserve Board, and which deals with the results for the
twelve Reserve banks combined, shows decreases for the
week of $23,800,000 in holdings of discounted bills, $13,200,000 in bills bought in open market and $1,200,000 in
Government securities. Member bank reserve deposits
decreased $5,800,000, Government deposits $5,300,000 and
other deposits $10,100,000, while cash reserves increased
$26,500,000 and Federal Reserve note circulation was
unchanged. Total bills and securities were $47,300,000
below the amount held on May 1. After noting these facts,
the Federal Reserve Board proceeds as follows:
Holdings of discounted bills increased $29,300,000 at the Federal Reserve
Bank of New York and $3,100,000 at Boston, and decreased 817,600,000
at Philadelphia, 915,400,000 at Chicago, 9311,200,000 at San Francisco,
and $5,700,000 at Minneapolis. The System's holdings of bills bought
In open market decreased $13,200,000 and of Treasury certificates $1.300,000, while holdings of United States bonds and Treasury notes were
practically unchanged.
A reduction of 97,300.000 in Federal Reserve note circulation at New
York offset increases of $2,200,000 at Boston, $1,100,000 at Cleveland,
and an aggregate increase of $4,000,000 at the other nine Federal Reserve
banks.
The statement in full, in comparison with the preceding.
week and with the corresponding date last year, will be found
on subsequent pages—namely, pages 3146 and 3147. A.
summary of the principal assets and liabilities of the Reserve
banks, together with changes during the week and the year
ended May 8, is as follows:
Total reserves
Gold reserves
Increase (+1 or Decrease (—)
During
Year.
Week.
$
$
3,012,279,000 +26,517,000 +164,380,000
2,840,947,000 +28,917,000 +150,895,000
Total bills and securities
1,281,912,000 —47,333.000
—138,715,000
962,022,000 —23,807,000
Bills discounted, total
Secured by U. S. Govt. obllga'ns 525,814,000 —22,182,000
—1,625,000
436.208.000
Other bills discounted
+184,881.000
+18,306,000
+166,575.000
May 8 1929.
157,181,000 —13.240,000
—207,923,000
U. S. Government securities, total 149,488,000
50,407,000
Bonds
84,495,000
Treasury notes
14,586,000
Certificates of indebtedness
—1,242.000
+23,000
+17,000
—1,282,000
—127,904,000
—5,595,000
—17,482,000
—104,827,000
Federal Reserve notes in circulation_ _1,663,678,000
+39,000
+72,450,000
2 389,214,000 —21.144,000
—5,784.000
2 330,033,000
—5,257,000
28,635,000
—84,922,000
—96,151,000
+7.535,000
Bills bought in open market
Total deposits
Members' reserve deposits
Government deposits
Member Banks for New York and Chicago
Federal Reserve Districts—Brokers' Loans.
, Beginning with the returns for June 29 1927, the Federal
Reserve Board also commenced to give out the figures of the
member banks in the New York Federal Reserve District,
as well as those in the Chicago Reserve District, on Thursdays, simultaneously with the figures for the Reserve banks
themselves, and for the same week, instead of waiting until
the following Monday,before which time the statistics covering the entire body of reporting member banks in 101 cities
cannot be gotten ready.
Below is the statement for the New York member banks
and that for the Chicago member banks thus issued in
advance of the full statement of the member banks, which
latter will not be available until the coming Monday. The
New York statement, of course, also includes the brokers'
loans of reporting member banks. The grand aggregate of
these brokers' loans the present week increased $19,000,000.
This follows an increase of $40,000,000 last week and of
$67,000,000 two weeks ago. The total of these loans on
May 8 at $5,551,000,000 compares with $5,793,000,000
March 20 1929 (this latter having been the high record)
and with $4,361,000,000 on May 9, 1928.
Returns of
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
May 8 1920. May 1 1929.
Loans and investments—total
Loans—total
On securities
An other
Investments—total
U.B. Government securities
Other securities
May 9 1928.
7,165,000,000 7,332,000,000 7,277.000,000
5.314.000,000 5,476,000,000 5,402.000.000
2,647,000,000 2,777,000,000 2,782,000,000
2,867,000.000 2,699.000,000 2,619,000,000
1 852,000,000 1,856,000,000 1,876,000,000
1,075,000.000 1,074,000,000 1,082,000,000
777,000,000 782,000,000 794,000,000
Reserve with Federal Reserve Bank_.
Cash in vault
Net demand deposits
Time deposits
Government deposits
May 8 1929. May 1 1929. May 9 1928.
$
$
724,000,000
55,000,000
745,000,000
52,000,000
779,000,000
52,000,000
5,146,000,000 5,334,000,000 5.575,000,000
1,157,000,000 1,149,000,000 1,185,000,000
60,000,000
21,000,000
46,000,000
Due from banks
Due to banks
79,000,000
806,000,000
Borrowings from Federal Reserve Bank.. 189,000.000
108.000,000 114,000,000
916,000,000 1,013,000,000
157,000,000
229,000,000
Loans on securities to brokers and dealers
864,000,000 979,000.000 1,252,000,000
For own account
For account of out-of-town banks_ ....1.734,000,000 1,676,000.000 1,684,000,000
2,953,000,000 2,876,000,00) 1,425,000,000
For account of others
5,551,000,000 5,532,000,000 4,361,000,000
Total
On demand
On time
Loans and investments—total
5,182,000,000 5,141,000,000 3.325,000.000
369,000,000 391,000,000 1,036,000,000
Chicago.
2,001.000,000 2,030.000,000 2,074,000,000
Loans—total
1,588.000,000 1,601,000,000 1,561,000.000
On securities
,All other
893,000,000
695,000,000
897,000,000
703,000,000
Investments—total
413,000,000
429,000,000
513,000,000
173,000,000
240,000,000
187,000,000
242.000,000
234,000,000
280,000,000
Reserve with Federal Reserve Bank_.... 168,000,000
15,000.000
Cash in vault
170,000,000
15,000,000
194.000,000
1.7.000.000
U.S. Government securities
Other securities
858,000,000
703,000,000
Government deposits
1 204,000,000 1,210,000,000 1,284,000.000
636,000,000 646,000,000 714,000,000
6,000,000
15,000,000
12,000,000
Due from banks
Due to banks
•f24,000,000
319,000,000
178,000,000
325,000,000
160,000,000
369,000.000
18,000,000
26,000,000
60,000,000
Net demand deposits
Time deposits
Borrowings from Federal Reserve Bank_
•Subject to correction.
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statements for the New York and
Chicago member banks are now given out on Thursdays,
simultaneously with the figures for the Reserve banks themselves, and covering the same week, instead of being held
until the 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 May 1:
statement of weekly reporting
The Federal Reserve Board's condition
shows increases for the week
member banks in 101 leading cities on May 1
and
in
of $257,000,000 In net demand deposits and of $67,000.000the loans
during
week and
investments. Time deposits declined $15,000,000
Federal
from
Reserve
borrowings
Government deposits $5,000,000, while
banks increased $5,000,000.
reporting banks and
Loans on securities increased $67,000,000 at all
declined $17,000,000 in the
$72,000,000 in the New York district, and
in the San
$9,000,000
increased
Philadelphia district. "All other" loans
district, and declined
Francisco district and $7,000.000 in the Kansas City
at all reporting banks
$6,000,000 In the Minneapolis district, and $3.000,000 decline of $5,990,000
Holdings of U. S. Government securities show a
$14,000,000 in the
Increased
for the week, while holdings of other securities
New York district and $10,000,000 at all reporting banks.
$257.000,000
Net demand deposits, which at all reporting banks were
districts, the principal
above the April 24 total, increased in most of the
increases by districts being: New York $194,000,000, Boston 822,000.000.
Chicago $19,000,000. San Francisco $10.000,000, Cleveland $9,000.000.
in the
and Philadelphia $8,000,000. Time deposits declined $8,000,000
New York district and $15.000,000 at all reporting banks.
for
banks
The principal changes in borrowings from Federal Reserve
Bank of
the week comprise declines of $18,000,000 at the Federal Reserve
New York and $13,000,000 at Philadelphia. and increases of $14,000,000
at Cleveland, $9,000,000 at Boston and $8,000,000 at Atlanta.
A summary of the principal assets and liabilities of weekly reporting
year ending
member banks, together with changes during the week and the
May 1 1929, follows*
MAY 11 1929.]
FINANCIAL CHRONICLE
3113
bureau (-I-) or Deersats (—)
PANAMA.
Mar 1
Sines
Continuance of the building activities in Panama City which have been
4.9r. 24 1929. May 2 1928.
1929.
$
$
$
carried on for some time is indicated by the issuance during April of building
+67,000,000 +164,000,000 permits aggregating $312,000. A mosaic factory has been established
Loans and investmenta—total.-22,326.000.000
An
16,451,000,000
Loans—total
+63,000,000 +454,000,000 in Colon by a company capitalized at $30,000. This company, which
now has the agency of a United States mosaic tile company, will also
7,386,000,000 •+67,000,000 +294,000,000 import glazed tiling and ceramics. Airplane passenger service across the
On securities
All other
9,065,000,000
•-3,000,000 +161,000,000 isthmus was inaugurated by a local company on May 1. This company
Investments—total
5,875,000,000
+4,000.000 —291,000,000 also plans to establish air mail and passenger service to Nicaragua.
U.S. Government securities
Other securities
2,997,000,000
2,878.000,000
—5,000,000
+10,000,000
—24,000,000
—267,000,000
Reserve with Federal Res've banks 1,702,000,000
Cash in vault
223,000,000
+44,000,000
—12.000,000
—107,000,000
—17,000,000
13,234,000,000
6,760,000,000
143,000,000
+257,000.000
—15,000,000
—5,000,000
—676,000,000
—75,000,000
+34,000,000
1,157,000,000
2,715,000,000
+81,000.000
+173,000,000
—73,000,000
—545,000.000
703,000,000
-1-5,000,000
+118,000,000
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from Fed. Res. banks.
• figures Aprll 24revised.
Summary of Conditions in World Markets, According
to Cablegrams and Other Reports to the Department of Commerce.
The Department of Commerce at Washington releases for
publication May 11, the following summary of market conditions abroad, based on advices by cable and radio:
AUSTRALIA.
Trade and industry in Australia continue dull because of labor difficulties in the coal and timber trades and the possibility of extension to other
lines. Official announcement of increases in the cost of living in the March
quarter will automatically increase wages and contribute further to unfavorable industrial conditions. Wool sales at Melbourne and Geelong
closed steady.
BRITISH MALAYA.
British Malayan business continues featureless. Weakness of the rubber
market is reflected generally in all lines Of business activity.
CANADA.
Maintenance of the high trend in construction activity with favorable
reflections in the market for builders' hardware, structural steel, lumber
and other supplies is indicated in several Canadian centers. New construction in the Prairie Provinces is particularly heavy. Retail trade during the
past week has been curtailed by rainy weather but wholesale volume continues satisfactory. There is a continued firm tone in industry except in
woolens and leather manufactures which are reported quiet. A satisfactory
volume of business is being done by Quebec cotton and clothing mills.
Seeding operations are general' throughout the west and on May 1 were
estimated to be 70% completed in Manitoba, 40% in Saskatchewan, and
30% in Alberta. Ontario farm conditions are reported very promising.
The grain movement from the Head of the Lakes has been very heavy since
the opening of navigation and some elevator congestion has been reported
In consequence but is expected to be relieved by the opening of the Lachine
Canals during the past week. Stocks of wheat at the Head of the Lakes on
April 26 amounted to 57,769,000 bushels as compared with 66,090,000
bushels a year ago.
CHINA.
Labor Day passed quietly in Shanghai, with no disturbances to business.
Collections of the Chinese Maritime Customs at Shanghai for April show
increases of 19% in imports and 26% in exports over collections in that
month last year, and were, respectively. 24 and 10% higher than March of
this year. Customs revenues for the three months beginning Feb. 1, when
the new tariff became effective, show an increase over those months of
last year of 8,033,000 Haikwan taels. (Flaikwan tael is worth approximately $0.72). The low level and weakness of silver continues to militate
against placement of new import business, although merchants report a
fairly active demand for seasonable merchandise. Further rains give
encouragement for North China crops. Uneasiness still prevails in business
circles as to the possibility of further trouble over the Shantung situation,
which, however,is greatly simplified by the elimination of the chief disturbing element. Vessels entering and leaving Tientsin during 1928 totaled
4,133 with an aggregate tonnage of 583.000, which is an increase of about
1,000,000 tons over the previous year and the highest total in the history
of the port. Effective May 1 a consolidated consumption tax of 42% is to
replace all other taxes placed upon cigarettes manufactured in Liaoning
Province, (formerly known as Tengtien Province). Cigarette factories
outside the railroad zone have ceased operation pending negotiations to
permit shipment of cigarettes into the railroad zone tax free in order to
permit competition in the railroad zone with Japanese manufacturers. Oil
companies are still negotiating with the local Muken Government regarding
the disposition of the tax of one dollar per case on gasoline and kerosene.
DENMARK.
Danish foreign trade was well maintained during March although the
severe ice conditions of the first part of the month caused imports and
exports to drop below the average March turnover for the past few years.
Compared with February imports increased from 93,000,000 crowns to
114,000,000 crowns, while exports rose from 115,000,000 crowns in February
to 124,000,000 crowns in March, creating an export surplus of 10,000.000
crowns for the month.
INDIA.
Improvement in cotton piece goods business in India was only temporary
and has not been maintained. At Bombay 70 cotton mills have closed
down altoegther, and mill owners and employees are making no progress
toward settlement.
JAPAN.
UNITED KINGDOM.
Industrial indicators reflect a continuation of British trade improvement
in the coal and the iron and steel industries and in building operations.
On the other hand,the position of the textile trades continues unsatisfactory
while most recent statistics of shipbuilding fail to indicate substantial
progress. Slight further reduction in unemployment is reported, the total
of workpeople listed on the unemployment registers on April 22 being
1,141,000 for Great Britain and 34,000 for Northern Ireland. The monetary
position shows a more settled state and no further increase in the bank
rate is expected, although conditions, in the opinion of financial circles,
will be influenced by the results of the reparations conference. The
approaching general election in Great Britain has so far had very little
effect on trade and industry. Machine tool makers report better business
in both the domestic and export markets, especially for the lighter types
of equipment. Demand for colliery equipment has increased owing to
the 1928 improvement in the coal trade. Textile machinery business is
irregular, with poor domestic demand but increasing foreign business.
Automotive trade continues active. Locomotive builders are bus.
Export business in electrical equipment ccintinues satisfactory but domestic
business shows a slight falling off. General chemical trade for both the
domestic and export markets shows moderate improvement.
The Lancashire cotton industry remains depressed. Spinners in the
American fibre section are experiencing lighter orders which are resulting
in some increase in stocks, with poor prices ruling. Stock accumulation
in the section of spinning Egyptian cotton appears not to have been substantially relieved and organized short-time is to continue for another
month.
The general outlook for agriculture is poor as a result of insufficient
rain and continued cold weather.
The Department's summary also includes the following
with regard to the Island Possessions of the'United States:
PHILIPPINE ISLANDS.
The abaca market is practically stagnant due to lack of support from
both American and European buyers. A few sales are made where sellers
are in need of cash, but in general the following price quotations are only
nominal. Grade E is quoted at 30 pesos per picul of 139 pounds; F, 26.50:
I, 24; JUS, 19.50; JUN, 16.25, and L. 14, (One peso equals 50 cents.)
Arrivals of abaca at export points last week totaled 26,800 bales and the
trade believes that the anticipated decrease in supplies has begun as expected
and that arrivals next 'week will be lower. Exports of abaca last week
amounted to 33,300 bales of which 10,800 went to the United States and
18,000 to Europe. The copra market is demoralized as the result of
curtailed buying by both local oil mills and exporters due, it is caltmed,
to pessimistic advices regarding oil prices and lack of demand for local
copra and coconut oil from all markets. Mills are operating sporaioally
on old contracts, but greater inactivity is expected. Today's f.o.b. copra
prices are: Hondagua and Iloilo, 11.25 pesos per picul; Cebu and Legazpi,
11.375, and Manila, 11,525.
Speculative Lure Clutches Europe —Paris Stock Exchange Second Largest in the World —Margin
Fixed at 30%—French Gamble to Recoup Loss from
Franc's Tumble.
The New York "World" of May 4 published the following
advices from Paris April 23, copyright by the Press Publishing Company.
New York's speculation fever has spread to the European Continent and
the Paris Stock Exchange is to-day the second largest speculative market in
the world. The daily average of shares changing hands on the "official"
market so far this year hinges between the 800,000 and 1,000,000 figure.
Impetus to speculation was first given by post-war events, chiefly through
the devalorization process of the franc and the always soaring income tax.
Thousands of Frenchmen who had hitherto placed their money in foreign
and domestic loans floated on the French market had recourse to speculation
in order to increase their income and recover their heavy losses involved in
the steadily sinking monetary values.
The speculation market in France is a highly regulated affair. Trans=
actions on the Bourse are made through the intermediary of official stock
brokers. There are seventy official stock brokers and these men have a
monopoly en all Stock Exchange transactions, that is to say, every transaction, to be legal, must pass through their hands.
Fortunes for Brokers
As all official transactions revert to them, it is obvious that these men,
on a market where three-quarters of a million shares change hands each day,
have made immense fortunes during the last few years, in most cases their
profits amounting to 500,000,000 francs, or 820,000,000, per annum.
The official stock brokers are held strictly responsible far their customers.
In the event one official stock broker is unable to meet a situation, the
entire syndicate of seventy becomes liable.
The spot where these seventy financial dictators gather on the Paris
Bourse is called the "parquet" which corresponds to the New York term
"the pit."
Outside the seventy official ones, who do not deal in any bonds but those
officially admitted and quoted on the Bourse by the French state, there
is another group of brokers who occupy themselves with bonds and stocks
General business is dull and uncertain. The money market is easy. not officially quoted on the exchange. The place where the latter group
Difficulties of the Nic.hiro Fishery Co., Ltd., continue to exert an up- has its ambulant headquarters is known as the "coulisse," a term that
setting influence on the stock market. It is reported that the Mitsubishi approaches our American curb market in significance.
Bank will underwrite for the Nippon Yusen Kaisha (shipping company)
The coulisse (curb) is in reality a second parquet (pit) and the former
a ten-Year debenture issue of 15,000.000 Yen (par value $7,477,500) at 5% %. was created by bankers who dealt in bonds with which the official seventy
NETHERLAND EAST INDIES.
would have nothing to do for some reason or other. Naturally business
is far more important and involves far more than
Business conditions continue normal with export trade seasonally quiet. transacted on the "curb"
other hand, "curb" transactions offer less
Automotive sales, however, are receiving an impetus because of favorable that done in the "pit." On the
brokers, that is to say, the non-official
reception of new models. Rubber exports in March totaled 22,764 tong security than business. The "curb"
for
the business transacted through their
responsible
tons, of which 5,515 were shipped from Java, 6,620 from Sumatra East brokers, are not
intermediary.
Coast, and 10.629 from all other rubber districts.
3114
FINANCIAL CHRONICLE
[VOL. 128.
Credit at Premium
doubtly gives New York an advantage over London in bidding for foreign
Credit transactions on one, two or three months are made on a premium loans, but has not so far prevented British issuing houses from competing
or on a fixed price, that is, on a price settled in advance. In case of a successfully up to the limit of Britian's present capacity for foreign lending.
premium transaction, the premium must be paid by the buyer.
Stock brokers demand a margin of 30% of the speculator. This figure
depends largely on the financial standing of the client; sometimes the Prices of British Commodities-"The Statist's" Index
margin is no higher than 20 or even 10%. The margin must be paid in
Numbers.
cash, and if this is not done the brokers demand 40% in bonds.
The following is from the London "Statist" of April 20:
The lowest unit of speculation is twenty-five bonds.
Owing principally to an advance in metal prices, the general level it
The state bank, Banque de France, never loans money to speculators.
Other banks and private capitalists furnish the money. The rate of interest sterling wholesale prices as measured by "The Statist's" Index number
is always influenced by the demand of speculators; if they are numerous the rose by 0.3% over the month of March. The index number at the close
rate of call Money increases.. The rate of interest is fixed by the big banks of the month was 120.5 (average prices in 1867-77 equals 100) as against
and by the curb and pit syndicates. It amounts to 3 to 5% for "pit" 120.1 at the end of February. The latest index number compares with a
figure of 123.6 at the end of March 1928, showing that over the intervening
transactions and fnim 5 to 12% on the Paris "curb."
If a big bank is too heavily engaged and the authorities of the Bank twelve months the general level of sterling wholesale prices has fallen by
of France (state bank) are of the opinion that it offers insufficient guar- 2.5%. The appreciations in copper and lead played a dominant part in
anties an•I therewith risks bankruptcy, the state bank inevitably advises a the rise of the general index number last month. These movements were
bank in such a position to increase its capital. This advice is tantamount largely based upon speculative activity In the metals market and have since
to a formal order, for if the small bank should refuse to follow the advice been followed by considerable reductions. The rise in the index number
during March should not, therefore, be attributed to fundamental factors.
tke state bank simply refuses to discount its drafts and loans.
The following table gives more detailed information of changes in groups of
sterling prices over the past month, the past year, and since the outbreak
of the war:
Paris Bourse to Close on Saturdays.
Percentage of Increase
(+) or Decrease (-)
A Central News Cablegram from Paris May 3 to the New
Mar. Feb. Mar. June -March 1929 on31, 28, 31. 30, Feb. Mar. June
York News Bureau stated that the Bourse will be closed
1929. 1929. 1928. 1914. 1929. 1928. 1914.
Vegetable food
101.8 104.6 113.8 66.5 -2.7 -10.5 +53.1
ono Saturdays hereafter until further notice.
Animal food
144.6 145.1 150.2 07.5 -0.3 -3.7 +48.3
Sugar, coffee and tea
75.2 75.4 81.4 51.8 -0.3 -7.6 +45.2
British Loan Policy Criticized by Financial Writers- Foodstuffs
112.0 113.4 120.4 74.8 -1.2 -7.0 +49.7
Call Indiscriminate Foreign Lending Threat to Minerals
Textiles
Home Industries.
Sundries
From its London bureau the "Wall Street Journal" of Materials
May 2 reported the following:
Total
The Liberal Party program launched by Lloyd George for solving unemployment by diverting expenditure of £200,000,000 to highway construction and similiar public works has raised the old controversy of the
benefits of internal against foreign lending.
A particular aspect of this controversy is dealt with in a thoughtful
study of British Empire borrowing made by two financial writers,
S. Ru.ssel Cooke and E. H. Davenport, recently published in the form of
a pamphlet entitled "Imperial Finance." The main contention of these
writers is that while snore than half the overseas lonas made by Britian
during the past 29 years went to the Dominions and colonies, Empire
trade to-day is little more than one-third of Britian's external trade and
is steadily declining.
Of a total Issue of £10,884,000,000 new capital since 1900, conversion
loans, £1,427,900,000 was foreign borrowing and £1,499,300,000 Dominion and Colonial. Further analaysis shows that in the eight years ended
1914, Dominion and Colonial borrowing averaged £69,200,000 per annum,
against £75,900,000 for the eight years ended 1928. allowing for fall In
the purchasing power of money, the latter sum is equivalent to £48,000,000
per annum pre-war.
In the five years since the war, however, home industries have borrowed
at the rate of £101,900,000 per annum, equivalent to £68,500,000 prewar, against an average of only £33,300,000 in the five years up to 1914.
The writers maintain that under these circumstances home industry may
be starved by a policy of indiscriminate overseas lending.
In the period covered by the investigation, loans of the self-governing
Dominions and India represented 86% of the total. Australia accounted
for 66%, though its white population is only 31% of the whole of the
Dominions. On the other hand, loans raised by Crown Colonies and Dependencies, whose borrowings are subject to the control of the Colonial Office,
have been relatively small.
The authors suggest that in face of these facts Australia should restrict
its borrowing and the undeveloped native colonies should be encouraged to
borrow more. In order to give practical effect to a policy of discrimination
they suggest that the British Government should consider reducing the 40s%
stamp duty on foreign government securities to 20s% and raising the stamp
duty on Colonial Government securities to 20s% from 5s%, retaining the
5s% stamp duty in the case only of Crown Colony or Dependency loans raised
under the supervision of the Colonial Office.
"This reform," they say,"would have the effect of abolishing both a
minor priviledge of Colonial borrowers, the need for which no longer exists,
and a petty differentiation against foreign government borrowers which can
no longer be justified if London is to be the world's financial center. It
would give also a preference to loans to Crown Colonies and Dependencies
which are in most need of economic development."
Another reform proposed is to modify the priviledge of trustee status
granted to all Colonial loans by extending it to new groups of domestic
securities. "By widening the scope of the Trustee Act-thus minimizing
the degree of pi iviledge-the credit of Dominion governments in the capital market would have to stand on individual financial merit, not on the
semi-monopolistic position which Colonial governments occupy as largescale purveyors of trustee securities."
New Trustee Proposals
In the new trustee list they propose the admission of debentures and preference stock of electric supply and gas companies earning 5% on their
common shares, preference shares of the new wireless-cable communication
company, debentures of the cable companies and certain investment trusts
and public utility companies. These proposals would add about Z180,000,000 of stock to the range of trustee securities. Such additions would
remove the artificial stimulus which the present system gives to Empire
loans and encourage the flow of new capital into sound domestic enterprises.
Although extensions of the trustee list on the lines suggested meets with
some sympathy here it is unlikely to be adopted at present. As recently as
last year a committee set up to consider proposals for an extention reported
adversely. Committee pointed out that any extension of the trustee list
in present circumstances was undesirable hi view of the large amount of
refunding which the British government will have to undertake in the next
few years. They also showed that the supply of trustee stock had been
enormously increased in recent years and that any additions would prejudice the position of investors.
Proposals to abolish preference in stamp duties enjoyed by Dominion and
Colonial loans does not meet with much favor as it is likely to alienate
Empire governments. Reduction of stamp duty on foreign loans is In
a different category and must be considered on its own merits. It un-
133.9 129.8 123.4 96.7 +3.2 +8.5 +38.5
130.9 131.2 136.7 80.6 -0.2 -4.2 +62.5
118.9 117.7 119.7 82.5 +1.0 -0.7 +44.1
126.6 125.1 125.9 85.7 +1.2
+0.6 +47.7
120.5 120.1 123.6 81.2 +0.3 -2.5 +48.4
Price movements in the vegetable foods section were consistently downward over the past month, a seasonal decline in the price of potatoes providing the most appreciable change. Most items in the animal food seotion were higher on the month, but their influence on the sectional index
number was more than offset by the seasonal decline in the price of butter,
which was accentuated last month by reason of the abnormally cold weather
experienced in February. No appreciable price fluctuations occurred in
the groceries group. As has already been stated, movements in the minerals group were dominated by the rise in copper and load prices. The
textiles group is 0.2% lower on balance, advances in cotton and wool being
rather more than offset by reductions in jute and flax prices. In the
sundry materials group, which has risen on balance by 1%, the most important movements in individual commodities were increases in timber and
petroleum, and falls in palm oil and leather.
Big International Credit for Defense of Mark ReportedWould Permit Reichsbank to Conserve Dwindling Gold
Supply.
The following is from the New York "Journal of Commerce" of May 4:
Arrangements for the defense of the German mark, following the
drop of the reserve ratio of the Reichsbank to 43% on April 30, are
reported to be under way in England, France and this country. The
minimum reserve ratio of the Reichsbank is 40%, so that the loss of
278,000,000 marks in gold last week to London, Paris and New York
makes a foreign credit a virtual necessity.
It is pointed out that the Reichsbank reserve ratio dropped more
than 13% on April 30, mainly on account of an expansion in currency
circulation, rather than the loss of gold. Currency outstanding increased 712,600,000 marks, largely in response to month-end requirements. On the other hand, although this circulation will probably
decline sharply next week, further gold losses appear certain with the
present low quotation of the mark and sales of exchange by Germans
seeking to transfer part of their capital abroad is already an important
factor in the problem. Hence, a stabilization credit appears a necessity.
Gold Discount May Get Credit.
It is thought likely that the credit will be arranged by the Gold
Discount Bank, rather than the Reichsbank. Of the £10,000,000
capital shares of this institution, half is held by the Reichsbank. The
original purpose of this institution was to provide a stable currency
for export trade during the period of inflation and the era of uncertainty which followed. It has been retained by the Reichsbank to
permit it to operate freely where necessary, as it is not subject to
Government regulation in Germany or abroad, being a purely private
institution.
The Bank of France and the Bank of England are in close touch
with the Reichsbank, and a direct credit by these institutions is
regarded as quite likely. There is question in banking circles here as
to the likelihood of the Federal Reserve banks granting a currency
credit to the Reichsbank, the more likely operation being, - it is felt, a
credit by a group of private American banks and bankers to the Gold
Discount Bank. •
This credit would be used by the Reichsbank for the purpose of
buying marks in the foreign market here, while selling foreign exchange in Germany when requested by the banks and corporations
there. Since Germany is on a gold exchange standard at the present
time, the holder of marks has the right to receive foreign exchange,
and this could be furnished out of the credit secured rather than from
the sale of gold, as is the case at the present time.
$15,000,000 Due Here Nest Week.
Of the $15,000,000 in gold due to arrive next week, $9,000,000 is
being shipped on the North German Lloyd vessel, the Berlin, which
will reach New York on May 7. The Berlin left Bremen on April 23,
which was a Sunday. It was on April 26 that the mark fell to 23.60,
on April 27 rallying to 23.70.
The remaining $6,000,000, which, it is understood, was purchased at
about the same time as the $9,000,000 being awaited, will, it is believed, arrive on the Reliance, which left hamburg on April 30 and
will arrive here on May 8.
MAY 11 1929.]
FINANCIAL CHRONICLE
3110
from the various taxes which secure the 61hs amounted to
Proposed German Loan of $120,000,000—Cabinet Asks $1,699,480 for the calendar year 1928 as against $1,521,387
Reichstag for Authority to Issue.
for the year 1927. Total service change for interest and
In advices from May 4 from Berlin the "Times" said:
sinking fund on the 6;fi% bonds, amounts to $578,250, so
in the Reich's cash
In order to overcome the embarrassing shortage
that such requirements were covered 2.93 times in 1928 as
an
for
n
box, the Cabinet decided to ask the Reichstag's authorizatio
at 7% interest. against 2.63 times in 1927. There are now $7,359,000 of
issue of 500,000,000 marks (about $120,000,000) loan,
taxes.
These gilt-edged shares will be permanently freed of all
these bonds outstanding, $141,000 having been retired
Another bill, which will be submitted to the Reichstag simultane- through operation of the sinking fund.
in
the
bonds
railway
the
sell
to
Minister
Finance
the
ously authorizes
possession of the Reich to savings banks, State and community banks
and pensioners' insurance.
Reserve Reduced at Bank of Italy—Net Circulation
Also Lessened—Result of First Year of Currency
Stabilization.
From the Wall Street "Journal" of April 30 we take the
following Paris advices.
First year of currency stabilization in Italy coincides with considerable
reduction in reserves (of gold and gold exchange) in Bank of Italy with
corresponding reduction in note circulation. Statement of bank for Feb.
compares In this respect with that for end of 1927 as follows, in millions
.
28
of lire:
Change.
Feb.28'29. Dee.31 '27.
+511.5
4.547.1
5.058.8
Gold
Gold exchange:
8.894.1
—2.998.7
8,898.4
Credits on abroad
+958.4
863.1
1,820.1
Foreign treasury bills and notes
Net Profits of Mercurbank, Vienna, Rise.
Cable advices received here indicate net profit for the
Bank, Mercurbank, Vienna, in calendar year 1926 of 1,119,835 schillings, as against a corresponding profit in 1927 of
846,825 schillings. The capital of the Bank was increased
in July, 1928, from 12,000,000 schillings to 20,000,000 schillings, and at the stockholders meeting to be held May 22,
it is proposed to declare a dividend of 1.20 schillings. This
is equivalent to a distribution of 6%. The new shares participate as to half the dividend, having been issued only in
July, 1928.
—1.530.8
12,105.9
10,575.1
Total
—1.794.8
17.992.1
18,197.3
Note circulation
Within the same period all sight liabilities have declined to 18,837,000,000
lire from 21,821,900,000 and thus the percentage of reserves is somewhat
higher at 56.14% against 55.47%. Rediscounts show some decline at
deposits have
3,475,100,000 lire, against 3,809.500,000, and private
shrunk to 1,740.500.000 lire from 2,066,700,000, but allowance must be
made for year-end requirements on the earlier date.
on
The 1928 report of the Bank of Italy shows that a policy of restriction
circulation and bank credits is being pursued through manipulation of
bank rate, which must be kept sufficiently high also to prevent export of
capital, and through sales of exchange, which serve to make good heavy
deficit in the balance of international payments, defend the lira and also
to absorb the currency.
Since much of the exchange owned by Bank of Italy was due to purchases
against lire before the stabilization, the circulation has become out of proportion to business requirements, especially during the strain of re-adaptation of prices and consequent economic depression. It will be remembered
that while the State's debt to the bank was wiped out by revaluation of its
gold reserves at date of stabilization, the bank had to assume responsibility
for the notes issued by the State representing this debt (4,227,000,000 lire).
Recent increase of bank.rate to 7% from 6% and sale of more than 2,000.000.000 lire in foreign exchange in the past year are evidence of the bank's
execution of its policy.
National Bank Resources March 27 at $29,021,912,000
Decline a Billion and a Half as Compared with
Dec. 31 Total.
Comptroller of the Currency John W. Pole, in a statement
issued May 4 concerning the condition of National Banks
as disclosed by their reports to him as of the close of business March 27 1929, the date of the recent call, reported
that the aggregate resources on the latter date of the 7,575
reporting National Banks in the continental United States,
Alaska and Hawaii amounted to $29,021,912,000, which was
a decrease of $1,567,244,000 since the returns made by 7,635
banks on December 31 1928, the date of the previous call,
but an increase of $1,448,225,000 over the combined resources
reported by 7,734 banks as of February 28 1928, the date
of the spring call a year ago. The Comptroller also says:
Bonds of Department of Cauca Valley, Republic of Colombia.
The International Acceptance Trust Co. is prepared to
deliver permanent engraved bonds for temporary bonds of
the Department of Cauca Valley external secured 7% sinking fund gold bonds due June 1, 1948.
Permanent
Gold Bonds of Municipality of Medellin
(Republic of Colombia).
Hallgarteo & Co., and Kissel, Kinnicutt & Co., announce
that they have retired for the sinking fund $81,000 principal amount of Municipality of Medellin External 61,4%
Gold Bonds of 1928, due 1954, leaving outstanding $8,845,500
par value of bonds.
Portion of 6%
Portion of Bonds of Province of Mendoza, Argentine, Due
1951, Retired Through Sinking Fund.
Chatham Phenix National Bank and Trust , Company,
2% Bonds due
/
Fiscal Agent for the $6,500,000 External 71
1951 of Province of Mendoza, Argentine, announces that it
has recently acquired and cancelled $57,000 of the bonds
for the account of the semi-annual sinking fund. The
Chatham Phenix National Bank and Trust Company also
states that it is in possession of funds for the payment of
the June 1, 1929, coupons pertaining to the above issue of
bonds.
rediscounts
The loans and discounts on March 27 1929, which included
$14,849,926,000, and
and customers' liability under letters of credit, were
81 1928, but an
showed a decrease of $429,705,000 since December
increase of $659,346,000 in the year.
of $3,096,780,000
Investments in United States Government securities
1928 of $88,037,000 and
showed increases since December and February
held, amounting to
$195,864,000, respectively. Other bonds and securities
$212,009,000
$3,967,995,000, were $150,600,000 less than in December and
less than in February last year.
lawful
including
Amounts due from correspondent banks and bankers,
process of collection,
reserve with Federal Reserve Banks and items in
than on the date
aggregated $4,790,189,000, which was $890,820,000 less
ago. Cash in
of the previous call, but $676,790,000 more than a year
81 1928
vaults totaled $363,491,000, showing decreases since December
respectively.
and February 28 1928 of $24,638,000 and $6,737,000,
$16,795,000
was
Capital stock paid in was $1,633,271,000, which amount
in February
more than in December 1928 and $96,057,000 more than paid
also showed
000
82,087,070,
1928. Surplus and undivided profits of
the preceding
increases of $85,243,000 and $178,327,000 since the date of
call and the spring call last year, respectively.
$2,557,000 less
National bank notes outstanding of $647,848,000 were
28.
than in December 1928, but $1,192,000 more than in February1.9
due to other
Balances on the books of reporting banks March 27 1929
with
together
checks,
banks and bankers, including certified and cashiers'
amounted to
cash letters of credit and travelers' checks outstanding,
$575,154,000,
$3,498,897,000, and showed a decrease since December of
but an increase of 8101,284,000 since February last year.
$272,898,000,
Demand deposits, including United States deposits of
less than on
totaled $10,934,944,000, which amount was $845,727,000
than reported a
the date of the previous call, but $108,637,000 greater
year ago.
savings of
Time deposits of $8,166,598,000, which included postal
$5,922,588,000,
$91,087,000, and deposits evidenced by 'savings pass books of
in the
increase
showed a reduction of $140,342,000 since December, but an
year of $174,383,000.
$22,872,880,000,
The total deposit liabilities on March 27 1929 were
$22,279,082,000
compared to 824,347,380,000 on December 31 1928 and
(time and
on February 28 1928. The amount of individual deposits
demand) included in this aggregate was $19,101,590,000.
0, aggre$160,876,00
Bills payable of 8542,936,000 and rediscounts of
December,
gated $703,812,000, and showed a decrease of $81,497,000 since
but an increase of $309,114,000 in the year.
The percentage of loans and discounts to total deposits on March 27 1929
was 64.92, as compared with 82.76 on December SI 1928, and 63.69 on
February 28 1928.
Bonds of Municipality of Porto Alegre, Brazil, Drawn for
Redemption.
& Co., fiscal agents for the MuThalmann
Ladenburg,
Gov. Cooper of Ohio Signs Bill Revising State Banking
nicipality of Porto Alegre, have drawn $20,000 principal
Laws.
amount of City of Porto Alegre forty-year 8% sinking fund
of Ohio on April 18 signed the Sanborn Bill
Cooper
Gov.
for
n
on
1921,
of
redemptio
June
gold bonds, external loan
revising the State banking laws. This is learned from the
accrued interest.
1, 1929, at 105% and
"Ohio State Journal" which said:
Province of Upper Austria Pledged as Security
for 6%% Bonds.
Revenues of the Province of Upper Austria are connow available
tinuing to grow, as evidenced by the figures
as
for the
security
pledged
revenues
for 1928 covering the
revenues received
Total
1957.
15,
June
due
bonds
6%%
Revenues of
"The banking bill provides two examinations of State banks a year by
the State Banking Department instead of only one, increases the banks'
fees, permits State banks to issue shares of stock at a par value of less than
$100 as National Banks are permitted to do, and provides that no new
State bank shall be opened until it has a surplus over its capital of at least
20%.
The measure was introduced by Representative Horace R.
Sanborn, of East Cleveland.
3116
FINANCIAL CHRONICLE
Guaranty Deposit Law Called Failure—J. S. Love,
Mississippi Superintendent of Banks, Urges Repeal
of Law.
The Jackson, Mississippi, "News" published the following
in its issue of April 23:
[VOL. 128.
Business men generally are somewhat uneasy over the recent stiffening
of money rates. There is no fear of present or nearby condition,
but
it is felt that if high money rates continue it will effect•a
gradual slowing down of general business. Increased interest
rates already are being
asked and where business is conducted in part on borrowed money,
an
increase in overhead is resulting.
The present situation is regarded as temporary
but it has not helped
general sentiment. Financial institutions are making money,
but even
among bankers there is a tendency to believe that
direct restrictions on
loans for speculative purposes and reduction of the rediscount
rate ought
to be the next step in credit policy and would be
helpful to general
business.
There is now a deficit of $2,285,986.60 in the guaranty of deposits fund,
and the law ought to be repealed, says James S. Love, State Superintendent
of Banks, in a pamphlet being distributed among members of the Mississippi
Bankers' Association.
The guaranty of deposits law, according to Mr Love, has utterly failed
of its purpose, and the longer it exists the worse will become the muddle
. Mr. Crabb visited offices of Investors
therefrom.
Syndicate and
The present status of the fund, says the superintendent of banks, is as talked with business men and bankers in Detroit, New York,
follows:
Atlanta, Birmingham, Houston, Fort Worth,
Tulsa, and
Guaranty certificates now outstanding, $4,332,504.72.
other cities. Alabama, he said, was recovering
Realizable assets, $1,595,350.07.
rapidly from
the effects of recent floods, and a general feeling
Cash on hand, $335,167.18.
of optimism
Guaranty assessment now pending, $123,000.
prevailed. Birmingham was rallying from more
than usual
Total deductions, $2,053,517.88.
unemployment experienced during the winter
Balance or deficit, $2,285,986.50.
and steel
The banking superintendent declared that to the 02,285,986.64 must be mills were operating around 85% capacity.
"Houston is a
added accrued interest on guaranty certificates now outstanding, which is bright stop in the developme
nt of the southwest," Mr. Crabb
estimated to be $287,060, and also contingent liability $478,078.85, the
contingent liability represents claims now in litigation which, if they said. "The city has the strategic location for a great export
must be met by the guaranty fund, would raise the total deficit in the market and may well become the New York
of the southguaranty fund to approximately $3,000,000.
west. 011 companies have taken large tracts
on the ship
"Naturally," says Mr. Love, "we are interested in how this amount is
to be liquidated, in the time limit. For the past two years annual channel which carries ocean traffic from the heart of Housguaranty assessments on banks total $325,000. It is reasonably safe to ton to Trinity Bay, and a number of leading
companies are
expect that we will continue to realize about this figure annually on loading
for export from their own docks. Other industrie
assessments.
s
"It is also safe to estimate that the interest on these outstanding have located along the canal in a fast growing industrial
certificates will run around $150,000 annually, which would leave only district extending 18 miles out of the city.
General business
about $175,000 to apply as payment on the principal of guaranty cerconditions in Tulsa are good and building is behind rather
tificates each year."
"This condition presents the most serious problem to the bankers of than ahead of present needs resulting from rapid growth
Mississippi," continued the Superintendent. "I have confidence in the of the city."
wisdom and ability of the bankers and business men to solve this problem.
I have presented you with the true facts regarding the guaranty fund;
Supreme Court of California Holds Unconstitutional
believing, in fact, with the hope that within a reasonable time
some
satisfactory solution will be found to this problem.
Provisions of State Law Providing for Assessment
Solution of the problem will be the major undertaking at the Gulfport
of Stockholders of Closed Banks to Cover Corporconvention, when it is hoped by bankers that a program can be worked
ate Liabilities.
out which would meet with the approval of the Legislature. The bankers
have been timid about publicly agitating any change in the guaranty
The following Associated Press advices from
law,
San Franfor fear that hasty legislation might add to the present burden
instead of cisco, April 18,
were published in the Los Angeles "Times"
affording tenet.
of
The bankers are handicapped by the existence in widespread circles
April 19:
that
the guaranty law is such that the State itself guarantees the deposits.
The State Supreme Court to-day held unconstituti
As
onal sections of the
a matter of fact, the system is nothing more than an insurance plan whereby California Ranking Act
which permit assessment of stockholders of banks
the bankers pay the premium which goes to make up the guaranty
in
liquidation
to
make up corporate liabilities.
fund.
The decision was in a case appealed from a
lower court by Will O. Wood,
Superintendent of Ranks, acting as trustee for the First Bank
of LivF. H. Rawson of First National Bank of Chicago Views ingston, Merced County. The lower court had held the
assessment clauses
Values in Florida Stabilized—As to General Credit unconstitutional, and to-day's decision confirmed that decision.
Wood had sought to assess stockholders of the bank approximate
ly $100
Conditions Says People Are Learning That Con- a share to
cover the bank's liabilities while it was in liquidation.
tinued Borrowing Is Not Sound Basis.
Decision Upheld.
Frederick H. Rawson, co-Chairman of the First National
The Supreme Court held that the Banking Act is not to be
construed as
Bank of Chicago, returned on May 1 from a five weeks' treating a personal liability of stockholders for corporation debts which
vacation, spent on his houseboat in Florida waters. "Values would be in excess of constitutional provisions.
The State Supreme Court upheld the decision of the Merced County
in Florida, particularly in Miami and Miami Beach,
have Superior Court, where the case was tried.
Mr. Wood had little comment to make on the situation created by the
become stabilized," said Mr. Rawson. "The boom and its
Opinion.
after effects have gone. Land values have increased
"As I understand the opinion, without having read it carefully,"
modhe
erately and conservative investment is being made by
"it prohibits the Banking Superintendent from levying assessments
sub- said,
on
stockholders in banks that are closed, but does not preclude him from
stantial people upon a permanent basis. The visit of
Presi- making assessments to repair the capital of banks that
are to continue in
dent Hoover, before his inauguration, had a very beneficial operation."
effect upon Miami. The season was prolonged and
"Nursing"
Must
End.
accomA. A. Rosenshine, attorney for the
modations well filled, being at a premium at times.
Banking Department, said the
The decision created an unfortunate situationState
with regard to banks in liquidation.
good roads building program in Florida has also
been a
"I have not read the opinion," he said, "but from what I have
heard I
factor in Increasing tourist travel. This developme
nt is can see nothing else to do when a bank is wobbly but to close it. The
opinion, I believe, will preclude the State Banking Department
proving a marked advantage in the moving of farm
from
products nursing along financial institutions."
and citrus fruits."
Court's Comment.
Mr. Rawson stopped two days in New York on his
way
Attorneys here to-day said they are not aware of how much money
Is
to Chicago, but having been out of intimate touch
with Involved in the court action but pointed out it is a comparatively small
business conditions was unwilling to make a statement amount, as most of the stockholders have paid the assessment.
Two of
the largest stockholders in the bank, they said, were fighting
regarding the financial situation. He did say,
the
however, assessment.
that both in New York and elsewhere it was increasin
In commenting on the section of the Banking Act it held unconstitugly
evident that all classes of people are becoming
tional, the Supreme Court said:
credit
"We cannot hold that the public power of the State is
conscious. "People are rapidly learning," said Mr.
by
Rawson, the constitutional provision which limits the liability of theunrestrained
stockholders."
"that continued borrowin
ment,"
g is not a sound basis for invest-
New Method for Taxing State and National Banks
Provided in Law Enacted by California Legislature
E. E. Crabb of Investors' Syndicate of Minneapo
—Returns to Be Filed May 15.
lis Sees
•
Business Conditions Generally Healthy ThroughThe State Banking Bulletin for April, published by Will
out Country.
C. Wood, California State Superintendent of Banks, conLess evidence of boom conditions is apparent
in the east tains the following regarding the new Bank Tax Law:
and south than last year, but a healthy business
An Act providing a new method for taxing State and National Banks
situation
has been passed by the
and normal progress are general, according
Legislature and is now in effect. First
to E. E. Crabb, returns thereunder mustCalifornia
be filed on or before May 15 1929, with the
Vice-President and Treasurer of Investors
Syndicate of Franchise Tax Commissioner, State Capitol, Sacramento. For the old tax
Minneapolis, Minn., on his return from
cities in which on banks based upon shares of capital stock, there has been substituted a
franchise tax which is to be measured by net income. The tax
offices of the company are located.
levied by
Favorable conditions the new law is not to be confused
with an income tax. It is a franchise
are especially noticeable in Detroit, Birmingham, Tulsa
and tax, the value of the franchise to be measured by the net income of the
Houston, he said. Building was slowing
up, but no slump corporation, including income derived from so-called tax exempt securities
such as Federal, State and municipal bonds. The new bank tax
was in sight. Mr. Crabb is quoted as saying:
measure
follows what is known as "the fourth method"
authorized by Congress in
MAY 11 1929.1
FINANCIAL CHRONICLE
3117
Section 5219 Revised Statutes of the United States, for the taxation of Volume of Trading on Los Angeles Stock and Curb ExNational Banks, and has been in operation successfully in New York and
changes in Four Months of 1929 Equal to Total of 1927
Massachusetts.
Under the new law, State and National Banks will be taxed in the Volume.
same manner and at the same rate. This rate has been fixed at 4% of the
Volume of trading on the two Los Angeles security marbank's net income for the preceding fiscal year. A franchise tax at the
same rate has bean levied upon all financial, mercantile, manufacturing kets for the first four months of 1929 is equal to the total
and business corporations of the State, except railroads and other public
1927 volume of the Los Angeles Exchange, and is 57%
utilities which are taxed as heretofore on gross receipts, and insurance
transcompanies which are taxed as heretofore on gross premiums. Auxiliary greater in share turnover and 34% greater in value of
corporations of banks undoubtedly fall within the classification of financial actions than the Stock Exchange for a similar period last
or business corporations and are subject to the new franchise tax which
year, it is shown in a summary of the Los Angeles Stock
Is to be computed at 4% of their net income. However, each bank shall
of
10%
of
amount
Curb Exchanges issued May 1. The summary says:
its
an
against
in
and
offset
tax
franchise
an
be entitled to
taxes paid on real estate to counties, cities and other political subdivisions
The Curb market was not created until June, 1928, hence a comof the State, but the total offset can not exceed 75% of the franchise tax. parison of the two exchanges this year with the total market trading
Each auxiliary corporation shall be entitled to an offset against its fran- for 1927 and 1928 as represented by the Stock Exchange.
chise tax, in the amount of taxes paid upon its real and personal property
A total of 26,703,872 shares and $282,040,066 in value of transto any county, city and county, city, town or other political subdivision actions is shown by the two exchanges for the first four months of the
of the State, but the total offset shall not exceed 75% of the franchise current year, compared with 27,096,535 shares and valuation of $23,tax and in no case shall the taxpayer be entitled to offset more than 10% 565,278 for the entire year of 1927. The 1929 figures -also compare
of its real propsty taxes. In any event, each such corporation must pay with 16,927,972 shares and valuation of $209,411,100 as shown for
the first four months of 1928.
annually a minimum franchise tax of $25.
Average price of listings on the Los Angeles Stock Exchange reached
The bank and corporation tax measure is timely and fair. Payments
value
of State taxes by certain National Banks have been subject to considerable a new peak of $51.05 in April of the current year, with market
average price of
litigation in recent years, awing to the unsatisfactory method of taxing of all listings at $5,742,832,281, as compared with an
and
1929,
March,
for
shares of bank stock. It is to be hoped that the new tax measure will $49.80 and total market value of $5,582,983,480
of $4,824,507,375
resolve all questions concerning the legality of bank taxation in California. an average price of $47.05 and total market value
Under the new measure, the amount of taxes paid by banks will be for April last year.
Trading on the Los Angeles Stock Exchange for the month just
approximately one-third of the amount paid under the old law. The banks
tone of the security market generally.
were greatly overtaxed, in comparison with other competing corporations, closed reflected the hesitant
1,105,335 shares and value of transactions
under the bank share method, which has sow been abandoned. The new Share turnover involved
with activity distributed as follows: Oils, 795,458
measure does not favor banks; it merely taxes the franchises of banking reached $35,274,482,
in transactions of $20,158,600, banks, 31,689
corporations on the same basis and at the same rate 29 the franchises of shares with valuation
shares, $4,975,772; industrials, 71,119 shares, $3,007,775; public utiliother corporations.
ties 46,865 shares, $2,010,547; miscellaneous, 113,491 shares, $4,986,403; rights, 46,713 with a value of $153,385; and bonds, $86,000.
Control of First Money Call Company of America Acquired
By Merchants & Traders Bancshares Corporation.
Control of First Call Money Co. of America, organized
April 30, to permit "public participation in the call money
market in small amounts," was acquired on May 8 by the
Merchants & Traders Bancshares Corporation. The latter,
an investment trust, deals in bank securities. It is capitalized at 900,000 shares of class "A" stock and, according
to published announcement, will have upon completion of
present financing, capital and surplus of $11,250,000.00. The
major portion of the earnings of the First Call Money Company of America it is stated will thus go to the Merchants
& Traders Bancshares Corporation. John H. Allen, President of the First Call Money Company of America, has also
been elected President of Merchants & Traders Bancshares
Corporation. He is at present the President of the American Foreign Banking Corporation and was formerly VicePresident of the National City Bank. Other officers includes Charles R. Van Etten, Vice-President, and Joseph R.
Wilson, Jr., Secretary and Treasurer. The remainder of
the board of directors is as follows:
Philadelphia Stock Exchange Names Money Committee.
f The following is from the Philadelphia "Record" of MaKS:
The Board of Governors of the Philadelphia Stock Exchange yesterday
approved a plan to form a money committee.
M. F. Middleton, President of the exchange, announced the appointment of the following committee to co-oprerate with the banks in matters
pertaining to Philadelphia Stock Exchange call loans; Horatio G. Lloyd,
Chairman; James G. Winsor, J. W.Sparks and the President and Secretary
of the exchange ex-officio members.
Trading in Outside Securities in Boston.
From the Boston "Herald" of May 7 we quote the following:
The Outside Securities Association of Boston initiated trading yesterday
in securities listed elsewhere than on the Boston Stock Exchange. Transactions were made in four issues,the most active of which was United Corporation, which fluctuated between 68( and 66%. the last figure representing
the close for the day.
The association is composed entirely of members of Boston Stock Exchange and is formed for the purpose of furnishing a market for outside
securities of primary local and New England interest. The association is
independent of the local exchange although arrangements have been made
whereby sales will be transmitted over the local exchange ticker with the
letter X following the stock symbol to denote that the sale was on the OutB. L. Attwater, Vice-President, Wm. Wrigley & Sons.
were as follows:
Philip j. Carpenter, Vice-President, Central ,National Bank of Wil- aide Securities market. Sales
High. Low. Close.
Shares Stock— •
mington, Del.
844 84% 84H
6OBendlxAvla.wI
P. F. Gusick, Cusick & Co., member of New York Stock Exchange.
935.5 913' 913(
373 Elec. Bond & Share
Charles A. Ernst, organizer and founder of Viscose Co. of America.
865.5 84% 853.5
190 Union Carbide & Carbide w i
Perry C. Ernst, President of Livingston County Trust Co.
68%
665.5 665.5
1690 United Corporation
Daniel 0. Hastings, United States Senator from 'Delaware.
Boston,
from
accounts
Press
Col. Lewis Lendes, attorney.
Associated
to
According
Edman Mitchell, director, Wilmington Trust Co.
the Boston Stock Exchange said:
from
statement
May
a
6
of
Bank
Williamsburg,
Savings
C. C. Mollenhauer, President, Dime
quota"BY giving such stocks the benefit of a central market place and
Brooklyn.
expects to intion service the management committee of the association
Joseph Nemerov, President, Park Plaza Hotels Corporation.
crease their collateral value as well as their investment value to the private
William M. Nevins, Treasurer, Nevins Bus Lines.
holder."
Chas. D. Newton, former Attorney-General State of New York.
Frank Russek, organizer and founder of Russek's Fifth Avenue, Inc.
Albert E. Sheridan, President, Union Mutual Auto Insurance Co.
Portland (Ore.) Grain Exchange Designated for Wheat
R. Rush Stoddard, principal stockholder, West India S. S. Co.
Regarding the alliance between the two organizations a
statement issued May 8 says:
Although the First Call Money Company of America will confine
its activities to placing loans of the public on call, on a brokerage
and percentage basis, it will have the added support of the combined
assets of the two organizations. A majority of the board of First
Call Money Company of America are represented by the directors of
the Merchants & Traders Bancshares Corporation, Calvin A. Owens,
originator of the call money corporation plan, remains on the board
as Director and Vice-President of First Call Money Company of
America.
The Merchants & Traders Bancshares Corporation different somewhat
from the average investment trust in that the corporation has entered into
no managerial contract, the affairs of the corporation being managed
by the directors through its executive committee and active officers.
In addition to investing its funds in New York City bank stocks, the
policy of the corporation provides for acquiring substantial investments in sound banking institutions located at pivotal points throughout
the country. In this manner the close association between the corporation and interior banks is planned whereby the public may participate in call loans through the corporation's subsidiary, First Call
Money Company of Amerca.
The two corporations have established executive offices on the 16th
floor • at 30 Broad Street.
An item regarding the organization of the First Call
Money Company of America was published in our issue of
May 4, page 2921.
Future Trading.
The Portland Grain Exchange of Portland, Oregon, was
designated a "contract market" for wheat in an order signed
on April 30 by Secretary of Agriculture Hyde. The action
came in response to an application from the exchange, which
has complied with the conditions and requirements of the
Grain Futures Act. This makes the second market in the
Pacific Northwest permitted under the Act to carry on
future trading in wheat, the Seattle Grain Exchange having
been designated a "contract market" for wheat in January
1926. The grain exchange of Vancouver, B. C., has been
trading in wheat futures since last fall. The Secretary's
order to the Portland exchange follows:
Pursuant to the authorization and direction contained in an Act entitled
"An Act for the prevention and removal of obstructions and burdens upon
inter-State commerce in grain, by regulating transactions on grain future
exchanges, and for other purposes," Public No. 331, 67th Congress, known
by the short title of "The Grain Futures Act," I, Arthur M. Hyde, Secretary
of Agriculture, do hereby designate the Portland Grain Exchange, of Portland, Oregon, as a "Contract Market" for wheat under said Act, said
Grain Exchange having applied for, and having otherwise complied with
the conditions and requirements of said Act as a prerequisite to, such
designation. Such designation is subject hereafter to suspension or revocation in accordance with the provisions of said Act.
3118
FINANCIAL CHRONICLE
Farm Production Map Is Changing, According to
Marketing Specialist of Department of Agriculture.
Eastern farming sections are staging a "come-back" in
fruit and vegetable production, says Wells A. Sherman, marketing specialist of the Bureau of Agricultural Economics,
United States Department of Agriculture. "Improved local
transportation, improved seed, better fertilizers, and better
methods of disease control," he says, "are increasing potato
yields in many of the older farming sections where a few
years ago it was believed that potatoes could not be grown
profitably in competition with the new lands of the Lake
States and beyond." Under date of May 1 he adds:
[VOL. 128.
"The case is really no different when you buy a share of the stock of
an industrial corporation that does not use tht proceeds to build a new
factory or buy new machinery or increase its equipment for production,
but, instead, uses it to build up a corporate surplus and itself makes a
loan on the New York time loan market. There you are really making
a deposit with the company, which, in return, is making a loan, and it,
too, is in the Invisible banking system.
Compares Organized Banking.
"This banking system is quite different from the regular, legal, organized
banking system. It is quite untroubled by State laws. It is never bothered
by these recurrent visits of the bank examiner. It does not have to report
the details of its operations to the Federal Reserve System. It does not
care what the bank reserves are. It has no obligation, either legal or
implied, for the safeguarding of the credit system, and yet it is in the
banking business.
"What has been the effect of this inflation on security prices?
"Producers of fruits and vegetables who are hundreds or thousands of
"Out of my investigation of the present credit situation I have come to
miles from the large markets must realize the change which is gradually the conclusions that there is going on in this country a very
serious degree
coming over eastern agriculture by the building of good roads and the of a new kind of credit inflation; one that is rapidly impairing
the usefulgeneral use of the motor truck. Time was when farmers hauled their ness of our •commercial banking system because it is resulting in
taking
products to market by wagon fifteen miles through heavy mud or dust. corporation money out of the banks and banking it in the loan market;
Farmers who lived beyond this radius found it impracticable to grow one that is rapidly undermining our Federal Reserve System,
because all
fruits or vegetables unless they were on a railroad. Even then they were of this is outside of the control of the Reserve System.
dependent upon the services of a commission merchant with whom they
"I do not believe it is of value or valid to blame this on the speculative
were not in close touch, and whose returns were often under suspicion.
proclivities of the American people. I do not think it is helpful for us to
"To-day the hard-surfaced road and the motor vehicle have brought say that it is the result of anything the Federal Reserve System has done,
almost every acre east of the Mississippi into actual or potential competi- that it should not have done or has refrained from doing. I do not think
tion. Almost everyone can grow fruit or truck if he has any land especially this is primarily a matter the responsibility of which is to be laid at the
adapted to it, and he can haul it to market himself, hire a' local truck to door of the Federal Reserve System. It is due to a progressive expansion
haul it to a market, or sell it to an itinerant truckman who will often of credit use in this country, uncontrolled by bank reserves; and the major
pay cash and may sell in cities hundreds of miles away."
factor in this escaping of credit use from bank reserve control is to be
"This situation," Mr. Sherman concludes, "will make it found in the brokers' loan market in New York City.
increasingly difficult for territories such as the Red River
Valley to expand their markets for potatoes in the East except at relatively low prices, for it seems to me that the
competition of eastern grown products is likely to be increasingly severe. Many of our producing areas are in a process
of change and adjustment, and the fruit and vegetable map
of the United States is likely to be considerably modified
within the next ten years."
Col. Leonard P. Ayres of Cleveland Trust Co. Before
U. S. Chamber of Commerce Discusses Growth of
Credit Inflation and Part Played by "Invisible
Banking"—Urges Measures to Control Latter.
Col. Leonard P. Ayres, Vice-President of the Cleveland
Trust Company, who in the April 15 Business Bulletin of
that institution, called attention to what he called the "Invisible banking system" (his comments were given in our
April 20 issue, page 2555), discussed the subject further,
at the annual meeting of the Chamber of Commerce of the
United States, in Washington May 2. The "invisible" system
and not the Federal Reserve Board or a natural speculative
proclivity on the part of the American public was to be held
to account for the present situation, Mr. Ayres declared,
adding that one way to reach a solution is to establish a
new control over the call loan market in New York. The
foregoing sentence, indicating Col. Ayres' remarks before
the Chamber, is taken from a Washington dispatch to the
New York "Times," from which the follow1:4 is likewise
quoted:
Says Banks Cannot Control.
"The commercial banks cannot control this situation. They have an
obligation concerning it, and that obligation is to come to the rescue of
the call loan market once a month, and that they do; and once a quarter
they come to the rescue of the loan market in a very great degree.
"But while they rescue it each month they cannot control it. They
cannot control it because it is located outside and does not consist of bank
loans, and BO, gentlemen, in so far as the major part of this extremely
puzzling credit situation is concerned the solution is to be found not by
new legislation that might be enacted by Congress concerning the Reserve
system, not by exhortation on the part of any one of the banks to try ts
control this situation, but rather it is going to be found in the place froze
which it comes, and that is by some form of control, legislative, voluntary
or a combination of both, or some other kind of control in the call loan
market of the New York Stock Exchange."
New York Federal Reserve Bank on Gold Movement.
A net gain of about $09,800,000 of gold to this country during April is indicated in the following on the gold movement,
taken from the May 1 Monthly Review of the Federal Reserve Bank of New York:
There was a further gain of gold to this country through net imports
and earmarking transactions during April. As in March the gold imports
were largely from Germany and Argentina; shipments from Germany
amounted to about $14,500,000, and shipments from Argentina to $6,425,000.
Substantial amounts of gold were released from earmark for foreign
account during April, and although there were additional earmarkings In
the latter part of the month, the reduction for the month in gold held
under earmark here amounted to approximately $48,600,000. These
preliminary figures Indicate a net gain of about $60,800,000 of gold to
this country during April through the release of gold from earmark and
through imports.
The accompanying diagram [This we omit.—Ed.] reviews the gold movements since the beginning of the year, as shown by the weekly statements
issued by this bank, with minor adjustments based on final figures reported
by the Department of Commerce for the first three months of the
year.
Mr. Ayres said the banking system to which he referred was made up of This shows that this country has gained steadily through an
excess of
large corporations and investment trusts which placed their excess funds imports over exports of gold since the begining of the year, but
that
a
on the call market, which, free from restrictions, their loans had grown substantial earmarking caused a loss of gold early in January
which more
to be a very important factor in the last three years. Control of this than offset imports until the second week of February. The net
gain of
activity, he declared, should be either legislative or voluntary.
gold remained comparatively small until April, when the release of earMr. Ayres in his address said:
marked gold, combined with further imports, raised the net gain of gold
"I want to draw three inferences from facts as assembled. First, that since the beginning of the year to about $110,000,000. The figures in the
there is going on in this country an important and increasing kind of credit diagram cover the period through April 24, and transactions between that
inflation; second, that its nature has largely escaped detection because date and April 30, while included in the aforementioned totals, are not
the figures are not available in banking reports, and third, it is directly shown in the diagram.
related to stock speculation.
As concerns gold movements abroad, the principal events have been:
"I should be willing to suggest that the main cause of this credit infla- (1) The drain of some $131,000,000 in gold out of the Reichsbank since
tion has been a development in this country in the past three years of a the first of the year, of which over $120,000,000 was lost in the first
vast, rapidly growing, unofficial, Invisible banking system; a banking three weeks of April; and (2) the gradual acquisition of nearly $33,000,000
system by which the corporation having excess funds, loans those funds to in gold by the Bank of England since the increase of its discount rate
on
the call money market of the New York Stock Exchange, and builds up February 7 to 5%%.
what we have come to know as loans to others—brokers' loans for the
account of others.
Says System Takes "Deposits."
John Foster Dulles Says Stock Exchange Operations
"Why should we call that a banking system? It Is true these are not
Threaten Ability of Federal Reserve Board to
bank loans and they do not require nor are they controlled by bank
Solve Exchange Problems.
reserves. From an economic point of view they are like a personal loan
thatayou might make to me or I might make to you, which certainly do
Commending "the skill and wisdom with which our central
not affect the bank reserves and are not controlled by them.
"But a bank does more than merely make loans. It takes deposits. banking authorities have constantly guided our own moneThis is what the new invisible banking Etcetera is doing. It has entered tary rates in relation to those of the world," John Foster
the banking business. It is taking deposits and making loans.
Dulles, of Sullivan & Cromwell, New York, stated on April
"When you buy a share of stock in an investment trust and the investment trust puts that money on call, you are making a deposit. What -you 29 that "the maintenance of such control has in the past
are really doing is saying to the investment trust: 'Gentlemen, here Is brought conflict with stock market speculators." "At
the
some of my money that I want you to take and operate with, because I moment," he
said, "It is our own Stock Exchange operations
have faith that you will be able to use it more effectively than I should.'
And investment trusts take and put it on the call loan market, awaiting which threaten the ability of the Federal Reserve Board to
the time when they can buy securities at lower prices.
solve in the future, as in the past, the exchange problems
"I believe, in this way, you have made a deposit and the Investment created by a creditor
position coupled with a vast excess of
trusts are in the banking business. They have made a loan and your deposit
is not merely a time deposit. I think in many instances it is a deposit in exports over imports." Mr. Dulles' comments were made
eternity.
at the annual dinner in Washington of the International
MAY 11 1929.]
FINANCIAL CHRONICLE
3119
our exports money is
when foreigners require extra dollars to pay for
cheaper with us than with them.
create the conditions
This alone does not solve the problem but does
rates means that those
precedent to its solution, for the disparity in
the sale of bonds or
abroad who need to expand their capital through
the cheapest market. Under
other securities naturally look to New York as
for example, would seek to
such circumstances a German public utility,
at home or in any of the other
sell its bonds in New York rather .than
n gives rise to a dollar
financial centers. If it does so, then the transactio
utility. The public utility,
credit in New York in favor of the public
rather marks, since
. A speculative mania has however, probably does not want to spend dollars but
"The problem is primarily one of psychology
material and
contend that it is its expansion is to occur in Germany, largely with German
threatened to sweep the land. I have heard no one
the Reichsbank and obtains a
to
goes
it
y,
it
make
Accordingl
may
it
labor.
checked
German
healthy. It is of such proportions that unless
latter then becomes
to maintain the money mark credit in exchange for the dollar credit which
impossible for our central banking authorities
exchange reserve of the Reichsbank. The next step
reserves
foreign
gold
Our
the
of
require.
part
interests
national
broad
our
conditions which
the Reichsbank and
if these reserves is when a German importer of cotton or wheat goes to
suffice, it is true, to give cheaper money to-day. But
The exchange is
market psychology seeks dollars in lieu of the marks which he possesses.
were thrown into the balance with the present stock
the public utility securities
of
sale
the
of
proceeds
dollar
absorpan
and
the
boom
effected and
as it is, would it not mean merely a new stock market
exporters of cotton or grain and the
"
thus pass into the hands of our
tion of all the newly releascd credit for speculative purposes?
seasonal movement is financed.
by which the problems which
We give herewith Mr. Dulles' address in full:
The foregoing is typical of the processes
been solved and
I do so were posed at the beginning of the decade have in fact
I propose to say a few words about the Federal Reserve Board.
currencies and to
the Board and foreign nations enabled to buy gold to reestablish their
with intrepidatict, for I frankly admit to a high opinion of
Treasury and
our
to
pay their debts
broadcasted
get dollar exchange wherewith to
Its policies, whereas if one can believe a statement• recently
of surplus exports over imports. The off00,000
the
$10,000,0
against
%
2
/
971
are
the
finance
country
this
to the world, the industrial leaders of
primarily the foreign securities which we
setting item has of course been
policies of the Board.
00,000. The
ly because have purchased during the decade aggregating some $12,000,0
particular
,
statement
that
by
puzzled
been
having
to
I confess
since in relation
one being that the amount, while large, need not be regarded as alarming,
private
of two other statements with which it was coupled—
American
of our Govern- to our wealth and the current purchasing power of money
Federal Reserve Board is by far the most powerful agency
than those of England, France or Germany
less
far
"that
are
prosperiay
of
abroad
s
period
investment
a
ment, the second being that we are enjoying
In 1914.
is the envy of every nation on earth."
can study the financial events
power should co-exist
I do not believe that any impartial historian
It is curious that so great financial and economic
results which have been
were
the power
decade without recognizing that the
unless
past
the
prosperity
of
economic
and
financial
so
great
with
with which our central
conclusion is that the achieved are due primarily to the skill and wisdom
wisely and beneficially exercised. The only other
our own monetary rates in
guided
constantly
have
Reserve
Federal
s
the
authoritie
that
banking
prosperity of the past decade has been so inevitable
skilled hand which
This is, I fear, the point of relation to those of the world. It has been a firm and
Board has been unable to prevail against it.
controlled the flow of money in the light of the
and
d
throttle
engendere
bitterness
a
with
the
problem
has
held
the
approach
view of all too many who
export commodities.
the Board and its policies needs of our nation as a whole and in particular of our
by recent stock market losses. But I submit that
nation have gone
but by the results obtained Under no other conditions could we as a great creditor
should be judged not by any passing phase
of about $1,000,000,000 per year in
on piling up exports at the rate
over a considerable period of time.
nt and one to
recall that it was then excess of imports. It has been an amazing achieveme
If you will turn back with rise to 1919 you will
prosperity Is largely ascribable.
but
inevitable
from
far
present
prosperity
was
our
only
which
not
that
generally recognized
the Federal Reserve Board, se
of a most
Why is it that an instrumentality such as
that we were faced with economic and financial problems
unpopular?
from the war with our productive of good in the past has suddenly seemed to become so
serious character. It is true that we emerged
of the past
re- The reason is, I suppose, that the maintenance of the policies
productive facilities vastly increased, with an outside world urgently
banking authorities of the world shall each be in
quirity our goods for reconstruction purposes, with the greater part of the implies that the central
rates that there can continue to be an intellimoney
our
ts
Allied
the
local
with
Governmen
of
and
vaults,
control
such
world's gold supply in our
. The maintenance of such control has in the
adjustment
nal
00,000,
internatio
$10,000,0
gent
some
of
extent
debtors to the
perhaps
with stock market speculators. You will
These very elements of strength were however elements of weakness, for past brought conflict
ago,
of the Berlin bourse of some two years
they evinced an unbalanced and consequently dangerous international situa- recall the "Black Friday"
measures
of the Reichsbank authorities for the
tion. The fact that we held the bulk of the world's gold meant that the and of the bitter abuse
the
At
reestablish their control of money rates.
rest of the world was practically drained of gold and had consequently been which they tack to
operations which threaten the ability
exchange
stock
paper
ble
own
either
were
irredeema
our
currencies
is
it
Foreign
moment
forced off a gold basis.
the
Board to solve in the future as in the past
or based on-other commodities than gold. There was serious danger that of the Federal Reserve
by a creditor position coupled with a vast
gold would be permanently displaced as an internationally accepted medium exchange problem-s created
imports.
for payment, which would mean that the vast stocks which we had excess of exports over
past which brings this danger for the
It is the very success of the
accumulated would largely lose their value.
has been a general enhancement of
there
years
recent
on
only
existed
paper.
they
during
future. For
Insofar as the Allied debts were concerned
great industrial corporations. This
our
of
stocks
it
how
be
would
common
apparent
not
the
was
it
of
value
and
the
No payments were being made
that it has attracted the attention of virtually
dollar
constant
exchange
the
called
so
procure
to
ts
been
has
rise
governmen
feasible for the debtor
by the
and has induced a speculative movement marked
for by the terms of the bond. Cancellation was freely predicted and the whole world
on of principal through
abandonment of fixed yield for quick appreciati
advocated.
circle of
with reference to the stock operations. I am sure that each of us counts among his
A related but even more serious problem existed
who have no personal
means
limited
of
persons
to
be
was,
many
sure,
ces
great
There
acquaintan
.
personal
disposal of our vast potential production
bonds
and paid for knowledge of intrinsic stock values yet who have disposed of good
need abroad for our goods, but they could not be bought
we were in order to speculate in common stocks and which speculation is conducted
and
exchange
dollar
procure
could
purchasers
foreign
unless the
carrying stocks on margin.
not only through outright purchase but by
not willing to facilitate this by tariff reductions which would have let in
We were faced As part of this movement there has developed an unprecedented demand
foreign goods to a value equal to our desired exports.
who engage in this adventure are 60
with the problem of how to expand exports without increasing imports for money to carry stocks and those
will continue that they are willing
in a manner which would seriously affect our own industries and tend to confident that the upward movement
wherewith to carry securities
money
for
abroad.
