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PIO•ww
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The
flfltnirrctZsIl !r
VOL. 128.
1 financial
iirontrb
SATURDAY,MAY 18 1929.
financial Thronicle
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The Financial Situation.
Secretary of State Stimson is deserving of great
credit for the statement he gave out on Thursday,
defining the attitude of the Administration towards
the Bank for International Settlements which is to
form part of the plan for taking care of German
Reparations payments and is also to engage in an
infinite variety of other things if newspaper accounts
are to be believed. There was full occasion for just
such a statement and it therefore comes at an opportune moment and is most timely.
We print Mr. Stimson's statement in full on a subsequent page and will give here only a few excerpts
to indicate the comprehensive nature and all embracing character of the Secretary's utterances. "In
respect to the statements which have appeared in the
press in regard to the participation of any Federal
Reserve officials in the creation or management of
the new proposed International Bank," Mr. Stimson
remarks, "I wish to make clear the position of this
Government. While we look with interest and
sympathy upon the efforts of the Committee of
Experts to suggest a solution and a settlement of the
vexing question of German Reparations, this Government does not desire to have any American official,
directly or indirectly, participate in the collection of
German reparations through the agency of this
Bank or otherwise."
After pointing out that it has been the consistent
policy of the United States, ever since the close of
the war to hold aloof in all such matters, Mr. Stimson reiterates the determination of the administration not to permit a departure from this policy, on the
present occasion, and reiterates what he said in the
early part of his statement, apparently to give additional emphasis to it, concluding with the following remarks: "It (the U. S. Government) does not
now wish to take any step which would indicate a
reversing of that attitude, and for that reason it
will not permit any officials of the Federal Reserve
7
NO.3334.
System either to serve themselves or to select American representatives as members of the proposed
International Bank."
Newspaper accounts say that Mr. Stimson issued
this statement after conferring with the President,
the Secretary of the Treasury and other officials. No
one who is cognizant of more recent developments
can say that there was not a call, and a very urgent
call, for precisely such an announcement. All reports agree in saying that the proposed International
Bank is to be endowed with most extraordinary
functions and powers. Nor can any one doubt that
the purpose exists to connect the Federal Reserve
Banks with the same to the fullest extent possible
nor that some Federal Reserve officials have actually
assisted and are still assisting in the plans for the formation of the proposed institution. W. Randolph
Burgess, the Assistant Federal Reserve Agent of
the New York Federal Reserve Bank, was in Europe
for quite a while in connection with the establishmeat
of the proposed Bank and when he came back discussed the matter very freely with newspaper representatives and it then appeared that he had assisted
in drafting plans for the new Bank. Moreover
Gates W. McGarrah, the Federal Reserve Agent of
the New York Reserve Bank is even now in Europe
presumably connected with some phase of the
matter. Furthermore Owen D. Young, one of the
American representatives on the Committee of Experts, and Chairman of the Committee, also has
Federal Reserve connections. He is a class A director of the New York Federal Reserve Bank.
Thus an easy possibility has existed of involving
our Federal Reserve Banks with the matter of German Reparations and the proposed new Bank. It
was in the highest degree desirable that while the
U. S. Government persisted in the policy of aloofness from European entanglements—a policy maintained through the whole of the Harding and Coolidge
administrations—the Federal Reserve authorities
should not by their acts be permitted to engage in
undertakings that might at any time upset this
definite matured policy of the government. Entirely
apart from this there was the peril and the menace
to the Reserve Banks themselves from any such
participation to consider. The Reserve System constitutes the bulwark of the country's entire banking
mechanism and it should never be put in a position
of jeopardy through unwarranted connections with
outside affairs.
Hence, Secretary Stimson and the Administration
have rendered an important service in announcing
that the Government will not knowingly permit anything of the kind to be done. It is of course true
that the executive branch of the Government has no
direct part in the conduct and operations of the
Reserve Banks. It has, however,two representatives
3234
FINANCIAL CHRONICLE
on the Reserve Board; namely, the Secretary of the
Treasury and the Comptroller of the Currency, who
are ex-official members, and it is inconceivable that
the whole board would not be influenced or guided
by the clearly expressed wishes of the Administration
in a matter of such vital concern to the whole country.
The subject of brokers' loans on Stock Exchange
collateral and Federal Reserve policy in endeavoring to prevent any further absorption of bank credit
in speculative channels has become the foremost
topic of the day. The matter involves consideration
of many intricate problems of financing and some
highly technical points which would not ordinarily
make an intimate appeal to laymen, yet the daily
press devotes an amount of space and accords a
degree of prominence to everything connected with
the subject that would hardly have been believed
possible a few years ago. All this of course attests
how deeply and how widely the general public has
become involved in stock speculation, all classes
of the population and all sections of the country having come under the spell of its influence. Accordingly, the whole community feels a vital concern in
everything relating to the means for maintaining
it and, still more, with proposals for putting a curb
upon such means. Yesterday, as it happened, public
interest was further stimulated by dispatches from
Chicago saying that the Federal Reserve Bank of
Chicago had applied to the Federal Reserve Board
for permission to raise its rate above 5%, but that
approval had not yet been received. Later it appeared that the Federal Reserve Bank of New York
had made a similar application.
During the past ten days the contributions to the
discussion of the subject have been particularly
numerous and indeed these contributions may be
said to have come in a perfect flood. Not a day has
passed wihtout bringing to light at least two or three
of them, and it is really out of the question to attempt to enumerate them all. We shall therefore
refer only to the most conspicuous of them. Some
are broadminded and enlightening, others little better than mere dribble. The comforting thought is
that out of this welter of discussion, there must in
the end come sound and enduring counsel.
Perhaps the address delivered on Thursday of
last week before the Chicago Stock Exchange by
E.H.H. Simmons,President of the New York Stock
Exchange, lengthy excerpts from which appeared in
our issue of last Saturday, furnished more food for
thought than any of the other recent contributions.
Mr. Simmons never fails to talk in an interesting
way, and he always treats his subject in a broadminded and comprehensive fashion, though in dealing with Stock Exchange affairs, he nevertheless
appears in the light of a special advocate. The daily
papers in reproducing the address, featured chiefly
Mr. Simmons' proposal that Stock Exchange collateral be accorded rediscounting facilities at the
Federal Reserve Banks, and the proposition of
course is a highly important one to which further
allusion appears below. But the address covered
much more extended ground than this. It went into
a much needed explanation of Stock Exchange operations and functions, during the course of which he
managed to point out many popular fallacies and
erroneous ideas and suppositions.
As it happened, too, the daily papers on Sunday
reprinted or gave extracts from another one of the
[Vora. 128.
numerous articles that have come with increasing
frequency of late from the pen of Professor Gustav
Cassel, the Swedish economist. This latest article
appearel in Quarterly Report of Skandinaviska
Kreditaktiebolaget of Stockholm. Professor Cassel
goes even further along the lines of President Simmons' views than the latter himself, though in the
present article he merely reiterates what he has said
on numerous previous occasions, and what he says
is far from convincing. He concludes that "it seems
scarcely rational to endeavor to check stock speculations by raising the bank rates or by fixing particularly high rates of interest for loans to the Stock
Exchange." For ourselves we have never been able
to understand why the public prints should attach
so much importance to the views of Professor Cassel.
He may have a perfect understanding of the functions and operations of the central banks of Europe,
but he seems to be lacking in any comprehensive
knowledge of the workings of the twelve Federal
Banks of this country and accordingly can hardly
be regarded as fully competent to express an opinion
with regard to their functioning.
Another contribution of the week has been the
publication of a survey on "Money and Credit and
Their Effect on Business," which forms a part of
the "Report of the Committee on Recent Economic
Changes of the President's Conference on Unemployment." The survey is the joint work of Professor
0. M. W. Sprague of Harvard University and of
W. Randolph Burgess, assistant Federal Reserve
Agent of the Federal Reserve Bank of New York.
The survey is on the whole a temperate discussion
and free from the dogmatic expressions and utterances which often mark papers of that kind. And
yet it loses much of its force by reason of the onesided way in which some of the matters are presented. One instance of the kind must suffice.
After noting that "during 1928 efforts to restrain
the absorption of credit in the security markets were
made by the Reserve Banks and the conclusion
should not be drawn from the lack of success that
attended the measures taken that restraint could
not be made effective through the Reserve System,"
the following additional statement is made: "Early
in 1928 the Reserve Banks initiated a policy of
restraint through the exercise of very gradual pressure upon the market, Government securities were
sold and discount rates were increased by three
successive advances of /
1
2 of 1% at intervals separated from two to three months."
Nothing is said here as to what preceded the initiation of the "policy of restraint through the exercise
of very gradual pressure upon the market." Yet
what preceded is the nub of the whole controversy.
Before entering upon its policy of restraint by very
gradual pressure, the Federal Reserve System indulged in the most unfortunate acts in its entire
existence. It reduced its rate of discount to 3/
1
2%,
even forcing the Federal Reserve Bank of Chicago
to adopt the lower rate against its most vigorous
protest, besides enlarging its holdings of U. S. Government securities by hundreds of millions, so that
on January 4 1928 the holdings of such securities
stood at the huge figure of $627,403,000 as against
$253,896,000 on May 11 1927. In other words, it
flooded the country with Reserve credit, thereby
laying the basis for the gigantic speculation which
it has been found impossible to control since then.
It was not until after these antecedent acts that
MAY 18 1929.]
FINANCIAL CHRONICLE
3235
the "policy of restraint" was entered upon and not what sober-minded person can fail to see that the
until the Reserve authorities had been made pain- proposition cannot be entertained for a moment.
We notice that the newspapers quote George R.
fully aware of the ill consequences that were resulting from these antecedent mischievous acts. It was James,a member or the Federal Reserve Board, as exproposian attempt to undo what had been previously done. pressing strong disapproval of the Simmons
Simmons' suggesThe attempt signally failed. The speculation began tion. Mr. James declared that Mr.
one
spreading like wildfire, and has never ceased to tions were economically unsound; that at least
failed
had
and
old,
years
spread since. Concurrently, brokers' loans, as was of them was more than 100
banks lending
natural and inevitable, mounted higher and still then. "The Board has no objection to
is their own
it
when
market
the
in
higher. Any survey which neglects to present to money on stocks
"Nearly
said.
James
Mr.
lending,"
view these salient earlier steps is gravely defective. money they are
money
of
excess
an
has
South
the
in
Fedbanker
every
As to President Simmons' proposal that the
need
more
they
But
March.
and
October
rediscount
between
eral Reserve Banks be authorized to
help
to
was
it
and
season
planting
the
an
during
on
money
security collateral loans, thus placing them
creis
Board
the
that
situation
natural
the
this
of
in
weakness
out
equality with commercial paper, the
to
supposed
are
banks
the
But
function.
commercial
to
that
ated
fact
proposition consists in the
their
to
paper serves to promote the processes of trade, while keep up their legal reserve and we object
security collateral loans in the shape and of the borrowing from the Federal Reserve for speculative
to the
magnitude in which they now exist, represent to a purposes and forcing the rate up to 7 or 8%
fertilizer
buy
to
which
with
preponderating extent simply stock speculation. It farmer who needs money
is one thing to promote the processes of trade, for and his other farming needs. Mr. Simmons' plan
that is highly desirable and indeed absolutely essen- of creating more money by issuing currency against
tial, as Mr. Simmons himself admits, but it is quite these loans is not new. John Law tried it in France
another thing to aid the processes of stock specula- with the Mississippi Bubble in 1718. Stock in his
tion. Speculative proclivities are inherent in human company went to $4,000 a share, then down to 90c.,
nature. They should not be suppressed, and in fact, and finally to nothing."
cannot be, but they should at all times be held within
The Federal Reserve statements this week show
bounds, lest they run to dangerous excesses, such as
has been the case during the last two years, under only relatively small changes. Such as they are,
the easy money policy of the Federal Reserve au- they are along the same lines as in preceding weeks.
In the case of brokers'loans, there is a further slight
thorities.
The processes of speculation, therefore, should not increase, this week's addition being $14,000,000.
be made easy. There is no objection to large trad- This follows $19,000,000 increase the previous week,
ing or a rising volume of transactions on the Stock $40,000,000 increase the week preceding, and $67,Exchange, but the point which Mr. Simmons'over- 000,000 increase the week before, making $140,looks is that recent speculation has been conducted 000,000 for the four weeks, but following $368,000,almost entirely upon borrowed money. According 000 contraction during the four previous weeks.
to the Stock Exchange's own figures the total of This brings the total of the loans on securities to
4 bil- brokers and dealers by the reporting member banks
3
brokers' loans on April 30 was in excess of 6/
two in New York City up to $5,565,000,000, at which
dollars
billion
lion dollars, against only 3 1/3
has figure comparison is with $4,502,000,000 at the cortotal
The
1927.
years before, on April 30
more than doubled in the two years, the amount of responding date a year ago. The changes during
2 billion the week under the different headings have also
the expansion having been not far from 31/
dollars. In order to support this mass of new bor- been comparatively small, the loans made by these
rowings at the Stock Exchange, Federal Reserve reporting banks for their own account standing at
credit has come into use to an inordinate degree. $860,000,000 May 15, against $864,000,000 on May 8;
No such volume of brokers' loans could have come the loans for account of out-of-town banks at $1,into being except through recourse to the facilities 725,000,000 against $1,734,000,000; and the loans for
account of others showing still another increase,
of the Reserve Banks.
ReFederal
bringing them up to $2,979,000,000 (a new high figThe bill and security holdings of the
roughly
ure
in all time), against $2,953,000,000 last week,
were
serve Banks at the opening of 1929
reand
no more than $1,535,000,000 on May 16 a year
heavy
the
$1,900,000,000—and even now, after
roughly
ago.
still
of
the
last
are
duction
four months,
The figures of the Reserve Banks themselves also
114 billion dollars. The direct borrowings of the
member banks at the Federal Reserve institutions are along previous lines and show relatively small
have for some time been running close to a billion changes. Discount holdings have been reduced durdollars. The Reserve institutions carry the reserves ing the week from $962,022,000 to $914,599,000; at
of the member banks and when these latter obtain the same time the twelve Reserve institutions have
rediscounts at the Reserve institutions, they are further reduced their holdings of acceptances pursimply borrowing back their own reserves. How far chased in the open market from $157,181,000 to
may this process be permitted to go without serious $146,107,000. Holdings of Government securities,
menace? The totals of brokers' loans representing on the other hand, have the present week increased
Stock Exchange borrowings have risen, as we have from $149,488,000 to $155,826,000. The item of
seen, to enormous dimensions. This has occurred foreign loans on gold, which last week was down to
when the discounting of security loans at the Federal $6,355,000, the present week has entirely disapReserve Banks has been prohibited. If now these peared, and presumably the gold represented by the
security loans could be discounted the same as com- loans has been received and the loans cancelled.
mercial loans, the result must inevitably be that Altogether, total bill and security holdings show a
speculation would run riot. In these circumstances substantial reduction for the week, standing at
3236
FINANCIAL CHRONICLE
$1,224,349,000 against $1,281,912,000 on May 8, and
comparing with $1,418,014,000 a year ago, on May
16 1928. Gold holdings are slightly less the present
week at $2,838,123,000, against $2,840,947,000 the
previous week, but comparing with only $2,640,809,000 on May 16 1928.
The foreign trade of the United States continues
on a very extensive scale. Merchandise exports in
April were somewhat reduced as compared with the
unusually heavy monthly volume of the six months
prior to April, but were nevertheless larger than for
the corresponding month of any preceding year back
to 1920. Furthermore, imports rather unexpectedly
show quite a large increase, the value for April being
considerably higher than for any preceding month
back to March 1926—in fact, in the past eight or
nine years there have been only two months in which
the value of merchandise imports into the United
States for a monthly period was in excess of that
shown for the month just closed.
Though somewhat early, it is probable that this
heavy movement in imports reflects to some extent a
larger movement of merchandise from foreign ports
in anticipation of the higher tariff rates now in
contemplation. Merchandise exports for April were
valued at $427,000,000 and imports at $409,000,000,
an excess of exports of $18,000,000. For March exports amounted to 489,891,000 and imports $383,804,000, exports exceeding imports by $106,087,000,
while for April of last year the value of merchandise
exports was $363,928,000 and imports $345,314,000,
the excess of exports being $18,614,000. The decline
in merchandise exports last month from,the preceding month was $62,000,000. Imports, on the other
hand,increased for the same period $25,000,000, and
furthermore exceeded those of April 1928 by
$64,000,000.
For the ten months of the current fiscal year,from
July to April inclusive, merchandise exports from
the United States have been $4,597,026,000 and imports $3,536,667,000, an excess of exports amounting
to $1,060,359,000, the latter the largest for any year
since 1922. For the corresponding period of the preceding fisCal year, merchandise exports amounted to
$4,065,853,000 and imports to $3,476,270,000, the excess of exports being $589,583,000. Exports for the
ten months just ended were larger than those of the
corresponding period of the preceding fiscal year by
$531,173,000, while imports exceeded those of the
preceding year by $59,497,000. Prior to April, however, the value of merchandise imports for the current fiscal year had shown quite a constant reduction from the amount reported to the end of each
succeeding month, in comparison with the corresponding figures for the preceding fiscal year. The
fact is that for the calendar year 1928 the value of
merchandise imports in the United States was
smaller than in 1927, with a larger decline for 1928
as compared with both 1926 and 1925. In part, this
was due to a marked variation between these years
in import prices of some leading commodities.
Cotton exports last month, which for April were
in value about 11% of all exports, were reduced
again, as in February and March, in the comparison
with the corresponding month of last year. In quantity, cotton exports in April were 472,300 bales, a
decline from a year ago of 2.7%; the reduction in
value of cotton exports last month as compared with
April 1928 was 6.5%. It is apparent from these fig-
(VOL. 128.
urea that exports last month from the United States,
other than cotton, which includes a large variety of
important manufactures, as well as many other
leading products, made a somewhat better showing
than the total value of all exports for that month
would indicate, although the movement in April was
less satisfactory than it was for some of the earlier
months of the year, when it was particularly heavy.
No important change has appeared for the month
just closed in the matter of gold exports and imports. Gold exports continued quite small, and imports were about on a par with the preceding four
or five months. Gold exports in April were valued
at $1,594,000 and imports at $24,687,000. In April
of last year gold exports reached one of the record
totals, amounting to $96,469,000, while imports were
only $5,319,000. For the ten months of the current
fiscal year ending with April gold exports have
amounted to $111,274,000 and imports to $212,568,000, an excess of imports of $101,294,000. In
the corresponding period of the preceding fiscal
year, gold exports were $443,481,000 and imports
$107,170,000, the excess of exports being $336,311,000. Silver exports last month were $5,752,000 and
imports $3,957,000, both amounts being somewhat
reduced, compared with earlier months of the year
and with a year ago.
The stock market this week has been depressed,
and on Monday suffered a break of large proportions, the losses then sustained having, however,
been in part regained as a result of the recovery
which has since occurred. There seemed to be no
special reason for the break on Monday, as call loans
ruled at 7% throughout the whole day. Evidently,
operators for a decline found the market without
support and made a severe attack upon it, using as a
lever various false rumors. One of the rumors, and
the one perhaps which was the most effective in
bringing declines, was that Secretary Mellon either
had resigned or contemplated early resignation.
Another report was that President Hoover was
about to take a stand publicly in support of the
action of the Federal Reserve Board in its efforts
to prevent the undue absorption of bank credit in
the stock market. The third report was to the effect
that the .Federal Reserve Board was engaged in
preparing another statement on the credit situation
—all of which was without basis but effective for
the time being in working havoc with stock prices.
The leading speculative specialties tumbled all the
way from 2 to 10 points and Case Threshing Machine
dropped 28 points and Granby Consolidated Copper
4 points.
111/
The market regained tone the next day, but met
somewhat of a setback again in the afternoon when
the rate for call loans on the Stock Exchange advanced to 10%. On Wednesday the market lagged
again as call loans renewed at 10%, and the rate
then advanced to 15%. On Thursday with the renewal charge for call loans full 14% considerable
new selling occurred, but with the tendency of prices
once more reversed when the call loan rate dropped
to 8%. On Friday there was further marked recovery throughout the list, but with a reaction in the
closing hour on news that both the Chicago and the
New York Reserve Banks had applied for permission
to raise their rates. The volume of business has been
on a larger scale and on Monday reached quite a high
figure under the influence of the extensive liquida.
MAY 18 1929.]
FINANCIAL CHRONICLE
3237
tion which bear pressure brought about. At the half
The copper stocks have been irregular almost all
day session on Saturday the sales on the New York the time. Anaconda Copper closed yesterday at 128
Stock Exchange reached 1,977,700 shares; on Mon- against 137/
1
2 on Friday of last week; Kennecott
day, the total ran up to 4,626,290 shares; on Tues- Copper at 88% against 901/
8; Greene-Cananea at
day, the sales were 3,634,300 shares; on Wednesday, 154% against 160; Calumet & Hecla at 42/
1
2against
3,351,880 shares; on Thursday, 3,443,210 shares, and 44%; Andes Copper at 513
/
4 against 531/
8; Inspiraon Friday, 3,333,640 shares. In the New York Curb tion Copper at 43/
1
2 against 49; Calumet & Arizona
Market the sales were 1,086,900 shares on Saturday; at 1301/
8 against 1341/8; Granby Consol. Copper at
on Monday the sales were 1,448,200; on Tuesday 76% against 821/
8; American Smelting & Ref. at
1,128,100 shares; on Wednesday 1,402,300 shares; on 102% against 105/
1
2; U. S. Smelting & Ref. at 59%
Thursday 1,254,300; and on Friday 1,643,800 shares. against 62.
Notwithstanding the sharp recovery the latter
The oil group has been without feature. Simms
part of the week, the great majority of the stocks Petroleum closed yesterday at 29% against 30/
1
2 on
show net declines for the week. Yet there is a Friday of last week; Skelly Oil at 42% against 4434;
goodly number which have gains to their credit, and Atlantic Refining at 69% against 707
/8; Pan-Amersome even that have established new high records ican B at 63% against 631
/
4; Phillips Petroleum at
for the year. Sears Roebuck closed yesterday at 41% against 42; Texas Corp. at 65 against
661%;
1571
/
4 against 165/
1
2 on Friday of last week; Mont- Richfield Oil at 461/8 against 47; Marland Oil at 38
gomery Ward & Co. closed at 120 against 125/
1
2; against 38%; Standard Oil of N. J. at 60/
1
2 against
Woolworth closed at 228 against 231%,and Safeway 62; Standard Oil of N. Y. at 41/
1
2 against 4314, and
Stores at 1663
/
4 against 1667
/8; Western Union Tel. Pure Oil at 28/
1
2against 30.
at 192 against 198; American Tel. & Tel. at 215%
The steel group has shared in the general ups and
against 21934, and Int. Tel. & Tel. at 264 against downs of the market. U. S. Steel closed yesterday
273%; Westinghouse Elec. & Mfg. at 164 against at 17634 against 1811/
4 on Friday of last week; Beth1633
/
4; United Aircraft & Transport at 141 against lehem Steel at 1067
/8 against 109%; Republic Iron &
154; American Can at 144 against 149; United Steel at 95% against 977
/8; Ludlum Steel at 90/
1
2
States Industrial Alcohol at 1t2y4 against 166%; against 95, and Youngstown Sheet
& Tube at 129/
1
2
Commercial Solvents at 3593
/
4 against 366; Corn against 130%. In the motor group General Motors
Products at 94/
1
4 against 94%; Shattuck Co. at showed a sharp overnight advance on
Friday on the
153/
1
2 against 1471/
4, and Columbia Graphophone at news of the acquisition of the Fokker Aircraft
Corp.
74/
1
2against 74.