20%
even
obtaining
level
the
and
to
15
living
of
10,
pay
to
lower our standard
There were many sound economists who felt that these problems were yielding pertiaps 2 or 3%.
where it will command the
Since money inevitably flows to the point
insoluble ; that a new currency basis other than gold was inevitable; that
there has been a sucking in of
the Allied debts would have to be abandoned; and that we must either highest yield commensurate with safety
all parts of cur own country
curtail our exports or increase our imports in order to bring the two money to the stock market not merely from
10% the short term
but also from abroad. When call money commands
items into balance.
can get this return. It is
In fact, none of the gloomy forecasts of 1919 have been realized. One money of the world starts to flow where it
rediscount rates which will
after another the foreign nations have reestablished their currencies on a impossible or the foreign central banks to fix
s are willing to pay. Already
gold basis. The Allied debts have been funded and payments of interest compete with the rates which stock speculator
have raised their rates in an
and principal are regularly being made. Our exports have gone forward the foreign central brnks, one after another,
efforts short term funds
at a very high rate and far from being forced into level with our imports effort to meet the situation, but despite these
abnormal demand upon the
an
per
creating
0,000
$1,000,00
of
rate
about
thus
at
the
them
Europe,
exceeded
have currently
still flow from
which their citizens would use
annum for the past ten years.
foreign central banks for dollar exchange
brokers at 10%. The
That these results have been accomplished is not due to accident or to not to pay for American goods but to loan to
interest in fixed return
the fact that the difficulties which had been foreseen were unreal. The situation is aggravated by the complete loss of
to sell bonds to any
results obtained were possible by, and only by, the maintenance throughout securities which renders it virtually impossible
the process whereby in the
the decade of money conditions which would permit foreigners to obtain considerable extent. Thus we see a reversal of
dollar exchange wherewith to
dollar exchange supplementary to that arising from such normal sources past foreign countries have obtained the
and finance their purchases
debts,
dollar
Only
etc.
their
s,
pay
remittance
es,
basis,
immigrant
gold
expenditur
us,
tourist
their
to
as imports
maintain
with such supplementary dollar funds could they buy gold for the re- of our goods.
with through the foreign
The rituation for the time being is being dealt
establishment of their currencies, pay their war debts, and pay for the
the disposal of the gold
central banks obtaining dollar exchange through
excess of our exports over imports.
their currencies. The
The respoisibility for such monetary conditions devolved upon and has and foreign exchange reserves accumulated behind
months been losing
recent
during
have
Europe
Reserve
in
banks
Federal
the
and
Board
principal central
been ifischarged by the Federal Reserve
rate of $100,000,000
aggregate
the
at
reserve
guided
and
exchange
adjusted
skillfully
who
York,
foreign
of
New
ly
and
that
gold
Banks, particular
when the banks are ordinarily
money rates so that in general those prevailing in New York would be per month. This is during a seasonal period
position in contemplation of the heavy
sufficiently below those prevailing abroad to induce short term and long building up their foreign exchange
fall. Obviously this situation cannot
term security operations calculated to put adequate dollar exchange at seasonal demands of the summer and
will mean the realization of the
long continue without a collapse which
the disposal of foreigners requiring it for the purposes I have indicated.
ten years ago, but which since then have
It is perhaps worth while for me to illustrate more concretely the way dangers which were forecasted
in which our central banking authorities have functioned in this matter.
been so successfully avoided.
deciding whether
Let us assume that the Board, through its study of trade movements,
The problem with which we are faced does not involve
inherently
foresaw that European buyers would require extra dollar exchange in or not stock prices are too high or whether brokers' loans are
power,
the fall of 1927 if our prospective cotton and grain exports were to be excessive, or whether the Fecieral Reserve Banks have the legal
any clam
absorbed. In anticipation of that siutation the Board may have mapped which I do not understand they assert, to discriminate against
cut a program designed to create lower money rates here than abroad. as a recipient of credit.
A speculative mania has
This might mean a lowering of our own rate or inducing foreign banks
The problem is primarily one of psychology.
te raise their rates, if our own rates could not be reduced without danger threatened to sweep the land. I have heard no one contend that it is
ly
the
legal
near
ratio
dangerous
reserve
limit.
it may make it
of inflation or reducing our
healthy. It is of such proportions that unless checked
In one way or another, however, a situation is created so that at the time impossible for our central banking authorities to maintain the money
Our gold reserves
conditions which our broad national interests require.
• W. C. Durant statement of April 14 1929.
that "the problem
Chamber of Commerce. He contended
deciding whether
involve
not
does
faced
are
with which we
whether brokers' loans
or not stock prices are too high or
the Federal Reserve
are inherently excessive, or whether
understand
Banks have the legal power, which I do not
as a recipient
class
any
against
nate
discrimi
to
assert,
they
of credit." He went on to say:
3120
FINANCIAL CHRONICLE
suffice, it is true, to give cheaper money to-day. But if these reserves
were thrown into the balance, with the stock market psychology as it is,
would it not mean merely a new stock market boom and an absorption of
all the newly released credit for speculative purposes? We would have
exhausted our reserves without accomplishing our objective. There is
thus the danger that our credit base cannot, under present conditions,
meet potential speculative demands as well as the economic needs of our
nation as a whole.
The past ten years exemplify a monetary policy which has adequately
met our national needs and brought us unprecedented prosperity. If those
who have administered that policy warn that its continuance is imperiled,
It behooves all prudent men to heed.
[VOL. 128.
tors" who are opposing the Federal Reserve system policy—it is the
continual generation of fresh American capital upon an absolutely
unprecedented scale, and the inevitable tendency under present Federal
Reserve policies for this capital to seek investment in the very call
stock market loans which the Reserve is apparently desirous of
deflating.
If capital is to be prevented or hindered from flowing into stock
market loans, it may be that some obstacle could be placed
in the
way of capital entering bank deposits. This,
however, opens many
complicated questions in modern commercial banking upon which
I
do not feel altogether competent to express an opinion.
But it must
be obvious that capital is entering our banks very freely today,
and
thereby changing their ordinary status and technique.
ary 2nd this year, total member banks of the Reserve As of Janusystem posPresident Simmons of New York Stock Exchange in De- sessed deposits of 21.0 billions of dollars, of which
13.9 were demand
fense of Brokers' Loans Declares They Do Not Promote and 6.9 were time deposits. Obviously the time deposits were almost
all capital rather than credit, and in
Gambling—Sees Harm in Federal Reserve Policy of proportion of the demand deposits wereaddition probably a considerable
also. The effect of this entry
Tightening Credit—Advocates Rediscounting of Stock of capital into our banking system is seen in the accompanying figures
of loans and investments. On January 2nd, 1929 the
member banks
Market Loans.
of the Reserve system showed total loans and investments
of
The subject of "Stock Market Loans" was discussed at billions, of which 9.0 billions were in so-called commercial 22.7
loans
(including,
of
course,
loans
to
producers,
distributors and consumers),
considerable length by E. H. H. Simmons, President of the
7.8 billions were in loans on securities, and 5.9 'billions
were in
New York Stock Exchange, on May 9 in Chicago, at the security investments themselves. Thus
out of 22.7 billions total loans
annual dinner of the Chicago Stock Exchange. Observing and investments, there were 12.7 billions (or over 55%) in securities
that one of the fallacies concerning stock market loans is or loans on securities, and less than 45% in the so-called commercial
loans. It therefore might be asked whether our commercial
banks today
that they promote "gambling on the stock exchanges," Presi- have not expanded their function to include the
handling and investment of capital as such, instead of adhering to the strictly orthodox
dent Simmons said:
I do not need to remind you that this is a most serious charge, conception of commercial banking. It of course lies within the
since gambling transactions are practically illegal as such, and since province of Congress to raise the reserve requirements for time
settlement upon them cannot legally be enforced in the courts. If deposits, and this may seem a desirable step. Certainly if the entry
this assertion were true, very obviously our public authorities have of capital into our bank deposits, with the consequent expansion of
been curiously remiss for over a century in not closing every stock security investments and loans on securities, is a dangerous tendency
exchange in the country. Actually, of course, there is no truthful in modern American banking, this danger should be cured at the
foundation for this statement, and no well-informed person will repeat source. But I believe myself that any such step should be taken,
it unless his delight in using spectacular language wholly over-balances if at all, only after very careful reflection. I am not inclined to
either his knowledge or his sense of the truth. Transactions on the think that action along this line would constitute any cure-all for
New York Stock Exchange, and on all of the legitimate stock ex- alleged deficiencies in our banking system, which after all may not
changes of the United States, consist of actual purchases and sales. actually be deficiencies at all. The figures which I have cited, howAll contracts made on such exchanges are enforceable at law, and ever, should instil a little caution into those critics of stock market
contracts on the New York Stock Exchange are more quickly and loans who can see in them nothing sound or beneficial. Under the
thoroughly enforceable than upon any major stock exchange in the circumstances which the above statistics reveal, it is difficult to comworld. If the transactions on our stock exchanges are illegitimate, prehend how the banks of this country could help having large loans
then by the same process of reasoning every purchase and sale on securities or large security investments.
In part, the difficulty which the Reserve system experiences in
throughout American business is also illegitimate. The phrase "gamLling on the Stock Exchange," is therefore a mere abusive epithet regard to stock market loans arises from the prohibition contained in
without a shred of actual evidence to justify it. Brokers' loans do the Federal Reserve Act against rediscounting them. The original
not promote gambling. Sometimes, indeed frequently, they subserve theory of Federal Reserve rediscounting was that it should be cona speculative purpose. But speculation differs completely from gam- fined purely to commercial loans and that it would work almost
bling, not only under the law, but also in its economic character and automatically. With the coming of the war, however, Reserve banks
function. Speculation on its part is a force which pervades every were empowered to invest directly in U. S. Government bonds and
field of American business and economic enterprise. Sometimes critics also to lend money upon them. These so-called "war powers," although
of stock market loans, lacking other arguments against them, solemnly quite contrary to the original theory of the Reserve Act, nevertheless
inform us that they finance speculation—as if practically every bank gave the system flexibility and practical ease •f operation. It was
in accord with foreign central banking practices, and assisted in
loan of any kind did not do precisely the same thing
avoidI challenge
anyone to point out to me a single class of transactions in which any ing the practical difficulties entailed in rediscounting small and varied
commercial bank in this country has ever ,engaged, that did not commercial instruments. In recent years, owing to the economic
revolution through which American business and finance have been
involve speculation.
going, there has occurred a remarkable shrinkage in the loans eligible
President Simmons contends that stock market loans for rediscount.
Our Federal government has been reducing our na"perform a regular and vitally important function in
tional debt at the rate of roughly a billion dollars a year, and if this
faprocess continues, in some fifteen years there may remain no Federal
cilitating the gradual distribution of securities from
their securities for the Reserve banks to purchase or lend upon. Furtherissuers to the American investing class," and "to many
more,
commercial paper of the open-market type particularly eligible
of
for rediscount has been shrinking greatly, in proportion as business
us," he said it is "still a deep mystery why there is
such companies
in this country have obtained their funds from the securities
pressing necessity to deplete security loans today."
He de- market rather than from borrowing at the banks. The Federal
Reclared that "it is important that the real solution
serve
consequently
faces in the future a situation where extensive
of this
rediscounting may prove very difficult because of a lack of redisproblem be arrived at as speedily as possible,
since the countable
loans. Obviously under such circumstances, the value of
bad effects of the Reserve policy of tightening credit
have the Federal Reserve system to American business would decline in
become clearly apparent," and the statement was
made by proportion. Inevitably the time is coming, therefore, when if only
for the good of the Federal Reserve system itself,
him that "inevitably the time is coining when if only
the rediscounting
the of security collateral loans
should be undertaken.
good of the Federal Reserve system itself, the rediscounting
Many fear that such a step would involve the extensive
use of
of security collateral loans should be undertaken.' In part Federal Reserve credit
in the stock market.
much Federal Reserve credit in stock market But there probably is
his remarks on this point follow:
loans today, and under
The reason why the Reserve policy of tight money has failed to the ptesent system the Federal Reserve cannot prevent it. Indeed,
it is likely that if a careful and conservatve
reduce stock market loans is, as I suggested a moment ago, because
system of rediscounting
the funds employed in these loans are today to so large an extent security loans could be evolved, less Reserve credit would get into
the stock market than has already
done so without such a rediscapital, and not mere bank credit. When one clearly realizes this, one
can understand just what has happened with stock market loans over count privilege. Neither do I believe that rediscounting security
loans
would necessarily lead to inflation. I may point out that no
the past year. The more fear propaganda, warnings and vague threats
one desires inflation in the stock
the Federal Reserve system has issued, naturally the more it has immarket
than the New York
Stock Exchange itself, because the inevitableless
following deflation must
pelled owners of capital to place their funds in the safest form of be
borne primarily by members of the
Exchange and their customers;
loan which they could obtain. Stock market call loans are without in
1919-1921, for example, stock market loans were deflated over
question the safest form of investment known in this country. As a without
60%
the loss of a penny to any lender, but the losses to
result, fresh capital has been continually driven into call loans, little of
the Exchange and their customers are still recalled. If members
security
as the Federal Reserve authorities apparently have wished this to
loans
happen. Normally a capitalist might put his capital into stocks or rate were to be rediscounted at the Reserve banks, their rediscount
bonds, but under continual vague warnings from our highest bank abovecould be maintained above the market rate, and both these rates
the
authorities, he can scarcely be blamed for lacking confidence in the successfullysimilar rates for commercial loans. This system has been
employed by the Bank of England for many years, and
stock market and for choosing call loans as an investment. In addithere seems to be little evidence that in London it has caused inflation.
tion, the tight money policies of the Federal Reserve have succeeded The
Bank
of
England is not alone in permitting the rediscount of
in raising interest rates on call loans to exaggerated levels, far above
the yield on any class of securities in our market. This policy again security collateral loans other than on government securities—under
varying
conditions, the same practice is permitted by the aBnque de
has only inclined the owner of capital to invest his money where
it
will bring the higher return. As a result, security loans from "other France, and in Berlin by the Reichsbank. The Federal Reserve
system
is
therefore the exception rather than the rule among central
lenders" have continued to mount, due to the very policy which the
Federal Reserve system has mistakenly been pursuing. We have not rediscounting banks, in especially barring security loans.
Such an ability to rediscount stock market loans would enable the
been told precisely what the Federal Reserve authorities have thought
Reserve system to
about all of this. I do not wish to accuse them of persisting in
a call loan market. obviate the recent ridiculously uneven rates in the
Rates of 15 or 20% on the soundest banking loans
mistaken policy merely out of stubbornness of opinion. I would only
remind them that despite the great powers over credit vested in the in this country are clearly an absurdity which could readily be prevented
by
permitting
administration of the Reserve system under the law, and despite the
the Reserve banks to maintain closer contact
even greater power which in Some respects they have indirectly with the market for security loans. As a general thing, the Federal
assumed, as long as American prosperity continues they are in this Reserve system deserves very great credit in the work it has done
matter facing the even more powerful factor of the economic law of in stabilizing American interest rates as a whole, despite recent
supply and demand in respect to American capital. It is not the vagaries in this regard. I believe that it can go even further in this
Steck Exchange, or the stock market, or even "stock market speeuia. useful direction, if it is given the necessary tools to work with in
the shape of liberal and sound discount powers.
MAY 11 1929.]
FINANCIAL CHRONICLE
Advance in Call Money to 14% Result'of Pressure of
Federal Reserve Banks—More Rigid Policy on
Rediscounting Compels Local Banks to Call Loans.
We quote the following from the May 7 issue of the New
York "Journal of Commerce":
A renewal of pressure on the credit situation by the Federal Reserve
call
Banks was offered yesterday as the basic reason for an advance in the
money rate on the New York Stock Exchange to 14%, after loan renewals
was
It
rates.
of
level
at 10% and widespread expectations of a lower
rumored that the Reserve Banks, following the renewed upswing in the
volume of brokers' loans shown during the past two weeks are scrutinizing
more closely than ever requests for rediscount privileges by member banks.
The flurry in call money yesterday occasioned a great dael of surprisea
in the financial district, as lower rates had been looked for following the
passing of the month-end stringency in funds. However, money has been
slow in coming back from out-of-town, and the New York banks are in a
position where they must rediscount to expand their loans for the most
part. Last week a number of large New York institutions gave out word
that they were loaded up to the limit and that they could not advance any
more money to the market without rediscounting, which they were very
loath to do under existing circumstances, especially in view of the increasing
inquisitiveness which Reserve banks are showing before granting rediscounts.
Calling of loans yesterday was reported as amounting to approximately
$20,000,000, and to have been practically entirely for the account of New
York banks which needed the money to adjust their reserves with the Federal Reserve Bank of New York, since to-day is the semi-weekly settlement
date. The calling of loans was done in lieu of rediscounting, because of the
increasing strictness currently being displayed with regard to the purposes
of rediscounting and the volume of brokers' loans placed on the market
by the rediscounting bank.
A return of lower call money rates this month is regarded as increasingly
rate dropped
doubtful in Wall Street. It is pointed out that last month the
to 8% for a considerable period of time because, despite the small supply
volume of
the
in
tendency
declining
of loanable funds in the market, the
created a tempobrokers'loans occasioned by a dull and weak stock market
it is pointed
rary excess of money at times. The opposite Is true this month,
durout,since the market is more active and has risen into new high ground
therefore,
must,
funds
of
supply
ing the past few days. The small available
be bid for at rising rates by borrowers.
the heavy
Some relief was accorded the money market last week by
purchases of bankers' acceptances made by the Reserve Bank. These
on,
of
interpretati
differences
purchases were the subject of considerable
sources close to the Reserve Bank saying they were temporary and designed
to tide the acceptance market over a difficult position, while acceptance
dealers largely looked upon them as reflecting a desire to moderately ease
the money stringency over the month-end. In any case, this acceptance
buying policy has apparently come to an abrupt halt, according to dealers,
and the weekly statement of the Reserve banks this week is expected to
show a substantial decline in bill holdings.
3121
Finally, it is unquestionably true that large profits made in the security
markets—made possible by the big demand for stocks that exists, backed
probably
by brokers' loans—are being spent directly in consumption. It
would not be seriously contested if we say that a large part of the current
possible
record demand for automobiles, especially of finer make, is made
a large
by the great rise that has taken place in stock prices. Similarly,
other
and
part of the current activity in the construction of fine homes
in the
made
profits
forms of "consumptive building" is financed with
are able to borrow
stock market—profits made because buyers of securities
through their brokers in order to buy at the higher prices.
in part
Even the Federal Government is being indirectly financed
may be
through brokers' loans, for the increase in our tax collections
traceable largely to this source.
y school,
Thus far our argument runs closely to that of the Cassel-Frida
of
except that they tend to stress the productive aspects of the transfer
great
purchasing power which follows the broker's loan, rather than the
to consumption of
stimulus it gives to consumption as well, especially
luxury goods.
Real Nature of the Problem.'
without facing the
But current discussion of this subject stops short
equally,
enormous implication involved. If bank credit stimulates business
or turns ever
directly
loan
the
makes
regardless of whether the banker
is being deposed from
the purchasing power to the broker, then the banker
flow of credit in
his ancient and time-honored function of controlling the
and become
the community. He may even in time abdicate this function,
merely a pawnbroker in securities.
problem
the
of
nature
Putting the matter thus baldly indicates the real
in brokers' loans.
involved in discussion the wisdom of further increases
There is no serious question that brokers' loans are in themselves indirect
form in which to
loans to business, but they may be a very undesirable
to a business
make a loan to business. When the banker makes a loan
some superborrower, he studies the credit of the applicant and exercises
and spends
business
vision over the manner in which the latter conducts his
m,
conservatis
of
side
on
is
the
all
the proceeds. The banker's i,nfluence
is
liquidity and safety in making and supervising the loan. When credit
is at the
granted a broker, on the other hand, the disposition of that credit
,
mercy of the security speculator, or, if the proceeds go into consumption
in the hands of the buyer of luxuries.
is
loans
The real question involved in the further expansion of brokers'
whether it is more desirable to have The flow of bank credit into industry
regulated by the banker or the speculator and spender. The latter are
becoming, to an increasing extent, the arbiters of our credit resources.
Is it yet time to call a halt and restore the banker to his former dominant position?
Flurry in Federal Funds as Member Banks Need Reserve—Pay 7% for Each Others' Balances to Enjoy
High Call Rates—Reserve Bank Continues Stricter
Policy—Discriminates Against Commercial Paper
More Than Previously.
The following is from the New York "Journal of ComWho Should Control Our Credit Resources—Discus- merce" of May 8:
stricter
The Federal Reserve Bank of New York has adopted a much
sion by Jules I. Bogen, Financial Editor New York
determining the acceptability of commercial paper for redisof
standard
aressult,
"Journal of Commerce."
count during the current week, according to bankers here. As
on rediscounting at the Reserve
In the May issue of "The Bankers' Magazine" of New several banks which had been counting
Federal
and
buy
banks to replenish their reserves have had to call loans
York, there appears an article by Jules I. Bogen, Financial funds from other banks during the past two days, in order to bring their
Editor of the New Yo.rk "Journal of Commerce," under the reserves up to the legal minimum.
acThe new policy of extreme discrimination of the Reserve banks in
caption "Who Should Control Our Credit Resources?" Disthe
cepting commercial paper for rediscount, along with the slowness of
brokers'
loans
of
expansion
the
the
month-end
following
town
of
between
• cussing the relation
return here of money withdrawn out
reasons for the unexpected tightness
and the financing of business, the author contends that the turnover, were given as the major
in call money, which was quoted at 14% all day yesterday. The Reserve
of
brokers'
expansion
further
the
in
real question involved
Bank is generall recognized by bankers here as having shown its power
loans is whether it is more desirable to have the flow of of control over the market anew by the present high rates.
Many Banks Affected.
bank credit into industry regulated by the banker or the
by
Banks which rediscount by presenting their own notes, secured
speculator and spender. The latter, he adds, are becoming,
that
United States Government obligations, to the Reserve Bank report
to an increasing extent, the arbiters of our credit resources. they have met no obstacle in getting the funds they require. On the
paper
other hand, banks which rediscount commercial paper find that
We reproduce the article herewith:
credit, great
In the current hue and cry over the expansion of speculative
of opinion among
confusion of thought has arisen because of differences
brokers' loans and the
bankers and economists as to the relation between
financing of American business.
l, view of the
The popular, or perhaps more properly the Congressiona
to a braker reduces by
subject as frequently expressed is that a loan made
banks of the country have to
that much the volume of credit which the
has been contradicted during
advance to business. This superficial view
including Professor Gustav
the last two years by a number of thinkers,
Simmons of the New York Stock
Cassel of Sweden, President E. II. II.
Dr. Friday, writing in the DeExchange, and Professor David Friday.
Magazine," clearly stated that loans to
cember number of "The Bankers'
bank credits to other individuals,
brokers are immediately transferred as
deposit in his own name.
for a broker does not keep his loan as a
argued further, it could be proved
As a matter of fact, if the matter were
of the bank credit which originally
that the great bulk, although not all
into business, either as purchasing
takes the form of a broker's loan, goes
corporations or in the hands of buyers
power in the hands of business
of goods.
a loan at the bank, he turns over the
Thus, as soon as a broker makes
purchased with the loan. This seller
proceeds to the seller of the security
other outstanding securities, he
may do one of several things. If he buys
of securities. Sooner or later,
merely transfers the credit to another seller
issues of securities with the purchasing
however, these sellers buy new
proceeds of the broker's loan, at
power they obtain, and thus transfer the
or governments. Thus, as
one or more removes, to business corporations
and again, brokers' loans permit
President Simmons has indicated again
than would otherwise be
the sale of new securities in much larger volume
the case, and constitute the means for financing business through the
way,
fashioned
through the banks.
security markets, instead of, in the old
Not All Who Sell, Buy.
Not all qf those who sell securities put the proceeds into other securities.
Many individuals put the proceeds of such sales, or at least their profits,
directly into business enterprises which they control. Here, the broker's
loan is used to finance business even more directly. Others put such
proceeds into real estate. Once again, the broker's loan is used to finance
an important productive industry.
therefore
which they regard as meeting the requirements of the law, and
ble
being technically eligible for rediscount, are regarded as non-accepta
by the Reserve Bank in many cases.
by the
Concrete evidence of the policy of discrimination being followed
as well, was
local Reserve institution, and said to be in force elsewhere
funds is
aflurry in the quoted rate on Federal funds yesterday. Federal
individual
the name applied to excess balances at the Reserve banks of
one bank to
member banks. These excess balances may be loaned by
the borrower
another, the lending bank, with the excess balance, giving
a check '
a draft on the Federal Reserve Bank and receiving in payment
payable the next day through the Clearing House.
approxinormally
is
loan
The rate on Federal funds for this one-day
rate. Yesterday
mately the same or somewhat below the rediscount
offered as
banks which failed to secure the rediscounts they expected,
legal remuch as 7% for Federal funds needed to bring their reserve to
in the
Late
yesterday.
quirements for the mid-weekly settlement made
afternoon the rate on Federal funds declined when the amount needed
for meeting the reserve requirements had been secured.
In the morning New York member banks were placing bids at 7% for
this disReserve funds in out-of-town cities, both within and outside of
Philadelphia, which
trict. By afternoon, the rate had diminished to 6%.
bidding
before noon had been supplying New York, by 1 o'clock was
New York alone.
614%, indicating that the stringency did not exist in
By the end of the day balances had been adjusted and one banker said
that a balance of $1,250,000 had been transferred at 414%.
It was generally reported that member banks were not attempting to
repay borrowings from the Federal Reserve Bank, nor to reduce call
loans outstanding more than necessary. An officer in one of the member
banks pointed out that, with can money at 14%, it was prefereable to
retain Federal Reserve borrowings at 5% and if necessary to offer 7%
to other member banks for funds to be employed as reserves.
A second factor which, it is pointed out, has increased the present
had been
tightness in credit is the late return to New York of funds which
other
Withdrawn over the month-end for payments of dividends and
week
corporate requirements. Such tardiness had been predicted last
an inter
by Charles E. Mitchell, President of the National City Bank, in
are
checks
dividend
is
that
view. A third factor, one banker declared,
being cashed to an unusually large degree, instead of being deposited
because of the high rates for money.
3122
.FINANCIAL CHRONICLE
Reserve Credit Curb Viewed as Losing Force—Board
Minority for Higher Rediscount Rate Believed to be
Gaining Strength.
Writing under date of May 7, the Washington correspondent of the New York "Journal of Commerce" said:
Some indication that the Federal Reserve Board's policy
of curbing
credit for speculative uses Is losing force develope
d today, although reports
to the Treasury Department indicated that more member
banks
have
responded to the appeal to curtail their stock
collateral loans.
As a result the minority of the Board,favorably
to drastic rate increases,
possibly a jump to 6, 7 or 8% to "take the
steam out of the market."
appeared to be larger than a few weeks ago,
when reliable information held
only one member backing up the rate boost.
There appeared, however, no probabili of any change
of policy on the
rate'question in the Immediate future. ty
There was nevertheless considerable pressure being brought to bear on the board
from outside sources
and doubt was expressed how long the Board could
hold out in its plan to
keep the rates no higher than the 5% level.
Loans Resume Rise,
The feeling Is that the booming stock market needed a real jolt—dras
tic
and direct—to let it feel the power of the Government. More than
six
weeks have elapsed since the Board made its last public stand—th
at of
calling for greater co-operation to curb bank credit for speculation.
That
warning was Issued March 20 and resulted in a rapid decline
in brokers'
loans amounting to more than $300,000,000. However, for two
weeks
brokers' loans have been increasing and from the looks of the stock
market
another boost was anticipated on announcement of these loans
Thursday
[May 21.
Another larger increase in loans this week might be sufficient to
further
augment the Board's minority favorable to rate increases
. While the
Kansas City Bank did increase its rate from 434 to 5% Saturday
, this was
not regarded as any indication of Board policy, since it simply was
coming
up to the plane of all other banks excepting Minneapolis and San
Francisco,
which still cling to the 4%% level. A change
at Minneapolis would cause
no surprise and there even was the possibility of similar action
i n San
Francisco.
Rates have been kept at the 5% level because most members
of the board
felt that a greater ihcrease would have an adverse reaction on
business
at a time when productive enterprise is demanding capital,
and furthermore that higher rates might upset the international equilibri
um of gold.
This Government is believed to have no desire to start
attracting gold
from Europe once more, on the grounds that it is necessary
for exchange
to remain stable in order that international commerce may flow
freely.
Fear No Reactions.
Advocates of higher rates, however, fear no such consequences.
Pointed out that productive business, even through the present They
money
tightness, has been paying less for money than the speculators,
that there
Is a large availability of capital and furthermore the corporations
to a large
extent have sufficient surplus funds to finance their own operation
s.
A tremendous volume of mail has been received by the board
within
last few weeks as to what should be done about the credit situation the
. Officials declared that there was about an equal division
of opinion as to the
rate question.
(VoL. 128.
alterations are obviously being made as
occasion arises, but the principles on
which it operates are sound. It has
all the required elasticity and the very
fact that quality will not be stretched
too far is one of its strongest pillars
of security.
The hope of the Reserve System and
of the commercial bankers of the
country is that the unusual demand
for speculative credit will subside
sufficiently to enable business credit
based upon production and distribution
to continue at a reasonable rate and
not to be subjected to punitive measures
.
From Washington a dispatch April 29
to the New York
"Times" said:
Treasury officials are firmly opposed
to the adoi)tion of legislation by
Congress amending the Federal Reserve
Act
with a statement attributed to Roy A. and expressed agreement to-day
Young, Governor of the Reserve
Board, that the present speculative activities
in the stock market would
adjust themselves and that no legislatio
n was required.
Certain officials in discussing the matter
informally expressed the opinion
that there was no real danger in the present
which had marked excesses in earlier years, speculative era, such as that
and that, if time was
allowed.
speculation, as in other instances, would run
its course and subside.
Attention was called to thetfact that in
other years when speculative
excesses caused the failure of brokerage houses
and banks the operations
were on narrow margins and that to-day no
such situation existed. There
Was felt to be no danger now of
developments of a nature that
would bring
about a financial crisis. To the extent that heavy
margin accounts were
being demanded by brokerage houses, at least,
the opinion was given that
speculative activities were on a sound basis.
In most instances, it was said, while values of
securities were at a high
level, it did not appear, because of the factors cited,
that they were necessarily dangerously high.
Doubt was expressed as to the probability of legislatio
n in the present
Congress dealing with the Federal Reserve Board. In
this connection it
Was stated that there had been no indicatio
n of a unity of opinion among
critics of the Federal Reserve System, and the fact
that there were many
varying viewpoints, it was held, did not forecast agreemen
t on any direct
action in the immediate future.
Withdrawal of $100,000,000 in Savings Deposit in San
Francisco Federal Reserve District Went into
Security Purchases According to Governor Roy
A. Young of Federal Reserve Board.
Calling attention to the tendency throughout the country
of depositors to withdraw their savings and
place their
money in securities, Governor Roy A. Young of the Federal
Reserve Board stated at San Francisco on May 6
that approximately $100,000,000 had been withdrawn in
the San
Francisco Federal Reserve District in the last 90 days.
To
meet these withdrawals, he said, banks had found
it necessary to liquidate other holdings, usually at a loss,
or borrow
from the Reserve Bank. Governor Young is
quoted as
follows in press accounts from San Francisco:
Within the system there appears to be about the same diversity
of opinion
as in private business circles. The Federal Advisory
I have observed unusual activity everywhere that
Council, while apI have been and.
proving heartily of the objective of the Board in diverting
bank funds from although some of the crops have been damaged by frosts, it
is hoped that
the speculative market, nevertheless took
the attitude the rates should be the year will be a profitable one.
increased and the Board should go after the market hammer
From a banking standpoint I have observed the following:
and
tongs.
When the Federal Reserve Board Governor
1. That there is a tendency in this District'as well as
s met recently in conference
elsewhere In the
with the Board no statement was issued, but
the supposition was that a country upon the part of savings deposits to use such deposits for
purchase
majority of the Governors were favorable to
of securities.
the Board's policy.
2. That the high call rates In the East have prompted certain individua
ls
Federal Reserve Bank of Kansas City Increases Re- and corporations to lend directly to that market.
3. That the high call rates have had a sympathetic effect upon
business
discount Rate from 04 to 5%.
rates with the result that many concerns which have not used
their lines
It was announced on May 4 that the rediscount rate of in this district for several years are using them, and in certain other cases
are increasing their lines.
the Federal Reserve Bank of Kansas City had been increased
These factors and others have resulted in a reduction of deposits
in this
from 43/2% to 5%, effective Monday, May 6. Associated district of approximately 5100,000.000 within the last 90
days. To meet
these withdrawals the banks have found it necessary to liquidate
Press advices from Kansas City, May 4, said:
other holdings, usually at a toga, or borrow from the Reserve banks. While
the borrowW. J. Bailey, Governor of the Bank, said the advance
was ordered be- ing from the member banks in this district have at times been
high, at the
muse of strong money demand and shrinking bank deposits.
moment they are very modest. Nevertheless we must look' the
facts in .
"This action conforms to our usual policy of keeping the rate
in line with the face and realize that this tremendous demand for so-called
speculative
commercial credit," he said. "Finances and credits of the
District are in credit has so upset the general credit structure of tho country that
the rates
good shape and there is no cause for any alarm."
have been continuously advancing. Your local Reserve bank and
one other
The Kansas City rate is now on an equality with all other reserve
dis- have maintained a low discount rate, hoping that this unusual demand from
tricts, except Minneapolis and San Francisco, where the 4%% rate
obtains. one source would subside and because of local conditions they are to be conThe 43/2% rate had been in effect at the Kansas City gratulated upon their action.
Nevertheless we are coming Into that period of the year
Bank since June 7 1928,
when seasonal
requirements will need a large amount of Reserve credit and
this must
and will be taken care of. However, It cannot be expected that
the Reserve
Governor Roy A. Young of Federal Reserve Board Says System ot your local Reserve Bank can continuously maintain
rates far
Natural Readjustment of Stock Market Will Follow below the present market. Statements of this kind have frequently been
interpreted by certain people as a "fist-shaking" campaign of the
Reserve
Speculative Wave—No Reason for Tinkering With System. The System, I assure you, has no desire to
intimidate or coerce
in any particular community, but does feel that it would be
Federal Reserve System.
remiss In its
duty toward
American public If it did not by public statement present
According to Associated Press accounts from Los Angeles, the facts as itthe
seas them.
Roy A. Young, Governor of the Federal Reserve Board,
stated on April 29 that a natural readjustment of the stock
market would follow the wave of speculation now sweeping
the country, and there was no reason for "tinkering" with
the Federal Reserve banking system because of the sensational Market movements.
Mr. Young was in Los Angeles to inspect the new branch
building of the Reserve System. The "Wall Street News"
reported him as saying that "speculative credit has developed
into such enormous proportions that it is not only becoming
a national problem, but an international one, and if there is
not some check in this unusual demand it may react as a
deterrent to our domestic and international trade." In the
same paper he was quoted as saying:
The fact that the Federal Reserve banking system has shown hardly any
change in its existence of 14 years indicates the perfection which it was
drafted, and I see no reason now for tinkering with it. Minor technical
It is added that in reply to the inquiry as to whether the
present rates have been a deterrent to business Governor
Young stated that in certain specific lines, particularly the
quotation of bonds, the procedure has' been slowed up,
but that, generally speaking, the latest advices from the
statistical department at Washington indicate that the
general volume of business is being maintained at a high level.
Commodity Price Stabilization a False Goal of Central
Bank Policy According to Benjamin M. Anderson
Jr. of Chase National Bank—Address at Rotterdam.
Under the head "Commodity Price Stabilization a False
Goal of Central Bank Policy," Benjamin M. Anderson, Jr.,
PhD., Economist of the Chase National Bank of the City
of New York delivered an address at Rotterdam,The
Netherland, May 7,in which he declared that "vigorous propaganda
MAY 11 1929.]
FINANCIAL CHRONICLE
is being made, in both Europe and America, in behalf of
a dangerous economic fallacy." He went on to say:
Reserve
It is proposed that central banks, including our own Federal namely.
System, shall be guided in their credit policy by one sold objcctive,
other conthe stabilization of the general level of commodity prices. All
siderations are to be made subordinate to this end. If, for example, a
dangerous stock market speculation is.under way, making insatiable demands upon the credit resources of the country, and impairing the liquidity
of bank assets, the central bank or the Federal Reserve System is still not
to alter its credit policy so long as the general level of commodity prices is
not changing.
In opposition to this doctrine, I offer the old-fashioned view of central
bank policy, namely that it should be guided by the banking position of the
country and the state of the money market. Whereas the new theory asks
a central bank to stabilize the commodity malket, I maintain that it has a
great enough task in steadying the money market.
1. The first business of a central bank is to maintain the gold standard
by converting paper money into gold on demand at all times. 2. Central
banks should ease off monetary stringencles, and prevent business crises
from degenerating into money panics. 3. In timesi of great speculative
excesses, whether in commodities or In securities, central banks should
prevent the extension of unsound credits by tightening the money market.
4. It is not the business of a central bank to finance a boom, least of all a
stock market boom.
3123
welcome to do so. A lower price level, maintained by the expenditure of
normal income, would be more dependable. An export trade soundly
based on the balancing of goods and services against goods and services
would be secured. A building trade financed by investors' savings would
be preferable.
The Future Adequacy of the World's Gold.
The school of the stabilizers, and here again Professor Cassel is conspicuous, are viewing with apprehension the future production of gold. They
doubt its adequacy to maintain the existing commodity price level. They
urge central bank co-operation to economize the use of gold. Everything
must be done to encourage such an expansion of bank credit as is necessary
to maintain the existing level of commodity prices.
Let me say to them that if the exisiting tendencies in money and credit
are to continue, then the inadequacy of gold will manifest itself in a short
follow
time. The surest way to bring about this inadequacy of gold is to
the counsel of the stabilizers, to regard the present level of commodity
bank
of
prices as sacked, and to force at all hazards such an expansion
credit as is necessary to maintain it.
We may seek to meet the unlimited demands of excited speculators
now, cease
at low rates of interest, or we may stop the unsound tendecies
speculative
the excessive diversion of bank credit into ieapital uses and
for an
business
of
needs
legitimate
uses, and then undertake to supply the
the actual facts
Indefinite period at rates of interest which correspond to
will be subof the capital situation—which rates. I venture to suggest,
years, though.
stantially higher than the artificially low rates of recent
the United
in
prevailing
I trust reasonably lower than the rates now
Dr. Anderson spoke before the Students' Union of The
Netherlands Commercial University (Vereeniging Voor States.
Studiebelangen Aan De Nederlandsche Handels-Hoogeschool)
and in addition to the portion of his address given above, a Senate Judiciary Committee Rejects Norris Report Holding
That Secretary of Treasury Mellon Serves in Office
summarized account of his remarks indicates, as follows,
ight of Secretary to Hold Office Reported
Illegally—R
his further comments.
as Upheld by Attorney General Mitchell.
Central Bank Influence on the Money and the Capital Markets.
There are five main sources of capital: (1) Consumers' thrift. (2) The
The question as to the right of-Secretary of the Treasury
turning back of business profits, including corporate profits to industry
to hold office is now before the Senate for decision.
Mellon
capother
and
debt
the
public
of
and trade. (3) Taxation for reduction
an
barns
builds
farmer
a
when
as
capitalization,
Direct
(4)
ital purposes.
The Senate Judiciary Committee, on April 17 began
and fences, or allows his herds to grow instead of selling off the annual Investigation into the right of Mr. Mellon to continue in
Increase. (5) New bank credit the product of bank expansion, based on
having been ordered by the McKellar
excess bank reserves, which may grow out of (a) inflowing gold, or (b) office, the inquiry
Increased central bank credit.
adopted by the Senate March 5, and referred to in
resolution
INCentral bank policy can control only one of these sources of new capital,
columns March 9, page 1489, and March 16, page 1670.
namely, bank expansion, and it is only one of two major factors affecting these
for the inquiry grew out of the fact
this, the other being international gold movements. If a central bank The resolution calling
seeks to offset scarcity of capital from the first four sources by making that President Hoover, in sending to the Senate, on March
rates artificially low, it generates troubles which lead to excessively high
of the members of his cabinet, failed to include
rates at a later time. The main cause for the very high money rates in 5, the names
these
the United States to-day is the artificially low rates from 1921 to 1928.
the names of Secretary Mellon and Secretary Davis;
President
of
ion
administrat
the
during
posts
Prices.
their
Over
Commodity
Power
Central Bank
two held
In no way, except through the regulation of the money and capital Coolidge and President Hoover is said to have considered
markets, can central banks influence commodity prices, and this influence
submission of their names unnecessary. The McKellar
Ls an influence at second or third remove and of indeterminate degree. the
Judiciary to inquire into
ho greatest difficulties arise at every link in the chain of causation. First. resolution called upon the Senate
the central banks cannot control, but can only mitigate and moderate, the
and report to the Senate:
movements of maney rates and of interest rates. Second, the money and
department of the government may
1. Whether the head of any
capital markets are at best only one of many factors affecting the commodity
the expiration of the term of the Presmarkets. Third, the money and capital markets have a far more decisive legally hold office as such after
influence on the markets for securities, real estate and foreign exchange ident by whom he was appointed.
provisions of the laws of the United
than they have on commodities, and their influence on commodities usually
2. Whether, in view of the
hold the office of Secretary
works through these channels.
States, Andrew W. Mellon may legally
Section 243 of the Code of
to
made
being
rence
Treasury—refe
of
The Facts Versus the Quantity Theory of Money.
United States of America.
We have had a classical test during the past ten years in my own country Laws of the
prices.
Since
of the theory that money and credit control commodity
section stipulates that:
This
1919, we have had an increase in bank credit of 55.9%, and an increase in
of the Treasury, or Treasurer, orl
No person appointed to the office
physical volume of trade of 24.2%, while the velocity of bank credit has
or indirectly be concerned or interested in
directly
shall
register,
Increased 7%. Commodity prices, meanwhile, have fallen 29.6%. Comin whole or
on business or trade or commerce, or to be owner
modity prices would have to be 83% higher than they are to-day if the carrying
in trust
any sea vessel, or purchase by himself, or another
of
part
in
quantity theory of money were true.
in
lands or other public property, or be concerned
The immense expansion of bank credit has, however, generated a UT.- for him, any public
the
disposal of any public securities by any State or of
mendous speculation in securities and real estate in the United States, and, the purchase or
gain
or
emolument
apply to his own use any
since 1927, the rapid growth of demand for credit for stock market purposes, United States, or take or
transacting any business in the Treasury Departaccompanied by a loss of gold, has led to a very sharp rise in our interest for negotiating or
allowed by law.
rates. There is growing concern among our Federal Reserve authorities ment, other than what shall be
Chairman of the CommitNorris,
W.
and the banking community in general over our credit situation.
George
by
report
A
The New Formula of the Stabilizers.
But the stabilizers show us no mercy. They say to us that the Federal
Reserve authorities have no concern with what the stock market does,
that commodity prices are not rising, and that this is evidence that there
Is no excess of credit. They abandon, in other words, the quantity theory
formula of proporting credit to physical volume of trade, and look solely
to the level of commodity prices as a test of credit policy. Professor
Gustav Cassel even complains that the Federal Reserve authorities did
not give enough credit in 1925-1927, because during that period there was
a decline in commodity prices. Professor Cassel also denies that the growth
of stock market loans raises interest rates, or takes money away from
industry and trade.
How the Great Credit-Expansion Has Affected Commodity Prices.
The prediction of the quantity theorists that our great accumulation
of gold and great expansion of credit must raise commodity prices has
failed tragically. Prices stand in 1928 precisely where they stood in 1921.
But in ways not contemplated by the quantity, the expansion of credit
has had its influence, not in raising commodity prices, but in sustaining
them. It has worked in indirect ways, the most important of which are
as follows:
(1) It has made it possible for us, a creditor nation with very high tariffs,
to maintain a great export trade, and even a great export surplus. The
outside world could not got earned dollars by selling us good in sufficient
volume to pay interest to us and to take out the exports that it has bought.
But we have been able to supply the outside world with borrowed dollars
for these purposes.
(2) Our building trade has been greatly stimulated.
(3) Installment buying, based on expanding bank credit, has gone much
further than would have been possible under ordinary circumstances.
(4) Consumer demand has been swollen on a great scale by profits in
stocks, bonds and real estate, 11% of all the income reported for taxation
in 1928 being profits of this kind. This percentage represents only the
case of realized profits on transactions actually completed. In addition,
it is well know that the successful speculator who has large paper profits
Increases his expenditure before he sells and takes his profit.
In these four ways our expanding bank credit has operated to hold up
commodity prices. If the stabilizers find comfort in this fact, theyjare
in various
tee, contending that Mr. Mellon as a stockholder
an statute
business enterprises is serving in violation of
interested
forbidding the Secretary of the Treasury to be
Committee on
in trade or commerce, was rejected by the
dispatch
May 4, the "Herald-Tribune" in a Washington
follows:
as
action
Committee's
May 4 reporting the
Senate
overwhelming vote, the
Defeating the Norris report by an
a substantial majority of those
Judiciary Committee declared today by
Steiwer holding that Secretary
present in favor of a report by Senate
his office.
of the Treasury Mellon was legally qualified for
disqualified was defeated
The Norris .report that Mr. Mellon was
changed later to
was
which
by a vote of 10 to 3 in the committee,
was polled. The vote on
11 to 3, when Senator Dill, who was absent,
Senator Dill later made
the Steiwer report was 8 to 5, but the vote of
it 8 to 6.
Three Others To Be Polled.
C. Dill and Herbert
Senators Henry F. Ashurst, T. H. Caraway, C.
The clerk was
D. Stephens, Democrats, were not at the meeting.
Dill had been
Senator
directed to poll them. Up to tonight only
on the Steiwer
polled. While the possibility exists that the result
in committee
report might be changed by the poll, it is not expected
circles that it will be.
he favored
Senator Caraway, though not yet formally recorded, said
hand,
the Norris report and opposed the Steiwer report. On the other
committee
the
believed
he
Senator Ashurst in a statement indicated
report
was without jurisdiction. He does not favor either the Norris
or the Steiwer report. On this basis, no majority can be secured
for
up
line
against the Steiwer report, but if Senator Stephens should
it the vote on it would be a tie, or 8 to 8.
Victory for Mellon.
hold that
The net result of the Committee meeting today was to
to
Mr. Mellon is qualified for his Cabinet place under the law and
under
defeat the efforts of Senators Norris and Walsh, of Montana,
disqualified.
the McKellar resolution tc have the Secretary declared
3124
FINANCIAL CHRONICLE
The Committee not only turned down the
Norris report and adopted
the Steiwer report, but also defeated a motion
by Senator Thomas
Walsh to reopen the investigation into the facts
as to Mr. Mellon's
participation in trade or commerce.
The original vote on the Walsh motion was
8 to 5, but Senator Dill
was later polled for it. Senator Caraway
said he was for it, while
Senator Ashurst indicated he was against
it. The attitude of Senator
Stephens is not known. The final outcome
may be a tie, which
would not carry the motion. Secretary Mellon,
therefore, will apparently not be called as a witness.
While the outcome in the Committee was a victory
for Mr. Mellon,
the controversy will undoutbedly be transfer
red to the floor of the
Senate and there debated.
Senator Kenneth McKellar, of Tennesse
e, author of the McKellar
resolution, announced today he would he
ask the Senate itself to vote
on the Norris report. This will throw
the controversy into the Senate.
[VOL. 128.
would constitute a clear role of guidance
and conduct for the official
and also a definite measure by which
the public could gauge and protect its interests.
"We do not consider that such facts
and circumstances have been
placed before the committee in detail
as would permit us to form an
opinion whether, as a stockholder,
Mr. Mellon has actually counseled
or advised or been interested in the
carrying on of the business in
which he is a stockholder. We therefor
e content ourselves, as we feel
we must, to a construction of the law
as we understand it."
Six reports, representing a majority and
minOrity of the
Committee, as well as the individual
views of six Senators,
were filed on May 7, said a "Herald-T
ribune" dispatch from
Washington, which went on to say:
Senator Blaine, Republican, of Wisconsi
n, raised the only issue not
touched by the other reports when
he said in a statement that Secre•
tary Mellon violated the law by being
directly concerned in the dis•
posal of the liquor stock of A. Overholt
& Co., between March 4, 1921,
and Octoebr 2, 1928.
On the former date the entire property
of the Overholt- firm, in
which Mr. Mellon held a partnership, was
Formally rejecting the Norris report to declare Secretar
conveyed to a trustee "under
y Mellon full authority to dispose of those who were
disqualified from holding office because of
members of the partnerhis stock ownership in cor- ship but without power to operate
porations, and adopting another report to
the contrary, the Senate decision on the Treasury Secretary the distillery," according to the
Judiciary Committee today decided to take
by Attorney General William D.
the whole controversy to Mitchell.
the floor of the Senate.
Asserting that there is no dispute that Mr.
dt poll of four Democrats absent from
Mellon received his share
the Committee meeting on of the profits of the sale of the whisky,
which was not completed for
Saturday led to the rejection of the Norris report
by a vote of 12 to nearly seven years, Senator Blaine contends
4. Senators Dill and Stephens voted against
that Secretary Mellon's
it, while Senator Caraway direct interest arises front the axiom
was registered for it, with Senators Norris,
"the act of the agent is the act
Walsh of Oklahoma and of the principal."
Blaine the original signers.
The Committee's majority report, supported by
The Steiwer report, which was recomme
a vote of 9 to 8 and
nded Saturday by a vote of declaring Mr. Mellon's stock interests
do not render hint ineligible,
8 to 5, was formally adopted today by
9 to 7 as the majority view. was submitted by Senator Steiwer,
Republican, of Oregon. Senator
Senator Stephens supported this report, which asserted
that mere stock Norris's minority report, which
•wnership (lid not constitute a legal barrier
was rejected, 13 to 4, takes just the
to the Secretaryship of the opposite position.
Treasury. Senators Caraway and Dill
voted for it. Senator Ashurst
Senators Borah, Republican, of Idaho; King, Democra
slid not vote on the two reports, it was stated.
and Dill, Democrat, of Washington, who voted against t, of Utah,
Last Saturday [May 41 a motion by Senator
both the maWalsh to reopen the jority and minority positions
, united in a report that while Secretary
hearings with a view of summoning Mr.
Mellon, was defeated by a Mellon legally holds
office,
vote of 8 to 5. Senator Stephens has now added
the statute regarding stock ownership
his vote against the should be made clearer.
motion.
Active participation, of which there is no
evidence, would, in their opinion, have disqualif
ied him.
Third Report To Be Submitted.
A report by Senator Walsh, Democrat, of
Montana, was confined to
Both the Norris and Steiwer
the
testimon
y and records put before the committee "so that
reports
submitted to the Senate
the
tomorrow. With them will go anotherwill be
report, front Senators Borah, Senate may be advised more fully of the proceedings before the comKing and Dill, asserting that
a Secretary of the Treasury should mittee." Senator Ashurst, Democrat, of Arizona, in a separate statedivorce himself from all activity
in business, but that simple stock ment, took the position that the Senate had no jurisdiction to
investiownership is no bar. It was added
that the law's purpose was to gate the question, because it is without power to act unless an imassure that the Secretary should
relinquish "all attachment to his peachment is voted by the House. Further, he contended,
it
is imprivate interests to the detriment of public business
proper to rejudge the case in the
."
event of that possibility.
Suggesting that the law be rewritte to
Senator Blaine in his report concurre
n
define the business interests
d with the opinion of the
a Treasury Secretary might continue in, the
Borah report added that minority that the statute relating to business interests "applies
to a
the signers could not determine whether
Mr. Mellon had "actually Secretary of the Treasury who owns a 'substantial' amount of
stock
counseled or advised or been interested in the carrying
on of businesses of corporations 'carrying on the business of trade or commerce,' a
of which he is a stockholder."
who, in connection with members
of his family and close business
associates, has a substantial control of such
Borah RePort,
corporations."
Under facts relating to the sale of the
The Borah report says in part:
Overholt whisky, Senator
Blaine said, Secretary Mellon in the person
"The records will bear out the
his agent directly ofof
contention that never has a mere fended Section 243
interest or the mere ownership of
of the code prescribing direct or indirect interest
stock in the business of trade or in the disposal or
proceeds of the sale of liquor.
commerce been regarded as renderin
g a party ineligibly to the office of
"Clearly such a transaction offends against said Section
Secretary of the Treasury. From
243," he
Alexander Hamilton to the present reported. "The
question arises, therefore, whether or not the Secreincumbent Secretaries of the Treasur
y have been interested or have tary of the Treasury
been stockohlders in corporation engaged
could, by any such device, give himself an
in the business of trade or 'immunity bath' by substitut
commerce. We do not know, because
ing an agent to act for him, though retainthe records are not available, ing the beneficial
interest and receiving the proceeds and profits. The
whether all Secretaries have been so
interested. But we do know that act of the agent (in
a great number of them have been.
this case the trustee) is the act of the principal.
"That is axiomatic and it would not seem necessary to
go int*
Points to Law's Exactions.
further discussion of that question in demonstrating that
the Secretary
"Secretary after Secretary, men of the
of the Treasury stands as an offender against Section
highest
243."
and
most
sensitive
regard for the integrity of official conduct,
have been holders, and in
It was stated in Associated Press accounts from Washsome instances large holders, of stock
in corporations engaged in
trade or commerce. This fact has been known
ington May 3 that friends of the Secretary, in answering
to the different departments of the government, including the House
and the Senate. Such the report of Chairman Norris, have put before the Cominterests have been held without challeng
e from any one as to mittee communications from five
former Secretaries of the
eligibility or fitness of the incumbent.
"But while an interest or the holding
of stock will not alone render Treasury stating that they held corporate stock while serea person ineligible to the office, the terms
of this statute are such as to 111g. These Associated Press advices also said
in part:
exact from the holder of such interests, or stock,
the most scrupulous
Leslie M. Shaw and Other Secretaries Held Corporate
observance of the difference between an interest,
Stock.
or ownership, of
stock and the management, or carrying on, of the
These secretaries were Leslie M. Shaw and George B.
business
Cortelyou in
"Undoubtedly the purpose of the law was to divorce .
the Cabinet of President Roosevelt; Franklin MacVeag
b, in the Taft
the Secretary
of the Treasury from all attachment to his private
Cabinet, and William G. McAdoo and David Houston, in
interests to the
the Wilson
detriment of the public business. Responsibility for
Cabinet.
his private interests were not to be permitted to conflict with the
responsibilities attach- of Senator Norris counters this argument with a recital of the action
ing to his public office. His time, his mind, his
concern, were to as President Grant in withdrawing the nomination of A. T. Stewart
belong to the public, to his office.
Secretary of the Treasury after Congress had refused
to modify
the statute regarding that office.
Admits Law Seems Antiquated.
Senator Glass of Virginia, a Secretary of Treasury
during
the
"The distinction between the ownership of stock and
concern, or administration of President Wilson, has informed the committee that
interest, in carrying on the business is so narrow that it can
he
owned
newspape
stock
two
in
rs
while
he
was
only
in the Cabinet and
be
measured in many instances by a keen sense of honor and
was also one of the largest individual stockholders in an
industrial
upon the part of the official. If he counsels, or advises, or propriety enterprise in his home town.
directs-although he may not be a director or officer of the corporat
"If Mr. Mellon is disqualified as a Secretary of the Treasury
ion—still he
for
would, it seems to us, be directly or indirectly engaged in
the business holding stock," he said, "I was certainly ineligible to office, Alexander
of carrying on trade or commerce. And in considering
these matters, Hamilton was ineligible and so was every other Secretary of the
one would have tc take into consideration also the
amount and the Treasury."
extent of his interest in the business.
The letter of Leslie M. Shaw to Senator Steiwer said in part.
"This may seem to render the law antiquated and
"While Secretary of the Treasury I remained the senior member of
under modern business conditions. It may be contended unreasonable my law firm and an active
that such an
producer of farm products of many kinds,
interpretation of the law would make it difficult to find
a competent which made me .interested in trade and commerce, and during the
party to fill this office. But the answer to all such
contentions is at five years of my incumbency I acquired a half interest in a co-parnter•
hand and is full and complete—amend
ship and became the largest stockholder in a corporation,
or repeal the law.
both pro"Our personal views are that the law is sound in
principle, but it ducers and, therefore, both interested in State and interstate comis poorly expressed in the
light of modern methods of carrying on merce, but I was careful not to violate the time-honored statute which
business. As it is now written, it is susceptible of
abuse, both by prohibits the Secretary of the Treasury front being directly or inthose who hold the office and by those who would criticize
the official. directly interested in the business of trade or commerce."
The Committee also has before it a letter written by
Urge That Law Be Made Plain.
Alexander
Hamilton, the first Secretary of the Treasury, disclosing that
"The law should be made plain by specifyi
he disng what interests, if any, posed of his government bonds before he
took office, but held his
the official may have and what constitutes 'carrying on the
business.' corporate stock.
The principle and the purpose of the law no doubt have a wise
founSenators said that in one letter Hamilton expressed the
dation. But it ought to be adapted in its language to present
view that
circum- the statute under which the Judiciary Committ
ee now is proceeding
stances and conditions. It should be expressed in language
which was hastily drawn and ill-advised.
The action of the Committee on May 6, and
the presentation of a report on that date by Senator Borah,
was noted
as follows in a dispatch from Washington
on that date to
the New York 'Times":
MAY 11 1929.]
FINANCIAL CHRONICLE
Regarding the opinion reported to have been given by
the Attorney General upholding the right of Secretary
Mellon to continue in office Washington advices April 19
to the New York 'Times" said:
President Hoover, on his own initiative, has sought a ruling on the
legal right of Andrew W. Mellon to continue to serve as Secretary of
the Treasury from Attorney General Mitchell, and the latter, in reply,
has given an opinion that there is no question whatever of this right.
The Attorney General's opinion was placed before the Senate Judiciary Committee today by Senator David A. Reed of Pennsylvania,
but not made public. The fact that such an opinion has been requested by the President, definitely established tonight, was the first
intimation that Mr. Hoover had intervened in the matter.
Senator Reed also laid before the Committee, which is considering
Mr. Mellon's qualifications for office with reference to his business
holdings, a letter from the Secretary stating that while he still held
stocks in various corporations, his holdings did not occupy any directorships or other executive positions for profit in the business world.
"As far as these companies are concerned, "Mr. Mellon wrote, "my
active connection with them was severed in 1921 as completely as if
I had died at that time."
He added that he had never taken any part in the adjustment of
Federal taxes upon those companies in which he had minority holdings.
Mr. Mellon also stated that his former stock in the Overholt Distil.
lery had long ago been liquidated and that that company ceased making
whisky before the advent of national prohibition.
Mellon's Statement Accepted.
The committee, which previously decided that President Hoover had
a legal right to continue Mr. Mellon in office without renominating
him, accepted the Secretary's statements as to stock ownership, but
Chairman Norris said there still remained a question whether this
inhibited the Secretary from holding office.
On this point Secretary Reed said that if a stockholder could not
be Secretary of the Treasury, every holder of that office for the past
century had served in violation of the law and that it would be
difficult to fill the office.
Test of Mr. Mellon's Letter.
Secretary Mellon's letter to Senator Reed read as follows:
3125
of the bill, beginning at 2 p. m. May 8. It was agreed that
after that hour no Senator would be permitted to speak more
than once nor longer than 20 minutes on the Watson amendment. In referring to the Senate action May 8, in rejecting
the amendment, the Washington advices to the New York
"Journal of Commerce" said:
Republican leaders of the House, where a farm bill conforming to the
views of the President and containing no debenture plan or other feature objectionable from an Administration standpoint, was passed earlier in the
session, plan to send the bill back to the Senate on the ground that the
debenture is a revenue proposal which under the Constitution must originate
in the House.
Rejects Watson Motion.
'The Senate's decision to retain the debenture scheme, which was conan unwise and unworkable subsidy, was recorded
as
Hoover
Mr.
by
demned
when the motion of Senator Watson of Indiana, Republican leader, to strike
out the provision was rejected by a coalition of Western Republicans and
Democrats.
Immediately after this action, Senator McNary of Oregon. Chairman of
the Agriculture Committee, asked Senator Copeland (Dem.) of New
York, if he was ready to offer his amendment excepting from the agricultnre commodities fruits and vegetables. The New York Senator was
prepared to present his amendment, but, after request was made by Senator Norris (Rep.) of Nebraska, to give Senator Dill (Dem.) of Washington,
an opportunity to offer a similar amendment, agreement was reached to
put off until to-morrow consideration of the fruit and vegetable provision,
The same paper reporting the Senate proceedings May 9
stated:
Senator Copeland, Democrat, New York,author of the amendment, addressed the Senate for the third time in his efforts to secure adoption of the
proposal in which New York State is interested. Others taking part in the
discussion over the amendment included Senators Johnson of California.
Vandenberg of Michigan, Reed of Pennsylvania. Borah of Idaho. Republicans, and Glass of Virginia and Thomas of Oklahoma, Democrats.
Fair Chance Of. Adoption.
The Copeland amendment was given strong support by Senator Reed, but
Senators Johnson and Vandenberg offered vigorous opposition to the proposal. Senator Borah was sympathetic to the New York Senator's cause
Washington, April 19, 1929.
and Senator Thomas supported the amendment. The Oklahoma Senator
served notice that he had several amendments to offer with reference to
Dear Senator Reed:
I understand that the Senate Judiciary Committee wishes to know the farm board.
As the Senate recessed indications came that the amendment has a fair
whether I am now concerned in "carrying on trade or commerce," in
violation of the law which makes such action a high misdemeanor, chance for adoption with a vote on it likely to-morrow.
Earlier in the day leaders of the Democratic-insurgent coalition, which
and that the Committee has asked you to meet with it at its session
forced adoption of the export debenture plan in the Senate's farm fight,
tomorrow morning.
Before I took office as Secretary of the Treasury, in March, 1921, served notice they would oppose any effort to strike the plan out of the
I resigned every office that I then held in any corporation and re- bill in the House on a point of order.
signed all my directorates in such corporations and I have not been
The defeat of the Copeland amendment is indicated in
since that time nor am I now director or officer in any corporation
the following Associated Press dispatches from Washington
for profit.
I am a trustee or director of the University of Pittsburgh, Carnegie yesterday (May 10):
Institute and of several hospitals and charitable corporations, none of
The Senate to-day refused to give President Hoover the power to fix
which, however, is engaged in trade or commerce or in any business the salary of the chairman of the proposed farm board and voted to fix his
conducted for profit.
salary at $12,000. the same as for any other member of the board.
Disposed of All Bank Stocks.
The vote was 46 to 32, with the Democrats lining up almost soljdly
Before I became Secretary of the Treasury I sold every share of against the proposed Presidential power.
A final vote early next week on passage of the farm relief bill with its
stock I owned in any national bank, trust company or other banking
to-day as a result of the Senate agreeinstitution and I have not since then owned nor do I now own any export debenture section was assured
ing to limit debate on the measure and pending amendments at 3 IL
stock in such corporations.
I owned then and I now own a substantial amount of stock in the Monday.
The Senate to-day refused to exclude milk, milk products,fruits and vegeGulf Oil Corporation, the Aluminum Company of America, the Standlist of agricultural commodities to be affected by the farm
ard Steel Car Company, and other business corporations, but in every tables from the
66 to 11.
case my holding is very much less than a majority of the voting stock relief bill. The vote was
An amendment to exclude apples and pears, sponsored by Senators
of such companies.
rejected 63 to 19.
As far as these companies are concerned, my active connection with Jones and Dill of Washington, also was
them was severed in 1921 as completely as if I had died at that time.
previous action on the bill in the Senate
regarding
item
An
I have not concerned myself with their affairs and have not endeavappeared in our issue of May 4, page 2926.
ored to control or dictate their operations in any way.
It should be needless to add that I have in no way taken part in
the adjudication or settlement of any Federal taxes upon such comFederal Farm Loan
panies, and I have consistently refrained even from enquiring about Resignation of Eugene Meyer as
their tax affairs.
Commissioner—Secretary of Treasury Mellon ComNo Interest in Liquor Production.
mends Services of Retiring Commissioenr.
Senate Resolution, 2 mentions also the prohibition against an internal
As was noted in our issue of May 4, page 2926, Eugene
revenue officer being interested in the production of distilled spirits, as
has resigned as Federal Farm Commissioner, and the
Meyer
having
violated
that
my
of
question
that
some
there
was
imply
if to
statute.
of
President Hoover, expressing both regret at Mr.
letter
As you know, I had an interest in A. Overholt & Co., but that Meyer's decision, and appreciation of the work accomplished
company discontinued the manufacture of distilled spirits several years
in the item referred to.
before the prohibition amendment was adopted. The company was put by him as Commissioner was given
of
Mr. Meyer's letter of
of
the
became
Secretary
a
I
hands
public
trustee
before
in
liquidation
in
There has since been made
the Treasury, the trustee having full discretion as to the liquidation resignation, dated April 3, and a communication addressed
of the assets.
the Treasurer Mellon in
This company has been fully liquidated, the former owners, including to him May 1 by Secretary of
myself, have been paid for their interests and I have no further con- which the latter in praising the work of Mr. Meyer states
nection or interest in that enterprise or any other of that nature.
that all of his duties have been "discharged in a way to
All the foregoing facts have been so often stated publicly that I had
Mr. Meyer's letter of renot supposed there was the slightest question about them in the minds merit the highest appreciation."
of any person interested and I should be glad to have you explain the signation to President Hoover follows:
situation to any member of the committee who is not familiar with
FEDERAL FARM LOAN BUREAU
them.
Washington.
Yours very truly,
April 3 1929.
A. W. MELLON. The President,
'The White House.
Dear Mr.President:
Nearly two years ago I accepted appointment as a member of the Federal
Relief
Watson
Bill—Defeats
Farm
on
Senate Action
Farm Loan Board and was designated as Farm Loan Commissioner. I
undertook the work, as you know, at the request of President Coolidge and
Amendment to Strike Out Export Debenture Clause.
Secretary Mellon in connection with the reorganization of the Farm Loan
of
Indiana,
Watson
Republican
Senator
The efforts of
Board to meet the situation which then confronted the Farm Loan System.
relief
bill
farm
the One of the largest joint stock land banks had just been placed ih the hands
floor leader, to have stricken from the
of a receiver, and receiverships for two other Joint Stock Land Banks were
President
by
Hoover,
opposed
provision,
export debenture
Impending; a number of Federal and Joint Stock Land Banks were faced
on
the
vote
Watson
final
a
failed this week—the Senate in
with difficult situations; public confidence was impaired; and the Farm
proposal
a
the
by
defeated
having
Bureau had not been adequately organized to meet its problems.
Loan
8,
May
on
amendment
Since that time the various units of the Farm' Loan Bureau, including
Republicans
voted
13
and
Democrats
vote of 47 to 44; 34
the appraisal, examining, and legal divisions, have been vitrually reconagainst the amendment. On May 6 the Senate agreed structed, and a trained and competent organization has been developed
on the export debenture section to enable the Board properly to discharge the responsibilities devolving
unanimously to limit debate
3126
F I NA NC T A L CHRONICLE
upon it. Examinations of the Banks and National Farm Loan Associations are being conducted in a thorough and efficient manner; improper
and irregular practices that had grown up in some of the banks have been
eliminatel; sound accounting methods are being followed, and the published statements of the condition of the Banks are more accurate than ever
before; the management of Banks faced with difficulties has been strengthened and reorganized in co-operation with their boards of directors and they
are now in a position to deal effectively with their problems; and the Farm
Loan Board's supervision of the System has been made a vital and effective
force.
The progress that has been made In these directoins is outlined in detail
in the annual report of the Board for 1928, which was submitted to
Congress
on March 2 1929. While, of course, much remains to be done, as always
will be the case in a system of this magnitude, I think I am entirely correct
in saying that the task of reconstruction has been accomplished or is actively under way, public confidence has greatly improved, and the situation in all its details is well in hand. The reorganized Board has worked
harmoniously and assiduously to bring about these results, and it has had
the co-operation not only of the banks of the System generally but also of
a large number of public spirited men in various sections of the country.
I hope and believe that what has been done during the past two years has
materially strengthened the System and will prove to be of permanent
value to the agricultural interest which it was created by the Congress
to genre.
I have felt it incumbent upon me to continue with the work until the
essential requirements of the situation had been effectively met. That
Point now having been reached, I feel that I am justified in asking that you
relieve me of my duties as a Member of the Board and Farm Loan Commissioner in the near future, and I therefore tender my resignation to take
effect on May 10 1929, when I shall have completed two years of service
in this capacity.
With all good wishes for the success of your administration. I remain
Sincerely yours,
EUGENE MYER, Farm Loan Commissioner.
The following is Secretary Mellon's letter to Mr. Meyer:
THE SECRETARY OF THE TREASURY.
Washington.
Honorable Eugene Meyer,
May 1 1929.
Farm Loan Commissioner.
Treasury Department,
Washington.
Dear Mr. Meyer:
It is with great regret that I learn that you are to leave the Treasury.
For more than eight years I have been associated with you, first in the
work of the War Finance Corporation and afterwards during your administration of the Federal Farm Loan Bureau. During this time I have learned
to rely upon your judgment and to feel a sense of security in your handling
of all the varied and difficult problems connected with furnishing adequate
credit for agriculture.
Under your direction the War Finance Corporation was conducted in such
a way that it not only helped to relieve a serious credit stringency which then
existed in the agricultural community but it also had a far-reaching effect
In helping the farmer to avoid the necessity of enforced liquidation of his
products on a demoralized market.
Later, when the necessity arose for reconstructing the Farm Loan Board
and reorganizing the operation of the Farm Loan System, you again gave
the Government the benefit of your experience and judgment. I know
with what reluctance and at what personal sacrifice you agreed to undertake this formidable task; and it should be a source of the greatest satisfaction to you to know that as a result of your efforts the System has been
made to function in a more useful manner and has been materially strengthened in the confidence of the country.
All of these duties you have discharged in a way to merit the highest
approval. I wish to take this opportunity not only to thank you for the
services you have rendered but to express also the pleasure which I have
had during the years in which we have been associated together in the
work of the Treasury.
With kind regards, I am
Sincerely yours,
(Signed) A. W. MELLON, Secretary of the Treasury.
President Hoover as we stated in our item of a week ago,
has named Horace P. Bestor to succeed Mr. Meyer as
Commissioner.
Harry F. Sinclair Begins Prison Term of Three Months
for Contempt of Senate in Refusing to Answer
Questions of Senate Committee Inquiring Into
Teapot Dome Naval Oil Leases.
Harry F. Sinclair, New York oil operator, sentenced to
serve three months in jail, and to pay a fine of $500 for contempt of the Senate in refusing to answer questions of the
Senate Committee which inquired into the Teapot Dome
Naval Oil Reserve Leases, surrendered to the Government
on May 6, and was imprisoned in the District of Columbia
jail to serve the prison term imposed. The oil operator, who
has a knowledge of pharmacy, having, it is said, taken a
course therein at the University of Kansas, has been assigned
to the hospital unit at the jail and placed in charge of the
pharmacy. Last month (April 8) the United States Supreme
Court affirmed the conviction of Mr. Sinclair by the lower
courton the contempt charge; on April 22 the Supreme Court
denied a petition for a rehearing, sought by Mr. Sinclair on
the ground that the law under which he was sentenced was
unconstitutional. The mandate of the Supreme Court directmg the serving of the sentence was issued on May 4,and the
order of committal was issued by Justice William Hitz, in
the District of Columbia Supreme Court on May 6. On
that date, Associated Press accounts from Washington, reviewing the proceedings which led to Mr. Sinclair's imprisonment, said:
The commitment of Harry F. Sinclair to jail ended a two-year court
fight on the contempt charge which had been based upon his refusal to
[Vol,. 128.
answer four questions of the Senate Teapot
Dome Investigating Committee in 1924. The oil operator had carried the
case from the District of
Columbia Supreme Court through two upper
tribunals, the District of
Columbia Court of Appeals and the United
States Supreme Court, without
BUCC.OS.9.
Mr. Sinclair was convicted by a District
Supreme Court Jury on March
16 1927. The sentence of three months
jail imprisonment and a $500
fine was imposed two months later, on
May 20, by Justice William Ritz.
The oil operator's counsel imediately
appealed this decision to the District
Court of Anneals.
The Court of Appeals late last year asked
the
Court for instructions on points of law involved United States Supreme
in the case to assist in
determining its verdict. But upon the
request of Owen J. Roberts and
Atlee Pomerene, special goverminent counsel,
took the entire record of the case before it. the nation's highest tribunal
Arguments were heard early this year and in
April the United States
Supreme Court affirmed the lower court's
ruling by a unanimous decision, the latter being delivered by Justice
Pierce Butler, who also had
rendered the opinion in the decision canceling
the Teapot Dome lease
made by Albert B. Fall, as Secretary of the
Interior, to Mr. Sinclair.
The Supreme Court also denied a rehearing of
Mr. Sinclair and after the usual twenty-five-day this decision sought by
period issued the mandate
which became effective to-day.
The four questions upon which the contempt charge
propounded by Senator Walsh, Democrat, of Montana, was based were
prosecutor of the
Senate Oil Investigating Committee, on March 22
1924,
sixth appearance before the committee. Mr. Sinclaiiupon Mr. Sinclair's
refused to answer
them, although at previous appearances he had replied
to
The questions all related to the leasing of the Teapot questions.
Dome reserve.
They asked for information on the following subjects:
Whether meetings took place between Mr. Sinclair and Mr.
Fall in
November and December 1923.
Whether Mr. Sinclair or any of his companies "had loaned
anything" to
Mr. Fall.
An alleged contract regarding Teapot Dome between Mr. Sinclair
and
F. G. Bonnie, a Denver publisher.
A reputed agreement between Mr. Sinclair by which a part of Teapot
Dome was to be allotted to John C. Shaffer, a Chicago publisher.
Six other questions asked by the committee at this appearance were
not included in the charges sent to the jury.
Mt. Sinclair is the second man to serve a jail sentence here for contempt of the Senate. Elverton P. Chapman, a New York broker, received
one month in jail term and a $100 fine in 1896 for refusing to answer questions about sugar speculations of certain Senators asked by a Senate committee. He served the sentence in May of the following year.
It was noted in a dispatch from Washington, April 22, to
the New York "Times" that Mr.Sinclair is facing six months'
imprisonment for contempt of the District Supreme Court
resulting from alleged jury shadowing in the case against
Mr. Sinclair and Albert B. Fall, former Secretary of the
Interior, growing out of the Teapot Dome oil leases. The
dispatch added:
Argument on the appeal in this case was begun before the Supreme
Court to-day. Others involved by complicity charges are W. J.
Burns,
who was sentenced to serve fifteen days, and Henry Mason
Day, VicePresident of the Sinclair Exploration Company.
International Paper Company Out of Brooklyn Daily Eagle
and Other Gannett Newspapers.
From the "Brooklyn Daily Eagle" of May 4 we take the
following:
Frank E. Gannett, President of the Gannett Group of 17 newspapers,
of which The Brooklyn Daily Eagle is one, to-day delivered to the
International Paper Company his cheek Upon the Chemical National
Bank and Trust Company for better than $2,700,000, thereby retiring
every dollar invested by the s International in The Eagle, the Albany
Knickerbocker Press, the Albany News and the Ithaca Journal-News,
all of which are papers of the Gannett Group.
The International Paper Company is a subsidiary of the International
Paper and Power Company.
Return Made Willingly.
Editorial announcement that Mr. Gannett has retired his total obligations to the International appears on the editorial page of to-day's
issue of The Eagle.
The International willingly returns to Mr. Gannett's possession every
Gannett newspaper security held by that company, although all are
not callable at this time.
The fact that Mr. Gannett accepted a loan of approximately $2,700,000 from the International because that loan could be had at better
terms than could be obtained in the open money market was brought
out last Tuesday (April 30) in connection with the testimony of
Archibald R. Graustein, President of the International, before the
Federal Trade Commission.
Mr. Graustein, who was summoned for questioning concerning his
company's investment in the Boston Herald and Boston Traveler,
testified that the International had an interest of upward of $10,000,000 in 13 newspapers. He listed these interests as follows:
List of Holdings.
Brooklyn Daily Eagle—$1,954,000 in notes and 400 shares or 40%
of common stock of the Brooklyn Publishing Co., a holding company
which owns 68% of Brooklyn Daily Eagle stock.
Albany (N. Y.) Knickerbocker Press and Evening News—$450,000
in preferred and 3,000 shares of common stock.
Ithaca (N. Y.) journal-News—A contingent interest of $300,000 in
notes. No common stock.
Boston Herald and Boston Traveler-10,248 shares of common stock
at $525 per share.
Chicago Journal—$1,000,000 of debentures and $600,000 of preferred
stock of the Bryan-Thomason Newspapers, Inc., and 10,000 shares of
the common stock of this paper.
Chicago Daily News—$250,000 of preferred stock and 5,000 shares
of common stock.
Augusta (Ga.) Chronicle, Columbia (S. C.) Record and Spartansburg (S. C.) Herald-journal, published by William Lavarre and Harold
Hall—$855,000 in notes secured by the stock of these newspapers.
Influence Motive Denied.
At the conclusion of his testimony, Mr. Graustein issued a statement in which he said in part:
MAY 11 1929.]