The stock closed yesterday without the regular diviAllied Chemical & Dye closed yesterday at 289 dend of 75c. and the extra
of 30c. per share at 80/
1
2
against 281 on Friday of last week; Davison Chemi- against 837
/8 on Friday of last week; Nash Motors at
cal at 55 against 57%; Union Carbide & Carbon at 943
/
4 against 98; Chrysler at 831/
8 against 89%;
247/
1
2 against 254; E. I. du Pont de Nemours at 174 Packard Motors at 147%
against 135%; Hudson
against 178; Radio Corporation at 94/
1
2 against Motor Car at 87 against 901/2, and Hupp Motor at
99%; General Electric at 289/
1
2 against 2643
/
4; Na- 52% against 55%. Among the rubber stocks Goodtional Cash Register at 119/
1
2against 125½; Wright year Tire & Rubber closed yesterday at 132% against
Aeronautical at 128 against 1413
/
4; International 132% on Friday of last week; B. F. Goodrich at
Nickel at 51 against 52%; A. M. Byers at 1471/
4 84% against 83%, and U. S. Raber at 561/
8 against
against 156; American & Foreign Power at 111 55%, and the pref. at 82
against 82.
against 112/
1
2; Brooklyn Union Gas at 181 against
The railroad stocks were firm early in the week,
185; Consol. Gas of N. Y. at 1161/
4 against 1177
/
8; while the general list was sharply falling. PennColumbia Gas & Elec. at 727
/
8 against 69%; Public sylvania RR. closed yesterday at 761
/
4 against 785/s
Service Corp. of N. J. at 891/
8 against 903
/
4; Timken on Friday of last week; New York Central closed at
Roller Bearing at 90 against 907
/8; Warner Bros. 182% against 1833
/
4; Del. & Hudson at bid 188
Pictures at 131 against 1261/
4; Mack Trucks at 1011/
8 against 193/
1
2; Baltimore & Ohio at 118 against
against 104/
1
2; Yellow Truck & Coach at 46 against 1211/
8; New Haven at 99 against 99; Union Pacific
47/
1
2; National Dairy Products at 136% against at 217% against
/
2207
8; Canadian Pacific at 230%
134%; Johns-Mansville at 17614 against 1841
4; against 235; Atchison at 197/
1
2 against 200%;
National Bellas Hess at 52% against 56/
1
2; Associ- Southern Pacific at 129/
1
2 against 128/
1
2; Missouri
ated Dry Goods at 52 against 527
/
8; Commonwealth Pacific at 9178 against 851/
8; Kansas City Southern
Power at 157/
1
2 against 154; Lambert Co. at 1441 at 85 against
/
84; St. Louis Southwestern at bid 93/
8
1
2
against 143/
1
2; Texas Gulf Sulphur at 77
against against 95%; St. Louis-San Francisco at 110/
1
2
80%; Kolster Radio at 37/
1
2 against 413
/
4. The fol- against 1121/
4; Missouri-Kansas-Texas at 481
/
4
lowing shows some of the stocks that have this
week against 487
/
8; Rock Island at 1211/
against
4
124;
established new high records for the year:
Great Northern at 1027
/8 against 1037
/8; Chic. Mn.
STOCKS MAKING NEW HIGH FOR
St.
Paul
&
Pac.
pref.
at 501/
8 against 51/
1
2, and
YEAR.
Railroad—
Kraft Cheese
Northern Pacific at bid 100 against 1013
/
4.
Missouri Pacific
Lorillard Co.
Chesapeake Corp.
Industrial and Miscellaneous—
Air Reducti n
Burroughs Adding Machine
Chicago Pneumatic Tool
Columbia Gas & Electric
Commercial Solvents
Commonwealth Power
Consolidated Gas
Detroit Edison
Fidelity Phenix Fire Insurance
General Asphalt
General Electric
Hershey Chocolate
Homestake Mining
International Business Machines
Marlin Rockwell
McCall Corp.
North American Co.
Otis Elevator
Packard Motor Car
Paramount-Famous-Lasky
Shattuck (F. G.)
South Porto Rico Sugar
Standard Oil of New Jersey
Stanley Co. of America
Stromberg Carburetor
Trico Products
Underwood Elliott Fisher
Van Raalte
Vick Chemical
Waldorf System
Westinghouse Electric & Mfg.
Stock exchanges in the important European centers have been depressed this week, with the uncertainties of the international money situation still a
dominant factor. With the British general elections
drawing nearer, there is less disposition to make
commitments on the important London exchange,
while British and Continental exchanges alike are
unsettled to a considerable extent by the protracted
deliberations of the Experts' Committee on reparations in Paris. The London Stock Exchange was
3238
FINANCIAL CHRONICLE
[Vora. 128.
to reach final agreement on the basis of the compromise plan put forward by Owen D. Young, the
Chairman. Moves appear to be made at the meeting
with a great deal of circumspection and without any
attempt to hasten the proceedings. All of the delegations are continually reported as most desirous
of reaching a final settlement of the problem. The
extreme care apparently exercised in the recent sessions of the committee is doubtless prompted by the
virtual break in the negotiations caused by the
Allied demands and the German counter offer of the
middle of April. After agreement on the respective
proposals of the Allied and German negotiators was
clearly seen to be impossible, Mr. Young suggested
a compromise on the basis of 37 annuities of 2,050,000,000 marks each, with an additional 21 annuities
of lesser amounts, dependent in great part on the
profits of the proposed new International Bank for
Settlements. The experts quickly agreed to base
further negotiations on this plan. Provisional acceptance of the plan was announced by Dr. Hjalmar
Schacht for Germany on May 4, certain reservations
being made which have proved troublesome. The
task of incorporating the German conditions in a
final report was delegated last week to Sir Josiah
Stamp of Britain, who proceeded in this endeavor in
collaboration with Dr. Schacht.
A draft of the final report with the German conditions incorporated was presented to the experts
late Wednesday of this week. This report, a Paris
dispatch to the New York "Herald-Tribune" said,
was practically complete save for the blank spaces
left for the insertion of annuity figures. Preliminary consideration of the report was given by the
creditor delegations in a meeting held Thursday and
it was indicated thereafter, the "Herald-Tribune"
correspondent said, that the "majority of the experts
left the meeting feeling that there were genuine possibilities of an accord on almost every condition."
Numerous inquiries were addressed to Sir Josiah
Stamp in the course of the meeting regarding certain passages in the report, particularly those embodying the Schacht reservations, it was said. An
official statement afterward made indicated that no
"terrible outcry" had been raised against any of the
German conditions. Under Sir Josiah Stamp's
guidance these reservations were declared to have
been reduced to five, which were summarized in a
dispatch of Thursday to the "Herald-Tribune" as
follows: "1.—That the German railways and industries should be liberated from their present lien for
the payment of reparations. 2.—That the Young
plan provide for a possible postponement of transfers and postponement of payments and empower the
directorate of the International Bank of Settlements
to make 'certain recommendations'in case of serious
crisis. 3.—That the recovery act be abolished.
4.—That the profits of the International Bank be
used to meet the last 21 years of annuity payments.
5.—That payments due to the Reparations Commission under the Treaty of Versailles from Poland and
other countries for former German properties absorbed by them be likewise credited to the last twenty-one years' payments."
Discussion of the report prepared by Sir Josiah
Stamp was resumed by the creditor delegations at
the conference late yesterday afternoon, after some
delay caused by the unexpected duration of private
Reparations,
German
The Experts' Committee on
comor
revise
discussions. The various delegations apparently
to
11
Feb.
which assembled at Paris
plete the Dawes Plan, continued this week its efforts gave the report a most thorough analysis, an Associ-
irregular in the opening session of the week with
trading very quiet in most groups. There was a
flurry, however, in British rails, owing to the in'clusion of schemes for modernization of the railways in
both the Liberal and Conservative Party platforms.
The depression became pronounced Tuesday because
of weakness in sterling and tightness in the money
market. Almost all groups declined, only a few
issues in the gilt-edged section resisting the general
trend. Somewhat more active trading featured the
session Wednesday, but the list in general showed
further weakness, the gilt-edged securities also sagging. A measure of improvement was noted in the oil
stocks, and copper shares also were steady. Trading
declined to small proportions Thursday, with British funds again lower. British industrial and electric issues registered a better tone, but the international list moved off in accordance with the downward trend at New York on the previous day. Little
business was transacted on the London Exchange
yesterday, many brokers and traders having left the
city for the approaching Whitsunday holidays. The
gilt-edged list was extremely dull with other sections
mixed, although movements were of little importance.
The Paris Bourse opened the week with a.continuance of the previous desultory trading. Buying was
almost suspended, reports said, pending the result
of the Experts' deliberations. Offers were hardly
more plentiful than buying orders, but stocks receded. Tuesday's session was quite as inactive as
the preceding one, but there was more pressure to
sell and a weak tone developed. The mid-month settlement proving fairly easy, Wednesday, some improvement in prices followed, and trading also became more active. Spreading optimism in all circles
regarding the reparations discussions caused still
greater improvement Thursday. With few exceptions the entire list advanced, wiping out the losses
registered in the first two sessions of the week.
Transactions also were more numerous than they
had been for some days previously. The movement
of prices was irregular in yesterday's trading at
Paris. The Berlin Boerse followed the course of the
other exchanges Monday, the session remaining dull
throughout as a result of strained money conditions
and home political difficulties. Prices dropped to
some extent, with almost the entire list joining in the
decline. After a still weaker opening Tuesday, a
partial recovery was staged in the afternoon, but this
was again followed by weakness just before the close.
The session was more active than on Monday, but
declines were general. Trading remained very restricted Wednesday and further declines occurred,
references being made in all reports to the effects of
the unsettled reparations meeting in Paris. The
trend at Berlin Thursday was mixed, some improvement being noted after an opening that was again
weak. An easier tone in foreign currencies,stimulated the market. Ratification by the Reichstag of
a new 500,000,000 mark loan to care for immediate
governmental requirements, was accepted by the
Boerse without visible effect on trading or prices.
The downward movement of prices was finally
halted in yesterday's session at Berlin, recoveries
taking place in many groups.
MAY 18 1929.]
FINANCIAL CHRONICLE
ated Press dispatch said, with particular attention
again paid to the German conditions which it embodied. Dr. Schacht remained at his hotel during
the private discussions, but one of the German ex•
perts called at the headquarters of the Committee
yesterday with a response to inquiries as to the
meaning of some of the phrases in the German conditions. Opposition was reported to some of the
reservations, and it was remarked that "the committee seemed tending more and more toward a
report in which both sides would present their minimum demands, their conditions and their reservations, leaving the governments to complete the
work." Numerous rumors were current regarding
the meeting yesterday, among them the statement
that the final report of the gathering may be delayed by the experts until after the British general
elections.
An outline of the provisions of the Experts' Committee report relating to the proposed new "Bank
for International Settlements" was presented in two
exclusive dispatches to the New York "HeraldTribune," published last Sunday and Monday. Emphasis was laid in the dispatches on the possibility
of minor changes and revisions in wording, but it
was also noted that the portion of the final report
relating to the outline and functions of the International Bank is regarded as complete in conference
circles. It was considered virtually certain that no
important changes in principle will be made in the
sections covering the bank. These sections, the dispatches said, "have been accepted not only in principle but in almost every detail by the delegates of
all the seven countries assembled here." The summary reveals the unprecedented scope of the projected new international banking institution. "The
bank is intended," the reports said, "to be much
more than an organ for non-political management
of the reparations payments. It is intended to lay
the basis for new, greater and much more co-operative relations among the world's great banks of
issue, and to be a hitherto unavailable asset to the
stability of the world's currencies and to the advancement of world trade."
The bank scheme, revised and redrafted in recent
weeks, was described as representing the "painstaking care of the world's foremost banking authorities." It was first reported on March 1 as having
been formulated by the subcommittee of bankers
headed by the late Lord Revelstoke, partner in Baring Brothers, Ltd., of London, whose place as Chairman was assumed after his death by Sir Charles
Addis. The subcommittee's membership included
J. P. Morgan and Thomas W.Lamont of J. P. Morgan & Co.; Emile Moreau, of France; Dr. Hjalmar
Schacht, of Germany, and his alternate, Dr. Carl
Melchoir, and Emile Francqui, of Belgium. The
bank plan, practically complete and ready for insertion in the Experts' Committee report, contains 42
pages. It begins with a presentation of "general
reasons for the constitution of an institution with
banking functions." Three main sections follow, of
which Section 1 is entitled, "The Essential Functions"; Section 2, the "Auxiliary and Permissive
Functions," while Section 3 deals with the capital
and profits of the proposed institution. Perusal of
the bank report, the correspondent indicated, gave
ample evidence of "the great concern exercised to
give the bank its proper limitations."
3239
In the preliminary, survey citing the reasons for
the establishment of the international settlement
bank, it is noted that since the general plan for a
complete and final settlement of the reparations
problem is primarily financial in character, it involves necessarily the performance of certain banking functions "between initial payments and the
final reception of funds." The experts argue further
that it has been found advisable to carry a step further the process begun by the Dawes Plan of removing the problem from the political sphere "and an
institution is therefore necessary which justifies and
makes logical the liquidation of all political controls
and substitutes for them machinery essentially commercial and financial in character which carries
with it the support and at the same time all the
responsibilities that the economy of engagements
imply." Such an institution, the dispatches quote
the experts as saying, "should be used as an organization for dealing with the whole work of external
administration, including the receipt and distribution of payments, commercialization of the annuities
and the exercise of such functions as will aid Germany to protect her exchange."
The preliminary survey of the experts points out
further that Germany's economic life may be expected to be subject to certain fluctuations. Therefore, the fixation of her obligations on the assumption that the point of minimum capacity of each
change is a constant governing factor is quite as derogatory to an acceptable settlement as the opposite
assumption that a point of maximum efficiency can
always be maintained. The international bank, it is
accordingly stated, should be equipped with machinery containing an elastic element between the payments to be made by Germany and their distribution. This for the purpose of giving the creditors
the additional assurance that the effect of such
changes will be minimized as far as possible in the
flow of payments. The bank, moreover, should have
powers wide enough to allow its activities "to extend
beyond the field of Germany's obligations and to provide facilities for international settlements in general." With these preliminaries laid down it is provided that the bank is to have two main sets of functions; 1, essential or obligatory functions, and 2,
secondary or permissive functions.
Essential functions of the bank are described in
the plan as "those which are inherent in the receipt,
management and distribution of annuities." It is
pointed out that the character of the annuities and
the magnitude of the payments to be transferred
"make it desirable to supplement with additional
facilities the existing machinery for carrying on international settlements and for supporting through
credits the development of international trade." In
addition, the report states, "the institution may in
the course of its development meet more general
needs, such, for example, as offering an agency for
international settlements; and within the limitations
of a sound use of its credit it may contribute to the
stability of international finance and the growth of
world trade. While there is no hard and fast line
between essential and auxiliary functions, and the
two will often be linked together, it may be convenient at this stage to adopt this distinction in what
follows, and refer unequivocally to the institution as
'the bank'."
In a survey of "matters to be dealt with by the
bank," it is stated that Germany's obligations, as
3240
FINANCIAL CHRONICLE
contemplated in the new plan of the experts, fall
into two general classifications: firstly, the part
payable in cash which is transferable unconditionally, and secondly, the part payable in cash the
transfer of which is conditional. A third category
may be envisaged later, it is indicated, relative to
obligations held by the bank whose proceeds in
marks are not immediately transferable into foreign
currencies. It is provided that for a transitory
period and for decreasing amounts the creditor nations will undertake to apply certain amounts to
the payment of deliveries in kind. It is pointed out
that the bank in certain circumstances may possess
certain funds belonging to the creditor governments. "It will be necessary," the scheme states,
"to make use of these dormant funds for the benefit
of the creditors, while affording protection to the
German exchange."' This may result in "investments," and "against these investments held by the
institution as trustee, the institution will have the
power to issue in foreign markets securities of specified type in substantially equivalent amounts and of
maturities suitable to its purpose. From the proceeds of such of these obligations as existing conditions and correct financial practice permit to be sold,
funds will become available for distribution toward
maintenance of the scheduled flow of payments, even
of that portion represented in the service of Class 2
obligations."
Going on to Section 1 of the bank plan, covering
the "Essential Functions," it is provided that the
bank, in its capacity as trustee, will have the following duties: (1) to collect and disburse to the paying agents the service on the German external loan
of 1924 and possibly to act as trustee for the loan;
(2) to receive from Germany the various obligations,
including the railway bonds provided for in the plan,
to hold them in keeping and to issue to the creditors
its trustee receipts for these obligations; (3) to receive in approved foreign exchange the service on
class 2 obligations, or protected payments. Likewise to place in reichsmarks in the Reichsbank the
service on obligations to be liquidated through deliveries in kind; (4) to receive service on any of
possible class 3 obligations either in reichsmarks as
to interest, or in reichsmarks or foreign exchanges
as to sinking fund; (5) to distribute to the creditor
nations the service on class 1 obligations not already
anticipated through process of commercialization
and sale, the service on class 2 obligations which
have been converted into foreign exchanges, and
service on funds for deliveries in kind; (6) to disburse interest on commercialized and marketed obligations to paying agents for loan and sinking funds;
(7)to invest reichsmark balances with the agreement
of the Reichsbank in approved forms of German
securities, holding the latter in trust; (8) to act as
trustee in other appropriate circumstances; (9) to
initiate and supervise operations for marketing
bonds and arranging conditions; (10) to supervise
distribution of proceeds to the creditors according to
their participation; (11) to supervise international
conversion loans; (12) to deal with the situation
prior to and during moratoriums and initiate such
impartial inquiry as may be desirable to enable
advice to be given thereon; (13) to deal with funds
in Germany during moratoriums; (14) to deal with
issues of securities against collateral securities in
Germany; (15) to market by agreement with the
Reichsbank securities bought during moratoriums.
[Vora. 128.
The bank outline proceeds with the statement that
"Germany's debt shall be fixed in the form of annuities. A certificate of indebtedness representative
of these annuities shall be delivered by Germany to
the bank as trustee of the creditor powers. To this
certificate of indebtedness shall be attached coupons
representative of each annuity payable by Germany.
Each annuity coupon shall be divided into two parts,
the first part representative of that portion of the
annuity not subject to transfer delay and corresponding to the portion of Germany's indebtedness
which is at once mobilizable, and the second part
representative of that portion of the annuity which
is subject to transfer delay and corresponding to the
portion of Germany's indebtedness which is not yet
mobilizable. Each part of the annuity coupon enjoys equal rights throughout except in the one instance of agreed transfer delay. On the request of
any one of the creditor governments, the bank as
trustee, if it considers such course opportune, has
the right to require the creation of, and the German
government is obligated to create, issuable bonds
representing the capitalization of any part of the
portion of the annuity coupons not subject to transfer delay. The bank, however,is obligated under the
provisions set forth elsewhere to accede to requests
for creation of bonds made to it by States which are
desirous of undertaking internal issues of German
bonds in connection with conversion operations.
The certificate of indebtedness, the coupons attached
thereto, and such bonds as shall be issued in capitalization of any parts of the annuities not subject
to transfer delay, shall be made out in the name of
the German Reich and shall represent an unconditional obligation of the Reich, guaranteed by its
general revenues and those of the German States."
Section 2 of the bank plan, dealing with auxiliary
and permissive functions of the institution, is divided into three parts, of which the first relates to
banking operations to facilitate transfers. The report stipulates that the Reichsbank, like other central banks, will have the right to apply to the new
international bank for credits, this right to be open
at any time and not to function merely when instability may threaten German exchange. The methods
whereby the Reichsbank may apply to the new bank
for these credits and for others to protect its exchange are carefully prescribed. The second part of
the second section of the report deals with the functions of the bank as a central organization for banks
of issue. Among the permissive functions under this
head will be the right to issue credits to banks of
issue and the receipt of deposits of banks of issue.
Exchange operations for banks of issue also are provided for.
One of the paragraphs relates to the earmarking of
gold. "This institution," the bank report is quoted
as saying, "might provide a possible neutral ground
for the development of some approach to an international gold settlement fund, at least to the extent
of providing a place where gold might be earmarked
outside of national currency. Conceivably this function might be developed to the point where international movements of gold would be much lessened,
if this were judged desirable." A warning is contained in the report, however, the "Herald Tribune"
dispatch said, that in such a program the bank must
respect each bank of issue's control over its own
money market, and to insure protection of the banks
of issue, "any employment of funds or other opera-
MAY 18 1929.]
FINANCIAL CHRONICLE
ton in any money market should be performed only
through the bank of issue in that market or consistently with its policy." The third part of the second
section covers commercial operations, one of the
paragraphs under this head stating that "the resources of the bank, if adequate, would doubtless
be of important use in stimulating world trade. In
this connection, however, safeguards should be established to insure that the special position of the bank
in respect to taxation and otherwise did not establish undue competition with private finance." We
print the "Herald-Tribune's" outline of the report in
full on subsequent pages, where will be found the
final section of the report which deals with the capital, profits and organization of the proposed bank
for international settlements.
The authorized capital of the bank is to be the
equivalent of $100,000,000, with the board of directors having the privilege of increasing this amount.
It is provided, finally, in suggested recognition of
the special category of American assistance, that "in
any country in which there is no central bank, the
functions of the central bank under this scheme may
be performed by some banking organization or consortium agreed upon between the Bank for International Settlements and the government and the
bankers of the country. In the United States these
functions will be performed by the governor or chairman of the Federal Reserve Bank of New York." It
is suggested by the "Herald-Tribune" correspondent
that the final words have been tempered to read
"may be performed" instead of "will be performed."
This report and others indicating that a Federal
Reserve officer might participate in the creation or
management of the international bank drew an official denial from Secretary of State Henry L. Stimson Thursday, to which reference has been made in
the opening paragraph of this article.
Parliament in Britain was prorogued early on May
10 and dissolved by proclamation late on the same
day, clearing the way for the final stretch of the
campaign preceding the general elections on May 30.
The prorogation speech of King George was read by
Lord Hailsham, the Lord Chancellor, to members of
both houses. In the course of this address the King
observed that the British government "have continued to press for reduction in armaments in consultation with other governments at Geneva. New
hope for an early settlement of the question of further naval disarmament recently has been given in
the speech of the United States delegate there. My
government have announced their intention of taking necessary action to enable me to accept, subject
to reciprocity, the protocol prohibiting chemical and
bacteriological methods of warfare. All my governments in my dominions have announced a similar
intention." The prorogation of the session was followed by the dissolution of the Parliament, which
came into being in 1924. The new Parliament which
will be elected at the end of this month was called to
convene June 25, but there will be a session before
then for swearing in the new members. At the time
of dissolution the standing of the parties in the
House of Commons,including vacancies, was as follows: Conservatives, 398; Labor, 164; Liberal, 46;
Independent, 7. There is no expectation that this
proportion or anything like it will be preserved in
the new Parliament, as a decided swing to the left
is believed to have taken place in the last five years.
3241
In the past week all the parties began their campaigning in earnest, with most of the discussion centering around the persistent unemployment in Great
Britain.
A long report on the economic state of the world,
devoted chiefly to tariffs and to agriculture, was
adopted by the League of Nations Economic Consultative Committee at its session on May 11, which
closed a meeting that was begun at Geneva May 6.
The gathering was presided over by Premier Theunis
of Belgium, while America was represented by former Under Secretary of State Robert Olds, Edward
Sumner, a director of the American Radiator Company; Roland Boyden, former delegate to the Reparations Conference; Alonzo Taylor, director of food
research, and Professor Asher Hobson, American
member of the International Agricultural Institute
at Rome. The problem of tariffs occupied the committee more than any other, and this was reflected in
the report adopted at the final session. The report
notes that the recommendations of the economic conference of 1927 have served to check to some extent
the forces operating in every country for higher protection, but have not resulted in any movement for
lower rates. Though some prohibitions were removed in 1928, the tariff changes last year included
a number of increases in duties, and the tendency in
all countries seems to be in the same direction.
Pointing out that tariff legislation is now before
Brazil, Egypt, Finland, Mexico, Portugal, Rumania,
Turkey and the United States, the report says that
the direction changes will take is unknown save for
Rumania, where an almost general reduction has
been recommended. "There must be offset against
any downward movement that might take place in
smaller countries the threat of still higher duties in
the United States," the report states. Mention is
made, a Geneva dispatch to the New York "Times"
indicates, of the fact that proposals for the most
sweeping increases in tariffs are current in those
nations whose tariff indices already are among the
highest in the world. It is further commented in
the report that "the tariff measures adopted by the
big producing States exercise far greater influence
on the average level of world tariffs than any protection established by the small States, and even the
uncertainty regarding the intention of countries
which dominate international production or trade is
likely to retard tariff reductions hitherto contemplated by other States." In the section on agriculture the report says that in most countries where
farm products have received higher protection, agricultural pressure for lower industrial protection has
been weakened.
Negotiations for settling the terms on which
American films are to be imported into France were
abruptly terminated on May 10 after the discussions had proceeded for three weeks before the
Cinema Control Commission in Paris, with representatives of both the French and American industries and governments present. Agreement had
already been reached "in principle" between the film
interests of the two countries, but the French Government brought the conversations to an end by
letting it be known that it regarded the proposed
compromise settlement as impracticable. The compromise scheme,a dispatch to the New York "Times"
said, provided for a "frontier" tax on all feature
3242
films imported from the United States, the proceeds
from the assessment to be devoted to the rehabilitation of the French motion picture industry. The
French Government, however, took the position that
no machinery existed for the collection of the new
tax and that there was no precedent for the turning
of such a tax over to the film industry. It was urged
that such a course might very easily encourage other
industries to seek similar assistance, which would
place the government in the position of facing a dangerous industrial subsidy policy. "Despite these
telling arguments," the "Times" dispatch said, "it
was at first thought that the leaders of the French
industry might overcome the governmental reluctance, but when to-day's session opened the spokesman for the French Government announced that the
projected tax would not be acceptable." The American interests, for their part, declined to consider the
three-for-one quota previously proposed and the discussions were terminated. The difficulties, it was
indicated, were thereby placed squarely before the
two governments.
The two striking extremes of unusual terseness
and unusual prolixity were employed by Premier
Mussolini during the past week in furtherance on
the one hand of the Kellogg Treaty renouncing war
as an instrument of national policy, and on the other
of the recent diplomatic accord reached with the
Vatican in settlement of the Roman question. The
Kellogg pact was placed before the new completely
Fascist Chamber of Deputies by Signor Mussolini on
May 11 for ratification. Accompanying the treaty
was a brief report written by the Premier, which
was described in a dispatch to the New York "Times"
as "extremely terse in style, limiting itself to recalling the history of the pact and summarizing its contents." Discussion of the pact will follow at the
present session of the Chamber and it is expected
that it will be ratified without opposition. Two
days later Premier Mussolini wound up the "debate"
in the Chamber of Deputies on the Government's bill
for ratification of the Lateran Treaty with the Holy
See by treating the parliament to a learned discourse
on pontifical history, requiring something more than
four hours for delivery. Discussion on this treaty
had been proceeding for a week, although its passage
also was a foregone conclusion. The Chamber on
May 14 approved the bill giving full execution to the
Lateran Treaty and also approved two other bills
introduced in connection therewith, the first providing for reforms in marital legislation and the second
regulating the exercise of non-Catholic religions in
Italian territory.
The two Balkan Kingdoms of Rumania and Bulgaria were both occupied over the past week-end in
festive celebration of memorable anniversaries.
Booming cannon and cheering crowds began in
Bucharest on May 10 a three-day celebration of the
tenth anniversary of the birth of Greater Rumania.
A military pageant was staged in the capital before
the youthful King Michael, some 100,000 of the
nation's troops taking part in a giant parade which
was joined by 150,000 peasants from Rumania's
united provinces. The festivities were continued
throughout the country on the two following days.
Bulgaria began last Sunday a six-day celebration
of the thousandth anniversary of the reign of Czar
Simeon, the first of the nation's rulers to assume
[VOL. 128.
FINANCIAL CHRONICLE
that title. The celebrations also commemorated the
lifting of the Turkish yoke fifty-one years ago by the
Treaty of San Stefano and the Congress of Berlin.
The Bulgarian festival was originally planned for
last year, but was postponed because of a destructive
earthquake at Philipopel. Headed by King Boris,
the entire Cabinet, church dignitaries, members of
Parliament and thousands of patriotic Bulgarians
made a pilgrimage on May 12 to Preslav, which ten
centuries ago was the capital of the Bulgarian Empire, extending at that time from the Black Sea to
the Adriatic.
The National Bank of Rumania on Tuesday again
advanced its rate of discount, this time from 8% to
9%%. At the other European centers no changes
in Central Bank rates have occurred during the
week. Rates continue at 732% in Germany; at 7%
in Italy; at 532% in Great Britain, Holland, Norway and Spain; 5% in Denmark; 43/2% in Sweden;
4% in Belgium, and 332% in France and Switzerland. London open market discounts for short bills
are 5@54% against 5 1-16@53/s% on Friday of
last week and for long bills 5 3-16@53% against
51A% the previous Friday. Money on call in
London is 4%. At Paris open market discounts
remain at 332%, and in Switzerland at 3 5-16%.
The Bank of England statement for this week
shows an increase in gold holdings of £980,499. This
is the fourteenth consecutive increase in as many
weeks and raises the total to £161,860,918 as against
£161,946,380 for the corresponding week last year.
Note circulation rose only £17,000 and so, owing to
the increase in gold, reserves expanded £964,000.
The reserve ratio is now 55.47%, last week it was
54.06%, this week last year it was 40.91%. Loans
on Government securities dropped £1,965,000 while
loans on other securities rose £20,000. The latter is
subdivided into "discounts and advances" which fell
£2,021,000 and "securities" which increased £2,041,000. Public deposits rose £611,000, whereas other
deposits fell off £1,605,000. Other deposits includes
bankers accounts and "other accounts" which
showed a decrease of 0,153,000 and an increase of
£548,000 respectively. The rate of discount remains
Below we furnish a comparative
statement showing the various items for five years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1925.
1926.
1929.
1927.
1928.
May 20.
May 16.
May 19.
May 15.
May 18.
Circulation
b362,810,000
Public deposits
9,290,000
Other deposits
97.148,000
Bankers' accounts 61,070,000
Other accounts
36,078,000
Governm't securities 37,816,855
Other securities ___ 27.331,000
Inset. & advances__ 9,586,000
Securities
17.746,000
Reserve notes & coin 59,050,000
Coin and bullion_a161,860,918
Proportion of reserve
to liabilities
55.47%
Bank rate
51i%
134,834,000 136.169,645 140.985.585 147,241,395
19,164,000 12,757,974 18,852,321 15,747,890
95,376,000 102,094,453 104.335.977 192.231,950
29,577,000 47,824,229 44,210,328 35,351,733
55.846,000 47,220,123 69,064,510 72.026,792
46,862,000 37,539,033 27,669,602 28,416.816
181,940,830 153,958,878 148,905.187 155,908,211
40.91%
4Si%
32.68%
%
22.46%
5%
24%
5%
a Includes, beginning with April 29 1925, £27,000,000 gold coin and bullion
previously held as security for currency notes issued and which was transferred to the
Bank of England on the British Government's decision to return CO gold standard.
b Beginning with the statement for April 29 1925, Includes E27,000,000 of Bank
of England notes issued in return for the same amount of gold coin and bullion
held up to that time In redemption account of currency note Issue.
The gold reserve of the Bank of France as reported
in its statement for the week ending May 11, continues to rise. The increase amounted to 62,970,381
francs which brought the total up to 36,525,431,314
francs, a new high for the year. Notes in circulation dropped 408,000,000 francs, reducing the total
MAY 18 1929.]
FlNA_NCIAL CHRONICLE
to 63,419,739,910 francs as compared with 63,827,739,910 francs last week and 62,847,739,910 francs
two weeks ago. French commercial bills discounted
dropped 638,000,000 francs, credit balances abroad
declined 57,054,883 francs, whereas bills bought
abroad gained 15,000,000 francs. A decrease was
reported in current accounts and deposits of 234,000,000 francs, in advances against securities of 25,000,000 francs and in credit current accounts of 40,000,000
francs. A comparison of the various items of the
Bank's return for the past three weeks is given below:
3243
drop in the afternoon. to 6%. Time money rates
have moved still higher, with the market very inactive. Quotations on every day of the week have
4% for four,
been 9% for 30, 60 and 90 days and 83
five and six months. The market for commercial
paper has been extremely dull with virtually no
activity. Nominally rates for names of choice
character maturing in four to six months are 6%
while names less well known are 634%, with New
England mill paper quoted at 6%.
The market for prime bank acceptances has continued quiet this week, though a little more activity
was manifest beginning with Wednesday. Rates
continue unchanged, the posted rates of the American Acceptance Council remaining at 55
/
8% bid and
5,838,635,646 6,476,635,646 6,453,635,646
18,330,852,994 18,315.852,994 18.481,852,994 51
/
2% asked for bills running 30 days, and also for
2,415,419,213 2,440,419,213 2.283,419,213
/
4% bid and 51/
2% asked for
63,419.739,910 63,827,739.910 62.847.739,910 60 and 90 days, and 53
18,343,436,630 18,383,436,630 19,158,438,630
120, 150 and 180 days. The Acceptance Council no
6,509,828,111 6.743,828,111 6,858,828,111
longer gives the rate for call loans secured by acMoney rates in the New York market moved ceptances, the rates varying widely. Open market
sharply upward this week as a result of the cus- rates for acceptances have also continued unchanged
tomary mid-month requirements for funds. At the as follows:
SPOT DELIVERY.
start of the week, and at the close, when the demands
—180 Days— —150 Days-- —120 DaY8
had been met, rates for call funds ruled at the 6 and
Bid. Asked.
Bid. Asked.
Bid. Asked.
538
538
538
534
538
534
7% levels. In the mid-week session, which was also Prime eligible bills
—90 Days--- —60 Days— —30 Days—
the 15th of the month, 15% was paid for daily acBid. Asked.
Bid. Asked.
Bid. Asked.
commodation. The rate Monday was 7% throughout Pretme eligible bilis
534
534
538
534
634
534
FOR DELIVERY WITHIN THIRTY DAYS.
on the Stock Exchange, while some trades were
Eligible members banks
638 btd
arranged early in the day in the unofficial "outside" Eligible
non-member banks
558 bid
market at 6%. Withdrawals of about $15,000,000
by the banks caused sufficient tightening to cause
Announcement was made on May 13 by the
cessation of the outside dealings at concessions. Federal Reserve Board that effective May 14 the
From an opening at 7% Tuesday, the demand loan rediscount rate of the Federal Reserve Bank of
figure was advanced to 10% in the course of the Minneapolis would be increased from 4% to 5% on
day. Withdrawals were again substantial. The all classes of paper of all maturities. The 432%
renewal rate Wednesday was 10%, but competition rate had prevailed at the Minneapolis Bank since
for the limited offerings caused an increase to 15%, April 25 1928.
the latter rate ruling until the close, although more
Yesterday (May 17) it was announced that the
liberal offerings were made late in the session. Federal Reserve Bank of San Francisco had been
Withdrawals amounted to about $20,000,000. With authorized to increase its rate on all classes of paper
the period of greatest demand past on Thursday, the and all maturities from 43/ to 5%. The increased
figure for call loans dropped from the renewal rate rate will go into effect Monday, May 20.
of 14% to a final Stock Exchange fignre of 8%, with
Reports were current yesterday (May 17) that the
outside offerings reported at 6%. In the final Federal Reserve Banks of New York and Chicago
money market session of the week, yesterday, re- were seeking authority to increase their rates above
newals were fixed at 8% and the rate for new loans the 5% figure. The following is the schedule of rates
subsequently dropped to 6%, while outside loans now in effect for the various classes of paper at the
were offered at 5%. Brokers' loans against stock different Reserve Banks:
and bond collateral, as reported for the week ended DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES
AND MATURITIES OF ELIGIBLE PAPER.
Wednsday night by the Federal Reserve Bank of
New York on the basis of returns from member
Raisin
Date
Effect on
Previous
Federal Reserve Bank.
banks, showed their fourth successive weekly inRole.
Estahlished.
May 10
crease, the gain in this instance amounting to $14,- Boston
5
July 19 1928
434
New York
July 13 1928
5
434
000,000. The statement of gold movements through Philadelphia
July 26 1928
5
434
Cleveland
Aug. 1 1928
5
434
of
New York for the same weekly period Richmond
the Port
July 13 1928
434
5
Atlanta
5
July 14 1928
434
indicated imports of $6,827,000, and exports of Chicago
434
July 11 1928
5
St. Louis
434
July 19 1928
5
Minneapolis
May 14 1929
5
$200,000.
434
Kansas City
BANK OF FRANCE'S
Changes
for Week.
Francs.
Gold holdings____Inc. 62.970,381
Credit bals. abed_Dee. 57,054,883
French commercial
bills discounted_Dec. 638,000,000
Bills bought abr'd_Ine. 15,000,000
Adv.agst.securs__Dec. 25,000,000
Note circulation __Dee. 408,000,000
Cred. eurr. accts_ _Dec. 40,000,000
Cure.accts. dc dep_Dec. 234,000,000
COMPARATIVE STATEMENT.
Status as of
May 11 1929. May 4 1929. Apra 27 1929.
Francs.
Francs.
Francs.
36,525,431,314 36,462,460,933 35,788,083,078
7.987,715,407 8,044,770.290 8,543,546,265
Dallas
San Francisco
Dealing in detail with the call loan rates on the
Stock Exchange from day to day, all loans on Monday were at 7%, including renewals. On Tuesday
the renewal charge was again 7%, but the rate for
new loans advanced to 10%. On Wednesday the renewal change was raised to 10%, while for new loans
as high as 15% had to be paid. On Thursday the
renewal charge was marked up still further to 14%,
but from this there was a drop to 8% in the afternoon. On Friday the renewal rate was marked
down to 8% and in the case of new loans there was a
5
5
.5
May 6 1929
Mar. 2 1929
May 20 1929
434
434
434
Sterling exchange this week has been dull and lower,
showing further evidence of pressure, although as a
seasonal matter the pound sterling should be firm.
The range this week has been from 4.843/
2 to 4.84 15-16
for bankers' sight, compared with 4.845
/i to 4.85 last
week. The range for cable transfers has been from
4.84 31-32to 4.8534,compared with 4.851
/sto 4.85 5-16
the previous week. There is really nothing new in the
foreign exchange situation. The high money rates
and disturbed credit situation and the uncertainties
3244
FINANCIAL CHRONICLE
with respect to official credit policy on this side are
the outstanding factors creating disturbance and
irregularity in the foreign exchange quotations.
These features have been discussed here frequently
in the past few months. The Bank of England has
greatly strengthened its reserve position within recent
weeks. Nevertheless the higher dollar rates are making it difficult for London to maintain sterling above
the gold shipping point. At 4.85, American interests
would have little difficulty in taking gold from Lon' don, and it is known that a few American bidders in
the open market made attempts to buy gold this
week, but the Bank of England bid up its price.
Wall Street continues to expect an increase in the
New York Federal Reserve Bank rediscount rate and
• should such action be taken the English position
• would be made still more difficult, so that even the
most favorable seasonal factors would hardly counteract its effect. Yesterday the Federal Reserve Bank
of San Francisco increased its rediscount rates to 5%,
so that all twelve Reserve institutions are now rediscounting at 5%. Both the Chicago and New York
Reserve banks have applications pending with the
Reserve Board for permission to increase the rediscount rate above 5%, and it is generally understood
that a 6% rate is sought. It might be expected that
in. the event of an increase in the New York Federal
Reserve Bank's rate of rediscount the Bank of England
would counteract the effect by increasing its rate
from the present 532%, which has been operative
since Feb. 7,to 6%,but cable advices during the week
indicate that sentiment in London is more positive
than at any time that there will be no further marking
up of the Bank of England rate.
A London dispatch to Dow, Jones ez Co. on Thursday stated that the London discount market is
pessimistic regarding the money situation, owing to
the persistent weakness in sterling-dollar exchange.
Unless some recovery is made, the dispatch stated,
it is expected that America will get gold in the open
market next week, when two fast boats are sailing
for New York. It is estimated that the exchange
rate must fall below 4.85 to make export of gold
bought from the Bank of England profitable at present rate of interest. The success with which the
Bank of England has been acquiring gold during the
past few months does not seem to justify this view of
the situation. Sir Eric Hambros, at the annual
meeting of Hambros Bank, Ltd., said that the
monetary conditions in New York have led to an
increased demand for London acceptances and that
now practically the whole pre-war acceptance business
is back in London, where it will probably remain.
He declared that international traders found London
the only stable money market and its central banking
system the best in the world. He considers the time
opportune for accepting houses and bankers to come
together to fix minimum acceptance commissions,
which have been cut far too low. Many bankers,
despite the untoward condition of the international
credit situation, seem to be of the opinion that sterling should soon show signs of improvement. They
base this opinion upon the continued improvement
in the gold reserves and the fact that in less than a
month from now a new element of strength will appear, namely, the tourist trade, which will have a
beneficial effect not only upon sterling but upon all
principal European currencies. It has been estimated in some quarters that tourist expenditures for
the coming season will reach approximately $900,-
[VOL. 128.
000,000. Although +his seems to be a high estimate,
the expenditures should be so great as to materially
strengthen exchange. However, the tourist expenditures are perennial and it may well be doubted that
transfers for this seasonal flow can counteract
the great diminution in long-term credits which were
so important a factor in strengthening the European.
monetary situation a few years ago, when money
rates here were easy.
This week the Bank of England shows an increase
in gold holdings of £980,499, bringing the total to
£161,860,918, which compares with bullion holdings
on May 17 1928 of £161,946,830. The proportion
of the Bank's reserves to liabilities is now 55.47%,
compared with 40.91% a year ago. On Saturday
last the Bank of England exported £3,000 in sovereigns. On Monday the Bank received £775,000
in sovereigns from abroad. On Tuesday the Bank
bought £164,000 in gold bars and exported £2,000 in
sovereigns. On Thursday the Bank bought £1,088
in gold bars, and on Friday £17,000 in gold bars.
At the Port of New York the gold movement for the
week May 9-May 15, as reported by the Federal
Reserve Bank of New York, consisted of imports of
$6,827,000, of which $6,689,000 came from Germany
and $138,000 from Latin America. Exports consisted
of $200,000 to Venezuela. The Reserve Bank reported no change in earmarked gold. Canadian
exchange continues at a discount, the detailed reasons for which are no different from those enumerated
here last week.
Referring to day-to-day rates sterling exchange on
Saturday last was irregular and dull. Bankers' sight
was 4.84 11-16@4.84 15-16; cable transfers, 4.85 3-16
@4.853. On Monday the market was steady. The
range was 4.84 11-16@4.84% for bankers' sight, and
4.85 5-32@4.85 7-32 for cable transfers. On Tuesday
sterling was inclined to ease. Bankers' sight was
4.84%@4.84 13-16; cable transfers 4.85 1-16@
4.85 3-16. On Wednesday the market was irregular.
The range was 4.84%@4.84% for bankers' sight and
4.85 1-16@4.85 for cable transfers. On Thursday
sterling was steady. The range was 4.84 19-32@
4.843
4 for bankers' sight and 4.85 1-32@4.851A for
cable transfers. On Friday the market was fraction2@4.84 11-16 for
ally lower with the range 4.843/
1-16 for cable
31-32@4.85
bankers' sight, and 4.84
were 4.844
Friday
on
quotations
transfers. Closing
for demand and 4.85 for cable transfers. Commer2; 60-day bills at
cial sight bills finished at 4.843/
4.79 15-16; 90-day bills at 4.77%; documents for payment (60 days) at 4.79 15-16; 7-day grain bills at
4.835
/s. Cotton and grain for payment closed at
4.84
The Continental exchanges have been dull and
irregular and on the whole inclined to further ease.
German marks have been an exception to the rule and
registered a notable recovery this week. This resulted
nat so much from the demand for marks as from the
ckange in the Reichsbank credit policy. The Reichsbank has been restricting credit to protect gold reserves and its foreign exchange holdings. This has
resulted in higher money rates in Berlin. It is usual
for note circulation to decline following the turn of the
month, but Berlin bankers expect rather sharp reduc
tions in this item to show immediately, accompanied
by a material falling off of holdings of internal bills.
The Reichsbank has been lending support to the
mark by freely buying offerings of bills of exchange.
MAY 18 1929.]
FINANCIAL CHRONICLE
3245
It is also apparent in the market that the Reichsbank market have been extensive since the beginning of
is purchasing in foreign centers bills drawn on Berlin. the year for the purpose of pegging quotations on
Further evidence of the efforts being made in official zloty. While gold balances are practically unchanged
circles to strengthen the mark and to improve the balances abroad and holdings of foreign exchange
entangled situation is offered in the bill just intro- have decreased materially. Foreign balances and
duced in the Reichstag by Finance Minister HiHerd- exchange holdings used as note cover have decreased
ing. This provides for the flotation of a 500,000,000 44,543,522 zlotys to Zl. 482,588,005, while balances
mark (about $125,000,000) non-taxable loan. The and exchange not employed for cover have decreased
Finance Minister advocates the measure on the 93,004,011 to Zl. 93,822,327. This makes a total loss
ground that the present condition of the Reich's ex- of foreign balances and exchange of 137,547,000
chequer demands urgent mobilization of domestic zlotys or about $12,250,000. Bankers in Poland are
capital pending adjustment of Federal finances. The alarmed at the flight of capital abroad, according to
proposed bill, Dr. Hilferding said, is in the nature cables of the Department of Commerce. A group
of an urgent emergency measure which can not be has requested that the Minister of Finance take
avoided in view of the tightening of the money market steps to prevent further loss. More than 100,000,due to the differences at the Paris reparations dis- 000 zlotys have recently been deposited in Danzig.
cussions.
A lack of secrecy respecting bank deposits in Poland
French francs are quoted slightly firmer. This is is said to be a contributing factor in the situation.
to be expected, as it has been the policy of the Bank Rumanian exchange is among the most inactive in
of France for many months to move the rate about the New York market. Nevertheless, interest atso as to keep a somewhat even marginal ratio between taches to the unit this week owing to the fact that the
the franc and the mark. The statement of the Bank National Bank of Rumania increased its rediscount
of France for May 10 shows a continuance of the gold rate on Tuesday from 8% to 932%. The 8% rate
buying which has been apparent for the past few has been in effect since May 3, when it was advanced
weeks. An increase of 62,970,381 francs is shown from 6%.
in the gold reserve, which now stands at 36,525,The London check rate on Paris closed at 124.14
000,000 francs. The present high level of gold re- on Friday of this week against 124.21 on Friday of
serves is reflected in the ratio of reserves to liabilities, last week. In New York sight bills on the French
which now stands at 44.67%, the highest level which centre finished at 3.90 7-16 on Friday, against 3.903
/i
has been reached since the stabilization of the franc on Friday a week ago; cable transfers at 3.90 11-16,
last year. The legal requirement is only 35%. Money against 3.90%, and commercial sight bills at 3.90 3-16
continues easy in Paris and bankers say that were against 3.90 1-16. Antwerp belgas finished at 13.88
it not for the uneasiness caused by the reparations for checks and 13.883
4 for cable transfers, against
deadlock much French funds would be flowing to 13.873
4 and 13.883/2 on Friday of last week. Final
Berlin at this time. If the domestic situation in quotations for Berlin marks were 23.773/2 for checks
France alone is taken into consideration no reason is and 23.783/
2 for cable transfers, in comparison with
apparent for expecting any tightening in the near 23.70 and 23.71 a week earlier. Italian lire closed
future. However, the fact that money rates are at 5.23% for bankers' sight bills and at 5.23% for
advancing in foreign markets will, it is believed, cable transfers, as against 5.23 7-16 and 5.23 11-16 on
result in increased export of French capital and the .Friday of last week. Austrian schillings closed at
Bank of France may find itself obliged to raise its 14.10 on Friday of this week, against 14.10 on Friday
own rate of rediscount. Certainly were the repara- of last week. Exchange on Czechoslovakia finished
tions conference to come to a satisfactory conclusion at 2.96 against 2.96; on Bucharest at 0.593/b against
and the international credit situation to become more 0.5932; on Poland at 11.23 against 11.23, and on
clearly defined, there would be a marked export of Finland at 2.513
4 against 2.52. Greek exchange
French capital to other centers, with a consequent closed at 1.293 for checks and at 1.293/2 for cable
firming of rates in Paris.
transfers against 1.293 and 1.293/2.
Italian lire are inclined to weakness. Figures covering the foreign trade of Italy during the first quarThe exchanges on the countries neutral during the
ter of the year show imports totaled 5,619,200,000 war have been quiet and fairly steady, although most
lire, against 5,081,100,0.00 lire for the corresponding of them reflect in some measure the lower sterling
period of 1928; while exports were 3,282,200,000 lire, quotations. Holland guilders, which were firm duragainst 3,418,300,000 lire. While Italy normally ing the lest few weeks, have been ruling slightly
experiences an import balance, it is much larger this easier. This is attributed in some quarters to the
year than last, amounting to 2,337,400,000 lire at higher money rates and to transfer of Dutch funds to
the end of the first quarter, as against 1,526,800,000 neighboring countries, especially Germany. The
lire in the first three months of 1928. This has con- Scandinavian units have been extremely quiet.
tributed in no small measure to the continued weak- Spanish pesetas have been irregular throughout the
ness in lire. It is of interest here to note that, ac- week and are somewhat lower. Bankers' sight on
cording to the National Fascist Confederation of Amsterdam finished on Friday at 40.183/2, against
Commerce, the value of Italian exports to the United 40.193/2 on Friday of last week; cable transfers at
2, against 40.213/
States expressed in gold has increased 58% since 40.203/
2; and commercial sight bills
1913, while imports from the United States have at 40.15, against 40.16. Swiss francs closed at
grown 113%.