FINANCIAL CHRONICLE
3127
A reference tO the newspaper holdings of the Interna"The International has no right, ability or desire in any way to
influence the news or editorial policy in any newspaper in the whole tional Paper and Power Company, incident to the testimony
country. A newspaper influenced in its news or editorial policy by
the special interests of its owners has, to say the least, an uphill job before the Federal Trade Commission, appeared in our
to be successful; and the International would not be willing to make issue of May 4, page 2927. In another item in this week's
any investment under any circumstances in any newspaper if it did not
feel that the investment in itself was wise and profitable."
issue of our paper we are giving a resolution calling upon
In a statement Mr. Gannett asserted that stock interests sold to
Postmaster General to supply the Senate with the last
the
the International Paper Company represented less than 30% of the
Brooklyn and Albany total and that no stock interest was transferred statement of ownership of these papers.
in Ithaca or any other Gannett newspaper. He denied any right,
real or implied, of the International or any other minority stockholder
to influence the policy of any Gannett newspaper and reaffirmed the Federal Trade Commission's Inquiry Into Public Utilities—
Gannett newspaper principle that each paper is published for its comSenate Resolution Calling for Ownership Statement of
munity by people who live there and each under the editorial control
Newspapers Acquired by International Paper & Power
of its local editor.
Company.
Although it is Mr. Gannett's expressed belief that the transaction
needed no moral or legal defense, he has discharged his obligation to
On May 6 the United States Senate adopted a resolution
the International in order that the absolute independence of any Gannett newspaper may never be opened to the slightest qustion or its introduced by Senator Walsh of Montana, directing the
freedom to reflect the interest of the public subject even to a remote Postmaster General to transmit to the Senate copies of the
doubt.
last statements of ownership filed by newspapers in which
The editorial appearing in the "Eagle" of May 4 is reproduced herewith:
International Out of the Gannett Newspapers.
When Frank E. Gannett, controlling The Eagle and sixteen other
newspapers, accepted in perfectly good faith a loan of approximately
$2,700,000 from the International Paper Company, which acted in
equally good faith, it was because the loan could be had at terms
better than were available in the open money market. The International did not ask and did not receive any voice in the policies
of The Eagle or any Gannett newspaper. The International acquired
good investments, secured by collateral in the form of notes, preferred
stock and, in the instance of The Eagle and the Albany Knickerbocker
Press and Albany News, common stock equity of less than 30% of
the total. From the Ithaca Journal-News it received only notes. The
stock control of every Gannett newspaper is in the hands of Frank E.
Gannett and the editorial control of each is in the hands of the local
editor.
In return for the International's loan-terms that company received
contracts for the paper supply of The Eagle and the Albany papers.
More than one-half of the Gannett newspapers' paper supply is purchased from others than the International.
It was and is Mr. Gannett's belief that this was a straightforward,
legal business transaction which should not be questioned by any one.
Criticism by the majority of the press of the Nation, however, is that
this financial association with a company which also sells power may
not affect the policy of the newspaper involved but could affect that
paper's influence with its readers.
The Eagle has faith in the integrity of the American Press. It
has faith in the sincerity of those publishers who accepted International loans, as they would any loan, without thought of allowing
an outside influence to affect the policies of their papers.
The Eagle has no quarrel with critics who condemn its judgment,
but it regrets the unwillingness of some of its contemporaries to
recognize an honest motive.
Mr. Gannett is the head of America's third largest group of newspaper. The absolute independence and integrity of a Gannett newspaper must never be in doubt. To that purpose, at a very considerable cost to Mr. Gannett, The Brooklyn Daily Eagle, the Albany
Knickerbocker Press, the Albany News and the Ithaca Journal-News
have today delivered Mr. Gannett's personal check for better than
$2,700,000 upon the Chemical National Bank and Trust Company to
retire every dollar of obligation owing the International Paper Company or any of its subsidiaries and to return to Mr. Gannett's possession every security held by that company in any Gannett newspaper. In accomplishing this the cheerful willingness of International
to part with desirable investments, not yet callable, is acknowledged.
controlling interest is reported to have been acquired by
the International Paper & Power Company. The resolution grows out of the inquiry which the Federal Trade
Commission has been conducting into public utilities, and
the reported newspaper holdings of the company, which the
hearings of the Commission are said to have revealed, were
referred to in our issue of May 4, page 2927. The resolution of Senator Walsh as adopted by the Senate on May 6,
reads as follows:
Whereas it appears from testimony taken by the Federal Trade
Commission under and by virtue of Senate Resolution 83, Seventieth
Congress, First Session, that the International Paper and Power Company and affiliated concerns are the owners of stock in the Boston
Herald and the Boston Traveler, published at Boston, Mass.; the
Chicago Daily News, published at Chicago Ill.; the Chicago Journal,
published at Chicago, Ill.; the Tampa Tribune, published at Tampa,
Fla.; the Greensboro Record, published at Greensboro, N. C.; the
Knickerbocker Press, published at Albany, N. Y.; the Albany Evening
News, published at Albany, N. Y.; the Brooklyn Eagle, published at
Brooklyn, N. Y.; the Augustab Chronicle, published at Augusta, Ga.;
Spartanburg
the Columbia Record, published at Columbia, S. C.; the
Herald, and the Spartanburg Journal, published at Spartanburg, S. C.,
and possibly other interests in other journals; Therefore be it
RESOLVED, That the Postmaster General is hereby directed to
last statetransmit to the Senate for its information a copy of the
owner of
ment filed by the editor, publisher, business manager or
names and
each of the newspapers above enumerated, setting forth the
publisher, busipost office addresses of the editor and managing editor,
be
ness manager, and owners, and the stockholders, if the publication
bondholders,
owned by a corporation, and also the names of the known
of Congress
mortgages or other security holders as required by the Act
approved August 24, 1912.
According to the "Times" the resolution was adopted
without a record vote and with Senator Bingham of Connecticut alone raising his voice in the negative.
In another item in this issue of our paper we are giving
4
the announcement in the "Brooklyn Daily Eagle" of May
Indicating that a check for $2,700,000 has been delivered
the Into the International Paper Company (a subsidy of
ternational Paper & Power Company), "thereby retiring
The following letter addressed by Mr. Gannett to Presi- every dollar invested by the International in the Eagle, the
dent Graustein of the International Paper Company re- Albany Knickerbocker Press, the Albany News and the
garding the check sent to that company, is from the "Eagle" Ithaca Journal-News, all of which are papers of the Ganof May 5:
nett group."
New York, May 4.
That
Mr. A. R. Graustein,
Attorney General Mitchell Advises Secretary Wilbur
President, International Paper Co.,
of
Extension
Grant
to
Law
Under
Authorized
100 E. 42d St., N. Y. C.
Latter is
Kettleman
in
Given
Dear Mr. Graustein:
Oil Prospecting Permit—Ruling
In accordance with our verbal understanding I am handing you
Hills (Cal.) Drilling Operations.
herewith check on the Chemical National Bank and Trust Company
of opinion
for $2,781,158.30, to repay in full to date with interest your investIn response to a request for an expression
ment in the securities of the Brooklyn Publishing Corporation (which
authorized to
is
Interior
the
of
Secretary
the
controls the stock of The Brooklyn Daily Eagle), the Albany Press as to whether
permit, Attorney
Company and the Ithaca Journal-News.
grant an extension of an oil prospecting
Will you please deliver to me all of these securities and contracts General Mitchell under date of May 6 advised Secretary of
so that the entire transaction will be terminated.
he may grant such extension on
We entered into this arrangement in good faith; it was a straight- the Interior Wilbur that
postponed or
forward, entirely legitimate business transaction, mutually advantageous condition that drilling operations shall be
6 to the
May
and desirable, which should not be questioned; but there has been
Washington
from
A dispatch
criticism of the policy of your Company holding even a minority interest suspended.
request for a
Secretary's
the
regarding
"Times"
Without
discussing
that
York
I
New
feel
contention,
newspaper.
it
is better
in a
to remove all possibility of a misinterpretation of the motive which
actuated our relationship.
Let me express to you my appreciation of your willingness to part
with a good investment by agreeing to sell to me securities not yet
callable.
Sincerely yours,
FRANK E. GANNETT.
From the same issue of the "Eagle" (May 5) the following
is taken :
Graustein Notifies Board.
The following telegram was sent yesterday by A. R: Graustein,
President of the International Paper Company, to Robert E. Healy,
chief counsel of the Federal Trade Commission, Washington, D. C.
"You will doubtless be interested to know that Mr. Gannett is arranging to repurchase all the securities which we acquired in his papers,
that is, the Ithaca Journal-News, the Albany Knickerbocker Press, the
Albany Evening News, the Brooklyn Daily Eagle. This will be satisfactory to us since we will continue to supply these papers with their
newsprint requirement. If the commission desires to have this information in more formal shape or wishes any additional information I
shall be very glad to be of service."
ruling in the matter said:
primarily by a condition
Secretary Wilbur's request was prompted
of oil lands there has
at Kettleman Hills, California. A large block
The plot is checkerrecently brought in several heavy producing wells.
boarded by leases of various companies.
wells, inconsistent
Fearing the useless drilling of competitive offset Secretary Wilbur
with President Hoover's oil conservation policy,
permits to defer
recently appealed to the interests holding prospecting
and extravagance
exploitation of the fields. He pointed out the waste
drilling and asked the
which would accompany 'haphazard competitive
program which
various producers to meet and work out a development field.
of this
would insure complete and orderly drainage
Wilbur Suggested a Solution.
Secretary Wilbur
Due to the present over-supplied oil market, deferred until a
to
further suggested that development of this field working out this propublic necessity for its exploitation existed. In assurance that their
of
gram, permittees found an obstacle in lack development of the field
put off
permits would be renewed should they
a solution Secretary
As
grants.
beyond the period covered by their
future extensions if they
Wilbur considered promising the permittees
would agree to cease drilling operations.
3128
FINANCIAL CHRONICLE
The Attorney General's conclusions were set out as follows in his advices to the Secretary of the ulterior:
(VoL. 128.
extension period, adequate time to complete a
well to the maximum
depth required by the Act of February 25,
1920, by the exercise of
I have the honor to acknowledge receipt of your letter of April
reasonable
diligence.
This
plan seems not inconsistent with the inter27,
1929, in which you ask my opinion upon the fallowing question:
pretation and administrative practice of the Department
(which are
Is the Secretary of the Interior authorized to grant an extension entitled to respect, Logan v.
Davis, 233 U. S. 613, 627); it acof an oil prospecting permit in such terms that its period must
expire complishes the object of the Mineral Leasing Act both as regards
within the maximum limit of the statutory period, and the duration
of the prevention of waste (Section 16) and the
actual operations be for a lesser period within such extension, the
completion of a test
dates of beginning of actual operations to be stated in the extension? well within the statutory time (Section 13); and it secures to the
Because of both physical and economic waste of oil and gas, result- permittee all of the substantial benefits of the Extension Act. I see
ing from excess production upon the public domain, a critical situa- no legal objection to it.
tion has arisen—especially in the Kettleman Hills field n California—
Respectfully,
which requires careful study and, in the meantime, a suspension of
(Signed) WILLIAM D. MITCHELL,
drilling operations wherever practicable, until a solution of the problem
Attorney-General.
may be found. You add:
If I may validly condition an extension (whose period shall be
within the maximum allowed by law)
confinement of drilling Railroad Rate of Return for March and the Three
operations to a latter part of that period,on
I desire to do so.
Months.
There are now before you ,a number of applications
for extensions
of permits which directly involve the question upon which my opinion
Class I railroads in March had a net railway operating
is desired.
income of $97,466,476, which, for that month, was at
The Act of February 25, 1920 (41 Stat. 437), entitled ,"An Act
the
to promote the mining of coal, phosphate, oil, oil shale,gas and annual rate of return of 5% on their property investment
,
sodium on the public domain," subjects all public lands, with a few according to reports just filed by the carriers
with the Bureau
exceptions set out in Section 1, "to disposition in the form and of
Railway Economics and made public on May 7.
manner provided by this Act to citizens of the United States," etc.
In
March 1928, their net railway operating income was $90,Section 13 is in part as follows:
That the Secretary of the Interior is hereby authorized, under such 876,037 or 4.73% on their property
investment. Property
necessary and proper rules and regulations as he may prescribe, to
grant to any applicant qualified under this Act a prospecting permit, investment is the value of road and equipment as shown by
which shall give the exclusive right, for a period not exceeding two the books of the railways, including
materials, supplies and
years, to prospect for oil or gas upon not to exceed two thousand
five hundred and sixty acres of land ••• upon condition that the cash. Theinet railway operating income is what is left after
permittee shall begin drilling operations within six months from the the payment
of operating expenses, taxes and equipment
date of the permit, and shall, within one year from and after the
date of permit, drill one or more wells for oil or gas to a depth rentals but before interest and other fixed charges are paid.
of not less than five hundred feet each, unless valuable deposits of
oil or gas shall be sooner discovered, and shall, within two years from This compilation as to earnings in March is based on reports
date of the permit, drill for oil or gas to an aggregate depth of not from 183 class I railroads representing a total mileage of
less than two thousand feet unless valuable deposits of oil or gas shall
241,277 miles. The report proceeds as follows:
be sooner discovered.
Section 14 provides, in substance, that the permittee shall be enGross operating revenues for the month of March amounted to $518.titled, as a reward for his discovery of valuable oil or gas deposits 973.409 compared with $506.098,451 in March 1928 or an increase of 2.1%.
(a) to a 20 year lease of one-fourth of the land (at least 160
acres) Operating expenses in March totaled 3377.279,236 compared with $373.included in the permit on a royalty of 5%, and (b) to a preference 921,654 in the same month in 1928 or an Increase of nine-tenths of 1%.
right to a lease of the remainder of the land.
Class I railroads in March paid $32,511,005 in taxes, an increase of 51,Section 32 authorizes the Secretary of the Interior "to prescribe 008,672 or 3.2% over the same month in 1928. This brought the total tax
necessary and proper rules and regulations and to do any and all bill of the class I railroads for the first three months in 1929 to 395.254.240,
things necessary to carry out and acipmplish the purposes of this an increase of $5.902,873 or 6.6% above the corresponding period in 1928.
Act • • • ."
Twenty-three Class I railroads operated at a loss in March of which
Section 37 enacts "that the deposits of " •" oil, oil shale, and seven were in the Eastern, three in the Southern and 13 in the Western
gas, herein referred to • * • shall be subject to disposition only in District,
the form and manner provided in this Act."
Class I railroads for the first three months in 1929 had a net railway
The Acts of January 11, 1922, 42 Stat. 356, April 5, 1926, 44 Stat. Operating income amounting to 3259.541.880 which was at the annual
236, and March 9, 1928, 45 Stat. 252, in substantially similar terms rate of return of 5.37% on their property investment. During the corprovide that permits issued under the Mineral Leasing Act (the responding period of the preceding year, their net railway operating income
Act of February 25, 1920) may be extended by the Secretary of the amounted to $217,370,419 or 4.57% on their property investment.
Interior, under the first of said Extension Acts, for three years,
Gross operating revenues for the first three months in 1929 amounted
and under the last two years, if he finds that the permittee has to 31,479,669.257 compared with 31.421,707.254, during the corresponding
exercised reasonable diligence to comply with the conditions of
Period
in 1928 or an increase of 4.1%. operating expenses for the first
his
permit. The Act of March 9, 1928 (45 Stat. 252) is as follows:
three months period of 1929 totaled 31,096,762,124 compared with 81,CHAP. 163. An Act to grant extensions of time of oil and
gas 087.038 during the corresponding period the year before or an increase
permits.
of nine-tenths of 1%
Be. it enacted by the Senate and House of Representativ
Net railway operating income by districts for the first three months with
United States of America in congress assembled, That any es of the the percentage of return based on property investment on an annual basis
prospecting permit issued under the Act entitled "An Act oil or gas follows:
to promote
the mining of coal
oil, oil shale, gas, and sodium on the New England Region
811,393,260
5.83%
public domain," approved
phosphate,
February 25, 1920, or extended under the Great Lakes Region
46,972,649
5.73%
Act entitled "An Act to authorize the Secretary of the
Central Eastern Region
57,893,988
6.05%
Interior
to
grant extensions of time under oil and gas permits,
20.258,591
9.18%
and for other Pocahontas Region
purposes," approved January 11, 1922, or
Total Eastern District
136,518,448
6.23%
further extended under
the Act of April 5, 1926, may be extendedas by
34,738.691
Total
Southern
District
4.08%
the Secretary of the Northwestern
Interior for an additional period of two years, if
15,718,433
Region
3.87%
he
shall
find
that
Central Western Region
50,663 848
the permittee has been unable, with the exercise of reasonable
5.72%
diligence, Southwestern Region
21,902,420
4.42%
to begin drilling operations or to drill wells of the
depth and within
Total western District
88,284,701
4.94%
the time required by existing law, or has drilled
United
wells
of
the
depth
5259.541,880
States
5.87%
and within the time required by existing law, and has
failed to discover
oil or gas, and desires to prosecute further exploration.
Eastern District.
Sec. 2. Upon application to the Secretary of the
Interior, and
Complete reports showed that the Class I railroads in the Eastern Dissubject to valid intervening rights and to the provisions
of
Section
1
trict for the first three months in 1929 had a net railway operating income
of this Act, any permit which has already expired because
authority under existing law to make further extensions,of lack of of 3136,518,488, which was at the annual rate of return of 6.23% on their
may be
extended for a period of two years from the date
property
investment. For the same period in 1928. their net railway operof the passage
of this Act.
ating income was $102,802,710 or 4.76% on their property investment.
The mainfest object of the extension of a prospecting permit is
to Gross operating revenues of the Class I railroads for the first three months
enable the permittee to continue the work of exploration and
com- in 1929 totaled $739.808,588. an Increase of 6.1% over the corresponding
plete a producing well within the additional period granted.
The Period the year before, while operating expenses totaled $546,317,709, an
Extension Acts do not, like the initial Act of February 25, 1920, fix increase of 1.2%
over the same period in 1928.
specific times within the maximum period, for the beginnng, prosecuClass I railroads in the Eastern District for the month of March had a
tion and completion of a test well. In the nature of things, that
would net railway operating income of $50,403,826 compared with 343.015.650
be impracticable, as the actual drilling situation on the various
tracts in March 1928.
(some 34,000 permits have been granted) will vary greatly. At the
Southern District.
dates of expiration of the permits, the exploration work will be
in
Class I railroads in the Southern District for the first three months in
many different stages of development, ranging all the way from
the 1929 had a net railway operating income of 334,738.691 which was at the
mere placing of machinery on the ground or the erection of a derannual rate of return of 4.08% on their property Investment. For the
rick (or not even that much) to actual wells in all stages of
progress same period in 1928. the net railway operating income amounted to $33."spudding in" to within a few feet of completion. But though the 409,974
which was at the annual rate of return of 3.99%. Gross operating
Extension Acts do not prescribe the rate of progress to be made by revenues
of the Class I railroads in the Southern District for the first three
dates, like the original Act, which begins with nothing done, they do,
months in 1929 amounted to 3197,613.852. a decrease of three-tenths of
like the original Act, look forward to the completion of a well or 1%
under the same period the year before, while operating expenses totaled
wells and to the ripening of the prospecting permit into a
formal $147,385,156, a decrease of 1.7%.
lease under the original Act.
The net railway operating income of the Class I railroads in the Southern
I am informed that it has been the general practice of the
Secre- District in March amounted to $12.042,972 while in the same month in
tary of the Interior to grant extensions of permits without
requiring 1928 it was $14,506,397.
any specific work to be done by the permittee. The form
of extension
Western District.
used merely recites: "It is expected that substantial
progress will be
Class I railroads in the Western District for the first three months in
made toward development." The permittee was left to work
out his 1929 had a net railway operating income of $88,284,701, which was at the
own program of development, having regard
to the progress already annual rate of return of 4.94%
on their property investment. For the first
made and the particular conditions confronting him. The
permittee three months In 1928, the railroads in that district had a net railway operhad the right to postpone the completion
of a well to any convenient ating income of 381,157,735 which was at the annual rate of return of
time within the period of extension
granted by the Secretary.
4.0% on their property investment.
Gross operating revenues of the
Since the Extension Acts do not require the permittee to do
specific Class I railroads In the Western District for the first three months this
acts within specific times and the administrative practice has
recognized Year amounted to $542,246,817 an increase of 3.1% compared with the
that the permittee has a discretion not incompatible with
diligence, as
to the apportionment of drilling work within the lmit of the extension same period last year, while operating expenses totaled $403,059.259, an
increase of 1.5% compared with the first three months the year before.
period, I am of the opinion that
the Secretary and the permittees
For the month of march, the net railway operating income of the Class
may agree, or the Secretary may grant an extension conditioned
that I railroads in ate Western District amounted to 35,019.678. The net
drilling operations shall be postponed or suspended, dependent on
the railway operating income of the same roads in March 1928 totaled 833.circumstances of each ease, leaving, however, remaining within the
353.990.
MAY 11 1929.]
FINANCIAL CHRONICLE
CLASS I RAILROADS—UNITED STATES.
1929.
Month of March—
•$516,973,409
operating
revenues
Total
377,279,236
Total operating expenses
32,511,005
Taxes
97,466.476
Net railway operating income
72.98%
Operating ratio
5.00%
Rate of return on property investment
Three Months Ended March 31—
.51.479,669.257
Total operating revenues
1,096,762.124
Total operating expenses
95,251,240
Taxes
259,541,880
Net railway operating income
74.12%
Operating ratio
5.37%
Rate of return on property investment
1928.
$506,098.451
373,921,554
31.502,333
90.876,037
73.88%
4.73%
$1,421,707,254
1.087,007,038
89,351,367
217.370,419
76.46%
4.57%
High Interest Charges Indicate Tension in Credit Situation,
Says Bank of America, N. A.
High interest charges and the tendency of the money
market to advance sharply under the demands of monthend payments still point to the underlying tension in the
credit situation, according to the April review of business
conditions published by The Bank of America N.A. The
review notes that business in April was active and that
spring trade has been in "very satisfactory volume." It
says:
"No appreciable advance in commodity prices has accompanied this
activity, nor are there any evidences of important stocks of goods
over and above the amount required in the ordinary course of business.
Earning statements of the majority of the larger corporations inidcate that this heavy turnover of goods has been accomplished at a
profitable rate, in a number of instances with net earnings at a new
high level."
vast strides that have taken place in arbitration recently
and pointing out some of the important needs that must yet
be overcome to make arbitration more effectively used
among business men. His Committee was also authorized
by the Chamber to study and report upon the question of
reform in the administration of commercial law and make
recommendations to and co-operate with the bench and bar.
A report and resolutions favoring in principle the construction of an improved highway along the East River was
unanimously adopted as a traffic relief measure when presented by Jacob H. Haffner, Chairman of the Committee
on Public Service in the Metropolitan District. Mr. Smull
urged that a non-political body be appointed for smoke
abatement and President Loree appointed Mr. Haffner, J.
Vipond Davies and Finley J. Shepard as members of the
New York-New Jersey Smoke Abatement Committee.
Dr. Marcel Knecht, the principal guest at the meeting,
spoke on Greater France and the recent Economic Development in Algeria, Northern •Africa. He said that next year
France will celebrate the one hundredth anniversary of
the conquest of Algeria and invited members of the Chamber to attend; also to International Paris Exhibition two
years from now.
Discussing retail trade, the review states:
"Spring trade has been active and retail turnover in very satisfactory volume. A preponderance of gold, wet weather during April
served to retard buying to some extent in country districts. In the
larger centres, however, unfavorable weather conditions appeared to
exert very little influence upon trade.
"Sales of department stores in March were 6% larger and average
daily sales 10% larger than in March, 1928. These figures are based
upon reports of 489 stores. Of this number, 349 stores reported
increases in total sales and 140 stores decreases. There was a gain
if 8.7% in sales reported by New York stores. For the United
States as a whole, the gain in sales during the month, as compared
with March, 1928, was 6.1%."
L. F. Loree, President of Delaware ec Hudson Co.,
Re-elected President of Chamber of Commerce of
State of New York—Other Officers Elected—Resolutions Adopted.
Leonor F. Loree, President of the Delaware & Hudson
Company, was unanimously re-elected l'resident of the
Chamber of Commerce of the State of New York at the one
hundred and sixty-first annual meeting of that organization
on May 2. J. Barstow Smull was re-elected Chairman of
the Executive Committee, Charles T. Gwynne was re-elected
Executive Vice-President, Jere D. Tambiyn, Secretary;
Junius S. Morgan, Jr., Treasurer; William B. Scarborough,
Assistant Treasurer. Three new Vice-Presidents were
elected, Charles M. §chwab, John D. Rockefeller, Jr., and
Ernest Iselin.
Stating Unit the human race responds to stimulus and incentive, President Loree, in thanking the members for reelecting him, said that the world is now moving under
stimuli far greater than that which persisted after the
Napoleonic wars and pointed to effects of the World War,
the introduction of the automobile industry, the radio, the
airplane and the transmission of electric current. Mr. Loree
said:
"The cost of living since the beginning of the century has about
doubled, but the wage scale has trebled. This means that after paying
for food, clothing, shelter, etc., on a better scale than ever before, we now
have as much money lett for other purposes as was the entire amount so
used twenty-five years ago.
"There has been a great expansion in the instrument of credit, through
the introduction of the partial payment plan of purchasing, and much .has
been accomplished by the elimination of waste. Perhaps never has so
many stimuli been at one time concentrated to activate a people. We are
to-day receiving the full benefits of these changes and growths and would
seem likely to continue to do so for a long period in the future."
the Executive Committee to take
of lighterage costs in the
segregation
the
prevent
to
action
Port of New York and thus open up the old freight rate
differential case of New Jersey against New York, were
unanimously passed on the motion of J. Barstow Smull,
Chairman of the Executive Committee. Mr. Smull pointed
out that if a movement of this kind succeeded it would break
up the whole freight rate zoning system and would cause a
heavy falling off in the foreign and domestic commerce of
the Port of New York. It would also nullify, he said, the
Port of New York Authority, the union of New York and
New Jersey for the comprehensive building up of the Port.
Charles L. Bernheimer, Chairman of the Committee on
Arbitration of the Chamber, presented his eighteenth successive report for that Committee, calling attention to the
Resolutions empowering
3129
Light's Golden Jubilee to Be Inaugurated at Atlantic
City May 31—President Hoover Heads Committee
Sponsoring World-wide Tribute to Thomas A.
Edison.
,President Herbert Hoover has accepted honorary Chairmanship and will head the General Committee for the international and national celebration of Light's Golden Jubilee,
it was announced at a luncheon given by Paul D. Cravath
at the Bankers' Club, New York, on April 30. President
Hoover's message read:
I have your kind letter of Mar. 30 requesting that I accept honorary
Chairmanship of the Sponsorship Committee of the Edison Pioneers.
mean a genuine
I shall be delighted to act in any capacity that will
tribute to Mr. Edison's services
The celebration, commemorating the 50th anniversary
of the perfection of the incandescent lamp by Thomas Alva
Edison will be inaugurated by a series of light festivals beginning at Atlantic City, N.J. on May 31, and will end in an
international tribute to the inventor on Oct. 21. The
members of the committee announced to date are: Gen.
Robert Lee Bullard, Newcomb Carlton, Paul D. Cravath,
John W. Davis, Harvey Firestone, Henry Ford, James W.
Gerard, Clarence H. Mackay, Andrew Mellon, John D.
Rockefeller, Jr., and Charles M.Schwab.
Regarding the Jubilee an announcement says:
The inauguration of Light's Coluen Jubilee on May 31 In Atlantic City,
as a tribute to signalize Mr. Edison's outstanding contributions to the advancement and comfort of humanity, will have its climax in a great festival
of light throughout the United States on Oct. 21, the commemoration date.
at
and a testimonial dinner to be given to the inventor by Henry Ford
Dearborn, to be attended by America's most distinguished men. This
will also be the occasion of the dedication at Dearborn. of the completely
restored Belson's Menlo Park laboratories and other buildings from Menlo
Park, which will permanently preserve for the people a record of the life
and inventions of Mr. Edison. Men and women and organizations from
an exall sectors of life will participate in the tribute. There will also be
tensive radio hook-up and other festivities.
Menlo
at
laboratories
his
from
Edison,
On Oct. 21 1879. Thomas Alva
a comPark, N. J., announced thc perfection of the incandescent lamp on
of the electric
mercially practical scale, making possible the development
organizations
light and power industry of the world. All of the important
organization
the
of
outside
within the electrical industry and many bodies
in celebrating the 50th anninversary of tills epoch making
.
llnt
wvie
e
co-operate
is made up of
Initiated bit the Edison Pioneers, an organization which
Edison during his
Individuals who were associated with Thomas Alva
expression
early career, Light's Golden Jubilee is designed as a world-wide
to the
of gratitude to one of the greatest men of modern times, to bring
inventor who has done so
public a greater knowledge of the works of this
much for the comfort and progress of the world.
Dr. Willard L. Thorp of National Bureau of Economic
Research, Discussing Trend of Consolidations,
Says Movement Is Most Active in Periods of Prosperity and High Money Rates—Records Refute
Contention that Large Scale Operation Lowers
Costs.
In an address on "Facts About the Consolidation and
Merger Movement and the Concentration of Industry,"
Dr. Willard L. Thorp, member of staff National Bureau of
Economic Research and Professor of Economics, Amherst
College, observed at the spring convention of the American
Management Association, at the Hotel Pennsylvania, New
York, May 7, that "the marked chages in the structure of
industry in the last few years have not appeared in the gradual
growth of companies, but in the merging and consolidation
of separate companies entities. This," he added, "has not
3130
FINANCIAL CHRONICLE
been united to any single field," but has spread to numerous
fields such as distribution, banking, public utility, manufacturing, motion picture and others. The statistics of the
combination movement for the years 1919 to the present,
Dr. Thorp said, point to two interesting conclusions: "In
the first place, there is a pronounced upward trend—the
movement is proceeding at an accelerating pace. In the
second place, there is a surprisingly close parallelism between
these mergers and business conditions. The consolidation
movement appears to be most active in periods of prosperity and high money rates, and to show marked decline
during depression."
In discussing the reasons for consolidation, Dr. Thorp
said that figures appear to refute the familiar reason that
"operation on a large scale will lower costs per unit of output
and thereby lower prices." Records indicate that, as often
as not, the large concern operates at higher unit cost than
the small one. The figures are incomplete but at the present
time the material which is available does not support the
view of net economies from large scale management. Dr.
Thorp is convinced that mergers have arisen in many cases
out of marketing requirements rather than from the necessity
of lower production costs. He said:
[VoL. 128.
York, has been elected a Vice-President of the Seaboard
National Bank of New York.
The stockholders of the U. S. Mortgage & Trust Co. of
New York on May 9 authorized the increase in capital stock
from $5,000,000 to >000,000 and the offering of such additional stock to stockholders for subscription pro rata at
par. The holders of each five shares of stock are entitled
to subscribe to three additional shares at $100 per share.
Warrants will be mailed to stockholders of record this date
and must be exercised on or before June 3. The increase
in capital is preliminary to the merger with the Chemical
Bank & Trust Co. and while another meeting of the stockholders will be held on June 27, the vote on May 9 for
practical purposes may be regarded, it is announced, as an approval of the merger. As stated in our issue of May 4(page
2933) preliminary to the merger the Chemical National
Bank has been converted into the Chemical Bank & Trust
Co. Details of the merger plan were given in these columns
Mar. 30, page 2027.
The merger of the Guaranty Trust Co. of New York and
National Bank of Commerce in New York was officially
"The demand for products of national advertisers, has led small com- consummat
ed when the combined institution opened its
panies to combine that they may display their wares. Furthermore, the
difficulties which the law places in the way of companies which endeavor doors on Monday morning, May 6, under the name of the
to agree upon prices, or output, or markets, may be overcome if the several Guaranty Trust Co. of New York. On May 5,
4,000 emcompanies combine into one.
"It is an interesting sidelight on our current economic life that although ployees of both institutions gave up their Sunday holiday
these large companies cannot in many instances turn out goods at lower to rehearse operating as a single unit at the main office, 140
costa, nevertheless they are steadily absorbing a larger and larger pro- Broadway. By a special arrangemen
t with postal authoriportion of the nation's markets. The small concern still maintains Its
position. The middle sized companies are suffering. But so many of our ties, the bank's mail was received, sorted and a regular day's
purchases to-day do not depend upon price differences of a few cents. In business carried on with the exception of the fact that there
fact at least one manufacturer has capitalized his few cents of higher,cost were no
customers. By giving employees time to become
In his advertising. We are more apt to buy because of advertising, or
other marketing methods. It is along these lines that the large producer acquainted and working unencumbered on a holiday, the
is making rapid headway."
physical changes in the organization were fully completed.
Unification of departments which were duplicated in the two
Something for Nothing—Pensions for Old Age Paid Out banks was completed on Sunday after several months of
extensive alterations in the group of buildings which comof Public Treasury.
The following is from the editorial columns of the "Wall prise the main office. Most important of the changes was
the remodeling of the main floor of 140 Broadway from which
Street Journal" of May 2:
•
Readers of genuine intelligence and sincere public spirit have recently cages and tellers' windows were removed and the whole floor
questioned "The Wall Street Journal's strong condemnation of pensions given over to quarters for senior officers of the bank.
for old age out of the taxpayer's pocket. They say, truly enough, that
Private offices of James S. Alexander, Chairman of the
this is not necessarily Socialism and that railroads and other great corporations have pension systems, to say nothmg of those provided for people Board, Charles H. Sabin, Vice-Chairman, and William C.
Potter, President, will be located on the reconstructed
in public employment, either municipal or Federal.
They deceive themselves by a false analogy. A great railroad system mezzanine floor, instead, as heretofore, on the main
banking
may provide pensions at the age of 65 or 70, having made no deduction
from the wages of the employe during his service. Whether he contributed floor. Announcement of the Guaranty-Commerce merger
or not the pension came out of his wages. The prospect of a pension was was made formally Feb. 25, after special meetings of the
one of the inducements held out to him to accept employment'with that Boards of Directors of both companies at which identical
railroad and to remain faithful in his service. He was not getting something for nothing. He had earned every cent of the pension before it resolutions were adopted. The basis of consolidation prowas granted and the railway company, or other employer, had already vided that the Bank of Commerce increase its capital stock
received value for the money.
to $30,000,000 by the issuance of $5,000,000 additional
This is true of Federal or municipal employment, whether the pension
stock to its stockholders at par. The stock of the Bank of
fund is partly contributory or not, for the employe bases his living
expenses upon his net salary. In order to secure a steady type of employe, Commerce and Guaranty Trust Company, with $40,000,000
calculated to become experienced in the public service, the pension system capital, were then exchanged for stock of
the consolidated
is an inducement, especially to that all too common type which prefers a
company, share for share. The consolidation brings the
humble certainty, or, as Henry Ford says, wishes merely to "stay put."
But a pension out of the taxpayer's pocket has none of these merits. englarged institution capital, surplus and undivided profits
It is emphatically something for nothing. Private benevolence already of more than $184,000,000. It is claimed that
it provides
takes charge of those aged people who havesno relatives to provide for for
important operating economies and a wider extension of
them. To pay them a pension out of the public treasury is to relieve the
son or daughter of the obvious duty, the moral responsibility, what ought activities along banking, trust and investment lines. The
to be the high privilege, of supporting a parent in old age. Some startling Guaranty main office occupies six large buildings on the
examples could be given of the effect of doles of this character. A large square bounded
by Broadway, Liberty, Nassau and Cedar
part of the unemployment in Great Britain is unquestionably due to
Sts., and has the use of all but the upper floors of the seventh
pauperization created by unemployment doles and Poor Law relief.
An excellent example could be taken from the parish of Nest Ham, a building on the square owned by the New York Clearing
suburb of the east of London. Its Board of Guardians was overwhelmingly House Association, on
Cedar St. Some of the references to
Socialist. The district is a desperately poor one containing mostly factory
the consolidation in these columns appeared in our issues of
workers and those who serve them. In, a short time the taxes brought
about by squandered poor relief were higher than in any district in March 2, page 1319; April 13, page 2402 and May 4, page
London. The Board of Guardians became practically bankrupt and the 2933.
Government stepped in and took charge. In less than three years the
taxes have been cut in half aid those who had been receiving poor
relief have, for the most part, found employment.
It is adding fuel to the flames to grant doles to the idler and the shirker.
Why subsidize that other shirker, the man or woman who will not support
a parent in old age?
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
Arrangements have been reported made for the sale of a
New York Curb Market membership for $165,000. This
is the same as the last preceding sale.
General William W. Atterbury, President of the Pennsylvania RR. Co., was tne guest of honor at the luncheon
of the Bond Club of New York held Thursday, May 16, at
the Bankers Club.
W. W. Sehneckenburger, formerly Managing Director of
the Buffalo branch of the Federal Reserve Bank of New
Formal approval of the merger of the Municipal Bank 86
Trust Co. into the Bank of United States of this city was
given on May 9 at meetings of the stockholders of both
banks. The merger will become effective at the beginning
of business next Monday, May 13. As a result of the
merger the Bank of United States becomes a $300,000,000
institution and becomes third among the banks of New
York City in the number of its branch offices. It will have
57 active branches, which number will shortly be increased
to 63 when the branches under construction and in contemplation are completed. At this week's meeting the
stockholders also approved an increase in the capital stock
of the bank to $25,250,000, consisting of 1,010,000 shares
of the par value of $25 each. The capital before the increase was $20,875,000, consisting of 835,000 shares of the
par value of $25 each. The increase was for the purpose
of taking over the Municipal Bank & Trust Co., which was
MAY
11 1929.]
FINANCIAL CHRONICLE
effected by an exchange of stock. At a meeting of the
directors of the Bank of United States May 9 Simon H.
Kugel was elected Vice-Chairman of the Board of Directors.
Mr. Kugel has been for several years Chairman of the
Board of the Municipal Bank & Trust Co. Bernard K.
Marcus remains as President of the Bank of United States,
C. Stanley Mitchell as Chairman of the Board, and Saul
Singer as Executive Vice:President, and all of the other
officers remain. All officers of the Municipal now become
officers of the Bank of United States. The proposed merger
was referred to in our issue of April 20, page 2574.
-4---
In accordance with action taken in April the capital of the
International Union Bank of this city will be increased from
$500,000 to $550,000, and the surplus from $500,000 to
$550,000. Under the terms arranged for the issuance of the
additional stock (par $25, stockholders of record May 2
were offered the privilege of subscribing at $50 per share,
to one share of new stock for every 10 shares held, these
rights expiring May 15. The enlarged capital and surplus
becomes effective May 16.
The stockholders of the Continental Bank of New York
at a special meeting May 10, approved the following changes:
1. A reduction in the par value of the present shares from $100 to $10 each
by giving 10 shares of new stock of $10 par value for each share of $100 par
and thereby increasing the number of shares from 10.000 to 100.000.
2. The increase in the capital stock of the'l bank from $1.000,000 to
$2.000,000 by offering an additional 1,100.000 shares of $10 par value to
stockholders of the bank at $40 per share on a share for share basis.
3. The organization of a securities company under the Stock Corporation Law of the State of New York, under the corporate hame of the Continental Corporation of New York, having a capital of $1,000,000. consisting of 200.000 shares of the par value of $5 each, which stock shall be
held for the benefit of the stockholders of the bank as evidenced by a notation on the bank's stock certificates.
Rights will be issued to stockholders of record on May 14
1929, to purchase the additional stock at $40 per share on a
share for share basis, which rights will expire on June 14
1929.
The proposed changes indicated above were referred to
in an item in our issue of April 20, page 2573.
A special meeting of the stockholders of the National
Park Bank of this city called to act on an increase in the
capital and split up of stock has been postponed until May 21.
3131=
Malston Co., Inc. Einar Hammar, for a number of years
associated with the Bank of America as Assistant Manager
in charge of its foreign department, has been named Assistant Secretary and Assistant Manager of the foreign department of the Germanic Company, with special reference
to its business in Latin America.
Joseph J. Johnson, Commissioner of Public Works of New
York City has been elected a member of the board of directors of the Port Morris Bank of New York City.
The new Sterling National Bank & Trust Co. recently
organized in New York City by Samuel H. Golding and
Joseph Brown, opened for business on May 7 in its quarters
in the Chanin Building. Its opening marked the advent of
the fourth independent bank in the Grand Central Zone.
Mayor James J. Walker was the initial depositor. The
Mayor was escorted by Samuel H. Golding, Chairman, and
Joseph Brown, President of the bank. Deposits for the
first day of business are said to have amounted to over
$13,000,000 which President Brown states is larger initial
deposits than any other uptown or midtown bank has ever
had.
Numersous congratulatory messages and floral offerings
were received from many business firms and individuals.
The bank occupies the entire half of the first floor of the
Chanin Building with a special entrance from 42nd St. The
capital, surplus and reserve amounts to $3,900,000. The
bank will serve the midtown section and offers every banking
service, including thrift accounts, safe deposit vaults, commercial banking, complete trust powers and any general
banking facility. As previously announced, banking hours
will begin at 8:30 a. m. to accommodate commuters. Mr.
Golding is Chairman of the Board of Directors, which
includes Oscar Abel, Abraham Bricken, Joseph Brown,
Abraham Del Monte, Morris W. Haft, Michael Hollander,
Henry Homes, Julius Klorfein, Arthur M. Lamport, Walter
E. Leonard, Irving I. Lewine, Isaac Liberman, Frank Murray, Sydney T. Perrin, Samuel Raisler, Lee Shubert, Peter
M. Speer, and Harry Thoens. The officers are Samuel H.
Golding, Joseph Brown, Harry L. Wissing, Harry A. Siegel.
Abraham Cohen, Charles H. Hoffman and Harry N. Herber,
Jr. Several items regarding the organization of the institution appeared in these columns,one of these having been published in our issue of May 4, page 2933.
While there have been persistent reports within the past
week that negotiations were under way for the merger of the
Directors of the Beacon Trust Co. of Boston on April 30
Bronx County Trust Co. and the Fordham National Bank,
of this city, the "Evening Post" of last night (May 10) had decided to recommend to the stockholders a reduction in the
par value of the stock from $100 a share to $20 a share and
the following to say:
the
distribution of five new shares for each share now
Reports that the Bronx County Trust Co. might be involved in a merger
"are not only unfounded, but without a vestige of truth," John M. Haffen, held, according to the Boston "Transcript" of May 1. A
Chairman, and Fred Berry, President, announced today.
special meeting of the stockholders to vote on the proposal
Their statement set forth strongly the position taken by one group of
Bronx business men in a warm discussion at the Bronx Chamber of Com- will be called at a later date.
merce luncheon yesterday of the advisability of bank mergers. Mr.
Berry
summed up the arguments for both sides at the meeting. The statement
he and Mr. Haffen signed said in part:
"The Bronx County Trust prefers to perpetuate its own good name by its
own continued expansion right in the Borough of The Bronx, where it
has
taken such an active part in the last forty-one years."
Thomas Ritchie, comptroller of the Chase National Bank
of New York for the past nine years, tendered his resignation
on May 8. He Will be succeeded by Arthur M. Aiken, who
is a Second Vice-President of the bank and will retain that
title as well. Mr. Ritchie is retiring because of ill health,
his physician, it is said, having advised him that a protracted period of rest is necessary in order that his health
may be completely restored. Prior to his connection with
the Chase National Bank he was a partner in the firm of
Peat, Marwick, Mitchell & Co., accountants and auditors.
Announcement was also made by the Chase National Bank
that Joseph D. Fitch and Julius Lehrenkrauss have been
appointed members of the Advisory Committee of the
Hamilton Trust branch.
Action was taken by the directors of the United States
Trust Co. of Boston on April 26 to reduce the par value of
the company's stock from $100 to"$25 a share, subject to the
approval of the stockholders, according to the Providence
(R. I.) "Journal" of April 27, which furthermore said:
The directors also increased the semi-annual dividend from $8.25 to $8.
This is the first trust company in Boston to announce a split-up of its
shares under the new law. The exchange will apply to stock held of July 5,
the earliest date on which the law permits it to be made.
The directors also voted that after July 1 dividends will be payable
quarterly instead of semi-annually. The dividend declared yesterday is
payable July 1 to stockholders of record June 21.
From the Boston "Transcript" of May 3 it is learned that
the Old Colony Associates, Boston, have absorbed the
Stoughton Trust Co., Stoughton, Mass., subject to the
approval of the stockholders of the latter at a meeting to
be held to-day (May 11). At the last call the Stoughton
Trust Co. showed capital, surplus and undivided profits of
$285,000 and total deposits of $2,300,000.
The newly organized Cohasset National Bank, Cohasset,
Mass., opened its doors on May 1, according to the Boston
"Herald" of the same date. The new bank is capitalized at
$50,000 and has a paid in surplus of $25,000. The establishment of the institution follows an attempt by outside banks
to found branches in Cohasset. The officers, all of whom
are residents of Cohasset, are as follows: Hugh Bancroft
(of the Boston News Bureau), President; Russell Dean,
The International Germanic Trust Co. of this city an- Vice-President; Ralph Cahouet, Secretary, and Ralph C.
nounces the election to its board of directors of Clifford D. Eichcroft, Cashier. Advicesfrom Boston to the "Wall Street
Mallory, President and director of C. D. Mallory & Co., Journal" on May 4 stated that deposits on the opening day
marine insurance, Mallory Transport Lines, Inc. and the totaled $153,251.
Seven new officers of the Bankers Trust Co. were appointed at the regular meeting of the Board of Directors
held to-day. They are: Julius Paul and H. C. Bock, Assistant Vice-Presidents; Miss Jean A. Reid and Noel Menzl,
Assistant Treasurers; Charles A". Borman, Assistant Auditor
Clifford G. Haviland and Clinton A. Zollinhofer, Assistant
Secretaries.
3132
FTNANCIAL CHRONTCLE
The City Bank & Trust Co. of Hartford, Conn., on May 7
formally opened its enlarged and remodeled banking home
at the corner of Asylum and Trumbull Streets, that city.
The rapid growth of the company, it is stated, has demanded
the increased space and facilities. A feature of the main
banking room is the new cageless type of fixtures, while
the very latest type of fire and burglar proof vault has been
Installed in the safe deposit department. The larger quarters have been planned to provide not only for present needs
but also for the greater demands of the future. The institution has resources of over $30,000,000. Its officers are:
Fred P. Holt, Chairman of the Board; LeRoy W. Campbell,
President; Frank A. Hagerty (and Counsel), Alfred W.
Jacobs (and Secretary) and Clayton C. Chase, Vice-Presidents; Ernest S. Warner, Cashier; Allen I. Balch (and Trust
Officer), Harold B. Skinner, Howard S. Warner and Francis
F. Segerberg, Assistant Cashiers, and Philip M. Purrington,
Assistant Trust Officer.
According to the Philadelphia "Ledger" of May 7, a plan
under which the Colonial Trust Co. of Philadelphia will
increase Its capital from $2,500,000 to $3,750,000 and have
associat.,,, with it additional strong financial interests was
.o t:te stockholders on May 6 in the following
sub:.
I by %if illiam Fulton Kurtz, the bank's President:
lettet
"As the esult of certain negotiations I am in a position to interest strong
financial cs=ociates in our company, provided I can deliver to them a
sufficiently large proportion of our stock to warrant their active participation.
"In these days of large banking groups such participation should be
at incalculable benefit to us.
"The plan under consideration involves the issue of 25,000 additional
shares of our stock at $225 a share, payable June 5 1929. Our proposed
associates will underwrite all of these shares at a cost to the company
of $5 a share, provided they obtain a large majority of these new shares;
otherwise, they will not buy any of the shares.
"The present stockholders, of course, have the first right to take up
thaw shares, but unless most of them waive this right, I cannot deliver
a satisfactory number to the new interests and the proposed arrangement
cannot be consummated.
"From my intimate knowledge of the business of our company and of the
influences which determine banking connections. I am so thoroughly convinced of the value to every stockholder of the entrance of these new
interests that I very gladly shall waive my subscription rights and those
of my family.
"If by May 13 1929 waivers are obtained for a sufficient number of the
new shares a meeting of the Board of Directors will be called to carry the
plan into execution. It insufficient waivers are obtained, the whole plan
will fail and this great opportunity for the stockholders will be lost.
"I earnestly ask the co-operation of every stockholder and urge you
immediately to execute and return in the inclosed envelope the waiver and
agreement sent to you herewith."
The "Ledger" furthermore said:
In addition to Mr. Kurtz, it is understood that all other officers and
directors of the company have agreed to waive their rights as shareholders.
The last public sale of Colonial Trust Company stock was at $245 per
share, on May 1 1929. As of March 25 1929, the company had surplus and
undivided profits of $3,711,988 and deposits of $33,283,228.
With refereuee to the above, we are advised that announcement was made
May 8 that the Goldman Sachs Trading Corporation has made a very
substantial investment in the Colonial Trust Co. and that 1Vaddill Catchings of Goldman, Sachs & Co., New York; Sidney J. Weinberg of Goldman,
Sachs & Co., New York; Henry C. Von Elm, Chairman of the Executive
Committee of the Manufacturers Trust Co., New York, and Isaac Gerstley
of the Alliance investment Corporation, Philadelphia, have been elected to
the Board of Directors.
[VOL. 128.
Indiana limestone has been used in constructing the exterior of the lower
face of the building. The Market Street doorway is of marble surrounded
by a bronze grille rising to a height of thirty feet. In the main lobby is a
fire and burglar proof depository for the receipt of deposits at times
when the bank is closed. Yellow brick composes the exterior of the
upper floors.
The walls of the main banking room are finished in travertine. The
ornamentation of the high ceiling is in vivid colors. Marble covers the
central floor. Polished rose travanel marble forms the bases of the banking
screens, the frames of whose upper partitias are bronze. On the aisle to
the rear of the tellers' cages Is a revolving signature card cabinet. The
situation of this device is so central as to make it con,enient to all the
staff wishing to use it. The sides of the tellers' cages are finished in
grained walnut and the floors are covered with rubber designed to
simulate marble.
At the rear of the banking room, and on a lower level, is the vault.
Above the vault is a lobby and offices for the executives. The outer
entrance to this lobby opens on Ashby Road.
The institution, which is capitalized at $375,000 and has
deposits in excess of $2,300,000, maintains two other offices,
namely the Aronimink Office at Burmont Road and Woodland Avenue, Drexel Hill, Pa., and the Oakmont Office in
the Oakmont National Bank Building, at Eagle Road and
Coopertown Road, Oakmont, Pa. The bank's personnel is
as follows: Walter R. Johns, President; William A. Nagle,
Donald P. Horsey (end Treasurer) and F. Henry Berlin,
Vice-Presidents; Frank H. Brehm, Jr., Secretary and Trust
Officer; Harry C. Hoskins, Title Officer; William H. Murdoch, Assistant Treasurer; Cyrenius Signor, Assistant Secretary and Assistant Treasurer; Walter R. Carr, Assistant
Title Officer, and William W. McKim, Solicitor.
Still another merger of Philadelphia banks has been announced, the uniting institutions being the Integrity Trust
Co. and the Columbia Ave. Trust Co., according to the
Philadelphia "Ledger" of May 10,at meeting held Thursday,
May 9, the directors of the two banks agreed upon a plan of
consolidation, subject to the approval of the respective
stockholders at meetings to be held later. The new institution, which will continue the name of the Integrity Trust
Co., will have an authorized capital of $1,750,000 (consisting
of 175,000 shares of the par value of 110 a share) and total
resources in excess of $54,000mo. The merger plan provides for the exchange of one share of Integrity Trust Co.
stock of the par value of $10 a share, for two and one-third
shares of Columbia Avenue Trust Co. stock of the same par
value. Of the remainder of the authorized capital stock of
the enlarged bank, 25,000 shares of the par value of $10 each
will be offered for sale at a price to be announced later to
stockholders of record of the Integrity Trust Co. as at the
close of business of May 31. Following the consolidation
the new bank will have six branch offices, viz:
The Green St. office, at 4th and Green sta. where the company opened
for business 42 years ago: the Chestnut St. office. 717 Chestnut St., which
was acquired by merger with the Merchants Union Trust Co. In 1923: the
two former offices of the West, Philadelphia Title and Trust Co., Lancaster
Ave. and 40th St.. and 36th and Walnut Sts; the Columbia Ave. office.
21.t corner of Broad St. and Columbia Ave., and the new main office,
heas
in the Integrity Building, 16th and Walnut Sts., which will be opened on
May
Walter K. Hardt, President of the Integrity Trust Co.,
will continue as President of tne new institution, while
William A. Carlile, President, and James B. Montgomery,
Treasurer of the Columbia Avenue Trust Co. will become
On Tuesday of this week (May 7) the directors of three Vice-Presidents. Mr. Carlile has been associated with the
trust companies in the Northeastern section of Philadelphia, Columbia Avenue Trust Co. for many years. The paper
namely the Fox Chase Bank & Trust Co., the Holmesburg mentioned went on to say:
The merger creates the eighth trust company In Philadelphia each having
Trust Co. and the Tacony Trust Co., approved a plan to
total resources In excess of $50,000,000. The others are the Fidelityconsolidate the institutions under the title of the County Philadelphia. Pennsylvania
Company for Insurances on Lives and GrantTrust Co. of Philadelphia, according to the Philadelphia ing Annuities, Real Estate-Land Title, Girard. Bank of North America
and
Trust. Provident and Franklin.
"Ledger" of May 8. The respective stockholders of the three
The Integrity Trust Co. has made marked progress during the last year
banks will vote on the proposed union at special meetings under the leadership of Walter K. Hardt, who was elected president May 14
$750,000 to
to be held on May 27. The new organization will have a 1928. Last summer its capital stock Was increased from Philadelphia
1,000.000. and on March 1 of this year it merged with the West
in
deposits
$1,500,000;
of
surplus
and
combined capital
Title & Trust Co.
excess of $7,000,000 and more than $3,000,000 in trust funds.
The seven offices at present maintained by the three comYesterday, May 10, the proposed consolidation of the
panies will be continued by the consolidated bank. Jacob Security Title & Trust Co. of Philadelphia and the SixtyS. Disston will be Chairman of the Board of the new insti- Third Street Title & Trust Co. of that city was consumtution, and Charles H. Heyer, President. Other officers mated under the title of the former. According to the
will be William M. Rowland, J. L. Thornton, Joseph H. Philadelphia "Ledger" of May 7, the shareholders of both
Brown, Jr., William C. Brown, Lewis Walker and Jacob M. banks approved the merger at special meetings on May 6.
Vogdes, Vice-Presidents; W. V. Walton, Secretary; Albert E. Under the consolidation plan, stock of the Sixty-Third Street
Green, Treasurer; John C. Mildebrandt, Assistant Secretary Title & Trust Co. will be exchanged for stock of the Security
and Assistant Treasurer, and John C. Geyer, Title Officer.
Title & Trust Co. on a share-for-share basis, after the par
value of the stock of both institutions has been reduced
On May 4 the Sixty-Ninth Street Terminal Title & Trust from $50 to $10 and the new stocks issued five shares for
Co. of Upper Darby (Philadelphia), Pa., opened its new one. Reference to the approaching union of these banks was
seven-story banking home at 69th and Market Streets. A noted in our issues of April 20 and April 27, pages 2575 and
brief description of the building, appearing in the Phila- 2750, respectively.
delphia "Ledger" of May 4, says:
MAY 11 1929.]
FINANCIAL CHRONICLE
Officers have been chosen as follows for the new Adelphia
Bank & Trust Co. of Philadelphia shortly to be opened at
1508 Chestnut Street, according to the Philadelphia "Ledger" of May 7: Melbourne F. Middleton, Jr., President of
the Philadelphia Stock Exchange, Chairman of the Board
of Directors; Samuel Vance, Jr., formerly President of the
Security Title & Trust Co. of Philadelphia, President; J.
William Sheets, Vice-President and Treasurer, and Norman
J. MacMichael, Secretary and Assistant Treasurer.
The respective stockholders of the Pennsylvania Co. for
Insurances on Lives & Granting Annuities, Philadelphia,and
the Bank of North America & Trust Co. of that city, will
vote on the proposed merger of the institutions under the
title of the former at special meetings to be held May 22.
Items with reference to the approaching union of these
banks appeared in the "Chronicle" of April 13 and April 20,
pages 2404 and 2575, respectively.
•
31.33
change at a special meeting on May 14. The present capital
of the bank is $11,000,000, consisting of 110,000 shares.
After the split up there will be 550,000 shares of the par
value of $20 a share.
From the Detroit "Free Pres- s" of May 4 it is learned that
the directors of the Peninsular State Bank of Detroit have
decided to reduce the par value of the bank's stock from
$100 a share to $20 a share, involving the issuance of five
new shares for each share now outstanding. The proposed
change will be submitted to the stockholders at a meeting
to be held shortly. The capital of the Peninsular State
Bank is $2,500,000, represented by 25,000 shares of the par
value of $100 each and should the proposed split-up be ratified by the stockholders there will be 125,000 shares of $20
par value. The bank has combined surplus and undivided
profits of $2,355,027. E. J. Hickey is Chairman of the
Board and H. L. Chittenden, President of the institution.
Edward S. Evans, prominent in business and industrial
Richard K. Mellon, Ernest
-Crist and L. N. Murray, heretofore Assistant Cashiers of the Mellon National Bank of circles of Detroit, has been made a director of the Detroit
Pittsburgh, have been appointed Vice-Presidents of the insti- Savings Bank, according to the Detroit "Free Press" of
tution, according to the Pittsburgh "Post Gazette" of May 7. May 1. Mr. Evans is President of the Evans Auto Loading
Co., 8300 Union Trust Building; of the Evans Corporation,
The title of the First National Bank of Brockwayville, an investment house, and of Curtiss Flying Service of MichBrockway, Pa., was changed recently to the First National igan. He is a partner in H. W. Noble & Co., Detroit investBank of Brockway, to conform to change in the name of the ment bankers; also treasurer and director of Stout-D. & C.
place in which It is located.
Air Lines, Inc.
The First National Bank
of Mount Joy, Pa., as of April 23,
became the First National Bank & Trust Co. of Mount Joy.
•
From the Indianapolis "News" of May 3 it is learned that
plans for the consolidation of accounts and business services
of the East Side State Bank, at 2506 East Washington Street,
Indianapolis, with the Rural Street Branch of the Fletcher
Savings & Trust Co. of that city, were announced on May 3,
following the acquisition of the East Side State Bank by the
Fletcher Savings & Trust Co. The Rural Street branch of
the latter and the acquired bank, It is understood, will
be
united under the name of the East Side Branch of
the
Fletcher Savings & Trust Co. and will occupy the present
quarters of the East Side State Bank. Deposits will aggregate $700,000. Charles F. Bechtold (heretofore Cashier, it
is understood, of the East Side State Bank) will be Manager
of the new branch, while Thomas D. Moffett of the Rural
Street branch will be Assistant Manager. Other employees
of the Rural Street branch and the acquired bank will be
retained, the announcement stated. The paper mentioned
furthermore said in part:
-Bank of Ann Arbor, Mich., on
The title of First National
April 20 was changed to the First National Bank & Trust
Co. of Ann Arbor.
Action on the question of increasing the capital of the
Foreman National Bank of Chicago from $5,000,000 to
$6,000,000 by the issuance of 10,000 shares of new stock of
the par value of $100 a share, will be taken at a special
meeting of the stockholders on June 10, according to the
Chicago "Journal of Commerce" of May 8. This action is
preparatory to substantial enlargement of the activities of
the Forman Securities Co. in the investment banking field.
It is contemplated, if the proposed increase in capital is
approved by the stockholders, to offer the new stock to the
shareholders at the price of $600 a share on the basis of one
additional share for each five shares now outstanding. Of
the $6,000,000 thus obtained, the stockholders will be requested to authorize the use of $5,000,000 toward increasing
the investment capital of the Foreman Securities Co.
Consummation of the proposed ,union of the Hyde Park
Bank and the Kenwood National Bank, Chicago,
National
In its last public statement, the East Side State Bank showed resources
of $378,481, with deposits of $331,366. The Rural Street branch of the under the title of the Hyde Park-Kenwood National Bank,
Fletcher Company showed total deposits of $398,164 April 80. March
27 took place on April 20 when the consolidated bank formally
the consolidated statement of the Fletcher Savings & Trust Co.
showed opened its new banking home at the corner of 53rd Street
total resources of $28,316,289.
Dr, M. .1. Spencer has been president of the East Side State
Hyde
Bank. and Lake Park Avenue in what is now known as the
The bank W.I9 organized in September 1921 by Bechtold
and
Chicago. From a description of the tenCoonse, now dead. Its new banking room was built and occupied inHarvey Park section of
Jams- story bank and office building, given in the Chicago "Evecry 1924. A safety deposits vault with a capacity of 420 boxes
is a
part of the East Side Bank's modern equipreent.
ning Post" of April 20, we take the following:
The new East Side Branch of the Fletcher Savings & Trust
Co. will
be sixth in point of deposits in the company's system of eleven
branch
units in the city.
We are advised that on Ap-ril 15 the commercial banking
and savings departments of the Inland Bank & Trust Co.
of Indianapolis were consolidated with the State Savings &
Trust Co. of that city. In its issue of April 16 the
Indianapolis "News," after stating that officers of the
two
banks announced that the consolidation had been made in
the interests of sound banking methods endorsed by the
United States Treasury Department which lately has urged
the merging of smaller banking institutions for the making
of larger ones, goes on to say in part:
The general exterior design is in Italian renaissance of the monumental
type, giving the entire building the appearance of being occupied by one
great financial institution.
The main banking-room on the second floor occupies the entire area,
with a great public lobby thirty-five feet wide by 120 feet long, and is
unobstructed except for the two monumental marble stairs which lead to
the first floor lobby. The room has one clear span of 50 feet by 135 feet
without any columns, thereby giving an unobstructed view of all the bank
officers and cages. It is twenty-eight feet high in the center, while the
banking space back of the colonnade is twenty.four feet high.
Officers of the enlarged bank are: John A. Carroll,
Chairman of the Board; A. K. Brown, Vice-Chairman;
Eugene E. Ford, President; Matthew A. Harmon, Edwin S.
Ford and Eugene Abegg, Vice-Presidents; Frank L. Johnson,
Cashier; Irene M. Reynolds, Harry H. Potter, Frederick A.
Helmholz, Ernest P. Smelter and Charles H. Willis, Assistant Cashiers. Effective April 20, the Kenwood National
Bank was placed in voluntary liquidation.
Individual depositors and their accounts were not involved in the transaction, officers of the banks asserted, and will in no way be affected by
the consolidation other than by the immediate change of banking address.
Scott 11. 'Brewer is President of the State Savings and Trust Company.
L. G. Wild, President of the Inland Bank and Trust Company and the
Inland Investment Company, announced that the officers of hia corporations would continue in their present capacities, entering into the program
for expansion of business into the active management of several large real
estate development projects already started.
Officers of the Inland Company will continue to occupy quarters at the
northwest corner of Market and Delaware Streets.
An application to convert the Central State Bank of Des
Moines, Iowa, into the Central National Bank & Trust Co.
of Des Moines was approved by the Comptroller of the
Currency on April 18. The institution is capitalized at
$250,000.
A five-to-one split up of the stock of the People's Wayne
County Bank of Detroit, and a reduction of its par value
from $100 to $20 a share has been approved by the Board
of Directors, according to the Detroit "Free Press" of
May 7. Stockholders of the institution will vote on the
The Farmers' State Bank of Stromsburg, Neb., a small
institution with combined capital and surplus of $36,000
and total deposits of $155,639, closed its doors on April 13
and was placed under the management of the State Banking Department, with Fred W. Babka in charge, according
3134
[VoL. 128.
FINANCIAL CHRONICLE
to a dispatch from that place on April 13, printed in the
Omaha "Bee" of the following day.
institution will be the Pacific Bank of Commerce National
Association.
"Globe-Democrat" of April 26.
According to the St. Louis
the University Bank & Trust Co. of St. Louis has become a
member of the Federal Reserve Bank of St. Louis, it was
announced the previous day. The bank recently was granted
authority from the State Finance Commissioner to exercise
fiduciary powers, with the result its name was changed from
the Bank of University City to the present one of the University City Bank & Trust Co. Luther T. Ward is President.
On April 16 a charterwas issued by the Comptroller of
the Currency for the Winters National Bank, Winters, Cal.,
with capital of $50,000. F. M. Wyatt is President of the
new bank and W. W. Stark, Cashier.
The Comptroller of the Cur-rency on April 30 approved an
application to organize a new bank in St. Louis, Mo., under
the title of the Plaza National Bank. with capital of $50,000,
A dispatch from Richmond, Va., on May 4, appearing in
the "Wall Street News" of May 6, stated that a consolidation
of two Roanoke, Va., banks had been approved by the respective directors of the institution at meetings just held. The
banks Involved are the Colonial National Bank and the
American National Bank. Special meetings of the stockholders of the two banks have been called for June 4 to vote
on the proposed merger. The enlarged institution will be
known as the Colonial-American Bank of Roanoke and will
have combined capital, surplus and undivided profits of
$1,600,000 and resources in excess of $10,000,000. All members of the boards of directors of the two institutions will
become members of the directorate of the consolidated bank.
Officers will be as follows: R. H. Angell, Chairman of the
Board; H. M. Turner, Vice-President and Chairman of the
Executive Committee; W. W. Boxley, Vice-President and
Chairman of the Finance Committee; E. W. Tinsley, President; G. C. Holcomb, Active Vice-President; George N.
Dickinson, Vice-President and Cashier; D. P. Hylton, VicePresident and Trust Officer; J. C. Davenport, Vice-President, and L. R. Tucker, D. D. Alley, W. D. Hall and J. S.
Moomaw, Assistant Cashiers.
The First National Bank of Lexington, Miss., with capital of $50,000, was granted a charter by the Comptroller of
the Currency on April 19. W. P. Barrett is President.
A booklet explaining the services which the Hamilton
National Bank of Chattanooga, Tenn., renders its clientele
has been received from the institution, which was formed
recently by the consolidation of the Hamilton National Bank
and the Hamilton Trust & Savings Bonk. The enlarged
bank is capitalized at $4,000,000 and has average deposits
of $20,000,000, with many millions of dollars more in trust
funds. In addition to its handsome main office, it operates
three branch offices. The personnel of the institution is
as follows: T. R. Preston, President; C. M. Preston, F. L.
Underwood (also Trust Officer), D. B. Harris, W. E. Tomlinson and J. E. Harris, Active Vice-Presidents; G. M. Miller and John Stagmaier, Vice-Presidents; E. B. Shadden
(and Auditor), A. E. MacDonald and E. L. Brinkley, Assistant Vice-Presidents; W. E. Harrell, Cashier; W. J. Ingle,
N. J. Loder, 0. U. Dykes, T. R. Preston, Jr., J. A. Bass,
I. A. Anderson, J. E. Gardner (and Manager of the Rossvine branch), G. L. Rice (and Manager of E. Chattanooga
branch) and C. H. Jerden (and Assistant Trust Officer),
Assistant Cashier; Lula A. Strain, Secretary, and C. F.
Hall, Assistant Auditor.
The First National Bank of Bonham, Texas, capitalized
at $200,000, was placed in voluntary liquidation on April 25.
The institution was absorbed by the State Bank and Trust
Co.' of the same place.
Henry A. Freeman, here-tofore Vice-President of the
American National Bank of Portland, Ore., has resigned to
become Assistant Cashier in charge of credits of the First
National Bank of Portland, according to the Portland "Oregonian" of April 27, which continuing said:
It has been rumored for some time that he contemplated association with
the First National banking group.
Mr. Freeman was born in Central Point, Oregon, received his education
at Stanford University, and served overseas during the war with an artillery
unit. Following the war he returned to Central Point, where he was
Cashier of the Central Point State Bank until October 1919, when he
came to Portland as Cashier for one of the local bond houses. When the
Lumbermen's Trust Company organized a banking department in 1920, he
joined it as Assistant Cashier. Two years later he was promoted to
Cashier and was elected Vice-President in 1927.
Charles Archibald, former President of the Bank of Nova
Scotia, and for many years prominently identified with the
Cape Breton Coal industdy, died at his home in Halifax,
N. S., on April 29 after a brief illness. Mr. Archibald, who
was in his 85th year, retired from the directorate of the
Bank of Nova Scotia this year.
The Skagit National Bank of Mount Vernon, Wash., and
the Mount Vernon National Bank of that place, both capitalized at $50,000, were consolidated on May .4 under the
title of the Skagit National Bank of Mount Vernon, with
capital of $100,000.
THE CURB MARKET.
Trading on the Curb Market this week was decidedly
irregular, with the closing session showing considerable
strength. Utility issues were features. Amer. Superpower, corn. A sold up from 135% to 1663, the close to-day
being at 1653's. The corn. B from 1383/ reached to 1653/s
and sold finally at 165. Electric Bond & Share corn. was
active and advanced from 903 to 99, reacting finally to
963. Electric Investors was a feature moving up from
4. South1163 to 145%, the close to-day being at 1443
eastern Power & Light corn. rose from 803/2 to 99. Among
industrials Auburn Automobile was conspicuous for an advance from 205 to 221%, the close to-day being at 219.
Aviation Corp. of the Americas fell from 78 to 703 and
ends the week at 713/8. Firestone Tire & Rub. corn. was
off from 2893/2 to 275 with the final transaction to-day at
2803. Fokker Aircraft improved from 49% to 65, and
reacted finally at 61%. Ford Motor of Canada, class A,
4
dropped from 643/s to 573's and the class B from 1043
to 953, the close to-day being at 62 and 96 respectively.
Oils show few changes of note.
A complete record of Curb Market transaction for the week
will be found on page 316g.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
Bonds (Par Value).
Week Ended
May 10
Simko
(Na. Shares)
Rights
Domestic
Foreign
Government
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
1.176,700
1,842,700
1,595,100
1,584,100
1,469,900
1.788,900
78,700
129,700
139,110
72,700
41,310
70,325
$599,000
1,124,000
1,599,000
1,568,000
1,246,000
1,308,000
$160,000
237,000
235,000
225,000
345,000
81,000
Total
9,457,400
531,845
$7,444,000
$1,283,000
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
Effective April 15, the First National Bank of Electra,
Except for the brisk rally on Thursday and Friday prices
Texas, with capital of $100,000, went into voluntary liquida- on the Stock Exchange have drifted slowly downward foltion. It is succeeded by the First National Bank in Electra. lowing the high rate for call money which on three successive
days remained at 14%. On Friday the rate dropped to 6%
With reference to the proposed merger of the Pacific and the market again moved confidently forward to higher
National Bank of Los Angeles and the National Bank levels. The weekly report of the Federal Bank made public
of Commerce of that city (indicated in our issues of after the close of business on Thursday showed a much more
April 28 and May 4, pages 2752 and 2939, respectively) moderate further expansion in brokers' loans for the present
the Comptroller of the Currency has approved the plans week in this district, the increase being only $19,000,000.
for the consolidation, according to • the Los Angeles The outstanding features of the week were the favorable
"Times" of May 4. Special meetings of the stockholders of report of revenue freight carloadings indicating that for the
the banks will be held on June 7 for the purpose of ratifying second time this year the total was above the million mark,
the proposed union, and it is expected the consolidation will the offering of $52,000,000 53% corporate stock of the
become effective about July 8. It was furthermore stated city of New York and the action of the American Sugar
that under the merger plan the name of the consolidated Refining Company in restoring its stook to a $5 annual
MAY 11 1929.]
FINANCIAL CHRONICLE
3135
dividend basis. Another news item of more than passing back and closed at 154. Railroad shares moved to the front
interest was the action of the Kansas City Federal Reserve under the leadership of Chesapeake Corporation which
Bank in raising its rediscount rate to 5% on Saturday last, advanced nearly six points. New York Central, Erie,
leaving only two districts, San Francisco and Minneapolis, Rock Island and New Haven were also in brisk demand and
where the 4%% rate is still maintained.
also higher by about two points each. United States Steel
The trend of prices was somewhat mixed during the brief and Bethlehem Steel improved about two points over the
session on Saturday. Goodyear Tire & Rubber was a prom- preceding close and Woolworth was up about six points.
inent feature as it opened with an overnight gain of over 7 New tops were recorded by Atlantic Refining, Commercial
points which it held throughout the day. In the oil shares Solvents, Marmon Motor Car and General Railway Signal.
Pan American "B" advanced 3 points and crossed 66. At- The final tone was strong.
lantic Refining followed with a gain of 2 points to above 69.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
In the motor group Packard broke through 139, scoring a
DAILY. WEEKLY AND YEARLY.
gain of 5 points, with Hudson registering an advance of 3
points to 92. Chesapeake & Ohio in the railroad group
Stocks.
Railroad,
State,
Unite/
Week Ended May 10.
Municipal &
&e..
Stases
Number of
opened with a 7 point gain on a block of 3,500 shares at 229,
Shares.
Bonds.
Foreign Bonds
Bonds.
and reached its highest record as it closed at 230. Great Saturday
1,992.930
$3,397.000
$1,155,000
$84,000
3,813,080
Northern closed with a gain of nearly 2 points. One of the Monday
5,967.000
2,033,500
407,500
3,493,360
Tuesday
9,705,000
1,966,500
226.700
noteworthy movements of the day was the crash in Advance Wednesday
3,468,280
8,254,000
296,000
2,219,000
3,657.310
7,360,000
670,000
Thursday
1,911,000
Rumely, the common dropping about 20 points to 60 and Friday
3,919,880
7,385,000
1,533,000
293.000
the preferred 9 points to 80 on reports that no satisfactory •rn.el
20 R44 R40 142 nAll nnn 110 RIR non
35.977.200
plan had been developed for liquidating the preferred diviWeek Ended May 10.
Sales at
Jan. Ito May 10.
dend arrears or providing for additional working capital.
New York Stock
1929.
Exchange.
1928.
1929.
Call money advanced on Monday from the renewal rate
1928.
of 10% to 12% and finally to 14% turning the list irregularly Stocks-No,of shares . 20,344,840 20,171,675 410,777,510 295,118,612
Bonds.
downward. American Can moved briskly ahead to a new Government
868,851,750
bonds.-- $1,977,200 $3,429,000
$47,795,550
10,818,000 16,468,000
333,051.125
228,843,150
top and General Electric worked up to within 2 points of State and foreign bonds 42,068.000
42,947.000
644.071,500 1,221,902,325
Railroad dr misc. bonds
its record high as it crossed 261, though it closed at 257%
$54.863,200 $62,844,000
$920,710,200 $1,623,805,200
Total bonds
with a gain of 4% points. Oil shares moved vigorously
ahead, Pan American "B" again raising its top, though it, DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
closed at 649( with a loss of over a point on the day. Atlantic Refining reached a new peak around 71, but receded
Philadelphia.
Boston.
Baltimore.
Week Ended
to 699/8, while Pure Oil reached a new high for the current
Shares. BondSales. Shares. BondSales. Shares. BondSalss.
May 10 1929.
movement around 30 and then eased off. Studebaker was
$16,000 a192,210
85,000
*33.430
1,582
58,500
the feature of the motor shares and closed at 87 with a gain Saturday
51,000 al58,396
54,100
*56,282
2,897
22,500
Monday
57,000 a115,697
90,100
18,000
•53.312
53,014
of nearly 2 points. Hudson, Hupp and most of the inde- Tuesday
10,000 0115,446
42,300
12,300
7,369
*50.061
Wednesday
18,000 a71,076
39,000
44.000
*53,486
6,895
pendent issues closed 2 to 3 points off. Advance Rumely Thursday
10,000 (119,730
30.000
10,000
47,539
54.615
was again under pressure most of the day, the common stock Friday
8162,000 672.555 $245,400
26,372 $128.300
294,110
Total
closing about 6 points off and the pref. slipping back:about
18,577 $206,700
Prey, week revised 330,315 $188.550 790,573 $124,800
7 points to 767'.
•In addition, sales of rights were: Saturday, 9,527; Monday, 29.396; Tuesday,
With call money at 14% all day on Tuesday the market 15,593;
Wednesday, 27,574: Thursday, 22,608.
a In addition, sales of rights were: Saturday, 1,300; Monday, 1,900; Tuesday.
was under considerable selling pressure. The noteworthy 1,800;
Wednesday, 900; Thursday, 4,000: Friday, 5,700.
S In addition, sales of rights were: Tuesday, 1; Friday. 181. Sales of warrants
feature on the upside was international Tel. & Tel., the old
were: Saturday. 5.
stock reaching a new high above 280 while the new stock
above 94 reached its highest level since listing. General
COURSE OF BANK CLEARINGS.
Railway Signal bounded forward about 3 points to 115%•
Wright sold up to 149 at its high for the day, but closed at
Bank clearings will again show a decrease the present week.
144% with a loss of 3 or more points. Radio Corp., Ameri- Preliminary figures compiled by us;based upon telegraphic
can Can, General Electric and Westinghouse all slid off. advices from the chief cities of the country, indicate that for
Commonwealth Power gained 6 points to a new high:above the week ended to-day (Saturday, May 11) bank exchanges
155. Despite the high rate for call money which continued for all the cities of the United States from which it is possible
at 14% some of the stronger and more active stocks in to obtain weekly returns will be 4.5% smaller than for the
Wednesday's market closed with gains ranging from 2 to 3 corresponding week last year. The total stands at $11,897,points. General Electric and Westinghouse Electric were 018,090, against $12,452,582,020 for thosame week in 1928.
particularly prominent, the former shooting ahead 12 points At this centre there is a loss for the five days ended Friday
to above 263 and closing at 261 with a net gain of 10 points, of 2.9%. Our comparative summary of the week follows:
while the latter scored a gain of 2 points as it crossed 162.
In the motor group Hudson scored a gain of 2 points as it
Clearings-Returns by Telegraph.
Per
1929.
Cent.
1928.
Week Ended May 11.
crossed 91 and Hupp moved about 2 points higher. United
56,296,000.000 56,484,000,000
New York
-2.9
Dyewood moved vigorously forward more than 10 points to Chicago
518.639,135
671,002.202 -22.7
478,000,000
481,000.000
-0.6
above 21. On the other hand International Tel. & Tel. old Philadelphia
Boston
361,000.000
418,000,000 -13.6
and new, which was the spectacular feature of the preceding Kansas
112,985,830
+4.8
108.333.888
City
St. Louis
110,200.000
115,100,000
-6.8
day, had to contend with severe realizing and reacted down- San
163,593,000
188,733.000 -13.4
Francisco
176,070,000
Los Angeles
197,291,000 -10.7
ward.
148,797,150
147,275,228
Pittsburgh
+1.0
168,581,404
145,752,687 +15.7
Detroit
On Thursday the market recovered to some extent as call Cleveland
116.073,422
95,571.377 +21.4
78,289,228
91,709.029 +14 6
money dropped to 10%. Tobacco issues were the leaders Baltimore
New Orleans
47,585,758
58,593,664 -18.8
in the recovery and moved briskly forward under the
58,775,814,927 $9,202,362,075
Thirteen cities. 5 days
-4.6
guidance of American Tobacco, which gained 49/i points Other cities,5days
1,138,366,815
1,058,223,530
+7.6
to 175N• United Corporation, a recently listed stock, was
39,914,181,742 $10,260,585.605
Total all cities,5 days
-8.4
1,982,836,348
2,191,996.415
-9.5
one of the prominent features and sold in excess of 200,000 All cities. 1 daY
Total all cities for week
shares at a top price of 66%. Some of the more active issues
$11.897,018,090 312,45-,582,020
-4.6
that closed on the downside were Commercial Solvents,
CemnieitA and exact details for the week covered by the
Advance Rumely, Allied Chemical & Dye, General Electric foregoing will appear in our issue of next week. We cannot
and General Baking. International Tel.& Tel. old and new, furnish them to-day, inasmuch as the week ends to-day
fell off sharply, United States Steel common slipped below (Saturday) and the Saturday figures will not be available
180 for the first time since May 1st.
until noon to-day. Accordingly, in the above the last day
On Friday call money dropped to 6% and the market of the week has in all cases had to be estimated.
moved vigorously forward. One of the most spectacular
In the elaborate detailed statement, however, which we
movements of the day was the advance of General Electric. present further below, we are able to give final and complete
This stock bounded upward to 268, followed by American results for the week previous-the week ended May 4. For
Can which registered a net gain of 65i points. Public that week there is a decrease of 5.9%, the 1929 aggregate
utilities led the upswing with American and Foreign Power of clearings for the whole country being $13,777,950,063,
which jumped ahead about four points and closed at 1123. against $14,649,431,682 in the same week of 1928. Outside
Consolidated Gas improved nearly three points and Com- of this city the decrease is 11.9%, the bank exchanges at
monwealth moved into new high ground at 159 but slipped this centre recording a loss of only 3.2%. We group the
cities now according to the Federal Reserve districts in which
they are located, and from this it appears that in the New
York Reserve district (including this city) there is a decrease
of 3.1%, in the Boston Reserve district of 16.1% and in
the Philadelphia Reserve district of 2.8%. The Cleveland
Reserve district shows a gain of 1.8%, while the Richmond
Reserve district suffers a loss of 4.8% and the Atlanta
Reserve district of 3.6%. In the Chicago Reserve district
the totals register a decline of 26.7% and in the St. Louis
Reserve district of 6.0%, but the Minneapolis Reserve district shows an increase of 4.4%. The Kansas City Reserve
district has a decrease of 1.1%, the Dallas Reserve district
of 1.3% and the San Francisco Reserve district of 4.5%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
1928.
Weds End. May 4 1929.
1829.
Federal R
Diets.
1st Boston_ ... _12 cities
Sod New York_11 "
1rd Philadel qa_10 "
Alls Cleveland__ 8 "
5t8 Richmond _ 6 "
8911 Atlanta_._.13 "
7t8 Chicago ___20 "
Ith St. Louis.. _ 8 "
Ilk Minneapolis 7 "
1058 KansasCItY 12 "
11th Dallas!
5 "
1118 San Fran 17 '
$
817,492,462
9,340,687,339
825,518,940
462,143,367
196,762,577
197,788,981
1,069,053,664
218,411,439
123,905,577
241,915,288
77,204,192
609,088,239
i
736,159,514
9,638,941,834
843,287,018
440,820,297
206,649,483
205,120,835
1,458,425,323
210,348,754
131,237,060
244,618,308
78,194,994
537,630,282
31 cities'
509 03&181
181
1927.
1926.
%
-18.1
-3.1
-2.8
+1.8
-4.8
-3.6
-28.7
-6.0
+4.4
-1.1
-1.3
-4.5
$
653,297,738
6,724,348,455
634,408,635
434,901,470
207,787,471
188,899,891
1,311,373,060
219,841,591
114,938,299
240,008,559
74,649,081
858,499,871
8
594,157,960
8,128,174,788
695,619,277
388,998,923
214,450,831
229,021,868
1,142,320,841
228,208,542
123,776,076
228,774,010
72,940,924
539,587,498
BM 108.11.65 -10.4
503.440.551
409,151,262
We now add our detailed statement, showing last week's
figures for each city separately, for the lour years:
Week Ended May 4.
Clearings al1929.
1928.
Inc. or
Dec.
1927.
$
1926.
$
%
$
$
First Federal Reserve Diet rict-Boaton -783,921 -11.7
692,277
Maine -Bangor.
-14.0
5,289,102
4,550,947
Portland
549,900,505 657,000,000 -16.3
Mass.-Boston_
3,114,808 -59.8
Fall River.- 1,250.537
1,291,391 -3.4
1,247,646
Lowell
1,258,748 -7.9
New Bedford_
1.157,556
6,649.775 +0.9
Springfield _
6.611,390
+4.7
4,105,194
4,297,470
Worcester
26,856,107 -26.2
Conn.- Hartford
19,805,407
11,120,667 -16.2
New Haven...
9.317,306
17,687,500 -0.9
N.0.-Providence
17,528,800
+2.6
1,104,307
N.N.-Manch'r
1,132,621
947,463
5,183,052
589,000.000
1,934,826
1,273,798
1,488.271
6,278.490
4,105,188
17,087.675
8.736,637
16,080,600
1,181,736
856,627
4.545,942
536,000.000
1,958,850
1,169,434
1.409,620
6,070,475
4,577,663
16,088.708
7.202,712
13,477,400
800,529
736,159,514 -18.1
653,297,736
594,157,960
Total(12 cities)
817,492,462
Second Feder al Reserve D istrict-New
7,225,897
N. Y.-Albany __
8.049,924
1,437.734
1,464,154
Binghamton_ __
56,116.759
Buffalo
59,277,281
Elmira
1,035,677
1,258,341
1,433,971
Jamestown_
1,263.226
New York
9,186,768,376 9,492,815,143
18,436,227
Rochester
19,031,346
9,079,967
7,817.159
Syracuse
4,909,727
4,777,443
Cenn.-Stamford
1,165,502
N. 1.-Montclair
1,113,579
43,285.230
Northern N. J.
49,8611,510
York.
8,257,436
7,554.853
+11.4
1,741.035
1,337,900
+1.8
53,221,894
48.975.709
+5.6
1,177,645
+21.5
1,141,748
1,199,171
1,428,591
-11.9
-3.2 6,589,518,887 8,009,430,252
14.483,308
12,815,686
+3.2
7,765,320
7,649,103
-13.9
4.087,026
4,569,737
-2.7
1.128,233
905,755
-4.5
41,766,500
+15.2
34.365,452
Total(II cities) 9,340,687,339 9,636,941.834
-3.1 6,724.346,455 6.128,174,786
Third Federal Reserve Dist rict-Philad elphia 1,646,393
1,670,513 -10.1
Pa.-Altoona.___
1,500,825
5,195.831
+3.0
4,673,604
Bethlehem
4,814,715
1,484.000
1,437,285 -14.5
Chester
1,229,239
2,238.938
+1.8
1,774,186
1,859,881
Lancaster
Philadelphia..- 591,000,000 605,000,000 -2.3 596.000.000
5,278,680
5,734,480 -3.1
Reading
5,561,939
6,888,798
8,258,159 -19.1
6,680,475
Scranton
5.136,857
5,864,312 -23.6
4,482,059
Wilkea-Barre.2,809.642
2.334,663 +18.2
York
2,758,773
7,727.596
6,539,816 -13.9
5.631.034
N. J.-Trenton._
1,915,298
4,807,834
1,435,740
2,286.181
560,000.000
4,996,902
6,525,100
4,571,680
2.362,106
6,748.438
-2.8
634,406,635
595.649,277
Fourth Feder al Reserve D strict-Clev eland.
6,958,000 +12.6
7,834,000
0110--Akron..._
4,255,449 -3.7
4,099,686
Canton
75,803,739 +4.0
78,832.226
Cincinnati_
150,268.951 128,525,212 + 16.9
Cleveland
18,922.800 -14.2
16,227.300
Columbus
2,029,467 +10.0
2,230,394
Mansfield
+2.2
5,837.638
5,963,800
Youngstown__ _
Pa.-Pittsburgh. 196,687,010 198,487.992 -0.9
6,577,000
3,976,927
78,393,840
127.032,249
18,761.500
2,014,154
4,873.338
193,272,464
5,424,000
4,197,847
72,759.264
113,006.782
16,789.000
1,864,523
4,817,032
168,140,475
Total(10 cities)
825,518,940
643,287,018
+1.8
434,901,470
386,998.923
Fifth Federal Reserve Dist net-Riches ond1,276,267 +10.8
1,414,667
W. Va.-Hunt'g'n
6,115,027 -14.1
Pa.-Norfolk -.5,201,774
42,831,000 -3.5
41,320,000
Richmond _ __*2,500,000 +4.0
B.0.-Charleston
*2.600,000
Md.-Baltimore - 114,720,761 122,842,815 -6.6
+1.4
31.079,354
D. C.-Washin'n
31,505,375
1,381,078
6,015,197
42,212,000
2,330,182
122,840,910
33.008,104
1,626,008
9,396,066
48,972,000
2,082.347
123,494,268
28,879.944
Teta'(8 ciiies)_
462,143.367
440,820,297
-4.8
207,787,471
214,450,631
Sixth Federal Reserve Dist rict-Atlant 0Tenn.-Knoxville
53,800,000 +5.3
*4,000,000
24,464,668 +4.7
Nashville
25.603,237
0a.-Atlanta
53,636,677 +12.0
60,079,477
Augusta
2,005,683 +21.1
2.429,028
Macon
2,666,648 -26.8
1,952,474
+3.5
17,941,804
Fla.-Jacks'nville
18,568,179
Miami
2,910,000 +28.0
3,726,000
27,884.494 -7.8
Ala.-Birm in'm.
25,710,158
1,743,825 +31.2
Mobile
2,288,323
2,167,836 +11.1
2,474,000
M .-Jackson.._
394,778 -23.5
Vicksburg
301,923
65,504.424 -22.7
50.634,182
La.-NowOrlean
*3,700.000
22,128,558
48.531,884
1,996,186
2,215,650
20,409,238
6,644,141
25,020.142
2,369,677
1,680,000
326,333
53,878,082
*3,500,000
21,616,986
62,541,281
2.132,717
2,130.686
31,959,463
14,911,466
25,740,273
2,202.594
1,659,000
423,440
60,263,902
-3.6
188,899,801
229,021,808
Tidal(6 cities)-
196,762,677
208,849,463
Week Ended May 4.
Clearings al1929.
197,766,981
205,120.835
Inc. or
Dec.
$
$
Seventh Feder al Reserve D strict-Chi cagoMich.-Adrian_ _
283,508
283,630
Ann Arbor_669.251
869,648 -23.0
Detroit
239,108,378 200.888,646 +19.0
Grand Rapids_
7,815,405
8,598,451 -9.1
Lansing
5,365,193
*3,000,000 +78.8
4,132,922
Ind.-Ft. Wayne
3,544,317 +16.6
Indianapolis.._
24,944,000
25,698.000 -2.9
South Bend._.
3,577,716
3,482,400 +2.7
Terre Haute.
5,148,856
5,253,232 -2.0
Wls.-M llwaukee
33,769,555
42,539,676 -20.6
Ia.-Ced. Rapids
3,200,095
3,284.919 -2.6
11,274,416
Des Moines_ _
11,926,295 -5.4
8,072,881
Sioux City...7,971,261
+1.3
Waterloo
1,899,068
2,115,678 -10.2
Ill.-Bloomingt'n
2,242,440
2,095,682
+7.0
700,714,820 1,120,306,037 -37.4
Chicago
Decatur
1,328.633
1.515,964 -12.4
7.162,464
Peoria
7,203,712 -0.6
4.864,815
Rockford
4.647,855 +4.7
3,479,248
Springfield_
3,199,920 +8.7
1926.
1927.
281,252
1.351,772
169,425,573
9,358,340
3,025.000
3,609,813
26,679,800
3,901,500
5,176,206
53,561,015
3.368,211
15,046,896
7,613,054
1,595,384
1,796,458
989,188,172
1,495,846
6.983,468
4,522,603
3,393.097
261.741
1,183,540
165,782,791
8,776,297
2,880,390
3,047,440
22,980,000
3,465.000
5,182,728
47,544.970
2,970,731
12,847,592
7,496.645
1,484,145
1,709,335
839,569.941
1,421,669
6,355,895
4,141,156
3,218,835
Eighth Federa !Reserve Dis trict-St. Lo els5,036,094
5,249,728 -4.1
Id -Evansville.
141,700,000 151,100,000 -6.2
Mo.-St. Louts
34,151,990
37,323,258 -8.5
Ky.-Louisville
356,721 -26.9
260,710
Owensboro _ _ _
20,369,200
21,856,889 -6.8
Tenn.-Memphis
12,190,971
+3.1
12,570,030
Ark.-Little Rock
621,518
589,347 +5.5
Ill.-Jacksonville
1,701,897
1,681,840 +1.2
Quincy
7,457,730
143,800,000
33,868,960
331.648
19,516,770
12,592.838
647,964
1,825,681
6,078,967
152,300,000
32,446,552
402,720
21,378,712
13,069.985
477,941
2,053.685
-6.0
219.841,591
228,208,542
Ninth Federal Reserve Dis trict-Minn ea polls
7,971,093 -2.8
Minn,-Duluth._
7,745,007
84,205,321
86,547,916 -2.7
Minneapolis...
29,117.334 -15.2
24,700,547
St. Paul
2,131,408 +10.0
N. Dak.-Fargo 2,344,262
S D -Aberdeen_
1,325.893 -12.1
1,165,662
Mont -Billings.
612,778
671,416 -8.7
Helena
3,132,000
3,472,000 -9.8
7,264,969
72,644,775
28,441,034
1,988,919
1,166,447
667,155
2,765,000
7,690,403
77.938,041
31.505,152
1,882,088
1,575,386
575,954
2,609.042
+4.4
114,938,299
123,776,076
Tenth Federal Reserve Dis trict-Kane as City
Neb.-Fremont.
448,332
532,703 -15.8
Hastings
675,594
808,719 +11.0
Lincoln
5,488.405
5,530,381 -0.8
Omaha
+2.2
48.045,084
46,991.262
Kan.-Topeka _ _
3,839,277
3,941,946 -2.6
Wichita
8,228,795
9,660,133 -14.8
Mo.-Kans. City 137,553,595 141,226,826 -2.6
St. Joseph
*7,500,000
7,354,290 +2.0
Okla-Okla. City
26,900,000
26,127,200 +3.0
Spgs
+3.4
1,273,882
1,232,136
Denver
a
a
Pueblo
1,962.322
1,410,712 +39.1
436.732
504,514
5,512,648
41,650,473
3,216,780
8,059,713
146,451,145
6,269,715
25,280,127
1,265,603
a
1,361,019
429,356
(186,903
5,785,948
42.480,826
3,523,558
8,113,388
132,356,820
7,864,791
25,075,599
1,277,626
a
1,179.195
-1.1
240,008,659
228,774.010
Eleventh Fede ral Reserve District-Da IlasTexas-Austin
2,316,546
1,921,783 +20.5
Danes
50,790,033
51,546,828 -1.5
Fort Worth_ _ _
14,164,891
12,632,778 +12.1
5,043,000
6,178,509 -18.3
Galveston
La.-Shreveport_
4,889,722
5.917,096 -17.4
1,475.521
47,059,588
12,433,403
8,612,000
5,068,569
1,777,855
44,622,169
12.847,132
8,689,000
5.004,768
Total(8 cities) _
Total(7 cities)-
Total(12 cities)
Total(5 cities).
216,411,439
123,905.577
241,915,286
77.204.192
230,348,754
131,237,060
244.616.308
78.194,094
Twelfth Feder al Reserve D 'strict-San
50,927,538
49,220,508
Wash.-Seattle12,621,000
12.263,000
Spokane
1,329,206
1,716,066
Yakima
38,129,637
37,598,661
Ore.-Portland _
16,041,132
17.971,356
Utah-S. L. City
3,751,813
3.849,125
Calif.-Fresno__ 8,406,757
8,643,534
Long Beach_ _ _
Los Angeles.- - 209,764.000 227,176,000
21,386,223
21,550,505
Oakland
8,459,032
8,284,716
Pasadena
6,480,021
6,271,370
Sacramento --.
6,022,055
7.052,109
San Diego...
San Francisco. 215,128,052 229,644,845
San Jose
3,318,931
3,212,393
1,770.053
Santa Barbara.
2,098,426
Santa Monica.
2,302,695
2,278.962
Stockton
2,243,200
1,825.600
Total(17 cities) 609,088,239 637.630.282
Grand total 128
13777950,063 14649431,682
cities)
74,649,081
72,940,924
Franci sco-46,130,664
-3.4
11,869,000
-2.8
1,415,240
+29.1
40,452.043
+4.1
17,689,845
+12.1
3,455,599
+2.5
7.985,429
+2.8
-7.9 185,687,000
20,242,385
-0.8
7,547,908
-2.1
7,096,352
+4.1
6,096,963
+17.1
-6.3 194,818,000
2,632,733
+3.3
1,623,189
+18.6
2,380.323
-1.0
2,377,200
+22.9
43,775,445
12,474,000
1,482,128
40,374,427
16.930,687
3,734,975
7,728,308
170,710,000
22,059,859
7.406,536
8,961,728
6,391,371
187,477,000
3,088,409
1,557,802
2,451,923
3,002,900
558,499,871
539,587,498
-1.3
-4.6
-5.9 11362950,119 14484061.276
Outside N.Y.. 4,591,183,687 5.156,616,539 -11.9 4.773,331,232 4,474,631,024
Week Ended May 2.
Clearings at
1929.
Montreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William _
New Westminster
Medicine Hat_ _ _
Peterborough....
Sherbrooke
Kitchener
Windsor
Prince Albert....
Moncton
Kingston
Chatham
Sarnia
n....•....n. .....I
Total(12 cities)
1928.
Total(20 cities) 1,069,053,664 1,458,425,323 -26.7 1,311,373,060 1,142.320,841
Inc.or
Dec.
129 cities 13,777.960.083 14,849,431,682 -5.9 11,382,950.119 10,484,081,278
Total
Outside N. Y. City
4,591,183,687 5,158,618,539 -11.9 4,773,331,232 4.474,631,024
Oanade
[VoL. 128.
FINANCIAL CHRONICLE
3136
k
1928.
Inc. or
Dec.
1926.
1927.
$
$
$
$
%
166,013,034 217,137,277 -23.5 174,312,722 138,517.418
165,389,458 161,107,029 +2.7 151,386,355 123,511,335
54.635,565
69,584,433
60,473,206
81,759.008 -25.0
19,350,314
31,472,925
27.827,675
19,713,091 +41.2
10.369,503
9,745,684
8,414,832
9,992,753 -15.8
6,763,371
7,866,370
7,041,009
7,744,653 -9.1
3,450.936
3,464,899
3,973,060
4,109,997 -3.3
6,114,288
7,158,761
8,136,126
7,722,968 +5.3
6,296,571
7,953,911
-11.6
13,547,982
15,323,335
2,896.374
3,096.932
3,122,267 -0.1
2,931,573
2,806,092
2,661,085
+4.3
2,996.461
3,125,316
4,254,757
3,550,306
4,496,501 --6.8
4,190.934
7,036,882
6,184,431
6,681,119
7,032,060 -5.0
5,169,667
4,501,954
5,464,115 +21.1
6,614,533
635,692
664,043
687,980 +2.0
701,491
570,530
601.183
604,392
839,078 -28.8
2,090,113
2,141,853
2,738,302
2,405,730 +13.8
1,162,671
1,480,745
1,283,679 +3.2
1,325,186
1,154,837
1,195.010
1,440,833 +9.1
1.570,805
883,576
962.690
1,212,990 -25.4
905,290
999,449
934,633
932.824 +16.7
1,088,507
358,875
341,783
-18.4
495,770
404,407
1,036,152
986,713
987,840 +4.0
1,027,193
933,289
1,270,605
1,015,697 +14.3
1,161,117
1,172,669
1,225,048
1,302.324 +13.0
1,493,748
4,690,412
5,022,897
5,809,999 +33.2
7,737,238
427,860
482,012
454.247
+5.6
479,593
955,331
1,056.953
1,036,950 -16.4
867,353
908,733
924,907
965.801 -6.4
903,856
666,668
971,207 -2.8
846,213
662.080
741,501 +10.7
820,635
EN, n.e ....•
eam on.. nem
_In .1
K11
.
1 .1.111
R61
400.151.282
a Manager refuses to report clearings week ending Saturday. * Estimated.
ktAT
11 1929.]
,
FINANCIAL CHRONICLE
CURRENT NOTICES.
-Announcement is made that Kent, Grace & Co., Chicago, are now
located in their new offices at 208 So. La Salle St. Telephone number,
Dearborn 3300.
-Maynard, Oakley 8c Lawrence have moved to the 13th and 14th floors
of 24 Broad St.. New York. Their telephone number has been changed to
HANover 5306.
-Gilbert Ellett & Co., 26 Exchange Place, New York, have
prepared
circulars on National Union Fire Insurance Co. and Great
American
Insurance Co.
-Wm. West & Co.. 26 Broadway, New York City, have issued
an
analysis of the aeronautical industry with special
reference to Air Investors, Inc.
-Moore, Leonard & Lynch have prepared a special
brochure pointing
out the advantages of bonds which are convertible
into common stock.
-Hornblower & Weeks have prepared an analysis
of Warner Brothers
Pictures, leading factor in the established sound-movin
g picture industry.
-Herzfeld Sc Stern of this city announce that
Emanuel Koerner and
Nathan Shulman have been admitted as general
partners in their firm.
-Harris, Winthrop & Co. have opened their second
office in Chicago
in the Foreman National Bank Building,33 North
LaSalle St.
-Daniel F. O'Hara has become associated
with Hibon & Neuberger,
members New York Stock Exchange, New. York
City.
-Clinton Gilbert. 2 Wall St.. New York, has prepared
a comparative
table of New York City banks and trust companies.
-Watling, Lerchen & Hayes of Detroit announce
the removal of their
offices to the third floor of the Buhl Building.
-Newman,Brooks & Co. announce the removal of their offices
to larger
quarters at 32 Broadway, New York.
-Newton & Townsend, Inc., of this city, announce the removal of their
offices to 115 Broadway, New York.
-Edmonds dr Pants, members of the New York Stock Exchange, have
moved to 26 Broadway, New York.
-Arthur A. Bright has become associated with C. D. Otto & Co.,
Inc.
of this city as retail sales manager.
-Rogers & Tracy, Inc., Chicago. have elected Gordon D. Gregory
a
Vice-President of their company.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
April 24 1929:
3137
The stock in Shanghai on the 20th inst. consisted of about 78,500,000
ounces in sycee, 125,000,000 dollars, and 11,000 silver bars, as compared
with 80,100,000 ounces in gyms, 130.000.000 dollars and 10,500 silver bars
on the 13th inst.
Quotations during the week:
-Bar Silver Per Oz. Std.Bar Gold Per
Cash.
2 Mos.
Or. Fine.
April 18
25 13-164.
25 13-164. 845. 1031d.
19
25 13-16d.
25 13-164. 845. 1034d.
20
2534d.
25344.
84s 11144..
22
25 11-164.
25 11-16d. 84s. 11 d.
23
25 11-164.
25 11-164. 84s. 1034d.
24Ii
.
84s. 1034d.
Average
25.75(id.
25.7504.
84s. 10.79d
The silver quotations to-day for cash and two months' delivery are each
Md. below those fixed a week ago.
-
ENGLISH FINANCIAL MARKETS-PER CABLE.
The daily closing quotations for securities, etc., at London,
as reported by cable, have been as follows the past week:
Mon.,
Sat.,
Tues.,
Wed.,
Thurs.,
Fri.,
May 4.
May 6.
May.8
May 7.
May 9. May 10
Sliver, p. oz.d. 255-16
255-16
2551
255-16
255-16
2534
Gold, p.fine oz. 84.1154
84.1134
84.1051
84.1151
84.1154
84.1154
Consols,234% ----5431
5451
5451
5454
5451
British, 5% --- --10054
10034
10054
10054
10034
British, 454%, ---9651
9651
9631
9651
9651
French Rentes
(in Parts).fr. 74.35
74.70
74.50
Holiday
74.90
French War L'n
(in Paris).h.
100.65
101.10
101.10
Holiday 101.05
The price of silver in New York on the same days has been:
Silver in N.Y.. per es.(cts.):
Foreign
5451
5454
55
5454
5434
1444
Government Receipts and Expenditures.
Through the courtesy of the Secretary of the Treasury we
are enabled to place before our readers to-day the details of
Government receipts and disbursements ior April 1929 and
1928 and the ten months of the fiscal years 1927-28 and
1928-29:
-Month of AprilTen Months
Receipts.
1929.
1928.
1929.
1928.
Ordinary$
$
$
$
50,404,344 45,740,261 501,583,377 483,385.750
Customs
Internal revenue:
GOLD
46,052,699 46.276.083 1,732,617,299 1,870,450,280
Income tax
47,944,566 47,417.426 498,537,320 502,065,102
Miscell. Internal revenue
The Bank of England gold reserve against notes amounted
to .e155,836,- Miscellaneous receipts:
622 on the 17th instant (as compared with
£155.042,703 on the previous
Proceeds Govt.-owned securities:
Wednesday). and represents an increase of £1,930,307 since
Foreign obligations:
29th April
1925-when an effective gold standard was resumed.
Principal
28,582,640
27,000,547
Interest
90,252,451
90,996,449
There was only £180.000 bar gold from South Africa
available in the open
315,764
Railroad securities
398,220
14.830.859 161,918,108
market this week, and this was absorbed by the
409,870
requirements of India
All others
383.040
6.074,302
8.072.657
(E30.000), the Home Trade (£50,000), and the Continental
Trade (1OO; Trust fund receipts(reappro5,630.006 8,685,080
000).
Priated for investment)
48.438.077
55.968.202
499,182
310.410
Proceeds sale of surplus prop.
7,211,470
7.844,519
The following movements of gold to and from the Bank of
England have Panama canal tolls, do_ _ 2,352,518 2.149,538
23,577,841
23.766.961
been announced, showing a net influx of £203,121 during
19,899,197 20.604,952 150.961,262 169,020,501
the week under
Other miscellaneous
review:
173,508,146 169,964,988 3,100,646,698 3,198,488,982
Total ordinary
Apri118. A pri119. Apri120. April 22. Apri123. April 24.
Received
nil £23,218
nil £200,000
£699 .£5,112
Withdrawn,_
of ordinary receipts
£5,000
nil £10,859
£5,000
nil
£5,049 Excess
over total exp, chargeable
The receipt on the 22d inst. was in sovereigns reported
be of South
against ordinary receipts.
American origin. The withdrawals consisted of £11,908 intobar
176,687,542
gold and Excess of total exp.chargeable
£14.000 in sovereigns.
against ordinary receipts
The following were tee United Kingdom imports and exports
of
gold
over
162,135.339
ordinary receipts
156,743,872 102,075,245
registered from mid-day on the 15th inst. to mid-day on the 22d inst.:
ImportsExpenditures.
ExportsBMUS11 South Africa
/667,138 Germany
Ordinary£65,230
British West Africa
35,387 France
23,847 (Checks and warrants paid, &el
Other countries
9,623 Switzerland
173,790.749 162,871,605 1.720,506,233 1,594,409,410
51,255 General expenditures
British India
134,128,846 138,327,055 567.480,675 623,093,843
23.031 Interest on public debt_a
Other countries
17.217 Refund of receipts:
Customs
1,724,755 1,909,292
17,964,358
17,870.695
£712,148
'£180,58() Internal revenue
10,425,257 15,545,003 168,854,711 116,922,031
Postal deficiency
The balance of trade figures (in lace of rupees) for India for the
10,020,901
60,020,901
18,045,645
month
of
Panama Canal
March last were as follows:
668.479
634,616
7.849,396
8,899,212
Operations in special accounts:
Imports of merchandise on private account
£2,218
Railroads
5842,601
83,083
81,781.458
8673,511
Exports, including re-exports of merchandise on private account
3.191
War Finance Corporation854,377
852,586
83,721,834
0597,784
Net imports of gold
383
Shipping Board
b1,142,896
571,720
14,772,581
25,918.529
Net imports of silver
53
Alien property funds
1.879,389
862,418
5746,613
273,705
Total visible balance of trade-in favor of India
569 Adjusted service ctf.
.fund.- 5538,325
186,972 111,619,161 112,142,692
Net balance on remittance offunds-against
India
Civil service retirement fund_
143,372
19,958,802
71,262
593,235
The composition of the Indian Gold Standard Reserve as on March524
31 Investment of trust funds:
1929 was:
Govt.life insurance
45.652.231
55,273.671
5.631,506 6,821,497
In India
nil
Dist.of Col. teachers' retire404,052
5135,030
In England400,538
.
Foreign service retirement-812,200
298.649
511.000
88,978
Casts at the Bank of England
E3.042
General railroad contingent290,480
385.308
81,408
81,500
Gold
2,152,334
British Treasury Bills-value as on March 31 1929
5,797,231
Total ordinary
335,552,085 326,706,160 2,732.635.689 2,569,380,870
Other Brit. & Dorn. Govt.secur., value as on March 31 1929. 32,047,393
Public debt retirements
£40,000,000
chargeable against ordiSILVER.
nary receipts:
Following weaker advices from the East, silver prices receded slightly
Sinking fund
369,925,800 354,741,300
until the 22d inst. when 25.11-164. was fixed for both cash and two months'
Purchases and retirements
from foreign repayments_
delivery. The market, however, has continued quiet and the variation in
1.438.800
18.000
Received
from foreign govquotations during the week has been only Ad. China has made further
ernments under debt setats
97,075,350
92.575,000
re-sales of silver, but America, besides offering to sell, has been also dl,Received for estate taxes.
1.600
Posed to give support on occasion.
Purchases and retirements
from franchise tax receipts
The following were She United Kingdom imports and exports of silver
(Fedl
Res. and Fedl interregistered from mid-day on the 15th inst. to mid-day on the 22d inst.:
mediate credit banks)
2,933,400
618,367
ExportsImportsForfeitures, gifts, Acc
133,704
3,068,903
91,400
2,700
Germany
£15,338 Germany
£13,090
Netherlands
9,700 British India
Total
157.012
91.400
2,700 470,086.254 452,440,570
France
7,490 Other countries
8,264
Irish Free State
14,800
Total expenditures chargeOther countries
3,836
able against ordinary reets_335,643,485 326,708.860 3,202,721,943 3,021,821,440
Receipts and expenditures for June reaching the Treasury In July are included.
£51,164
a The figures for the month include $55.310.30
£178,366
and for the fiscal year 1929 to date
$669,022.17 accrued discount on war savings certificates of Inv tured series, and
INDIAN CURRENCY RETURNS.
for
the Corresponding periods last year the figures include $90,840.04 and 31.181,962.92,
(/n tars of rupees.)
respectively.
Apr. 15. Apr. 7. Mar.31.
b Excess of credits (deduct).
Notes in circulation
18579
18598
18803
Silver coin and bullion in India
9952
9985
9989
Treasury Cash and Current Liabilities.
coin
and
Silver
bullion out of India
Gold coin and bullion in India
3222
52-2
The cash holdings of the Government as the items stood
-2
3222
Gold coin and bullion out of India
---- April 30 1929
are set out in the following. The figures are
Securities (Indian Government)
4323
4323
4323
Securities (British Government)
882
1068
1069 taken entirely from the daily statement of the United States
Bills of exchange
200
200 Treasury as of April 30 1929:
Arun—
Cold coin
Gold bullion_
CURRENT ASSETS AND LIABILITIES.
GOLD.
Liabilities—
722,581,051.02 Gold etfs. outstanding__I,379.095,039.00
2.513,015,140.38 Gold fund, F. R. Board
(Act of Dec. 23 1913,
as amended June 21
1 510,039,879.40
1917)
156,039,083.03
Gold reserve
189,522,134.97
Gold In general fund
3.235.596,191.40
Total
3,235,596,101.40
Total
Note.—Reserve against 5316,631,018 o U. S. notes and $1,287,700 of Treasury
notes of 1890 outstanding. Treasury notes of 1890 are also secured by silver dollars
In the Treasury.
SItVER DOLLARS.
Assets—
482,711,284.00 Silver Ws. outstanding_ 478,038,258.00
Silver dollars
Treasury notes of 1890
1,287,700.00
outstanding
3,385,326.00
Sliver dollars in gen.fd.
A nets—
Gold (see above)
Silver dollars (see above)
United States notes......
FederalReserve notes_
Fed. Res, bank notes...
National banknotes....
Subsid. silver coin
Minor coin
Silver bullion
Unclassified—Collections, Ac
Deposits In F. R. banks
Deposits in special depositaries account of
gales of ctfs. of Indebt.
Deposits In foreign dep.:
To credit Treas. 13.8.
To credit other Government officers___
Deposits in nat I banks:
To credit Treas. U.S.
To credit other Government officers._
DepAn Philippine Treas.
To credit Treas. U.S.
482,711,284.00
Total
432.711,284.00
Total
GENERAL FUND.
Liabilities—
$
189,522,134.97 Treasurer's checks out4,570.772.16
standing
3,385,326.00
2,523,329.00 Depos. of Govt. officers:
3,794.614.05
Post Office Dept
1.146,835.00
Bd. of trustees, Postal
11,363.00
Savings System9.794,796.00
5% reserve, lawful
3,258,968.70
7,300,710 23
money
2,057,799.80
235,854 43
Other deposits
6.324,677.38
Postmasters, clerks of
courts, disbursing of2,409,973.37
52.124,614.98
ficers, ea
34.261,690.03
Deposits for:
Redemption of F. R.
198,013,000.00
notes(5% fund•gold) 156.082,337.57
Redemption of nari
bank notes(5% hind.
75,373.49
29.860.655.20
lawful money)
Retirement of midi
399,188.21
circulating notes, Act
1,950.00
May 30 1903
8.974,220.99
Uncollected items, ex2,925,659.73
changes. Ac
18,895,056.14
256,897,163.35
225,168,563.03
921,099.30
Net balance
Total
482,065,731.38
482,065,731.38
Total
Note.—The amount to the credit of disbursing officers and agencies to-day was
$331,068,396.15. Book credits for which obligations of foreign Governments are
held by the United States amount to $33,236,629.05.
Under the Acts of July 14 1890 and Dee. 23 1913, deposits of lawful money for
the retirement of outstanding national bank and Federal Reserve bank notes are
paid into the Treasury as miscellaneous receipts, and these obligations are made,
under the Acts mentioned, a part of the public debt. The amount of such obligations to-day was $42,429,952.50.
$725,175 in Federal Reserve notes and $9.719,911 In national bank notes are in
the Treasury in process of redemption and are charges against the deposits for the
respective 5% redemption funds.
Preliminary Debt Statement of the United States
April 30 1929.
The preliminary statement of the public debt of tho
United States April 30 1929, as made upon the basis of the
daily Treasury statement, is as follows:
Bonds—
Consols of 1930
Panama's of 1916-36
Panama's of 1918-38
Panama's of 1961
Conversion bonds
Postal savings bonds
$509,724,050.00
48,954,180 00
25,947,400 00
49,800.000 00
28,894.500 00
16,887.180 00
5770,207.310.00
First Liberty Loan of 1932-47
Fourth Liberty Loan of 1933-38
$1,939,149,400.00
6,283,942,700.00
8.223,092,100.00
Treasury
Treasury
Treasury
Treasury
Treasury
[vol.. 128.
FINANCIAL CHRONICLE
3138
bonds of 1947-52
bonds of 1944-54
bonds 01 1946-56
bonds of 1943-47
bonds of 1940-43
5758.984,300.00
1,036,834,500.00
489,087.100.00
493,037,750.00
359,042,950.00
3,136,986,600.00
912,130,286,010.00
1,206,618.300.00
609,558,850 00
516,857.650 00
18,000,000 00
53,500,000 00
70,000,000.00
123,400.000 00
123,400,000 00
127,700,000 00
31,200,000 00
14.400,000 00
45,900,000 00
518,000 00
Treasury Certificates—
Series TJ-1929, maturing June 15 1929
Series TS-1929, maturing Sept. 15 1929
Series TS2 1929, niaturing Sept. 15, 1929.
Series TD-1929. maturing Dec. 15 1929
Belles TD2-1929, maturing Dec. 15 1929_
545.810,700.00
307,806,000 00
202.818,000.90
290,945,500 00
466.898,500.00
Debt Bearing No Inhered—
United States notes
Less gold reserve
Deposits for retirement of national bank and
Federal Reserve bank notes
Old demand notes and fractional currency
Thrift and Treasury savings stamps, unclassified sales, 6:c
2,941,052,800.00
1,814,278,700.00
25,574,352.45
516,911,191.862 45
1,914,410 20
11,012,850 00
25,107.050 00
21,500 00
1,774,400 00
681,400.00
1,439,100.00
4.177,200.00
Public Debt of United States—Completed Returns
Showing Net Debt as of Feb. 28 1929.
The statement of the public debt and Treasury cash holdings of the United States, as officially issued Feb. 28 1929,
delayed in publication, has now been received, and as
interest attaches to the details of available cash and the
gross and net debt on that date, we append a summary
thereof, making comparisons with the same date in 1928:
CASH AVAILABLE TO PAY MATURING OBLIGATIONS
Feb. 28 1929. Feb. 29 1928.
$
65,272,231
73,846,143
Balance end of month by daily statement, Ac
Add or Deduct—Excess or deficiency of receipts over
+1,728,123
—620,458
or under disbursements on belated items
67,000,354
73,225,685
Deduct outstanding obligations:
27,624,713
23,426,427
Matured interest obligations
75,661,641
70,039,703
Disbursing officers' checks
6,824,425
5,933,480
Discount accrued on War Savings Certificates_
1,221.607
2,287,276
Settlement warrant checks
106,243,155
106,786,117
Total
—33,017,470 --39,785.763
Balance, deficit(—)or surplus (-1-1
INTEREST-BEARING DEBT OUTSTANDI NG.
Interest Feb. 28 1929, Feb. 28 1928.
$
Payable.
$
Title of Loan—
599.724,050
Q.-J. 599,724,050
2s Consols of 1930
48,954,180
43,954,180
Q -F.
28 of 1916-1936
25,947,400
25,947,400
Q -F.
2s of 1918-1938
49,800.000
49,800,000
Q.-M.
3s of 1991
28,894,500
28,894,500
Q.-J.
3s conversion bonds of 1946-1947
J -J. 1,933,111,200 1,206,444,700
Certificates of indebtedness
.1.-.1. 1,397,635,200 1,397.686,700
33(s First Liberty Loan, 1932-1947
5,155,650
5,155,450
J.-D.
48 First Liberty Loan, converted, 1932-47
532,822,200
J.-D. 532,816,600
461s First Liberty Loan. converted. 1932-47
3,492,150
3.492,150
4St a First Llberty Loan, 2d converted, 1932-47 J.-D.
1,509,249,750
M.-S.
45s Third Liberty Loan of 1928
A.-0. 6.234,031,100 6,294,050.800
4 is Fourth Liberty Loan of 1933-1938
762,320,300
758,984,300
4(4s Treasury bonds of 1947-1952
1,036,834,500 1,042,401,500
45 Treasury bonds of 1944-1954
491,212,100
439,087,100
Ills Treasury bonds of 1946-1956
491,704,750
493,037.750
334s Treasury bonds of 1943-1947
359,042,950
33is Treasury bonds of 1940-1043
171,636,219
43,576,133
45 War Savings and Thrift Stamps
14,812,380
16,887,180
J -.I
2SO Postal Savings bonds
J -D. 2,941,663,800 2,960,609,000
5355 to 55133 Treasury notes
17,053,728,543 17,3139,918,329
Aggregate of Interest-bearing debt
238,796,676
235,295,791
Bearing no Interest
71,906,870
56,472,560
Matured, Interest ceased
17,050,621,875
al7,345,496,891
Total debt
—33,017,470 —39.785,703
Deduct Treasury surplus or add Treasury deficit
617,378,514,364 17,990,407,638
Net debt
a The total gross debt Feb. 28 1929 on the basis of daily Treasury statements
was 517,345,498,861.04, and the net amount of public debt redemption and receipts In transit. .be.. was 31,967.50.
b No reduction is made on account of obligations of foreign governments or other
Investments.
Treasury Money Holdings.
The following compilation, made up from the daily Government statements, shows the money holdings of the Treasury at the beginning of business on the first of February,
March, April and May 1929:
1929 Mar. 1 1929. April 1 1929. May 1,1929.
Net gold coin and bullion_
Net silver coin and bullion
Net United States notes_
Net national bank notes__
Net Federal Reserve notes
Net Fed I Res, bank notes
Net subsidiary silver
Minor coin, Ac
$
321,057,675
14,794,817
3,802.327
20,960,504
1,535,525
98,751
2,448,050
4,969.486
$
321,779.639
21,871,510
3,248,636
19,329.090
899,635
123,081
2,264,383
3,824,073
$
332,396,036
9,892,749
2,249,015
12,895,312
1,158,905
161,123
2.658,28.3
4.265,796
$
345,561,223
9,710,003
2,523,329
9,794,796
1,146.835
11,363
3,258,969
4,557,773
Total cash In Treasury_
Less gold reserve fund._
369,667,138
156,039,088
373,340,047 0365,677.749
156,039,088 156,039.088
376,564,291
156,039,088
Cash balance In Tress y
Crop. in spec 1 depositories,
acct. Treasury bonds.
Treasury notes and certificates of indebtedness
Dep. In Fed I Res. bank
Dep. In national banks:
To credit Treas. U. S
To credit disb. officers_
Cash In Philippine Islands
Deposits In foreign depts.
Dep. In Fed I Land banks
213,628,050
217,300.959
200,638,661
220,525,203
113,932,000
25,072,488
49,064,000
26.755,668
403,341,001
36,155,193
198,013,000
34,261,690
7.260,261
19,577,899
805,122
311.769
8,144,046
17.838,946
1,096,209
314.224
7,575,397
19,987,809
212,422
544.334
8,974,221
18,895.050
921,099
474,562
380,582,589
249,142,089
321,414.052
247,567,909
682,454,816
254,647,581
482,065.731
256,897.168
Ann
75 5245 142
497507 215
995 1A2
Net cash in Treasury
and in banks
Deduct current liabilities_
Available cash balance_
Ill ASS
nna
3, Includes May 1 $6,324,677 silver bullion and $2,057,800 minor, Ac., coin not
Included in statement "Stock of Money."
6.0 muterrial alid10isCIIItflCOUsglews
46,127,910.26
346,681,016 00
156.039,088.03
190,641.927.07
42,429,952.50
2,044,812.82
3,4S7.305.21
Total gross debt
a Net redemption value of certificates outstanding.
Gross debt,less net
bal. in gen.fund.25,478,592,113 17,648,741,410 16,808,711.272 16,970,755,211
Welding: in U. S. Treasury Feb. 1
Total bonds
Treasury Notes—
Series A-1930-32, maturing Mar. 15 1932_
Series B-1930-32, maturing Sept. 15 1932_
Series C-1930-32. maturing Dec. 15 1932_
Adjusted service—Series A-I930
Series A-1931
Series 14-1931
Series A-1932
Series A-1933
Senes A-1034
Civil service—Series 1931
Series 1932
Series 1933
Foreign service—Serles 1933
Treasury Sayings Certificates--•
Series 1924. Issue of Dec. 1 1923
Total Interest-bearing debt
Matured Debt on which Interest Has Ceased—
Old debt matured—Issued prior to Apr. 1 1917
Second Liberty Loan bonds of 1927-42
Third Liberty Loan bonds of 1928
38(% Victory Notes of 1922-23
44% Victory Notes 011922-23
Treasury notes
Certificates of indebtedness
Treasury savings certificates
COMPARATIVE PUBLIC DEBT STATEMENT.
[On the basis of daily Treasury statements.]
Aug. 31 1919,
When War Debt April 30 1928, Mar. 31 1029,
Was at Its Peak, A Year Ago.
Last 11 onth. April 30 1929.
$
$
Cross debt
°6,596.701,648 17,847,691,931 17,236,518,507 17,195,923.774
Net balance in gen225,168,563
eral fund
427,807,235
1,118,109,535
198,950,521
238,604,001.50
$17,195,923,774.21
-^
Breadstuffs figures brought from page 3220.—All
the statements below regarding the movement of grain—
receipts, exports, visible supply, &c., are prepared by us
from figures collected by the Now York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for
each of the last three years:
MAY 11 1929.]
Flour.
Receipts at- I
FINANCIAL CHRONICLE
Wheat.
Corn.
Oats.
Barley.
Rye.
Ils.1981bs.bush.6018$. bush. 56 lbs.bush. 32155. bush.48I8s. bush.56lbs.
242,000
158,000
778,000
626,000
53,000
2,000
1,229.000
52,000
217.000
135,000
90,000
1.149,000
3,000
5,000
115,000
78,000
44,000
117,000
71,000
129.000
127,000
3,000
18.000
8,000
52,000
3,000
1,000
14,000
7,000
38,000
5,000
7,000
13,000
215,000
226,000
116,000
382,000
391,000
277,000
5,000
51,000
38,000
301,000
88,000
39.000
457,000
450,000
78,000
104,000
108,000
98,0(10
40.000
137,000
59.000
79,000
33.000
6,000
37,000
48,000
40,000
9,000
Tot. wk.'29 453,000 3.835,000 2.602,000 1,939,000 '491.000
181,000
Same week '29 482,000 4,864,000 6,879,000 3,789,000
710,000 210,000
Same week '27 440,000 3,599,000 2,824,000 2,979,000
494,000 842,000
Since Aug.11928
19.118.000 423,276,000 226,876,000 118,883.000 85.287.000 23,418,000
1927
10,049,000 396.742,000257,110,000 128.848,000 64,387,000
33,040,000
1926
18,848,000 288,182,000 180,265.000 118,806,00017,309,000 26,140,000
Chicago
Minneapolis._
Duluth
Milwaukee
Toledo
Detroit
Indianapolis_
St. Louis__
Peoria
Kansas CityOmaha
St. Joseph_
Wichita
Sioux City _
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, May 4 1929 follow:
Receipts
Flour. I
Wheat.
I
Corn.
I
Oats.
I Barley.
Rye.
bbls.106lbs bush. 60 lbs. bush. 50183. bush. 32 lbs. bush.48Ibs.bush.561bs.
New York. _ _I 355,000 1,483,000
17,000
126,000! 857,000
23,000
Philadelphia _,
30,000
79,000
3,000
6,000
6,000
13
'
16,000
334,000
18,000
21,000
185,000
Newport rtews
1.000
Norfolk
I
1,000
00,000
New Orleans*
33,000
45,000
42,000
12,000
,
Galveston- _I
243,000
1.000
Montreal__ - -•
35,000
164,000
6,000
62.0001
1.000
St.John,N.D.;
24,000
650,000
233,000:
60,000
85,000
Boston
39,000
11,000,
1,000
i
Tot. wk.'29 534,000 2,998,000
183,000
471.000 1,109,000
109,000
Since Jan 1'29; 9,565,000 51,337,000 13,972,000 5.878.000110,199,000 2,191,000
Week ig28j 405,000 1.368,000
82,000
194,000! 102,000
150,000
Since Jan 128 8,517,000 42,643,000 7,490,000 6.710,000 7,717,000
4.054.000
• Receipts do not include grain passing through New
Orleans for foreign ports
on through bills of lading.
The exports from the several seaboard ports for the week
ending Saturday, May 4 1929, are shown in the annexed
statement:
Exports from-
Wheal.
Corn.
Flour.
oats.
Rye.
Barley.
Bushels. Bushels, Barrels. Bushels, Bushels.
Bushels.
New York
1,210,000
82,461 100,000
78,000 278,361
Boston
337,000
21,000
81,000
Philadelphia
194,000
1.000
40,000
Baltimore
335,000
70,000
1.000
40,000
218,000
Norfolk
96,000
1,000
Newport News
1,000
New Orleans
10,000
9.000
3,000
1,000
Galveston
104,000
3,0041
St. John, N. B
650,000
24,000 233,000
85,000
60,000
Houston
40,000
4,000
Halifax
38,000
4,000
58.000
Total week 1929._ 2,938,000 175,000 124,461
435,000 163,000 695,361
Same week 1928_ - - 1.506.506 259.000
140.492 113.000 326.942 123410
The destinat'on of these exports for the week and since
July 1 1928 is as below:
Flour.
Exports for Week
and Since
July 1 to-
Week
May 4
1929.
IVheat.
Since
July I
1928.
IVeek
May 4
1929.
Since
July 1
1928.
United Kingdom. 40,490 2.938,755 1,090.000 64.723,726
Continent
81,971 4,485,282 1,834,000 175,136,959
So.& Cent. Amer_
1.000
292,000
3.000
350,000
West Indies
1,000
7,000
81.000
411,000
Brit. No. Am.Col.
1,000
20,000
Other countrues__
____ 1,272.989
3,348,733
Total 1929
Total 1928
124,461 9,401,026 2,038,000 243,666,418
140.492 9.812.023 1.506.506 210,226,848
Corn.
Week
May 4
1929.
Since
July 1
1928.
40,000 9.802,110
126,000 17.669.962
217,000
9,000
806,000
2.250
175,000 28,497,322
259,000 10.011.285
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, May 4, were as follows:
United StatesNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Forth Worth
13uffalo
" afloat
Toledo
Detroit
Chicago
'Milwaukee
Duluth
Minneapolis
Sioux City
St. Louis
Kansas City
Wichita
St. Joseph, Mo
Peoria
Indianapolis
Omaha
On Lakes
On Canal and River
GRAIN STOCKS.
Corn.
Oats.
Wheat.
Rye.
Barley,
bush,
bush,
bush,
bush.
bush.
7,000
127,000
171,000
49,000
286,000
6,000
5.000
70.000
72,000
250,000
6,000
6,000
105,000
764,000
93.000
4,000
93.000
4,000
179,000
317,000
110,000
2,000
15,000
132,000
730.000
353,000
1,681,000
184.000
3
9,000620
5.420,000 3,040.000 1,242,000
173,000
582,000
86,000
628.000
145,000
22,000
v 462,000
180,000
12,000
15,000
175,000
28,000
40,000
12.000
32,000
13.429.000 10.592,000 2.132,000 2,083,000
630,000
701,000 1,505,000
413,000
539.000
305,000
23,430,000
448,000
581,000 1,826.000 1,081,000
"9,063,000
565.000 2.301.000 1,311,000 3,387,000
488.000
358.000
278.000
6,000
910,000
2,906,000
231,000
10,000
97.000
17,702.000 3,130,000
6,000
33,000
14,000
193,000
3,172,000
12,000
4,000
1,406.000
693,000
3.000
7,000
18.000
175,000
131.000 1,235,000
796,000
7,321,000 1,778.000 1.297,000
31.000
80,000
365,000
107,000
52.000
Total May 4 1920 ..112,684.000 25,687,000 10,276,000 6,705,000
Total Apr. 27 1929 _114,787,000 28,194,000 10,774,000 7,010,000 6.849,000
Total May 5 1928 __ 59,476,000 31.315,000 9,919,000 5,148,000 6,816.000
2,124,000
Note.-Bonded grain not included above: Oats-New York,
bushels;
Philadelphia, 4,000; Baltimore, 5,000; Buffalo, 400,000; Buffalo,221,000
afloat, 78.000;
Duluth, 14,000; total, 722,000 bushels, against 10.000 bushels In 1928.
BarleyNew York, 129,000 bushels; Boston. 141,000: Philadelphia, 122,000; Baltimore,
231,000; Buffalo, 1,316,000; Buffalo afloat, 393,000; Duluth, 155,000:
on Lakes,
100,000; total, 2,587,000 bushels, against 843.000 bushels In 1928. Wheat-New
York, 2,895,000 bushels; Boston, 1.339,000; Philadelphia, 3,318,000;
Baltimore,
3,478,000; Buffalo, 13,402,000; Buffalo afloat, 2,539,000; Duluth. 217,000;
Canal.
78,000; total, 27,266,000 bushels, against 9,700,000 bushels in 1928.
3139
Canadian
Montreal
9,692.000
Ft. William & Pt. Arthur _56,087,000
Other Canadian
9,717,000
532,000
317,000
340,000
5.157,000 2,241,000 5,680,000
2,322,000
426,000 1,151,000
Total May 4 1929 ...._75,496,000
8,011.000
Total Apr. 27 1929 _ _ _77,112,000
7,896,000
Total May 5 1928 - -68,973.000
1,967,000
SummaryAmerican
112,684,000 25,687,000 10,276,000
Canadian
75.496,000
8,011,000
2,984,000 7,171,000
2,858,000 7,100.000
3.226.000 3,916,000
6,705,000 6,849,000
2,984,000 7.171,000
Total May 4 1920 __188,180,000 25,687,000 18,287,000 9,649,000 14,020,000
Total Apr. 27 1929 _191,899,000 28,194,000 18,670,000 9,868.000 13,996.000
Total May 5 1928 -.128,449,000 31,315,000 11,886.000 8.374,000 6,040.000
The world's shipments of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange,for the week
ending Friday, May 3, and since July 1 1928 and 1927,
are shown in the following:
Wheat.
Exports.
1928-29.
I Week.
I May 3.
Since
July 1.
Corn.
1927-28.
Since
July 1.
1928-29.
Week
May 3.
Since
July 1.
I 1927-28.
Since
July 1.
Bushels. I Bushels.
Bushels. I Bushels.
Bushels.
Bushels.
North Amer. 6,398,000 468,933,000 416,164,000 223,000 32.849,000 14,467,000
I 2,216,000 9,512,0001
Black Sea_
1,827,000 19,539,000
ArgentIna _
4,254,000168.275,000 145,264,0001 6,086.000203,169,000227,211,000
Australla
' 2,656,000; 98,544,000 58.751,000,
India
1,112,000 8,688,000:
0th. countr's 512.0001 39,132,000 27,520.0001 238.000 26,254,000 23,935,000
13,820,000778,212
,000065,899.000 6.547,000264.099.000285,172,000
Total
WEATHER BULLETIN FOR THE WEEK ENDED
MAY 9.-The general summary of the weather bulletin,
issued by the Department of Agriculture, indicating the influence of the weather for the week ended May 9 follows:
The table on page 3 shows that the week was abnormally cold, except
in the eastern, southern, and western border States. In the Atlantic
coast sections and in the South about normal warmth prevailed, as a rule.
while in south Pacific districts the temperature averaged considerably
above normal. In the interior valleys and Northwest, however, they
were unseasonably low, with the weekly averages ranging generally from
about 6 deg. to as much as 12 deg. or 14 deg. subnormal; the greatest
minus departures were in North-Central States where hard freezes occurred.
East of the Mississippi River temperatures as low as freezing, or lower.
were mostly confined to the upper Lake region and the interior of the Northeast, though the western portions of Pennsylvania and Maryland and
eastern West Virginia had freezing weather on the morning of May 3.
In the Northwest minimum temperatures were from 6 deg, to as much as
14 deg, below freezing in some districts; the lowest for the week, as reported
from first-order stations, was 18 deg. above zero at Devils Lake, N. Dak.
Chart II shows that precipitation during the week was unevenly distributed. Very little occurred in the Southwest south of Kansas and the
week was practically rainless in central and southern States from the
Rocky Mountains westward. The central Gulf sections were also mostly
dry, and very little precipitation occurred in the northern Great Plains
and the extreme upper Mississippi Valley. In the lower Missouri, central
Mississippi, and Ohio Valley sections, however, precipitation was substantial to heavy or excessive, while the weekly totals ranged mostly from
about 1 inch to more than 3 inches over a wide belt extending from the
interior of the east Gulf area northeastward to the northern border.
The week brought but little improvement in farming conditions in the
more eastern States, the interior valleys, and the Lake region. As during
several preceding weeks, rainfall was frequent, which kept the soil too
wet for field work in most places and, consequently, but little spring plant,ing could be accomplished from the Mississippi Valley eastward; this
makes the fourth consecutive week of unfavorable weather in most places.
In addition, temperatures were too low for germination and growth of
early-planted sprmg crops in Central States and vegetation in general
made slow progress. Unprecedentedly late snowstorms in the central
Mississippi and parts of the Ohio Valleys did only a moderate amount of
damage, and no widespread harm resulted from frosts, though there were
local reports of damage to fruits in sections. notably in Wisconsin, Iowa,
M1S.S0101, and some Rocky Mountain States.
In the Central-Northern States, including some important corn areas
in the upper Mississippi Valley. mostly fair weather, with normal sunshine and considerable wind, dried out the wet soil rapidly and farm work
was rather actively resumed, though field operations were hindered in the
northern Plains by low temperatures, which resulted In frozen soil in some
Places. In the east central area and parts of the southeast severe storms,in
Places, tornadoes, did considerable damage to buildings and crops, with
locally heavy loss of life.
In the Southeastern States the wet weather and low night temperatures
were decidedly unfavorable, while high winds did considerable damage,
especially to young cotton, and to peaches in Georgia. In the Southwest
conditions were also very unfavorable because of coolness and dryness.
Rain is now needed over a wide area, including practically all of Texas
and southern Oklahoma, while high winds and sandstorms were detrimental to spring crops. In the Great Basin somewhat better weather prevailed, while conditions were fairly favorable in the Pacific Northwest,
though rain is still needed in the interior.
SMALL GRAINS -Although the condition of winter wheat remained fair
to excellent in the Ohio Valley, advance of the crop was generally slow.
due to the cool, wet weather. There were further complaints of yellowing in this area and warns, sunshiny weather is needed. Progress and
condition were very good in Missouri, but there were increasing reports
of too much rain and the crop yellowing. In the central and northern
Great Plains winter wheat continues very good, but in the Southwest.
especially New Mexico, western Texas, and southwestern Oklahoma, only
poor progrms was made, with the crop rather critically in need of moisture.
More warmth and moisture are needed in eastern Washington, but some
improvement was shown in other parts of the Northwest.
Night temperatures
too low for best germination of spring wheat
in North Dakota and were
seeding was somewhat delayed by frozen ground.
Planting was largely finished in South Dakota, and the early-sown looks
good. In more eastern parts of the belt seeding progressed. but germination was delayed by cool weather; work was rushed in Montana, where
some early is up, but there was some delay in Wyoming due to wet soil.
Oats were also unfavorably affected by the dryness in the Southwest,and the
continued wet weather in central-northern sections has delayed planting
in many parts, with probability
that considerable oat land will be seeded
to other crops. Elsewhere satisfactory progress was
made, with some oats
ready to cut in the Southeast.
CORN.-Over much of the Corn Belt the week's weather was unfavorable. Frequent rains further retarded field operations and very little
planting was possible east of the Mississippi Valley, while low temperatures retarded germination of the early-planted. In Iowa field work
made better progross. as the week was generally fair, though operations
are still some two weeks late, and very little planting was possible. In
Missouri and Kansas work is still much behind; in Oklahoma it was too
cool, with corn generally poor and much yet to be planted. In Nebraska the
soil is in good condition and there was some local planting, but there, as
elsewhere in the northern portion of the belt, low temperatures were unfavorable.
COTTON.-The week was generally, and in most places decidedly, unfavorable for the cotton crop. East of the Mississippi River frequent rains.
wet soil, and frequent low night temperatures were unfavorable for planting, and for germination and growth of early-planted cotton, while in
some sections, especially in Georgia, cold winds destroyed considerable of
the early plants, necessitating replanting. In the more southern portions
of the east Gulf States conditions were somewhat better. In Louisiana
growth was very slow, with many complaints of plants turning yellow,
while in Arkansas progress was poor, except in some favored localities.
Principally in the west and the south. In Oklahoma it was too cool;
Planting progressed slowly, and germination of early-planted was poor
3140
[VOL. 128.
FINANCIAL CHRONICLE
In Texas, while the general condition of the crop remains good in the
south and fair elsewhere, the week's weather was decidedly unfavorable;
cotton deteriorated because of cool nights and damaging high winds and
sandstorms; much was killed in the north and west, and the soil has become too dry for germination of new plantings. Chopping and cultivating
made good advance and fields are generally clean.
May 4—The Chapman National Bank of Portland, Me
400,000
Effective close of business May 1 1929. Liquidating
Committee, Philip F. Chapman, Guy F. Dunton and
Harry S. Boyd, Portland, Me. To be succeeded by a
new trust company.
May 4—Farmers National Bank of Fairfax, S. Dak
50.000
Effective close of business April 26 1929. Liquidating
The Weather Bureau also furnishes the following resume
Agent,John N. Ellerman, Fairfax, S. Dak. Succeeded
by "The Farmers National Bank of Fairfax," S. Dak.,
of the conditions in the different States:
No. 133802,
Virginia.—Richmond: Temperatures moderate; rainfall light in southCONSOLIDATION,
east and moderate to heavy in other sections. Conditions generally favor- May 4—The Skagit
National Bank of Mount Vernon, Wash—
50,000
in
made
progress
good
able in southeast for crops and farm work and
50,000
planting cotton and setting tobacco. Planting delayed by wet soil in most May 4—Mount Vernon National Bank, Mount Vernon, Wash_
Consolidated to-day under the Act of Nov. 7 1918.
other parts of State. Winter grains, pastures, meadows, and potatoes
under the charter and corporate title of "The Skagit
good. Some fruit blown from trees by high winds.
National Bank of Mount Vernon," No. 12154, with
North Carolina.—Raleigh: Mostly unfavorable for crops and farm work,
cotton
of
capital
stock of $100,000.
Progress
coolness.
to
owing
too much rain, strong winds, and
poor; planting delayed part of week by rains and wet soil. Pastures and
BRANCHES AUTHORIZED UNDER THE ACT OF FEB. 25 1927.
meadows improved. Oats and rye heading.
April 29—The National City Bank of New York, N. Y.
South Carolina.—Columbia: Additional excessive rainfall early in week
Location of Branch: Northwest Corner of Amsterdam
further retarded plowing and planting in northwest, and whipping winds
Ave. and 79th St. (400 Amsterdam Ave.), N. Y. City.
on 2d seriously damaged cotton and corn, necessitating much replanting. April 30—The Claremont National Bank of New
York, N. Y.
improved,
Wheat, oats, rye, potatoes, field truck, gardens, and pastures
Location of Branch: Vicinity of 167th St. and Jerome
except cucumbers were damaged by wind. Tobacco transplanting practiAve., Borough of the Bronx, New York City.
masuffered
fruits
Tree
cally finished and sweet potatoes proceeding.
May 2—The Sixth National Bank of Philadelphia, Pa.
terially from wind squalls. Native strawberries and vegetables being
Locations of Branches: Vicinity of 6th St. & Oregon
marketed.
Ave. vicinity of Broad St. & Moyamensing Ave..
accomwork
no
Georgia.—Atlanta: Very unfavorable week and almost
vicinity
of 20th St. & Passyunk Ave. (All located in
plished. High winds on May 2 damaged many crops considerably, broke
Philadelphia, Pa.)
especially
fruit,
much
down
blew
tobacco leaves, prostrated cereals, and
remuch
peaches. Cold winds killed considerable cotton, necessitating
planting, with seed scarce; condition, progress, and stands of cotton poor,
Auction Sales.—Among other securities, the following,
except in south where good. Bulk of corn not planted.
Florida.—Jacksonville: Progress and condition of cotton poor; rainfall not actually dealt in at the Stock Exchange, were sold at auction
unfavorable on lowlands in west and north. Rains were general and of in New York, Boston, Philadelphia and Buffalo on Wednesgreat benefit to corn, melons, truck, cane, and citrus, including satsumas
in west. Setting sweet potatoes active; tobacco mostly good. Shipping day of this week:
tomatoes and other truck continued. Small lots of melons forwarded.
By Adrian H. Muller & Son, New York:
High winds and local hail did some damage to truck and melons.
$ Per share.
Alabama.—Montgomery: Farm work greatly retarded; hail consider Shares. Stocks.
$ per share. Shares. Stocks.
slow;
progress
but
ably damaged crops locally. Corn planting continuos,
20 Fifth Avenue Bank of N. Y____33,340 1,250 Public Gas Corp.. par $1;
100 Miltiades Melachrino, Inc.,
stands of early-planted vary from poor to good. Oats, potatoes, truck, 467 Webster Eisenlohr, full paid
pastures, and fruits mostly,doing well; some oats ready to cut in south.
no par; 8 Electric Lumlnator
50
subscription receipts
Cotton planting progressed slowly in north and continued locally in south; 150 Bainbridge. Kimpton dr Haupt,
Advertising Co., pref.; 4 Electric
Advertising Co., com.12 lot
replanting necessary in some scattered areas; stands of early-planted vary
Luminator
Inc., pref. (N. Y.)
$1,000 lot
from poor to very good; chopping becoming general in coast section.
Note of the Belmont Theatre Corp.
500 Penn Seaboard Steel Corp.
for $3,000 at 30 days from Mar. 13
Mississippi.—Vicksburg: Progress of cotton and corn fair in extreme
(200 shares v. t. c.), no par; 300
south, but elsewhere cool nights and frequent rains caused only slow ad1929, endorsed by Richard G.
Federal 011 Co., corn., par $5;
vance, with some replanting of cotton probably necessary in north. ProHerndon and secured by 100
2,000 Davidson Consol. Gold
gress of pastures good: truck poor to fair.
of Belmont Theatre Corp.
shares
Mines. Ltd. (stpd.), par $1__ __El 1 lot
Louisiana.—New Orleans: Irregular showers, but no rain in many lo- 260 Detwiler Zr Co., Inc., pref.;
stock and assignment of policy
calities. Coolness first part unfavorable, but warmer latter part. Fields
No. 9,908,094 Issued by N. Y.
coin,
Inc.,
Co.,
200
&
Detwiler
of cotton generally clean, but growth very slow and many complaints o
Life Ins. Co. on life of Richard
V. C. c., no par
$30,500 lot
crop turning yellow, but dryness developing good root system; much 26 New Maiden Lane Safe Deposit
G. IIerndon for $25,000, payable
still to chop in north. Corn and cane made slow progress. Much too
case of death to the holder
in
20
Co
dry for rice; irrigation begun and planting not finished. Rain needed 150 Miltlades Melachrino, Inc.;
$100 lot
of said note
for all crops.
2,500 Public Gas Corp., par 51;
10 59 Locust Ave. Corp. (New
Texas.—Houston: Cool wave, with high, drying winds, unfavorable;
Rochelle, N. Y.), corn.; 10 59
8 Electric Lumlnator Advertiswheat,
oats,
winter
of
rain now needed in nearly all sections. Progress
Locust Ave. Corp. (New Itoing Co., pref.; 4 Electric Lumipastures, and truck poor; oats heading short in dry sections. Progress
nator Advertising Co., corn.;
chelle, N. Y.), pref.; 1,000 Wyof corn poor, but condition fair to very good. General condition of cotton
oming & Montana Oil Co. CS.,
100 Tri-Buillon Smelt. & Devel.
of
because
still good in south, but only fair elsewhere; crop deteriorated
Co., corn., par 10c.; 100 Tr Inc. (Del.); 23 Ichthyolltie Prodcold nights fore part, and high winds and sandstorms; much killed in
Bullion Corp., Cl. B, par 10c__ _525 lot
ucts Corp. of Amer., el. B, C.S.
west and north and soil now too dry for germination of new plantings: 300 Calaveras Copper Co., par $5;
Inc. (Del.); 20 Amer. Sleeve
cultivation and chopping made good progress and crop generally clean.
Valve Motor Co. CS.. Inc.
6,000 American Tin & TungProgress and condition of rice good.
(Del.); 5 Bullville Milk Products
sten Co., par $1
$100 lot
Oklahoma.—Oklahoma City: Weather very unfavorable. Too cool for 1,500 Nevada-Ophlr Mining Co..
$62 lot
Assn., CS., Inc.(N. Y.)
germination and growth of spring crops and too wet in north and droughty
5 Amer. Teiegraphone Co., par $10:
par 10c.; 500 Maxudian Petrolin south. Cotton planting progressed slowly; germination poor and much
Oil Corp., par $1; 25
Counties
60
eum
Texany
no
Corp.,
267
par;
replanting; progress of early-planted generally poor. Corn generally
I.auralne Magneto Co., Inc.,
Co., par $10; 50 Cuban Sugar
poor progress as too cool:some early cultivated, but much yet to be planted
par $25; 70 Pouch Terminal,
Mills Corp.; 3,462 Meridian
and replanted. Progress and condition of winter wheat and oats good to
Inc., pref.; 50 Pouch Terminal
par
Corp.,
2,200
$1;
Petroleum
excellent in north-central and west, but rapid deterioration and poor
Inc., B. pref.; 1,675 Western
Veriand Oil & Gas Co., par $1;
condition in west-central and southwest, account scant moisture.
Copper Mining Co.. par $1; 200
200 Allied 011 Corp., par $10;
Arkansas.—Little Rock: Planting cotton made good progress in west
W.P. Williams 011 Corp., par $1 $211ot
300 Gaston. Williams & Wigand south, but fair advance elsewhere, except in north where none planted:
10 New Orleans Shipbuilding Co.,
more, Inc.. elf., no par; 120
in
except
soil,
wet
progress, germination, and growth poor due to cool,
55 lot
Inc., no par
Metals
Columbia
British
Alaska
Darts ofsouth and west where drier:some cotton dying and much to replant.
Per Cent.
Bonds.
Co., par $10; 400 Southern Coal
Progress of corn fair to very good, except in parts of east and north
$80,000 Ocean County Gas Co.
& Iron Corp.. par $1; 20 units
where poor.
(Toms River, N. J.) bet 5s,
Darragh-Morgan Drilling Trust,
Tennessee.—Nashville: Wind, hall, and rain, with coolness, unfavorApril 1 1910, Oct. 1922 and subTulsa, Okla., no par; 300 Arizona
able. Little corn planting, owing to wetness, but progress of early plantsequent coupons attached_ _51,000 lot
3,000
$1;
par
Co.,
Mines
Silver
ings very good; also but little cotton planted. Progress of forage and
lot
_5110
$1_
par
Alaska Mines Corp.,
oats improving. Tobacco about ready to transplant.
Kentucky—Louisville: Temperatures low; precipitation daily. Some
By Barnes & Lofland, Philadelphia:
corn•planted at beginning of week, but too wet later and germination slow. Shares. Stocks.
$ Per Sh.
$ per Sh. Shares. Stocks.
Growth of tobacco plants retarded, but size normal. Progress and con- 3111 Elrae Corp., pref
10 Bankers Bond & Mtge. Guar.
20
dition of winter wheat generally very good; some yellowing and crop needs 153.4 Eirae Corp., cl. A common No.
30
Co. of America, no par
sunshine. Pastures, clover, and alfalfa excellent.
6
10 Enterprise Mfg. Co
000
1, par value
680 Phila. Life Ins. Co., par 510— 2615
2 Mfrs. Title & Trust Co., par 950_ 60
AthleMembership,
Penn
Founders
_526
__
National Banks.—The following information regarding 8 Manayunk-Quaker City Nat_
, Phila
1000
tic
210
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED WITH
TITLES REQUESTED.
060
April 30—The Citizens National Bank of Lake Preston, S. Dak_ Cggt:71
Correspondent, Jacob Boyd, Lake Preston, S. Dak,
May 2—The Bergen County Nat'l Bank of Hackensack, N. J. 200,000
Correspondent, Rex B. Altschuler, 210 Main St.,
Hackensack, N. J.
APPLICATIONS TO ORGANIZE APPROVED.
$300,000
April 30—The Plaza National Bank of St. Louis, Mo
Correspondent, J. W. Reinholdt, Jr., 727 Boatmens
Bank Bldg., St. Louis, Mo,
100,000
April 30—The Central National Bank of Mineola, N. Y
Correspondent, George R. Latham, Mineola, N. Y.
Calif
Arcadia,
$50,000
Bank,
National
Arcadia
4—The
May
Correspondent, W. L D. Brown, Arcadia, Calif.
CHANGES OF TITLES.
to "West
April 29—The First National Bank of Sherman. Calif.,
Hollywood First National Bank," West Hollywood,
in
district
of
name
in
change
to
conform
Calif., to
which the bank is located.
May 1—The Minnehaha National Bank of Sioux Falls. S.Dak..
to "The First National Bank & Trust Co. in Sioux
Falls."
May 1—The Citizens National Bank of piggins, Texas, to
"First National Bank in Higgins."
CHANGE OF TITLE AND LOCATION.
April 29—The Roslyn National Bank, Roslyn, Montgomery
Bank of
County, Pa.. to "The Keswick National
Glenside." Glenside, Montgomery County, Pa.