19.253 for bankers' sight bills and at 19.263/2 for
While Polish marks have for a long time been rather cable transfers, in comparison with 19.253/2 and
steadily quoted in this market, Polish banking au- 19.263/
s a week earlier. Copenhagen checks finished
thorities experience much difficulty in maintaining at 26.64 and cable transfers at 26.653/2, against
the zloty with respect to neighboring exchange. The 26.643/2 and 26.66. Checks on Sweden closed at
statement of the Bank of Poland as of April 30 indi- 26.703/2 and cable transfers at 26.72, against 26.703/2
cates that the operations of the Bank in the exchange and 26.72, while checks on Norway finished at 26.65
3246
FINANCIAL CHRONICLE
rvoL. 128.
Owing to a marked disinclination on the part of
and cable transfers 26.663/2, against 26.653/2 and
or three leading institutions among the New
two
checks
26.67. Spanish pesetas closed at 14.24 for
Clearing House banks to keep up compiling
with
York
compares
and 14.25 for cable transfers, which
the
for us, we find ourselves obliged to disfigures
14.27 and 14.28 a week earlier.
continue the publication of the table we have been
The South American exchanges continue dull and giving for so many years showing the shipments and
inactive. Argentine pesos have been on the whole receipts of currency to and from the interior.
As the Sub-Treasury was taken over by the Fedmuch Weaker than in several weeks, despite the
recent gold shipments from Buenos Aires. Brazilian eral Reserve Bank on Dec. 6 1920, it is also no longer
milreis have also ruled lower. The optimistic tone of possible to show the effect of Government operations
the annual message of President Washington Luis of in the Clearing House institutions. The Federal
Brazil published last week was interpreted by the Reserve Bank of New York was creditor at the Clearmarket as bullish for this unit. Present closing price ing House each day as follows:
OF NEW YORK FEDERAL RESERVE BANK
for Argentine paper pesos, 42.08 for cable transfers, DAILY CREDIT BALANCES
AT CLEARING HOUSE.
the
for
high
The
ago.
compares with 42.80 a year
Monday, Tuesday, Wednesday Thursd'y, Friday
Aggregate
paper pesos in May last year was 42.80 and the low Saturday.
for Week.
May 11. May 13. May 14. May 15. May 16. May 17.
was 42.72. The figures compare with 42.45 par of
121.000.000 161.000.61011 162.20C.00C 142,000.00 145 000.006 Cr 865.000.000
exchange. Argentine paper pesos closed on Friday 134.002.101
Nom.-The foregoing heavy credits reflect the huge mass of checks which come
of the country in the operation of
at 42.02 for checks, as compared with 42.05 on to the New York Reserve Bank from all parts
the Federal Reserve System's par collection scheme. These large credit balances.
operations with the Clearing
Friday of last week; and at 42.08 for cable transfers, however, reflect only a part of the Reserve Bank's
House institutions, as only the items payable in New York City are represented in
balances. The large volume of checks on Institutions located outside of
against 42.10. Brazilian milreis finished at 11.85 the daily
New York are not accounted for in arriving at these balances, as such checks do
not pass through the Clearing House but are deposited with the Federal Reserve
for checks and at 11.88 for cable transfers, against Bank
for collection for the account of the local Clearing House banks.
11.87 and 11.90. Chilean exchange closed at 12.10
for checks and 12.15 for cable transfers, against
The following table indicates the amount of bul8; and Peru at 3.99 for checks and at
12 1-16 and 123/
lion in the principal European banks:
4.00 for cable transfers, against 3.99 and 4.00.
May 16 1929.
Bank: of
May 17 1928.
Total.
Moor.
Gold.
Gold.
I
Silver. I Total. I
The Far Eastern exchanges continue uncertain,
z
with the silver units showing ease on account of the England __ I161,860,918
I161,860,918ILI
4
161,946,830
161.946,830
13,718,032160,859,670
a__
147,141,63(31
France
.228,301.727
228,301.727
(d)
easier ruling rates for silver. During the early Germany
994,600101,712.650
b 88,231,220 c994,600 89.225,820 100,71(3,050
102,397,000 28,662,000 131,049,000 104,318,000 28.030.000132.348,000
part of the week China was engaged in reselling Spain
I50.406.000
Italy
I 56,520,000
56,520,0001 50,406,000
36,420,000 1,730,000 38,150,000, 36.263,000 2,043,000 38,306,000
silver, but subsequently made forward purchases. Netherrds.1
Nat. Belg_I 27.500,000 1,270,000 28,770,000 22,032,000 1,245,000 23,277,000
Switzerrd_ 19,843.000 1,612,000 21.455,0001 17,511,000 2,323,000. 19,834.000
The Chinese buying was offset by freer offerings Sweden
I 12.889,000
_ 13,037,000
I 13,037,000 12,889.000
623.000, 10,728,000
Denmark _ 9,594,000
443,000, 10,037,000 10,105,000
JapContinent.
8.180.000
from the United States and the
Norway __ 8,157,000
I 8,157,000 8,180,0001
anese yen continue to show ease. Closing quota- Total week751,861,865 34,701.600786,563,465671,510,518! 48,976,632720.487.150
Prey. week 749,364,933 34,948,600 784,313,533 671.149,093 49,250,632720,399,725
tions for yen checks Friday were 44 11-16@44%, a These are the gold holdings of the Bank of France as reported in the new form
statement. b Gold holdings of the Bank of Germany are exclusive of gold held
against 44 11-16@45 on Friday of last week. Hong of
abroad, the amount of which the present year is £2,481,300. c As of Oct. 7 1924.
d
Silver
is now reported at only a trifling sum.
5 s@48%;
Kong closed at 483/
2(4)48 11-16, against 48/
Shanghai at 59 13-16@60, against 60%@,60 9-16;
American Prosperity, Official and Actual.
Manila at 50, against 50; Singapore at 56 3-16(4)5631,
The first impression which the average reader is
against 5631; Bombay at 36%, against 369/s, and
likely
to derive from a perusal of the report of PresiCalcutta at 36%, against 36%.
dent
Hoover's Committee on Recent Economic
RESERVE
FEDERAL
BY
CERTIFIED
RATES
EXCHANGE
FOREIGN
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
Changes in the United States, made public on
MAY 11 1928 TO MAY17 1928, INCLUSIVE.
Wednesday, is not only that the United States is
Noon Buying Rate for Cable Transfers to New York,
Value in United States Money.
Country and Mondary
tremendously prosperous, but also that its capacity
Unit
I May 11. May 13. may 14. may 10. may to. Aiay Si. for continued prosperity is wellnigh unbounded. The
$
$
I
$
$
5
5
EUROPECommittee does, to be sure, call attention to certain
140446 .140448 I .140509 .140497 .140436 .140446
Austria, whining
.138811
.138810
.138817
.138823
138816 .138810 I
Belgium, belga
conditions which it characterizes as "spotty," and
007197 .007197 I .007236 .007231 .007184 .007188
Bulgaria, lev
Czechoslovakia, krone .029600 .029595 I .029596 .029592 .029504 .029594
sounds
a mild warning about the need of developing
.266435
.266470
Denmark, krone ster_1 266509 .266505 I .266502 .266475
England. pound
"a
of balance," but what it has to say at
technique
4.850117
4.850468
4.850740
.851028
hug
4.851736 4.851716
025160 .025154 .025161 .025155 .025152 .025151
Finland, markka
these points is so far overshadowed by its optimistic
.639057 .039060 I .039068 .639069 .039061 .039061
France,franc
Germany, reichsmark. .237089 .237078 I .237154 .237345 .237510 .237789
view of the general situation as to lead most readers
.012919 .012922 I .012923 .012926 .012923 .012923
Greece. drachma
.402110 .402077 I .402019 .401918 .401922 .401964
Holland, guilder
of
the report to the conclusion that the unfavorable
.174256 .174250 I .174287 .174275 .174237 .174266
Hungary, pengo
.052364 .052364 .052361 .052358 .052354 .052350
Italy. lira
of the present and the dangers of the future
incidents
.266583 .266585 J .266577 .266564 .266538 .266509
Norway, krone
.111745 .111622 .111755 .111970 .111915 .111787
Poland. zloty
.044740
.044640
.044940
.045040
the whole, of very serious consequence.
on
.014740
not,
are
.044640
Portugal, escudo
I
005943 .005951 .005955 .005953 .005943 .005943
Rumania,leu
It
.142580 .142432 .142299 .141960 .142490 .142309
"the
is
breadth and scale and 'tempo' of recent
Spain, peseta
.267115 .267110 .267113 .267121 .267092 .267082
Sweden, krona
.192577
Switzerland, franc.-- .192580 .192569 .192566 .192569 .192564 .017575
developments,"
the Committee points out, rather
Yugoslavia. dinar-----017536 .017573 .017582 .017681 .017568
ASIAtheir
than
novelty,
that give those developments
ChinaChefoo tael
622916 .618333 .620833 .620833 .618125 .618541
"new
importance."
Surveying
the period from 1922
.611093
Hankow tael
616562 .615625 .614062 .611562 .612968
Shanghai tael
600089 .608035 .598125 .597857 296428 .594553
to
1929,
to
which
alone
the
.628125
report
.631458
refers, the Com.630416
Tientsin tael
633750 .630416 .63033
Hong Kong dollar._ .484696 .483571 .483660 .484107 .484017 .483678
mittee
"was
struck
by
.431875
433437
the
of energy
.433000
outpouring
.433375
Mexican dollar _ _ _ _ .434250 .433250
Tientsin or Peiyang
which piled up skyscrapers in scores of cities;
dollar
434166 .432916 .433125 .432916 .431666 .430000
.426666
Yuan dollar
.430833 .429583 .429791 .429583 .428333
.361868 .361806
knitted the forty-eight States together with 20,000
India, rupee
362105 .361965 .361868 .361966 .446700
.447386
.446311
Japan, yen
.446858
447130 .447236
miles of airways; moved each year over railways and
Singapore(S.S.)dollar_ .559783 .539783 .559783 .559916 .560000 .559783
NORTH AMER.waterways more than a billion and a half tons of
Canada, dollar
.995209 .994704 .993385 .993593 .93490 .993766
Cuba, peso
1.000247 1.000142 1.000000 1.000060 1.000000 1.000131
Mexico, peso
thronged the highways with 25,000,000
freight;
.481750 .479466 .479300 .479425 .478800 .478400
.991250
.991132
Newfoundland, dollar. .992620 .992125 .990562 ..991062
SOUTH AMER.cars;
carried electricity to 17,000,000 homes;
motor
.955456
.955504
.955560
Argentina, peso (gold) .1155760 .955749 .95580$
Brazil, milrels
.118627 .118690 .118672 .118781 .118609 .118600
year
3,750,000 children to high school and
each
sent
.120426 .120426 .120420 .120418 .120549 .120413
Chile, peso
971226 .979487 .978487 .978987 .978244 .979787
Uruguay, peso
1,000,000
than
more
young men and women to col963900 .963900 .963900 .963900 .963900 .963900
Colombia. new)
MAY 18 1929.]
FINANCIAL CHRONICLE
lege; and fed, clothed and amused the 120,000,000
persons who occupy our twentieth of the habitable
area of the earth." In spite of the "spottiness" of
industry, agriculture and commerce, "the broad
social advantages of our accelerated activity flowed
out over the land."
The use of power, for example, has grown "three
and three-quarters times faster than the growth in
population," enabling farmers and manufacturers
"to meet high labor costs by the application of
power-driven specialized machines," and turning the
unskilled worker into a "skilled operator." "The
number of shareholders in the country's business enterprises has, it is estimated, grown from about
2,000,000 to about 17,000,000; and out of increasing
incomes these investors have continued to pour their
savings into the stream of credit." "The fortunate
synchronizing of a high wage level and a stationary
cost of living" has increased consuming power, and
with the exception of 1924 and 1927, when there were
"minor recessions," there has been "a marked increase in the physical volume of production." "We
have become steadily less concerned about the primary needs, food, clothing and shelter," and earnings
now leave a considerable margin for "optional consumption." Further, the application to many kinds
of services of "the philosophy of large-scale production," together with the integration and organization
of such services, have resulted in what the Committee
describes as "mass services" which have "afforded
employment for millions of workers crowded out of
agriculture and the extractive and fabricating industries" and "saved our country from a critical unemployment problem."
The Committee finds also that its survey "has
proved conclusively what has long been held theoretically to be true, that wants are almost insatiable,"
that "economically we have a boundless field before
us" and that "there are new wants which will make
way endlessly for newer wants as fast as they are
satisfied." We are "far from the saturation point"
in the use of electrical devices in the home, and with
about 70% of American homes "still without the
radio . .. we seem only to have touched the fringe
of our potentialities." Social solidarity, too, is
growing. Our expenditure of $2,500,000,000 a year
on public and private education represents an increase of 250% in a decade, and the expenditures
for free college and university education have gone
up nearly 350% in about the same period. The
equilibrium necessary to keep the complicated economic machine at continuous production has been,
during the past few years, "fairly well maintained.
We have not wasted the hours of labor by strikes or
lockouts. Until recently we have not diverted savings from productive business to speculation. There
has been balance between the economic forces—not
perfect balance, but a degree of balance which has
enabled the intricate machine to produce and to
serve our people."
What, now, are the "spots" in this glowing fabric
of general prosperity? The report of the Committee
mentions several. "While rayon manufacturers
have worked at top speed, cotton mills have been on
part time; while the silk hosiery business, the
women's shoe trade and the fur business have been
active, there has been depression in the woolen and
worsted industry; while dairying has been prosperous, grain growers have been depressed. Coal mining has been in difficulties" (the reference above to
3247
the absence of strikes and lockouts isstrange reading when one recalls the prolonged disturbances in
the coal fields), "and classes of wholesalers and retailers have been under grave economic pressure.
Progress has been made toward more stable employment in seasonal industries, yet 'technological' unemployment, resulting from the displacement of
workers by improved machinery and methods has
attracted attention." Where the Pacific States, the
South, and the East North Central area have prospered,"the New England States, and to some extent
the Middle Atlantic section, have developed less rapidly and have experienced some difficulties in adapting their older industries to new conditions." In
recent months "investors, as well as a large body of
speculators, have invested through the stock exchanges not only their savings but the proceeds of
loans secured through banks and brokers, until the
credit structure of the country has been sufficiently
weighted to indicate a credit stringency, resulting in
an abnormally high rate for call money and an appreciable increase in the rate of interest for business
purposes."
There will be no dissent from the position of the
Committee when it declares, in speaking of the need
of maintaining an "economic balance," that "if natural resources, especially the land, are wastefully
used; if money in quantity is taken out of production
and employed for speculation; if any group develops
a method of artificial price advancement which puts
one commodity out of balance with other commodities; if either management or labor disregards the
common interest—to this extent equilibrium will be
destroyed, and destroyed for all." It is nevertheless
to be regretted that the Committee, in the only part
of its findings that will be generally read (the dozen
and more supplementary chapters which accompany
the report make a bulky volume, and will probably
be consulted only by 'specialists), should have
touched so lightly upon some of the conditions in
this country which are operating against prosperity,
and should have passed over others altogether.
We have repeatedly criticized the course and
policy of the Federal Reserve Board in recent years,
and have pointed out that the Board itself was
largely responsible for initiating the orgy of stock
market speculation which the country witnessed in
1928. It is known now, and from no less an authority than the Board itself, that when the Board embarked upon its unfortunate credit policy, in the
winter of 1927-28, it did so with the deliberate intention of extending financial aid to Europe even at
the cost of stimulating speculative excesses in the
United States. A defence of the Board's policy, written jointly by Professor 0. M. W. Sprague, of Harvard University, and W. Randolph Burgess, of the
New York Federal Reserve Bank, appears as one of
the supplementary chapters of the present report of
Mr. Hoover's committee. There is small evidence
that the Board's policy conferred any permanent
benefit upon Europe, but it would be interesting to
know whether the Committee thinks that the Board
was justified in upsetting the American stock market for the sake of doing something for Great Britain,
France or Poland, or whether the course which the
Board has pursued during the past few months,
when, presumably, the report of the Committee was
being written, has tended to enhance the prosperity
of American business. If it does, it has been singularly indifferent to the massive body of adverse criti-
3248
FINANCIAL CHRONICLE
[VoL. 128.
ture, one of the great divisions of our business
activity, demands and receive "protection," in the
form of a tariff-tax on imported goods of like character. It is claimed, and likewise denied, that the
manufacturer by this means is enabled to make a
profit equal to the tax thus levied. It is even claimed
that for many articles, thus protected, he charges
less in foreign countries than in our own. The
"Tariff" has been for well nigh half a century a
football of politics, and protectionists have frequently shifted their position as to the reason for
and the effect of tariff duties. In all this time agriculture, another great division of our industry, has
stood apart, claiming that because it produces a
surplus of foodstuffs, it has been compelled, by the
Tariff, to buy in a dear market and sell in a cheap
market. In consequence,it has cried out for redress,
though the political party claiming to be, in many
campaigns, its special sponsor has never had the
courage to declare for free trade but has been for a
"tariff for revenue only." This, we think, will not
be disputed as recognized political history.
In 1914 came the world-war, causing tremendous
inflation in both manufacture and agriculture.
Prices of agricultural products rose enormously and
production thereof increased rapidly. When at last
peace came the prices of agricultural products fell
correspondingly, carrying down with them the inflated prices of crop lands—and as a consequence
the great industry of agriculture slumped. On the
other hand, the great industry of manufacture, while
compelled to meet (out of its huge profits) the costs
of readjustment and reconstruction, was better able
to save itself because of the Tariff, that shut out
foreign competition, and because of restrictive immigration laws, and the fact of the credit position of
the United States and the impoverished condition
of the war-ridden countries. Undoubtedly because
of these conditions the farmers, compared to their
position before the war, fell into hard straits. But
for all that, those who refused to be moved from
their normal business by the inflation of land and
food prices, were still in an independent position
and are to-day safe and sound on their farms
able to cope with depression and maintain themselves.
On this situation politics and professional farmers' organizations seized, to raise a hue and cry for
"farm relief." And in the last election both the
leading parties promised such relief, though by
slightly differing methods. Legislation attempted
before the campaign had failed repeatedly through
Presidential veto and otherwise. In a word, the
long agitation culminated in a demand upon Congress to "equalize" the condition of agriculture with
that of manufacture. We shall not go into the
methods proposed by the licNary-Haugen bill and
others. Our purpose is to bring into direct contrast
manufacture and agriculture as great industrial
entities as they stand and must always stand before
the Government of the United States. Constitutionally neither is a pet or favorite of the Government. Protection of the one by tariff is incidental
production by taxation; the purpose of the tax, however, is protection—tariff being a hurdle foreign
imports must overcome. But the Government does
not levy, thus, a direct tax upon manufacture, the
Tariff Protection and Debenture Bounty.
Whether or not infant industries, freed from levy is upon foreign goods seeking admission—the
foreign competition, grow into giant monopolies that effect being to enhance price to the home consumer
oppress the people by excessive prices, manufac- and to lessen competition.
cism from the financial and business world which the
policy of the Board has evoked.
There are other clouds on the horizon. The railways of the country, taken as a whole, are far from
earning the modest return on their investment
which the Transportation Act allows, at the same
time that the more prosperous systems,if their earnings exceed the statutory maximum, are subject to
the "recovery" of the excess for the benefit of systems whose earnings are small. The Interstate
Commerce Commission has extended little aid
toward carrying out the consolidation of railway
systems for which Congress has provided, and revenues from passengers and freight are menaced by
the rapid development of air and motor transport
and elaborate plans for inland waterways. The
plight of the farmers, to which the Committee report
merely alludes, was regarded as so pressing as to
constitute the chief issue in last year's Presidential
campaign, and Congress has been called in early
session primarily for the purpose of dealing with it;
yet that same Congress, under the guise of affording
the farmers some relief, has launched a scheme of
wholesale tariff revision which threatens to disturb
industry and business far and wide, and jeopardize
our commercial relations with countries which, like
Canada,are among our best customers. Doubtless it
is true that the huge volume of foreign loans which
the United States has supplied has been of some
assistance to the countries or businesses which have
received them, but a tariff policy which increases
the difficulty of repaying principal or interest in
the only form in which, ultimately, payment can be
made, is a poor method of insuring the "economic
balance" of which the Committee discourses.
The fact is, of course, that our economic prosperity
is subject to so many exceptions and qualifications
as to make an affirmative generalization very unsafe. No less an authority than former President
Coolidge, facile princeps among the staunch advocates of governmental economy, has declared that
the end of economy in Federal expenditure has been
reached, and that the country must now face increased expenditure. What with flood control,farm
relief and naval construction, the Treasury surpluses which have aided us in the past few years
seem likely to dwindle to relative unimportance, if
indeed the surplus does not disappear altogether.
The States and municipalities are staggering along
under a mountain of debt which annually grows
larger, and taxation takes a heavy toll from such
individuals and corporations as are moderately successful in making a profit from business or investments. Higher and higher wages and shorter and
shorter working periods cannot permanently avoid
adding to the cost of what is produced, or of the
"mass services" which are performed. The nation, in
short, is spending its earnings lavishly and borrowing inordinately from the future. Mr. Hoover's
Committee, we think, would have been better advised if it had pointed out fearlessly the dangers of
the pace that is being set, instead of giving to its
criticisms and warnings, all of them excellent as far
as they go, so small and incidental a place as to
cause them, we fear, to be largely overlooked.
MAY 18 1929.]
FINANCIAL CHRONICLE
This method is not applicable to agriculture in
the main, though efforts are being made in that
direction. The reason is simple and well understood. Consequently a plan is proposed for agriculture which is known as the "debenture plan,"
being in fact a bounty upon agricultural exports.
That it takes the form of certificates equal to onehalf the tariff tax on like products may be regarded
as a mere incidental. The sole, the main, object is
to equalize the returns (profits) of manufacture and
agriculture. No more preposterous undertaking
was ever attempted. Who or what can ever equalize
the profits of these two great dissimilar industries?
No thought is given to the amount of capital employed in each. No thought is given to the unlike
processes by which each produces, distributes, and
consumes. Agriculture is of the soil; manufacture
of the shop. Agriculture is founded on necessity;
• manufacture upon need ahd luxury. Manufacture
through machinery ministers to increase of production in agriculture; the latter feeds the labor of the
former, and does not, save by more efficient workers,
increase the output of the former.
Manufacture makes innumerable articles, selling
to a varied population of consumers; agricultur
produces a few, comparatively, foodstuffs, that are
of universal consumption. Manufacture makes the
riding plow and the thresher; agriculture makes
the wheat and the corn—that yet must be processed
(manufactured) for consumption. Agriculture is
subject to the seasons; manufacture is largely independent of them. Agriculture consumes manufacture (according to the better method of living);
manufacture consumes agriculture (according to the
needs of life). Agriculture is fundamental; manufacture is secondary, though correlative, the two
being mutually sustaining. No power on earth can
ever meet a tariff-tax benefit to the one, by a direct
bounty on the other. Tariff indirectly aids all production of all manufacture; a direct bounty, though
tending to increase domestic price of the whole of
agriculture, is laid only on exportable surplus.
With such disparities, under such natural conditions, in the face of world competition, unequal
and unlike for each, any attempt to equalize returns
to the two classes of operators by an artificial law
is as futile as to try to make the dry lands equal the
waters of the seas.
But to such a pass has politics and the agitation
of professional farm organizations brought us. And
it matters little whether the half a billion revolving
fund to co-operative marketing and stabilizing associations be the plan or the debenture-bounty be the
plan, finally adopted, the effort is to accomplish
the impossible. And bad as the debenture-bounty is,
it has less red-tape than the other. Mark now our
contention is, on the facts enumerated above, that
there is no power, governmental or otherwise, that
can put these two great industries on a common level.
How much less, then, can an instrumentality for
common rule, the Government of the United States,
accomplish the end? And that government not in
its majestic power (if we may put it this way) but
in its delegated authority to six or a dozen men constituting a Federal Farm Board with unlimited discretion. The Government will live a long time before it ever confronts so egregious a proposal and
plan. It will not take many years to demonstrate
its absurdity. It may be, under the best of circumstances and by the best of management, agriculture
3249
will gain something, but unless there is some letting
down of the tariff bars manufacture will go on as
of old reaping profits that bear and can bear no
equality to those of agriculture. For there is but
one equalizing law of trade, the natural law of free
competition, which as it applies the energies of all
men to the resources of all the earth, becomes in the
end that co-operation which is signified by the mutual
benefits of production and exchange. Manufacture
is so entrenched behind the tariff that no one now
seeks to dislodge it. Even the party, the party that
has been a friend, forsook its time-honored position
and fell into the arms of the tariff—seeking by the
very method it has always said fleeced the farmer
to bring to him redress and relief. No party seeks
for a lower tariff, seeks to tear down its walls, in
behalf of the equalization of freer trade, but both are
now seeking to apply the tariff to farm products—
that does not touch sales of surplus in a world market—and by way of good measure seeks to grant a
bounty or fee of some kind in addition.