LIQUIDATIONS.
VOLUNTARY
$200.000
April 29—The State National Bank of Bonham, Texas
S. F.
Effective April 25 1929. Liquidating Agent,
Leslie, Bonham, Texas. Absorbed by State Bank &
Trust Co., Bonham, Texas.
35.000
April 30—The First National Bank of Equality, Ill
Wm.
Effective Feb. 26 1929. Liquidating Committee,
Beatty, C. A. Guard, and L. G. Blackman, Equality,
Ill. Succeeded by Equality State Bank, Equality, Ill.
Y
6.000.000
May 3—The Chemical National Bank of New York. N.Agent.
Effective 3 p. m. May 2 1929. Liquidating
Now
Bank.
Nat'l
Chemical
H.
Percy
Johnston, c-o
York, N. Y. Succeeded by Chemical Bank & Trust
Co.. which later is to be consolidated with the United
States Mortgage & Trust Co., New York, N. Y. The
liquidating bank has seven branches, all located in the
City of New York.
70 Phila. Nat. Bank, par $20
50 Farmers & Mechanics Nat.
Bank, Woodbury, N.J., par $10. 80
10 First Nat.Bank, Westville, N.J.350
35 Bank of Phila. & Trust Co.,
50
par $10
22 Bank of No. America & Trust
14514
Co., par $25
25 Corn Exchange Nat. Bank &
18714
Trust Co., par $20
100 u.S.I3ank & Trust Co., par $10 1211
20 Manlier]) Trust Co., par $50... 653.4
5 No. City Tr. Co., par $50 _130 ex-rights
70 Security Title & Trust Co., par
72
550
1650
9 Girard Trust Co.
34 Bankers Trust Co., par 350_ ....130
100 Colonial Trust Co., par $50-300/1
50 Pa. Co. of Ins. on Lives.. are,
146 14
Par $10
980
2 Fidelity-Phila. Trust Co
144
100'Mae Trust Co., par $50
5 Counties Title & Trust Co., Ardmore, Pa
100 C.Howard Hunt Pen Co., coin..
15
par $25
7 Bankers Securities Corp., corn.,
130
(voting trust certificates)
04 Bankers Securities Corp., com.,
125
(voting trust certificate)
6 Bankers Securities Corp., coot.,
129
(voting trust certificate)
9 Mortgage Co. of Pa., par $2&..30
By
R. L. Day
& Co., Boston:
$ per Sh.
Shares. Stocks.
695
4 First National Bank
615
20 Old Colony Trust Co
10 National Whaling Bank, New
126
London, Conn., par $25
6
37 Narragansett Mills
911
13 Davol Mills
234
25 Manomet Mills
100
7 Pepperell Mtg. Co
5 Arlington mins
7034
30 Germantown Pass Ry
81
I Northeast Tacony Trust
655
3 Columbia Ave. Trust
850
7 Columbia Ave. Trust Co
Rights.
$ per Right.
42 6-7 Liberty Title & Trust Co.
125
-I- $132.50
Per Cent.
Bonds.
$3,000 Atlas Storage Warehouse
Co., 2nd 6s June 1 1935_62400 lot
$2,400 Bond & Mtge.,6% (J.& .i.),
due July 12 1931. given and exo-i
cuted by Charles McCain and
Helen A. McCain to Harriet E.
Lee, dated July 12 1928 and
recorded at Doylestown, on
Premises, situated in Southampton Township, Bucks Co., Pa.;
assigned to Hatboro Nat., dated
5150 lot
Sept. 10 1928
523,000 Emanuel Gordon, 1701
Locust St., 6% 2nd 6s, class A,
42
April 1 1930
$3,000 Oak Lane Country Day
May
Os,
10-yr.
Phila.,
of
School
40
15 1936
52,000 C. Benton Cooper, 6% gold
bonds of Philmont Country Club,
40
Ser. B. July 1 1938
$1,000 Rittenhouse Square Corp.,
40
20-yr. 2nd 65, Jas. 1 1946
35
17714
18 Ludlow Mfg. Associates
95 Nashua Mfg. Co.. preferred.
8411-8434 ex-div.
36
4 Peterboro RR
5 Wm. Whitman & Co., Inc., pref. 923.$
40
10 units First Peoples Trust
27514
11 Franklin Co
110
5 American Glu Co., pref
35 Fall River Gas Works, par 525.... 56
per Sh.
Shares. Stocks.
10 Batchelder Is Snyder Co., pref.- 833.4
100 City Central Corp. of America, 2
let preferred
4 Lamson & Hubbard Corp., pref... 75
1 LaTIISOCI & Hubbard Corp., corn.- 1034
50 Saco Lowell Shops, common._.. 914
3 W. L. Douglas Shoe Co., pref.— 88
33 Old Colony Trust Associa tee._5246-55
16 Old Colony Gas Co., pf.. par 825 63
25 Brockton G. L. Co., v. t. o., par as
$25
57
25 Craton & Knight Mfg. Co.. pref. Cent.
Per
Bonds.
5150 Eastern Mass. Street Ry. 65.
66 & int.
January 1948, series I)
$ per Right.
Rights.
7-734
500 First National Bank
MAY 11 1929.]
FINANCIAL CHRONICLE
By Wise, Hobbs & Arnold, Boston:
,Shares. Stocks.
$ Per sh.
25!Nat. Shawmut Bank
396
10.First Nat. Bank (old)
700
5 First Nat. Bank (new) (when
issued), par $20
141
5 National Shawmut Bank
393%
5 National Rockland Bank
520
5 Beacon Trust Co.(old)
321%
20 Nashawena Mills
41
100 Arlington Mills
35%
12Lawton Mills
64%
10 Naumkeag Steam Cotton Co
130
74 Farr Alpaca Co
100%
50 Naumkeag Steam Cot. Co_129-130
100 Nashua Mfg. Co. common..... 44%
31 Naumkeag SteamCot.Co. 128%-188%
2 Suburban Elec. Secure. Co. 1st
pref.; 34 2d pref.; 17 common.$130 lot
100 Lowell Elec. Lt.Corp.(undeP.).
par $25
55
Shares. Stocks.
$ per oh.
41 Beacon Participations, Inc.,
class A pref
3034
37 United Elastic Corp
43
37 Old Colony Gas Co., par 525
63
5 West Boston Gas Co. v. t. c., par
$25
35%
32 Old Colony Trust Associates_
55
25 Western Mass. Cos
72%
20 units First Peoples Trust
40
10 units Thompson's Spa, Inc.,
130 & accrued div.
40 No. Bost. Ltg. Prop. pref.
v. t. c., par $50
53
6 units First Peoples Trust
40
125 units Thompson's Spa,Ine_100-103
20 Draper Corp
66
10 Craton & Knight Co. pref-59 ex-div.
25(Ireton & Knight Co. from
6
Name of Company.
3141
Per
When
Cent. Payable
Miscellaneous (Continued).
Cleveland Quarries
50o. June
Extra
250. June
Collins dr Aikman Corp., pref.(quar.).
134 June
Columbia Pictures Corp., pref.(gust.)..
75c. June
Commercial Discount, corn
*50e. May
Community Motors Service Co.
First preferred (guar.)
•$1.75 June
Consol. Paper Box class A (qua?.)
*37
May
Consumers Co. prior pref.(guar.)
•134 July
Continental Can. preferred (guar.)
1% July
Continental Food Stores class A (guar.). *3734c June
First preferred (guar.)
*1% June
Corno Mills (guar.)
2
June
Crows Nest Pass Coal(quiz.)
June
Rooks Closed
Days Ineluelse.
1 Holders of rec. May
1 Holders of rec. May
1 Holders of rec. May
1 Holders of rec. May
10 *Holders of rec. May
15
15
20
15
1
1 *Holders of roe. May 20
15 *Holders of rec. Apr. 30
1 *Holders of tee. June 15
1 Holders of rec. June I5a
1 *Holders of rec. May 11
1 *Holders of roe. May 11
1 Holders of rec. May 20
1 *Holders of rec. May 7
Dartmouth Mfg. common (guar.)
*1% June 1 *Holders of roe. May 13
Drug Incorporated (guar.)
51 June 1 Holders of rec. May 15a
Early & Daniels common (guar.)
•750. June 30 *Holders of rec. June 20
By A. J. Wright & Co., Buffalo:
Preferred (guar.)
•154 June 30 *Holders of rec. June 21
Eastman Kodak,corn.(guar.)
$1.25 July 1 Holders of rec. May 31
Shares. Stocks.
$ per share.
Shares. Stocks.
Common (extra)
Spar share.
75e. July 1 Holders of rec. May 31
400 Peoples Home Journal, Inc.,
100 Green Monster Mining Co.,
Preferred
1% July
Holders of rec. May 31
(guar.)
pref., no par
$10 lot
par 50c
$1.50 lot Electric Shareholdings Corp.
1,000 Chaput Hughes, par $1
80. 5 Helier Qualitol, Inc.. par 520-$2.25 lot
$0 pref.(No. 1 (quar.)
41.50 June
Holders of rec. May 10
El Dorado Works (guar)
*37%e June 1 *Holders of rec. June 1
1140 Fifth Ave.. Inc.. Prof
3
June
May 16 to June 2
DIVIDENDS.
Ewa Plantation (quar.)
•600. May 1 *Holders of rec. May1 4
15 Park Ave., Inc.. Prof
3
June
May 16 to June 2
Dividends are grouped in two separate tables. In the First
Holding dr Trading pref.(qua?.)._ - •1% May 1 *Holders of rec. Apr. 30
first we bring together all the dividends announced the Fitz Simmons Dredge & Dock conc.(qu.) *50c. June *Holders of rec. May 21
Common (M share common stook)_
'V) June 1 *Holders of rec. May 21
current week. Then we follow with a second table, in Formica Insulation (quar.)
*35c. July 1 *Holders of rec. June 15
Quarterly
*35e. Oct. 1 *Holders of rec. Spet. 14
which we show the dividends previously announced, but Quarterly
*350. Jan1'30 *Holders of rec. Dec. 14
General Cigar pref.(guar.)
1% June 1 Holders of rec. May 21
which have not yet been paid.
General Development
250. June 29 Holders of rec. June 1
General Motors common (qua?.)
The dividends announced this week are:
*750. June 12 *Holders of rec. May 1
Common (extra)
*30o. July 2 *Holders of rec. May 1
6% debenture stock (guar.)
*1% Aug. 1 *Holders of rec. July
Per When
*1% Aug. 1 *Holders of rec. July
lBooks Closed
5% Preferred (guar.)
Name of Company.
amt. Payable.
*1% Aug. 1 *Holders of rec. July
Days Inclusive.
7% Preferred (qua?.)
Grand Union Co.,$3 pref.(guar.)
*750. June 1 *Holders of rec. May 1
Railroads (Steam).
Hanes(P. H.) Knitting, corn. & corn.B
15c. June 1 Holders of rec. May 2
Alabama Great Southern. ordinary
$2
June 28 Holders of rec. May 24
1% July 1 Holders of rec. June 2
Preferred (guar.)
Ordinary (extra)
Hart-Carter Co.,pref.(quar.)
$1.50 June 28 Holders of rec. May 24
•500. June 1 *Holders of rec. Slay 1
Preferred
Hartman Corp., class A (quar.)
$2
Aug. 15 Holders of rec. July 11
*500. June 1 *Holders of rec. May 1
Preferred (extra)
$1.50 Aug. 15 Holders of rec. July 11
Class B (quar.)
*300. June 1 *Holders of rec. May 1
Catawissa. preferred
$1.15 May 22 Holders of rec. May Ila Hazeltine Corp. (guar.)
•250. June 1 *Holders of rec. May I
Chic. R. I. & Pacific, coin. (qua?.)
•1% June 29 *Holders of rec. May 31
Higbee Co.2d pref.(guar.)
2
June 1 May 21 to June
% preferred
*3
Hires (Charles E.) corn. A (guar.)
June 29 *Holders of rec. May 31
*50c. June 1 *Holders of rec. May 1
7% preferred
*3% June 29 *Holders of rec. May 31
Holmes Mfg. preferred (guar.)
*1% May 15 *Holders of rec. May 1
Ctn. N.0.& Texas Pae., pref.(quiz.).. *1% June 1 *Holders
Homestake Mining (monthly)
50o May 25 Holders of rec. May 2
of reo. May
Cleve. dr Pittsburgh,guar.(quay.)
87%c. June 1 Holders of rec. May 15
Imperial Oil (guar.)
1234e June 1 Holders of rec. May 31
10
Special guar.stock (guar.)
50c. June 1 Holders of rec. May 10
Intertype Corp., corn. (In corn, stock)._ flO June 15 Holders of rec. June 1
Pittab. Bessemer & Lake Erie, pref
$1.50 June 1 Holders of rec. May 15
International Securities Corp. of AmerSt.Louis-San Francisco. corn.(guar.)_ _ _ *2
July 1 *Holders of rec. June 1
75e. June 1 Holders of rec. May 15
Common A (quar.)
Southern Pacific Co.(guar.)
1% July 1 Holders of rec. May 24a
12%c. June 1 Holders of rec. Slay 15
Common B (guar.)
Union Pacific. corn.(guar.)
2% July ,1 Holders of rec. June 1
1% June 1 Holders of rec. Slay 15
7% Preferred (guar.)
% preferred (gar.)
b._ 1% June 1 Holders of rec. May 15
Public Utilities.
1% June 1 Holders of rec. May 15
6% preferred ((Man)
Iron Fireman Mfg., common (guar.)
*25c. June 1 *Holders of rec. May 15
Amer.Power & Light, corn.(quar.)
25e.
Kaufmann
*I%
July 1 *Holders of rec. June 10
(guar.)
June
pref.
1
Dept.
Stores.,
Holders
of
rec.
May
15
r• Corn.(1-50th share corn. stock)
Landis Mach.,common (guar.)
750. May 15 Holders of me. May 6
Baton Rouge Elec. Co., pref. A (qua?.). (f) June 1 Holders of rec. May 15
c1
Lee (H. D.) Mercantile Co., corn
May 15 *Holders of rec. May 4
June 1 *Holders of rec. May 15
Cent. Arkansas Pub.Serv., pfd.(guar.). *15.1
Central Gas & Elec. Co., Pref.(quar.)*$ 151 June 1 Holders of rec. May 15a Lehigh Portland Cement, prof.(guar.).- •134 July 1 *Holders of rec. June 15
1.62% June 1 *Holders of rec. May 16
Lehn dr Fink Products, Inc., (quar.)
*75c. June 1 *Holders of rec. May 20
Central Ill. Public Serv., pfd.(qu.)
41.50 July 15 *Holders of rec. June 30
Loblaw Grocerterlas, Ltd., cl. A (guar.) 12%c. June 1 Holders of rec. May 15a
Central Public Serv., Cl. A (guar.)
1234c. June 1 Holders of rec. May 15,
Class B (quar.)
•4354c June 15 *Holders of rec. May 27
Chic, South Shore & South Bend RR
1;4 June 1 Holders of rec. May 15a
Prior preference (guar.)
Preferred, class A (quar.)
1% June 1 Holders of tee. May 15
Manhattan
50c. June 1 Holders of rec. May 18
(quar.)
Shirt,
common
Detroit Edison (quar.)
2
Marmon Motor Car, common (gnat.).. 31
July 15 Holders of rec. June 20
June 1 Holders of rec. May 15
Empire Gas & Fuel,6% pref.(mthly.)
•500. June 1 *Holders of rec. May 15
Material Service Corp. (guar.)
•
500. June 1 *Holders of rec. May 15
% preferred (mthly.)
'54', e June 1 *Holders of roe. May 15
McCrory Stores Corp., corn. A & B (qu.) *50c. June 1 *Holders of rec. May 20
7% preferred (mthly.)
Morison Electrical Supply, corn.(No. 1) •25c. June 1 *Holders of rec. May 15
•581,c June 1 *Holders of rec. May 15
8% Preferred (mthly.)
Morrell (John) & Co.(qua?.)
•1361,c June 1 *Holders of rec. May 15
•900. June 1 *Holders of rec. Slay 31
Engineers Public Service, corn.(quar.)
Munsingwear, Inc., common (gnat.)... •75c. June
25e. July 1 Holders of rec. June 4
*Holders of rec. May 17
$5 Preferred (guar.)
$1.25 July I Holders of rec. June 4
Common (extra)
*50c. Jttne
*Holders of rec. May 17
85.50 preferred (quar.)
Muskgeon Motor Specialties. Cl. A (qu.) *50c. June
1.37% July 1 Holders of rec. June 4
*Holders of rec. May 22
Gary Rye., class A (quar.)
Nat. Dairy Products (guar.)
$1.80 June 1 Holders of rec. May 20
'37340 July
*Holders of rec. June 3
Indiana Service Corp.,7% pref.(quar.)_ 151 June
National Service. pref.(guar.)
*750. May 1 *Holders of rec. May I
1 Holders of roe. May 15
6% preferred (quar.)
National Sugar (guar.)
154 June] 1 Holders of rec. May 15
50c. July 1 Holders of rec. June 3
Indianapolis Water,5% prof. A (quer.). 1% July 1
Holders of rec. June 12a Neild Manufacturing (guar.)
134
Marconi Wireless Tel., Ltd., ord
Newport Co., cony. class A (quar.)
•$20 May 18 *Holders of rec. May 14
750. June 1 Holders of roe. May 21
Preferred (interim)
Nineteen Hundred Washer (gust.)....
*10
May 18 *Holders of rec. May 14
50c .May 1 5 Holders of rec. May
Monongahela West Penn Public Service
North Atlantic Oyster Farms, el. A (qu.) *500. June 1 *Holders of rec. Slay 271
Seven per cent pref.(guar.)
Ohio Oil (gust.)
435Cc. July 1 Holders of rec. June 15
*50c. June 15 *Holders of roe. May 15
Nebraska Power. pref.(guar.)
151 June 1 Holders of rec. May 15
Oliver United Filters, B (guar.)
"3730 July 1 *Holders of rec. June 20
New England Pub. Serv., corn. (guar.). *450.
June 30 *Holders of rec. June 15
Outboard Motors Corp., class A (No. 1) *450. June 1 *Holders of rec. May 17
Prior lion pref.(quiz.)
Pacific Coast Biscuit, common (extra)._
*81.75 June 1 *Holders of rec. May 31
25c. June 15 Holders of rec. May 31
Oklahoma Gas & Elec., pref.(guar.)Packard Motor Car (monthly)
151 June 15 Holders of rec. May 31
•250. June 29 *Holders of roe. June 12
Pennsylvania G. dt E. Corp., el. A (qu.). •3754c
June 20 *Holders of rec. May 26
Monthly
*250. July 31 *Holders of rec. July 12
Seven per cent pref. (guar.)
*1% June 20 *Holders of rec. May 28
Monthly
•25e. Aug. 31 *Holders of rec. Aug. 12
No Dar preferred (quar.)
*81.75 June 2 *Holders of rec. May 26
Parker Rust Proof Gear (guar.)
•500 May 20 *Holders of roe. May 10
Portland Electric Power,2d pref.(qu.)
134 June 1 Holders of rec. May 15
Stock dividend
.610 May 20 *Holders of rec. May 10
Southwestern Power & Light, pref. (qu.) 151 June 1 Holders of rec.
Patin° Mines & Enterprises (interim)
15
shll June 28 *Holders of rec. May 31
United Gas Co., 57 pt., sot. A (guar.).- $1.75 June 1 Holders of rec. May
Peabody Coal. pref
May 15
*2
May 23 *Holders of rec. May 17
Utah Power dr Light, $7 pref. (guar.)- $1.75 July 1 Holders of rec.
Ponder (D.) Grocery Co., A (gust.).... 87340 June 1 Holders of rec. May 20
June 5
CI preferred (guar.)
$1.50 July 1 Holders of rec. June 5
Petroleum Royalties, pref.(monthly)...
1
June 1 Holders of rec. May 25
Va. Elec. dr Power,7% pref.(quar.)
'
151 June 20 *Holders of rec. May 31
Preferred (extra)
34 June 1 Holders of rec. May 25
Six per cent pref.(guar.)
•I% June 20 *Holders of rec. May
Phoenix Hosiery, 1st& 2d pref.(gust.).. "1% June 1 *Holders of rec. May 17
West Ohio Gas Co., pref., Cl. A (go.).. 151 June 1 Holders of rec. May 31
Pillsbury Flour Mills,Inc., corn.(gnat.). *50c. June 1 *Holders of rec. May 15
15
Pines Winterfront, new com.(qu.)(No. 1) *25e. June 1 *Holders of rec. May 15
Banks.
New corn.(payable in common stock). *2
June 1 *Holders of rec. May 15
Continental(interim)
53.75 June 15 Holders of roe. May 14
Pressed Steel Car. prof. (guar.)
1% June 29 Holders of roe. June 1
Pro-phy-lac-tic Brush, pref. (gust%)
June 15 Holders of rec. May 31
Miscellaneous.
Ranter Pulp & Paper, class B (guar.)
•25c. June I *Holders of rec. May 18
Class B (extra)
*25(3. June 1 *Holders
rec. May 18
Ainsworth Mfg.(No. 1)
'62340 June 1 *Holders of rec. May 20
Remington-Rand Co..let prof.(gust.).. '154 July 1 *Holders of
of rec. June 8
Alaska Pacific Salmon, pf. A (No. 1)-.- •87%c May 15 *Holders of rec. Apr.
Second Preferred (guar.)
*2
July 1 *Holders of rec. June 3
Amer. dr General Securities, 1st Prof Au) 750. June 1 Holders of rec. May 30
Rich's, Inc., Prof.(guar.)(No. 1)
15
•81.62% June 30 *Holders of rec. June 14
American Capital Corp., corn. A (No. 1) *50e. June 1 *Holders of rec. May 15
Royal Weaving(extra)
•310
May 15 *Holders of rec. Apr. 25
Common A (special)
*500. June 1 *Holders of rec. May 15
Royalty Corp. of Am., partic. pf.(mthly) 1
May 1 Holders of rec. May II
Prior preferred (quar.)
• 51.375 June 1 *Holders of rec. May 15
Participating preferred (extra)
May 15 Holders of roe. May 10
American Rolling Mill. corn. (quar.)--- *50e. July 15 *Holders of rec. July
Rosy
1
Theatres, class A (guar.)
*87340 June
American Seating, corn.(goar.)
*750. July 1 *Holders of rec. June 20
Rubber PlantationAmerican Sugar Refining, corn. (guar.). •1% July 2 *Holders of rec. June
Amer. dep, rets. for ord. reg. shares..'wl° May 29 *Holders of rec. May 1
•1% July 2 *Holders of rec. June 5
0r. Preferred (quar.)
Seth Thomas Clock, corn. (guar.)
5
*373Ce May 15 *Holders of rec. May 5
Angus (The) Co., common
15e. May 1 Holders of rec. Apr. 18
Preferred (guar.)
•
*4351e May 15 *Holders of roe. May $
$1 May 1 Holders of roe. Apr.
Preferred (goan)
Shinners Car Line Corp.. cl. A (Wan).
18
500. May 31 Holders of rec. May 2e
Atlantic Refining, corn. (quar.)
25e. June 15 Holders of rec. May 21
Preferred (guar.)
1% May 31 Holders of roe. May 25
25e. June 15 Holders of rec. May
Common (extra)
Simon (Franklin)& Co.. pref.(guar.)-- •1% June 1 *Holders
of rec. May 17
Atlantic Securities, pf.
(NO. 1) --- •750. June 1 *Holders of rec. May 21
Spalding (A. G.)& Bros., conc.(gust.)
15
40e. July 15 Holders of rec. June 30
Atlantic Becur. Corp.. pf.(qu.)(No. 1). *750. June 1 *Holders of rec. May 15
First Preferred (quiz.)
1% June 1 Holders of too. May 18
Atlas Stores Corp., common (guar.).-•62540 June 1 *Holders of rec. May 16
Second preferred (qua?.)
2
June 1 Holders of rec. May 18
Sixteen Park Ave.. Inc., Prof
3
June 1 May 18
June 2
Bastian Blessing Co., cam.(guar.)
*62340 June 1 *Holders of rec. May 15
Southern Ice de Utilities. $7 pref.(guar.) 51.75 June 1 Holders of to
roe. May 15
Preferred (gust.)
•$1.75 July 1 *Holders of rec. June 15
$7 pectic. pref.(guar.)
$1.75 June 1 Holders of rec. May 15
Bawif Grain Co., Ltd., pref.(quiz.)....
June 1 Holders of rec. May 15
Spear
&
Co.,
14
•1%
&
2d
pref.
June
(guar.)
1
*Holders
of rec. May 15
Brach(H..1.) dr Co.,common (gust.)... •500. June 1 *Holders of rec. May
Standard 011 (Indiana) (guar.)
18
.
6254c June 15 *Holders of rec. May 16
Borden Co., corn.($25 par)(No. 1)-750. June 1 Holders of rec. May 154
Standard 011 (Nebraska) (guar.)
625Ce June 20 May 28 to June 20
•1,‘ June 1 *Holders
Brill Corp., preferred (guar.)
of rec. May 17
Extra
25e.
June
20 May 28 to June 20
Brown Fence & Wire, class A (quar.)
60c. May 31 Holders of rec. May 15
Standard Sanitary Mfg.,corn.(gust.)... 420. May 25 Holders
Class B (qua?.)
of rec. May 100
60e. May 31 Holders of tee. May 15
Preferred (guar-)
1,( May 25 Holders of rec. May 100
Brown Shoe. corn.(guar.)
62%e. June 1 Holders of reo. May 20
Standar
Investing,
corn.(qu.)(No. 1)_
*Holders of rec. June 20
Ilulova Watch,cony. pref.(guar.)
87%e. June 1 *Holders of rec. May 15
Sterchi Bros. Sta. Inc., com.(qua(No. 1) *300. May 15 *Holders of rec. Apr. 30
Preferred (guar.)
•1% July 1 *Holders of rec. June 18
Cabot Manufacturing (quay.)
$1.50 May 15 Holders of
Sun Oil Co.. corn.(guar.)
25e. June 15 Holders of rec. May 25
Canada Wire & Cable corn. A (No. 1)___ *50o. June 15 *Holders of rec. May 2
Timken
rec.
May
-Detroit
151 June 1 Holders of rec. May 204
Axle,
pref.
15
(guar.)
Preferred
•13-18 June 15 *Holders of rec. May 15
Timken Roller Bearing, COM.(guar.).- •750. June 5 *Holders of rec. May 20
Chicago(The) Corp.,$3 Prof.(quer.) _ _
750. June 1 Holders of rec. May 16a Truscon Steel Co., pref.(guar.)
151 June 1 Holders of rec. May 21
3142
Name of Company.
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Concluded).
12
Underwood Elliott Fisher Co. corn.(nu.) $1 June 29 Holders of rec. June
$1.75 Juno 29 Holders of rec. June 12
Preferred and preferred 13 (quar.)
$1.25 June I Holders of rec. May 18
Union Tank Car (quar.)
United Aircraft & Transport, pfd.(qu.)- •75e. July I *Holders of rec. June 10
•750. June 1 *Holders of rec. May 15
United Chemicals, pref. (quar.)
*51 June 1 *Holders of rec. May 20
U.S. Dairy Products cl. A (quar.)
*40e. June 30 *Holders of rec. June 15
U.S. Gypsum,corn.(quar.)
*1% Juno 30 *Holders of rec. June 15
Preferred (quar.)
*51.50 July 1 *Holders of rec. June 20
U. S. Printing & Litho., corn.(quar.)
•l5 July I *Holders of rec. Juno 20
Second preferred (quar.)
$1.25 June 15 Holders of rec. May 21
pt.
Im
dr
U.S. Realty
(quar.)
Utilities Equities Corp.. $5.50 pr. stk.$2.75 June 1 Holders of roe. May 15
Allotment certificates
•32)e Juno I *Holders of rec. May 20
Utilities. Inc., corn. A (quar.)
June 20 Holders of rec. May 31
51
Vacuum 011 (quar.)
May 17
Va.-Carolina Chemical, pr. prof.) quar.)_ *1 X June I *Holders of rec. June 20
•1 M July 1 *Holders of rec.
Wahl Co., pref.(Acct. accum. dlv.)
*500. June 1 *Holders of rec. May 15
Weill & Bond, class A (guar.)
*300. July 1 *Holders of rec. June 15
Class B (quar.)
*87.14c June 1 *Holders of rec. May 20
Wayne Pomp, pref.(quar.)
750. June I Hohlers of rec. May 20
Western Auto Supply, corn. A&B (qu.).
*51 June 11 *Holders of rec. May 1
Western Dairy Products A (quar.)
of rec. May 15
White (J. G.) Engineering, pref.(quar.) 1( June 1 Holders of rec. May 23
*500. June 1 *Holders
Wilson-Jones Co.,corn.(quar.)
of rec. May 23
*Holders
*250 Juno 1
Common (extra)
of rec. May 1
Winter(Benjamin) Inc., pref. (quar.).__ 51.25 May 15 Holders of
rec. June 20
Holders
1
July
e5
Wrigley (Wm.) Jr.. Co.(stock dividend)
Yellow Cab of Newark (guar.) dividend o milted .
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Railroads (Steam).
2X June 1 Holders of rec. May 3a
Atch. Top. & Santa Fe corn.(quar.).
334 July 10 Holders of rec. June 12a
Atlantic Coast Line RR.. corn
1% July 10 Holders of rec. June 12a
Common (extra)
1M June 1 Holders of rec. Apr. 13a
Baltimore & Ohio, corn.(quar.)
June 1 Holders of roe. Apr. 13a
1
Preferred (quar.)
870. July 1 Holders of rec. May 31a
Bangor & Aroostook. corn.(quar.)
1% July 1 Holders of rec. May 31a
Preferred (guar.)
234 June 29 Holders of roe. May 31a
Canadian Pacific, corn. (guar.)
May 15 Holders of rec. May 6a
2
Central RR. of N. J. (guar.)
3% July 1 Holders of ree. June 8s
Chesapeake & Ohio, preferred
20 Holders of rec. May 285
June
2%
(quar.)
Delaware & Hudson Co.
2M May 23 Holders of rec. May 9
Ga.Southern & Fla., 1st dr 2d prof
1% Juno 1 Holders of roe. May 16a
Hudson & Manhattan, common
1M June 1 IIolders of rec. May 10a
Illinois Central, corn. (quar.)
Internat. Rys. of Cent. Amer.. pf.(qu.)- 1% May 15 Holders of rec. Apr. 30a
July 1 Holders of rec. June 15
1
(guar.)
common
Maine Central,
13‘ June 1 Holders of rec. May 15
Preferred (quar.)
•e60 Sub). to stockholders' meet. July 9
Nash. Chat. & St. Louis (in stock)
N. Y. Chic. & St. Lours, corn.& pf.(q11.) 134 July 1 Hoidens of rec. May I5a
1% Juno 1 Holders of rec. May 15a
New Orleans Texas & Mexico (quar.) June 19 Holders of rec. May 3Ia
2
Norfolk & Western, corn.(quar.)
May 18 Holders of rec. Apr. 300
I
Adjustment pref.(quar.)
June 1 *Holders of rec. May 1
•3
Ontario & Quebec, capital stock
1 *Holders of rec. May 1
June
•234
Debenture stock (quar.)
May 31 Holders of roe. May la
$1
Pennsylvania RR.(quar.)
500. June 13 Holders of rec. May 23a
Reading Co. 1st pref. (Qum.)
134 Aug. I Holders of rec. July la
St. Louis-San Francisco, pref. (quar.)
134 Nov 1 Holders of rec. Oct. to
Preferred (quar.)
May 25 Apr. 21 to May 20
134
Wabash Hy.. pref. A (auar)
Public Utilities.
Allied Pow. & Light, $5 let pref.(quar.) $1.25 May 15 Holders of rec. May 1
750. May 15 Holders c.f roe. May 1
$3 preference (quar.)
25c, July 1 Holders of rec. June 11
Amer. Gas & Elec., corn.(quar.)
Common (1-50th share common stock) (f) July I Holders of rec. June 11
51.50 Aug. 1 Holders of rec. July 8
Preferred (quar.)
Amer. Gas & Power, $6 1st pref. (quar.) $1.50 May 15 Holders of rec. May 1
31.50 May 15 Holders of rec. May 1
$6 preference (quar.)
250. May 15 Holders of rec. May la
Amer. Water Wks. & Elec. corn.(qu.)
July I Holders of rec. June 12a
51.50
1st preferred (quar.)
Associated Gas & Elec. $6 pref.(quar.)_ _ $1.50 June 1 Holders of rec. Apr. 30
1.621S June 1 Holders of rec. Apr. 30
$6.50 preferred (quar.)
$1.25 Juno 15 Holders of rec. May 15
$5 preferred (quar.)
*$1.75 July 1 *Holders of rec. May 31
$7 preferre (quar.)
(quar.)
8734c July I *Holders of ree. May 31
Original preferred
33 June 1 Holders of rec. May 150
Blackstone Val. Gas & Elec., pref
50c. June 1 Holders of rec. Apr. 30
Brazilian Tr., Lt. & Pow., corn. (guar.)
June 1 Holders of rec. May 10a
2
Brooklyn Edison Co. (quar.)
•1)4 June I *Holders of rec. May 20
Central Indiana Power, pref. (quar.)May 15 Holders of rec. Apr. 30
(quar.)_.
$1.75
pref.
$7
UM.,
W.
Central & S.
$1.75 May 15 Holders of rec. Apr. 30
$7 prior lien pref.(quar.)
$1.50 May 15 Fielders of rec. Apr. 30
$6 prior lien pref. (quar.)
•65c. June I *Holders of rec. May 21
Chicago Rapid Transit, pr. pt. A (qu.)
•600. June 1 *Holders of rec. May 21
Prior pref., series B (quar.)
Light
&
Power
Service
Cities
50e. May 15 *Holders of rec. May 1
.
56 preferred (monthly)
•5834. May 15 *Holders of rec. May 1
$7 preferred (monthly)
ti June 1 Holders of rec. May 15
1
pref.
(quar.)Ilium..
Cleveland Electric
50c. May 15 Holders of rec. Apr. 20a
Columbia Gas & Elec. new corn.(quer.).
Slay 15 Holders of rec. Apr. 20a
1(4
(quar.)
A
series
Preferred
may Is May I to Slay 15
Connecticut Ry. & Ltg., com .drpf.(qu.)_ $1,1234
75e. Juno 15 Holders of rec. May 10a
_
Consol. Gas of N. Y., corn. (quar.)
July
1 Holders of roe. June 15
$1.25
(quar.)
pref.
Consumers Power, $5
134 July 1 Holders of roe. June 15
6% preferred (quar.)
1 Holders of roe. Juno 15
July
$1.65
preferred
(quar.)
6.6%
1M July 1 Holders of rec. June 15
7% preferred (quar.)
500. June I Holders of rec. May 15
6% preferred (monthly)
50c. July 1 Holders of rec. June 15
6% preferred (monthly)
550. June 1 Holders of rec. May 15
6.6% preferred (monthly)
550. July 1 Holders of rec. June 15
preferred
(monthly)
6.6%
May 15 Holders of rec. Apr. 30
(quar.)
1)4
Eastern Mass. St. Rye. 1st pref.
Holders of rec. Apr. 25
Empire Pub. Serv.. corn. A (qu.) (No.1) 045e. May 15
1 *Holders of rec. May 15
July
•75e.
Fall River Electric Light (quar.)
3734g. July I Holders of roe. June 13a
Federal tight & Tract., corn. (qu.).-f5
July 1 Holders of rec. June 13a
Common (payable in corn. stock) 134 June 1 Holders of rec. May 15a
Preferred (guar.)
50c. June 1 Holders of rec. May 2
sFederal Water Service, class A (quar.)
May 15 Holders of rec. Apr. 30
Foreign Power Securities Corp. pf.(qu.). 1M
750. June 1 Holders of roe. May 14a
Hackensack Water, corn
1 Holders of rec. May 14a
June
e
M
87
Preferred
$1.50 June 1 Holders of rec. May 10a
Havana Electric Hy., pref. (quar.)
*Holders of rec. Apr. 20
Havana Elec. & Utilities lot PI.(qu.).•51.50 May 15
•$1.25 May 15 *Holders of rec. Apr. 20
Cumulative preference (quar.)
Holders of rec. Apr. 30
15
May
Illuminating & Power Secur., pref. (qu.) 134
roe. May 1
Kentucky Utilities, junior pref. (quar.). •8734t May 20 *Holders of
Holders of rec. May 20
I
Juno
$1
Keystond'Telephone, pref.(quar.)
Los Angeles Gas & Elec., pref. (quar.).. 0134 May 15 *Holders of rec. Apr. 30
Louisville Gas & Electric Co. (Del.)43Mc June 25 Holders of rec. May 31a
Common A and B (quar.)
June 1 May 16 to June 3
$2
Massachusetts Gas Cos.. pref
$1.75 Slay 15 Holders of rec. Apr, 30
Middle West Utilities, corn.(quar.)
25e. June 1 Holders of rec. May ha
Nat. Power & Light. COM.(quar.)
250. May 15 Holders of rec. Apr. 27
National NVater Wks. Corp., corn. A.(qu)
873i0 May 15 Holders of rec. Apr. 27
Preferred series A (quar.)
12M July 1 Holders of rec. June d5a
North Amer. Co.,corn.(in corn. stock)
750. July I Holders of rec. June 5a
Preferred (quar.)
of rec. Slay 15a
North American Edison, pref. (quar.)- - 51.50 Juno 1 Holders of rec. May 31
June 15 Holders
$1.50
lot
Utility
Sec.,
Amer.
pref.
(qu.)
North
of rec. May 31
Holders
51.50 June 15
First pref. allot. certificates (quar.)_.
151 Juno 1 fielders of rec. Slay 20
Northorn States Pow.(Wisc.) pf. (qu.) _
of rec. Apr. 30
Holders
15
May
$1.75
NotTh West Utilities. pref.(quar.)
*37340 May 15 *Fielders of rec. Apr. 30
Pacific Gas dr Electric.6% Pref.(qu.)
of rec. Apr. 30
*Holders
15
May
34.37c
preferred
(quar.)
5)4%
[voL. 128.
FINANCIAL CHRONICLE
Name of Company.
When
Per
Cent. Payable.
Boats Closed
Days Inclusive.
Public Utilities (Concluded).
1% June 1 Holders of rec. May 15
Ohio Edison Co. 6% prof. (guar.)
1.65 June 1 Holders of rec. May 15
6.6% preferred ((War.)
1)4 Juno 1 Holders of rec. May 15
7% preferred (quar.)
1% June 1 Holders of rec. May 15
5% preferred (quart.)
50c. June 1 Holders of roe. May 15
6% preferred (monthly)
55e. June 1 Holders of roe. May 15
6.6% preferred(monthly)
75c. May 15 Holders of rec. Apr. 300
Pacific Lighting, corn. (quar,)
*$1.25 May 15 Holders of rot. Apr. 30
55 preferred (quar.)
1% Juno 1 Holders of rec. May 15
Penn-Ohio Edison 7% prior pref. (qtr.)._
$1.50 Aug. 1 Flolders of rec. July 20
Pa.-Ohio Pow.& Lt., $6 pref.(quar)
134 Aug. 1 IIolders of rec. July 20
7% preferred (quar.)
60c. June 1 Holders of rec. May 20
7.2% preferred (monthly)
60c. July 1 Ilolders of rec. June 20.
7.2% preferred (monthly)
60c. Aug. I Holders of rec. July 20
7.2% preferred (monthly)
55c. June 1 IIolders of rec. Slay 20
6.6% preferred (monthly)
55c. July 1 Holders of rec. June 20
6.6% preferred (monthly)
550. Aug. 1 IIolders of rec. July 20
6.6% preferred (monthly)
50e. June 15 Holders of rec. May 31a
Philadelphia Electric Co (quar.)
Phila. Suburban Water, pref. (quar.).. _
134 June 1 Holders of rec. May ha
500. May 31 Holders of refl. May 3a
Pub. Service Corp. of N. J., pf. (mthly.)
Scranton-Spring Brook Water Serv.$1.50 May 15 Holders of rec. May Oa
56 preferred (quar.)
$1.25 May 15 Holders of rec. Slay 60
$5 preferred (00ar.)
2 May 15 Holders of roe. Apr. 200
Southern Calif. Edison, corn.(quar.)_ _
43qc. June 16 Holders of rec. Slay 20
Preferred. series A (guar.)
37Mo. June 15 Holders of roe. May 20
Preferred series II, (quar.)
500. May 25 Holders of rec. Apr. 30
Southern Colorado Pow., corn. A ((111.)
1)4 June 15 Holders of rec. May 31
Preferred (quar.)
May 15 *Holders of rec. Apr. 30
02
_
(quar.)___
pref.
8%
Syracuse Lighting,
5151 May 15 *Holders of rec. Apr. 30
7% pref. (quar.)
May 15 *Holders of rec. Apr. 30
% Preferred (quar.)
•155 May 15 *Holders of rec. Apr. 30
6% preferred (quar.)
50e. May 15 Holders of roe. Apr. 26
Tampa Electric Co.. corn. (quar.)
Holders of rec. June 15
Tennessee Pow & Lt.. 5% 1st pf.(qu.).. 1% July
Holders of rec. June 15
134 July
6% 1st pref. (quar.)
Holders of rec. June 15
154 July
7% let preferred (quar.)
of roe. June 15
Holders
1.80
7.2% let preferred (quar.)
50c. June 1 Holders of roe. May 15
6% 1st preferred (monthly)
60e. July 1 Holders of roe. June 15
6% 1st preferred (monthly)
600. June 1 Holders of roe. May 15
7.2% 1st preferred (monthly)
60e. July 1 Holders of rec. June 15
7.2% let preferred (monthly)
$1.12
fi Juno 29 Holders of reo. May 315
United Gas Improvement (guar.)
51100
ub), to stkhirs. meeting May 22
Utilities Power & Light, corn. B
July 15 Holders of rec. July 1
1)4
Prof.
(quar.)
Power,
Western
May 15 Holders of rect. Apr. 20a
West Penn Elec. Co..7% pref.(quar.)
134 May 15 Holders of rec. Apr. 20a
6% Preferred (guar.)
15 Holders of rec. May 25
Juno
134
West Penn Rye Co.. pref. (quar.)
21
154 Juno 20 Holders of rec. May
Wisconsin Public Service, 7% pfd (qu.)1 54 June 20 Holders of rec. May 21
6%% preferred (quar.)
21
Islay
rec.
of
1)4 Juno 20 Holders
6% Preferred (quar.)
Fire Insurance.
American Re-Insurance (quar.)
750. May 15 Holders of rec. Apr. 30
Miscellaneous.
Mfn. July I Holders of ree. June 20
Abbott Laboratories, corn.(No. 1)
June 1 *Holders of roe. May 15
*51
Abbotts Dairies. corn. (quar.)
•15( June 1 *Holders of rec. May 15
First and second preferred (quer.).
15e. May 18 holders of rec. Apr. 30
Allegheny Steel, corn. (monthly)
•Ilolders of roe. May 15
•IX June
Preferred (quar.)
•Holders of rect. Aug. 15
•134 Sept.
Preferred (guar.)
Holders of roe. Nov. 15
Dee.
•141
(quar.)
Preferred
Holders of roe. Apr. 240
$1.75 May 1
Allis-Chalmers Mfg.. tom,(guar.)
0500. Juno 3 *Holders of roe. June 15
Aluminum Mfrs., corn. (quar.)
of coo. Sept. 15
*Holders
3
Sept.
*500.
Common (quar.)
*500. Dot. 3 *fielders of rec. Dee. 15
Common (quar.)
•15.‘ June 3 *Holders of roe. June 15
Preferred (quar.)
*15( Sept. 3 *Holders of reo. Sept. 15
Preferred (quar.)
*lli Dot. 3 *Holders of rect. Dee. 15
Preferred (quar.)
Holders of rec. Apr. 300
76e. May 1
American Can, corn.(quar.)
Holders of roe. June 125
50c. July
American Chicle, common (quar.)
Holders of roe. Apr. 30
Amer. European Securities. pref. (quar.) 51.50 May I
American Founders Corp.Holders of roe. May 31
(f) June I
Corn.(1-10th share corn. stock)
*115 May 1 'Holders of rec. Apr. 30
Amer. Hard Rubber. corn (quar.)
of rec. May 140
'folders
June
30e.
Amer. Home Products (monthly)
Amer. Internat. Corp.Oct.
.62
Common (stock dividend)
'holders of rec. May 200
Juno
Amer. Laundry Sfach., corn. (quar.).__ 051
*Holders of roe. Slay 20
Juno
•S1
Quarterly
American M anufacturIngHolders of roe. June 15
15e. July
Common Num.)
Holders of reo. Sept. 15
75e. Oct.
Common (quar.)
75e. Deo. 3 Holders of rec. Dee. 15
Common (quar.)
Holders of roe. Mar. 15
3
Mar.
14
(quar.)
Preferred
Holders of roe. June 15
134 July
Preferred Hoar.)
Holders of roe. Sept. 15
1% Oct.
Preferred (quar.)
Holders of rec. Dee. 15
Preferred (quar.)
Duenee 3 Holders of rec. May 21a
5e. J
174
American Metal, common (quar.)
Holders of rec. May 210
1.14 Juno
Preferred (quar.)
Holders of rec. May 18
62 Sic June
Amer. Multigraph, corn. (guar.)
June
15im1
ay 2 Holders of rec. June Ila
$1.50
American Radiator, corn.(qijar.)
Holders of roe. Slay 9a
Preferred (quar.)
Amer. Radiator & Stand. Sanitary Corp.
37140. Juno 2 Holden' of rec. Juno 1 la
Common (quar.)
Holders of rec. May 15a
$1.87 June
Preferred (quar.)
American Rolling 51111July 3 Holders of rec. July la
15
stock)
common
In
Common (payable
Holders of rec. May 30
I M June
Amer. Smelt. & Refg. pref. (quar.)
Holders of rec. Slay 10a
Juno
Amer. Tobacco, corn. & corn. 13 (quar.)- $2
Holders of roe. June 18a
July
710.
Amer. Writing Paper. pref.(quar.)
of rec. June 20
*Holders
July
•25c.
Arnrad Corp., corn. (quar.) (No. IL.$1.75 May 2 Holders of rec. Mar. 29s
Anaconda Copper Mining (quar.)
*Ifelders of rec. June 15
July
Sic
*37
Armstrong Cork (quar.)
*Holders of rec. June 15
July
•12
Extra
Holders of rec. Slay 15a
$1.75 June
Artloom Corp., pref. (quar.)
Associated Apparel IndustriesHolders of rect. May 215
3340, June
Common (monthly)
Holders of roe. June Ha
331.C. July
Common (monthly)
Holders of rec. May ha
June
1
Associated Dry Goods 1st pref. (quar.)_ _
Holders of ree. May hits
June
1
Second preferred (quar.)
Associated Electrical IndustriesMay 1 *Holders of rec. Apr. 23
Amer. dep. rcts. for ordinary shares- se
50c. June 2. Holders of rec. June 17a
Associated Oil (quar.)
Atlantic Gulf & West Indies S.S. Lines,
June 29 Holders of rec. June 100
Preferred (quar.)
Sept. 30 Holders of roe. Sept. 100
Preferred (quar.)
Dec. 31 Holders of rec. Dee. Ila
Preferred (quar.)
Juno 1 *Holders of rec. May 20
Atlas Imperial Diesel Engine (quar.)June 10 Holders of rec. May 31a
Atlas Powder, common (quar)
July 1 *Holders of rec. June 20
Babcock & Wilcox Co.(quar.)
July I Holders of rec. Slay I
Bakers Share Corp., corn. (qu.)
Oct. 1 Holders of rec. Aug. 1
Common (quar.)
Ja.1 '30 Holders of rec. Nov. I
Common (quar.)
June 1 *Holders of ree. May 20
Balaban & Katz, corn. (monthly)
July 1 *Holders of reo. June 20
Common (monthly)
1 Holders of rec. May 130
June
Bat/Merger (L.) & Co.,
% pf.
SePt. 2 holders of rec. Aug. 120
634% Preferred (quar.)
Holders of roe. Nov. 110
2
Dee.
634% Preferred (quar.)
July 15 •flolders of rec. July 1
Bankers Capital Corp.. pref. (quar.)Oct. 15 *Holders of roe. Sept. 30
Preferred (quar.)
Jan15'30 *Holders of ree. Deo. 31
Preferred (quar.)
May 15 Holders of rec. May 1
Baurnann(Ludwig)& Co., let pref.(qu.)
June 29 *Holders of rec. June 15
(quar.).
let
Amer..
pref.
of
Bearings Co.
May 15 *Holders of roe. May 1
Berkey & Gay Furniture pref. (quar.)
Berkshire Fine Spinning Associates1 Holders of roe. May 15
June
750.
Common (quar.)
1% June I Holders of roe. May 15
Convertible preferred (quar.)
May 15 Holders of rec. Apr. 190
$I
Bethlehem Steel,corn
Allg. 15 Holders of rec. July 190
$1
Common (quar.)
134 July I Holders of rec. June its
Preferred (quar.)
MAY 11 1929.]
Name of Company.
FINANCIAL CHRONICLE
When
Pe?
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Bigelow-Hartford Carpet, pref (quar.)_ •1N Aug. 1 *Holders of rec. July 18
Nov. I *Holders of rec. Oct. 18
Preferred (Quar.)
300. May 15 Holders of roe. May 1
13Iauner's, common (quar.)
750. May 15 Holders of rec. May 1
Preferred (quar.)
25c. June 1 liolders of rec. May 21
Blaw-Knox Co. (quar.)
*2
June 1 *Holders of rec. May 25
Bohn Refrigerator. pref. (quar.)
Bond & Mtge. Guar., new ($20 par)(qu.) $1.25 May 15 Holders of rec. May 7
$1.50 June 1 Holders of rec. May 15a
Borden Co.(quar.)
$2.50 May 15 Holders of rec. Apr. 30
Boss Manufacturing, corn
$1.75 May 15 Holders of rec. Apr. 30
Preferred (quar.)
Boston Woven Hose & Rubb., com.(qu.) $1.50 June 15 Holders of rec. June 1
Preferred
$3
June 15 Holders of rec. June 1
British-American Brewery, cl. A-divide nd oml tted.
British Type Investors, Inc.
55c. June 1 Holders of rec. May 1
Class A (hi-monthly)
.6214c June 1 'Holders of rec. May 10
Brown Mfg., corn. (quar.)
'1(4 June 1 'Holders of rec. May 15
Preferred (war.)
Bruck Silk Mills, Ltd
25c May 15 Holders of rec. Apr. 30
Brunswick-13alke-Collender. corn. (qu.)75c May 15 Holders of rec. Apr. 25a
Buckeye Pipe Line (quar.)
June 15 Holders of rec. Apr. 22
51
Extra
$1
June 15 Holders of rec. Apr. 22
Bucyrus-Erie Co., corn. (quar.)
25c July 1 Holders of rec. May 29a
Preferred (quar.)
1N July 1 Holders of rec. May 29a
Convertible preference (quar.)
62Sec.
1 Holders of rec. May 29a
Brill Corp., pref.(quar.)
•1N June 1 'Holders of rec. May 17
Burns Bros., class A (guar.)
2
May 15 Holders of rec. May la
Burroughs Adding Mach. (quar.)
75e. June 10 Holders of rec. May 27a
Butler Brothers (quar.)
*50c. May 15 *Holders of rec. May 1
Byron Jackson Pump, corn. (quar.) _ _ _
'50c. June I 'Holders of rec. May 15
California Packing (quar.)
51
June 15 Holders of rec. Slay 31a
Calumet & Arizona Mining (quar.)
$2.50 June 17 Holders of rec. May 3I0
Calumet & Heels Cons. Copper Co.(qu.) St
June 29 Holders of rec. Slay 310
Campbell, Wyant & Cannon Fdy.(qu.)_ .50c. June 1 'Holders of rec. Slay 15
Canadian Car & Fdy., corn. (guar.)
1N May 30 Holders of rec. Slay 15
Canadian Converters. Ltd.(quar.)
IN May 15 Holders of rec. Apr. 30
Canfield 011, cona.& pref.(guar.)
$1.75 June 30 Holders of rec. May 20
Comm_n & preferred (quar.)
$1.75 Sept.30 Holders of tee. Aug. 20
Common & preferred (quar.)
$1.76 Dec. 31 Holders of lee. Nov. 20
Carman & Co., class A (quar.)
50c. June 1 Holders of rec. Slay 15
Casein Co. of America, corn. (quar.)
13.e May 15 Holders of rec. Slay 7
Common (extra)
1
May 15 Holders of rec. May 7
Caterpillar Tractor (quar.)
May 25 *Holders of rec. May 15
Celluloid Company,57 pref.(quar.)
$1.75 June 1 Holders of rec. May 10
let partic. Prof. (quar.)
$1.75 June I Holders of rec. May 10
Centrifugal Pipe (qnar.)
15c. May 15 Holders of rec. May 6
Century Ribbon Mills. pt. (quar.)
$1.75 June I Holders of rec. May 18a
Chain Belt Co
'62 c May 15 'Holders of rec. Apr. 30
Chelsea Exchange Corp., el. A & B (qu.)
25c May 15 Holders of rec. May 1
Chicago Yellow Cab (monthly)
25c. June 1 Holders of tee. May 200
Chlekteiha Cotton 011 (quar.)
75c. July 1 Holders of rec. June 10a
Childs Company common (quar.)
80e. June 10 Holders of rec. May 24a
Preferred (quar.)
1 II June 10 Holders of rec. May 24a
Chile Copper Co.(quar.)
8714c June 28 Holders of rec. June la
Chrysler Corporation (quar.)
75c. June 29 Holders of rec. May 31a
Churngold Corp. common (quar.)
•75c. May 15 'Holders of rec. May 1
City Ice & Fuel (Cleve.), corn. (guar.).90c. Mayd31 Holders of rec. May 15
Preferred (quar.)
1 N Juned 1 Holders of rec. May 15
City Radio Stores, common (quar.)_-- 3734e. June 1 Holders of rec. May 150
Cleveland Stone, common (quar.)
'50c June 1 'Holders cf rec NILO 15
Common (guar.)
•50c 'apt. 1 •Holdere of rec. Aug IS
Coca-Cola Co.. corn. (quar.)
$1 July 1 Holders of rec. June 12a
Class A (No. 1)
$1.50 July 1 Holders of rec. June 12a
Cohn-Hall-Marx, corn. (quar.)
62)4c July 1 Holders of rec. June 15
Colgate Palmolive Peet Co, pref.(quar.) I Se July 1 Holders of rec. June
8
Preferred (quar.)
it.') Oct. I Holders of rec. Sept. 7
Preferred 'quer.)
Jan I '30 Holders of rec. Dee. 7
Colorado Fuel & Iron, pref.(quar.)
May
2
25 Holders of rec. May 10a
Columbia Graphophone, Ltd., corn
•15
May 16
Columbia Phonograph, Inc
Stay 25 Holders of rec. May 10a
54
Columbia Pictures Corp.. pref. (quar.) _
75c. June 1 Holders of rec. May 15
Columbus Auto Parts. Pref. (quar.)
500. June I Holders of rec. May 18
Community State Corp., A & B (quar.)_
Ifj May 15 Holders of rec. May 10
Class A & B (oust.)
I Si Sept. 2 Holders of rec. Aug. 28
Clam A dr B (quar.)
1(4 Dec. 31 Holders of rec. Dee. 20
Consol. Bond & Share Corp. pt.(qu.)
•1
May 15'Holders of rec. Apr. 15
Consolidated Mills Corp., eh A
25c. May 15 Holders of rec. Apr. 30
Consolidated Paper Box, el. A (qu.)
•3734g May 15 *Holders of rec. Apr. 30
Consolidated Sand & Gravel(Toronto)Preference (quar.)
$1.75 May 15 Holders of rec. May 2
Continental Amer. Bank Shares A (qu.) •25c. June 1 'Holders of rec. May 20
Continental Can, corn.(quar.)
6234c. May 15 -Holders of rec. May la
Continental Securities, pref. (quar.)
"51.25 June 1 'Holders of rec. May 15
Coon (W. B.) Co.. corn
•60e. Nov. 1 *Holders of rec. Oct. 10
Common
•700. Aug. 1 "Holders of rec. July 10
Preferred
•IN Nov. 1 'Holders of rec. Oct. 10
Preferred
•IN Aug. 1 *Holders of rec. July 10
Coty, Inc., stock dividend
n1 Se May 28 Holders of rile. May 13
Stock dividend
n134 Aug. 27 Holders of rec. Aug. 12
Stock dividend
n1S4 Nov. 27 Holders of rec. Nov. 12
Crosby Radio. corn. (quar.)
250. July 1 Holders of ree. June 20s
Crosley Radio (stock dividend)
e4 Dec. 31 Holders of rec. Dec. 200
Crown Zellerlinch, pref. A & B (quar.)..- '$1.50 June 1 *Holders of rec. May 13
Cuneo Press, pref.(quar.)
•154 June 15 *Holders of rec. June 1
Preferred (quer.)
'1(4 Sept. 15 *Holders of rec. Sept. 1
Curtis Publishing, corn.(monthly)
50e. June 2 Holders of rec. May 20a
Preferred (quar.)
51.75 July 1 Holders of rec. June 20a
Davis Mills(quar.)
•1
June 22 *Holders of rec. June 8
Debenham Securities. Ltd., Amer. hs_ _ $1.59 May 16 Holders of rec. May 13a
Decker (Alfred) & Cohn. corn. (quar.). •50c. Juno 15 Holders fo rec. June 5
Preferred (quar.)
June 1 'Holders of rec. May 22
Preferred (Oust.)
Sept. 1 *Holders of rec Aug. 22
Deere & Co., corn. (quer.)
51.50 July 1 Holders of rec. June 15
Preferred (quar.)
1(4 June 1 Holders of rec. May 15a
Dexter Company (quar.)(No. 1)
•35c. June I *Holders of rec. May 20
Diamond Match (quar.)
2
June 15 Holders of rec. May
Dictaphone Corp., corn. (quar.)
•50c. June I *Holders of rec. May 31a
17
Common (extra)
•50c. June 1 *Holders of rec. May 17
Preferred (quar.)
*2
June I *Holders of rec. May 17
Direction der Disvonto-Gesellechaft (Berl in)
Amer.shs.(subject to meeting Mar.25) 10
May 25 Holders of coupon No. 3
Dominion Bridge (quar.)
75e. May 15 Holders of rec. Apr. 30
$1.50 May 15 Holders of rec. May 1
Dow Chemical, common (quar.)
SI
Common (extra)
May 15 Holders of rec. May 1
IN May 15 Holders of rec. May 1
Preferred (auar.)
el
July 15 Holders of rec. July la
Dunhill Internat. (stock dividend)
el
Oct. 15 Holders of rec. Oct. 10
Stock Illv Mend
Dunlop Rubber Co.May 16 'Holders of rec. Apr. 22
Amer. dep. rcts. for ordinary shares "20
51.75 Aug. 1 Hoidens of rec. July 1
Eastern Bankers Corp. pref.(quar.)
$1.75 Nov. 1 Holders of rec. Sept. 30
Preferred (quer.)
$1.75 Fob130 'Holders of rec. Dec. 31
Preferred (quar.)
50e. June 1 Holders of rec. Apr. 30
Eastern Theatres, Ltd.. (Toronto). corn.
Eastern CUL Investing Corp-51.50
June 1 Holders of rec. Apr. 30
(quar.)
preferred
56
$1.75 June 1 FIolders of rec. Apr. 30
$7 preferred (Quer.)
dMay31 Holders of rec. May 15a
Sec)
Eitington-SchIld Co., Inc., corn.(qu.)82
144 June 15 Holders of rec. June la
634% preferred (quar.)
Eleo.ShareholdingsCorp pf.(qu.)(No. 1)p $1.50 June 1 'Holders of rec. Slay 10
50c. June 24 Holders of rec. June la
Emporium Capwell, corn. (quer.)
50c. May 15 Holders of rec. May 1
Equitable Casualty & Surety
Ye2
Oct. I 'Holders of rec. Sept. 20
Evans Auto Loading,stock dividend__
Aug. 1 'Holders of rec. July 20
"600.
Fair (The), corn.(quar.)
Aug. 1 'Holders of rec. July 20
•1
Preferred (quar.)
750. June 29 Holders of rec. June 12a
Fairbanks, Morse & Co.corn.(quar.)
1(4 June 1 Holders of rec. May ha
Preferred (quar.)
June 29 Holders of rec. June 170
Associates, corn.(No. 1) _ 62 34cark
Fashion P
June 29 Holders of rec. June 170
Common (payable in corn. stock)- •50e. July 1 *Holders of rec. June 15
Faultless Rubber, corn. (quar.)
•lli July 1 'Holders of rec. June 15
Preferred (quar.)
July 1 *Holders of rec. June 20
Federal Knitting Mills, pref. (guar.)._ •1
•1N Oct. 1 *Holders of rec. Sept. 20
l'referred (Oust.)
Name oi Company
3143
Per
When
Cent. Paya,le.
Books Closed
Days Inclusive.
Mlecellaneous (Continued).
Federated Business Publications
Second preferred
53
May 15 Holders of rec. May 5
Federated Capital Corp., corn. (quer.)- - 3734e. May 31 Holders of rec. May 15
f234 May 31 Holders of rec. May 15
Common (payable in corn. stock)Preferred (quar.)
3734c. May 31 Holders of rec. May 15
Finance Co.of Amer.,corn. A & B (c111.)
1734c July 15 Holders of rec. July 5
7% pref. (guar.)
43Nc July 15 Holders of rec. July 5
40c. June 1 Holders of rec. May 15
Finance Service (Bait.), corn. (quar.)
Preferred (guar.)
1
June 1 Holders of rec. May 15
Firestone Tire & Rubber, pf. (C111.)
134 May 15 Holders of rec. May 1
First Federal Foreign 13kg. Corp.(qu.)
51.75 May 15 Holders of rec. May 1
8
First Holding & Trading Corp., pref.(qu) 1 4
May 15 Holders of rec. Apr. 30
12 Nc June 1 Holders of rec. June 1
First Trust Bank-Stock Corp. (quar.)
91ec June 1 Holders of rec. June 1
Extra
.500. May 20 'Holders of rec. Apr. 20
Fisher Brass $2 A pref. (guar.)
Fitzsimmons & Connell Dredge & Dock,
(f) June I
Corn.(1-40th share corn.stk.)
Corn.(1-40th share corn.stk.)
(f)
(1) 8
1;epct..
Corn.(140th share corn.stk.)
Florsheim Shoe, pref. (quar.)
134 July 1 Holders of rec. June 150
50c. June 15 Holders of rec. May 310
Follansbee Bros. & Co. corn.(guar.)
25c. June 15 Iiolders of rec. Slay 310
Common (extra)
134 June 15 Holders of rec. May 31
Preferred (guar.)
•25e. May 15 'Holders of rec. May 1
Foster & Kleiser Co., corn. (guar.)
She. May 15 Holders of rec. Apr. 30a
General Alliance Corp.(guar.)
51
July 1 Holders of rec. June 130
General American Tank Car (oust,)
1
July 1 Holders of rec. June I30
Stock dividend
General Asphalt pref. (gust.)
134 June 1 Holders of rec. May 15a
General Box Corp. pref.(guar.)
'134 June 1 *Holders of rec. May 20
•50c. June 1 'Holders of rec. May 14
General Bronze, corn.(quar.)
June 1 Holders of rec. Stay 100
51
General Cable Corp., cl. A (guar.)
IN June 1 Holders of rec. May 210
General Cigar pref. (guar.)
$1
May 15 Holders of rec. May 66
General Outdoor Adv., class A (quar.)
*51.50 May 15 "Holders of rec. May 6
Preferred (guar.)
51.25 June 1 Holders of rec. May la
Gillette Safety Razor (quar.)
Oct. 1
GladdIng,McBean& Co..com(In corn stk) .2
131 June 1 Holders of rec. May 20
Globe-Democrat Publishing pref. (qu.)_
Globe Grain & Milling.2
July 1 *Holders of rec. June 20
Common (quar.)._
'1(4 July 1 *Holders of rec. June 20
First preferred (guar.)
•2
July 1 "Holders of rec. June 20
Second preferred (guar.)
$1.50 May 15 IIolders of rec. Apr. 23
Gluck Mills (guar.)
3
June 1 Holders of rec. Slay 20
Godman (H. C.) Co., lot pref
$1.75 June 10 Holders of rec. June 1
Second preferred
Goldberg (S. NI.) Stores Inc. pref.(qu.)_ •51.75 June 15 "Holders of rec. June 1
•40c. June I *Holders of roe. May 15
Golden State Milk (ouar.)
Sept. 1 *Holders of rec. Aug. 15
Stock dividend
*el
Dec. 1 "Holders of rec. Nov. 15
Stock dividend
$1
June 1 Holders of rec. May 100
Goodrich (B. F.) Co., corn. (guar.)
Preferred (guar.)
134 July 1 Holders of rec. Juue 10
Goodyear Tire & Rubber let pf. (qu.)_. 131 July 1 Holders of rec. June la
50c. June 1 Holders of rec. May 1
Gorham Mfg., corn. (guar.)
500. Sept. I Holders of rec. Aug. I
Common (quar.)
50c. Dec. 1 Holders of rec. Nov. 1
Common (quar.)
June 1 Holders of rec. May. I
Common (payable In common stock) _ 15
134 June 1 Holders of rec. May 15
First preferred (guar.)
•14 Slay 15 'Holders of rec. Apr. 15
Graton & Knight pref. (guar.)
June 1 'Holders of rec. May 3
Great Atlantic & Pacific Tea, corn. (cur.) "51
•151 June 1 'Holders of rec. May 3
Preferred (quar.)
May 15 Holders of rec. May 17
2
Great Lakes Dredge & Dock (quar.)
Greenfield Tap & Die Corp.6% pf.(qu.) 114 July 1 Holders of rec. June 15
July 1 Holders of rec. June 15
2
8% preferred (ouar.)
"750. May 15 'Holders of rec. May 1
Greenway Corp., 5% pref. (quar.)
•75c. Aug. 15 *Holders of rec. Aug. I
5% preferred (oust.)
•750 Nov. 16 'Ifelders of rec. Nov. 1
5% preferred (quar.)
*50c. June 1 'Holders of rec. May 20
Gruen Watch common (quar.)
*50c. Sept. 1 *Holders of rec. Aug. 21
Common (guar.)
•50c. Dec. 1 'Holders of rec. Nov. 20
Common (quar.)
.500. M'rl'30 "Hold. of rec. Feb. 18'30
Common (quar.)
Aug. 1 'Holders of rec. July 21
Preferred (guar.)
'1(4 Nov. I *Holders of rec. Oct. 21
Preferred (guar.)
.1% Febl'30 *Hold. of rec. Jan. 21 '30
Preferred (guar.)
1(4 July 1 Holders of rec. June 150
Gulf States Steel. prof. (guar.)
131 Oct. 1 Holders of rec. Sept. 160
Preferred (guar.)
1(4 Jan 2.30 Holders of rec. Dec. lea
Preferred (guar.)
Hale Bros. (Ouar.)
•500. June 1 'Holders of rec. May 15
Hamilton Bank Note Engraving of Ptg.
Common (oust.)
•7 See May 15 'Holders of rec. May 1
$1.50 June 1 Holders of rec. May 100
Hamilton Watch pref. (guar.)
liammerrnill Paper, common (guar.)._ .25c. May 15 'Holders of rec. Apr. 30
50c. June 1 Holders of rec. May 2I0
Harbison-Walker Refract.. corn. (guar.)
Preferred (guar.)
134 July 20 Holders of rec. July 100
Hartford Times. Inc., mirth. pf.(qu.)._ •75e. May 15 *Holders of rec. May 1
May 31 *Holders of rec. May 15
Hart. Schaffner & Marx, Inc., corn.(cm.) "2
750. June dl Holders of rec. dhlay 15
Hathaway Bakeries, class A (quar.)
$1.75 June dl Holders of rec. dMay 15
Convertible pref.(quar.)
Hawaiian Pineapple (guar.)
50c. May 31 Holders of rec. May 150
Hayes Body Corp. (guar.) (pay. In stk.) 2
July I June 26 to June 30
Quarterly (payable In stock)
Oct. I Sept. 26 to Sept.30
2
Quarterly (payable in stock)
Jan2'30 Dec. 25 to Jan. 1
2
Hecht Mining (quar.)
"25c. June 15 'Holders of rec. May 15
Hershey Chocolate, cony. pref. (guar.).May 15 Holders of rec. Apr. 256
1
Prior preferred (quar.)
1 Se May 15 Holders of rec. Apr. 250
Hibbard. Spencer, Bar le tt&Co.(mthlY.)
350• May 31 Holders of rec. May 24
Monthly
350. June 28 Holders of rec. June 21
Hollinger Consol. Gold Mines (mthly.)
.5c May 20 Holders of rec. May 3
Holt (Henry) & Co., Inc., class A
045e June 1 'Holders of rec. May 11
•1% May I "Holders of rec. Apr. 27
Hood Rubber. 7% pref. (quar.)
7Se% preference (guar.)
•1.88 May 1 "Holders of rec. Apr. 27
lloosac Cotton Mills (guar.)
I Si May 15 Holders of rec. Slay 4
Hormel(Geo. A.)& Co.common (qu.)-- '3734c May 15 'Holders of roe. May 1
If orn (A. C.) Co., 1st pref. (guar.)._ YIN June I 'Holders of rec. May 24
Horn & Harden. pref.(ouan)
June 1 *Holders of rec. May IC
•1
Household Products. Inc. (Ouar.)
8734e. June 1 Holders of rec. May 150
HMI Motor Car stock dlv.(Oust.)
e2 Se Aug. 1 Holders of rec. July 150
Stock dividend (guar.)
e2(4 Nov. 1 Holders of roe. Oct. I60
Huron & Erie Mortgage (guar.)
July 2
'2
Quarterly
Oct. 1
•2
Illinois Brick (guar.)
•60e. July 15 *Holders of rec. July 3
Quarterly
'60. Oct 15 "Holders of rec. Oct. 3
Illinois Pipe Line
"510 June 15 "Holders of rec. May 13
Imperial Chemical IndustriesAmer. dep. rote. ord. reg. stock
June 7 *Holders of rec. Apr. 18
*5
Ingersoll-Rand Co., corn. Mari
$1 June 1 Holders of rec. May lla
Common (extra)
SI 25 June 1 Holders of rec. May 110
Indiana Pipe Line (quar.)
May 15 Holders of rec. Apr. 26
Si
Extra
May 15 Holders of rec. Apr. 26
Si
Inland Steel. corn. (guar.)
87340 June 1 Holders of rec. Slay 150
Internat. Agile. Corp., prior pref.(qu.). 1(4 June 1 Holders of rec. May 150
Intermit. Combustion Eng.. corn.(quar.)
50c. May 31 Holders of rec. May 150
Preferred (oust.)
July 1 Holders of rec. June 170
I
Int. Cont.Invest. Corp. corn.(quar.) - - •25e. July 1
International IlarvesterPreferred (guar.)
IN June 1 Holders fo rec. May 40
International Oxygen, pref.(quar.)
•134 May 15 *Holders of rec. Slay 5
Intermit. Paper Co., corn. (quar.)
60c. May 15 Holders of rec. May la
Internat.Paper dr Power,corn. cl. A (qu.)
60c. May 15 Holders of rec. May la
International Perfume, corn.(No. 1) - 25e. June I Holders of rec. May 20
Preferred (No. 1)
84.93 May 15 Holders of rec. May 4
Intermit. Safety Razor class A (qu.)_
600. June 1 Holders of rec. May 10
Class 13 (guar.)
50c. June 1 Holders of rec. May 100
Class B (extra)
25e. June 1 Holders of rec. May 10a
International Shoe, pref. (monthly)_.
50e. June 1 Holders of rec. May 15
•50e. July 1 *Holders of rec. June 15
Preferred(monthly)
Preferred (monthly)
'50c. Aug. 1 *Herders of rec. July 15
Preferred (monthly)
*50e. Sept. 1 'Holders of rem Aug. 15
Preferred (monthly)
•50c. Oct. 1 "Holders of rec. Sept. 15
•50c. Nov. 1 'Holders of rec. Oct. 15
Preferred (monthly)
•50a. Dec. I *Holders of roe. Nov. 15
Preferred (monthly)
Preferred (monthly)
•60e. Jan 1'30 *Holders of rec. Dec. 15
International Silver, corn. (guar.)
81.50 June 1 Holders of rec. May 150
3144
Name of Cornpani.
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
25e. May 15 Holders of reo. May in
Intertype Corporation, corn.(quar.)___
*50c. July 1 *Holders of rec. Juno 15
Irving Air Chute (No. 1)
*50c. June 29 *Holders of reo. May 31
Isle Royale Copper Co
Joint Security Carp-Aug. 1 Holders of tee. July 20
11
Corn.(payable in corn,stock)
Nov. 1 Holders of rec. Oct. 20
fl
Corn.(payable in corn,stock)
Jones & I.aughlin Steel common (quar.)_ *51.25 June 1 *Holders of rec. May 13
June 1 *Holders of rec. May 13
Comm on (extra)
*El
Preferred (guar.)
134 July 1 Holders of rec. June 13a
Kalamazoo Vegetable Parchment(qu.)... •150. June 30 *Holders of reo. June 20
Quarterly
41150. Sept. 30 *Holders of rec: Sept. 20
Quarterly
•15c. Dec. 31 *Holders of reo. Dee. 21
.6234c July 15 *Holders of rec. June 30
Kawnee Company (quar.)
Quarterly
'6234c Oct. 1 *Holders of rec. Sept. 30
*6244c JanI5'3 *Holders of reo. Dec. 31
Quarterly
*Holders of reo. June 20
*12440 July
Kaynee Co., common (extra)
*Holders of rec. June 10
*150 July
Kayser (Julius) & Co. v. t. ctf
Holders of rec. May 10a
$1.50 June
Kendall Co., pref.(quar.)
Holders of rec. May 10a
25c. June
Preferred (participating dividend) - *Holders of rec. June 17
Kinney (G. R.) Co., Inc., new com.(qu.) *25c. July
*Holders of rec. May 20
*2
June
Preferred (quar.)
Holders of rec. June 150
$1.75 July
Knox Hat, prior pref.(quar.)
Holders of reo. Sept. 18o
$1.75 Oct.
Prior preference (quar.)
Holders of reo. May 15a
750 June
Participating pref. (guar.)
Holders of rect. Aug. 15a
750 Sept.
Participating pref. (guar.)
Holders of rec. Nov. 156
750 Dec.
Participating pref. (quar.)
Holders
of rec. May 10a
June
corn.
(qu.)
_
_
25c.
Grocery
&
Baking.
Kroger
31340. May 1 Holders of rec. May 9a
Kruskal Az Kruskal(quar.)
*Ho= of reo. May 18
Lake of the Woods Milling, corn. ((roar.) *80c. June
*HoMf'S of reo. May 18
•134 June
Preferred (quar.)
'
Lakey Foundry & Mach.stock dividend_
234 July 3 *Holders of rec. July 15
•e214 Oct. 3 *Holders of rec. Oct. 15
Stock dividend
•750 June 3 *Holders of rec. June 19
Landers, Frary Az Clark (ouar.)
•750. Sept.3 *Holders of rec. Sept. 20
Quarterly
•750. Dec. 3 *Holders of rec. Dec. 21
Quarterly
Langendorl United Bakeries50c. July 1 *Holders of reo. June 30
.
Class A and B (guar.)
41500. Oct. 1 *Holders of rec. Sept. 30
Class A and B (quar.)