Personalities in Politics—Attacking
Secretary Mellon.
The controversy in the Senate over the eligibility
of Secretary Mellon to serve another term as Secretary of the Treasury is a matter of deep concern to
the people of the United States. That he has already
served the country well is, we believe, universally
admitted. Coming into office at a time when wardebt adjustment was paramount, he has handled
large financial problems with skin and fidelity. He
is one among half a dozen of the richest men in the
nation. Making more money in his own behalf can
have to him little interest. And while, therefore, he
perhaps incurs no great monetary sacrifice in serving the people, he no doubt takes pride in handling
financial matters of great magnitude, and he deserves and receives the thanks of the people.
That he should be held out as an interloper on
the ground that because of his personal interests in
big corporations he is ineligible to the office he holds,
is a source of regret. No shadow of wrong-doing or
of bias in the discharge of his duties is charged
against him. The sole trouble is that there is a
hundred-year-old statute which says that: "No person appointed to the office of Secretary of the Treasury . . . shall, directly or indirectly, be concerned
or interested in carrying on business or trade or
commerce;" and the issue turns on whether the holders of stock in corporations are so interested within
the meaning of the ancient statute. That there is
room for a reasonable interpretation of the wording
of this law may be admitted.
But a stockholder who takes no official part in
the management of such corporation is certainly not
himself engaged in trade and commerce. And Secretary Mellon at the incumbency of his office disposed of his holdings in banks and trust companies
and resigned from all directorates. He still holds
certain corporate stocks, and on investigation it
turns out that practically all the Secretaries that
have held the office likewise have held stocks during
their terms of office. Former Secretary Glass is
quoted as saying: "If Mr. Mellon is disqualified
as a Secretary of the Treasury for holding stock, I
was certainly ineligible to office, Alexander Hamilton was ineligible, and so was every other Secretary
of the Treasury." It appears that Secretary Glass
3250
FINANCIAL CHRONICLE
has informed the Committee that "he owned stock
in two newspapers while he was in the Cabinet, and
was also one of the largest individual stockholders
in an industrial enterprise in his home town." Senator Steiner, it further appears, has laid before the
committee communications obtained from other Secretaries stating that they held corporate stock as
follows: "Leslie M. Shaw and George B. Cortelyou
in the Cabinet of President Roosevelt; Franklin
McVeagh, in the Taft Cabinet; William G. McAdoo
and David Houston, in the Wilson Cabinet." A
letter of Hamilton has been produced in which he
said the statute under which the committee is proceeding was hastily drawn and ill-advised.
It must seem on the face of these historic conditions that the whole investigation should be
thrown out as a "mare's nest," unless specific activity in commerce can be attached to Mr. Mellon
himself which is not even asserted. Evidently,
though the statute be obsolete, the thing to do is to
repeal the law or to re-enact it in understandable
terms. Meantime, the Secretary's office is attacked
in a public way. It happens that being appointed
as a hold-over, under ample precedents, there is no
need for confirmation. Why then all this bother
and pother? We cannot refuse to believe that politics is at the bottom of it, though the motive may be
sincere and the effort within the prerogative of the
Senate. But there is correlative to all laws an equity
which is a form of justice that cannot always be
expressed in law. And in this sense every man,
whether his office be high or low, is entitled to a
fair deal. No new act of the Secretary of the Treasury rendering him amenable to this obsolete statute
has been brought out in the discussion. But his
repute gained through years of service must suffer
at the hands of those who are uninformed and who
read only surface comments.
Before long this inquiry will have run its course.
At best it is a belated investigation. Mr. Mellon
has served the people for eight years. And he will
serve more years with distinction and honor. But
there is a lesson in the brief episode we may ponder
with profit. Ordinarily, nominations are considered
in executive session. One of the reasons is that
Senators may be free in their expressions and that
criticism may not harm the nominee should his name
be rejected, and surely so dignified a body as the
Senate of the United States would wish at all times
to protect the individual from even the slightest
innuendo or thoughtless assail. Time after time the
"investigation" activities of the Senate in other lines
have been discussed by the Press, and the inquiry
is becoming general: Is this the province of the
Senate.
Now under the duty of confirmation of Presidential appointments as to their fitness to perform
the duties of the office the character and abilities
of the appointee come under scrutiny. But this does
not authorize the public consideration of the circumstances of the private business affairs of men, or so
it seems to us, unless the character and qualifications of the appointee are involved. The Senate
might investigate the fitness of the law to the office
rather than the fitness of the man to the office,
since in the case of Mr. Mellon his fitness is not
involved so far as ability and conduct are concerned.
All these investigations of business and business
men by the Senate soon pass beyond the securing
of information preparatory to law-making and be-
[voL. 128.
come inquisitorial into private affairs. The Senate
is not constituted for this purpose. It is not the
censor of business practices. It is not the guardian
of the people against their own business methods
wrought out of actual experience.
As it is, we have the spectacle of the greatest lawmaking body on earth haling citizens before its investigating committees and demanding an exposure
of private business affairs, which, if wrong and in
violation of law, are already amenable to the courts.
In the case of the Treasuryship can it be assumed
that only men who own nothing that touches active
business alone are eligible? The fact that a man
has become experienced in finance ought ordinarily
to qualify him for the position of Secretary of the
Treasury rather than the reverse. We make no
charge that appointments are ever held up solely
to embarrass an Administration, but so it appears
to some of the correspondents who look on. Our
concern is for the right of the individual to be free
from the incidental aspersions upon character which
attach to these proceedings. Every man high or low
is entitled to the character he has builded through
the long years of a business career. The Senate
is not rightly engaged in any kind of detective
work.
The Autobiography of Lord Haldane.
Readers of the autobiography of Lord Haldane,
just brought out by Doubleday, Doran & Co., will
appreciate the valuable addition he made to the long
years of his varied and always remarkable public
career by taking advantage of the few leisure hours
of his last year or two to write this story of his life.
The final chapter was written shortly before his
death, which came gently, August 19 1928. While
at 72 years of age he was still engaged in delivering
public addresses and had just experienced the happiness of being elected Chancellor of the University
of St. Andrews, a university he greatly loved.
It is difficult to compress the story of the chief
events of so full a life into a brief editorial. It
embraces thirty years of the life of an exceptionally
able and hard working youth; twenty years more
of work at the Bar covering prolonged activity in
Parliament in a seat won in a sharp contest; a leading place in the Liberal Government, followed by
Secretaryship in the War Office; becoming Lord
Chancellor in 1912; resigning in. 1915 only to continue rendering intense public service; joining the
Government again in 1923, only to become Lord
Chancellor for three years of the party's continuance
in power, then to remain active in many directions
in the House of Lords.
Of his early life, he says: "I was a keen student
of how to work at the Bar. I learned the importance
of inspiring confidence. Success in the profession
was essential if it were to be possible for me to
devote myself later to public life." In his subsequent success before the higher judges he bears testimony to the value of his study of character, and
"the psychology of advocacy," which did him constant service. In 1898 he began systematic travel
in Germany, gaining wide and highly valued acquaintance with German literature and public men.
It resulted in a permanent interest in the cause of
education in England, in which he labored in all
directions. He led in the founding of the University of Liverpool, and among others that of Bristol,
MAY 181929.]
FINANCIAL CHRONICLE
becoming eventually Chancellor of the latter. He
was largely instrumental in reviving and enlarging
the scope ot the University of London. He delivered the Gifford lectures at St. Andrews University,
to which he was especially attached. So great was
the pressure upon him in Parliament that these lectures had to be prepared in odd times for two years,
and were delivered at last extempore from his notes
and taken down in shorthand that they might be
published afterwards. He was Chairman for four
years of the Royal Commission on the affairs of
London University, while serving as Secretary of
War, and again under similar eonditions he served
as Chairman of the Commission that founded the
University of Wales.
Meanwhile he had won many friends in Parliament—Gladstone, Asquith, Morley, Edward Gray—
with whom he became especially intimate, and Ac.
land, the Minister of Education, in whose work for
the schools he was able to be helpful. Imperial Federation and Preference he opposed in the interest of
the freedom of the Colonies and the development of
the Empire. The Colonial statesmen won his respect,
and service on the Judicial Committee of the Privy
Council gave him enlarged views of Liberalism,
which was soon to play a large part before and after
the war. With Morley on one side and Rosebury on
the other, he, with Asquith and Grey, had a large
part to play in the guiding of Britain through the
critical and creative years of the closing and opening centuries. They had to oppose Mr. Gladstone on
some part of the Irish question. Mr. Gladstone's
letter to him in return is so generous and kindly as
to be a distinction to them, as to him.
The university movement, with the success of
Liverpool, Manchester, Bristol and London, won
support. The cities caught the initiative and hastened to establish universities of their own, while
the older universities, Oxford, Cambridge, Glasgow,
even Edinburgh and St. Andrews, felt their influence and recognized a new day. Nor did the movement stop with the universities. Mr. Balfour introduced the Education Bill in 1902 which revolutionized the local school boards, and, though it was incomplete, he supported it almost single-handed
among his friends, and it has worked so well that it
has made "a new national conception of school
education," according to the Encyclopedia Britannica.
The same may be said of his service in expounding
the new conception of the Empire. Mr. Chamberlain was pressing a policy of protection under the
form of Imperial Preference, while Haldane and
Asquith felt called to oppose it in the interest of the
counter call for science and organization as the great
need of British industry. Germany was penetrating
English markets by the employment of scientific
aid,
and only so could the situation be met.
In 1905 the time had come for a broader Liberalism. Some changes were made and Haldane became
Minister for War. Early in the African War he had
been instrumental in creating an Explosives Committee of leading scientists and artillery experts, on
which he had to serve and in which he showed the
ability and gained the knowledge which enabled him
to do the great reconstructive work in the War Office which was to appear when the World War
opened. It was under his insistence that Grey became Foreign Minister, the position in which he was
to render such distinguished and decisive service
3251
before and during the war. Hand in hand they
worked, and the new army was the great result.
The old army was reorganized and made in the highest form effective, and a Territorial Army localized
all over England and Scotland under regular officers to constitute a second line, with the Militia
made into reserves to supply the main army.
Haldane was soon invited to view the annual
manoeuvers in Germany, and took advantage of the
opportunity to visit Berlin and make acquaintance
with the men who were molding the new Germany.
This visit played an important part in his subsequent
career. The next year, 1907, the German Emperor,
with a large attendance, visited London, and the
group were especially intimate with him. Campbell Bannerman died in 1908, Asquith became
Prime Minister, and Haldane remained in the
War Office completing his reforms and pressing
similar ones on the Navy, which Churchill, on lines
of his own, was quick to push.
- In 1911 he felt the need of relief from the heavy
pressure under which he had long been, and turned
aside to the Privy Council and the House of Lords,
of which he had been made a member, and in 1912
he was suddenly called to be Lord Chancellor again,
and so returned to the Law.
When trouble arose with the Germans over Agadir
the Government insisted on his going at once to
Berlin in hopes of preserving peace. Despite his
intimacy there, he accomplished little, and events
moved on rapidly to the outbreak of the war. In
England's anxiety, suspicion over his intimacy with
Germany was aroused toward him. Ridiculous
stories were circulated in the press, and when the
Asquith Ministry had to be reconstructed he resigned.
For eight busy and fruitful years he was out of
office. Despite impaired health, he devoted himself
to the various public interests he had supported,
and testimony to the value of his service is abundant.
In 1923 Ramsay MacDonald sought his support, and
once more he accepted the Lord Chancellorship because of the need of his service in aiding various important departments of the Government. This office
he held with continuous activity till 1925, when the
party went out of power. But he retained his position in the House of Lords and engaged in many
important affairs. He was in close intimacy with
England's leading men, and had gained cherished
friendships in America.
In a closing ch“pter of the autobiography, written
in his 72nd year shortly before his death, he says
many tender and wise things. "The autumn of life"
has been "tranquil." "If he had been endowed with
certain gifts he might have accomplished more. He
had not been slack in thought or action. All one
can do is to put one's best into the performance of
the task before us. Finality of result can never be
ours." "We have to learn how to live before we can
learn how to die. God is always within." Modestly
he says of himself: "I have kept this before my
eyes."
The book is the record of a strong and noble life,
large in its achievement and not less so in personal
character. He lived in great days; he had great
opportunities; he faced great difficulties and passed
through great crises, but he did not waver and was
never daunted; through all he was true to himself,
and has left a name of which his country may well
be proud.
3252
[VOL. 128.
FINANCIAL CHRONICLE
A Change of Heart by the Federal Reserve.
[Editorial In New York "Journal of Commerce," May 9.]
The various statements that have come from, or been
given out by, Governor Young of the Federal Reserve Board
during his wanderings on the Pacific Coast, have called
attention rather sharply to some problems in connection
with the present credit situation which have been very
largely neglected, certainly during the recent past. It is
probably no mere coincidence that the Federal Reserve Bank
of Kansas City has raised its rate to 5%, while the other
"4W70 banks" are reported to be on the point of doing likewise. Governor Young in his statement has called attention
to the fact that large quantities of funds have moved from
the interior to New York, for the purpose of speculative
application. While he has been inclined to speak of them
as "savings" that have thus been shifted, the fact remains
that the more interesting aspect of the problem Is found in
their transfer, rather than in the source from which they
were drawn.
Apparently the Reserve System thinks that by raising the
rate a half per cent, in the interior, and probably on the
Pacific Coast, it may in some measure succeed in combating
the movement of funds to the East. If so, the question may
very properly be asked why this discovery has been made
at so late a date, and why Governor Young and the Reserve
Board have so long acquiesced in the maintenance of a differential in favor of the Eastern districts—a higher rate at
the local Reserve Bank here attracting funds to this market
and consequently relieving the local Reserve Bank of the
rediscounting pressure that It might otherwise have felt.
The whole question of adjustment of rates between districts
has been under advisement for a long time, and without
any consensus of opinion, for the Reserve System has
changed its mind on numerous occasions, and it is only
since 1927 that the present course of action has been followed.
The normal policy for the Reserve System to follow Is
undoubtedly that of keeping rates in the interior quite
materially higher than those in the Eastern districts. They
are naturally higher, so far as the commercial rate of
interest is concerned, and reversal of what is a normal
situation certainly ought never to be allowed merely because
of speculative distortion that has taken place on account of
market operations. If conditions in this city should necessitate advances in rates, therefore, at any time, whether for
the purpose of reducing speculative commitments or otherwise, the Reserve System ought to endeavor to bring about
an adjustment, which would produce a corresponding advance in the interior. This would be for the reason that
the Reserve Banks ought certainly to be "teamed" together,
and that the function of the Federal Reserve Board is more
distinctly that of bringing about such teaming than it is to
perform perhaps any other function.
The objection to any rate readjustment in the Western
districts has always been that the effect of it has been to
Inflict hardships upon "business" in the West by raising
the rate that had to be paid for commercial paper, by local
business users. Any such statement is obviously insincere.
As Governor Harding, then at the head of the Reserve
Board, wrote in 1920 to a Presidential candidate, who had
urged that Reserve rates be lowered in Western districts
In order to help the farmer, there is almost invariably a
gap of 2 or 3% between the figures charged by the member
banks to their customers in those districts, alai the Reserve
Bank rates therein. As Mr. Harding then showed, it would
be far better to have a change in State laws en the subject
of usury than a change in Reserve rates. Western country
banks—and city banks, too, for that matter--charge about
what they please, and want to get what the traffic will bear.
Ordinarily they get it. To pretend that shifts and changes
of half a per cent, or so in the rediscount rate at the Reserve
Bank affect, in any material degree, the actual charge
to the farmers of the community, is, of course, sheer
absurdity.
Within the past year or two the Reserve System has
largely lost its bearings as regards the control of rates, and
the relationship between the various districts. The periods
thus subject to criticism began in the autumn of 1927 with
the autocratic enforcement of low rates upon the Reserve
Bank of Chicago. It has continued In the follies of 1928,
and the tinkering with rates which has resulted in a higher
charge in New York than that which prevailed in Kansas
City and Minneapolis. The time has come for a more
rational interpretation of the rate question. Governor
Young apparently is learning through study on the spot.
It is to be hoped that his conversion will be permanent and
that he may evangelize his colleagues.
Gross and Net Earnings of United States Railroads
for the Month of March
The showing of railroad earnings for March is
much like that for the monthsimmediately preceding.
Compared with the same period last year there is—
always speaking of the roads as a whole—moderate
improvement in the gross earnings and the net earnings alike, rather more moderate in March than in
February. As to both months, however, there is this
qualifying remark to make, namely that the results
each month cover one less day than the same month
last year. In February the loss of a day followed
from the fact that 1928 was a leap year when therefore February contained 29 days instead of the customary 28 days. In March the loss is due to the
circumstance that there were five Sundays in the
month the present year, whereas March 1928 contained only four Sundays. The loss in this last instance therefore consists not in an actual diminution
of the number of days, but in there having been one
less working day—there having been 26 such working days in 1929 against 27 days in 1928.
Of course on many of the larger and more important railroad systems traffic is not entirely suspended on Sundays. Passenger trains are run on
Sunday schedules,even though no freight trains may
be run. Still on no inconsiderable mileage and especially in the case of short lines and minor branches,
Sunday may be free from all traffic. Altogether an
extra Sunday means more or less of a loss in traffic
and in revenues And this should be borne in mind in
considering the exhibit for the month of March.
Our compilations show that aggregate gross earnings for the month the present year were $516,134,027
against $505,249,550 in March 1928, giving an increase of $10,884,477, or 2.15%. The net earnings
(before deduction of the taxes) were $139,639,086,
against $132,122,686, the increase in this case being
$7,516,400, or 5.68%, as per the following table:
1929.
Inc (+) or Dec. (—).
1928.
Month of March—
240,427
Mlles of road (182 roads).—
241.188
$516,134,027 $505,249,550
Gross earnings
373,126,864
376,494,941
Operating expenses
73.85%
72.94%
Ratio of expenses to earnings_
+758
+510,884,477
+3,368,077
—0.91%
0.81%
2.15%
0.82%
$139,839,088 8132,122,888
+87,818.400
5.88%
Net earnings
In weighing the significance of the slight gains
here disclosed, it should be borne in mind not only
that the extra Sunday the present year served to
some extent to reduce the amount and ratio of the
improvement, but also on the other hand that the
gains this year come after losses in both gross and
net last year, and also after a rather indifferent
showing in March 1927, correspondingly diminishing
the importance of the increases now disclosed for
1929 and revealing them as being a recovery of what
was previously lost rather than as new gains. General conditions favored good results the present year
and yet were not uniformly satisfactory. The
country enjoyed a high degree of industrial activity,
whereas in March last year trade still lagged (out-
MAY 181929.]
FINANCIAL CHRONICLE
3253
side of the automobile industry, which then had other States the output the present year was a little
already begun to quicken its pace), and yet there larger than in the previous year. As coal is a very
are sections of the country which still appear to be important item of freight with most of the railroads
an exception to the rule of activity in trade and of the United States, the fact that there was a further
business. The South for instance, if railroad rev- shrinkage in that traffic the present year, after the
enues may be accepted as a guide, is still suffering big reduction from the abnormal total of the premore or less business depression. Perhaps the floods vious year, will explain why some roads in different
which prevailed 'during the month in several of the parts of the country form exceptions to the rule
Southeastern States played some part in retarding and report losses in earnings instead of gains.
In the case of Western roads there was also a
recovery and the strikes at some of the cotton mills
falling off in the grain traffic. This is true parmay have operated in the same way.
The larger industries of the country, however, ticularly of the roads in the Spring wheat district
enjoyed an unusual degree of activity. In particular of the Northwest, where also there continued to be
is this true of the automobile trade and the iron some hindrance to traffic movements became of bad
and steel industry. March production of motor weather conditions—heavy accumulations of snow,
vehicles in the United States, as reported to the along with snow slides, having proved exceedingly
Department of Commerce, was 584,733 as compared difficult of removal. The falling off in the grain
with 413,314 in March 1928 and 394,443 in March traffic seems to have been due to. the comparative
1927. Steel production in this country in March absence of any export demand and the fact that
broke all records, being estimated by the American farmers were dissatisfied with prevailing prices and
Iron & Steel Institute at 5,049,176 tons for the 26 perhaps also because they looked for a rise in values
days of March the present year, against 4,507,520 after the meeting of the U. S. Congress in extra sestons for the 27 days of March 1928 and 4,535,272 sion in April to enact some law for farm relief.
The effect of these varying influences and contons for the 27 days of March 1927. The make of
iron in the United States during March 1929, accord- ditions is seen in the varying character of the
ing to the statistics collected by the "Iron Age," returns in different sections of the country and on
reached 3,714,473 tons, against 3,199,674 tons in different roads and systems. The Bureau of Railroad Economics at Washington has just made public
March 1928, and 3,483,362 tons in March 1927.
The activity in the industries here named found certain general totals regarding the volume of trafreflection in many other industries and the result fic for the different sections of the country which are
altogether was of decided advantage to the railroads interesting and very pertinent at this point. It is
serving the great manufacturing districts, all of found that the volume of freight traffic handled by
which show improved revenues, the gains, however, all Class 1 railroads (those obliged to file monthly
in most instances representing merely a recovery of returns) in March the present year amounted to
the previous year's losses. On the other hand, some 40,212,666,000 net ton-miles, which exceeded by
of the same roads and systems suffered a reduction 726,610,000 net ton-miles, or 1.8%, the volume of
of their coal traffic in March 1929, this being con- traffic in March 1928, but was a reduction of
trary to the experience in the month preceding, when 1,604,240,000 net ton-miles, or 3.8%, under that for
the coal production ran well above that of the pre- March 1927. Only the Eastern district, however
vious year. Both the output of soft coal and of (comprising the roads in New England and the great
hard coal fell below that of the previous year. The industrial States of the Middle and Middle West),
contraction came somewhat as a surprise, but it shared in the present year's increase, or to be exact,
would appear that in previous months coal mining recovery. In this Eastern district the volume of
was prosecuted on a greater scale than was war- freight handled in March 1929 was 5.5% above that
ranted by the demand and needs of the trade. At for March 1928. On the other hand, the Southern
all events, the quantity of bituminous coal mined in district showed a decrease of 5.6%, and the Western
the United States in March 1929 reached only district, comprising the Western half of the coun39,347,000 tons, against 43,955,000 tons in March try, also reported a decrease, though only of one1928, and 59,911,000 tons in March 1927. It is tenth of one per cent.
proper to state that the total last mentioned was
As far as the separate roads are concerned, it has
really abnormal, being due to the fact that coal already been indicated that the best exhibits are
mining was then being pushed with feverish energy made by the roads in the Middle and Middle Western
in preparation for the great strike at the Union States, which means that the great East-and-West
mines throughout the country scheduled for April 1 trunk lines give a very good account of themselves,
1927. Anthracite coal production in March 1929 though this statement is subject to the qualification
also fell below either of the two previous years, only that the gains this year count very largely as merely
5,044,000 .tons of Pennsylvania anthracite having an offset to the heavy losses sustained in March
been mined in March 1929 as against 5,497,000 tons 1928. The Pennsylvania RR. heads the list of inin March 1928 and 6,056,000 tons in March 1927. creases, showing $3,041,753 gain in gross and
The output of soft coal and hard coal combined, it $1,901,391 gain in net; in March last year the Pennwill be seen from the figures given, was only 44,- sylvania RR. fell $6,447,684 behind in gross and
'391,000 tons in March 1929, against 49,452,000 tons $1,802,239 behind in the net. The New York Central
this time shows $735,129 increase in gross and
in March 1928, and 65,967,000 tons in March 1927.
year
in
present
the
the
loss
soft
further
coal
in net. This, however, is the result merely
$28,946
The
output was rather unevenly distributed. The falling for the New York Central itself. Adding the various
off was pretty general throughout the different dis- controlled and auxiliary roads, the result is
tricts, except that in Ohio, where there has recently $1,412,927 increase in gross and $273,418 incerase is.
been resumption of work at mines which had long net. In March last year the New York Central lines
been idle, the production was 1,600,000 tons against showed $2,581,911 decrease in gross and $865,053
only 874,000 tons in March 1929, and that in a few decrease in net. The Baltimore & Ohio this time
3254
FINANCIAL CHRONICLE
reports $1,402,040 gain in gross and $1,341,772 gain
in net. Last year in March the Baltimore & Ohio
showed $2,685,015 loss in gross and $1,586,176 loss
in net.
In the Western half of the country the returns
vary more or less, due to the conflicting effects of
the influences already cited. In the case of the
transcontinental lines in the Northwest, the Milwaukee & St. Paul reports $509,026 decrease in gross
and $1,114,264 decrease in net, but here we are in a
section of country where the returns a year ago
showed gains, not losses. The Northern Pacific this
time reports $310,751 loss in gross and $474,585 loss
in net. The Chicago & North Western, the St. Paul
& Omaha, the "Soo" road and several others also
have suffered the present time larger or smaller
losses. The Great Northern, on the other hand,
reports a gain of no less than $1,474,406 in gross and
$1,279,608 in net. Possibly increased ore shipments
account for this, and it is to be noted that this year's
improvement follows $667,785 increase in gross and
$338,679 increase in net in March last year. As we
proceed further South in the Western half of the
country, we find the Burlington & Quincy showing
a shrinkage of $911,189 in gross and of $66,885 in
net; the Rock Island reporting $305,611 gain in gross
with $347,469 loss in net; and the Union Pacific
showing $323,151 addition to gross with $96,370 decrease in net. In the Southwest,the Atchison stands
at the head of the list with $1,342,723 gain in gross
and $1,470,558 gain in net; An March last year the
Atchison fell $2,241,604 belu4nd in gross and $1,679,802 behind in net. The Southern Pacific this time
adds $1,587,989 to gross and $1,003,274 to net. The
Missouri Pacific also makes a very favorable showing, with $400,434 gain in gross and $234,844 gain
in net. The Texas & Pacific, on the other hand,
which for several years has been recording continuous improvement, and very large improvement
at that, this month has $145,443 decrease in gross
and $89,828 decrease in net.
In the case of Southern roads, while losses are
auite general,it is to be noted that the roads serving
the South Atlantic seaboard-that is, located in
Florida or connecting with the same-form exceptions to the rule, and are able the most of them to
show quite substantial improvement. That is an
interesting fact as indicating recovery in that part
of the country after long continued depression.
Thus the Atlantic Coast Line reports $617,675 gain
in gross and $953,174 gain in net; the Florida East
Coast $347,078 in gross and $507,306 in net, and the
Seaboard Air Line $380,550 in gross and $109,200 in
net. Elsewhere in the South, however, there are
quite general losses. The Louisville & Nashville, for
instance, falls $1,293,388 behind in gross and
$1,066,024 in net; the Southern Railway also shows
a decrease, but relatively much smaller, namely
$507,207 in gross and $689,961 in net for the Southern Railway proper with $441,237 decrease in gross
and $1,937,902 decrease in net for the whole Southern Railway System. In the following we show all
changes for the separate roads during the month for
amounts in excess of $100,000, whether increase or
decreases, and in both gross and not:
PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE MONTH
OF MARCH 1929.
Increase.
Increase.
Pennsylvania
$3.041.753 Atlantic Coast Line.---- $617,675
616,261
Central
Southern Pacific (2)_ --.. 1.587.989 Michigan
607,203
Great Northern
1,474.406 Erie()
Ironton
521,102
&
Toledo
Detroit
Baltimore & Ohio
1,402,040
412,257
At,ch Top & Santa Fe(3) 1,342,723 N Y Chicago & St Louis_
400,434
New York Central
a735,129 Missouri Pacific
Los Angeles & Salt Lake
Seaboard Air Line
Florida East Coast
Union Pacific (4)
Pere Marquette
Chic Rock Isl & Pac (2)..
Wabash
Missouri Ran Tex Lines
Western Pacific
Rich Fred'k'g & Potomac
Pittsburgh & Lake Erie_ _
Lehigh Valley
Central Vermont
Hocking Valley
Reading
Wheeling & Lake Erie
Long Island
Bessemer & Lake Erie
Det Gr Haven & Mllw._ _
Grand Trunk Western
[you 128.
Decrease.
Increase.
$393,724 Louisville & Nashville __ $1,293.388
911,199
380.550 Chic Burlington & Quincy
673,330
347.078 Illinois Central
509.026
323,151 Chic Mllw & Pacific_ _
6507,207
319,102 Southern Railway
460,126
305,611 Chic & North Western..310,751
281,814 Northern Pacific
223,206
230,104 Ran Mex Orient of Tex..
205.610
220,149 Del Lack & Western__
205,153
209,327 Chic St P Minn & Omaha
202,281
207.676 Mimi St P & Sault Ste M.
145,443
205,101 Texas & Pacific
138,735
183,163 Central of New Jersey
138,035
176,215 Terminal RR Asso of St L
136,283
173,359 Central of Georgia
126,879
165.944 Chic & Eastern Illinois
115,782
163,846 Maine Central
110,762
149,651 Norfolk Southern
106,329
141,568 Kansas Mexico Orient_ -113.237 Minneapolis & St Louis
104,091
Total (41 roads)
$17,449,402 Total (20 roads)
$6,623,616
a These figures merely cover the operations of the New York Central
itself. Including the various auxiliary and controlled roads,like the Michigan Central, the "Big Four." Stc., the result is an increase of $1,412,927.
b This is the result for the Southern Railway proper. Including the
Alabama Great Southern, the Cincinnati New Orleans & Texas Pacific,
the Georgia Southern & Florida, the New Orleans & Northeastern and the
Northern Alabama, the whole going to form the Southern Railway System:
the result is a decrease of $441,237.
PRINCIPAL CHANGES IN NET EARNINGS FOR THE MONTH
OF MARCH 1929.
Increase.
Increase.
Pennsylvania
$1,901.391 Wabash
$146,223
Atch Top & Santa Fe(3). 1.470,558 Det Gr Haven
141.202
1,341,772 Virginian
Baltimore & Ohio
138,954
Great Northern
1,279,608 Hocking Valley
135,880
Southern Pacific (2)---- 1,003,274 Seaboard Air Lino
109.200
Atlantic Coast Line
953,174 Delaware & Hudson__ _ _
108,764
Florida East Coast
507,306 Colorado & Southern (2)..
105,990
NYNH& Hartford _496,628
$14,077.498
Detroit Toledo & Ironton
464,903 Total (37 roads)
New Chicago & St Louis441,653
Decrease.
Erie (3)
416,713
Los Angeles & Salt Lake_
355.491 Cin New On h Tax Pas-- $1,281.361
Central Vermont
311,044 Chic Mllw StP k Pao --- 1,114,264
Michigan Central
310,059 Louisville & Nashville-- 1.066,024
6689.961
Pere Marquette
297,715 Southern Railway
527.528
Long Island
260,163 Illinois Central
474,585
Missouri Pacific
234,844 Northern Pacific
347,469
Chesapeake & Ohio_
187,534 Chic Rock Isl h Pas (2)_
257,929
West Jersey & Seashore. 179,508 St Louis San Francisco(3)
231,252
Western Pacific
166,269 Central of New Jersey _151.220
Lehigh Valley
157,514 Chicago & NertitwestPrn
113.101
Den & Rio Gr Western _ _
157,466 Chic StP Minn A Omaha
Rich Fred'g'b & Potomac
149,255
$6,254,694
Bessemer & Lake Erie_
147,443 Total(14 readm)
Note.-The New York Central proper records an increase of 28.946.
Including the various auxiliary and controlled roads, like the Michigan
Central. the "Big Four," &c., the result is an increase of $273,418.
b This is the result for the Southern Railway proper. Including the
Alabama Great Southern, the Cincinnati New Orleans k Texas Pacific,
the Georgia Southern & Florida, the New Orleans & Northeastern%nd the
Northern Alabama, the whole going to form thelSouthsrn Rallway[System:
the result is a decrease of $1.937,902.
Returning to a consideration of the grand totals
for all the roads, it was stated above, that comparison was with losses last year and indifferent results
the year before. For March 1928 our tables registered $26,410,659 decrease in gross and $4,034,267
decrease in net. For March 1927 our records showed
$432,616 increase in gross (a mere fraction of 1%)
and $1,627,348 increase in net, or 1.21%. On the
other hand, in March 1926 the showing was strikingly good with noteworthy improvement in gross
and net alike. Our compilations for March 1926
recorded $43,668,624 gain in gross, or 8.99%, and
2%. The fact is to be
$24,561,652 gain in net, or 221/
borne in mind, however, that these gains in March
1926 followed losses in both of the years immediately
preceding. Thus for March 1925 our statement
registered $18,864,833 decrease in gross and $5,447,665 decrease in net, while for March 1924 the loss
in the gross reached no less than $30,628,340, though
the loss in the net was no more than $2,514,076,
owing to the reductions in expenses, reflecting growing efficiency of operations. This growing efficiency
in operation has continued ever since. And the
further back we go the more striking the record becomes in that respect-barring 1923, when weather
conditions were extremely unfavorable and a gain of
$59,806,190 in gross brought with it an addition of
only $3,419,324 to net earnings-which last, however, was the reverse of what happened in 1922, when
a gain of $16,059,426 in gross was attended by a
reduction of $38,577,773 in expenses, yielding $54,637,199 gain in net, and the reverse also of what
happened in 1921, when though the gross revenues
showed a decrease of $1,483,390, the net recorded an
improvement of $18,656,316. All this merely indicates that as the country got further and further
MAY 18 1929.]
FINANCIAL CHRONICLE
away from the period of Government control of the
railroads, with its lavish and extravagant administration, railroad managers once more succeeded in
obtaining control over the expenditures of the roads
and were able to effect important economies and
savings.
Weather conditions are not, as a rule, a great
drawback to railroad operations in March (January and February being the bad winter months) and
in 1929 the drawbacks were only such as followed as
the result of the severe cold and heavy falls of snow
experienced in some of the far Western roads in
January and February, to which reference was made
in our reviews for those months. At different times
during March there came reports of snow slides at
widely seperated points in the section of the country
referred to-from Colorado, from Dakota, from
Montana, from the State of Washington, etc. In
1928 the weather was not an adverse influence anywhere. In 1927 likewise the weather did not exert
any serious adverse influence except in several of
the Rocky Mountain States, more particularly in
Colorado and Wyoming, where repeated snowstorms
occurred all through the Winter months of 1927,
making railroad operations difficult, and where even
towards the middle of April an unusually severe
Spring blizzard was encountered, seriously interrupting traffic. The latter extended also into South
Dakota and into Western and Northwestern Nebraska. In 1926, too, the winter for the country as a
whole did not interfere with railroad operations to
any great extent, though temperatures then were
low and the season backward, whereas in March 1925
the reverse was true, the weather then being mild
and the season far in advance of the ordinary. In
1924 the weather was also mild and the roads suffered no setback on that account. Back in 1923, on
the other hand, weather conditions in March were
extremely unfavorable. Moreover, in 1923, the
Winter was very severe also in January and February, with heavy snows, making the adverse effects
cumulative and entailing outlays of great magnitude
on that account. In discussing the severity of the
Winter weather in our review of March 1923 we
pointed out that in nearly the whole of the northern
half of the country quite unusual weather conditions
had prevailed. Here in the East in the last week of
the month the Weather Bureau in this city on several
days reported the lowest March temperature records during its existence. And the cold persisted
right up to the close of the month. On the night of
March 31-April 1, the latter being Easter, the official thermometer registered a temperature of as low
as 12 degrees above zero. Previously the temperature in this city on March 31 had never been below
25. Furthermore, dispatches from Washington,
D. C., in that year reported the coldest 1st of April
ever experienced at many points east of the Mississippi River, with the mercury in Washington down
to 15 degrees, 7 degrees under the record set April
19 1875, and lower than ever registered after March
21 in any year since the establishment of the Washington Weather Bureau in 1870. But the cold in
1923 was not so much of a drawback as the snowfalls and the snow blockades. Added to the numerous snowstorms in February, which had then so
seriously increased operating costs, more particularly in New England and northern New York, there
were, in 1923, other snowstorms during March,some
of these in the West attaining the dimensions of bliz-
3255
zards. The result was that virtually everywhere
outside of the South operating costs were heavily
augmented. It was because of this that out of $59,806,190 increase in gross earnings in March 1923,
$56,386,866, as already stated, was eaten up by augmented expenses, leaving only $3,419,324 increase in
the net.
It has already been noted that the loss in the net
in 1925 and 1924 came after four successive years
of increase. On the other hand, prior to 1920, March
net had been steadily dwindling for a long period
past, until the amount had got down to very small
proportions. For instance, in March 1919 there was
a loss in net of no less than $52,414,969 in face of
an increase of $10,676,415 in the gross earnings, and
furthermore, March 1919 was the third successive
year in which the March expenses had risen to such
an extent as to wipe out the gains in gross receipts
-hence producing a cumulative loss in net. In the
following we give the March totals back to 1906.
For 1911, 1910 and 1909 we use the Inter-State Commerce figures, which then were slightly more comprehensive than our own (though they are so no
longer), but for preceding years, before the Commerce Commission had any comparative totals of
its own, we give the results just as registered by our
own tables each year-a portion of the railroad
mileage of the country being always unrepresented
in the totals in these earlier years, owing to the refusal of some of the roads then to give out monthly
figures for publication.
Net Earnings.
Gross Earnings.
Year.
Year
Given.
(+)or
(-).
8
Year
Inc.
Preceding. Dec.
Year
Given.
Inc.(4-) or
Year
Preceding. Dec. (-)•
8
$
Mar eh- $
$
$
1906.129,838,708 116,861.229 +12,977,479 40,349,748 35,312,906 +5.036,842
+63.814
1907 _ 141.502,502 128,600,109 +12,980,393 40,967,927 40,904,113
1908 _ 141.193,819 162,725,500 -21,531,681 39,328,528 45,872,154 -6,543,631
1909.205,700,013 183,509,935 +22,190,078 69,613,713 55,309,871 +14,303,842
1910 _ 238,725,772 205.838,832 +32,887,440 78,322,811 69,658,705 +8,664.106
1911 _ 227,564.915 238,829,705 -11.264,790 69,209.357 78,357,486 -9,148.129
+848,494
1912 _ 237,564,332 224,608,654 +12,955,678 69.038,987 68,190.493
1913 _ 249,230,551 238,634,712 +10,595.839 64,893,146 69,168,291 -4,275,145
+660,166 67.993,951 64.889,423 +3,104,528
1914 _ 250,174,257 249,514,091
1915 _ 238,157,881 238,352.099-15.194,218 68,452,432 67,452,082 +1,000,350
1916.296,830,406 238,098,843 +58,731,563 .97,771,590 68.392,963 +29,378.622
1917 .. 321,317,560 294,068,345 +27,249,215 88,807,466 96,718,706 -7,911,240
1918 - 362,731,238 312,276,881 +50,484,357 82.561,336 87,309,806 -4.748,470
1919 - 375,772,7W 365.096,335 +10,676,415 29.596,482 82,011,451 -52,414,969
1920 - 408,582,467 347,090,277 +61,492,190 40,872,775 27,202.867 +13,669,908
1921 - 456,978,940458.462,330 -1,483,390 58,538,958 39,882,602 +18,656,316
1922.473,433,886 457,374,460 +16,059,426 113,468,843 58.831.644 +54,637,199
1923 _ 533,553,199 473,747,009 +59,806,190 117,117,122 113,697,798 +3,419.324
1924.504.016,114 534,644.454 -30,618,340 114,754,514 117,668,590 -2,914,076
1925 - 485.498,143 504,362.976-18,864,833 109,230,086 114,677,751 -5.44704
1928 _ 528,905,183 485,236,559 +43.668.624 133,642.754 109.081.102 +24.561.652
1927 - 529,899.898 529,467,282
432,616 135,691.649 134,064,291 +1,627,358
1928 _ 504,233,099 530,643,758 -26,410,659 131.840.275 135,874,542 -4,034.267
1929 _ 5111 124 027 jlfl& 249,3804-10.884.477 139.639.086 132.122.686 +7.516,400
Note -Includes for March 96 roads in 1906; 94 in 1907; In 1908 the returns were
based on 152,058 mike of road:in 1909. 233,702; in 1910. 239,691; in 1911. 244.081:
In 1912, 238,218; in 1913, 240.510; In 1914. 245,200; in 1915, 246,848: in 1916,
247,363; in 1917, 248,185; in 1918, 230,336; in 1919, 226,076; in 1920, 206,319; in
1921,234,832;in 1922, 234,986; in 1923,235,424; in 1924, 235,715;In 1925, 236,559:
In 1926, 236,774; in 1927, 237,804; in 1928, 239,649; in 1929. 241,185.
When the roads are arranged in groups, or geographical divisions, according to their location, the
results are in full accord with what has been said
in our remarks above. The Southern group shows a
falling off in both gross and net (though with the
roads in the Pocahontas region forming an exception
to the rule and the Northwestern group likewise
shows some decrease in both gross and net. Otherwise the record is one of general improvement. Our
summary by groups is subjoined below. As previously explained, we now group the roads to conform
with the classification of the Inter-State Commerce
Commission. The boundaries of the different groups
and regions are indicated in the footnote to the table.
District and Region.
1929.
Month of March8
Eastern DistrictNew England region (10 roads)._._ 22,155,356
95.685,376
Great Lakes region (34 roads)
Central Eastern region (28 roads) 116,404,477
Total(72 roads)
Gross Earnings
1928.
Inc.(4-) or Dec.(-)
5
5
+29.593 0.11
22,125,763
+3.860,335 4.21
91,825,041
+5,326,912 4.78
111,077,565
234,245.209 225,028.369
+9,216,840
4.09
3256
District and Region.
Month of March-Southern DistrictSouthern region (31 roads)
Pocahontas region(4 roads)
Total(75 roads)
91,156,888
Gross Earnin2s-1928.E Inc. (-I-) or Dec.(-)
Toledo9;
1929
71,233,294 -1,835,201 0.03
1928
+252,979
1.17 Detroit21,505,816
1929
1.71
92,739,110 --1,582,222
1928
57,006,808
85,748,277
47,976,845
57,373,178
83,085,131
47,023,762
1929.
69,398,093
21,758,795
Total(35 roads)
Western DistrictNorthwestern region(18 roads)_.._
Central Western region (24 roads).
Southwestern region (33 roads)
190,731,930 187,482,071
-366,370
+2,663,146
+953,083
+3,249,859
0.64
3.20
2.02
1.73
Total all districts (182 roads)
516,134.027 505,249,550 +10.884.477 2.15
District and Region.
Net Earnings
Month of March. -Mileage-1928. Inc.(+)or Dec.(-)
1929.
Eastern District$
1929. 1928.
New England region__ 7,279 7,294 6.648,813 5,887.962 +760,851 12.92
Great Lakes region__ 24,839 24,869 24,658,456 22,463,649 +2,194.807 9.77
Central Eastern region 27,277 27,237 30,959,581 26,728,717 +4,230,864 15.82
Total
59,395 59,400 62,268.850 55,080,328 +7,186.522 13.01
Southern DistrictSouthern region
40,135 40,011 17,548,292 19,943,375 -2,395,083 2.02
7,006,077 +544,263 7.77
Pocahontas region_ _
5,632 5,619 7,550,340
Total
45.767
Western DistrictNorthwestern region 48,986
Central Western region 52,012
Southwestern region
35,025
Total
EvoL. 128
FINANCIAL CHRONICLE
45,630 25,098,632 26,949,452 -1,850,820 6.88
48,655 13,613,792 14,515,715 -901,923 6.22
51,873 25.672,013 23,304,394 +2,367.619 10.16
34,869 12,987,799 12,272,797 +715.002 5.82
136,023 135.397 52.273,604 50,092,906 +2,180,698 4.35
Total all districts__ _241,185 240,427 139,639,086 132,122,686 +7,516,400 5.68
NOTE.-We have changed our grouping of the roads to conform to the classification of the Inter-State Commerce Commission, and the following indicates the
confines of the different groups and regions:
EASTERN DISTRICT.
New England Hee/sm.-This region comprises the New England States.
Great Lakes Region.-Thia region comprises the section on the Canadian boundary
between New England and the westerly shore of Lake Michigan to Chicago, and
north of a line from Chicago via Pittsburgh to New York..
Central Eastern Region.-This region comprises the section south of the Great
Lakes Region, east of a line from Chicago through Peoria to St. Louis and the
Mississippi River to the mouth of the Ohio River, and north of the Ohio River to
Parkersburg, W. Va.. and a line thence to the wouthwestern corner of Maryland
and by the Potomac River to its mouth.
SOUTHERN DISTRICT.
Pocahontas ROPIOIS.-This region comprises the section north of the southern
boundary of Virginia. east of Kentucky and the Ohio River north to Parkersburg
W. Va.,and south of a line from Parkersburg to the southwestern corner of Maryland
and thence by the Potomac River to its mouth.
Southern Region.-This region comprises the section east of the Mississippi River
and south of the Ohio River to a point near Kenova, W. Va., and a line thence
following the eastern boundary of Kentucky and the southern boundary of Virginia
to the Atlantic.
WESTERN DISTRICT.
Northwestern Regton.-Thls region comprises the section adjoining Canada lying
west of the Great Lakes region, north of a fine from Chicago to Omaha and thence
to Portland and by the Columbia River to the Pacific.
Central Western Region -This region comprises the section south of the Northwestern region, west of a line from Chicago to Peoria and thence to St. Louis. and
north of a line from St. Louis to Kansas City and thence to El Paso and by the
Mexican boundary to the Pacific.
Southwestern Region.-This region comprise the section lying between the Mississippi River south of St. Louie and a line from St. Louis to Kansas City and thence
to El Paso and by the Rio Grande to the Gulf of Mexico.
Western roads, taking them collectively, had to
contend with a severe falling off in their grain movement during March. The receipts of wheat, corn,
oats, barley and rye, combined, at the Western
primary markets for the five weeks ending March 30
aggregated only 76,286,000 bushels, as against 99,743,000 bushels in the corresponding five weeks of
1928. With the single exception of wheat, all the
different cereals contributed to the falling off, the
decrease in the case of corn and oats being particularly pronounced. Bad weather and bad roads
had much to do with the falling off. The receipts
of wheat for the five weeks were 32,832,000 bushels,
against 29,205)000 bushels in the corresponding period last year; the receipts of corn 27,437,000 bushels,
against 47,955,000 bushels; of oats 10,314,000 bushels,
as compared with 15,238,000 bushels; of barley 4,419,000 bushels, against 5,623,000, and of rye, 1,284,000, against 1,724,000 bushels. The details of the
Western grain movement in our usual form are set
out in the table we now present:
WESTERN FLOUR AND GRAIN RECEIPTS.
Barley
Oats
Corn
3 Weeks.
Wheat
Flour
(bush.)
(bush.)
Ended Mar.30. (bbls.)
(bush.)
(bush.)
Chicago799.000
1929
1,166,000 1,782,000 7.566,000 1,716,000
831,000
1928
1.212,000 2,416,000 16,748,000 5,414,000
Milwaukee908,000
489,000
165.000
1929
97.000 1,263,000
425,000 1,189,000
195,000
150,000 2,524,000
1928
St. Louis-169,000
668.000 3,671,000 3.928.000 2,445,000
1929
121,000
620.000 2464,000 5,782,000 1.952.000
1928
98,000
102,000
7,000
Barley
(bush.)
Rye
(bush.)
682,000
255,000
18,000
5,000
14,000
6,000
102,000
136.000
18,000
28,000
30,000
Wheat
(bush.)
Corn
(bush.)
Oats
(bush.)
2,658,000
411,000
212,000
176.000
187,000
154,000
73,000
201,000
Peoria1929
327,000
177,000 1,980.000
591,000
1928
401,000
144,000 2,944,000 1.229,000
Duluth1929
4,960,000
38.000
334,000
1928
4,474,000
96,000
80,000
Minneapolis1929
8,355,000
845,000 1,135,000
1928
10,281,000 1,805.000 2,329,000
Kansas City1929
6,409,000 5,141,000
600,000
1928
4,091,000 6,848,000
400,000
Omaha and Indianapolis1929
2,526.000 3,852,000 1,726,000
1928
1,884,000 7,845,000 2,398,000
Sioux City1929
101,000
396,000
306.000
1928
103,000 1,333,000
422,000
St. Joseph1929
474,000 1,372,000
156,000
738,000 1,573.000
1928
186,000
Wichita1929
1,435,000
773,000
32,000
1928
1,495,000
300,000
12,000
Total a111929
2,326,000 32,832,000 27,437,000 10,314,000
1928
2,428,000 29,205,000 47,955,000 15,238,000
Jan. 1 to Mar. 30.