•500. Ja 153 *Holders of rec. Dec. 30
Class A and B (quay)
Lanston Monotype Machine (quar.)
134 May 3 Holders of rec. May 21a
*Holders of rec. June 15
Leath & Co.. pref.(guar.)
•8744c July
*Holders of rec. Sept. 15
•87440 Oct.
Preferred (quar.)
Letcourt Realty Corp., com.(No. 1)_
•40c. May 15 *Holders of rec. May 6
Lehigh Coal & Navigation (quar.)
iMay 31 Holders of reo. Apr. 30a
Si
Ley (Fred T.) & Co., Inc. (qu.)(No. I) *750. July 5 Holders of rec. June 15
LIggett&MyersTob.com.&com. B (qU.)- 51 June 1 Holders of rec. May 15a
Lincoln interstate Holding Co
15c. July 1 Holders of 1410 June 20
250. June 1 Holders of rec. May 15
Lindsay (C.W )Co., Ltd., corn. (au.) __
Preferred (guar.)
134 June 1 Holders of rec. May 15
Lindsay Light, corn. (guar.)
11125c. June 1 *Holders of rec. May 15
Preferred (quar.)
*I% June 1 *Holders of rec. May 15
Link Belt CO.(quar.)
60e. June 1 Holders of rec. May 15a
Loew's, Inc.. pref.(guar.)
1.6234 May 15 Holders of rec. May 3a
May 15 Holders of rec. May la
Louisiana 011 Refining Corp., pref.(qu.)
Ludlow Mfg. Associates (quar.)
52.50 June 1 Holders of rec. May 4
•114 June 29 *Fielders of reo. June 19
Lunkenheimer Co., pref. (quar.)
•144 Sept. 30 *Holders of rec. Sept. 20
Preferred (guar.)
*134 Dee. 31 *Holders of rec. Dee, 21
Preferred(
(Var.)
50o. May 16 Holders of rec. Apr. 260
Macy (R. H.)& Co., corn.((mar.)
Mallinson (II. R.) pref. (guar.)
134 July 1 Holders of rec. June 200
Mangel Stores Corp.634% pf.(qu.)(No.1) 134 June 1 Holders of rec. May 15
Margarine Union, Ltd.
May 17 *Holders of rec. Apr. 27
Amer. dep. receipts for ordinary ohs._ *5
June 1 Holders of rec. May 15a
$1
May Department Stores, corn. (quar.)
250. June 1 Holders of reo. May in
McIntyre Porcupine mines (quar.)
McKesson & Robbins, Inc., pref. (qu.) _ 8744c. June 15 Holders of rec. June la
134 June 1 Holders of rec. May 15a
Mengel Co.. prof. (quar.)
June 1 Holders of rec. Apr. 29
Merrimack Mfg., corn. (guar.)
$3
40c. June 1 Holders of rec. May 15
Merritt-Chapin.& Scott Corp., cern.(qu)
I% June 1 Holders of rec. May 15
Preferred series A (quar.)
Metro-Goodwyn Pictures, pref. (guar.). 47340 June 15 Holders of rec. May 31
May 15 Holders of tee. May to
Miami Copper Co. (guar.)
$1
500. May 15 Holders of rec. Apr. 15o
Mid Continent Petroleum, corn.(quar.)
•250. July I *Holders of reo..lifie 15
Milner, Inc. (quar.)(No. 1)
$1.25 Aug. 15 *Holders of reo. Aug. 3
.
MInneapolls-Honeywell Reg., COM
•11$ May 15 *Holders of rec. May 1
Preferred (quar.)
•134 Aug. 15 *Holders of rec. Aug. 1
Preferred ((Mar.)
5151 Nov. 15 *Holders of rec. Nov. 1
Preferred (quar.)
Mock. Judson & Voehringer Co.
•500 May 15 *Holders of rec. May 1
Common (quar.)(No. 1)
$1.50 June 1 Holders of rec. Apr. 30
Mohawk Mining (quar.)
75c May 20 Holders of rec. May 10
Mohawk Rubber corn. (qu.)(No. 1)-May 20 Holders of rec. May 10
fl
Common (payable in corn. stock)-•114 Aug. 1 *Holders of rec. July 20
Monsanto Chemical Works (In stock)
Montgomery Ward & Co.,corn.(qu.)__ - 6234c May 15 Holders of rec. May 4a
*134 July 1 *Holders of rec. Jane 20
Class A (quar.)
750. May 15 Holders of rec. May In
Moody's Investors Service, Part• P
(
.(13ii.)
4.144 May 15 *Holders of reo. Apr. 25
Morse Twist Drill & Mach.(guar.).Muncie Gear Co.. pref.. class A (quar.) *50c. July 1 *Holders of rec. June 15
.500. Oct. 1 *Holders of rec. Sept. 15
Preferred. class A (quar.)
•500. Jan 1'30 *Holders of rec. Dec. 15
Preferred, class A (quar.)
July 2 *Holders of rec. June 21
*2
Murphy (G. C.) Co.. prof. (quar.)
Oct. 2 *Holders of rec. Sept. 21
*2
Preferred (quar.)
750. June 1 Holders of rec. May 16
National Bearing Metals, corn.(quar.)
25e July 15 licIders of rec. July la
Nat. Bellas-Hess, new corn.(quar.)
250. Oct. 15 Holders of rec. Oct. 16
New common (quar.)
250. Jan. 15 Holders of rec. Jan.2'350
New common (quar.)
July 15 Holders of roe. July la
el
Stock dividend (quar.)
Oct. 15 Holders of rec. Oct. la
el
Stock dividend (quar.)
Ja.15'30 Holders of rec. Jan. 2'30a
el
Stock dividend (quar.)
51.75 June 1 Holders of rec. May 21a
Preferred (altar.)
$1 50 July 15 Holders of rec. June 28s
National Biscuit, corn. (quar.)
134 May 31 Holders of reo. May 17a
Preferred (quar.)
May 15 *Holders of rec. May 1
*$2
National Casket, common
May 15 *Holders of reo. May 1
Common (payable in common stock)_ *15
May 20 Holders of roe. Apr. 25a
el00
div.)(stock
National Dairy Products
July 1 Holders of rec. June 30
Common (payable in common stk.)-. fl
Oct. 1 Holders of rec. Sept. 3a
Common (payable in common stock). 11
*134 June 1 *Holders of rec. May 15
National Dept. Stores 2d pref. (quar.)
*$1.75 Aug. 1 *Holders of roe. July 15
National Instillers. Pref.(qu.)(No. 1)
62440. July 15 Holders of rec. July 1
Nat Fireproofing, pref.(quar.)
62140 Oct. 15 Holders of rec. Oct. 1
Preferred (quar.)
National Food Products, corn. A (quar.) 62440 May 15 Holders of rec. May 3a
Oct. 15 Holders of rec. Oct. 5
2
Class B (payable In class B stk.)
$1.75 June 15 Holders of rec. May 31a
National Lead, pref. cl. A (quar.)
National Lock WasherCommon (payable in corn, stock)-•/33 1-3 June 1 *Holders of rec. Apr. 26
374.40 May 15 Holders of rec. May 1
National Refining, corn. (quar.)
Nat.Securities Invest.. prof.(quar.)..-- *31.50 May 15 *Holders of reo. Apr. 25
$1.25 May 15 Holders of rec. May 4
National Supply, common (quar.)
500. May 15 Holders of rec. May 6
Nestle-LeMur Co., class A (quar.)
July 15 Holders of reo. June 15
e50
New Amsterdam Casualty (in stk.)
•$1.75 June 1 *Holders of rec. May 15
Newberry (J. J.) Co., pref. (quar.)
New Haven Clock, corn.(quar.)(No. 1) •3744c July 1 *Holders of rec. June 20
•10o. May 27 *Holders of rec. May 15
New Quincy Mining (quar.)(No. 1)
Nichols Copper Co., class B
•750. Nov. I *Holders of reo. Feb. 1
•fli
June 29 *Holders of roe. June 19
Niles-Bement-Pond. Prof. (guar.)
150. June 1 Holders of rec. May 10
North Central Texas 011. corn.(quar.)
Northern Manufacturing, pref.(quar.)
e.
Se
aa
pt
190.. j
Preferred (quar.)
190. Dee. 1
Preferred (quar.)
May 15 Holders of rec. Apr. 30
Ohio Seamless Tube, corn. (guar.)
$1
•12440 May 15 *Holders of rec. Apr. 30
011stocks, Ltd., A & B (quar.)
•400. May 15 *Holders of reo. May I
Old Colony Investment Trust
40c. May 15 Holders of rec. Apr. 30
Ontario Steel Products, corn. (quar.)
1% May 15 Holders of rec. Apr. 30
Preferred (guar.)
1.25 May 15 Holders of rec. Apr. 26a
3
$7m0
Oppenheim, Collins & Co.(quar.)
May 25 Holders of rec. May 15
Orange Crush Co., corn. (guar.)
pref.
(guar.)
134 July 15 Holders of rec. June 29,
Otis Elevator.
144 Oct. 15 Holders of reo. Sept. 300
Preferred (aim.)
134 .1'1115'30 Holders of roe. Des. 31a
Preferred (guar.)
[VOL. 128.
FINANCIAL CHRONICLE
Name of Company.
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Concluded).
Pacific Associates(quar.)(No.1)
*500. May 15 *Holders of rec. Apr. 80
Pacific Equities, Inc
*500. July 15 *Holders of reo. June 30
Extra
•100. July 15 *Holders of rec. June 30
Packard Motor Car (monthly)
250. May 31 Holders of roe. May 110
Extra
50o. May 31 Holders of rec. May lla
Paepcke Corp., corn. (quar.)
4,134 May 15 *Holders of rec. May 8
Parker Pen, common (guar.)
*6244c May 15 *Holders of rec. May 1
Patterson-Sargent Co., corn.(No. 1) _
50e. June 1 May 16 to May 31
Penmans, Limited, corn. (guar.)
$1
May 15 Holders of rec. May 6
Pennsylvania Investing Co. (guar.)._ _ _ 6244c June 1 Holders of rec. Apr. 30a
Perfection Stove (monthly)
•37340 May 31 *Holders of rec. May 17
Monthly
•3744c June 30 *Holders of reo. June 18
Monthly
413714c July 31 *Holders of reo. July 18
Monthly
*37440 Aug. 31 *Holders of rec. Aug. 16
Monthly
•3734e Sept. 30 *Holders of reo. Sept. IS
Monthly
•37440 Oct. 31 *Holders of reo. Oct. 17
Monthly
•3744c Nov. 30 *Holders of reo. Nov. 18
Monthly
'3734c Dee. 81 *Holders of reo. Dec. 18
Phillips-Jones Corp. corn. (quar.)
75e. June 1 Holders of rec. May 200
Pierce-Arrow Motor Car. pf. (quar.) _
134 June 1 Holders of rec. May 10a
Pittsburgh Steel, corn. (guar.)
*El
July 1 *Holders of rec. June 24
Pittsburgh Steel Foundry, pref. (guar.) 41.25 July 1 *Holders of rec. June 15
Plymouth Oil, corn. (quar.)
*500. May 15 *Holders of rec. Apr. 30
413744c June 1 *Holders of roe. May 15
Poor & Co., class B (Ouar.)
Powdrell Az Alexander, Inc., corn. (qu.) 87440 May 15 Holders of tee.
Preferred (quar.)
$1.75 July 1 Holders of rec. June 14
Pressed Metals of Amer., pref. (guar.)._ •134 July 1 *Fielders of reo. June 12
.
Preferred (quar.)
134 Oct. 1 *Holders of rec. Sept. 12
*134 J4tn1'30 *Holders of rec. Dec. 12
Preferred (quar.)
*2
!Clay 15 *Holders of rec. Apr. 25
Procter & Gamble, corn. (guar.)
May 15 Holders of rec. Apr. 27a
$1
Pullman, Inc. (guar.)
Pure 011 Co., corn. (guar.)
3734e June 1 Holders of rec. May 100
750. June 1 Holders of rec. May 150
Purity Bakeries, corn. (quar.)
13( May 15 Holders of rec. May 1
Quissett Mills (quar.)
•3744c June 15 *Holders of rec. June I
Rapid Electrotype (quar.)
June 1
*e5
Raytheon Mfg.(Stock dividend)
$1 June 1 Holders of res. May Ila
Republic Iron & Steel, corn. (quar.)___
134 July 1 Holders of reo. June 120
Preferred (quar.)
*400. May 15 *Holders of rec. Apr. 30
Richardson Co., new
500. May 15 Holders of rec. Apr. 20
Richfield 011 of California (quar.)
July 25 Holders of rec. July 5,
Rio Grande Oil
51
Hold, of rec. Jan. 5 '30
IT)
Si
Rio Grande 011
el% Oct. 25 *Holders of tea. Oct. 5
rStock dividend
111450. June 1 *Holders of rec. May 15
Root Refining, prior pref. (quar.)
*750. June 1 *Holders of rec. May 15
Cumulative pref.(Ouar.)
34 May 15 Holders of reo. May 100
Royalty Corp. of Amer., par. p1. (extra)
50e. June 20 June 8 to June 20
St. Joseph Lead Co.(quar.)
to June 20
250. June 20 June 8
Extra
Quarterly
50e. Sept. 20 Sept. 10 to Sept.20
Extra
25e. Sept.20 Sept. 10 to Sept. 20
St. Louis Screw &Bolt, corn.(qtiar.)__
.250 June 1 "Holders of me. May 25
Sally Frocks, Inc., corn. (No. 1)
40e. July 1 Holders of rec. June 15
Savage Arms, corn. (quar.)
500. June 1 Holders of rec. May 15a
Second preferred (quar.)
•144 Aug. 15 *Fielders of rec. Aug. 1
Secondd preferred (quar.)
*31.50 May 15 *Holders of rec. May I
Schletter Az Zander, Inc., corn.(No. 1)_ _ •50c. June 29 *Holders of rec. June 15
Preferred (quar.)(No. 1)
1118744o May 15 *Holders of rec. May 1
Schulte Retail Stores Corp., corn.-Div. passed Scott PaperCorn,(In stk. sub), to stkhrs.' aPProv.) 12
June 30
Dec. 31
Corn.(in stk,sub). to stkhrs.' apProv.) 12
Sears-Roebuck & Co.el
Aug. 1 Holders of rec. July 16a
Quarterly (payable in stock)
el Nov. 1 Holders of rec. Oct. 15a
Quarterly (payable In stock)
$1
Sept. 19 *Holders of reo. Aug. 27
Sheaffer(W A.) Pen Co. (quar.)
•
Sheffield SteelJuly 1 Holders of reo. June 20
Common (payable In common stock)_ in
Oct. 1 Holders of rec. Sept. 20
Common (payable In common stock)- _ *11
750. May 15 Holders of reo. Apr. 30
Sherwin-Williams Co., corn. (quar.)__
250. May 15 Holders of tee. Apr. 30
Common (extra)
Preferred (quar.)
*134 June 1 *Holders of rec. May 15
40c. June 15 Holders of rec. May 31a
Simms Petroleum
50c. June 1 Holders of rec. May 17
Simons(H.) Sy Sons, Ltd.. corn.(No. 1)_
13-4 June 1 Holders of rec. May 17
Preferred (quar.)
2
May 15 Holders of reo. May in
Sinclair Cense!. Oil Corp., pref. (quar.)
50o. June 15 Holders of reo. May 150
Skelly 011 (quar.)
62440 June 15 Holders of rec. June 5
Smallwood Stone class A (quar.)
*300. May 15 *Holders of rec. May 1
Smith (A. 0.) Corp.. corn. (quar.)
*134 May 15 *Holders of rec. May 1
Preferred (guar.)
Smith (Howard) Paper Mills, prof. (qu.) 134 June 1 Holders of rec. May 21
May 15 *Holders of rec. May 4
*2
Soule Mill (Ouar.)
.4300 Sub).to stkhders meeting May 11
Sparks WithIngton Co.(stk. dlY.)
400. June 30 Holders of reo. June 150
Spencer Kellogg & Sons. Inc. (quar.)400. Sept.30 Holders of rec. Sept. 14a
Quarterly
$ 1.3734 May 15 Holders of rec. Apr. 25
Standard Investing, Pref.(guar.)
6234c June 15 Holders of ree. May 150
Standard Oil (Calif.) (guar.)
40e. June 15 Welders of rec. May 100
Standard 011 (New York) quar.)
134 June 1 Holders of tee. May 10
Standard 011 (Ohio). pref. (quar.)
(Toronto)
Standard Paving & Matis
500. May 15 Holders of reo. May 2
Common (quar.)(No. 1)
$1.75 May 15 Holders of rec. May 2
Preferred (quar.)(No. 1)
Standard Royalties Wewoka Corp1
May 15 Holders of rec. Apr. 30
Preferred (monthly)
Standard Royalties Wetumka CarpMay 15 Holders of rec. Apr. 30
1
Preferred (monthly)
Steinberg's Drug Stores pref.(quar.)_ _ 87140 June 1 Holders of reo. May 20
*2% July 1
Stelae Radio(quar.)
Quarterly
*2% Oct. 1
Stewart-Warner Corp.
87440. May 15 Holders of rec. May 40
New $10 par stock (guar.)(No. 1)
Aug. 15 Holders of tee. Aug. 5
New $10 par stock (in stock)
e2
New $10 par stock (In stock)
e2
Nov. 15 Holders of rec. Nov. 5
New $10 par stock (in stock)
e2
2/15/30 Holders of reo. Feb.5'30a
Stlx Baer & Fuller, corn.(guar.)
113744e June 1 *Holders of rec. May 15
Common (quar.)_
*37440 Sept. 1 *Holders of roe. Aug. 15
•3744c Dec. 1 *Holders of reo. Nov. 15
Common (guar.)
Stroock (S.) Co. (quar.)
75e. July 1 *Holders of rec. June 15
.
Quarterly
*75e. Oct. I *Holders of reo. Sept. 16
Quarterly
•75o. Dee. 21 *Holders of reo. Dec. 10
Studebaker Corp., corn. (oust.)
$1.25 June 1 Holders of rec. May 10a
Common (payable in common stock)
June 1 Holders of tee. May 105
11
Common (payable I n corn. stock) _ 11
Sept. I Holders of reo. Aug. 100
Common (payable In corn. stook)Dee. 1 Holders of rem, Nov. 90
fl
Preferred (guar.)
134 June 1 Holders of rec. May 100
Sun 011 Co., Prof. (Oust.)
144 June 1 Holders of reo. May 10a
Swan Sy Finch 011 Corp., pref. (quar.)_ - *4354c June 1 *Holders of rec. May 10
Swedish Match. class A Az B
May 23 *Holders of coupon No. 16
Texas & Pacific Coal & 011 (In stock)
e2
(0
)
1)
0
40. June 30 Holders of rec. June 50
Thatcher Mfg., cony. Prof. (guar.)
300. May 15 Holders of reo. May 4a
June 1 Holders of reo. May 230
Thompson (John R.) Co..(monthly)--- 1
Tide Water 011 5% pref. (quar.)
May 1155 Holders of rec. Apr. 12
3500. m
1 to May 15
Tudor City Second Unit, Inc., prof.....
ders of roe. Apr. 19a
MI aly
0 Io
Union 011, corn.(guar.)
.000. May 10
Union 011 Associates (quar.)
May 1 *Holders of rec. Apr. 19
Holders of reo. May 170
United Biscuit of Am., corn. (quar.)-0
40
000: June
25 Holders of reo. Apr. 25
United Corporation partio. pref. (extra)
Unit. Cosmetic Shops, Inc.(qu.)(No. 1) •25e. May 1 *Holders of rec. June 15
Holders of rec. May 15
United Electric Coal Co., corn.(quar.)
75e. June 1 Holde
United Milk Crate, Cl. A (guar.)
500. j
J'uilnye 1 *Holders of rec. May 15
:
1194
tee. June 20
'Holdersof
1
July
United Piece Dye Wks.,pref.(quar.).
• zi Oct. 1 *Holders of rec. Sept. 20
Preferred(Ouar.)
reo. Doe. 20
*Holders
of
'30
Jan2
Preferred(guar.)
•134
United Rayon FactoriesMay 15 *Holders of rec. May 9
Amer. dep. receipts for corn, bearer shs *18
500. July 20 Holders of reo. June 296
U. S. Cast Iron Pipe & Fdy.. corn.(qu.)
. Oct. 21 Holders of rec. Sept.80a
0
500.
Common (ouar.)
an2030 Holders of ree. Dee. 3Io
Common (quar.)
.
.
3
30
00 July 20 Holders of reo. June 250
First & second pref. (quar.)
Oct. 21 Holders of reo. Sept. 300
First & second pref. (quar.)
30o. an20'30 Holders of tee. Dec. 3Ia
First & second pref. (quar.)
June 1 Holders of rec. May 2Ia
U. S. Hoffman Machinery, corn. (quar.) $1
MAY 11 1929.]
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Name of Company.
Books Closed
Days Inclusive.
Miscellaneous (Concluded).
U. S. LeatherClass A partio. & cony.'dock (00.)-- $1
July 1 Holders of tee. June 10o
Clank A panic. & cony. stock (qu.).- $1
Oct. 1 Holders of rec. Sept. 10a
U. S. Playing Card (quar.)
*$1.
July 1 *Holders of rec. June 20
U. S. Steel Corp.. corn.(quar.)
11i June 29 Holders of rec. May 310
Preferred (quar.)
14 May 29 Holders of rec. May 4a
Utah Apex mining
25o June 1 Holders of rec. May 15
Utility & Ind. Corp., pt.(qu.)(No. 1)
3730 May 20 Holders of rec. Apr. 30
Vanadium Corp. of Am.(guar.)
75e. May 15 Holders of rec. May la
Vapor Car Heating. pref.(quar.)
*1St June 10 *Holders of tee. June 1
Preferred (quar.)
*IX Sept. 10 *Holders of rec. Sept. 2
Preferred (quar.)
'134 Dec. 10 *Holden; 01 rec. Dec. 2
Venezuelan Petroleum (quar.)
sae, May 15 *Holders of rec. Apr.
30
Volcanic Oil & Gas (quar.)
*35e. June 10 *Holders of yea. May 31
Extra
*543. June 10 *Holders of rec. May 31
Quarterly
*35o. Sept.10 *Holders of rec. Aug. 31
Extra
•5e. Sept. 10 *Holders of rec. Aug. 31
Quarterly
*35e. Dec. 10 *Holders of rec. Nov.30
Extra
e50. Dec. 10 *Holders of rec. Nov.
30
Vulcan Detinning, pref.(quar.)
11( July 20 Holders of rec. July 90
Preferred (acct. accum. dividends).- 5414 July 20
Holders of rec. July 9a
Preferred A (quar.)
1% July 20 Holders of rec. July 9a
Pref. A (acct. accum. dividends)
841( July 2 Holders of rec. July 9a
Waltham Watch. pref.(quar.)
•114 July 1 *Holders of rea. June 22
Preferred (quar.)
*114 Oct. 1 *Holders of rec. Sept. 21
Warner Bros. Pictures, Inc.. Pt. (qu.)
55c. June 1 *Holders of tee. May 240
Warren (A. D.) Co.,conk.(qu.((No. 1)_
May 15 Holders of rec. API% 30
Warren (Northam) Corp., cony. pf.(qu.) $1.50
75c. June 1 Holders of rec. May 15
wayagamack Pulp & Paper (quar.)....... 75e. June 1
Holders of reo. May 15
Weber Showcase, let prof. (quad.)
*50e. June 1 *Holders of rec. May 15
Wesson Oil & Snowdrift,131.(qu.)(No.1) $1
June 1 Holders of reo. May 15
Western Grocer, preferred
314e July 1 *Holders of tee. June 20
Westfield Manufacturing corn.(quar.)
37140 May lb Holders of tee. Apr. 30
Preferred (quar.)
$2
May 15 Holders of tee. Apr. 30
Westvaco Chlorine Prod.. tom •(No.
33 1-3c June 1 Holders of reo. May 2
West Va. Pulp & Paper, pref.(quar.)-1)- '134 May 15
*Holders of rec. May 5
Preferred (quar.)
*134 Aug. 15 *Holders of rec. Aug. 5
Preferred (quar.)
•134 Nov. 15 *Holders of rec. Nov. 5
Wheatsworth, Inc.,8% pref. (quar.)
2
June 1 Holders of reg. May 15
Whitaker Paper Co., corn. (guar.)
*31 25 July 1 *Holders of reg. June 20
Preferred (quar.)
July 1 *Holders of rde
20
White (J. G.) & Co., Inc. pf.(quar.).-- 115 June 1 Holders of rec. June
May 15
White Motor Co., corn.(quar.)
25e. June 29 Holders of rec. June 12a
White Motor Securities, pref. (quar.)__. •11( June 29 *Holders of rec. June 12
Will & Baumer Candle,cons.(quay.)....
10e. May 15 Holders of rec. May 1
Preferred (quar.)
2
July 1 Holders of rec. June 15
Winsted Hosiery (quar.)
*2% Aug 1 *Holders of rec. July 15
Extra
•ti Aug 1 *Holders of rec. July 15
Witherow Steel. let pref. (quar.)
•11t June 1 *Holders of rec. May 25
Second preferred (quar.)
•134 June 1 *Holders of rec. May 25
Wolverine Portland Cement (quar.)
134 May 15 Holders of rec. May 4
Woolworth (F. W.) Co., com.(quar.)
$1.50 June 1 Holders of roe. Apr. 256
Worcester Salt, pref. (quay.)
'134 May 15 *May 12 to May 19
Wright Aeronautical Corp.(quar.)
50e. May 31 Holders of rec. May 150
Wrigley (Wm.) Jr. Co.(monthly)
25c. June 1 Holders of rec. May 200
Monthly
250. July 1 Holders of roe. June 206
Monthly
2543. Aug. 1 Holders of tee. July 206
Yellow Taxi Corp. of N. Y.(quar.) _ _ _
75c. June 15 Holders of rec. June 1
Zimmerknit, Ltd., pref.-Dividend pass edZonite Products(War.)
•25c. May 15 *Holders of rec. May 8
• From unofficial sources. t The New York Stock Exchange has ruled that
stock
will not be quoted ex-dividend on this date and not until further
notice I The
New York Curb Market Association has ruled that stock will
not
be
quoted
exdividend on this date aid not until further notice.
a Transfer books not closed for this dividend. d Correction. e
Payable in stock.
Payable in common stock. o Payable in scrip. la On account
of accumulated
dividends. J Payable in preferred stock.
a Coty. Inc.. declared a stock dividend of 6%,payable in quarterly
installments.
o Stockholders of Empire Public Serv. Corp have option of applying
this dividend to the purchase of cern. A stock at $18 per share.
p Electric Shareholdings Corp. dividend payable in cash on oomknon
rate of 50-100th of a share of common for each share preferred held. stock at
Swedish Match dividend is 10 Kronen.
r Rio Grande OJIBWA: te be placed on a $2 per annum basis. The company has
declared $1 payable July 25 and intends to declare another $1 payable on or
Jan. 25 1930. The steak dividends are 14 shares on each 100 shares, thebefore
first
114% having been(Wired payable April 25 with the intention to declare a
second
134% payable on or before Oct. 25.
to Less deduction for expenses of depositary•
s Holders of Federal Water Service class A stock may apply the dividend to purchase of additional chat A stock at rate of $25 per share, receiving 1-50th share
for each share held.
3145
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The following are the figures for the week ending May 3:
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING OF BUSINESS
FOR THE WEEK ENDED FRIDAY, MAY 3 1929.
NATIONAL AND STATE BANKS-Average Figures.
Oth.Cash, Res. Dep., Dep.Other
Gold. Including N. Y. and Banksand
Gross
Bk. Notes Elsewhere. TrustCos. Deposits.
Loans.
Manhattan$
192.602,000
Bank of U.S
Bryant Park Bank 2,136,400
Chelsea Exch. Bk_ 23,105,000
Grace National__ 18,200,200
Port Morris
3,795,500
Publie National __ 136,032,000
BrooklynNassau National_ 22,883,000
Peoples National. 8,300,000
Traders National_ 2.535.200
$
$
$
$
$
31,000 3,089,300 23,444,200 1,636,000 182,015.000
92.300 148.400
154.600
2.193,300
1,730,000 1,506,000
22.656,000
3,000
95,900 1,504,600 1,934.200 15,969.500
30,600
88,300
258,000
3.843,400
25,000 1,880,000 8.375,000 12345000 132.571.000
90,000
5,000
328,000 1,771,000
120,000
570,000
49,500
231,200
569,000 21.412,000
80,000 8,000,000
73,100 2.074.300
TRUST COMPANIES-Average Figures.
Loans.
ManhattanAmerican
Bk. of Eur. & Trust
Bronx County
Central Union
Empire
Federation
Fulton
Manufacturers
Municipal
United States
BrooklynBrooklyn
Kings County
Bayonne,N.1.Manhante.•
Cash.
Res've Dep., Depos.Other
N. Y. and Banks and
Gross
Elsewhere. Trust Cos. Deposits.
$
$
$
54,340,400 11,177,700 1,026,100
*17,618,048
903.114
87,035
21,792,553
572,795 1,679.932
251,687,000 *32,105,000 1.991,000
81.433.900 *5,875,900 3,721,600
18,128,963
277,932 1,412,922
14,167,100 *1,910,300
255,700
392,065,000 3,371,000 49,390,000
85,890.200 1,862,100 4,962,800
*77,229,584 3,600.000 7,518,482
118,299,100
27,794.691
0 2R5 043
$
$
21.800 54,654,408
16,852,222
21,713,135
2.900,000 255,958,000
3,440.500 79,031,000
210,097 18,569.415
13,798,600
1,858,000 354,317,000
99.200 81,387,300
57.769,758
3,121,400 20,520,100
1.887.008 2,789,780
199.037
624 733
114.888,400
96,044.896
202 012
A 272 ide
•Includes amount with Federal Reserve; Bank as follows: Central Union, $31,144,000; Empire, $4,090.000; Fulton. $1,791,800.
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.
Changesfrom
Previous Week
May 8
1929.
May 1
1929.
April 26
1929,
$
$
$
$
Capital
86.550,000 Unchanged
813,550,000
88.550,000
Surplus and profits
118,024,000 Unchanged
116,024,000 116,024,000
Loans. disels & investla_ 1.116,895,000 -9,337,000 1,126,232,000 1,125.237.000
Individual deposits
669,533,000 -1.088,000 880,103.000 674.775,000
Due to banks
133,264,00
+770,000 132,494,000 133.108,000
Time deposits
268,899.000 +6,843,000 282,056,000 265,847,000
United States deposits
6,537.000 -1,305,000
7,842,000
8.095.000
Exchanges for Clg. House
32,764,000 -2,883,000
35,647,000
34,019.000
Due from other banks
86,240,000 +4,857,000
81.383,000
84,995,000
Rergye in legal deposit's_
81.249,000
+308,000
80,943,000
81,857.000
Cash in bank
8,132.000
+198,000
7.934,000
8,087.000
Reeve excess in F.R.Bk.
1,527,000 +1,180,000
347,000
1.308.000
Weekly Return of New York City Clearing House.Beginning with Mar.31, the New York City Clearing House
Association discontinued giving out all statements previously
issued and now makes only the barest kind of a report. The
Philadelphia Banks.-The Philadelphia Clearing House
new return shows nothing but the deposits, along with return for the
week ending May 4, with comparative figures
the capital and surplus. We give it below in full:
for the two weeks preceding, is given below. Reserve
STATEMENT OF THE MEMBERS OF THE NEW YORK CLEARING
HOUSE requirements for members of the Federal
Reserve System
ASSOCIATION FOR THE WEEK ENDED SATURDAY, MAY
4 1929.
are 10% on demand deposits and.3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in vaults"
*Surplus ct Net Demand
Time
clearing House
*Capital. Undivided
Deposits
Deposits
is not a part of legal reserve. For trust companies not
Members.
Profits.
Average.
Average.
members of the Federal Reserve System the reserve required
$
$
$
$
Bank of New York dz Tr. Co. 6,000,000 13,539,100
62,609,000
11,950,000 is 10% on demand deposits and includes "Reserve with
Bank of the Manhattan Co__ 22,250,000 42,559,300 172,804,000
41,731,000 legal depositari
Bank of America Nat'l Asa'n. 25,000.000 38.364,400 142,086.000
es" and "Cash in vaults."
47,535,000
National City Bank
100,000,000 111,248,500 2881,115,000 160,646,000
Beginning with the return for the week ending May 14 1928,
Chemical Bank & Trust Co
6,000.000 20,731,200 134.860,000
9,780,000
25,000,000 49,317,800 275,708,000
Bank of Commerce
33,279.000 the Philadelphia Clearing House Association discontinued showchat.Phen. Nat Bk.& Tr. Co 13.500,000 15.698,000 158,721,000
40,181,000 ing
10,000.000 22,812,400 120,941,000
Hanover Bank
the reserves and whether reserves held are above or below
3,002,000
12,100,000 21.352,500 172,725,000
Corn Exchange Bank
32,903,000 requirements. This
10,000,000 28,601,000 125,617,000
National Park Bank
will account for the queries at the end
9,854,000
10,000,000 95,735.400 224,324.000
First National Bank
10,111,000 of the table.
40,000.000 55,037,800 359,081,000
Irving Trust Co
1,000,000 1,550,500
Continental Bank
61,000.000 79,008,400
Chase National Dank
500,000 3,889,100
Avenue
Bank
Fifth
Seaboard National Bank..- _ 11,000,000 18,614,400
25,000,000 77.498,400
Bankers Trust Co
5,000.000 6,533,400
U. B. Mtge. & Trust Co
Title Guarantee & Trust Co__ 10,000,000 23,854,300
40,000,000
65,078.300
Guaranty Trust Co
4,000.000 3,812,600
Fidelity Trust Co
3,000.000 4,180,400
Lawyers Trust Co
g12,500,000 g32,041.100
New York Trust Co
Farmers Loan & Trust Co.-- 10,000,000 23,212,700
30,000,000 28,625,000
Equitable Trust Co
7,000.000 7,332,000
Com'l Nat. Bank & Trust Co_
Harriman Nat. Bank & Tr.Co 1,500,000 2,840,300
Clearing Non-Member.
/Mechanics Tr. Co., Bayonne_
500,000
817,200
7,962,000
13584,089,000
25,425.000
121,310,000
c354,236,000
55.719,000
35,321,000
d475,637,000
41,823,000
18,810,000
143,571,000
e125.364,000
f340,297.000
35,371,000
31,243,000
42,588.000
688,000
83,167,000
1,099.000
5.845.000
50,154,000
5,723,000
2,329,000
88,242,000
5.116,000
2,639,000
18.428,000
26.413,000
49.205,000
1.835,000
5.516.000
3,406,000
5,606,000
am Rut Mul non 743t00 5 22R 175 NM
7c.1 ace nnn
• As per official reports: National. Mar. 27 1929; State, Mar. 22 1929: Trust
companies, Mar. 22 1929. g As of Mar. 30 1929.
Includes deposits in foreign branches:(a) $300,748,000:(b) $13.806.000:(c)$59,
92,000;(d) $110,508,000;(e) 815,272,000: (f) $118,729,000.
Two Ciphers (00)
omitted.
Week Ended
Capital
01,500,0
l and profita___ 194,594,0
lus
Loans, dints.& invest. 1.062,370,0
Exch. for Clear. House
42.717,0
Due from banks
105.658,0
Rank deposits
126,893,0
Individual deposits
840,707.0
Time deposits
215,077,0
Total deposits
982.677,0
Res. with legal depoeCash
Res. with
ivaut
70,104,0
Bank_
Fi
Vault'
10.057.0
10,057.0
Total tee.
80,161,0
7
In vaultvaruellerva and
cash
may 4 1929.
Members of
Trust
F.R.System Companies.
April 27
1929.
Total.
Aprfl 20
1929.
$
$
$
$7,500,0 $69.000.0
67,483,0
67,483,0
18,097,0 210,69E0 266,141,0 208,14E0
72,337,0 1,134,707,0 1,145,526.0 1,156.549.0
389,0
43.086,0
40,458,0
41,070.0
13,0 105,669,0
97,325,0 102,402,0
1,119,0 128,012.0 125,164,0 126,717,0
32,347.0 673.054,0 683,407,0 678.657.0
19,929.0 235,006.0 238,090,0 238,841,0
53.395,0 1,036,072,0 1,026,661,0 1.042.215.9
6,092,0
8.092,0
5,850,0
5.332,0
70,104.0
69,388,0
69,920.0
1,768,0
11,825,0
12,037,0
12,025,0
7,860,0
88 021,0
87,273,0
87.277,0
7
7
7
7
7
• t &an In vault Dot counted as reserve roe Federal Reserve members
[VOL. 128.
FINANCIAL CHRONICLE
3146
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, May 9 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 3112, 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 MAY 8 1929.
May 8 1929. May 11929. Apr. 24 1929. Apr. 17 1929. Apr41101929. April 3 1929. Mar.27 1929 Mar.201929. May 9 1921.
$
RESOURCES.
1,309,005,000 1,317,449,000 1,279,901,000 1,288.060,000 1.273,429.000 1,235.237,000 1,271,104,000 1,300.878,000 1,163,937,001
Gold with Federal Reserve agents
67,075.000
64,544,001
70.573,000
64,432.000
70,707.000
68,466,000
66.785,000
61,172,000
62,060,000
1010 redemption fund with U.S. Treas.
1,340,503,000
Gold held exclusively agst. P. R. notes 1,371,965,000 1,379,621,000 1,348.367,000 1,358.633,000 706,899,000 1,299,669,000 1,337,889,000 1,371,583,000 1,288,481,011
742,785,000 709,176,000 675,996,000 816.081,001
678,058,000 671,114.000 682,613,000 674,560,0001
Gold settlement fund with F.R.Board
727,380,000 878,758.000 662,195,000 664,434.000 645,490,001
Gold and gold certificates held by banks_ 700,924,000 762,295,000 767,601,000 746,290.000,
1
2,840,947,0001 2,812.030.000 2,798,581.000 2,779,483,000 2,774,782,000 2,719.212,000 2,709.260.000 2,712,013,000 2,690,052,005
Total gold reserves
171,332,000 173.732,000 174,835,000 176,490 000 175,764.000 173,309,000 169,755,000 165,778,000 157,847,001
Observes other than gold
3,012,279.000'2.9s5.762.000 2,973.416,000 2,055,073,000'2,950,546,000 2,892,521,000 2.879,015,000 2.877,791,000 2,847,899,009
Total reserves
75.924,000
77,510,000
77,102,0001 80,463.000
78,367,000
64,619,000
78,088,000
78,317,0001 74,287,000
Non-reserve cash
Bills discounted:
533,992,000, 540,454,000 610,418,000 621,980,000 588,439,000 507,508,000
541,251.000
547,996,000
525.814,000
obligattons_
Govt.
S.
U.
by
Secured
436,208.000 437,833,000 433,262,000 460,304,000 423,078,000 419,434,000 402,150,000 354,298,000 269,633,001
Other bills discounted
Total bills discounted
Bille bought In open market
U S. Government securities:
Bonds
Treasury notes
Certificates of Indebtedness
962,022,000
157.181.000
985.829.000
170,421,000
974,513,000
141,175,000
50,407,000
84.495,000
14.589,000
50,384,000
84,478,000
15,868,000
51,602,000
80,326,000
17,854,000
Total U. S. Government securitles
Other securities (see note)
Foreign loans on gold
149.488,000
6,866.000
6,355,000
150,730.000
7,366,000
14,899,000
149,782,000
7,396,000
7,735.000
094,296,000, 963,532,000 1,029,852,000 1.024,130,000
141,027,000 157.317,000 174,703,000 208,427.000
942,737.000
236,838,001)
777.141,000
365,104,000
51,612.000
91,951.000
22,526.000
51,609,000
91,417,000
26,032.000
51,611,000
91,100.000
27,509,000
51,611,000
90,904.000
42.836.000
56,002,000
101.977,000
119.413,000
161,429,000, 166,080,000
6,845.000
7,295,000'
6,115.000!
169,058,000
6,845,000
170,310,000
6,845,000
185,351,000
6.845,000
277,392.000
990,000
51,629,000
91,841,000
17.059.000
3.000 1,380,458,000 1.409.712,000 1,371,771,000 1,420,627,000
Total bills and securities (see note)__ _ _ 1,281,912,000 1,329,245,000 1,280,601,000 l.310.182,000'1.203.78
Gold held abroad
570,000
723.000
723,000
722,000
722,000
724,000
723,000
725,000
725,000
note)
(see
banks
Due from foreign
638,073,000
657,596,000 707,771.000 680.417,000 803,693,000' 661,234,000 730,174.000 673,689.000 747,690.000
Uncollected items
59,437,000
58,691.000
58.693,000
58.693,000
58,729.000
58.733,000
58,739.000
58,739.000
58,739,000
Bank premises
9,880,000
8,010.000
7.970,000
8.483.000
8.576,000
7,780,000
7,700.000
8,358.000
7,997,000
All other resources
5,107,312.000 5,143,043,000 5,041,105,000
5,146,975,000
6,000
5.054,053.000
5,080,665,0005,214,08
resources
Total
5.007.585.000t5.164.887.000
1
LIABILITIES.
1,591,228,000
1,663,678,000 1.663,639,000 1,652,561,000 1,653,228,000 1.657.719.000 1,663.649.000 1,652,879,000 1,641.577.000
V. R. notes in actual circulation
1
Deposits:
2,426,184,000
2.339,544,000
2,332,181.000
2,335,304,000
2.301,040,000
2,330,033,000 2.335,817,000 2,290,218.000 2,302,392,000
Member banks-reserve account
21,100,000
4,570,000
23,405,000
16.900.000
4.721 000
45,455,000
30,854.000
28,635.000' 33,892,010
Government
5,708,000
6,047.000
6.058.000
10,558,000
9,327,000
9.856.000
8.340,000
10,163,000
7.238,000
Foreign banks (see note)
21,144,000
20,149.000
21,742,000
19,715,000
23,850,000
21,764.000
32,309,000
19,156,000
23.308.000
Other deposits
1
Total deposits
Deferred availability Items
Capital paid In
Surplus
All other liabilities
2,474,136,005
2.389,214,000 2,410,358,000 2,350,084,000 2,379,774,000 2,339,838.00e 2,382.477,000 2.383,386,000 2.370,310,000
701,067,0001 587,401,001
608,834,000 656.462.000 643,581,000 748,167,000 1 624 251 000 669,514,000 640.280,000 1.53,730,0001 138.055,001
154.307.000 154,310,000
.• .
156.179.000 155.058,000
254.398,000 233,319,001
254,398,000 254.398.000 254,398.000 254,398.0001 254,398.000 254,398,000 254,398,000
16,966,001
21.061,000
22,059,000
22.630,000
24,072.000
24.100.000
23,386.000T 22,961,000
25.262,000
5.041,105,001
5,097.565,000 5,164,887,000 5.080,665,000 5,214,086,000 5,054.053.000 5.146,975.000 5.107.312.000 5,143,043.000
Total liabilities
Ratio of gold reserves to deposits and
66.2%
87.8%
67.1%
67.2%
69.9%
69.4%
69.0%
68.9%
70.0%
F. R. note liabilities combined
Rath) of total reserves to deposits and
70.1%
71.7%
71.3%
71.5%
74.3%
73.8%
73.3%
73.3%
74.3%
F. R. note liabilities combined
Contingent liability on bills purchased
332,165,000 329,194,000 265,137,005
338.287.000
345,317,000
347,852,000
349,257.000
347,390,000
355,195.000
correspondents
foreign
for
$
$
$
$
Distribution by Maturities93,984,000 124,186,000 114,745,000
79,288.000
67,504,000
66.628.000
94,551.000
62,231,000
80.073,000
1-15 days bills bought In open market _
625,018,000
776,069,000
865,446.000
855,144.000
797,619,000
787,922,000 806.106.000 803.341,000 830.046,000
1-15 days bills discounted
5,571,000
19.275,000
2.940,000
2,420.000
1.650,000
5,450,000
4,177,0001
5,010,000
4.759,000
1-15 days U. S. certif. of Indebtedness_
1-15 days municipal warrants
77,225,000
54,169,000
52,370,000
41,037,000
38,010,000
28.011,000
30,092.000
28,503,000
35,597,000
18-30 days bills bought in open market _
34,376,000
42,865,000
40,319,000
45,810,000
44,841,000
44.024,0001 45,367,000
40,490,000
43,286.000
16-30 days bills discounted
4,000
16-30 days U. S. certif. of indebtedness_
16-30 days municipal warrants
36,423,000 109,880,000
33,147,000
27,855.000
29,495,000
34.266,000
32,037,000
28,793.000
34,736,000
31-80 days bills bought in open market _
46,661,000
73.860.000
65,365,000
70,143,000
65,934,000
75.567,0001 67,741,000
72,492,000
68,164,000
81-60 days bills discounted
1,467,000
1,245,000
290,000
205.000
930,000
Indebtedness_
of
certif.
S.
U.
days
01-60
101.000
101,000
111-60 days municipal warrants
55,120,000
19,123,000
26,164,000
23,489,000
20,370,000
11,069.000
9,557.000
9,902,000
13,048,000
01-90 days bills bought in open market _
29,013.000
39.763.000
42,679.000
48,324,000
40.778,000
41,501,000
43.960,000
37,587,000
41,955.000
01-90 days bills discounted
39,000
128,000
80,000
120,000
6,000
01-90 days U. S. certif. of indebtedness_
102,000
31-90 days municipal warrants
8,131,000
2,937.000
2,762.000
2,134,000
2.672.000
2.715,000
2.816,000
1.938,000
2,509,000
Over 90 days bills bought in open market
15.073,000
10,180,000
10,321.000
10.431,000
19,354.000
20,735,000
16,563.000
11,169.000
13,641,000
Over 90 days bills discounted
23,522,000 112,372.000
24,441,000
23.532.000
10,448.000
9,618,000
12,114.000
20,756,000
Indebtedness
12.013.000
of
certif.
Over 90 days
300,000
300.000
300.000
300,000
Over 90 days municipal warrants
2,813,454.000
2,933,480,000
2.818,819,000 2,835,968,000 2,852,048.000 2,859,913,000 2,867,384.000 2,873.578,000 2,801.173,000
Comptroller
F. R. notes received from
852,596,000 755,327,000 757,167.000 767.927.000 778,767,000 796.307,000 816,637,000 824,062,000 841,125,000
P. R. notes held by F. R. Agent
Issued to Federal Reserve Banks
2.080,884,000 2.058.127,000 2,061,652,000 2,068,041,000 2,073.281.000 2,063,606.000 2,050,747,000 2,049,518,000 1,960,048,000
How SecuredBy gold and gold certificates
Gold redemption fund
Gold fund-Federal Reserve Board
By eligible paper
378.295,000 381.294,000 366.195,000 366,995,000 366,595,000 367,595,000 367,195,000 363,195,000 354,607,000
97,222,0110 101,516,000
97,659,000
94,219,000
92,793,000
92,059,000
95,491,000
89,649,000
86,965,000
839,551,000 841,936,000 820,913.000 831,416,000 819,868.000 772,151,000 806,250,000 810.459,000 707,814,000
1,103,241,000
1.130,676.000
1,078.961,000 1,106,891,000 1,070.005.000 1,085.927,000 1,074,128,000 1,150,767,000 1,178,878,000
8,000
2.431,552,0002,267,18
2,386,866,000 2,424.340,000 2.350,806.000 2,373,987,000 2,347.558,000 2.386.004,000 2,449,980,000
Total
amounts due
NOTE,-Beginning with the statement of Oct. 7 1925, two new Items were added in order to show separate y the amount of balances held abroad and changed 40
the caption, "All other earning assets." previously made up of Federal Intermediate Credit Bank debentures. was
10 foreign correspondents. In addition,
earning assets" to "Total hills and Securities." The latter Item was adopted as a more accurate description of the total of
"Other securities," and the caption."Total
acquired under the provision of Sections 13 and 14 of the Federal Reserve Art, which It was stated, are the only items Included
securities
and
acceptances
lhe discounts,
therein
AND LIABILITIES OF EACH OF THE 13 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS MAY 9 1929.
WEEKLY STATEMENT OF RESOURCES
Two ciphers (00) omitted.
Boston. New York. Phila. Cleveland Richmond Atlanta. Chicago. 1St. Louis. Mtnneap Kan.Clip, Dallas. San Fran,
Total.
Federal Referee Bank of-$
5
$
$
3
3
$
$
$
$
3
I
$
$
RESOURCES.
71.736,0 281,127,0 98.889.0 154,684.0 38.740,0 82,050,0267,0440 23,481,0 54,122,0 43.117,0 22,395,0 172,520.0
Gold with Federal Reserve Agents 1,309.905,0 5,418,0
3.166,0 2,031,0 3,444,0
8,417,0
11,154.0
2,756.0
6.286,0
4,101,0
4.299,0
7,362.0
62.060,0
5.626.0
Gold red'n fund with U. S. Tress
175,064,0
292,281,0 105,300,0
42,841,0 86.349,01272,650,0 30,843,0 56,878.0 46,283,0 24,426,0 43,818,0
Gold held end agst. F. R.notes 1,371,965.0 77,154.0 138,333.0 60,291,0 160,970,0
26.870,0 42,286,0 27,104,0
66,094,0
Gold settle't fund with F.R.Board 678.058.0 81,248.0 488,332.0 26,651,0 51,857,0 14.750,0 16,900,01145,422.0 34.942,0 5,703,0 5.398,0 10,908.0 27,396,0
16,387.0 7,323,0 113.159,0 10,548,0
Gold and gold ctfs held by banks 790,924,0 27.262,0
93,967,0 62.438,0 247,178,0
2,840.947.0 165,664,0 918,946,0 102,249,0 278,921.0 73.978.0 110.572,0 531,251,0 76,333,0 89,451,0 5,404,0 8,941,0 15,280,0
Total gold reserves
52,103,0 7,964,0 12,544.0 8,075.0 8,336,0 26.484,0 11.545.0 2.403,0
171.332,0 14,253,0
Reserve other than gold
119,371,0 69,379,0 282,458,0
3,012.279,0 179,917.0 071,049.0 200,212,0 291,465,0 82,053,0 118,908.0 557,735,0 87.878,0 91,854,0 1.805,0 3.003,0 3.898,0
Total reserves
32,740,0 2.309,0 3,159,0 5,242,0 6,156,0 7,948,0 4.024,0 1,159,0
78.317.0 6.874,0
son-reserve cash
43,960,0
Sills discounted:
58,125,0 21,048,0 17.485,0 59,552,0 22.166,0 9,464.0 15,041,0 11,379,0 25,878,0
Bee. by U. S. Govt. obligations 525.814,0 44.863.0 173,331,0 49,400,0
29,459,0 11,128,0
436.208,0 42,087,0 103,558,0 34,855,0 33.383,0 33,408,0 57,045,0 35,766,0 22.486,0 7,157,0
Other bills discounted
44,500.0 22,507,0 69,836,0
062,022,0 86.950.0 276,889,0 84,255,0 91,508,0 54,456,0 74.530,0 95,318.0 44.652,0 16,621,0 5,542.0 10,509,0 15.829,0
Total bins discounted
44,004,0 12,067.0 12.655,0 5.500.0 7,995,0 8,449,0 1,101,0 3,755.0
157,181,0 29,876.0
Bills bought in open market
64,0
13. S. Government securities:
155.0
585.0
15,0 19.937.0 7,125.0 4,568.0 7.756,0 7,813.0 11,640,0
548.0 1,152.0
689,0
50.407,0
Bonds
3,411.0
11,734,0 9,081,0 27.112,0
657,0 3,123,0 4,763.0 7,213.0 3,966,0
84.495.0 1,795,0
Treasury notes
35,0
52,0
5,0
4,660.0 7.027.0
11,0 1.400,0
14.586.0 1,398,0
Certificates of Indebtedness
15.540.0 18.693.0 27 fiti5 0 1 cum n 9 1,10 n 95 1000 14 ass 0 0.506.0 7.758.0 11.259.0 11,704,0
1404e0 Al .1 0500
s'otal U. S. Gov't securities
MAY 11 1929.]
RESOURCES (Concradcd)Two Ciphers (OM tun11184.
FINANCIAL CHRONICLE
Total.
Boston.
New York.
Phila.
S
$
$
s
$
$
$
s
401,0
654.0
$
695,0
292.0
248,0
871,0
254,0
6,866,0
6,355,0
Otber securities
Foreign loans on gold
Total bills and securities
Due from foreign banks
Uncollected Items
Bank premises
Another
3147
965,0
2.232,0
504.0
1,281,912,0 121.210,0
725.0
54,0
657,596,0 65,887,0
58,739,0 3,702,0
7,997,0
59,0
Cleveland. Richmond Atlanta, Chicago. St. Louis. Afinneap. Kan.City. Dallas. San Fran.
$
2,000,0
170,0
3
1,500,0
210.0
3
1,250,0
225,0
5
750,0
340,639,0 114,070,0 132,523,0 62.066,0 85,922.0 130,738,0 60,435,0 31,132,0 59,508,0 45,750.0 97,919,0
70,0
99,0
220,0
74,0
33,0
29,0
24.0
28,0
18,0
52.0
24,0
180,486,0 53,080,0 60,589,0 47,772.0 22,241,0 82,638.0 29,790,0 12,894.0 38,099,0 25,096.0 39,024.0
16,087,0 1,762,0 6,535,0 3,575,0 2.744,0 8,529,0 3,929,0 2,110,0 4,140,0 1,922,0 3,704,0
1,306,0
192.0 1,309,0
505,0 1,964,0
361,0
501.0
540.0
521.0
335,0
404,0
Total resources
5,097,565,0 377.703,0 1,542,527,0 371.695,0 495,654,0 201,246.0 237,963,0 788,227,0 186,446,0 139.688,0 203,282,0 145,578,0 407,556.0
LIABILITIES.
F. R. notes in actual circulation. 1,663,678,0 138,026,0 288,490,0 141,589,0 206,675,0 68,035,0 132,693.0 306,035,0 57,725,0 64,351.0 66,593,0 38,154.0 155,312,0
Deposits:
Member bank-reserve scol... 2,330,033,0 142,521.0 940,309.0 136,775,0 184,719,0 67.243,0 64,951.0 339.276.0 77,124,0 51,600.0 86,710,0 65,706.0 173.099,0
Government
28,635,0
152,0
917,0 1,595.0 1,792.0
7,328,0 3,475,0 1,633,0 1,853,0 1,733,0 6.037,0 1,210,0
910,0
Foreign bank
7,238.0
502,0
929,0
271,0
264,0
170,0
224,0
2,511,0
312,0
651,0
488.0
692.0
224.0
Other deposits
23,308,0
60,0
589.0 2,336,0
9,655,0
193,0
1,3,0
224.0
797.0
230.0
93.0
32.0 8,986,0
Total deposits
Deferred availability Item
Capital paid in
Surplus
All other liabilities
2,389,214,0 143,235,0
608,834,0 65.003,0
158,179,0 10,390,0
254,398,0 19.619,0
25.262,0 1.430,0
959,803,0
160.276,0
55,969,0
71,282,0
6,707,0
141,094,0 187,841,0 69.501,0 67.061,0 346,831,0 80,941,0 52,911,0 88,759.0 67.754,0 183,483.0
48,035,0 57,218,0 43.738,0 20.413,0 75,088,0 30.027,0 11,269,0 33,631,0 25.828,0 38,308.0
15.289.0 15,089.0 6,176,0 5.332,0 19,483,0 5,427,0 3,042.0 4,278.0 4.460.0 11,244,0
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
935.0
692,0 1.231.0
1,587,0 2.486,0 1,397.0 1,910,0 4,348.0 1,506.0 1,033.0
Total liabilities
5.097.565,0 377,703.0 1,542.527.0371,695.0 495,654,0 201,246,0 237.963,0 788,227.0 186,446,0 139,688,0 203,282,0 145.578.0 407.556,0
euseraaaa.
Reserve ratio (per eeni)
74.3
64.0
65.5
64.0
77.5
73.9
85.4
59.7
63.4
70.8
59.5
78.3
77.8
Contingent liability en bills purchased for foreign eerrespond'
355,195,0 25,883,0 111,405,0 33,578,0 35.677.0 16,089,0 13,641.0 47,919,0 13,991,0 8,744.0 11,542.0 11,542.0 25.184,0
F. R. notes on hand (notes me'
from F. R. Agent lege notes In
Circulation
417.206.0 24.532.0 136.865.0 37.300.0 35.532.0 18.432.0 29.457.0 32.885.0 10.201,0 8.693,0 10,461,0 9.036.0 63,812,0
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS MAY 8 1929.
Federal Rams Agent at-
New York.
Boston.
Total.
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minntap. Kan.CUp. Dallas. &slum
8
Two Ciphers (00) omitted$
$
P.R.notes ree'd from Comptroller 2,933,480.0 240,183,0
P.R.notes held by F.R.Agent-- 852,596,0 77,625.0
$
$
$
$
$
$
$
$
$
$
747,040,0 208.789.0 279.557.0 127.97e.0 229,369.0 427.320.0 85.456.0 98.568.0 110.654.0 61.642,0 317.524,0
321.685.0 29,900.0 37.350.0 41,511,0 67,219,0 88,400,0 17,530.0 25.524,0 33,600,0 13,852.0 98,400.0
F. R.notes Issued to F. R. Bank- 2.080,884,0 162,558,0
Collateral held as security for
F.P. notes issued to F. R. Bk.
Gold and gold certificates__ 378,295,0 35.300,0
Gold redemption fund
92.059,0 13,436,0
Gold fund-F.R. Board
839,551,0 23,000,0
1.076.961,0 116,749,0
Eligible paper
425,355,0 178,889,0 242,207.0 86,467.0 162.150.0 338,920,0 67,926,0 73,044,0 77,054.0 47.190,0 219,124.0
Total nollAtoral
171,880.0
14,247,0
95,000.0
299,027,0
2 RSA Mil n 188.485.0
30,000.0
12,832.0
56.057.0
84,520.0
47.200.0 6,690,0 15,250,0
8.050,0 14.167,0
14,758,0
12,484,0 5,050.0 7.800.0 1.044,0 2,431,0 2.955,0 3.757,0 3.637,0
95,000,0 27,000,0 59,000,0 266.000,0 13,000,0 37,000,0 39,360.0 4.000.0
103,373.0 55,500,0 82,101,0 103,503,0 45.168,0 20,275.0 49.595,0 32,877,0
35.000,0
12,386.0
125,134.0
84.273,0
580.154.0 183.409.0 258.057.0 94.240.0 154_151_0 370.547M OR 040 0 74 307 n 02 712 n 55 272 n 2511 703_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 Dee. 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 3112 immediately
preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
Beginning with the statement of Jan. 9 1929, the loan figures exclude "Acceptances of other banks and bills of exchange or drafts sold with
endorsement," and Include all real estate mortgages and mortgage loans held by the bank. Previously acceptances of other banks and bills sold with
endorsement were included with loans, and some of the banks included mortgages in investments. Loans secured by U. S. Government obligations are
no longer shown separately, only the total of loans on securities being given. Furthermore, borrowings at the Federal Reserve are not any more subdivided to show tile amount secured by U. S. obligations and those secured by commercial paper, only a lump total being given. The number of reporting
banks is now omitted: in its place the number of cities included has been substituted. The figures have also been revised to exclude a bank in the San
Francisco district, with loans and investments of $135,000,000 on Jan. 2, which recently merged with a non-member bank. The figures are now given In
round millions Instead of In thousands.
PRINCIPAL RESOURCES AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS ON MAY 1 1929. (In millions of dollars.)
Federal Reserve Maria,
Total.
Boston. New York
PhUa.
Clersland Richmond Atlanta. Chicago. St. Louis. Minneap. Ran, City Dallas. San Fran.
s
$
$
Loans and investmesta-total
II
22,326
1,486
8,595
1,240
$
2.195
Loans-total
16,451
1,102
6.418
920
7,386
9,005
470
632
3.211
3,208
502
418
5,875
384
2,177
2.997
2,878
189
195
1,702
223
677
645
5
3,299
1.526
519
510
707
820
191
328
147
363
320
669
158
1.179
998
104
216
321
348
74
84
94
16
811
65
76
13
132
28
13,234
6,760
143
913
456
6
5,949
1,698
82
706
274
7
1,157
2,715
60
116
154
968
703
58
193
On securities
All other
Investments-total
U.S. Government securities
Other securities
Reserve with F. R. Bank
Cash In vault
Net demand depoelts
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from F. R. Bank
$
$
$
5
$
$
696
370
686
482
5
1.955
2.581
519
247
450
348
1.312
1,204
1,376
234
286
82
164
123
327
100
248
415
897
136
719
176
123
237
134
643
85
70
343
376
69
107
68
55
111
125
94
41
379
261
40
10
39
9
247
36
44
8
26
5
51
10
85
7
107
18
1,032
960
II
349
242
4
326
228
7
1.825
1.240
17
377
231
2
207
130
I
486
179
2
297
141
10
768
979
14
71
155
106
200
49
96
75
98
248
454
58
112
44
74
105
184
57
80
131
177
57
71
vi
52
70
20
18
RR
16
66
*Subject to correction.
Condition of the Federal Reserve Bank of New York.
The following-shows the condition of the Federal Reserve Bank of New York at the close of business May 8 1929,
In comparison with the previous week and the corresponding date last year:
Resource,Gold with Federal Reserve'Agent
Gold redemp. fund with U..8. Treasury_
May 8 1929. May 1 1929 May 9 1928.
$
$
$
281.127.000 281,203,000 176,212,000
11,154,000
11,556,000
18,516,000
Gold held exclusively ages. F. R.notes
Gold settlement fund with F. R. Beard.
Gold and gold certificates held by bank_
292,281,000
138,333,000
488.332.000
292,759,000
186,451,000
474.950,000
194,728.000
315,865,000
405.100,0110
Total gold reserves
Reserves other than gold
913,046,000
52,103,000
954,160,000
52,194,000
915,693,000
33,626,000
Total reserves
Non-reserve cash
Bills discountedSecured by U.S. Govt.obligations
Other bills discounted
971.049,000 1.006,354,000
32,740,000
30,663,000
949,319,000
31,298,000
173,331,000
103,558,000
169,677,000
77.905,000
214,259,000
75,867.000
Total bills discounted
Bills bought in open market
U. EL Governutent securitiesBonds
Treasury notes
Certificates of indebtedness
276,889,000
44.004.000
247,582,000
56,834,000
290,126,000
84,050,000
155,000
11.734.000
4,660,000
455,000
11,841,000
5,170,000
1,384,000
14,245,000
33,872,000
16,549.000
965,000
2,232.000
17,166,000
1,465,000
5,233,000
49,501,000
340.639.000
328.280,000
423,67 7,00
Total U.S. Government securitiesOther sesuritlee (see note)
Foreign Loans on Gold
Teal bills and securities (See Note)
May 8 1929. May 1 1929. May 9 1928.
Resources (Concluded)Gold held abroad
Due from foreign banks (See Note)
Uncollected items
Bank premises
All other reeourece
Total mounted;
220.000
180,486,000
16,087.000
1,306,000
220,000
202,715.000
16,087,000
1.705,000
217,000
169,289,000
16,563,000
2,090.000
1,542,527,000 1,586.024,000 1,582,453.000
Fed'I Reserve Liam In actual circulation
Deposits-Member bank, reserve acct..
Government
Foreign bank (See Note)
Other deposits
288.490,000
940.309,000
7.328.000
2.511.000
9.655.000
295,815.000
947,320.000
7,367,000
2,081.000
17,462,000
337,881,000
969.787,000
4,948.000
1,297,000
11,370,000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
959,803,000
160.276,000
55,969,000
71,282,000
6,707.000
974.230.000
182,468.000
55,829.000
71,282,000
6,400,000
987,402.000
147.155,000
42,577,000
63,007,000
4,431,000
Total liabilities
Ratio of total reserves to deposit and
Fedi Ree've note liabilities combinedContingent liability on bills purchased
for foreign correspondence
1.542,527.000 1.586,024,000 1,582,453.000
77.8%
79.2%
71.6%
111,405,000
108.742,000
75,100,000
NOTE.-Beginning With tbe statement of Oct. 7 1925, two new items were added In order to show separately the amount of balances held abroad and amounts due to
tomes eorrespendeass. In addition, the caption "All other earning assets." previously made up of Federal Intermediate Credit Bank debentures, was changed $e
"Other securities." aid tile caption "Total earning assets" to "Total bills and securities." The latter term was adopted as•more accurate description of the total of the
disownsaeeeptenege aid swamies acquired under the Provisions of Sections 13 and 14 of he Fede:al Reserve Act. which.it was stated,are the only items included therein,
3148
FINANCIAL CHRONICLE
Kian
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
rs. Gazet
Maturity.
Wall Street, Friday Night, May 111929.
Railroad and Miscellaneous Stocks.-See page 3134.
Stock Exchange sales this week of shares not in detailed list:
STOCKS.
Satesl
Range for Week.
Range Since Jan. 1.
Week Ended May 10.
for
Week.'
Lowest.
Highest.
Lowest.
Highest.
Par. Shares! $ per share. $ Per share. $ per share;$ per share.
RailroadsBaltimore Ss Ohio rights_ 44,700, 2%
Buff Roch & Pitts p1.100
100100
Canada Southern_...100
20! 55
Canadian Pacific rights_ 72,300! 644
Central RR of N J _100
300 306
Chesapeake & Ohio rts__ 15,500 2444
Chic Ind & Louisv p1_100
401 7441
III Cent leased llne___100
100; 74
New On Tex & Mex_100
2001374
Pennsylvania RR rights_ 13,500 2
Southern Pacific rights- 41100
In
May 9 241
May 8 100
May10 55
May 9 7
May 9312
May 4 25
May 8 744
May10 74
May 7 14034
May10 24
May 4
In
May 6 2%
May 8 98
May10 55
May 6 5%
May 8 305
May 4 23
May 8 7431
May10 734
May10 130
May10 2
1st
May 4
marl 2%
May
Feb
Jan 103
May; 6144 Feb
may; 7 May
Apr360 Feb
May 2534 Apr
Mar 7431 Mar
Feb
Apr 80
Apr,140
Feb
May
Apr 2% May
44 Apr
Industrial & Miscall.
Adams Express rights-- 12,800 424 May10 6034 May 6 4234 May 6434 May
Air-Way Elea Appl--•41.600 384 May 4 45
May 7 374 May, 45
May
Alleghany Corp
*146,500 334 May10 354 May 4 27% Mar, 3731 Mar
Preferred
100 4,900100
May 8101% May 4 9944 Apr10534 Feb
Alliance Realty
•
20 99
Jan
Mar1105
May 6 99
May 6 86
Am & For Pr pref (6).-•
80 98
Feb
Feb 100
May10 994 May 8 95
Am Corn Alcohol
13,200 454 May 9 47% May 9 4544 May 4734 May
Am Express ads
100 332
May10 332
May10 332
May 332
May
Am Hawaiian SS Co.-10 17,900 374 May 4 404 May 6 24% Mai 42
Apr
An End & Stan San rts 301500 2
Mar 24 May
May10 24 May 4 2
Am Rolling NI111
2541,700 1164 May 6121% May 7 1124 Apr1214 May
Am Stores Co
* 9,000 74% May 9 80
Apr
May 6 7474 May 85
Am Sumatra Tob rts--- 13,500
41 Apr
44 Apr
41 May 4
41 May 4
Am Tel & Tel rights-- 118000 54 May 8 64 May 4 544 May 634 May
Anaconda Coppernew.5095,200 11431 May 9 119 A May 4 114% Apr 140
Mar
Rights
102700 244 May 9 264 May 4 24
Apr 3534 Mar
Anaconda Wire Co
I 3,100 84
May 9 86% May 9 84 May 864 May
Assoc Apo Industries. • 800 524 May10 53% May 4 524 May 554 Apr
Assoc Dry Gds 2d p1100
100 101
Jan
May 110
May 8 101
May 8 101
Bohn Alum & Brass....' 8.400130% May 8 13641 May 4 114
Apr 1o641 May
Borden Co new
25 17.800 93% May 9 98
May
May 6 9334 Apr 98
Borg-Warner Corp
1022,200 133% May10 140% May
4
Bullard Co
6.900 524 May 8 5344 May10 In
14
\ a3;
Calumet & Arizona new_ 7,100132
Slay 135
May 6 132
May 9135
May
Cavanagh-Dobbs Inc..* 2,100 2844 May 9 30
May 4 2844 May 424 Feb
Preferred
100
100 974 May10 9741 May10 9741 May 1054 Mar
Celotex
• 7,000 664 May 8 71
May 4 6231 Ap 794 Feb
Preferred
100
100 884 May 8 884 May 8 87
Ap 934 Feb
City Ice & Fuel
• 600 57
Ap 62% Jan
May 4 54
May 8 58
100
City Investing
20 190
Apr
Feb 205
May 6 150
May 6 190
Coca Cola class A
• 1,400 48
May 9 484 May 6 48
Feb
May 50
Consol Cigar pref._. _100
90 98
Mar
May 4 924 Feb 100
May 4 98
Prat (6) ex-warr
50 8841 May10 884 May10 88% May 8841 May
Continental Can rights_ 63,300 14 May 7 144 May 4 141 May 14 May
Crosley Radio CerP---• 9,100102% MayiO1 lOD
Feb
Ma 125
May 4 86
Curtis Pub Co
• 2,400 1234 Slay10,126
Mar 129
Mar
May 7 117
Preferred
May10 11344 M 118
• 500116% May 81117
Mar
Crown Cork Ss Seal
1,600 4834 May 91 51
May 9 484 May 51
May
Cushman's Sons pref-_•
80 111
May 6 10844 Feb 1154 Feb
May 6 111
De Beers Cons Mines
40 23
Feb 25
May10 22
Mayl 24
Mar
Dominion Stores
• 2,200 47
May10 52
May 534 Apr
May 0 47
Duplan Silk
• 2,200 22
May 7i 2231 May 4 2031 M
284 Jan
Preferred
100
100 99
May10 98
May10 99
Jan
M 102
Elk Horn Coal pref
May 91 9
200 9
May 9 841 M
13
Jan
Emerson-Brant cl B_-_• 300 544 May101 834 May 8 4
Jan 13
Feb
Emporium Capwell---• 300 274 May 4 274 May 4 27
Feb
Feb 38
Eng Pub Ser pf (534)..' 800 96
May 9 974 May 4 96
Apr 994 Feb
Evans Auto Loading_ 10 2,100 60
Mar 7354 Mar
May 6 55
May 9 62
Fairbanks Co pref____25
160 124 May 4 25
Ap 35
Jan
May 7 11
Fashion Park Assoc__' 3,600 644 May 9 694 May 4 644 May 724 Mar
First Nat Pict 1st pref100
50 115
May 9 115
May 9 1044 Jan 115% May
Fisk Rubber rcts 50% Pd
600 1141 May 4 114 May 6 11
Ap 1131 Apr
Gen Gas Ss El pf A (7)_-•
220 108
May10111
May 6 107
M 116% Jan
Rights
16,000 141 May 9 34 May 7
41 Ap
44 Apr
Gold & Stock Tel____100
10 118% May 9118% May 9118% May 122
Jan
Gold Dust pref
200 110
May10 110
May10 110
Mar
May 120
Graham-Paige Mot rts 60,800 14 May101 141 May 6 14 Ap
2
May
Grand Stores pref _ _100
100 110
May 8;110
Jan
Ap 116
May 8 107
Hayes Body Corp
*43,200 59% May 71 644 May10 504 Ap 6631 Apr
jut Combus Eng rights_ 138,900
41 May 71
44 May 6
4 Ap
44 Apr
Int Tel & Tel new
'446900 8841 May 4 944 May 7 884 May 9434 May
Island Creek Coal pref.1I
10 105
May 8 105
May 8 105
May 1054 Star
Kelsey Ilayes Wheel newl 100 55
May 9 55
May 9 55
May 55
May
'I 550 91 May 8 924
Kendall Co pref
May 9 894 Ap 96
Feb
I 2,600 49
Kimberley-Clark
May 9 5031 May10 49
May 5054 May
I 3,800 134 May 7 2 May 6 141 Ap 2% Apr
Kinney Co rights
Lehigh Valley Coal...*j 9,100 2341 May 6 244 May 7 19
Feb( 284 Apr
50 1,500 384 May 4 40
Preferred
May10 344 Mar' 40
Feb
• 2,000 53
Link Belt Co
May 8 544 May10 53
Apr1 61
Feb
Liquid Carbonic rights-- 11,600 14 May 9 24 May 9 14 May 24 May
McGraw-Hill Mfg
• 2,400 454 May 9 4644 May 4 414 ApI 48
Feb
100
210 102
Mengel Co pref
May 9 102
May 9 99
Ap 102
May
Michigan Steel
* 1,300 104
May 410431 May 4 99
May 104% May
Nat Dairy Prod flew.... 28,600 6744 May 9 69
May 6 6734 May 69% May
50 11,600 49
Newport class A
May 6 .5144 May 4 43
Marl 52
May
• 2,300103% May 8 108
6 103% Slay non Apr
Newton Steel
Slay
M
•13,600 51% May 7 5744 May 8 5131 May 6431 Apr
Oliver Farm EquiP
Preferred A
• 4,300 9834 May 8 994 May 4 98
Ap 994 May
May 6 674 May 8 64
May 69% Apr
Cony partIcpating • 7,900 64
May 9 79% May10 77
9,900 77
Phelps Dodge new
May 794 May
Phillips Jones Corp_ _ -*20,400 61% May 8 7231 May10 41
Mall7234 May
May 4 924 FebI 98
100
180 9744 May 6 98
Pitts Steel pref
Apr
May 9 604 May 4 504 MarI 654 Jan
7,600 57
Pirelli of Italy
May 8 8134 May 6 74
Radio Corp class B....'20,700 78
Mar 824 Apr
May 7j 35
May 7 36
200 36
Rand Mines
Apr 36% Feb
May 7 544 May 4 484 Apr .544 May
• 5,400 .52
Republic Brass
May 6 111
May 6 102
200 111
Apr 111
Class A
*
May
May 8 105
May 8 106
100
100 106
May 106
Preferred
May
May 9 914 May 96
Ross's, Insurance new--- 1,800 9131 May10 96
May
May 4 24 Apr 344 Apr
Sou Calif Edison rights- 54,600 24 may 6 3
Spalding Bros
'; 4,500 5844 May 9 634 May 6 50% Apr 634 May
Sparks Withington
*22,500 1974 May 4220% May10 17041 Apr 229% May
Spencer Kellogg & Sons.• 1,600 3731 May 6 3831 May 6 354 Apr 43
Feb
May10 5144 May 4 484 Apr 554 Mar
Spicer Mfg pref A
• 900 49
Superior Steel rights__ 97,000 3
May 8 34 May 4 14 Apr 4
Apr
May 4 2531 Apr 31
Timken-Detroit Axle_10 21,600 2834 May 8 31
May
U S Express
May 6 2
Jan 10
Apr
100
900 541 May 7 6
U S Steel new
ioa 9,700180May 918474 May 4 180 May 186 May
Rights
125400 5% May 9 6% May 4 594 May 634 Apr
United Aker & Transp_•476800 142% May 416131 May 7 78% Apr 162
May
Preferred
May 7 6831 Apr 1094 May
5017.600 964 May 4 105
United Corp
'580200 664 May 9 72% May10 6634 May 7274 May
Preferred
29,700 4541 May 9 45% May 9 4541 May 4574 May
Union Carb & Carb new.32,700 8231 May 9 86
May 9 82% May 86
May
United Dyewood__100 15,040 8
May
Slay 8 0% Apr 21
May 6 21
Preferred100 200 65
May 8 534 Apr 75
May
May 8 75
Va El & Pow pf (6)__100
Jan 1014 Jan
30100% May10 1004 May10 100
Walgreen Co pref____100
Mar
100103% May 7103% May 710054 Mar 106
Westvaco Chi Prod
5,700 924 may 9 93% May10 9241 May 93% May
Rights
May 44 May
1,600 4
May10 444 May10 4
Wilcox-Rich class A___•29,000 5344 May 9 6031 May 4 37
Mar 61% Slay
Class B
May
May 62
.62,500 53
May 9 6031 May 4 34
Woolworth Co new_1059,200 9244 May 9 9444 May 4 854 Apr 9444 May
it,IN
Bank. Trust & Insurance Co. Stocks.
Equit Tr Cool N Y_100
50 710
May 7 735
*No par value.
[VOL. 128.
May10 493
Jan 765
Mar
in:.
Rate.
June 15 1929_.. 44%
Sant.15 1029 _
%
Oec. 15 1029_
431%
Asked.
992.22
992,22
991.22
992.12
9932 22
9917,
Maturity.
1st.
Rate.
Bid.
Sept.15 1930-32
Mar.15 1930-32
Mc.15 1930-32
Sept. 151929
Dec.15 1929
34%
34%
34%
441%
44%
96,222
9622,,
96.122
00",,
9922 22
Asked.
0029,
962222
062.22
99..22
991722
New York City Realty and Surety Companies.
(All prices dollars per share.)
Bid
Alliance WILY
85
Am Surety new 165
Bond & MG.
New(320par) iOi
Home Title Ins 305
Lawyers Mtge 342
Lawyers Title
& Guarantee 415
Ask
'
I
100 Lawyers West175
chest ihI & T
Nitge Bond...
ini N Y Title &
315
Siortgage__
352
New
U S Casualty_
425
New w 1....
Bid
All
Bid
N. Y. Inv't'rs
1st pref____ 98
2d pref ____ 97
Westchester
735
Title & Tr 1160
74
470
112
350
185
Ask
365
195
725
72
450
108
ISO
New York City Banks and Trust Companies.
(AU prices dollars per share.)
Banks-N.Y. Bid
227
America
Amer Union*. 260
Bryant Park. 400
211
ha
n2
treal
C
ca
250
Century
1095
111
Rly,lits
Chath Phenix
Nat 13k& Tr 767
ChelseaEx new 111
Chls'aExC'p A -Class B
Chemical
Continental*. 800
Rights
18
Corn Exch
1063
Fifth Avenue_ 3200
First
6700
Grace
750
Hanover
1280
Harriman_
1300
Liberty
275
Manhattan* - 915
National City 403
Park
1025
Rights
19
Penn Rich... 170
Ask Banks-N.Y. Bid
230 Port Morris__ 1250
275 Public
301
Rights ____ 39
218 Seaboard ____ 1175
173
Seward
310
1105 Trade.
114 Yorkville
220
Yorktown'... 290
775
Brooklyn.
118
Globe Exch.. _ 400
Municipal* _ 715
115 Nassau
840 People's
1200
170
22 Prospect
1075
3700
Trust Co..
6800
New York.
1300 Banca Coral°
Italiana Tr_ 420
1350
285 Bank of N Y
925
& Trust Co. 965
407 BankersTrust 166
1040 Bronx Co Tr
550
21 Central Union 423
180 County
565
Ask
1350
306
41
1195
178
325
325
425
725
765
1600
195
440
Tr.Cos.-N.Y Bid
Ask
Empire
615 825
Equitable Tr_ 732 740
Farm L & Tr. 1970 1990
Fidelity Trust 230 240
Fulton
750 850
Guaranty.... 1092 1100
222 228
Interstate_
368 373
Irving Trust_ 17834 7914
Rights
1034 1114
Lawyers Trust
Manufacturers 307 312
Murray Hill
310 325
Mutual(Westchaster)
375 405
N Y Trust... 302 312
Times Square_ 177 183
Title Gu & Tr 192 199
U S Mtge &Tr y680 710
345 360
Rights
United States 4200 4600
Westchest'r Tr 1000 1100
980
Brooklyn.
168
1185 1195
_--- Brooklyn
435 Kings Co_ _ 3400 3800
690 Slidwaod_
310 330
*State banks. ( New stock. r Ex-divldend. g Ex-stock di!. y
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. May 4. May G. May 7. May 8. May 9. May 10
First Liberty LoanHigh
335% bonds of 1923-47_ _{Low(First 34)
Close
Total sales in 51,000 units___
Converted 4% bonds
MO]
1932-47 (First 48)
____
____
____
_--____
98.22
98
98
13
____
98
972222
98
441
96
98"::
08
95.22
60
Total sales in $1,000 units___
____
__ __
Converted 44% bonda{111gb 99113, 99"at 99"at 991011
01 1932-47 (First 44110 Low- 99"st 9911st 9933 2 993ln
Close 991222 992222 992.22 0922at
45
Total sales in 81.000 units ___
3
4
11
Second converted 441% High
bonds of 1932-17 (First{ Low------------Second 44s)
Total sales in $1,000 units ___
____
-_------Fourth Liberty Loan
{High 992.22 992.22 992222 991232
441% bonds of 1933-38
Low- 992.22 992222 90213, 9912,2
(Fourth 44(s)
Close 9928 13 991t11 992222 991.22
101
Total sales in 31,000 units___
70
108
157
Treasury
{High 109
109222 1082.22 1082222
Low_ 109
441s, 1947-52
1082222 1092.22 1082.22
1082222 1081.22 1082.22
Close 109
Toted sales in 51.000 units___
12
87
8
1
1041.22 1042.22
____ 105
{High
48, 1944-1954
Low_
___ 1012.22 10418 22 1042.22
Close
__ 1042.22 1042.22 1042.22
Total sales in 81.000 units ___
2
48
4
---{High
101"at 101"st
____ 102
35is, 1048-1956
Low.
____ 101"at 101"n 101"st
Close
__ 1012.22 1012.22 1012.22
Total sales in 51,000 units___
35
____
1
{High
Was
971ln 9737st 97"st
35is, 1943-1947
Low_
08'n
9737at 97"st 97"st
Close 981st
972In 9737st 9721st
Total sales in 51,000 units.__
2
14
11
8
97,,a, 97"31 97"st
High
____
3,0. 1910-1943
---- 97":2 07":2 97"32
Le•wClose
____
972222 972222 972322
Total sales in 31 000 units __
50
___
4
98'n
98
98.22
8
98'st
98.22
98'n
12
99"at
99"at
091Ist
24
09"at
99"as
99"at
25
-- ---
------991232
9912.a
992.22
104
1082.22
1081.22
1081222
21
1042.22
1012.22
1042222
35
-------
- -- 992522
99.28,
992.22
186
1082.22
1082.22
1081.22
1
105
1042.22
105
46
--------
97 3S13
97"zt
9728n
10
_-__
__.._
97"as
97"at
071'n
1
073131
97"st
971.22
22
Note.-The above table includes only sales of coupon
bonds. Transactions in registered bonds wore:
I let 4sia ................................................ 99'to 99"st
48 4th 434s ............................................... 90
"
,
.to 09"st
Foreign Exchange.
To-day's (Friday's) actual rates for sterling exchange were 4.84 11-1618'
4.85 for checks and 4.85 5-32(44.85 5-16 for cablin. Commercial on banks,
sight, $4.84 7-16144.84%; sixty days, 4.80©4.80%; ninety days, 4.78@
4.78 3-16; and documents for payments, 4.7035(0.80x. Cotton for
payment. 4.83 15-16. and grain for payment 4.83 15-16.
To-day's (Friday's) actual rates for Paris bankers' francs were 3.9031
@3.904 for short. Amsterdam bankers' guilders were 40.164840.20 for
short.
Exchange at Paris on London 124.21 francs; week's range. 124.21 franca
high and 124.17 francs low. .
The range for foreign exchange for the week follows:
Cables.
Checks.
Sterling, ActualHigh for the week
4.85 5-16
4.85
Low for the week
4.84%
4.8534
Paris Bankers' Francsnigh for the week
3.903-1
3.0034
Low for the week
3.90 19-32
3.90%
Amsterdam Bankers' Guilders40.20
nigh for the week
40.213-4
Low for the week
40.16
40.1941
Germany Bankers' Marks23.72
High for the week
23.7234
23.70
93.69
Low for the week
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
?or sales during the week of stocks not recorded here, see preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
May 4.
Monday,
May 6.
Tuesday,
May 7.
Wednesday,
May 8.
Thursday,
May 9.
Friday,
May 10.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
page.
PER SHARE
Range Since Jan. 1.
On basis of 100-share iota
Lowest
Highest
PER SHARE
Range for Pm/1M
Yew 1928
Lowest
MOM
par $ per shore $ per share $ per share 6 per WW1
Railroads
Shares
19518 Mar 26 2093s Feb 4 1828s Mar 204 Nov
7,600 Atch Topeka & Santa Fe _100
100
10212 Jan 2 10372 Jan 7 10212 Jan 10812 Apr
1,200 Preferred
100 189 Jan 2 19134 Feb 4 15718 Oct 19112 May
2.600 Atlantic Coast Line RR
100
11818
Mar 26 133 Mar 5 10334June 1255. Dee
Ohio
15,500 Baltimore &
77 Nov 85 Apr
100 77 Apr 13 8012 Mar 20
600 Preferred
61 June 8414 Jan
50 6412May 8 72 Jan 2
800 Bangor & Aroostook
Dec 11534 MaY
104
11012
Jan
22
Apr
4
105
100
30 Preferred
58 Feb 91 Dec
100 85 Apr 4 10934 Jan 5
300 Boston de Maine
5358 Jan
7734 May
21,300 Bklyn-Manh Tran v t o_No par 6218May 9 81% Feb 25
Jan 953 May
82
No par 84 Mar 26 9258 Feb 1
500 Preferred v t c
477 Sept
1412 Jan
2,200 Brunswick Term & By Elec_100 2538 Apr 4 4418 Jan 18
3214 July 841r Nov
500 Buffalo & Susquehanna_ _ _100 5434 Jan 26 85 Mar 2
Nov
6812
Mar
4
Sept63
38
100 5312 Jan 4
Preferred
100 22512Mar 26 26978 Feb 2 19512Jun 253 Nov
18,200 Canadian Pacific
Bept
Mar
10718
10112
Mar
14
98
97
Mar
28
st'd100
50 Caro Clinch de Ohio ctfs
100 210 Mar 26 230 May 4 17512 June 21834 Dec
16,300 Chesapeake & Ohio
Jan
18
216
Feb
,-,21312
27
----100
Preferred
1834 May
558 Jan
100 1118 Jan 2 1934 Feb 4
*- i514 -1114
3 144 2,300 Chicago & Alton
-iii2 -111-2 -1412 -fili -i4
-- 144
34 -1_34
77 Feb 2638 May
100 16 Mar 26 2534 Feb 4
1712 16% 16% 174 18
17
5,200 Preferred
•1812 1914 18
1814 1758 18
Apr
11
37
May
34
43
Feb
4
Feb
4814
40
*30
40
*30
40 '30
*30
40
*30
40
Chic & East Illinois RR-_100
•30
40
58 Aug 7638 May
100 5334May 4 66% Feb 4
55
*51
60
*48
55
*45
55
544 *53
300 Preferred
5334 5334 54
25
Dec
Feb
1412
Mar
1
918
26
Feb
Western_lOO
23%
1712 1858 1714 1834 1712 1838 178 184 1712 1778 174 1778 7,300 Chicago Great
2012 Feb 50% Dec
100 4612 Jan 7 6358 Jan 31
4914 5012 4958 5012 8,000 Preferred
5238 5078 51
5034 51
51
487 517
2214 Mar 4018 Apr
31 Mar 26 3978 Feb 2
315 3214 3112 3212 3112 3134 3112 3158 3118 3112 3158 3234 9,800 Chicago Milw St Paul *Pao__
4914May 9 6334 Feb 2
37 Mar 5958 Nov
52
5278 5159 52
5014 51/
1
4 4934 5012 5018 5134 20,400 Preferred new
5218 525
78 June 9414 May
8112 8212 8318 8322 8,000 Chicago & North Western_100 8112May 9 9414 Feb 5
8334 8414 8312 8418 8314 8312 8134 83
100 134 Apr 24 145 Feb 5 135 Dec 150 May
*135 139 *135 139 *135 139 *135 139 *135 139
135 135
100 Preferred
/
4 126 *123 124
12258 124
123 12314 1231
12212 12212 12234 12414 3,900 Chicago Rock 1s1 de Pacific_100 12212 Apr 2 1397 Jan 19 106 Feb 13959 Nov
100 10514 Mar 27 1084 Jan 25 105 Dec 11112 Ma7
10718 10718 10714 10714 *10612 10714 *10812 10714 *10634 10714 10718 lO7Is
300 7% preferred
99n Dec 185 May
100 100 Jan 8 10278 Feb 5
•1004 10114 101 101
101 101
101 101
100 10018 100 100
1,700 6% preferred
100 109% Apr 6 122 Mar 5 105 Aug 126 May
112 112
110 110 "108 110 *102 112
•102 112
110 110
300 Colorado & Southern
67 July 85 Ape
100 75 Mar 20 80 Jan 25
78
•78
*78
7834 *78
7834 78
80
*78
784 *78
79
40 First preferred
6912 Nov 85 May
*69
7112 *80
7112 7112 7112 *702
100 64 Apr 22 7212 Mar 5
7112 *69
7112 69
1 711
10 Second preferred
6312 Dec 8758June
7052 Jan 2
6312 6312 6312 6312 *6112 6312 6134 6114 60
614 60
60
1.400 Consul RR of Cuba pref _100 60 May 9 81
Jan 2
79 Dec 94 June
100 70 Apr 10
•_ _ _ 70 *__ 70 *
70 *____ 70 *____ 70 •____ 70
Cuba RR Mel
100 182 Mar 26 20714 Feb 1 16314 Feb 228 Ate
197 197
19434 197
19312 195
19212 19512 19012 19114 191 19312 3,500 Delaware de Hudson
150 Apr
12312 12312 123 123
12314 12312 *12212 12314 12112 122
13114 122
2,300 Delaware Lack & Western_100 12114May 10 13314 Feb 1 12514 Dec
50% Feb8584 Apr
5514 Jan 2 77% Feb 21
pref-100
.66
*66
68 ..*6534 68
68
6534 6534 66
West
Or
6714 8714 68
1,200 Denv & Rio
47
Aug6
34 Jan
3
Feb
4
Apr
9
3
*3
31
*314 334 *3
312 *3
312 "318 4
*318 314
Duluth So Shore & Atl--100
912 May
*5
51
*5
100
434May 1
712 Feb 4
48 June
512 *5
512 *5
512 *438 6
*438 6
Preferred
Dee
June
7212
488
4
78
Mar
5
Mar
26
64
100
7212 73
7238 7312 72
73
713 72
704 7112 714 7434 70,500 Erie
50 June 637s Jan
100 57 Mar 26 5424 Feb 4
6014 6038 5934 6038 5934 60
594 60
5914 595
594 6078 3,400 First preferred
82 Jan
June
4914
Mar
27
6014
Jan
5
56
100
'5612 581 *5612 59
preferred
58
58
*5612 58 '5612 58
*5612 58
100 Second
9312 Feb 11434 Nov
4
10314 10412 10414 10434 10334 104
10318 1033 10212 10's 10338 104
5,000 Great Northern preferred-100 102 Mar 26 11578 Mar
914 Feb 11134 Nov
100 10012 Mar 26 112 Mar 4
102 102
/
4 10218 10134 10134 100/
10214 10214 1021
1
4 10078 10114 10112 1,100 Pref certificates
43 Aug 6172 May
:Mar
28
59
Feb
4
43
1
Northern_100
46
46
"46
47
45
46
"45
46 .45
46 .45
46
600 Gulf Mobile &
103
Jan
3
May
3
99 Aug 109 May
96
100
97
97
*96
138
"96
98
*96
98
*96
98
*96
98
100 Preferred
7 Aug 17114June
7 Feb 18 1112 Apr 20
•914 11
*914 101
*94 1012 *914 1012
914 914 '9
100 Havana Electric fis___No par
10's
15
51 Dec 7818 Sept
Feb
16
73
Apr
55
100
•72
80
"72
80
*72
80
*72
80
72
72 '72
80
50 Preferred
100 375 Mar 26 450 Jan 22 340 July 473 Nov
440 440 *426 440
420 430
415 415
412 425
410 410
170 Hocking Valley
50% Dec 731 Apr
*43
44
*434 4334 4312 4334 4258 434 4112 4259 4158 4158 4,600 Hudson & Manhattan-JO° 4034 Apr 9 5838 Jan 5
Oct9312 Apr
81
100 74 Apr 10 84 Jan 18
*75
77
*75
7614 '74
77
*75
77
75
75 "74
76'2
100 Preferred
100 134 Mar 26 152 Feb 1 1315* Jan 14854 May
13658 1367 13512 1381 13614 1364 13512 135% 13514 13534'134 135
3,600 Illinois Central
Jan 147 May
13012
4
Mar
27
Feb
135
1454
100
Preferred
•135 145 *135 145 *135 145 *135 145 '135 145 "135 145
75 July 8211 June
*76
77
•76
77
*76
77
100 RR Sea Stock certificates__ 76 May 8 801* Feb 21
76
77 '76
77'2 7714 7714
Jan 02 May
29
9
Feb
25
May
583
2
27
c_100
t
v
Rapid
Tran
3134 2912 314 2912 2978 27
Interboro
313 3158 31
2812
30
2914
12,700
8612 Mar 5218 Nov
*45
48
*4612 48
*4812 47
•4612 48
"4612 48
Int Rys of Cent America-100 43 Apr 1 59 Jan 26
*4612 48
No par 43 May 8 5912 Jan 25
•43
46 '431 46
•43
46
43
43
*42
46
*42
46
160 Certificates
iiis Jan ii Ma,
100 7218 Apr 16 8014 Jan 2
*73
733 *73
7334 7312 731
7318 7318 *7312 74
734 7312
80 Preferred
57 Max
2 Mar
44 Jan 18
3% Jan 30
100
*314
312
314 314 *314 312 *314 312 *34
1
4 31
312 *3/
10 Iowa Central
43 June 95 Nov
12
Jan
Mar
26
98%
78
100
Southern
8411 85
*84
85
8312 84
City
8312 8312 81
/Ismail
2.900
83
84
85
Apr
77
Aug
6612
7012
Jan
15
29
Apr
6412
100
•6434 68
*6438 65
6478 64/
1
4 *6434 65
65
65
65
600 Preferred
65
841s Feb116 Apr
50 8634Mar 26 1024 Feb 2
8834 8834 8834 884 87
87
871
/
4 8718 "8652 88
900 Lehigh Valley
8712 8712
2 Nov 1594 May
Feb
5
139
Mar
26
15312
1383
4
143 143 *140 142 *140 145
Nashville-J0°
140 140
1397 14078 '140 14118
800 Louisville &
75 Jan 98 May
*6014 66
64
64
63
63
*64
66
*63
66
*63
66
520 Manhattan Elevated guar_100 6018 Apr 25 87 Jan 3
40
Jan 64 Ma,
100 3112 Apr 8 571 Jan 11
35
3558 3512 36
3534 36'z 3534 37
35
3514 35% 3534 7.200 Modified guaranty
711 May
43
22
31s Dec
Jan
Mar
4
*212 33
27
8
100
*3
33
*3
33
*3
33
*212 3
*212 3
Market Street By
3812 Dec 5434 Ma)'
*2814 30
2814 2814 28
100 28 May 7 3912 Jan 4
2818 2814 288 •2814 30
*2814 2912
800 Prior preferred
May
17
612
May
19
Jan
Mar
26
3%
212 21
*238 21z
214
238 238 *238 21
Louls_100
St
'238 212
dc
28s 238
400 Minneapolis
4
40 June 5218 Jan
•36
42
"313
42
*36
42 • *36
42
*36
42 '36
42
Minn St Paul & ft El Marle_100 3912 Feb 20 4714 Feb
May
873
4
Dec
70%
Jan
23
*65
72 '65
73
*65
73
*85
73 '65
100 71 Jan 14 87
73
*65
73
Preferred
60 Dec 71% Jan
*5912 81
59
591 "59
60
*59
100 571 Apr 10 66 Jan 25
60 '5914 61
594 5914
60 Leased lines
3012 June 58 Dee
4914 4984 4858 497
48
49's 473 483
47
48
48
49
27,300 Mo-Kan-Texas EtR_...._No par 4212 Mar 26 55 Feb 4 10112 June 109 Feb
10812 107
10634 107
10612 10659 10612 1t67s 10614 10658 10612 10612 4,900 Preferred
100 102 Apr 9 10712 Apr 25
8 Feb 7614 Sep%
417
Mar
5
4
87%
Jan
6212
8312 831
8334 85
8358 847
8314 84
100
848
837 8558 15,900 Missouri Pacific
8358
Dec
13434 13434 1349 13494 13414 13458 13414 13412 13438 135
100 120 Jan 2 13738 Mar 5 105 Feb 12878 June
1344 1344 4,100 Preferred
82% Aug 89
82
*80
*7858 821 *80
82 '80
82 "80
82
50 7814 Apr 2 8658 Jan 17
*80
82
_
Morris dr Essex
204%
171%
Aug
May
Apr
10
202
Jan20
1943 1943 195 195
•191 192
192 192
195 200
186
100
20012 201
410 Nash Chart & St Louls
512 Apr
2 Feb
358 Jan 25
*2
212
2
218 "2
218
218 218 '2
2 Mar 27
2/
1
4 *2
2/
1
4 1,300 Nat Rys of Mexico 2d pref_100
183% 18514 18218 18412 181 1824 1794 18112 1814 184
185 186
100 17812Mar 28 20414 Feb 1 158 Feb 196.2 Nov
19,800 New York Central
Oct
146
12114
May
2
Feb
136
135
145
136
135 *134 137 "136 1371
137 13712 136 138
1,300 N Y Chic & St Louis Co- _100 12818 Mar 26
/
4 10718 10012 10634 1074 10814 10734 108 '10634 107
•1074 10758 1061
100 10534 Feb 25 10914 Jan 4 10412 Aug 110 Jan
1,400 Preferred
Jan
505
Ayr
168
8
Jan
379
295 300 "292 300 *286 296
Mar
26
299 299
293 293
285
292 29250 N Y de Harlem
60
5488 June 82114 Dee
9934 95
991 10078 9914 10078 96
978
9558 9838 977 99'l 84,700 NYNElds Hartford
100 8078 Jan 4 10418 Apr 27
27 112 Sept117 May
Apr
4
119
3
11658 11878 11834 11634 117 117 "117 11734 11712 119
Jan
3
*118 119
11459
3,000 Preferred
24 Feb 39 May
2712 27
2712 2718 274 2612 2634 2634 27
27% 278 27
2.000 NY Ontario & Western-100 25 Mar 27 32 Feb 4
54 Jan 13 May
1
4 Feb 21
9/
*4
*4
5
5
5
4
4 May 9
5
5
5
4
'412 5
400 N Y Railways pref____No par
2312 Dec 43 July
30
Jan
1
4 2318 *2318 231 *234 231 *23/
41
2312 23/
2
2258May
2312 *23
•23
1
4 2312
100
10 N Y State Rya pref
June 58 Nov
32
4
Feb
42 '38
*38
40
43
*38
40 '3712 40 '3711 38
*36
100 38 May 2 48%
Norfolk Southern
Nov
196 19812 19614 1964 196 19614 19614 19614 2,300 Norfolk de Western
•191312 19712 196 198
100 191 Jan 9 206 Feb 1 175 June 19812
Oct90 June
84%
Jan
17
8714
*85
8714
.85
86
*85
874
15
.85
854 8514
8714 *85
100 83 Feb
8714
20 Preferred
921* Feb118 Nov
1017 1027s 10039 10178 10018 10038 101 1017
10058 10278 102 102
100 9958 Mar 28 11434 Mar 5
6,600 Northern Pacific
9058 Feb 115 Nov
99/
1
4 100
98
99
9934 9984 5,300 Certificates
10018 10014 100 10018 9918 100
100 98 May 9 112 Feb 2
3478 May
"30
40
19'2 May
40
*30
40 '30
*30
40
38
*30
40
•35
100 20 Feb 15 43 Feb 28
Pacific Coast
40 Aug 70 Jan
*39
41
41
*39
41 '36
*we 41
*35
41
*38
41
100 32 Mar 27 50 Mar 2
First preferred
2012
Aug39
May
28
*31
35
Feb
35
*31
35
40
*31
"31
10
35
Jan
*31
35
34
2112
34
100
50 Second Preferred
76% Dee
6178 Jun
8038 8078 80
8058 797 8O7s 117818 787s 37,900 Pennsylvania
8014 81
50 7212 Mar 28 8358 Apr 25
803.1 81
25 Mar 37 May
33
*26
33
33 '26
*26
33
"23
*26
33
100 30 Jan 18 347 Feb 1
32
•28
Peoria & Eastern
159 159
15878 1591 '156 161
159 159 *155 159
100 148 Jan 3 17434 Feb 1 12478 Feb154 Nov
600 Pere Marquette
159 159
Oct 10114 Mar
98
99
99 '9734 99
*9734 99
98
*973 99
98
100 96 Jan 5 100 Mar 22
99
150 Prior preferred
99
92 Nov 10034 Mar
0412
9412
95
96
95
95
92 Mar 15 97 Jan 8
*94
100
500
96
Preferred
993
50
5858 Aug
Apr
12
Nov
51
50 4912 Apr 18
--,- - ------ Plilla Rapid Transit
---- ---- ----,--- ---*4912
51
50 Mar 5117 Oct
*4912 --51
*4912 51
*4912 -51.
50 49% Apr 19 50 Jan 2
10 Preferred
79; 1i1i iiF2 "b1
163
Oct
Feb
12114
135
132
132
'132
*132
148%
Jan
10
1351
135
12812
Apr
22
'132
134
100
13212
Va
900 Pittsburgh & West
•131 137
9414 Feb 1192* May
10634 107's 10634 10713 10738 10838 10,900 Reading
60 10218 Mar 26 11712 Feb 4
107 10712 10612 1081 107 108
Nov 48 Apr
41%
*4112 42
Apr
22
4314
Feb
28
4178 42
4112
50
*4112 4134 *4112 4124 4134 413 *4112 42
preferred
First
900
Jan 5978 May
44
*4412 45
45
*4412 45 '4412 45
45
48
50 4412 Apr 17 491a Feb 5
*45
200 Second preferred
46
•45
50 Feb 77 Dec
671 "65
871 *65
69 '6518 69
100 6318 Mar 21 6834 Apr 6
*6512 873 *65
70
*65
Rutland RR Pref
122 Mar
Fib
109
112
11012
1105
8
11012
11012May
7
12212
Feb
4
11012
1111
11078
_100
110
3
4
111
11214
Fmncisco112
•11112
4.100 St Louis-San
94 Dee 101 May
94
100 9214 Mar 26 96% Feb 2
9434 947
94'2 9412 9412 94
9412 3,600 1st pref paid
95
95
945 95
671s Feb 124% Nov
9218 9614 93
9614 97
99
96
7,900 St Louis Southwestern-100 9218May 9 1158* Feb 4
9734 98% 97% 9934*97
Jac
89 July 95
100 8734 Apr 10 94 Apr 26
*9012 94
*93
94 '91
94
93
93 •91
92
94
200 Preferred
*93
$ per share
19978 20058
*10234 1027
•177 180
12034 12118
*7914 7912
*67
69
•10612 108
•89
94
6412 65
*83
86
30
30
6212 621
*55
58
23712 239
*974 981
228 230
$ per share $ per share 5 per share $ per share $ per share
19934 20058 19834 2003 19818 1988 19758 1987 19934 20059
10234 10234 10234 10278 103 103
10234 10234'10212 10234
18112 18112 180 182
181 18212 180 180
180 180
121 121/
1
4 12012 12118 12018 12012 11858 12018 11912 12138
*7914 7912 *7914 7912 7914 7912 7914 794 78/
1
4 78/
1
4
*68
6512 6612 6834
69
*6612 67
6412 6412 65
108 108
107 107 *107 109 *10712 109 *107 109
90
*89
93
*90
94
*90
94
8912 8912 90
6414 65
6214 6459
6434 6511 64
6478 6218 64
84
84
84
84
*33
*84
87
8418 841
84
2912 28
29
2918 3014 29
293 *29
2812 2812
62
6212 6212 62
*6212 70
*8212 64
*62
65
*55
58
58
*55
58
*55
58
*55
58
*55
23412 2367 235 23612 233 23412 23312 23612
235 240
*974 981 *9714 981 *9714 981 '9714 9812 9814 9812
228 2291z 22614 2268 226 2267 22414 22614 22412 22812
-iii yi
•Bid and asked priced; no sales on this days a Ex-dividend
a Ex-dividend and er-r'ghte. F Er-rights. b
of 179 the shares of Chesapeake Corp. moss.
3150
New York Stock Record-Continued-Page 2
For sales during the week of stocks not recorded here, see second
pogo preceding.
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
Saturday,
Matt 4.
Monday, I Tuesday,
May 6.
May 7.
Wednesday,
May 8.
Thursday,
May 9.
Friday,
May 10.
3 per share 5 per share $ per share $ per share $ per share 5 per share
17
1712 1714 1714
17
1712 17
17
*1612 17
*1612 17
•174 19
1812 1812 19
19
19
19
1912 1912 1914 20
12714 127/
1
4 12712 128
12718 12812 127 12712 1265* 12738 12714 12812
142 14214 142 14212 141/
1
4 142
14012 142
139/
1
4 14012 139/
1
4 14034
Ws 9634 9614 9614 96
964 96
962 96
96
96
96
127 127
129 1324 133 13834 13514 13734 130 135
128 128
175 175 *170 175 •170 175
175 175
170 170 *170 174
1712 174 1714 174 1634 17
1514 1673 1334 15
1434 1612
*45
48
48
48
•46
48
*45
48 .45
47
4712 4712
•__ 98
98
98 •__
98 *- _-- 98
9712 9712 •__
98
219/
1
4 22234 22118 22234 220 221
219 220
21634 21914 21734 22072
32/
1
4 82/
1
4 •82
83 •8218 83 •8218 83
8214
8218
84
828
*9614 ____ *9612
_ *96
____ *9634 ____ *9612 ____ *9612 ____
*95/
*955*__ •9512, _ _ *9512
1
4
*9534
_ *954
_
*8512 Ito: 6612 6-612 66 -6-614 6512 -6512 *63 1665 --65
93
93
93
93
*9212 94
9234 9234 9212 9212 *9212 94
sit
85 •80
85
•80
85
•80
85 .80
85
85 .80
434 43/
1
4 43/
1
4 4678 4412 47/
1
4 4478 464 4312 45/
1
4 4514 4612
54213 45
45
4614 4512 4512 544
46 .43
4612 46
46/
1
4
35
35
*35
354 3412 3412 3412 3412 34
3514 35
3734
6054 6034 6012 6012 60
60
5934 5934 58/
59
1
1
4 59/
4 *58
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Shares
Railroads (Con.)
Par
2,300 Seaboard Air Line
100
1,400 Preferred
100
8,900 Southern Pacific Co
100
10,300 Southern RallwaY
100
3,900 Preferred
100
2,130 Mobile & Ohio cert112_100
300 Texas & Pacific
100
3,800 Third Avenue
100
200 Twin City Rapid Transit_100
Preferred
40 Prefeed
100
12,100 Union Pacific
100
700 Preferred
100
Vicksburg Shrev & Pao
100
___
Preferred
900 Wabash
100
810 Preferred A
100
Preferred B
100
67,500 Western Maryland
100
600 Second preferred
100
4,000 Western Paelno
100
1.000 Preferred
100
PER SHARE
Range Since Ian. 1.
On basis of 100-share lots
Lowest
i per share
1612 Jan 2
1812May 6
124 Mar 25
139/
1
4May 9
96 May 7
104 Apr 4
15612M5r 27
1354May 9
44 Jan 29
9713 Jan 29
209 Mar 26
8112 Apr 6
98 Mar 4
103 Mar 7
61 Mar 26
9112Mar 26
8014 Apr 16
3212 Mar 26
38/
1
4 Mar 26
33 Apr 1
57 Jan 28
Highest
PER SHARE
Range for Pretious
Year 1928
LOMIJI
Mohan
$ per share $ per share $ per Mars
21/
1
4 Mar 5
111
/
4 Mar 3012 Jan
2412 Mar 5
17 Aug 38
Jan
138/
1
4 Feb 2 11758 Feb 13114 May
15833 Feb 1 13912 Feb 165 May
99 Jan 3
96/
1
4 Sept 10214 Jan
140/
1
4 Jan 14 100
Jan 15912 Jan
181 May 2
994 Jan 194/
1
4 Oat
39 Feb 26
284 Jan 461s May
5814 Jan 25
3214 Sept 56 May
100 Jan 5
941
/
4 Oct 107 Feb
231 Feb 2 18612 Feb 224/
1
4 Nov
8438Mar 16
824 Oct 8714 Jan
10014 Jan 5
99 Aug 111
Jan
103 Mar 7
9914 Nov 10812 Mar
81/
1
4 Jan 5
51 Feb 9614 May
10472 Jan 7
8812 Feb 102 May
91 Jan 8
87 Feb 99'l May
54 Feb 4
311
/
4 Feb 5434 May
5312 Feb 4
3313 Feb 547s May
4171 Mar 5
2814 Feb 8812 DO
044 Feb 4
5212 Aug 624 Jan
Industrial & Miscellaneous.
*42
44
411
/
4 43
•42
43
*42
434 42
42
42
43
1,600 Abitibi Pow & Pap
No par 394 Mar 27 5472 Jan 22
3614 Nov 85
511
83
80
81
*80
Api
81
8012 81
81
1
4 81
700 Preferred
8134 81/
100 79 Apr 10 81/
1
4 Jan 7
76 Nov 102/
•115 130
11514 132 *120 123
1
4 July
120 135 .122 132 .122 125
Abraham & Straus„--No par 115 May 2 15912 Jan 3
90 June 142 Dee
*115 130
10934 109/
1
4 11012 111
109/
1
4 109/
1
4.10934 11012 .10934 11012
190 Preferred
100 10954 Jan 16 112 Jan 2 109
Oct 11412 June
'710 730 680 700 685 685 690 715 *600 620
639 640
1,400 Adams Express
100 389 Jan 16 750 Apr 23 195
Jan 425 Dee
•92
95
*92
95
•92
94 '
592
95
*92
95
95
96
500 Preferred
100 92 Apr 3 96
an 3
93
Jan
•1734 29
9912 Mar
2814 2914 29/
1
4 2934 2912 3378 3318 3434 33
3334 20,500 Adams Millis
No par 27/
1
41.Iay 1 35/
1
4 Jan 15
304 Dee 334 Dec
60
7912 6212 89
5812 63
6212 7113 66
7134 91,100 Advance RumelY
7012 68
100 48 Jan 29 104/
1
4May 1
11
Jan 65 Sept
78
8612 75/
1
4 8314 7112 7558 73
8012 7612 7914 77
100 8313 Jan 23 119 May 1
7838 38.600 Preferred
3414 Jan 69/
1
4 Sept
2/
1
4 2/
1
4
2/
1
4 3
278 278
234 278
238 234
212 234 10,000 Ahumada Lead
212llay 10
1
47 Feb
234 Jan
123/
1
4 1261
532 Mar
/
4 122 12818 12212 12538 122 12438 11934 12372 12312 130
31.000 Air Reduction. Ine____No par 954 Apr 10 131 8May 20
3
59 June 99/
1
4 Dee
712 734
712 734
712 7/
712 734
1
4
712 734
712 758 16,600 Ajax Rubber,Inc
No par
712 Apr 10 1114 Jan 2
712 Jul e 14/
1
4 Jan
64 7
6/
1
4 714
614 612
618 638
6
614
618 614 5.900 Alaska Juneau Gold Min__10
554 Mar 26 1014 Jan 8
1
Jan
10 Nov
1812 1812 •18
19
•18
184 18
18
18
18
1812 1812
500 Albany Pert Wrap Pap_No par 16 Mar 15 25 Jan 3
22
/
1
4
Dec
3114
287 288
Jan
286 28912 284 287
281 283
278 282
6,900 Allied Chemical & Dye_No par 241 Jan 7 30534 Mar 1 146
27914 280
Feb 252/
*121 123
1
4 Nov
122 122 •121 12212 122 122 *121 122
122 12212 1,200 Preferred
100 12014 Apr 8 125 Apr 27 12012 June 127/
1
4 May
205 20634 20434 211
203 206
200 200 .195 199/
19912 2,300 Allis-Chalmers Mfg
199
1
4
100 166 Mar 26 211 May 6 11518 Feb 200 Dec
712 712 4,6
713
653 2,7
713
65
724
714 .7
712
400 Amalgamated Leather_No par
512 Apr 25 1112 Jan 14
94 Oct 1654 Apr
•58
60 '
558
60 •58
60
*58
60
6012 6012 *64
74
100 Preferred
57 Apr 23 73 Jan 17
69 Mar 90
Apr
33/
1
4 3414 33
3334 3212 33
3053 3214 3112 324 3112 32
24,600 Amerada Corp
No par
27/
1
4 Feb 4372 Nov
16
16
1534 16
1572 1578 1514 1538 1538 155* 1518 158 3,000 Amer Agricultural Chem-_100 30 Feb 18 4258 Jan 3
1412
Mar
26
23
/
1
4
Jan
15
1558 Feb 28 Nov
5434 55
54
5434 535* 5334 5314 5334 5412 5412 534 54
2,200 Preferred
100 5314 Mar 26 73/
1
4 Jan 11
5558 Feb 79/
124 126
1
4 Nov
126 13112 128 130 *128 129 *126 128
12612 126/
1
4 8,200 Amer Bank Note
10 110 Mar 26 13414 Feb 6
a9O% 62
7434 Jan 159 May
*6012 63
6012 6034 6012 6012 62 • 62
*6112 62
230 Preferred
50
60
3
Jan
6212
Apr 25
•1512 16
60
Oct 65/
1
4 Jan
154 1512 16
1934 18
18
18
7,900 American Beet Sugar-No par
1834 1634 18
1514 Mar 25 2012 Jan 16
48
1434 July 2411 Aug
48
•46
50
50
5312 54
56
55 .52
1,800 Preferred
1
4 *52
53/
100 46 Apr
6014 Feb 5
36
6558 674 6618 6812 654 6612 6412 6612 6234 65
Feb 611
/
4 Sept
6512 7014 61,900 Amer Bosch Magneto-_No par 4012 Feb 24
14
15/
1
4 Feb 44/
554
1
4 Nov
5414 5313 5414 5232 5312 525* 53
5412 4,200 Am Brake Shoe & F-No par 45 Jan 16 7314May 2
5312 5434 54
62 Feb 4
*122/
1
4 125
39/
1
4 July 4918 Jan
122/
1
4 125 •12234 125
125 125 *12254 125 *12234 125
20 Preferred
100
122
Mar
27
12612Mar
21 120 Dec 128 JUDO
2984 3078 2834 3018 275* 2812 28
2912 2734 29
2834 2912 13,200 Amer Brown Boyer' El_No par 154 Jan 7 33/
1
4 Apr 5
105s Apr 2614 May
8812 8978 8814 8938 88
88
8914 894 88
8812 88
8818
510 P-eferred
100 4934 Jan 7 94/
1
4 Apr 12
4011 Apr 65/
14712 14912 14712 15112 143 148/
1
4 May
1
4 371.200 American Can
1
4 1424 14512 14218 145/
1
4 1444 149/
25
10734
Feb
18
15118May 6
*141 142
7912 Jan 11712 Nov
141 141 •141
__ •141
141 141
400 Preferred
_ *141 142
100 140/
1
4 Feb 14 1417e
'99 100
99
Apt
99
99 1914 99 16
98
98
99
99
900 Amerisan Car it Fdy-No par 93 Feb 18 10612 Jan 14 13834 Jan 147
Jan
3
8814 July 11113 Jan
11712 11712 119 119 *117 119 *117 120 .117 119
11912 120
600 Preferred
100 116 Apr 22 120 Jan 29 110/
1
4 Aug 13712 Mar
•75
80
75
7712 *72
80
•72
80 - *73
80
200 American Chain pref
*73
80
100 72/
1
4 Jan 23 8512 Mar 13
71 Dec 106 June
58/
1
4 5334 57
58/
1
4 56
5712 5512 5712 5512 5634 574 5712 5,100 Amerlean Chicle
No par 4634 Mar 26 5958May 3
44
5034 Dec
Prior preferred
No par 10912 Jan 2 11414 Jan 30 107 Dec
Jan 114 May
Amer Druggists 8yndieste_10
9 Jan 25 11 Jan 2
1012 Dec 1512 Apr
-ia- 16 -ii- If- -ifi 16- ;58" 3934 -38- "ii" ;55T.1 193-4
900 Amer Encaustie Tiling_No par 35 Mar 26 47/
1
4 Feb 25
5331 340 *334__ •331
_ *331 330',''332 341
____
_ _ _ American Express
100 280 Feb 2 409 Apr 8,
11212 11512 10312 1134 10814 1-1134 108 11134 108 1111
Jan310- -Dec
/
4 1104 113-34 125:9-60 Amer & For'n Power___No par 7514 Jan 4 1387s Feb 191 169
22/
1
4 Feb 85 Dec
010614 108 *107 108
108 10812 108 108
10612 10612 10814 10814
800 Preferred
No par 10412 Apr 9 10812 Feb 14 104/
1
4 June 110 Me
9234 93
92
9212 92
92/
1
4 92
9214 *91
911
/
4 9253 9,700 25 preferred
92
No par 88 Apr 9 103 Feb 21
81
Feb 100 Sept
7
7
6/
1
4 6/
1
4
75a 812
8/
1
4 8/
37
9
1
4 '
*612 812 1,400 American Hide & Leather_100
614 Apr 9 10 Jan 2
3314 3323 32
814 Oct1554 Feb
3274 3514 3914 3758 38
37/
1
4 3734 3778 3812 3,900 Preferred
100
304
Feb
6
3914May 7
81 Nov 67/
•79/
1
4 Feb
1
4 7912 79
7912 79
794 79
79
7814 7834 78
78
2,000 Amer Home Products-No par 75 Jan 2 8558 Jan 24
59 Feb 86 Nov
4354 44/
1
4 44
46
43/
1
4 45
42/
1
4 43/
1
4 42
43
43
4312 42,700 American Ice
No par 38 Mar 26 46 May 6
28
Jan 46/
1
4 Aug
934 94
*92
93
9212 9212 *92
93
*91
93 .91
400 Preferred
93
100
9012 Feb 11 96 Mar 6
90
Jan 9912 May
71
70
6812 71/
1
4 6712 6938 6538 6734 654 6734 67
684 44,700 Amer Interns% Corp- _No par 57/
1
4 Mar 26 764 Jan 18
7
7
1
4 7
6/
614 6/
1
4
6
614
64
6
6
618 7.800 Amer La France & 3'oamIte_10
6 Mar 26
8/
1
4 Jan 10
54 Jan
81/
1
4 Oct
05
65
65
•61
65
65
624 6212 61
61
6012 61
180 Preferred
100 604 Apr 13 75 Feb 21
56
Jan 854 Oot
111 11834 117 119
11612 11714 115 11634 115 11652 116 11812 10,100 American Locomotive_
1
4 Feb 18 123 Mar 18
Ne par 102/
2117 118
87 June 115
1174 118 •118 1184 5118 119 *118 119
Jan
11812 11834
400
Preferred
100
Jan
113
3 11334May 10 10314 Oct 134 Mat
•154 155 *154 155 '
5151 155 •151 15712 *154 157
15712 15912
300 Amer Machine & Fdy_..No par 150 Apr 29 199 Mar 6 1294 June
18354 Dee
15109 112 *109 112 '
3109 112 *109 112 *109 112 .109 112
Pref
(7)
ex-warrants
110
Mar
11
11012
Jan
12
110 Dec 116
59
J a
60
58% 5912 5712 5818 5612 5712 56
5738 5614 57
17,900 Amer Metal Co Ltd-No par 5512 Mar 26 $11
/
4 Feb 6
39 Mar 63r4 Nt4
*113 120 •11812 120
11912 11912 *118 119/
1
4 *118 119 .118 119
100 Preferred (6%)
100 11534 Apr 29 135 Feb 6 109 Aug 1174 May
71112 7213 72
7212 72
•72
72
754 73
73
*7212 75
60
Amer
Nat
pref.-No
Gas
par
Apr
67
4 9814 Jan 7
5,1
96/
1
4 Dec 9934 Nov
84 *7
818 612 512 6
6
1
4 6
5/
6
3,100 American Plano
6
No par
5/
1
4May 9 17/
1
4 Jan 31
1234 July 25 Feb
38
33
3714 38
3714 3714 36
3714 35
35
35
35
330 Preferred
100
38
10812 110
Dec 90
107 10912 107 10973 10434 10634 10312 109
Jan
108 10934 28,200 Am Power & Llght____No par 35 May 9 55 Jan 31
814 Jan 8 120 Jan 30
, 10038 10038 10018 10038 100 10038 1004 10038 10018
6214 Jan 95 May
10038 1008
2,500 Preferred
No par 987s Mar 26 105 Feb 28 10012 Dee 10714 Mr,y
*7413 75 7412 7412 *7412 75 *72 7512 7478 7478 .7412 10018
75
200 Preferred A
No
par 73 Jan 7 80 Feb 13
704 Nov 7712 Nov
'81
8154 8112 8114 81
81/
1
4 81
81
80/
1
4 8114 8078 8118 1,900 Pref A stamped
No par 79 Mar 26 ti4:4 Feb 15
8113 Dee 8614 Nov
5201 212
205 205 •195 205 *195 205 •195 20. *195 205
100 American Radiator
25
165
Mar
26
210
Jan
15
1304
50
Jan 1914 Dec
5112 4913 5134 484 4934 484 49/
1
4 47/
1
4 483
4512 4812 109,700 Am Bad & Stand San'ry No
par 44 Apr 10 52/
1
4May 3
180 180
176 181/
1
4 17314 17512 172 173
172/
1
4 173
1694 17112 4,000 Amer Railway Exprees_-__
100 129/
1
4 Jan 16 188 May 3 1104 Jan 143- Dec
554 5614 54/
5558 53
1
4 5738 54
54/
1
4 5312 5412 8,000 American Republies__
56/
1
4 *55
_No
1
4 Jan 2
514 Feb 85
*674 6713 6612 6612 665* 67
Apr
6634 6632 *5654 67
67
674 1,200 American Safety Rasor_No par 44 Feb 18 64/
par 62 Mar 26 7434 Jan 31
Jab 7478 Sept
56
3634 3712 364 374 3512 3614 3434 3538 3518 3518 3518 3614 3,600 Amer Seating
v to
No
par
32
/
1
4
Feb
16
4172
Mar 15
27/
1
4 Nov 45 May
•4
4
4
414
4
4
44
414
4
4
4
4
2.200 Amer Ship & Comm
No
par
3
/
1
4
Jan 2
7 Feb 6
34 Aug
88
64 May
88
88
87
88
•87
88
88 '
587
88 .87
88
170 American Shipbuilding
100 85 Apr 29 94 Jan 24
108 109/
80 Sept 119
1
4 107/
1
4 10614 10712 10438 10612 10278 10434 10434 106
1
4 109/
Jan
34,200 Am Smelting & Refining-100
9312 Jan 16 12434 Mar 1 169 Feb 293 Dec
0135 136
135 135
135 135
135 136 *13612 137
136 13614
800 Preferred
100 135 May 3 138 Jan 4 131 Mar 142
1994 19914 *196 199
19914 19914 19834 19834 196 19712 196 198
Apr
2.400 American Snuff
100 19312 Mar 26 206 Feb 1 141
0109 112 *109 112 *109 112
109 109 *109 112 *109 112
Jan 210 Dec
60 Preferred
100 108 Feb 13 112 Jan 24 100
Oct 120 June
66
6614 66
675* 6818 674 6838 665* 6712 684 67
6578 6,300 Amer Steel Foundries_
No par 62 Mar 26 7974 Feb 4
11114 112
111 111 *111 11212.111 11212.111 1124 .111 11212
June
504
70/
1
4 Jan
50 Preferred
100 11012 Jan 4 114 Mar 13 109 June 120 Feb
79
8112 81
82/
865* 8418 8638 8412 8578 33,600 Amer Sugar Refining
1
4 80
8318 80
100 7112 Apr 5 9434 Jan 25
310514 10758 *106 10758 106 106 '5107 107/
55 Feb 9312 Nov
1
4 10714 10714 1074 10714
400 Preferred
100 10512 Apr 8 111 Feb 1 100 Feb 11012 May
47
474 468 48
474 4512 4612 45
4414 4578 46
45
10,300 Ain Sum Tob
No Dar 4414May 8 60 Jan 2
2612 2612 2634 2634 2612 2612 *25
96 Feb 73/
1
4 Sept
*25
27
27
*25
27
300 Amer Telegraph & Cable__
100 17 Jan 2 32/
1
4 Mar 26
Jan
1714 Des 82
22612 228
22512 227
40,000 Amer Tele', & Taloa
22514 22614 22418 22578 222122255* y2184 220
100 19314 Jan 8 23812 Apr 23 172 July 211 May
16813 17018 16813 17034 167 170
171 17514 3173 17634 12.100 Americas Tobacco oom____50
170 173
160
Mar 25 151112 Jan 23 152 June 1341
/
4 Dee
169/
1
4 172/
1
4 170 172
170 17534 x175 176/
1
4 14,800 Common Maas B
16812 16812 171 173
511 16014 Mar 26 118 Ja- 36 153 June 18472 Nov
119/
1
4 11934 119 119 *119 11934 5'119 1195 119 119 .119 11934
300 Preferred
100
Apr
183 152
1,15114 153
1
4 181 *148 151
1,100 American Type Founders-100 11812Mar 11 12114 Jan 15 11554 Sept 126
15312 15312 15114 15334 150/
13612 Jan 5 155 Jan 31 1097s Aug 14212 Nov
3109 110
109 109
10814 109
109 109
90 Preferred
109 11012 *10814 109
100 10712 Jan 8 112 Apr 5 107 Nov 115 Mar
87
88
88
91.
8714 8834 8714 9078 8813 8934 8734 89
30,300 Ara Wat Wks& El
No par 6714 Jan 8 94 Mar 2
52 June 7612 Nov
3102 10218 102 102 •101 10234 101 101
10014 10014 •1004 101
400 1st preferred
97 Jan 3 104 Jam 33
OM 106
Apr
93
20/
1
4 211
/
4 21
2112 21
211
/
4 1934 2014 2018 2034 5,700 Amerisan Woolen
2114 20
100 18 Apr 20 27/
14 July 323s Nov
1
4
3
Jan
5034 527s 5112 5238 50
4834 4938 495* 6,600 Preferred
5073 4858 5114 48
89 Aug 6554 Nov
1
4 Jae 2
•1034 11
104 104 1014 1.800 Am Writ's' Paper etts_No 100 434 Apr 23 58/
104 1034 *1013 1134 5,1058 111
/
4 10
pm
10 May 9 154 Jan 21
10,2 June 1913 Feb
5,4014 4034 •404 4034 *4014 4012 404 404 404 4014 4014 4014 1,000 Preferred certificate
100 3934 Apr 29 46 Mar 2
34 June 533 Oet
3434 35
3514 37/
1
4 3412 3578 3414 3412 *34
35
358 3512 5,800 Amer Eine. Lead & Smelt .25 3032
Mar 26 494 Mar 13
9% JAR 57
*95
045
9812 984 101
101 102
1.700 Preferred
101 101 •100 10012 102 102
25 96 Apr 15 11114 Mar 19
RA 1174 Oct
40
138 139% 1385* 13834 13723 13912 156,700 Anaconda Copper
1424 14334 1414 122
13934 122
Mlning_50 11514 Jan 15 17471 Mar 21
Jan 12014 Dec
54
5558 55/
1
4 55
5558 55
5338 537g 535* 535* 1.500 Anchor Cap
*5313 55
56
No par 514 Mar 20 02% Feb 21
48 Dee 5452 Dee
311514 11834 *114 11834 •11414 11854 *11412 11712 *11212 117/
1
4.114 117/
1
4
Preferred
No par 11114Mar 25 124 Mar 1 10614 Del 111 Dee
5534 574 5434 5678 544 554 53
5478 57,600 Andes Cooper Mining-N. par 48 Jan
5438 5218 5334 53
3824 3934 3813 3858 39
31 05% Mar 1
364 Nov 55 Nov
3718 3878 3718 3778 37
39
38
4,300 Archer, Dana', Mid'Id_No
par 3614 Mar 26 4912 Mar 4
1
4 Nov
5514 Feb 112/
011412 115 *11412 115 *11412 115 *11412 115
30 Preferred
11212 11738 11412 114i
_i00
OM 1154 Mar
87
8734 8712 8734 874 871s 867s 87
1,800 Armour di Co (Del) ore1-100 114 Jan 4 116 Jas 11 112
/
4 .8612 87
8618 861
854 Mar 26 95 Jas 30
Jan
9712
June
less
1212 12/
1
4 1212 1234 1212 1258 12
51,600
14
12
/
1
4
Armour
1212 12
12
of Illinois class A-_25 12 May 8 Ills Jan 2
1114 Jan 3312 Sept
67s 7
634 7
634 7
612 714 46,700 Class B
1
4
64 6/
1
4
658 6/
25
512 Mar 26 1014 Jan 2
6/
1
4 Jan
1312 May
•77
78
7838 •77
78
700 Preferred
78
7612 7754
774 7712 7612 77
100 7512 Mar 26 86 Jan 24
71s Jan 9112 Jena
254 254 25
1
4 3,100 Arnold Constable CorD-M per 233
23/
25
24
1
4 *22
24
23/
1
4 23/
2355, 24
8May 9 4071 Jan 2
35% J1117 51% Ayr
•27
•27
28
28
•27
28
28
Artlooni Corp
•27
28 .27
28 .27
11 i par 244 Apr 12 30 Feb 5
2314 flea 44/
1
4 liar
100 100
*96 100
•96 100
102
•100
10
•96 100
Preferred
100 102
___ 100 97 Apr 5 100 Jan 4
99 Dee 114 Mar
•Bid and asked prices: no oaks on this day. I Ex-dividend, y Ex-rights.
e
3151
New York Stock Record-Continued-Page 3
For
sales during the week of stocks
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
May 4.
Monday,
May 6.
Tuesday,
May 7.
Wednesday,
May 8.
Thursday,
May 9.
Friday,
May 10.
not recorded here. see third page preceding.
Sales
for
the
Week.
STOCK
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On basis of 100-shard lois
Lowest
I
Highest
PER SHARE
Range for Prestos.
Year 1928
Lowest
I$
Higltest
Per Mare $ Per share $ Per War
Indus.& Miami. Won.) Par 8 per share
8 Per share $ per share 8 per share $ per share $ DOT share 8 per share Shares Art Metal Construction__ 10 2734Mar 28 307 Feb 4
4 Jan 3454 Apr
1
25/
600
2812
2812 •28
*28
28
2818 2818 2834 2854 28
*2812 29
4 June 7512 Dee
/
.101
26
Mar
4 Jan 10
1
/
70
50
par
No
Goods
5512 5312 5418 5258 5312 52114 5312 5258 5312 8,500 Assoc Dry
5412 5558 54
4 Apr
1
Aug 113/
9918
100 9712May 8 107 Jan 15
First preferred
100
•95 100
9712 9712 *95 100
*98 100
*98 100
*98 100
3712 Feb 5358 Sept
25 43 Feb 11 4714 Apr 5
110 Associated 011
45
45
45
45
7 May
45
4614 45
4 45
1
45/
*45
45
45
59
Feb
3718
6
8May
635
16
Feb
3218
par
4 6012 6013 7.300 Atl0 & W I El 13 Line_No
1
60/
82
4 608 60
1
60/
4 61
1
5958 6034 6158 63/
38 Feb 6514 Oct
100 4554 Feb 11 5934 Apr 23
600 Preferred
56
4 5558 56
1
55/
*5512 57
57
56
57
56
58
56
6618 Dec
Nov
50
10
29
7112May
Jan
4
1
/
53
25
Refining
4 71
1
6918 7038 6814 69/
4 6712 7078 698 711 362,000 Atlantic
1
6914 69/
67
100 114 Apr 16 11758 Jan 11 11412 Sept 11814 Jan
Preferred
Jar 114 Dee
63
No par 90 Apr 15 115 Jan 2
700 Atlas Powder
9612 961
9534 9534 '93'195
97
97
97
9912 97
99
4 Jan 14 102 July 11018 May
/
100 100 Mar 13 1061
140 Preferred
102 10214 *101 102 *101 102 *102 10214 *102 10214
10112 102
1758 June
814 Jan
par 1018 Feb 25 158 Apr 26
No
Tack
Atlas
1,200
1412
134
1312
4
1414 1334 133
1412 14
1414 15
*1412 15
914 May
438 Jan
4 Apr 8 10 Jan 11
1
5/
400 Austin, Nichols as Co_No par
618 61
618
618
4 612
1
614 614 *Ws 612 •6/
*614 678
Jan
39
July
25
14
Jan
4218
14
Mar
32
200 Preferred non-voting-7-100
40
*3612 38
*3612 40
*3612 40
3612 3612 •34
*3612 40
Oct 75 May
58
58 May 3 65 Jan 8
Anstalt
Credit
Austrian
*5312 60 •5312 60
58
*57
*5312 60
*5312 60
58
*57
Jan 3434 Nov
612
8
Apr
8
353
15
Feb
2218
par
No
3112 3238 4,700 Autosalea Corp
3212 3012 32
31
33
3212 32
33
32
32
25 Aug 41 Nov
50 3814 Mar 4 4378 Jan 23
100 Preferred
*3812 40
41
*3812 3912 *3834 391
4 3912 3912 *3812 41 .39
/
Oct 5212 May
43
Jan 10 50 Jan 31
800 Autostr Sat Rasor "A"_No par 4314 Mar 2 271 Mar 22 235 June 285 Mai
46
*45
4 4518 4518 4518 *45
1
45/
4 45
1
45/
4518 4412 45
225
Wks_100
700 Baldwin Locomotive
254 254
•248 255
250 251
255 255
254 25412 *250 254
Oct 12454 Apt
11584 Jan 4 125 Apr 3 115
100
Preferred
12112
50
12112
011958 121 *120 121
120 120
120 120 *120 12134
4 Jam
1
4
41
Jan 2 11012 Feb 1 10714 Nov 111/
1091
108
pref-100
Co
&
(L)
Bamberger
80
10814 10914 *10814
.310834 10914 *10854 10914 10814 10814 10858 10838
4 Dee
1
2678 Aug 35/
No par 27 May 29 3334 Jan 23
200 Barker Brothers
27
27
27
*26
28
+26
27
28
28
Dec
*26
June
*26
10118
28
917
28
Jan
97
100 8954 Jan 19
100 Preferred
93
•92
93
.392
93
93 *92
*92
93
92 .392
92
2312 Aug 5218 Feb
15
Jan
2914
3
1312May
par
No
Leather
400 Barnett
*14
•1518 1612 *1518 1612
16
14
Nov
14
63
15
15
June
15
15
20
10
4918May
18
Feb
3818
25
4 295,200 Barnsdall Corp class A
1
45
44
4418 45/
4 4878 4818 49/
1
4 44/
1
4612 45/
4 457
1
45
20 Jure 5118 Nin
25 38 Feb 16 49 Feb 2
Class 13
June 14012 Mai
98
25
Jan
4
1133
29
Apr
90
par
No
904) Bayuk Cigars, Inc
;i5r4 -iii 98 100 *98 1-03 •99 106 •97 99 '9214000
4 Mai
1
100 10012May 10 10654 Jan 29 10318 Dec 110/
200 First preferred
10012 101
•10112 103
4 101 10112 *101 103
/
10112 10112 10112 1011
1214 Mar 2412 Del
No par 20 Feb 7 2812 Jan 8
2315 7,5C0 Beacon OD
2338 23
2234 2338 2318 2312 23
2312 2312 2312 23
7058 July 10114 Doe
Jan 12
101
9
4May
791
20
4 5,800 Beech Nut Packing
1
4 82/
1
82/
8114 7914 83
Jae
81
4 8114 83
1
12 Dec 22
85/
*8458 8484 81
4 Feb 13 1734 Apr 18
/
1.800 Belding Hem'way Co__No par 111 Jan 29 84/
1478 15
15
1513 1518 1512 1518 1512 15
1514 15
.315
4 Sept 9218 May
1
82/
4 Jan 3
1
400 Belgian Nat Rye part prof____ 81
4
1
8214 8214 *8214 82/
0.1
8212 827 '
102
38258 83
Jan
8212 8212 *8214 83
4
1
/
53
3
Jan
9312
26
Mar
4
No par 755
8872 3.800 Best ds Co
88
90
92
4 Dee
1
9154 8838 8838 881e 894 89
9278 90
5178 June 88/
4 Apr 22
1
Steel Corp_„__100 8218 Jan 31 118/
11058 1111 1091
4 1121
/
4 10912 11034 10812 10958 106 10834 108 10978 93,300 Bethlehem Corp Pf (7%)-100 11654 Mar 27 123 Jan 11 11818 June 125 Api
/
4 119
1
1,200 Beth Steel
11838 1181/ 118/
*11712 118
118 118
118 11812 118 118
50
July
Sept
8
5
33
4 Jan 21 618 Apr 5
1
No par 42/
7,800 Bloomingdale Bros
55
55
4 56
/
5538 5612 551
55 ' 68
5612 59
547
54
100 10812 Apr 1 111 Jan 16 10912 Jan 11154 Jul]
Preferred
Doi
122
4 108 •10714 110 *10714 108 *10714 108
/
•10714
June
*10714 110 *1071
87
2
Jan
118
15
Feb
97
100
10 Blumenthal & Co pref
104 1-04 *10414 110 *10414 110 *10414 110 *105 110 .105 110
4 Deo
1
6514 Jan 85/
No par 7812 Mar 25 8912 Jan 12
400 Bon Ansi class A
8612 86
8678
*86
8712 *8612 87
1218 Ni
Jan
8712 *87
8734 875 *87
4
1
/
5
2
Jan
4
1
/
11
26
Mar
6
per
No
4 754 1,100 Booth Fisheries
1
7/
4 714
1
7/
4
1
4 7/
1
2/
4 714
1
7/
718 718
*718 728
4 N.
1
4114 Mar 72/
100 45 Apr 10 6334 Jan 18
let preferred
51
*48
51
*48
51
*48
*4812 51
51
Jai
511 *48
*48
50 17412 Jan 8 20354 Feb 5 152 June 187
18914 1921 •19034 19212 --------------------------------500 Borden Co
Jav
23
Aug
4
1
/
8
11
Feb
1512
24
Apr
4 1012
1
100 Botany Cons Mills class A750 10
*1012 1012 *10/
1018 1018 *1018 12 .31014 11
11
*10
Or
4
1
/
63
Feb
2118
3
Jan
6318
28
Mar
3314
4538 69,400 Briggs Manufacturnuf_No par
4 4412 4312 4534 441
1
4 4514 44
/
4 43/
1
45/
4 44
1
4 45/
1
44/
Mal
4
1
/
9
4 Jan
/
11
4 Jan 28
1
6/
4 Apr 18
1
3/
100
4 4
1
*312 4
358 358 *3/
400 British Empire Steel
4
1
4 3/
1
3/
4 334
1
3/
*3/
4 3/
1
4
1
12 Fel
214 Jan
1312 Jan 28
534 Jan 14
100
*554 8
4 *534 8
1
300 2d preferred
612 6/
*612 8
638 658
*612 8
4518 June 7512 Nei
4 Jan 2
1
par 4914May 8 73/
Tr___No
Mot
5112
5114
52
5214
Brockway
14,100
5238
4914
8
507
5134 5214 5038 5214 4938
100 106 Apr 30 145 Jan 2 110 June 150 NO'
Preferred 7%
•107 122 .310734 122 *10734 122 3.10734 122 *10734 122 *10734 122
4 Jan 325 No,
1
100 300 Jan 2 340 Jan 5 206/
Brooklyn Edison Inc
.0300 340 *300 340 *315 350 *316 340 •300 340 *325 340
par 170 Apr 9 20018 Jan 28 139 June 20354 Ne,
No
Gas
Union
Bklyn
8,000
18012 185
18112 184
18112 18214 18334 18612
186 18714 18318 186
4 A9
1
44 Dec 55/
2
Jan
47
4
Apr
3818
par
No
42
*4118 42
4114 4112 *41
41/
800 Brown Shoe Inc
43
4 4212 *4112 42
1
*42
Jai
100 117 Feb 7 11912 Feb 18 115 Nov 120
20 Preferred
118 118 *118 11912 *118 11912
•11714 11712 *11714 11712 *11712 118
2712 Feb 6254 Sep
18
Jan
4
1
/
55
26
Mar
42
par
Brune-Balke-Collander_No
461/
8
455
45
4
1
4534 4518 461
4 46/
/
4 461
1
4 7,600
/
4714 4838 46% 47/
4
1
/
48
Feb
Mal
2412
5
Jan
4
1
/
42
26
Mar
8
325
10
3358 3258 3258 3212 3338 5,400 Bucyrus-Erie Co
3318 3314 33
33
3312 3258 34
4 Feb 545s Ma:
1
33/
4 Mar 26 50 Feb 5
/
10 411
4 4334 5,900 Preferred
1
4234 4218 4218 42/
4 4314 4212 4234 42
1
4 4254 42/
1
42/
AP
100 112 Jan 3 117 Apr 25 11014 Mar 117
__ *11418 __ •11418 170 Preferred (7)
11418 115 31115
.. 11412 11412 *11418
Os
Feb 127
9312
11
Jan
127
May 10
10612 106-12 *106 10712 *106 1-6712 10612 10612 105 1-1/. 107 107
700 Burns Bros new clAcomNo par 105 May 10 39 Jan 14
4 Jun
1
4 Mar 43/
1
15/
27
par
-No
coin
B
4 •2858 29
/
4 2858 27
/
281
295
4 2,200 New class
1
, 2938 2918 291
27/
*2958 31
Jun
4
1103
Feb
4
973
7
Jan
10514
8
May
99
100
99 100
520 Preferred
100 100
100 10018
4 103
1
4 100
1
100 103
*96/
*96/
Jan 249 De
16 29712 Apr 12 139
290 292' 290 290
4 29134 3,600 Burroughs Add Mach_No par 234 Jan 17 8918 Feb 2
1
289/
*28414 288
287 294
286 289
50 June 88 De
No par 6054 Apr
6418 6312 6312 6314 63/
4 1,300 Bush Terminal
1
65
4 6412 6412 6412 63
1
65
64/
115 Ma
Aug
s
1047
2
Mar
11012
19
Apr
100 1041/
106 107
220 Debenture
10712 10712 10734 10734 108 10834 107 107 *105 107
Feb 19 111 Aug 11912 Jun
4 11334 114 115
1
270 Bush Term Indge prof__ _100 110 Mar 22 11812
113/
114 114 *11334 114
11312 113/
4 *11312 114
1
4 Ma
Aug163
4
1
/
8
4
Jan
4
1
/
12
8
May
7
- -10
7
4
1
7/
738
712 6,500 Butte & Superior Mining7
714
4
1
7/
71y 7/
8
8
4 8
1
1214 Ne
4 Jan
1
4/
4 Jan 3
1
9/
4 Apr
1
6/
5
4 612 6,000 Butte Copper dr Zino
1
6/
4 634
1
6/
614 634
4 7
1
6/
6% 718
714 738
4 Ma
1
4 Dec 67/
1
/
37
2
Jan
41
27
Mar
29
100
3214 3338 33
33
6.300 Butterick Co
4 3038 32
1
4 3014 3012 31
1
30/
3012 30/
9018 Jan 20634 De
4 Jan 2
1
154 157% 15412 159
156 158/
4 158
1
155/
4 15,600 Byers as Co (A M)____No par 134 Mar 26 192/
1
158 162
160 162
100 105 Apr 3 12958 Jan 26 10858 Apr 118 De
•11014 112 *11312 114
10 Preferred
11014 11014 .311014 112 *11014 112 *11014 112
Mar 122 De
65
7
May
138
26
10414Mar
par
Coke-No
13512
130
132
13334 24,100 By-Products
13114 13434
4 133 138
1
124 12612 127 130/
6812 June 8258 Set
-No par 7218 Mar 26 8158 Feb 27
4 7714 77/
1
4 7814 9,100 California Packing_.
1
4 7712 76/
/
4 771
1
4 79
1
7778 78/
7814 7878 77/
2514 Mar 36 Set
4Mar 2 30 Apr 3
263
25
Petroleum
29
*27
29
Calnornla
•27
29
*24
30
*27
29
*27
29
•27
4 Al
1
5/
4 Mar
/
11
4 Jan 22
2 May 9
10
218 218 4,900 Callahan Zinc-Lead
4
1
2/
2
218 212
238 2's
218 212
212 212
89 Feb 133 No
12114 Jan 7 1425g Mar 1
7
----- --1,200 Calumet & ANIS011a Mining_l
4 ---------------------1
13214 13312 *132 132/
2018 Jan 4738 Ni
1
Mar
6178
26
Mar
4218
26
Hada
dr
418 - 478
414 4454 7.500iCalumet
4458 4512
457
45
4 457
1
45/
4512 46
5478 Jan 8612 Ma
8934 Mar 19
4 8512 8458 8558 8533 86
1
9,800 Canada Dry Ginger Ale No par 78 Jan 4
86'z 84/
8518 864 85
8412 85
43 Dec 50 Set
No par 38 Mar 25 4811 Jan 3
42
4 4258 42
1
3,900 Cannon Mills
4234 41/
42
4212 44
4 4112 4138 43
/
411
Jan 515 No
247
2
Jan
509
18
Apr
390
Machine____100
425 425
1,700 Case Thresh
405 41912 400 410
415 415
*430 4397 424 434
4 MI
1
4 Dec 135/
1
/
120
100 122 Apr 4 130 Apr 18
200 Preferred
12514 12514 12514 12514 *120 135 •120 125
*120 129 *120 129
3814 Dec 3918 De
30
Jan
4
1
/
48
26
Mar
3112
par
_No
Asso_
38%
38
39
40
391
3814
4
/
4
1
40/
37
6,500 Central Aguirre
4 37
1
4 3654 38/
1
36/
8 De
483
Mar
4
/
281
1
Feb
Mar
5212
4012
26
4 4654 47/
1
4 4614 47/
1
4638 47/
4 30,400 Central Alloy Steel---No par
1
4918 4918 4712 4914 4658 48
4 Ma
/
Jan 1111
4 Apr 2 11212 Jan 28 107
1
100 105/
40 Preferred
11112 1111 •110 11112 +110 111 *110 1102
110 110
•110 111
Aug 24 01
11
2
Jan
2012
26
Mar
13
par
Mille_No
17
*15
*1412 17
100 Century Ribbon
17
*15
17
16
1738 .315
18
+16
77 Aug 92 Ma
100 70 Apr 16 82 Jan 17
73
'•71
73
20 Preferred
7312 7312 *71
731
731 .371
*6814 7312 *71
4 Jan 119 Ns
1
58/
4 10138 13,500 Cerro de Pasco CopPer_No par 9814 Apr 17 120 Mar 1
1
10318 104
10258 1031 10212 10318 102 10218 101 10134 100/
4 Al
1
2318 Dec 64/
2
Jan
8
285
4 2412 2412 25
1
23/
26
7,400 Certain-Teed Products_No par 1612 Apr 10
4 2578 24
1
25/
25'8 2414 2412 24
75 Nov 100 Ma
100 4712 Apr 12 8112 Jan 11
60
55 •55
55
60
*55
57
55
500 7% preferred
62
*57
62
*57
Oct8314 De
7012
31
Jan
4
1
/
92
28
Mar
4
563
par
No
68
68
*64
68 •64
*63
100 Certo Corp
67
67
67
•64
69
*87
4 Feb 24 Na
1
5/
Chandler Cleveland MotNopar 20 Jan 24 23 Jan 11
-- -- - -- -- -4 Jan 18
1
4 Jan 11 22/
1
--- ---- ---- -- ---- ---- ---- ---- -- -NO par 22/
CertIficates
4 Di
1
14 Mar 37/
No par 36 Mar 7 41 Jan 29
Preferred
---- ---- ---- --- ---- --- ---- ---- -- -- -- -- -- -- -- -No par 37 Jan 9 40 Jan 14
Pref certificates
4 Ja
/
4 July 811
1
62/
9412May 10
26
Mar
7812
par
8
No
877
8714
89
8818
Corp
8612
-----8633
4
8914
893
9412
Chesapeake
40.900
8712
32
32
3018 31
3212 3412 5,300 Chicago Pneumat ToolNo par 2814 Mar 26 3578 Jan 25 111 Aug 17312 De
3112 3112 3018 3114 *3012 31
11
52
No par 4818 Mar 27 5614 Jan
5012 51
5018 5018 5118 5178 52
1,100 Preferred
4 51
1
5054 5034 *50/
2978 Aug 43 Js
4 Mar 28 36 Jan 7
1
33
No par 30/
33
3154 3154 *3134 33
32
3134 33
3212 32
*32
820,Chicago Yellow Cab
45 Dec 5618 0,
10 401/ Apr 2 50 Jan 2
*4254 45
*4234 45
*4234 45
*4234 45
300 Chickasha Cotton 011
4334 44
45
*44
37 Apr 64 DI
4478 Mar 26 6078 Apr 24
No pa
56
58
58
5814 5678 58
4 56
1
57/
56
7.500:Childs Co
5612 5778 57
4 Mar 7478 No
1
37/
25 7114 Jan 8 12712 Mar 21
*9514 ___ *9812 101
101 101
•102 10378 *102 10212 102 102
200:Chile Copper
JO
Dee 131
78
4
Feb
100 foo •100 105
100 100
100 100
*100 110 *100 110
40:Christie-Brown tern °MN° par 100 Apr 15 115 Jan 2
4 Jan 14018 01
1
54/
135
9
4May
1
/
88
par
4
1
/
No
88
4
1
/
90
90
4
1
/
88
1
9312
9114
4
1
4 90/
1
88/
9154 9312
78,3800:n761er Corp
0012 92
Jul
4
1
/
54
Jan
4
/
511
2
Jan
52
8
NO par 4914May
4912 4912 *4914 4912 4914 4914 4914 4914 4914 4914
470 City Stores clam A
*4912 50
No par 2012 Mar 26 27 Feb 4 --------------2112 21/
2112 2134 2134 2218 5,600 New
4 2112 2112 2112 22
1
2111 22
4 Al
1
6038 Dec 109/
4 Jan 3
1
64
4 6512 64
1
6334 66/
4 6558 6634 64/
1
2,300 Cluett Peabody .k Co No par 6012MaY 2 72/
6314 6314 64
62
11118 Dec 12434 Mi
100 110 Mar 27 119 Jan 3 ____ -7_ ____ __•
110 112 *110 113
_ .. •110 11514 110 110
*110 11514 .3
30 Preferred
5
Feb
140
123'4Mar26
par
13014
No
130
13c
12918
11012912
129
12918
12911
130
12912
2,500
Coca Cola Co
130 13012
4 J8
1
4 Dec 111/
1
44/
No par 50 Jan 4 7214blar 14
4 6118 5912 621/ 6018 61
1
59/
6312 607* 62
61
12.200 Coffins & Alkman
6114 62
90 Nov 109 Jo
Feb 6
97
97
093
*93
9618 *93
97
*90
97
*90
Preferred non-voting___100 93 Jan 3 10312 Mar
97
*95
June 8418 .18
5212
8
7812
26
Mar
6518
59
4
653
66
100
4 5,700 Colorado Fuel & Iron
1
/
66
4 6712 6512 67
1
66/
6612 65
*6712 68
79 June 13454 Di
4May 8
1
27,600 0mm:wan Carbon v 8 °No par 12114 Mar 26 167/
16018 164
158 15934 159 163% 16012 16734 164 167% 158 164
4 Di
1
8918 Mar 140/
6814 6578 6778 67
6958 164,900 Colum Gas as Eleo____No par 5312 Mar 28 6958May 10
4 66
1
4 68/
/
4 651
/
4 671
1
65/
6514 67
June 11018 Jo
106
11
Jan
8
1077
21
Mar
10378 10412 10418 10434 105 10518 3.000 Preferred
100 10378
10412 10434 10412 10434 10378 105
8 Ne
843
Dec
61
6418 Mar 26 8834 Jan 9
4 7511 299,200 Columbia Graphophone
1
4 72
1
79/
76
4 7214 7558 73/
1
74/
4 81
1
7714 7812 78/
21 Feb 71 Ne
2
4 5412 5134 5358 5114 5258 MN 5238 5178 53
1
56,200 Commercial Credit--__No par 43 Mar 26 6258 Jan 9
4 5414 52/
1
53/
23 Feb 27 Ms
*2434 25
*2454 25
.32434 25
25
25 2418 Jan 2 26 Jan
25
200 Preferred
*2434 25
*2434 25
23 Feb 38 Di
26
4 26
1
26
*25/
25 25 Jan 21 2712 Jan 30
*2534 26
2534 26
100 Preferred B
*2534 . 26
*2534 26
85 June 107 Ni
24
Jan
4
3
105
1
Apr
9518
*97
97
99
99
4
983
*9714
4
1
/
98
97
%)---100
70 lot preferred (65i
99
*97
*9814 99
4 Mar 1407s Ni
1
55/
4 155
1
154/
15318 15478 2,500 Comm Invest Trust___No par 13112 Jan 2 195 Feb 4
4 15912 157 158 •156 15712 15512 156
1
183/
Jan 109 Mt
99
4 10414
1
100 10114 Mar 27 109 Feb 5
4 10414 *10214 10414 *10211 10414 *102/
/
7% preferred
*10214 10414 *10212 10414 *1021
June 9812 At
9238
28
Jan
99
15
Mar
93
4 *911
1
100
4 94/
/
4 94
/
94
94
200 Preferred (804)
4 9412 9312 9312 *9318 9412 3911
/
*911
4 Di
1
30/
Aug
4
/
61
4
100 2714 Jan 7 6274 Feb
4 44 .4218 44
/
*421
•42/
44
4 44
1
900 Warrants
*4412 4512 44
44
44
8 June 25014 Ni
33712 34954 345 355
35212 367
8,900 Commercial Solvents--No par 22514 Feb 18 367 May 10 1377 Jan 1101
4 Di
/
3564 3571/ 345 35634 340 345
6214
10
May
159
7
Jan
4
1
33.900 Commonwealth Power_No par 107/
1614 1544 1484 15234 14812 1588 15112 15678 15114 15512 154 159
Jan 84 0
48
Jan 19
63
66
65
65
63
67
63
67
4,300 Conde Nast Publica_ __No par 63 May 9 93 Jan 28
68
67
68
68
Al
4
/
311
June
22
Mar
4
5
35
2211
26
par
244
244
243
Ine_No
254
8 24/
4 24.500 Congoleum-Nahn
1
8 2412 2614 2412
2538 2412 25,
25
67 Feb 874 Di
4 Feb 6
1
No par 7414May 10 92/
7578 7634 7414 76
7658 77
78
78
2,900 Congress Cigar
79
*78
79
*78
354 Me
14 Jan
7
1
4
Feb
•3
4
/
11
6
1
4
Am
•5
4
3
1
.11,
par
1
4
1
/
*
irtpd-No
Fon
Tin
1
4
1
*/
4 1
1
*/
Conley
7912 Jan 100 Di
87
*8512 87
4 861
1
*86
85/
4 1,300 Consolidated Cigar-No par 81 Mar 26 9614 Jan 2
/
4 8558 8634 87
1
4 85/
1
4 88/
1
88/
4 At
1
943s Oct 102/
Dv 2018 mar 27 96 Jan 7
93
9318 9318
4 9312 93
1
9312 9312 93/
620 Prlor prof
93
93
93
93
23 July 2911 8•I
23
Apr
4
5
30
26
Mar
25
par
pref__No
27
4
/
2712
271
2714
27
28
283 2712 28
7.500 Conaol Film Ind
2812 28% 28
Aug 17014 Ms
p74
4
1
/
25
10
8May
1185
26
par
Mar
No
11234 11514 11278 11558 11312 11634 /116 11858 595,000 °emendated Gas(NY)
11312 11434 11234 116
9714 Aug 105 MI
No par 9812 Jan 2 10038Mar 25
4 8,100 Preferred
1
99/
98% 99/
4 98% 99
1
9938 99
9914 99
4 99
/
991
, 99
•Bid end sited priced;00 Rae on gab day. t Ex-dividend 01 100% 1n eom. noes. s Ez-divitlead• •En-rIalmo
• 511Illiags • 6 111"Iv•and 6z-116166*
3152
New York Stock Record-Continued-Page 4
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,
May 4.