Chicago1929
3,125.000 4,301,000 29,660,000 6.527,000
1928
3,132.000 4,021,000 38.734,000 12,748.000
Milwaukee1929
441,000
265,000 4,142,000 1,191,000
1928
438,000
343,000 8.156,000 1,137,000
St. Louts1929
1,632,000 9.226,000 11,430,000 6,019,000
1928
1,562,000 6,695,000 10,489.000 5,249.000
Toledo1929
581,000 1,497.000
4,009.000
752,000
487.000
1928
1.732.000
Detroit248.000
1929
326,000
415.000
362,000
337.000
1928
469,000
Peoria390,000 7,020,000 1,636,000
1929
861,000
1928
951,000
301,000 7,521,000 2,543,000
Duluth700.000
1929
8.761,000
698,000
113,000
1928
184,000
10,922,000
Minneapolis3,444,000
3,717,000
1929
20.664,000
1928
27,178,000 4,305.000 5,595.000
Kansas City1929
16,442,000 15.316,000 1,284,000
938,000
1928
10,479,000 20,219.000
Omaha and Indianapolis4.292,000
1929
6.610,000 13,134,000
1928
4,133,000 19,699.000 4,950,000
Sioux City1920
356,000 2,141,000
768,000
1928
355,000 4.096,000 1,015.000
St. Joseph342,000
1929
1,959,000 4,289,000
352,000
1,726,000 4,592.000
1928
Wichita184.000
3,710,000 2,074,000
1929
142,000
3,883,000 1,075,000
1928
Total all1929
1928
289,000
278,000
5,000
525,000
682,000
340,000
890,000
1,690,000
2,504,000
563.000
437,000
2,000
3,000
8,000
1,000
5,000
1,000
4,419,000 1,284,000
5,623,000 1,724,000
2,251,000
2,308,000
586,000
521.000
2,224,000
3,102,000
162,000
214,000
467.000
456,000
2,000
23,000
35,000
13,000
28.000
18,000
24,000
8,000
72,000
67,000
1,127,000
1,001,000
83,000
5,000
1,630,000
760,000
872,000 2,152,000
4,892,000
6,411,000
1,438,000
1,069,000
45,000
30,000
1,000
17,000
15,000
1,000
7,000
5,000
1,000
6,059,000 77,108,000 94,177,000 28,461.000 12.612,000 3,132,000
6.161,000 73,481.000 114695,000 33,385,000 13,816.000 3,572,000
The Western livestock movement was also on a
reduced scale. At Chicago the receipts comprised
only 16,034 carloads, against 19,804 in March 1928
and at Omaha 6,298 carloads against 8,920 carloads,
but at Kansas City 7,116 cars, against 7,042 cars.
The cotton traffic in the South this year was
on a somewhat larger scale in March the present
year, last seasons crop of the staple having been
more plentiful. Gross shipments overland were not
equal to those of March 1928, aggregating 80,093
bales, as against 80,532 bales in 1928, 122,323
bales in 1927, 77,256 bales in 1926, and 143,979 bales
in 1925. Receipts of the staple at the Southern outports, however, where the size of the crop is most
clearly indicated, comprised 375,133 bales in March
1929, against 333,456 bales in March 1928, but comparing with 893,604 bales in March 1927, as will be
seen from the following table:
RECEIPTS OF
Rye
(bush.)
240,000
248,000
Flour
(bbls.)
COTTON AT SOUTHERN PORTS IN MARCH AND SINCE
JAN. TO MARCH 31 1929. 1928 AND 1927.
1929.
Galveston
Texas City, rtc
New Orleans
Mobile
Pensacola, &a
Savannah
Charleston
Wilmington
Norfolk
Total
Mace Jan. 1.
March.
Ports.
1928.
1927.
1929.
1928.
1927.
471,622
459,374
387,212
59,034
624
50,160
18.919
17.526
28,437
403,557
293,867
314,318
35,934
1,311
87,783
37,391
30,654
28,544
749,604
803,875
675,572
68,979
1,718
240.480
116.483
38,384
90,454
112,317
85,520
111,290
22,558
145
19.272
6,039
8,467
9.525
101.435
65,096
77,513
12.067
1,063
35,674
11,522
18,170
10,916
230.117
231,890
225,372
22,804
444
87.469
53,435
14,645
27.417
375.133
333.456
893,604 1,492.908 1,229,359 2,784,549
INay 18 1929.]
3257
FINANCIAL CHRONICLE
Public Utility Earnings in March.
Gross earnings of public utility enterprises in March,exclusive of telephone and telegraph companies, as reported
to the Department of Commerce by 95 companies or systems
operating gas, electric light, heat, power, traction and water
services and comprising practically all of the important
organizations in the United States, were 8195,000,000, as
compared with 8187,726,994 in March 1928. Gross earnings, it is stated, consist, in general, of gross operating revenues, while net earnings in general represent the gross, less
operating expenses and taxes, or the nearest comparable
figures. In some cases the figures for earlier years do not
cover exactly the same subsidiaries, owing to acquisitions,
consolidations, &c., but these differences are not believed
to be great in the aggregate. This summary presents gross
and net public utility earnings by months from January 1926,
the figures for the latest months being subject to revision.
Gross Earnings—
January
February
March
Total (3 months)
April
May
June
July
August
September
October
November
December
Total (year)
Nei Earnings—
January
February
March
Total(3 months)
April
May
June
July
August
September
October
November
December
Total(year)
PUBLIC UTILITY EARNINGS.
1928.
1926.
1927.
$
$
$
177,473,781 191,702,022 196,573,107
165,658,704 177,612,648 187,383,731
167,642,439 179,564,670 187,726,994
1929.
$
203,000,000
194,000,000
195,000,000
592,000.000
510,774,924
548,879,340
571,683,832
166,927,022
159,135,618
157,744,715
153,245,315
153,188,101
159,519.246
170,733,069
176,000.649
188,146,705
176,467,300
171,255,699
167,975,072
161,638,462
162,647,420
169,413,885
177,734,493
182,077,497
194,985,134
181,143,683
180,255,407
178.696.556
173,645,919
173,952,469
179,346,145
190,795,668
198,032,715
202,000,000
1,995,415,364 2,113,074,302 2,229,552,394
66,974.941
61,555,164
60,696,920
73,746,891
66,907,757
65.412,739
79,013,279
74,296,576
72,811,148
92,000,000
86,000,000
85,000,000
189,227,025
206,067,387
226,121,001
263,000,000
59,471,359
54,993,907
55,699.751
49,238,806
49,844,522
56,930,481
60,878,181
65,844.729
73,023,848
64,907.729
61,194,779
59,167,096
53,980,280
53,551,164
61,897,207
65,259,727
70,214,468
78,937,417
68,971,324
67,732,911
67,537,149
62,260,333
61,809,794
68,235,698
73,670,561
81,363,806
91,000,000
715,152,609
775,177,254
868,702,577
eport of President Hoover's Committee on Recent Economic Changes—Sees
1(
"Boundless Field" Before Us—Need of Applying Principal of Equilibrium
in Economic Relations.
A marked increase in the volume of production in the
United States in the period from 1922 to 1929, joined to
a corresponding increase in the consuming power of the
American people is noted in the report of President
Hoover's Committee on "Recent Economic Changes," the
Committee stating that:
The balance which has been maintained between consumption and production is nowhere better shown than in
the fact that wages have been rising, and that there has
been no striking increase of unemployment in a period
marked by the broadest technological advancement which
we have yet known.
"The conclusion is" says the Committee "that economically we have a boundless field before us; that there are
are new wants which will make way endlessly for newer
wants, as fast as they are satisfied." "We seem only to
have touched the fringe of our potentialities" the Committee says. It also observes:
While ours has been a period of great economic activity
and industrial productivity, and of a degree of economic
stability which must be rated as high when we consider
the readjustments in every department of economic life
made necessary by the post-war crisis and by the transition
from war economy to peace economy; and while America
has a promising future, the outstanding fact which is illuminated by the survey is that we can not maintain our
economic advantage, or hope fully to realize on our economic future, unless we consciously accept the principle of
equilibrium and apply it skillfully in every economic
relation.
The report, which is of voluminous size, was made public May 15. In the foreword it is stated:
From the report of the Committee we take the following:
FOREWORD
As an outgrowth of the President's Conference on Unemployment of 1921, three national surveys have been set up
to enlarge the general understanding of our economic system
and to stimulate the continuing reduction of unemployment.
The first of these surveys was the study of Business Cycles
and Unemployment made in 1922-23 for acommittee of the
Unemployment Conference. The second was a study of
Seasonal Operation in the Construction Industries made in
1923-24 for another committee of the Conference.
The survey of Recent Economic Changes, begun in January, 1928, and completed in February, 1929, is an analysis
of post-war developments in American economic life, particularly those since the recovery from the depression of
1920-21. The committee consists of Herbert Hoover, Chairman; Walter F. Brown, Renick W. Dunlap, William Green,
Julius Klein, John S. Lawrence, Max Mason, George McFadden, Adolph C. Miller, Lewis E. Pierson, John J. Raskob,
A. W. Shaw, Louis J. Taber, Daniel Willard, Clarence M.
Woolley, Owen D. Young, and Edward Eyre Hunt, Secretary.
The committee was directed to make a critical appraisal
of the factors of stability and instability, in other words,
to observe and to describe the American economy as a whole,
suggesting rather than developing recommendations.
In its later deliberations the chairman, Herbert Hoover,
was unable to take part and A. W. Shaw served as chairman.
The basic investigations for the Committee on Recent
Economic Changes, like those for the Committee on Business Cycles and Unemployment, were made under the auspices of the National Bureau of Economic Research, Inc.,
with the assistance of an unprecedented number of governmental and private agencies.
While the National Bureau is solely responsible for the
basic survey, the committee is solely responsible for the
the following brief
interpretation of the facts set out in
report.
SECTION 1
CHARACTERISTICS OF THE YEARS 1922-1929
change is the key to
Acceleration rather than structural
economic developments.
recent
our
of
understanding
an
course of this survey
Gradually the fact emerged during the
years from 1922 to 1929
that the distinctive character of the
than to intensified activity.
owes less to fundamental change
his "Recent Economic
Forty years ago David A. Wells wrote
century which ended in
Changes," showing that the quarter
economic changes," which
1889 was a period of "profound
more important and varied
he described as "unquestionably
period of the World's
than during any former corresponding
history."
on the verge of a new
Each generation believes itself to be
change, but the longer
economic era, an era of fundamental
evident it became that
the committee deliberated, the more
by the present survey
the novelty of the period covered
developments such as forrested chiefly in the fact that
been recurring in
merly affected our old industries have
been in structure
not
have
changes
The
industries.
new
our
but in speed and spread.
and commuInvention is not a new art. Transportation
function of
nication are not new services. The facilitating
Agriculture is as
finance is older than coined currency.
phenomenon.
ancient as history. Competition is not a new
which emphasis
None of the changes in distribution on
new. Handbasically
has been laid in the last few years is
style and deto-mouth buying is old; sudden changes in
installment
rnand are familiar; there is no new principle in
discovery; the
selling; cooperative marketing is no modern
years.' But the
chain store movement dates back at least 25
give
breadth and scale and "tempo" of recent developments
them new importance.
uses; the
The increased supply of power and its wider
through
multiplication by man of his strength and skill
work in
machinery, the expert division and arrangement of
so
trades,
mines and factories, on the farms, and in the
to new
risen
has
effort
that production per man hour of
es through
heights; the quickening of these instrumentaliti constantly
a
capital provided from the surplus incomes of
represent an
widening proportion of our people—all these
work.
accumulation of forces which have been long at
impressed
early
The committee, like other observers, was
It
by the degree of economic activity in these seven years.
up
was struck by the outpouring of energy which piled
together
skyscrapers in scores of cities; knit the 48 States
with 20,000 miles of airways; moved each year over railways
and waterways more than a billion and a half tons of
cars;
freight; thronged the highways with 25,000,000 motor
carried electricity to 17,000,000 homes; sent each year 3,750,000 children to high school and more than 1,000,000 young
men and women to college; and fed, clothed, housed, and
amused the 120,000,000 persons who occupy our twentieth
of the habitable area of the earth.
But while the period from 1922 to 1929 has been one of
intense activity, the committee noted that this activity has
been "spotty." Certain groups have been more active than
other groups; certain industries busier than their neighbor
industries, and certain geographical areas more prosperous
than other areas.'
While rayon manufacturers have worked at top speed,
cotton mills have been on part time; while the silk hosiery
industry, the women's shoe trade, and the fur business have
been active, there has been depression in the woolen and
worsted industry; while dairying has been prosperous, grain
growers have been depressed. Coal mining has been in difficulties, and classes of wholesalers and retailers have been
under grave economic pressure. Progress has been made
toward more stable employment in seasonal industries, yet
See Chap. V. Marketing.
See Chap. XII, The National Income and its D!stribation.
3258
[VoL. 128.
FINANCIAL CHRONICLE
"technological" unemployment, resulting from the displacement of workers by improved machinery and methods, has
attracted attention.'
Geographical differences also were noted. The Pacific
States have made an extraordinary advance; the South has
rapidly developed as a manufacturing area; the East North
Central Division has grown; while the New England States
and to some extent the Middle Atlantic section, have developed less rapidly and have experienced some difficulties in
adapting their older industries to new conditions.
However, in spite of this variability, this difference in
activity as between groups and areas and industries, the
rising standard of living characteristic of this period was
widespread, and has reached the highest level in our national history.
Participation by the people as a whole in many of the
benefits of increased productivity, which of itself varied as
between different groups and geographical areas, has been
one of the marked characteristics of the period. While industrial, agricultural, and commercial activity has been
"spotty," the broad social advantages of our accelerated
activity flowed out over the land. For example, the highway building programs throughout the nation were not
limited to the intensely active areas; good roads were extended in all directions, serving the whole population. The
same might be said for educational advantages, radio entertainment, personal mobility made possible by low-priced
motor cars, swift and dependable transportation and communication, and numerous other facilities and services making for comfort and well-being, beyond the elemental requirements of food, clothing, and shelter.'
This spread of higher living standards has been characteristic of our national life practically throughout our history. As a phenomenon it is not new, but in its degree and
scope it has taken on a new importance.
Meanwhile industry has been able to reduce its requirements for short-term credits from the banks through issuance of securities. The preference for permanent methods
of financing business is reflected in the relatively small increase in comm,ercial loans of banks in recent years, as
contrasted with the increase in security holdings and collateral loans.
Imports of gold early in the period covered by the survey
which tended to make credit easier; the growth of savings
In spite of increased spending; the popular confidence in
the financial structure, especially in the Federal Reserve
System, and the power of the System to move available
credit to the places where it is needed, mark a great advance
during these seven years.
There has also been an increase in the velocity of the
turnover of credit, due to improved transportation and communication, scientific control of inventories, the continuation of the simplification movement, and our accelerated
turnover of commodities. Business has thus developed a
new degree of economy in the use of credit, which may be
set down as another characteristic of the period.
SECTION II
PRICE RELATIONSHIPS, WAGES, AND THE COST OF LIVING
The period under review is perhaps too brief for a definite
judgment, and we are as yet too close in point of time to
get an accurate perspective, but the committee feels that in
the field of price relationships, wages, and the cost of living
is to be found one of the striking and significant developments revealed by the survey, and one which more than any
other gives these years their distinctive character.
Contrasting two periods of our comparatively recent economic history will perhaps serve to make clear the significance of these factors.
According to the best available statistics, in the period
between 1896 and 1913, the wholesale price level rose on
THE SPEED WHICH POWER HAS ADDED TO PRODUCTION
the average 2.3% a year, but wages rose only a little more;
Characteristic also has been the rise in the use of power— so that their purchasing power advanced only 0.5% a year.
three and three-quarters times faster than the growth in In the period from 1922 to 1927, prices declined on the averpopulation—and the extent to which power has been made age 0.1% a year, while the purchasing power of wages rose
readily available not alone for driving tools of increasing 2.1% a year.'
In this latter period the fortunate synchronizing of a high
size and capacity, but for a convenient diversity of purpose
In the smallest business enterprise and on the farm and in wage level and a stationary cost of living created a phenomenon, new in degnee, which had widespread influence on the
the home.
Factories no longer need cluster about the sources of economic situation, and which will bear close study in its
details.
power. Widespread interconnection between power plants,
arising out of an increasing appreciation of the value of
RELATIVE PRICE STABILITY
flexibility in power, and made possible by technical advances
during recent years, has created huge reservoirs of power so
The increasing tendency toward price stability, both as
that abnormal conditions in one locality need not stop the between classes of commodities and in the price experience
wheels of industry.'
of individual commodities, was a characteristic of the period
The increasing flexibility with which electricity can be under review, tending toward a more equitable basis of
delivered for power has enabled manufacturers and farmers exchange of products among the various groups. Price
to meet high labor costs by the application of power-driven fluctuations seem to have been held within narrow limits
specialized machines; and power in this flexible form has during this period by a combination of factors; a more
penetrated into every section of the United States, including complete background of statistical information making posmany rural areas. The survey shows that as a nation we sible better judgment regarding supply and demand on the
now use as much electrical energy as all the rest of the part both of producers and consumers; prudence on the
world combined.
part of management; cost reductions by technicians, skill
Through the subdivision of power the unskilled worker has on the part of bankers, an enlightened attitude on the part
become a skilled operator, multiplying his effectiveness with of labor, and the expansion of foreign markets.
specialized automatic machinery and processes. Thus the
Relative price stability has involved a change in the direcunit cost of production has been reduced, the drudgery tion in which business men look for profits. Profits made
eliminated from much unskilled work, and wages maintained from the fluctuations of individual commodity prices, and
or actually increased.
from changes in the relation among prices, have tended to
diminish.
THE SPREAD IN THE SOURCE AND USE OF CREDIT
Whether the price relationships of recent years prove to
This acceleration of forces and its resultant rising stand- be transitory or permanent, they represent to-day a huge
ard of living have been facilitated by a continuing supply gain which is reflected in all parts of the economic organism.
of funds.
It is a development too new to permit of dogmatic interIn the breadth of the sources from which capital and pretation but the committee believes that this decreasing
credit have been available and in the quickening method of variability in prices at a time when the productivity per
their use, may be observed again the changes in speed and hour of labor has been greatly increased, and the demand
spread of our recent economic activity.
for goods has been greatly stimulated, is one of the most
In former periods the savings funds of the American significant factors disclosed by the survey.
people were not alone adequate for our capital requirements.
The widening gap between wages and the cost of living—
In periods of business expansion the demand for funds wages increasing while the cost of living was stationary—
may be assumed to have contributed definitely to the degree
pressed heavily upon the supply.
The reverse has been found to be true in the period under of prosperity which has characterized the period as a whole.
review. For the larger part of this period not only the With rising wages and relatively stable prices we have beearnings and savings of the people supplied the additional come consumers of what we produce to an extent never
capital for financing the rapid development of industry, but before realized.
The factors in this situation appear in part to be acciIn addition they furnished several billions of dollars for
dental and in part the consequences of an advanced ecoloans to foreign countries.'
Stimulated by the urge for funds to finance the vast nomic point of view.
In the early postwar period much of the press and many
production program of the United States during the World
War, the number of share holders in the country's business employers demanded a "liquidation" of labor. It was freely
declared
that business could not settle down until wages
enterprises has, it is estimated, grown from about two
million to more than seventeen million; and out of increas- were brought back to prewar levels. Labor had enjoyed a
ing incomes these investors have continued to pour their higher standard of living and naturally opposed wage cuts.
This might have precipitated a period of serious strife, had
savings into the stream of credit.
During the later months of the period covered by the it not been that leaders of industrial thought, watching
the
trend of affairs, noted that the result of the continuance
survey a new tendency has been observed. Investors, as
well as a large body of speculators, have invested through of high wages was that the dammed-up purchasing desires
the Stock Exchanges not only their savings, but the proceeds which had been held back during the war on account of
of loans secured through banks and brokers, until the credit the national economic program, burst forth and not only
structure of the country has been sufficiently weighted to the high wages which were being currently earned but accuindicate a credit stringency, resulting in an abnormally high mulated savings as well were poured into the channels of
rate for call money and an appreciable increase in the rate commerce.
They were quick to grasp the significance of the power
of interest for business purposes. The conseuences of this
process can not be measured at this time, but they are of the consumer with money to spend to create an accelefactors in the problem of maintaining economic balance rated cycle of productivity.
They began consciously to propound the principle of high
which will be touched on later in this report.
wages and low costs as a policy of enlightened industrial
practice. This principle has since attracted the attention
See Chap. II, Industry; Chap. V, Marketing; Chap. VI, Labor; and of
economists all over the world, and while it is in no sense
Chap. VII, Agriculture.
new, its application on a broad scale is so novel as to
4 See Chap. /, Consumption and the Standard of Living; Chap. III,
impress
the committee as being a fundamental development.'
Construction; Chap. IV, Transportation.
See Chap. II, Parts 1, 2, and 3.
See Chap. vrr, Management.
See Chap. X, Money and Credit and their Effect on Business, and
Chap. XI, Foreign Markets and Foreign Credits.
See Chap. IX, Price Movements and Related Industrial Changes.
MAr 18 1929.]
FINANCIAL CHRONICLE
PRODUCTION INCREASE AND THE EXPANSION OF HUMAN
WANTS
Partly as a result of this newly sensed principle of an
accelerated cycle of production-consumption, and partly by
reason of the development of a stream of credit and an
abundance of flexible power made broadly available, the
years 1922 to 1929 witnessed a marked increase in the physical
volume of production. Some years stand out more conspicuously than others; two-1924 and 1927—show minor
recessions; but the period as a whole has been notably
consistent.
Since 1922 primary production has been increasing 2.5% a
year; manufacturing, 4%; and transportation, 4%. Taking
1919—a year of fair harvests—as a base, crop production in
1922 was 102; in 1925, 104; in 1927, 106.
There have been prosperous periods in the past which may
have surpassed these rates of increase, but none so far as
the committee can learn which has shown such a striking
increase in productivity per man-hour. Nothwithstandin.g
the reductions in hours of labor, per capita productivity is
nearly 60% greater than it was toward the close of the
nineteenth century; the increase in per capita productivity in
manufacturing from 1922 to 1925 was 35%; the productivity
of farm workers has increased at a rate probably never before
equaled.
And these increases in productivity have been joined to a
corresponding increase in the consuming power of the American people. Here has been demonstrated on a grand scale
the expansibility of human wants and desires.
Economists have long declared that consumption,the satisfaction of wants, would expand with little evidence of satiation if we could so adjust our economic processes as to make
dormant demands effective. Such an expansion has been
going on since the beginning of the Industrial Revolution.
It is not a phenomenon of the postwar period, except in
degree. But it is this degree of economic activity, this
almost insatiable appetite for goods and services, this abounding production of all things which almost any man can want,
which is so striking a characteristic of the period covered
by the survey.
OPTIONAL CONSUMPTION
The committes finds, from study of the fact-finding survey'
on which this report is based, that as a people we have
become steadily less concerned about the primary needs—
food, clothing, and shelter. We have long since lost all fear
concerning our food supply, and so we no longer look on
food as a luxury or as a primary source of pleasure. American
food standards have risen, but we hear little of the "high
cost of living," and the slogan of the "full dinner pail,"
is obsolete. We wear less clothing; more rayon and silks,
less cotton wad wool. Our wants have ranged more widely
and we now demand a broad list of goods and services which
come under the category of "optional purchases." 9
The rapidly increasing number of families in the United
States having a considerable margin of earnings available
for "option consumption"—optional in the sense that this
portion of the income may be saved or spent, and if spent
the manner of its spending may be determined by the tastes
of the consumer or the nature of the appeals made to him
by the industries competing for his patronage—presents one
of the marked characteristics of the recent economic situation. It is the personal or individual expression of the gap
between rising wages and the relatively stable cost of living,
referred to at the beginning of this section.
CONSUMPTION AND LEISURE
Closely related to the increased rate of production-consumption of products is the consumption of leisure.
It was during the period covered by the survey that the
conception of leisure as "consumable" began to be realized
upon in business in a practical way and on a broad scale.
It began to be recognized, not only that leisure is "consumable," but that people can not "consume" leisure without
consuming goods and services, and that leisure which results
from an increasing man-hour productivity helps to create
new needs and new and broarer markets.
The increasing interest in the fine arts and in science;
the increased sales of books and magazines; the increase in
foreign travel; the growing interest and participation in
sports of all kinds; the domestic pilgrimages of some 40,000,000 motor tourists who use more than 2000,
tourist
camps; the greatly increased enrollment in our high schools
and colleges; the motion picture theatres and the radio—
all these reflect the uses of increasing leisure.