Monday, ' Tuesday, 'Wednesday,
May 8.
May 7.
May 8.
Thursday, I
May 9.
Friday,
May 10.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Singe Jan. 1.
On basis of 100-share lots
PER SHARI
Ranee for Prestos,
Year 1928
Lowest
Highest
Lowest
11105811
$ per share $ per share $ per share
$ per share 4 Per share $ per share Shares Indus. & Miscel. (Con.) Par $ per
312 312
3 8 312
314 328
share $ per share 5 per share 5 per share
33$ 312
314 3%
3
3%
9,800
Consolidate
d
TextUe__N
o par
1818 1618 16
3 May 10
1612 18
633 Jan 15
18
24 Aug
16
818 Dee
16
154 16 .1578 18
1,800 Container Corn A vot--No par 0438 Ape 20 2318
8
8
8
8
734 8
Jan 9
20 Nov
38 Apr
•73/, 734
712 73*
712 712 1,500 Class B voting
No par
6 Apr 20 111: Jan 2
77
7712 7678 7778 76
773
93
7514 7878 73
4
Oct
1914
Apt
75
75
Continenta
7512
10,500
l Baking el ANo par 4718 Jan 8 79I2May
127 1318 13
1378 1234 1312 1212 1338 1238 13
3
284 Apr 5312 Jan
123* 134 70,700 Class B
No par
84 Jan 8 14 May 3
98
9634 07
9712 97 97 9812 968 984
33
Dec
4
Apr
93*
97
98
97
3,900
Preferred
100 8812 Jan 2
75
7578 7411 757
73/
1
4 74% 733* 7414 734 743* 733* 75
73 Apr 9612 Jan
35,900 Continental Can Ino_No par 80 Jan 19 971238ay 6
*126 127 •126 127 *125 127 *12514
8018 Mar 22
53
12878 Sept
127
12514 127 *12514 127
Preferred
100 12484 Jan 7 128 Feb 14 123 Dee
84
8414 83
8334 83
83
Jan 128 Mar
83
84
83
84
83%
2,900
Continenta
833*
l
Ins
10 79 Mar
2238 2278 2218 2234 22
2212 213* 2238 2112 2218 2158 22
75 Feb 9478 May
38,400 Continental Motors___No par 1718 Mar 26 9412 Jan 14
9534 9814 9558 973* 9412 9558 925 95
26
283
8
10 Mar 201
:Nov
9214 947
9312 947 27,300 Corn Products RefinIng_25 1385s Feb 8 1017 Jan 21
•14138 14112 1413* 1413* •14138 14112 1
8 Apt 27
8438 Jan 94 Nov
413* 1413* 1413* 1411
: 14158 14138
70 Preferred
100 14114 Feb 28 14434 Jan 19 13812
6312 84
63
64/
1
4 63
8514 8418 65
Jan 14634 Apt
6334 6538 853* 67
55,700 Coty Inc
No
par
51
Mar
353* 3578 *34
213
38
821
:Jan 28
36
37
6258 Dec 897* Nov
3534 3812 .32
37
3314 3314 1,200 Crex Carpet
100 223* Jan 10 5758
97
97
*961
: 98
*983* 98
17
1212 Sept 27 Nov
9658 9858 *9614 98
*9812 98
30 Crown Will Pap let pf_No par 9514May 1 10114 Apr
*2034 213
: 4.2044 2113 *2034 21
Jan 18
MI Jan 10514 Oct
20
2034 *1812 2034 *19
2034
200 Crown Zellerbach
No
par
193
4
Apr
0013 9012 8912 91
20 253 Jan 9
89
90
2314
8918 9012 90
Dec 2634 Nov
90
8912
901
4,100
:
America_10
Crucible Steel of
0 85 Mar 26 94 Jan 11
*108 115
110 110 *110 112 .110 112
8914
93 Feb
110 110
110 110
300 Preferred
100 109 Jan 8 11834 Feb 28 III July
21
21
1912 1912 19
Dec 121 Ma,
1912 1838 19
1838 19
1834 1834 2.900 Cuba Co
No par
17 Mar 27 2412 Jan 3
20
Oct28%
312 312
May
312 312
318 312
3
314
3
314 , 314 3% 3,700 Cuba cane sugar
No par
914 912
3 May 8
g% 032
512 Jan 3
45 July
94 912
711 May
93
958 958
912
600 Preferred
93
94
100
914
Apr
24
111
/
4 1112 1118 1118 11
187
8
Jan
3
1334 Oct323* Jar
1114 1118 1114 1114 113* 1118 1118 1.900 Cuban-American Sugar---_10
11 Apr 24 17 Jan 3
64
64
64
84
6334 5412 13312 6578 *6334 65 • 6312 6414
153* Dec 2414 Ma,
390 Preferred
100 61 Mar 5 95 Jan 3
418 5
5
5
9334 Dec 108 Feb
*5
514 *5
514
514 514 *5
512 3,300 Cuban Dom'can Sug-No par
418May
4
5312 54
63
4
Jan 2
5312 5334 5212 5312 52
5 Nov
12
Jam
53
5214 5214 5212 54
4,100 Cudahy Packing
50 52 May 8 6772 Jan 15
16414 18738 166 18934 16534 17134 18412 168
64 Jan 7814 Aug
162 18734 18312 16834 28,800 Curtiss Aer & Mot Co_No par 13518 Mar 213 17312
•22114 250 *22114 250 •22134 250 *22134 250
Feb 5
5318 Feb 1925i Mat
*22134 250 *22134 250
Cushman's
Sons
20714
par
No
Apr
*12238 125 *1223* 123
17
22514 Jan 15 14434 Jan 230
12278 12278 1227 12278 *12234 123 *12212 123
Oct
20 Preferred (7)
100 1204 Jan 22 130 Mar 22 114
*63
631
63
Jan 141 Sept
63
63
63 .6138 63 .6138 6212 63
63
500 Cutler-Hammer Mfg
10 5818 Mar 26 651 Jan 11
79
79
7718 7834 7718 7712 78
52 June 654 Nov
78
78
78
80
80
2,700
Cuyamel
Fruit
par
No
63 Jan 3 85 Feb 5
.574 5858 57
40 July 83
58% 574 58% 5718 5712 558 57
Oct
563* 5834 21.400 Davison Chemical
No par 49 Mar 26 6918 Jan 31
3834 3834 *3858 3912 *3858 3934 *3858 41
348 Feb 683 No:
*3858 39
384 3834
200 Debenham Securities
5.! 3678 Apr 5 487 Jan 24
124 124
123 123
38
123 124
Oct4914 Api
123 123 *123 12312.123 12312
140
Deere
&
Co pref
0250 254
100 118 Feb 26 128 Jan 4 11512 Feb 12854 Mat
25014 25014 25412 25412'250 252
252 252
252 25314
500 Detroit Edison
100 224 Jan 2 260 Mar 21 18818 Jan 22414 De(
54
54
53
53
5212 5212 5212 5412 544 55
544 557
4,900 Devoe & Raynolds A__No par 52 Apr 17 15478 Feb
*115
__ 115 115
Jan 61
40
5
Api
115 115 .115
___ *115
__•115
70
1st preferred
144 145 y145 145
100 112 Jan 7 11518 Jan 15 108
Jan 120 Map
144 144
144 14412 144 114
144 1-41780 Diamond Match
•10
100 130 Apr 2 16412 Jan 11 1343* Jan 172 No!
97
1014 10
97
10/
1
4
93* 93
.97
10
10
8
10
1.700
Dome
Mines,
Ltd
11514 116
No par
115 11812 11334 1154 114 11413 114 11514 115 11612
834 Mar 26 1034 Apr 26
8 June 1318 Jar
7,100 Drug Inc
70
No par 110 Mar
705
8918 70% 67
80 Mar 12018 No!
69
8612 8718 86
87
67
67% 5,400 Dunhill International_No par 64 Apr 28 12818 Feb 4
41100 10014 *100 10012 *100 1004 100 100
8 92 Jan 2
554 Jan 992* No!
100
100
*100_
200
Duquesne Light 1st prof__ _100 4912 Jan 24 1007s Mar 5
*7
8
.7
74
7
998k Oct11612 Mal
713
134 612 *612 7
*812 -7
400 Durham hosiery Mille B... 50
514 Jan 14 1112 Mar 4
3 Aug
84 May
.40
45
*40
43
*4014 44
*40
44
*40
44
43
44
20 Preferred
179 18134 180 182
100
38 Jan 2 45 Apr 17
18012 18434 182 184
34% Oct4615 Jar
178 18134 178 1791 10,000 Eastman Kodak Co-__No
•12714 128 *12714 128 *12714 128 *12714 128
par 170 Apr 13 10418 Feb 2 163 Feb 1944 July
*12714
128
*12714
128
Preferred
8512 6512 65
100 126 Jan 2 128 Mar 9 12318 Aug 134
7014 88
Ain
6934 6714 8834 8812 6812 6712 7034 79,500 Eaton Axle &
Bpring__No par 8014 Mar 28 78% Feb 1
17534 178
17512 17634 17534 177
Jan 8318 No!
26
17534 1774 17534 177
17534 17912 22,100 E I du Pont de'Nem
11712 11712 11712 1173* 11712 11712 11712 11712
20 15534 Jan 22 1981
:Feb 1 __- --- - - -- - r,-11712 11712 11738 11732 1,200 8% non-yot deb
100 11534 Jan 21 119 Apr 5 114 July 12112 May
25 957 Jan 2 1121: Jan 18
1218 Jan 99 Del
Preferred
32% 3238 *314 32
100 9312 Jan 9 100 Jan 18
31
87 Nov 10011 Fet
31
*3012 32
*3112 3212 *31
321
400 Eitingon &Mid
100 100 .99 100
No par 2912Mar 26 398 Jan 10
.99 100
3314 Aug 43 No!
99
99
*98
10012
*98
100
200
Preferred
8A%
168 1691 16614 171
100 98 Mar 26 113 Jan 19 10138 Aug 12175 Noe
168 17012 187 189
18512 170
189 17134 91,200 Electric Autolite
113 113 *113 115
No par 12834 Mar 28 172 May 3
11312 1134 *113 115 *113 115 *113 115
80 June 13818 De(
110 Preferred
1534 18
100 109 Jan 2 115 Apr 2 1081
1558 16
1558 18/
1
4 1512 163* 15
:Sept 1121
:Del
1514 1538 158 8,800 Electric Boat
No par
7014 7114 8812 71
1212 Jan 9 182* Mar 19
68
893* 67
834 Aug
1738Juni
89
6718 6914 6812 7038 85,300 Electric pow & Lt
No
*108 1081
par
: 10838 10838 1073* 109
434 Jan 8 7214May 1
2834 AO 4918 Dee
1073* 1073* 10718 10718 107 10714
1.100
Preferred
No par 105 Apr 1 10914 Feb 13 105 Dec 11018 Mal
*13212 148 *13412 146 *13412 146 *13412 14012 *13412 140 *13412
140
Certificates 50% paid
8472 8472 8214 8434 8238 8378 8218 833* 82
1224 Jan 4 136 Feb 13 12014 Nov 12978 Api
8234 4,900 Elea Storage Battery___
831* 82
No par 77 Mar 28 9278 Feb 4
*4
4/
1
4 54
414 *4
69 Feb 9113 De(
414
414 414
44 44
414 41
/
4
600
Elk
Horn Coal Corp___No par
15
1534 *1212 16
4 Apr 24
•1258 15
•1212 147 *1212 1418 123* 125*
811 Jan 9
une
8
Jar
9
400 Emerson-Brant class A_No par
72
72
7112 71l
71
105* Jan 22 224 Feb 7
71
5% Feb 158 De(
71
71
71
71
7014
701
:
1,300
Endicott
-Johnson
Corp----50 7014May 10 8338 Jan 4
12312 12313 •12312 12434 •12313 12414 *12312 12414 12312 12312
85
4
743
Dec
Api
12312 12312
800
Preferred
514 52
5214 5312 5134 5314 5114 523s 51
5112 513* 5312 25,900 Engineers Public Elery_No 100 121 Feb 7 12414 Feb 28 12114 Jan 12758 Del
9112 9112 9112 9112 *9112 9312 9112 9112 *9138 9312 •913
par 47 Mar 25 6014 Jan 31
33 Feb 51 No!
2 9312
300 Preferred
No par 90 Jan 12 1044 Jan 31
904 Dec 10212 0
,
1
40
4032 3938 40
3912 397g 39
3912 3834 3914 3914 3934 9,300 Equitable Office
Bldg_No
4912 4912 *4812 50
497 4978 *49
par
Jan
3114
4
41
May
11
2958 Oct 3324 Jul]
4984
50
49
494 4914
1,300 Eureka Vacuum Clean_No par 4418 Feb 1
*24
25
25
54 Yen 28
25
43 Dec 79 Ja2
25
25
25
25
25
25
*25
2512
260 ExchangeBuffet Corp No par 2214 Jan
*4334 44
42
15 25 Apr 2
4334 4214 4212 4272 4272 4212 4278 4214 427
1934 July 243* Oa
2.500 Fairbanks Moree
No par 42 May 8 5134 Jan 21
10812 10812 *10812 110 *10834 110
3218 Jan 54 Api
110 110 *10834 110
4 110
1063
180
Preferred
.8314 84
100 10634May 10 11072 Jan 9 104
821
: 8334 8414 8734 8114 8812 *83
Jan 11454 Ma)
86
83
83
6,000
Federal
Light & Trao
15 884 Jan 3 8734May 7
.983* 100
9934 10034 9934 100
42 Jan 71 Da
100 100 .9912 100
*9912 100
210 Preferred
No par 9814 Apr 30 104 Feb 6
•220 300 *220 300 .220 275 *215 275 *225 250 *225 300
98 Jan 109
Api
Federal
Mining
& Bmelt'g_100 225 Apr 9 310 Feb 4 120 Apr 230 Del
*99 100
*99 100
9978 9978 9978 *99 100
*99
997 *99
300
100 9814 Mar 27 1001 Jan 7
163* 17
9114 Jan 10212 Sep
1614 1678 1812 181: 1812 1612 1658 1628 1612 1734 4,100 Preferred
Federal
Motor
Truck__No
par
1412 Mar 28 2238 Feb 6
9812 9812 9812 9834 9812 99
1858 Aug 257s Mal
991: 101
gg 1011
/
4 101 101's 5,900 Fidel Phen
Fire Ina N Y--10 9014 Mar 26 106 Jan 2
1058 105* *1058 1112 *1058 1112 *1058 1112 1058 1058 1058 105
7514 June 10718 Del
*
130 Fifth Ave Bus
No par 1058 Mar 25 13% Mar 2
*75
76
*75
78
*75
1114 Jan
78
lila Mal
•75
78
7434 75
7518 78
600
Filene's
Bons
No par 7434May 9 9812 Feb 25
*102 10312 10312 10312 103 103
103 103
103 103 *103 10312
•
80 Preferred
100 100 Apr 9 107 Jan 23
6812 678 6834 88
88
88
87
.
68
88
6612 68
6884 8,100 First National Stores_No par 62 Apr 18
1112 1132 1114 117g
7
k
74 Mar 16
11
28
Apr 762* Da
1114 1078 1114 1078 1114 1078 1114 32,800 Flak
Rubber
No par 1078 Apr 9 2018 Jan 23
.___ 59 •--- 59 •---- 59 *---- 5812 *52
878 Aug 1754 Jal
5812 ...___ 5811
1st preferred stamped_ _100 58 Apr 29 7218 Jan
•__ 62 *____ 62 .____ 62
14
558k Oct 911: Jaz
60
60 *____ 62 *____ 62
100 1st preferred cony
100 60 Apr 18 8212 Jan 25
724 7318 7058 73
70
7114 70
54
Oct 9734 Jat
72
70
72
704 7178 63,700 Fleischmann
Co
No par 654 Apr 30 843* Jan 2
5038 503* *50
5034 50
50 .4918 50
65 June 893s Oa
*494 50
*4918 50
500 Florshelm Shoe cl A
No par 48 Feb 25 54 Jan 8
101 101 *100 10218 *100 101
4914 Nov 561 No!
•97 101
*96 101
.98 101
100 Preferred 8%
100 9714 Mar 18 10212 Jan 18
69
6914 6812 6912 6834 898 884 8934 8778 681
9818 Oct 100 Da
/
4 88
8938 4.300 Follansbee Broil
No par 5912 Mar 28 7334 Mar 19
63
85
884 661
641
: 8878 8518 6738 6414 65
/
4 661* 65
5878 Dec 8918 Do
15,700 Foundation Co
No par 45 Jan 22 89% Apr 30
3838 Oct 571
: Del
941 9818 953* 9734 9478 961* 9312 9738 9512 9738 148,500
9214 933
Fox
Film
class A
No par 82 Apr 11 101 Jan 19
*10858 109 *10858 109 *10858 109 *10858 109 *10858 109 *10858 109
72 June 1195* 8.01
FranklIn-Simon pre:
4414 4712 48
100
45
10812
Feb
28
4514 4412 45
47
4614 46% 4618 47
110
Jan
Fel
10818
Dee
4
113
17.600 Freeport Texas Co____No
10612 10612 10512 10512 10618 10712 *105 10612 10812 108%
43 Oct 10914 Jal
_
600 Fuller Co prior pref____No par 38 Mar 28 547 Jan 25
par
99
2458 26
Mar
255 27
26
10712May
26
27
7
109%
28
102
Mar
26
2518 2612 •10612--API
26
27
7.900 Gabriel Snubber A__No par
20 Mar 25 3378 Feb 5
1312 134 1312 14
1318 1358 13
1318 1318 1314 13
15 Mar 2812 Jal
1318 4,200 Gardner
No par 1012 Mar 25 25 Jan 31
911 92
894 9234 893* 9078 8918 903* 891
714 June
/
4 9112 894 9012 9,100 Gen AmerMotor
173* Da
Tank
7934 81
7912 82
79
8112 78% 8034 7734 8014 79
8078 Feb 101 Da
8112 35,300 General Asphalt Car-No par 811: Mar 28 102 Jan
100 61 Mar 26 82 May
12112 122
12212 1241
68 June 9478 Ay
:*122 124 *117 12312.117 12312 122 12314 1,400 Preferred
100
10418Mar
*13314 138
28
13314 13314 13314 13314 *1334 138
12412May
1331
1104
June 14112 AP
/
4 1334 *13314 137
80 General Baking
53
5414 5114 53
132
5258 53
Oct 150 Juni
501
: 5134 50
51
51
511
: 3,600 General Cable pref--_No par 130 Mar 26 140 Feb
No par 374 Jan 9 61 Feb 2
10734 10914 107 10712 10512 10512 1027g 103
100 10238 •102 102
21 Feb 4138 No,
3.500 Class A
No
par
81
Jar
*10412 10512 *10412 10512 *10412 10512 10512 10512'10512 106
8
8834 No,
12018
Feb
2,
56
Feb
106 106
300 Preferred
100 104 Apr 13 1071
7012 yo
71
7014 3.100 General
: 7112 7012 7012 704 7012 70
71
:Jan '21 102
701
Oct 107 00
Cigar Inc
No Dar 63 Jan 8 74 Feb 25
*118 120 *118 120
118 118
118 118 *1174 118
5918 Nov
753* Tel
120 120
50 Preferred
100 11214 Jan 5 122 Jan 24 11414 Sept 130 Ma
25412 2583* 25314 281
2514 25834 25018 263 25212 28178 258 268 155,100 General
Electric
No par 219 Mar 26 268 May 10 124 Feb 22118 Da
1118 1114 111$ 1114 1118 1114
1118 1118 II% 1114
1118 114 5,700 Special
10 11 Jan 3 111% Feb 4
83
8234 8112 83
11 Sept 12 Jun,
83
80
8114 81
80
82
*72
79
2,500 General Gas & Elea
A__No par 70 Jan 7 90 Apr 3
105 105
3514 Jan 74 No,
105 105 *100 10912 *100 105 .98 105
105 108
700 Claes B
No par 78 Jan 3 112 Apr 25
*128 129 *128 129
Jan 80 No'
37
128 12818 12818 1284
129 129 *12818 130
210 Pref A (8)
No par 121 Feb 20 135 Feb 14 121
10984 10884 *10812 10834 109 110
Oct 144 AD
10918 11014 10914 10914 *109 110
340 Pref B (7)
No par
Oct 11478 Mal
*108 110 *108 110 11108 110 *108 110 *108 110 *108 110
Gen Ice Cream Corp-No par 104 Apr 2 115 Feb 15 105
7978 Mar 9 110 Apr 3
78
7418 July 1054 00
761
: 753* 773* 754 78
7558 7412 75
7418 7873 9,800 General Mills
75
No par 74 Mar 26 894 Jan 18
79 Dee 844 No'
*96
9634 964 9834 *98
96
*98
9634
964 96
9634 *98
200 Preferred
9818 Dec 10014 De
83/
1
4 845
100 954 Apr 5 100 Jan 4
834 8512 8312 8478 8318 8414 8212 8334 8212 8458 320,900 General Motors Corp
10 7718 Mar 28 9114 Mar 21
7334 Dec 9014 No'
1247 12478 12434 12434 1244 12478 12434 12434 12434 125
12434 125
2,200 7% preferred
100 12412 Apr 8 12618 Jan 2 12312 Jan 12712 Ap
.80
8012 5012 50
603* x4884 80
501
: *5014 5034 .5014 5012 1,600 Gen Outdoor Adv A
-_No
49 Aug 5818 Jai
3812 397
40
39
3734 3912 3878 404 385* 407
39
393* 25,800 Trust certificates----No par 4834May 6 52 Jan 2
par 32 Feb 14 41 Mar 12
111 113
2918 Aug 528, Jai
11058 11312 11078 11534 11112 11438 11134 11434 113e 11678 84,000 Gen Ry Signal
No par 931:Mar 26 11878May 10
8414 June 1235* J1
78,8 7934 7812 7912 10,100 General
8114 7712 go
82
8334 8114 8272 go
Refractories-NO
451:JUDO 82 Jci
11612 118/
:Feb 20
1
4 1154 118
115 11634 11314 11478 11212 1143e 11338 11512 11,700 Gillette Safety Razor_No pax 68 Apt 10 861
par 110 Apr 9 12634 Jan 25
974 June 12338 Oc
3912 3912 3912 4038 3912 3912 3912 3912 3918 3978 *39
40
3,000 Gimbel Bros
No par 3778 Mar 28 4818 Jan 28
3418 Mar 5978 Jun
.81
8214 *8112 8214 8112 8112 813* 813* 812* 8158 8214 8214
500 Preferred
100
Mar 101 Ju1.
87
8118
Apt
4734 483g 4612 48
3
25
J&D
90
46
4634 4538 4612 4512 4612 4638 4712 19,500 Glidden CO
No par 3878 Jan 2 5012 Apr 28
*105 10514 105 105 •10418 105
2038 Jan 37 De
110 Prior preferred
10312 10418 *102 10434 104 104
100 103% Jan 3 10818 Apr 22
Jar 105 Sep
95
4934 5034 4912 5012 49
18,500 Gobel (Adolf)
4978 484 493* 4812 4918 4814 50
No par 44 Jan 28 88 Feb 5
4218 Dec 8218 No,
88
873
6558 673* 8514 8818 6414 6512 634 66'4 6458 8558 59,200 Gold Dust Corp
v t e__No
Jan 1434 De
71
881, 8284 84 4 283
84
83
8412 8278 8478 83
83
834 19,900 Goodrich Co(B F)--__N, par 544 Mar 28 82 Jan 19
par 81 Apr 29 10534 Jan 2
6818 June 10914 De
113 11318 *113 114 *113 114
500 Preferred
113 113 *113 114
113 113
100
1304 134
1304 1343 12911 1324 129 133
12918 132% 13118 13334 119,800 Goodyear T & Rub--No par 113 Jan 9 1154 Feb 25 10911 Feb 115% Ma:
112 Feb 21 1541:Mar 13
454 June 140 De
103 10338 10314 1034 *103 10312 *103 1031
:1035* 1,300 1st preferred
1031
: 103 103
No par 10184Mar 27 104% Feb 28
9218 Mar 105 De
•Eld and asked Woes: no sales on Skis day. s
Es-riakSo•
3153
New York Stock Record-Continued--Page 5
For .ale, during the week of stocks not recorded here. see fifth page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
May 4.
Monday,
Mayo.
Tuesday,
May 7.
Wednesday,
May 8.
Thursday,
May 9.
Friday,
May 10.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On basis of 100-share Iota
Lowest
Highest
PER SHARE
Range for Precious
Year 1928
Lowest
Highest
$ per share I per share $ per share $ per 'Dare
531z Mar 26 744 Jan 23
70 Dec 93 Apr
4814May 10 60 Apr 11
9414May 8 10114 Jan 5 100 Dec 130 Apr
95 Dec 112 May
97 Jan 11 100 Jan 12
4 Feb
1
12/
4 Dec
1
6/
7 Feb 18 14 May 6
1634 Feb 6114 Sept
3218 Apr 22 54 Jan 2
2613 June 56 Sept
3112 Apr 22 494 Jan 11
3918 Feb 93 Dec
81 Mar 26 1021
4 Mar 20
/
4 June 9478 Oct
1
65/
7734 Jan 30 9613Mar 18
4 Oct
/
4 July 411
1
26/
4 Jan 2
1
2018 Mar 26 32/
4612 Aug 8238 Oct
41 Mar 26 5438 Jan 4
11114 Dec 12512 Sept
11412 Apr 12 14458 Feb
4 Oct
1
194 June 33/
2758 Jan 7 394 Feb 1
3812 Dec
Jan
31
3234 Mar 26 44 Jan 25
11314 Apr 22 11913 Feb 1 1124 Feb 120 Jan
8938 June 17714 Dec
15258 Mar 26 19758 Mar 20
4 Jan
1
9/
434 Dec
313 Apr 24
512 Jan 3
Jan
90 July 107
50 Apr 12 90 Jan 2
4 Sept
1
Jan 73/
51
6114 Apr 2 79 Mar 5
4 Nov 110 Apr
1
103 Apr 5 109 Feb 14 103/
Jar
30
23 Jan
25 Jan 7 29 Feb 28
30 Dec
23 Jan
27 Feb 18 31 Mar 8
29 June
2512 Jan
28 Jan 31 29 Jan 14
3858May 4 55 Jan 10
98 Mar 26 115 Jan 31
99 Aug 104 Apr
10034 Feb 15 10558 Jan 8
59 May 97 Nov
91 Jan 14 9934 Jan 23
54 Dec 5712 Oct
54 Jan 3 6034 Mar 22
112 Jan 14 11812 Jan 29 110 June 120 Jan
4 Feb
1
2313 Aug 27/
2418 Apr 5 27 Jan 2
1653 Aug 37/4 Dec
4 Jan 2
1
2358 Mar 26 39/
61 Dec 68 Nov
60 Feb 19 6612 Apr 16
Oct
104 Mar 15 118 Jan 29 105 Dec 120
3034 Jan 7212 Dee
64 Feb 16 9412May 3
7014 Feb 89 Nov
80 Feb 16 9934May 3
Apr
4 Aug 105
1
104 Jan 4 10618 Apr 17 100/
4 Jan
1
1514 Sept 30/
4 Mar 5
1
1612 Apr 25 21/
4 Oct
1
4018 Dec 49/
40 Apr 16 51 Mar 9
4 Apr
/
18 Dec 361
1578 Mar 26 22 Jan 2
Jan 80 Nov
67
7214 Feb 21 7612May 4
Oct
6418 Feb 84
6513 Mar 26 7913 Jan 7
Apr
79 Dec 167
804 Mar 7 109 Apr 2
Nov
4058 Feb 7334
6614 Jan 8 8212Mar 21
No pa
68
70
69
6912 6712 6834 6814 8914 24.300 Howe Sound
7112 7112 6912 72
9974 Mar
Jan
75
7118 Feb 15 9312Mar 15
No Da
4 112,600 Hudson Motor Car
9114 8918 8978 8938 911
/
8814 9034 83
8952 92
8812 92
29 Jan 84 Nov
5578 544 5538 55
5412 5578 54
55/
57
4 22,500 Hupp Motor Car Corp____10 5018 Apr 29 82 Jan 28
1
5418 5814 55
4 Feb
/
211
393
383s Nov
31
8May
Jan
7
30
Da
Gas_No
de
3734
011
3812
3818
4
1
/
39
383
4
1
/
3
39,
387
4
Independent
37
2
76,500
383
3
3712
2
3714 377
70 Apr
Oct
20
1734May 4 3212 Jan 2
No pa
261
25
4 2038 2012 2812 24
1
4 20/
1
20/
1734 1734 18
2634 18,600 Indian Motocycle
Apr
93 Nov 115
4 Feb 5
1
100 70 May 8 95/
70
89
8712 .70
89
1 _ _ _ _ 70 *____ 70
•70
70 Preferred
•____ 70 .
9 Feb 3958 July
29 Jan 8 5258 Apr 10
1
4 4812 49,4 47
1
4878 4734 49
4 49/
1
4813 5614 48/
4838 49
71,500 Indian Refining
374
Jan
July
812
10
Apr
4
483
7
Jan
28
I
4 4578 46/
1
4514 46/
4 46
1
4 4412 4638 45
1
4512 31,600 Certificates
4 4558 46/
1
46/
10 160 Jan 2 165 Jan 11 140 Dec 185 Nov
Preferred
Oct
No pa 110 Mar 26 135 Jan 18 118 Dec 146
112 112 'DI 112 *Ho- Ili' 110 110
*110 112 *iio- 112
400 Industrial Rayon
90 Feb 127 Nov
No pa 120 Jan 3 15318 Apr 24
142 144
144 144'
144 144 x14212 14212
146 14614 145 145
800 Ingersoll Rand
80 Dec
Mar
46
Mar
8
967
20
2
Jan
7812
pa
No
8
903
90
90
92
9114
9012
92
4
1
/
90
4
/
4 911
/
911
00
9014 3,800 Inland Steel
18 Feb 4878 Nov
4318 Jan 7 6612 Mar 1
49
48
49
4 4114 411174 484 4938 48
1
4812 4958 11,800 Inspiration Cons CoPper___2
4 49/
1
48/
4 Jan
/
818 July 211
834 Apr 22 144 Jan 11
912 91/4
4 10
/
*91
012 91
938 938
No Pa
1,100 Intercont'l Rubber
4 .914 10
1
4 9/
1
9/
4 May
1
Feb 20/
13
28
Jan
1778
12
Apr
1212
pa
No
4 1312 3,400 Intarnat Agrieul
1
12/
4 1314 1374 1313 1318 1318 1314 1258 13
1
4 13/
1
13/
Dee
85
Mar
4
/
481
26
Jan
70 May 10 8813
10
72 •____ 7134 70
72
7212 721
4 73
1
7414 7414 72/
7134
800 Prior preferred
Jan 16638 Nov
177/
4 17812 176 17712 17814 18034 4,500 Int Business Machines_No par 14938 Jan 24 185 May 1 114
1
17814 180
179 ISO
180 180
Dee
4
/
941
Jan
56
4
Feb
4
1023
9
Apr
9358 9134 9212 91
92
9058 9134 9013 91
92
9034 95
13.000 International Cement__No par 8518
4514 Feb 80 Dec
4 7414 7753 7934 167.800 Inter Comb Eng Corp._No par 61 Mar 26 10312 Feb 15
1
7414 7534 72/
757
74
7318 7334 7312 76
Sept
110
Mar
103
16
Feb
121
2
Jan
10812
100
111
111
111
111 11134 1,700 Preferred
*109 11034 111 III .10912 111 •11012
4 Dec
1
80 Dec 97/
11112 11412 114 11612 48,700 International Harvester No par 9234 Jan 15 11934May 3
4 1154 11872 11312 1173 114 116
1
11614 118/
100 14014 Mar 26 145 Jan 18 13614 M - 147 May
14112 14112 *14112 142
141 141
141 141 *140 141
141 141
1,000 Preferred
8 May
1217
Dccl
85
4
Jan
26
10212
Mar
6514
8112 85
85
8412 16,700 International Match pref__35
84
84
4 8172 81
1
81/
8114 87
82
4 May
/
71
334 Mar
714 Feb 15
5 Mar 28
100
Marine
ea
4 512
1
5/
534 534
534 534
0 I t Mercantile
00
512 57e 26;n8
70
534 1
4
1
534 5/
4458 Jan
3418 June
100 3612 Feb 1 5114 Apr 23
44
4 44
1
4 42/
1
4458 3
4234 43/
Preferred
4518 4534 4412 4612 4213 443
4 Feb 26912 Dec
1
73/
4 Jan 23
1
4 5134 5314 194,400 Int Nickel of Canada_No par 4012 Mar 26 72/
1
52/
4 51
1
52/
51
4 53
/
4 54,2 511
/
5213 5312 511
Oct8638 May
50
67
68 .60
70 .60
•60
70
International Paper___No par 5712 Jan 11 83 Apr 9
*60
70
.130
70
.60
Jan
89 Dec 108
100 87 Apr 10 9412 Jan 8
88
.87
87
87
90
•86
90
100 Preferred (7%)
90 .86
*86
8634 88
22 Dec3412 Nov
4 Mar 19
1
2712 Jan 8 35/
4 28
1
2812 28/
2853 2,500 Inter Pap & Pow cl A_No pa
30
*27
30
3018 3014 3014 1328
30
19 Nov
1478 Dec
8
24125far
16
Jan
8
153
pa
No
1714
1714
174
1714
1714
17
11
1712
Class
4,500
1712
1712 17/
4
1
4 1712 17/
1
4 Dee
1
4 Nov13/
1
10/
1058 Jan 10 1714 Apr 4
No pa
4 1313 1212 13
1
13,200 Class C
1314 1318 1318 12/
1314 1314 1313 1314 13
88 Dec91 Dee
80 Apr 15 93 Jan 23
4 8612 8612 1.700100
1
4 86/
1
Preferred
8618 8618 8618 8612 *8512 8612 8512 8512 85/
4744 0^t 60 Dee
5018May 6 63 Jan 23
5112 5118 514 1,000 Int Printing Ink Corp__No pa
5112 5112 *51
5112 5018 5038 *5058 52
51
98 Apr 26 108 Mar 4 100 Dec 100 Dee
10
93
98
994 9812 931
190 Preferred
9914 .98
9814 .98
9914 98
•98
4912 Mar 6814 Jan
100 5512 Jan 4 9034 Feb 4
7512 7512
75
7513 75
7512 7512 .75
50 International Salt
*7512 78 .7512 78
Jan
Jan 22 150 Mar 6 126 June 196
131
100
International Sliver
•137 142 •138 143 .135 141 .135 141 •135 143 .135 145
Jan
4 Jan 4 119 Jan 17 11214 Dec 131
1
10 112/
Preferred
511518 11812 *11518 11812 *11518 11813 *11518 11812 *11518 11712 *11518 118,2
Dee
201
Feb
13912
7
28112May
7
Jan
19714
275
8
2713
27512
4
2683
27612
27412
26914 28112
36,600 Internat Telep & Teleg---10
26518 272
26114 264
Dee
90
Nov
814
2
Jan
4 2,900 Interstate Dept Stores_Na Da
1
4 73/
1
72/
744 7334 74
73
71 Apr 26 9312
754 744 75
75
75
75
100 130 Jan 15 150 Jan 2 12412 Nov 150 Dee
•110 120 .110 130 *110 130 .110 130 *110 130 *110 130
Preferred
2334 Sept 3812 Jan
4 364 4,800 Inter-type
1
3712 3612 3612 35/
29 Jan 2 3812May 3
No pa
4 3612 3612 36
/
3612 371
3718 38
ne
Corn
Oct 61 May
47
5412 5413 5412 55
53 Jan 2 69 Mar 5
55
.54
54,2 5334 54
4 54
1
4 54/
/
521
1,100 Island Creek Coal
7734 Mar 179 Nov
145 145
4 Apr 16 16214 Feb 5
1
150 151
151 151
145 14514 .144 150 •140 147
No pa 135/
1,100 Jewel Tea, Inc
12512 Nov
Nov
4
1
/
119
13
Feb
100 1244 Jan 3 12518
9614 June 202 Dee
4 18514 iii" iiF 10 -4 -2-7:ioo joieuree-fWaednytue
par
00 15514 Mar 28 2423.4 Feb 2
iiiTs 1911-2 iii- igiti i§a- 1-8-- iiii" fi6-3No 1p
122 Apr
Oct
11814
10
12212May
121 121
12212 12212
*12012 121 *12012 121
122 122
21
Jan
121 121
119
160 Preferred
12414 May
4 12114 12114
/
4 1211
/
1211
4 122 122
/
1214 122 I 12112 12112 12114 1211
540 Jones & Laugh Steel pref__100 11812 Jan 4 12214 Mar 11 119 Dec 4113 Oct
2542 Star
29 •____ 29 *__ __ 29
•____ 29 *____ 29 .____ 29 .
Jones Bros Tea Inc____No par 35 Jan 21 35 Jan 21
1912 Oct
Aug
812
2
Jan
912 04
164
958 10
26
4 10
1
Mar
9/
6
1138 104 1114 10
par
101 2
11
No
5,200 Jordan Motor Car
Apr
110 110 *11012 111
10912 10912 110 11014 *110 114
*109 110
90 Kan City P&L lat pf li_No par 106 Feb 18 11213 Jan 22 108 Aug 114
Oct
2912 Dee 34
27
.2612 27
27
27
.2612 27
274 27
4 Apr 19 3718 Feb 6
1
27
27
27
16800 Kaufmann Dept Stores_612.50 26/
Nov
92
Jan
8
825
24
Apr
8914
0214
26
Mar
8712
4
1
/
87
88
8812 8718
8712 89
8912 9078 8734 90
No par 76
,800 Kayser (J) Coy t c
15/
4 May 5112 Nov
1
3212 3212 .3312 3613
34
3413 .3312 3812 34
4 34
1
36/
400 Keith
6
*34
rpheum _No par 25 Apr 11 46 Jan 4
070
ibeede-7
err
o-fA
7512 May 160 Nov
1 138 Jan 5
16
r2
po
10714 110 •10012 113/
4 •I0012 110 *102 110
1
108 108
1121%Aro
14
9
112 112
1914 Dec 2512 Nov
2378 Jan 2
4 174 1814 17/
1
4 1814 18
1
1753 1714 1774 1718 17/
17
1812 40,200 Kelly-Springfield Tire No
par
"
5514 Feb 95 Nov
4 .7414 85
1
85
*7414 84/
*74
*7414 85
•7414 85
7514 Apr 8 9478 Jan 9
•7414 84
8% preferred
Feb 101 Nov
58
14
Jan
100
.85
.85
90
90
.85
88
90
.83
88
.85
88
220702.
1
85
.
preferred
Oct
56
224 Jan
ar gi 6th Feb 28
4 5758 5658 5734 57
1
gs tip
4 57
1
594 16,2
4 574 59/
1
57,2 56/
00 Kelsey
100
5812 60/
i reropin.r1
6
Nov
100 10614 Apr 23 110 Jan 8 106 Mar Ill
*10614 1091 10614 1064 .10614 10912 10614 108 *10614 108 .10614 108
Apr
2
227
July
4
1
/
7
6
Feb
194
Mar
1
4 171
1
4 17
1
4 17/
1
4 18 4
/
1812 1734 1814 1712 18/
4 1758 16/
1
17/
,
Kelvinator Corp
4 Mar 18
1
26 104/
4 8734 90/
/
0
2se
18
4
1
2 21:2
4 9512 90
1
9138
93,8 8914 911
o par 7
No
10
0K
00
4 9553 92/
1
94/
K nineec
yoc
ttoCopper
4 Oct
1
3773 Aug 56/
7078 Apr 18
b
en
6418 6312 64
6312 64
6213 631
6,22 Ia
3
4 64
1
4 64/
1
64/
No npart(
65
85
Apr
8718 Mar 100
10934Mar
101 102
101 102
102 102
102 102/
4
1
10012 102
102 102
230 Preferred
4 Nov
1
5114 Aug 95/
3913 411/4 35,200 Holster Radio Corp_ -__No par 31 Apr 10 7853 Jan 3
4 4012 4112 4014 4112 3958 404 3812 40
1
4113 41/
Nov
42
Dec
32
9
4May
473
26
8
445
Mar
4714
4
1
/
32
4558
4
463 4734 434 4714 75,900 Kraft Cheese
4532 4478
44
No 1pooar
4 44
1
43/
9914 Dec 10114 Dee
9934 Jan 2
*96 100
95 Apr '2
*97 100
97
97
100 Preferred
Preferr
.96 100 .96 10012 .06 100
9134 Nov
4Mar 4 065 Feb
1
49
4878 49
484 49
10 464 Mar 26 57/
494 49
4912 CFI 49
6,200 Kresge(88) Co
4912 50
Apr
June 118
11014
14
Feb
4 •114 11414 114 114
1
100 109 Jan 5 115
20 Preferred
•114 1145 .114 11452 •114 11438 •114 114/
274 Feb
1313 Jan
2
Jan
23
163
27
Mar
*1512
15
4
1612
.1512
4
1
/
16
.1513
•1512
17
18
*1513
par
Stores----NO
Dept
18
Kresge
• •1513
75 Aug
7113 7112 .714 72
•7112 72
100 7112 Feb 19 7312 Apr 28' Mae Feb
110 Preferred
7112 7112 *7112 72
*7112 72
4 Nov
1
87 Feb 124/
99 .93
98 .95
97
98
No par 9612Mar 22 114 Jan 5
98 99 .94
1
*95
Kress Co
98
.93
4 Oct
/
3258 Dec 401
3838 3918 374 3914 371
354 Mar 26 4838 Mar 6
4
/
8
387
393
2
373
8
3714
8
383
122,100
374
Toll
&
Kreuger
361/4
Nov
13214
Mar
734
3
Jan
12212
26
Mar
85
00
par
8818
9112
9014
x8912
9112
4
1
/
90
92
0 Loo
00
20
21,9
Brored
9112 9212
0cery & Bkg_No
or00
eroG
4 93
/
911
Jan 260 Feb
100 23112M ay 4 245 Mar 14 200
*23112 232 .220 235 .200 235 *195 235 .195 235 .215 230
Nov 12412 Jan
99
4
Jan
102
8
Mar
100
1024
1024
•10038
102's
100
.100
115
4
1
/
8
*1001
3
*1003
115
4
1
Preferred
10038 115 .100/
3918 Apr
2733 Feb
2912 2912 .30
31
3012 .29
•
3012
--NO par 2614 Feb 10 3312 Apr 15
co
Oil kTrantIPOrt
LatagmbOerit
3074 .29
2978 3058 30
7912 Jan 13633 Nov
14112 14234 13913 14114 14112 1431 28
yo par 12718 Jan 22 15714 Mar 19
1:00
51
14412 1447 143 145,2 142 14414
2614 Oct
Jan
1714
14
Jan
25
19
1731
4
173
1812
3
1814
1712MaY
Par
18
19
8
183
No
5,600 Lee Rubber & Tire
1814 1514
181
18
4 June 5812 Nov
1
42/
4 5714 59
/
5934 591
61
5714 5714 4,500 Lehigh Portland Cement__ 50 50 Apr 17 65 Feb 6
4 58
1
4 59/
1
57/
58
57
4 May
1
4May 9 10814 Dec 110/
1103
3
Jan
4
1063
11012
8
1103
100
1104
4
3
110
1103
•110
11012
8
11012
170
110
110
Preferred 7%
4
1
•110 110/
Jan 6478 Oot
38
5412 55/
4 531
1
No par 5212 Mar 26 6812 Feb 4
5358 5412 544 55
4 55
/
3.800 Lehn & Fink
55
51
56
55
.
4014 Nov
2812 Aug
4 Jan 5
1
4 Jan 7 39/
/
No par 291
Lire Savers
831s June 12212 Jan
-1-2 -gili4 88.4 -1;8.31 19- -90r2 Vfai 71:070
00 Lisggeeritoto&Balyers Tobacco-25 8112 Mar 26 10512 Jan 28
"sio" 00 "iifs -011" 8812 W9
804.,Jurni 12313 Jan
4 9012 9178
1
25 8118 Mar 26 10312 Jan 29
sal2 8818 8812 8814 89/
90
*89
4 90
1
89/
Apr
100 13514 Mar 27 13711 Mar 1 134 Aug 147
135)2 13513.•13512 136 13514 135,2 '13514 136 3,000 Preferred
*13512 136 .13513 136
38 July 6578 May
4938 49
4912 4814 491/4 9
1:0
533 uLluaidLoccoormboNnYloorks___No par 4418 Mar 28 55 Mar 22
4 4912 4959 49
1
4 5078 4912 50/
1
50/
6312 Feb 12412 Nov
4 Jan 3
/
par 7138 Mar 26 1131
85
4
No
y823
4
1
/
85
854
824
831/4
86
4
1
/
85
4
/
861
8512
8614
8512
4918 June 77 May
4 Apr 9 8413 Feb 27
1
4 8118 62
/
No par) 58/
4 6058 611
/
611
81
25,200
3,0 Loertwor'serIrnecsrporatetl
6333 6118 63
6014 6078 61
4 Apr
1
4 Mar 110/
/
991
7 11034 Jan 31
19
A pr 2
par
4 9812 *9518 9713 *95,2 981/4
1
9812 *95/
.9838 9812 9814 98,4 98
4 Aug
/
191
4 Feb
1
5/
114 Apr 1
Jan
10
12
77
9
1014
par
1012
4
1
/
9
9
°
N
No
1018
4
1
/
Incorporated
1013
17,100
1012
Loft
11
1014
104 1078
PA
Jan
lob
28
5
Jan
3212
11
Apr
27
par
23
No
28
2812 28
28
28
200 Long Bell Lumber A
2814 .
2834 *28
4 .28
1
28/
•28
Shares Indus. & Miscel. (Con.) Par
Gotham Silk Hosiery_No par
No par
-6.174 4858 16- 49 50 -4034 50 4834 167; ib:Etho New
-51" III;
100
Preferred new
1,100
•9414
100
*9413
100
9414
4
943
4
9412
943
943
4
943
97
4
95
.
__i00
ex-warrantsPreferred
9334 9612 *9334 964 .9334 9612 *9334 96,2 •9334 96,2
.9334 9612 .
No par
4 8,300 Gould Coupler A
1
1312 1278 1338 1178 1258 1234 12/
13
14
1238 1234 13
4 3518 3558 3458 35/
1
4 18,000 Graham-Paige Motors_No par
1
3658 3714 3618 3714 3514 3673 3533 36/
No par
*3313 3512 *3312 3512 *3312 35
400 Certificates
35
3334 3334 3313 3312 35
8312 82
8238 6,900 Granby Cons M Sm & Pr_100
8334 83
8312 82
84
844 8312 8334 83
100
Stores
600 Grand
90
90
9058 •88
8814 8814 89
9058 90
90
•89
90
No par
3,600 Grand Union Co
1 27
2638 27
2618 27
28
28
2912 2718 2812 .
2812 29
No par
4 48/
1
4 5033 4912 4953 4914 49,4 48/
1
50/
4 4714 4814 4738 4912 1,400 Preferred
1
No par
1,500 Grant (W T)
12012 12012 11912 120
4 12478 12334 12334 12014 122
/
1241
121 124
2914 12,000 Gt Nor Iron Ore Prop-No Par
2912 30
29
2834 29
4 30
1
29/
29
2912 2834 29
No Par
Sugar
Western
4014
Great
3834 43,800
38
39
3714 3734 38
38
394 3814 4038 3858
100
*115 117
116 11612 11514 11634 115 115
770 Preferred
116 117
116 116
12,200 Greene Caramels Copper 100
166 166
16353 16614 16178 16434 159/
4 163
1
15812 161
15758 161
*312 378 *3,2 3/
312 358 •312 3/
313 312
500 Guantanamo Sugar____No par
4
1
4 378
1
4 *3/
1
100
Preferred
.5114 64
*5112 84 .514 64 .
5112 64 .5112 64 .5112 64
100
6612 6612 85
6414 6414 6433 64/
6612 .65
4 1,500 Gulf States Steel
1
66
66 .64
100
Preferred
•107 108 •107 108 .107 108
50
107 107
107 107 .107 108
25
*274 2734 *2714 28
100 Hackensack Water
2712 2712 2712
4 2734 *27
1
2714 2714 27/
25
*28
90 Preferred
2914 28
.28
28
2914 •2818 2914 .2818 2914 2914 2914
rr5
*27
70 Preferred A
27
27
28 .
27
28
2778 27
27
2778 .27
*27
No par
4 40
1
38/
4 84,800 Hahn Dept Stores
1
3912 4012 3914 40
4218 43/
4058 42
3938 42
100
100 100
4 1004 9912 9934 9914 100/
1
99/
4 100 10058 10034 10078 4,200 Preferred
1
100
120 Hamilton Watch pre
103 103 .102 103 .102 103
102 102 .102 10212 .102 10212
100
•9514 08
340 Hanna 1st pref class A
9518 9518
95
9514 95
9514 9514 95
9514 *95
par
Refrac_No
60 Harbisou-Walk
5934 .58
58
58 •58
5934
5934 53
5934 *58
58 .58
100
*11212 ____ *1124 ____ •11212 __-- ______
Preferred
•11213
____ •1124
.112
par
A_No
class
Corp
2512
2512
Hartman
200
2512
•25 1514 .25
2512 .25
2512 .2518 2512 *25
No par
2618 2678 26
2732 2558 2614 2514 2534 2614 26,4 264 2714 4,200 Class B
20
Pineapple
Hawaiian
6312
6312
63
700
63
63
63
63
63
*6312
65
65
65
25
200 Helme (G W)
•106 109
106 106 .10534 109 •10514 109 .10514 109 *10514 109
8912 8714 9013 11,100 Hershey Chocolate____No par
91
92
4 9412 90
1
92/
9338 8712 8978 87
No par
9312 9412 9312 9312 9312 934 2,700 Preferred
97
4 95
1
9712 98/
97
96
100
800 Prior preferred
____ •105 10513 10512 10553 .105 --10412 10518 •105 10534 *105
No par
1812
.17
1712 18
400 Hoe (R) & Co
18
18
19
•18
1834 18
.18
18
par
No
Furnace
43 .4034 43
*4034 43
4,000 Holland
4318 43
43
4313 43
4334 43
No par
17
1678 1678
1,000 Hollander & Son (A)
1678 1678
1772 1772 .16/
4 1773 1658 1658 17
1
100
1
Mining
50011Iomestake
7612
3
76
7612, 7612 7612 7612 .75,4 764 76
7514 7612
76 '
No par
71
7018 71
7134 7134 71
1,4130 Househ Prod Inc
72
4 •7018 72
1
72/
72
72
96
9913 9758 09
961 1 93
9718 100
18,300 Houston 011 of Tex tem ctfs 100
4 9934 9712 100
1
96/
$ per share $ per share $ per share
S per share $ per share
•pm end mud prime: no sales on obis day. • Es-dividend
$ per share
r Ex-rlabia.
o Old stock
3154
New York Stock Record-Continued-Page 6
For sales during thb week of stocks not recorded here.
ilea sixth page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT
PER CENT.
PER SHARE
Sales
PER SHARE
STOCKS
Range Sines Jan. I.
for
NEW YORK STOCK
Range for Previous
Monday.
Tuesday. Wednesday, Thursday,
On
oases
Friday.
of 100-share tots
the
Year 1928
EXCHANGE
May 6.
May 7.
May 8.
May 9.
May 10.
Week.
Lowest
Highest
Latent
IIloksal
$ per share $ per share $ per share $ per share $ per
share
$
per
share
Shares Indus. & Miguel.(Con.) Par $ per share
6612 67
65
6614 6514 68
$ per share $ per share; per Wu
644 6512 64
65
65
657
6,500 Loose-Wiles Biscuit
*118 119 *118 119 10118 119 *118 119
25
5918
Mar 26 7458 Jan 5
4414 June 8858 Sept
118 118 *118 119
10 lst preferred
100 11612 Jan 12 1214 Apr 2 11712 Aug 125
2118 2112 2138 22
2134 2312 23
24
2414 2514 2512 268 40,800 Lorillard
May
•_ _ _ _ 85
25 20 Mar 25 2838 Jan 11
*75
85
*83
85
8412 85
2334 June 4675 Ap
6712 88
90
90
500
Preferred
100
1418 143
14
8412May 8 93 Jan 16
14% 14
1414 14
864 Dec 114 Mar
144 14
1412 15
154 38,300 Louisiana 011
No par 1234 Mar 26 18 Jan 9
*90
9234 90
90
*90
9234, *90
938
Feb
9234 90
19/
1
4 Apr
90
40 Preferred
904 904
100 89 Feb 8 1004
3934 40
3914 40
393 39% 394 39% 38% 3914 3918 3934 3,500 Louisville0
78 July 98 Apr
& El A__No par 3658 Jan 23 47 Feb 21
9818 99
9618 100
9334 9712 924 9514 93
Jan 31
28 Feb 41 May
9618 9414 96/
1
4 29,400 Ludlum Steel
No
par
37
3738 37
6612
Mar
37 •37
26
100
May
38
6
*37
38
3712 3712 3734 3734
700 MacAndrews & Forbes_No par 37 Apr 26
__ _ *10734
-- 10734 10734 *10734 -•10734
46 Jan 4 -44- Aug .
57/
1
4 Apr
__ •10734
20 Preferred
-*
•130 170
100 104 Jan 8 10734 Apr 19
-1
*130 170
0
.*140 7
170 *140 3
106
Oct 110 Nov
f70 *1404
.
170
-*140
.
170
Mackay Companies
100
*84
122
8634 *84
Jan
19
88/
140
1
4 *84
Mar 28 10812 Mar 134 Mar
8634 *84
8634 *84
86/
1
4 *84
863
Preferred
4
100
104 105
8318 Jan 26 844 Jan 14
10334 10514 1024 10558 1024
6814 Jan 88
1
4 10312 105
Oot
19,500 Mack Trucks. Inc
No par 91 Mar 26 11434 Feb
168 16812 167 16912 166 16614 165 10312 10258 104/
83 Apr 110 Nov
16534 163 164/
1
4 164 16612 3,500 Macy Co
No par 148 Mar 26 18634 Jan 5
197 197
1912 1912 194 1912 19
2 y134 Aug 382 Aug
19
187
19
18
19
/
1
4
2,400
Madison
So
Garden
par
No
1814 Jan 5 24 Feb 28
7218 733
70
72
70
7012 70
1814 Dec 34 May
7012 70
7014 7012 731
/
4 7.600 Magma Copper
No par 66 Jan 16
3018 30/
1
4 3012 3112 2914 3012 29
2Mar 21
43/
1
4 Feb 75 Nov
3114 2914 3118 30/
1
4 3112 16,700 Madison (R R)& Co No par 2414 Apr 9 821
1099 10378 99
393 Jan 15
99 *10214 1037 •102 10214 102 10312 1028 1038
16
Jan 3812 Nov
60
Preferred
100 9558 Mar 28 10512 Jan 18
•1512 1812 1512 1512 15
1578 *15
1812 *15
874 Jan 110
1812 15
Oct
15
70 Manatl Sugar
100 15 May 7 26 Jan 14
21 Nov 41
*41
Jan
48
*41
48
41
41
41
41
*41
48
*41
48
200 Preferred
100 38 Apr 22 5012 Jan 10
02812 294 *2812 30
2814 2812 *2812 29
40 Nov 88 Jan
29
29
*2812 29
300
Mandel
Bros
No
par 28 Feb 16 3838 Mar 9
2914 2914 2914 2914 2914 2978 2912 2958
32 June 4015 Jan
2912 2912 2938 2958 2.100 Manh Elec Supply_ __ _No par 283 Apr 13 3734
*2834 30
Jan 14
2858 2858 *2878 30
2812 Sept6638 June
29
29
*2914 30
*2812 30
200 Manhattan Shirt
25 28 Apr 9 355 Jan 4
*17
1714
17
1714 1658 1714 1612 1612 *1612 17
311
/
4 Feb 43 May
•1612
17
1,300
Maracaib
011Expl_
o
___No par
12 Feb 18 1812 Apr 18
40
4034 394 4058 3914 3958 3858 393
1212 Feb 254 Apr
384 3958 3834 3958 48,700 Marland 011
par
3578
No
Feb
20
4718
747 74% 74
Jan
3
7412 7414 78
33 Feb 4934 Nov
77
777
7612
7618
82
77
15,500
Marlin-Rockwe
ll
No
par
6918
Mar 26 82 May 10
9958 10134 9618 10158 9614 9914 9514 97% 9612 10034 101 104
4514 Mar 83 Nov
45,900 Marmon Motor Car_ No par 66/
1
4 Feb 18 104 May 10
*124 1212 12
1218 117 1178 1134 1178 1114 114 *1112 1134 2,100 Martin-Pa
77 Dec86 Dee
rry Corp
No par 1114May 9 18 Jan 2
5334 5458 5338 5478 5338 5458 5218 537
1218 ?,far
514
527
5214
21,400
538
Mathieso
n
Alkali
WorksNo par 550 Apr 26 21634 Jae 25 117'4June 2638 June
123 123 *123 124 *123 124 *123 124
Dec
123 123
124 124
940 Preferred
100 120 Jan 28 125 Jan 2 115 Jan 190
8578 86
85
8614 84
8412 84
130 Apr
8458 8312 8334 8314 84
4,700
May
Dept
Stores
25
83
Mar
26
10812 Jan 10
22
22
2134 22
76 July 11312 Nov
2112 2178 *2112 22
2158 3,700 Maytag Co
2114 21
21
No par 2034 Mar 26 25 Apr 4
4112 4112 4112 4112 4112 4112 402 4112 41
174 Aug3013 Nov
4112 41
414 5,100 Preferred
No par 41 Apr 1 4518 Jan 3
*81
8118 81
4018 Aug52 May
8112 *8012 81
8034 8078 80% 808 8012 80% 1.100 Prior preferred
No par 80 Apr 26 9018 Jan 10
8412 8412 8512 8512 8558 8558 8412 8858 84
8912
De 101 May
8412
85
86
No par 7114 Feb 16 8858May 8
•10014 105
100 10014 •9412 10412 *99 10414 *99 10212 *09 102's 1,500 McCall
66 Feb80 Dec
100 McCrory Stores class A No par 100 Apr 10 11334 Feb 5
•100 103
10212 10212 9912 102
77 Feb1097 Nov
10112 10112'101 103 .101 103
700
Class
B
No par 9912May 7 11512 Feb 6
*10812 111 *10812 115 *1084 115 *10812 115 *10812
8012 Mar 119/
1
4 Nov
115 *10812 115
Preferred
100 110 May 1 120 Feb 7 109 Feb 11812 Nov
18
18
17
18
1714 1714 •__ __ 1734 •____ 17/
1
4 •___. 18
500 McIntyre Porcupine Mines__5 17 May 6 2312 Jan 5
7538 7738 7734 8014 764 79
1914 Sept 284 Mar
7614
773
74
4
77
75
7658
57,600,McKeesport Tin Plate_No par 6212 Mar 26 82 Jan 31
55
553
544 56
6212 June 781 Nov
5312 5538 5314 5314 5214 5378 5314 557 26,400
McKesson & Robbins-No par 49 Jan 7 59 Mar 4
6112 6112 61
4518 Nov 5034 Dec
62
6018 61
5914 61
60
60
60
61
7,200 Preferred
55 Mar 26 62 Feb 4
50
54 Nov 6338 Nov
6678 67
668 667
662 67
*64
658 66
66
6518 6614 1,200 Melville Shoe
2712 28
No
par
5612
Mar
26
72
Jan
2734 30
3
607
8 Nov 70 Sept
2814 30
28
2918 2712 28% 2812 28% 22,400 Mengel Co(The)
No par
20 Mar 26 3478 Jan 4
52512 26
*2512 2614 254 2512 *2512 2614 26
2514 July 41 Sept
26
2512 26
800 Metro-Goldwyn Pictures 01_27
24 Jan 10 27 Feb 25
5512 568 5518 5758 544 5512 5312 55
2412 Dec 27% May
524
4
543
5418
554
48,500 Mexican Seaboard 011-No par
4112 Mar 26 69% Jan 3
444 447
4358 45
422 Jan 73 Dec
4312 44
43
4334 42
4338 4258 4358 15,200 Miami Copper
3518 3534 355* 3612 3558
5
3018 Jan 8 544 Mar 20
1734 Jan 33 Dee
36
35% 35/
1
4 35
3534 35% 3634 38,500 Mid-Coat Petrol
7 Jan 3
No par
3012
Feb
16
39
2518
Feb 4412 Nov
.
•
Preferred
100 12014 Jan 18 121 Jan 4 10314 Feb 12012 Dec
415 44
418 414
4
418
418 412
414 434
12 434 22,300 Middle States 011 Corp
334 Mar 6
11
518 Jan 3
3
318
2/
1
4 3
258 Jan
258 3
318
318
3
314
7% MAY
278 3
6,500 Certificates
10
•260 269 *260 270 *260 269 *260 269
258 Feb 25
34 Jan 3
112 Jan
578 May
260 270 *260 270
Midland Steel Prod prat _100 225 Feb 15 275 Apr 3 193 June
•2314 2312 23
2224 23
2358 *2278 23
23
295 Nov
23
2258 2258 1,600 Miller Rubber
___
___No par
2212 Jan 6 2878 Mar 20
71
7112 71
1812 Aug 27
7278 7234 75
Jan
7112 7378 7112 7312 7112 7334 15.100 Mohawk Carpet
511118_No
_par
6512 Mar 26 8014 Mar 1
13058 132
129 13212 126 130
391
/
4 Aug 7578 Dec
12212 12612 12112 12534 12312 127 217,000 Mont Ward
deCo111CorpNo par 11118 Mar 26 15678 Jan 2 11514 Dec 1564 Den
55
57
534 534
538 53
538 512
512
558
512
53
4
4,400
Moon Motors
31
No par
5 Mar 26
8 Jan 8
334 4
538 Feb
378
1112May
358 334
1
4
358 3/
313 358
358 334 11,400 Mother Lode Coalition_No par
3 Feb 8
43% 44
64 Mar 4
4312 444 4212 4314 414 4134 41
258 Aug
41
/
4 May
42
4134 4214 5.200 Motion Picture
No par
1212 Jan 8 4418May 6
1978 207
2038 2034 1912 2018 1858 1912 1934 1934 *1912 20
5
Mar
147
Dec
6,900 Moto Meter A
No par
18 Apr 15 2534 Jan 3
1363 137
13 Mar 2434 Sept
13614 13712 13534 13534 133 133
130 133
133 133
1.400 Motor Products Corp No par 111 Apr 11 206 Mar I
4678 4714 48
4718 48
94 July 21834 Oot
467
4534 4638 4512 464 4534 4678 13,500 Motor Wheel
No par
63
39 Mar 26 4712 Feb 4
64
6114 62
2512 Jan 5114 Oot
6134 8278 6258 63
6212 634 63
67
7,400 Mullins Mfg Co
95
No par
95
5818 Mar 26 81% Jan 4
*94
6914 June 9514 Oct
96
•94
95
958 957 *95
96
95
95
130 Preferred
No par
5934 6114 5834 6114 564 5918 5838 59
90/
1
4 Apr 30 10214 Jan 11
98 I)ec 10478 Nov
5814 5914 5918 5918 9,000 Munsingwear Inc
91
No par
93
5018 Apr 6 6134May 4
914 9458 914 9314 92
46/
1
4 Mar 6212 May
988 9318 9914 954 9818 59,200 Murray Body
No par
62 Mar 26 99141day 9
2112 Feb 12414 Oet
9754 98'z 9778 9934 9758 99
9714 99
973* 987s 9758 9838 54.000 Nash Motors Co
3615 377
No
Mar
par 04
26 11878 Jan 251 8014 Feb 112 Nov
3635 3814 3612 3714 3614 3678 3518 3614 3558
3618 20,200 National Acme stamped_ __10 2818 Jan 7
5914 601
5858 60
394 Feb 28
7/
1
4 Jan 3212 Den
5814 59
5558 58
5518 561
56
57
6,100 Nat Bella, Hess
*102 104
104 104 .102 107 41106 107
No
- par 5018 Mar 26 71 Mar 1
106 106
106%
1067
8
300
Preferred
185 186 *183 184
100 104 Slay 6 118 Jan 3
183 183
9014 Jan 11812 Dec
181, 183
180
18234
181
18412
3,400 National Biscuit
35 168 Mar 26 205 Jan 4 15912 July 19514 Nov
*143 1431 •143 145 *143 145
143 143
143 143 •143 14314
200 Preferred
12612 128
100 14134 Feb 20 144 Jan 26 13712 Feb 150
12418 12858 12358 12618 1234 126
Apr
12212
70,200 Nat Cash Register A w i No par 96 Jan 8 141,
1344 1357 13434 1367 1344 1357 1343* 13558 13214 l258t 12414 127
/
1
4 Mar 20
471
/
4 Jan 10454 Deo
13514
133/
1
4 13518 20,200 Nat Dairy Producte___NO
*3278 33
33
33
3278 3278 3278 33
Par 1164 Mar 26 13758 Jan 29
6412 Jan 1334 Dec
3212 327
3214 3212 1,200 Nat Departme
Stores
nt
No par 2818 Jan 4 3734 Mar 5
93
93
93
93
2178 Jan 3214 Oct
*93
96
*93
96
*93
96
*93
96
200 hat preferred
4958 507
921
/
4918 5058 4812 491
4 Feb 4 95 Apr 12
91
Jan 102 May
4818 4978 4818 508 50
5034 13.700 Nat Distill Prod ctfs___No 100
8312 83's 8314 838 83
85
85
par 33 Mar 26 5512 Mar 14
294 June 5812 Jan
83
83
84
8318
8312
1,400
Preferred temp ctfs__No par 6712 Feb 7 8612 Mar 13
53
53
5212 53'l 5238 521
June
/
4
514 52% 50
511
7158 Jan
51
50
50
2.600 Nat Enam & Stamping
•145 150
150 150 *145 14958 *145 14958 145 145 *145
100 4978 Mar 26 6214 Jan 9
2314 Mar 5738 Nov
14912
340 National Lead
•140 141
140 1401 140 140
100 132 Jan 2 173 Mar 20 115 July 136
140 140 •140 141
Jan
140
140
410
Preferred A
*118 119 *118 119
100 140 Jan 2 1414 Feb 1 139
118 118 •118 119 *118 119 *118 119
Jan 14714 May
100 118 Jan 2 123/
5412 5538 54
551
5312 547
1
4 Apr 24 11212 Mar 122 July
534 5418 5258 5458 x5312 5538 63,100 l'referred B
National
Pr & Lt
•1012 11
1012 101
No par 4214 Mar 26 6138 Mar 4
1012 10'2 10
1014 1014 10/
1
4
97 10
2178 Jan 4613 Dec
1,900 National Radiator
•2714 31
*2714 31
No par
*2714 31
102714 31
978Nlay 10 17 Jan 10
14 July 4038 Jan
*2714 31
*2714 31
Preferred
125 1251 125 126
125 125
No par 30 Mar 15 41 Jan 29 • 36 Dec 984 Jan
12512 12978 12612 12858 128 129
8,800
National Supply
11512 1151 '115)2____ 11512 1151 11512 115% *11512 ___ 11512
50 11134 Mar 26 144 Jan 2
8414 June 146 Dec
11512
200 Preferred
130 130 *125 130
126 126
100
11414
1254 128 *126 .
Feb
8 117 Apr 19 114 Sept 119
12612 *126 128
Jan
500 National Surety
8012 8113 80
50 12334 Apr 4 155 Feb 1 138/
81
80
818 8014 8114 7912 82
1
4 I)ec 150 Nov
80
81
7,700 National Tea Co
No par 70 Mar 26 915* Mar 1 0160
Jan 390 Dee
5155 5278 508 528 504 513
494 5014 4818 5018 4918 5038 68,000
Nevada ConsolCopper_No par 3934 Jan 16 62%
*45
4534 4514 46 I 4518 4512 45
458 46
Mar 21
4518 4418 45
17/
1
4 Jan 4255 Dec
3,780 NY Air Brake
*48
*47
49
48
*45
No par 414 Mar 25 4934 Mar 4
473 1047
50
*47
50
39% Oct 504 Nov
*47
50
New York Dock
90
*87
•89
90
*87
100 4114 Mar 27 58/
90
*87
90
*87
1
4 Feb 2
90
47 Aug 6414 Jan
87
87
100
Preferred
9934 9934 *99
9934 99
991
9912 9912 9912 9912 9934 9934
Jan
85 Sept 95
150 N Y Steam pref (6)--__No 100 8512 Jan 7 90 Apr 10
113 11312 11112 11312 11112 11112 11114 11114 113 113 *11212 11318
par 9812 Mar 19 103 Jan 10
9813 Oct 10512 May
90
10915 111
10712 11034 10338 110)4 10774 109
No par 11114 Mar 15 114% Feb 19 102
107 10858 10758 11112 59,300 1s1 preferred (7)
Jan 115 Apr
North
American
Co
No par 9058 Jan 7 11112May 10
*52
5234 5238 5258 5218 6214 5214 5212 .524 5234 5212 54
5835 Jan 97 Nov
3,000
10112 10112 1014 10114 1011
/
4 101'i 1013* 10138 *10114 10112 10138 1013* 1,500 Preferred
50 5134 Mar 5 5414 Jan 9
51 Sept 555 May
No Amer Edison prof __No Par
53
5418 5314 5312 5212 6212 52
5278 51
998 Mar 27 103/
5112 *5112 52
9934 Oct 105% Feb
1
4 Jan 15
2,300 North German Lloyd
5012 Apr 26
*4714 51
*4714 51
*4714 51
*4718 51
*4714 51
/
4 Jan 12
6334 June 694 Nov
*4714 51
Northwestern Telegraph-50 45 Apr 9 641
43
48
4
458
414 412 *414 41
*414
50 Mar 16
Cs *414 412 1.200 Norwalk
48
Oct 55 MaY
Tire & Rubber____10
*33/
1
4 3912 *3334 3912 *3334 39
318 Apr 30
*3334 39
*3334 38
Feb
614
4
24 Mar
74 Sept
*3334 38
Preferred
*6
6
6
7
6
6
*6
7
*512 612 *512 612
3334 Jan 48 Sept
600 Nunnally Co (The)___No 100 37 Mar 7 45 Jan 31
24
par
*2312 2412 *2312 2411 24
24
6 Apr 26
24
24
8 Feb 8
2512 24
/
4 Dec 13 Ma
@FedFRASER