During the period covered by the survey the trend toward
increased leisure received a considerable impetus. The work
week was shortened in the factory by better planning and
modern machinery, and the work day was shortened in the
home by the increased use of time-and-labor-saving appliances and services."
Few of the current economic developments have made such
widespread changes in our national life or promise so much
for the future as the utilization of our increasing leisure.
"MASS SERVICE"
The service functions are not new, but few of the developthe
survey are of greater potential sigby
revealed
ments
nificance than the accelerated growth of our service industries—travel, entertainment, education, insurance, communication; the facilities of hotels, restaurants, delicatessen stores,
steam laundries, and public libraries, to mention but a few.
An evolution which has been going on for centuries has
only recently been revealed as a mass movement. We now
apply to many kinds of services the philosophy of largescale production. We have integrated these services and
organized them, and we have developed the new philosophy
to such a degree in recent years that we now have what
might be termed "mass services." These have helped to
create a new standard of comfortable living in the United
States, and have afforded employment for millions of workers
See Chap. I, Consumption and the Standard of Living.
1° See Chap. VI, Labor.
a
3259
crowded out of agriculture and the extractive and fabricating
industries.
It was, in fact, the timely development of "mass services"
which saved our country from a critical unemployment problem during recent years.
No serious cyclical fluctuations have characterized the
period under review," so that the unemployment due to the
business cycle has not been maked; but it has become evident
that unemployment can arise as as a result of industrial
efficiency as well as of inefficiency. In the latter case we
have seasonal or intermittent unemployment; in the former
case what has come to be known as "technological" unemployment resulting from the introduction of new machinery and
processes. The survey seems to indicate that the time has
come to devote continuing attention not only to the problems of cyclical unemployment but also to this newer problem of "technological" unemployment if we are to forestall
hardship and uncertainty in the lives of the workers."
Where progress may be working an advantage to the people
as a whole, it inevitably works temporary hardship upon
certain classes—those skilled workers in a trade, for example,
whose work is taken over by machines. This is a serious
aspect of the problem of unemployment. It involves, in many
instances, learning new trades, and, in most instances, the
loss of time in securing other jobs. Yet front a broad social
point of view, while it works hardships on those workers
displaced by the introduction of machinery or improved
processes, the social gain is real and permanent.
Such economic transformations are not so much changes
as readjustments, due to the progressive needs of modern
society, and to the necessity of taking advantage of the
modern developments in science. They have arisen in agriculture as well as manufacturing and transportation, and
they have affected employers as well as employees. There
is nothing new about these problems; the accelerated rate
of readjustment is what has recently engaged the attention
of wage earners and management.
As has already been intimated, the acceleration of technological shifts in production and consumption would have
resulted in much more serious unemployment if workers
had not been absorbed in the newly expanded service industries which both create and serve leisure.
REMOTE SATURATION POINTS
The survey has proved conclusively what has long been
held theoretically to be true, that wants are almost insatiable;
that one want satisfied makes way for another. The conclusion is that economically we have a boundless field before
us; that there are new wants which will make way endlessly for newer wants, as fast as they are satisfied.
We have the power to produce and the capital to bring
about exchange between the producing and consuming
groups. We have communication to speed and spread the
influence of ideas. We have swift and dependable transportation. We have an educational system which is steadily
raising standards and improving tastes. We have sciences
and arts to help us. We have a great national opportunity.
Important as is the development of the economic side of
our national life, through invention and discovery of new
industries and new callings, an illustration of the potentialities of further lifting the national standard of living, without developing another invention or discovery and without
creating a new want, can be drawn from a single industry—
that of electrical appliances.
A home or farm wired for electricity is a different economic
unit from one which is not wired. Each such home, whether
in city or country, can take advantage of electricity for
lighting, and on the farm an automatic water supply system
makes available water at convenient spots for domestic and
farm uses.
A survey of city and village homes indicates the use of
electricity for many additional :pplications of highly specialized devices. In 1928 apparently a large percentage of
the homes wired for electricity had electric flatirons; less than
one-third of them had washing machines; slightly over onethird of them had vacuum cleaners; less than 5% had electrical refrigerators. We are far from the saturation point in
connection with any of these devices.
To take one other example, there is, perhaps, no more
dramatic illustration of a rising standard of living than the
growth and development of radio in recent years. This
newest application of electricity has found its way into millions of homes. On January 1, 1928, there were 7,500,000
sets in use. Yet about 70% of American homes are still
Without the radio."
We seem only to have touched the fringe of our potentialities.
SECTION III
ECONOMIC BALANCE
Many influences have been at work during the period covered by the survey, welding the people of the United States
into a new solidarity of thought and action. The telephone
and telegraph, the automobile, the radio, and the railroads
form lines of communication which have brought together
East and West, South and North.
Other and less tangible influences reaching back farther
into the past, but accelerated and strengthened by the experiences of the World War, have also contributed to our
solidarity. Economic reorganization; the cooperation of business leaders, economic experts, and the Government; the
general spread of information; the growth of trade associations; the cooperation of labor to increase productivity; the
restriction of immigration—all of these have grown in importance in peace after their stimulation by the war.
Making for solidarity has been popular education which
has increased amazingly. We are spending two and onehalf billions of dollars each year on public and private education—an increase of 250% in a decade. Expenditures for
11 See a Review.
1, See Chap. VI, Labor; Chap. VII, Management; and Addenda,
Unemployment.
"See Chap. I, Consumption and the Standard of Living.
3260
FINANCIAL CHRONICLE
free college and university education have increased nearly
350% in little more than 10 years.
And there is another factor which has contributed to the
welding process, and to the economic advancement of the
nation: The broadening influence of America's creative
minds—the minds of the leads in Government and in education, in research, in management and in labor, in the press,
and in the professions. To their influence we have come to
look in large measure for the maintenance of our economic
balance.
While ours has been a period of great economic activity
and industrial productivity, and of a degree of economic
stability which must be rated as high when we consider the
readjustments in every department of economic life made
necessary by the postwar crisis and by the transition from
war economy to peace economy, and while America has a
promising future, the outstanding fact which is illuminated
by this survey is that we can not maintain our economic
advantage, or hope fully to realize on our economic future,
unless we consciously accept the principle of equilibrium
and apply it skillfully in every economic relation.
The forces that bear upon our economic relationship have
always been sensitive. All parts of our economic structure
from the prime processes of making and of marketing to
the facilitating functions of finance, are and have been interdependent and easily affected. And therein lies the danger:
That through ignorance of economic principles, or through
selfish greed, or inadequate leadership, the steady balance will
be disturbed, to our economic detriment.
If natural resources, especially the land, are wastefully
used; if money in quantity is taken out of production and
employed for speculation; if any group develops a method
of artificial price advancement which puts one commodity
out of balance with other commodities; if either management or labor disregards the common interest—to this extent
equilibrium will be destroyed, and destroyed for all.
To maintain the dynamic equilibrium of recent years is,
indeed, a problem of leadership which more and more demands deliberate public attention and control. Research
and study, the orderly classification of knowledge, joined to
increasing skill, well may make complete control of the
economic system a possibility. The problems are many and
difficult, but the degree of progress in recent years inspires
us with high hopes.
In the marked balance of consumption and production,
for example, the control of the economic organism is increasingly evident. With the development of a stream of
credit to facilitate business operations, and with flexible
power to energize industry and to increase the effectiveness
of the workers, has come an increasing evenness in the flow
of production. Once an intermittent starting and stopping
of production-consumption was characteristic of the economic
situation. It was jerky and unpredictable, and overproduction was followed by a pause for consumption to catch up.
For the seven years under survey, a more marked balance
of production-consumption is evident.
With greater knowledge of consuming habits, with more
accurate records of the goods consumed, a sensitive contact
has been established between the factors of production and
consumption which formerly were so often out of balance.
Where pools of goods once were accumulated by the manufacturer, the wholesaler, the jobber, and the retailer; where
high inventories once meant distress, shutdowns, failures,
and unemployment whenever the demand subsided, there Is
now a more even flow from producer to consumer.
(VoL. 128.
Increasing skill and scientific data have made the anticipation of demand far more accurate, and by accurate anticipation the deliberate balance between production and consumption has in a measure been maintained. By advertising
and other promotional devices, by scientific fact finding, by
a carefully predeveloped consumption, a measurable pull on
production has been created which releases capital otherwise
tied up in immobile goods and furthers the organic balance
of economic forces. In many cases the rate of productionconsumption seems to be fairly well under control.
To maintain this balance, and to extend it into fields
which are not now in balance with the more prosperous
elements of the nation, is clearly an important problem of
leadership. With certain natural resources still wastefully
exploited, with great industries, such as agriculture and coal
mining, still below the general level of prosperity, with
certain regions retarded, there remains much to do. To
bring these more fully into the stream of successful economic
forces is a problem of the first order.
Our complex and intricate economic machine can produce.
but to keep it producing continuously it must be maintained
in balance. During the past few years equilibrium has been
fairly well maintained. We have not wasted the hours of
labor by strikes or lockouts. Until recently we have not
diverted savings from productive business to speculation.
There has been balance between the economic forces—not
perfect balance, but a degree of balance which has enabled the •
intricate machine to produce and to serve our people.
As long as the appetite for goods and services is practically insatiable, as it appears to be, and as long as
productivity can be consistently increased, it would seem
that we can go on with increasing activity. But we can do
this only if we develop a technique of balance. Toward
such a technique the commitee believes the skillful work of
the economists, engineers, and statisticians who prepared the
survey on which we have based the facts and interpretations
expressed in this brief report, will contribute. Our effort
has been to suggest a pattern by which their work may be
appraised; to set up an orderly plan by which the facts
may be articulated and against which later and better information may be more accurately judged. We recommend
a study of the fact finding survey as a whole to all who are
faced with the problems of business administration and
public leadership."
Informed leadership is vital to the maintenance of equilibrium. It depends upon a general knowledge of the relations of the parts each to the other. Only through incessant
observation and adjustment of our economy, can we learn
to maintain the economic balance."
Underlying recent developments is an attitude of mind
which seems to be characteristically American. Our nation
is accustomed to rapid movement, to quick shifts in status;
it is receptive to new ideas, ingenious in devices, adaptable.
Our economy is in large measure the embodiment of those
who have made it.
Our situation is fortunate, our momentum is remarkable.
Yet the organic balance of our economic structure can be
maintained only by hard, persistent, intelligent effort; by
consideration and sympathy; by mutual confidence, and by
a disposition in the several human parts to work in harmony
together.
"See Addenda, Statistics.
"See Addenda, Periodic Surveys and Appraisals.
The Plan for a "Bank for International Settlements" in Connection with the
Settlement of the German Reparations Problem.
Writing from Paris May 11 Leland Stowe supplied the
New York "Herald Tribune" with the following advices
(copyright):
Anfoutline of the "Bank for International Settlements" which the committee of reparations experts meeting here has been planning for more
than two months, was revealed to-day exclusively to the New York Herald
Tribune."
The unprecedented scope of this projected international banking insti
tution, which is designed to manage all of Germany's future reparations
payments, marks It as the outstanding product resulting from the momths
of unceasing labor by the financial experts of seven nations.
The details of this summary, which constitutes the first authentic report
of what the experts have evolved, will be of primary interest to bankers,
industrialists and statesmen the world over. It amounts to an advance
presentation of the kernel of the plan developed under the chairmanship
of Owen D. Young.
Revised Many Times.
'Emphasis should be aid on the point that the scheme has been drafted,
redrafted and revised within the last few weeks with all the painstaking care
of the world's foremost banking authorities.
As it stands it is actually part of the final Young committee report and
has been accepted not only in principle but in almost every detail by the
delegates of all the seven nations assembled here,including those of Germany
and Japan.
It is still possible that it may be revised here and there in its wording
and that slight changes may be made in very minor details, but on the whole
that portion of the final report relative to the outline and functions of the
International Bank is regarded as complete in conference circles. It is
virtually certain that no important changes in principle will be made in
the Bank's outline from now on, whether or not the experts reach an accord
on reparations figures.
b. It, is intended that the International Bank scheme shall be recommended
in any case to all the goverments concerned so that it may serve as a basis
for any future settlement which may have to be made. Therefore, this carefully drafted bank plan is significant as the machinery unanimously agreed
upon by the Young committee experts as the logical successor to the Dawes'
plan.
First Reported on Mar. 1.
The plan for an international trusteeship, or, as it was at first called,
"Reparations Settlement Institute," to unify the management of the German reparations payments and allied matters, was first reported on Mar. 1
as having been formulated by the sub-committee of bankers headed by the
late Lord#Revelstoke, partner in Baring Bros., Ltd. of England. whose
Place as Chairman was assumed after his death by Sir Charles Addis.
The sub-committee's membership included Thomas W.Lamont and J. P.
Morgan,of the Morgan banking firm; Emile Moreau, Governor of the Bank
of France; Dr. Hjalmar Schacht, President fo the Reichsbank, and Dr.
Carl Melchior, of the Warburg banking house, and Emile Francqui, Belgian
banker.
Plan Is Forty-two Pages Long.
The bank plan as now inserted into the almost completed final Young report (only those pages relative to agreement on amounts of reparations pay,ents and their reparition are missing) is 42 pages long.
In crisp phraseology the experts portray the essential functions of the
Bank, how Germany's reparations shall be paid into it, how it shall place in
the markets of the world the mobilizable portion of the reparations annuities, how it shall adminster deliveries in kind and beyond that what
auxiliary functions it shall exercise as an independent banking house, what
its relations shall be with the central banks of issue and what purely commercial operations it shall be entitled to exercise.
Finally, the question of the Bank's capitalization and its prospects of very
considerable profits are examined.
The experts begin with the presentation of "general reasons for the constitution of an institution with banking functions." For the sake of
brevity these and following passages will be summarized with direct quotation used only in the more important paragraphs.
Reasons for Establishment.
The reasons given for establishing a bank of international settlements are
as follows:
1. That since the general plan for a complete and final settlement of the
reparations problem is primarily financial in character, it involves necessarily the performance of certain banking functions, "between initial payment and the final reception of funds."
2. That it has been found advisable to carry a stage farther the process
begun by the Dawes plan of removing the problem from the political sphere
"and an institution is therefore necessary which Justifies and makes logical
the lluidation of all political controls and substitutes for them machinery
essentially commercial and financial in character which carries with it all
the support and at the szme time all the responsibilities that the economy
of engagements imply."
Would Protect German Exchange.
3. That such an institution, created to carry on essential functions previously performed by political or semi-political agencies, "should be used as
an organization for dealing with the whole work of external administration,
MAY 18 1929.]
FINANCIAL CHRONICLE
Including the receipt and distribution of payments, commercialization of
the annuities and the exercise of such functions as will on the one hand aid
Germany to protect her exchange."
4. That as it has been stated that an organization such as the International Bank must be assimilated to ordinary commercial and financial
practice "it is therefore so to be organized as to be outside the sphere of
political influences, and is to have powers and facilities sufficiently broad
to enable it to deal freely and promptly with problems involved in the
settlement of Germany's financial obligations."
5. That Germany's economic life may be expected to be subject to certain fluctuations. Therefore, the fixation of her obligations on the assumption that the point of minimum capacity of each change is a constant governing factor is Quite as derogatory to an acceptable settlement as the opposite assumption that a point of maximum efficiency can always be maintained. Therefore, the International Bank should be equipped with
machinery containing an elastic element between the payments to be made
by Germany and their distribution to give the creditors the additional
assurance that the effects ofsuch changes will be minimized as far as possible
In the flow of payments.
6. That it is quite natural that the International Bank should have
powers wide enough to allow its activities "to exetnd beyond the field of
Germany's obligations and to provide facilities for international settlements in general."
7. That as a result the Dank wit have two main sets of functions; (a)
its essential or obligatory functions, and (b) its secondary or permissive
functions. These permissive functions are to be regulated according to
the extent they may strengthen and make easier the bank's essential functions and to the extent that experience demonstrates the corporation as a
Whole may benefit therefrom.
The essential and permissive functions of the Bank are defined thus: The
Bank's essential functions "are those which are inherent in the receipt,
management and distribution of annuities." It is pointed out that the
character of the annuities and the magnitude of the payments to be transferred "make it desirable to supplement with additional facilities the existing machinery for carrying on international settlements and for supporting
through credits the development of international trade." This and the
following paragraph are of distinct importance.
"In addition the institution may in the course of its development meet
more general needs, such, for example, as offering an agency for inter
national settlements; and within the limitations of a sound use of its credit
it may contribute to the stability of inetrnational finance and the growth
of world trade. While there is no hard and fast line between essential
and auxiliary functions, and the two will often be linked together, it may be
convenient at this stage to adopt this distinction in what follows, and
refer unequivocally to the institution as 'the bank.'"
Part 2 of the bank plan as now drawn deals with "a preliminary survey
of matters to be dealt with by the bank," giving an outline of them as
follows:
1. It is stated that Germany's obligations as contemplated in the Young
plan fall into two general classifications; (a) the part payable in cash which
Is transferable unconditionlaly, and (b) the part payable in cash the transfer of which is conditional. These obligations are thereafter referred to
in the report as class 1 and class 2. A third category may be envisaged
later, relative to obligations held by the Bank whose proceeds in marks are
not immediately transferable into foreign currencies. The only distinction
between the obligations of class 1 and those of class 2is that the "service of
the obligations of class 2 may be postponed on certain conditions for a limited
period in reichsmarks instead of foreign exchange."
2. For the transitory period and for decreasing amounts the creditor nations will Lndertake to apply certain amounts to the payment of deliveries
in kind.
May Invest Creditors Funds.
3. It is pointed out that the Bank in certain circumstances may Possess
certain funds belonging to the creditor governments. "It will be necessary
to make use of these dormant funds for the benefit of the creditors, while
affording protection to the German exchange. The facilities offered by the
Dank may be utilized within discretionary limits to accomplish this double
purpose. Operating in agreement with the Reichsbank it will have a
certain power to invest these funds.
"Against these in% estme-ts held by the institution as trustee, the institution will have the power to issue in foreign markets securities of specified type in substantially equivalent amounts and of maturities suitable to
its purpose. From the proceeds of such of these obligations as existing
conditions and correct financial practice permit to be sold, funds will become available for distributing toward maintenance of the scheduled flow
of payments, even of that portion represented in the service of class 2
obligations."
4. It is evident that the Dank, if it is to be an elastic link in the chain of
payments and receipts, will require capital funds and the power to give
and obtain credits. "The funds of the Bank will be derived from Germany
In one form or another from the sale of some portion of its capital stock,
from the sale of bills drawn in currencies other than Reichsmarks, and
partly secured against existing values which for the moment are not convenient to move across foreign exchanges; from deposits of central banks
in return for the pri% lieges which the Bank may offer, and from rediscounting bills which it has received in the course of its own credit operations.
Will Be Able to Give Credit.
"The Dank will be in position to give credit to any central bank and
thus conserve the stability of exchange until such time as the internal forces,
put in operation in the meantime, have the opportunity to exert themselves.
This power also will mitigate one of the difficulties heretofore encountered
In dealing with deliveries in kind, namely, the lack of provision for financing
that part of the projects or contracts which, owing to the restrictions covering deliveries in kind, cannot be paid out of the funds provided for that
specific purpose."
5. "Moreover, since the Dank is likely to have substantial amounts of
foreign exchange at its disposal or at its call, the privileges of rediscount
open to central banks would give them the opporunity to acquire foreign
exchange in one country against the pledging or sale of foreign exchange
in another, without going directly into the foreign exchange market. The
advantage of this facility is not to be lost sight of in connection with the
settlement of large international obligations."
In general the relationships between the Dank and the central banks
would put into systematic form and do much to crystalize and support the
practices which of recent years have developed between them.
Takes Up Essential Machinery.
3261
2. To receive from Germany the various obligations, including the railway bonds provided for in the plan, to hold them in keeping and to Issue
to the creditors its trustee receipts for these obligations.
3. To receive in approved foreign exchange the service on class 2, or protected payments. Likewise to place in reichsmarks in the Reichsbank the
service or obligations to be liquidated through deliveries in kind.
4. To receive service on any of possible class 3 obligations either in reIchsmarks as to interest, or in reichsmarks or foreign exchange as to sinking
fund.
To Distribute to Creditors.
5. To distribute to the creditor nations: (a) the service on class 1 obligations not already anticipated through process of commercialization and
sale;(b) service on class 2 obligations which has been converted into foreign
exchange, and (c) service on funds for deliveries in kind.
6. To disburse interest on commercialized and marketed obligations to
paying agents for loan and sinking fund.
7. To invest reichsmark balances with the agreement of the Reichsbank
in approved forms of German securities holding the latter in trust.
8. To act as trustee in other appropriate circumstances.
Marketing of Bonds.
9. To initiate and supervise operations for marketing bonds and arranging conditions.
lp. To supervise distribution of proceeds to the creditors according to
their participation.
11. To supervise international conversion loans.
12. To deal with the situation prior to and during moratoriums and
initiate such impartial inquiry as may be desirable to enable advice to be
given thereon.
13. To deal with funds in Germany durigg moratoriums.
14. To deal with issues of securities against collateral securities in Germany.
15. To market by agreement with the Reichsbank, securities bought
during moratoriums.
Outlines Essential Functions.
The Bank outline
.then gives the essential functions of the proposed institution in relation to the different eta Faes of obligations. Four classes of
obligations are given. The arrangements common to the first two classes
are taken up first. Class 1 includes obligations relative to the unconditional anuity, and class 2 those relative to the conditional annuity. Under
the arrangements common to class 1 and 2 the form of indebtedness is first
treated.
"Germany's debt shall be fixed in the form of annuities. A certificate
of indebtedness representative of these annuities shall be delivered by
Germany to the Bank as trustee of the creditor powers. To this certificate
of Indebtedness shall be attached coupons representativeff each annuity
Payable by Germany. Each annuity coupon shall be divided into two
Parts, the first part representative of that portion of the annuity not subject
to transfer delay and corresponding to the portion of Germany's indebtedness which is at once mobilizable, and the second part representative of that
Portion of the annuity which is subject to transfer delay and corresponding
to the portion of Germany's Indebtedness which is not yet mobilizable.
Each part of the annuity coupon enjoys equal rights throughout except
in the one instance of agreed transfer delay."
Bond Issues Treated.
After the form of indebtedness, the bond issues are treated.
"On the request of any one of the creditor governments, the Bank as
trustee, if it considers such course oPportune, has the right to require the
creation of, and the German government is obligated to create, issuable
bonds representing the capitalization of any part of the portion of the annuity coupons not subject to transfer delay.
"The Bank, however, is obligated under the provisions set forth elsewhere to accede to requests for creation of bonds made to it by states which
are desirous of undertaking internal issues of German bonds in connection
with conversion operations.
"The certificate of indebtedness, the coupons attached thereto, and such
bonds as shall be issued in capitalization of any parts of the annuities not
subject to transfer delay, shall be made out in the name of the German
Reich and shall represent an unconditional obligation of the Reich, guaranteed by its general revenues and those of the German states."
Collateral Guarantees Considered.
After the bond issues, collateral guarantees are considered, and the choice
is left open between the four alternatives treated in detail elsewhere in the
outline.
The general form of the bonds follows the section on collateral guarantees.
"The wording of all issuable bonds shall be identical except for the part
of the text fixing the value of the bonds. This value may, according to
the circumstances, be expressed in dollars equivalent to so many pounds,
reichsmarks, francs, &c., always provided that the principal of any bond
issued in a particular market shall be payable only in the currency of that
market at the equivalent of its gold value.
"The coupons shall be expressed in dollars, pounds, francs, etc., and
shall be payable at the rate of the day on all markets on which the bonds
are quoted. In the event of an issue, the amount and form of the bonds
to be created, as well as the specifications of the currency in which they
will be Issued, shall be fixed by the Bank in accordance with the requests
it receives from creditors states, taking into account the desiderata of the
issuing bankers.
"After a period of
years the Bank, in agreement with the issuing
bankers and the creditor governments may consider the issue to bonds,
the service of which may be paid in different currencies at par at the bearer's
Option."
The section on "status of mobilizable portions of annuity coupons"
follows that on the general form of the bonds. The outline states that
"the service of interest and amortization of mobilizable or mobilized portions of annuity coupons shall be paid to the trustee In foreign currencies
by the German Reich without any reservation, that Is to say, on its own
responsibility. The financial service of these mobilizable or mobilized
portions of the annuities shall constitute a final, absolute and unconditional
international obligation in the ordinary financial sense of the words."
The status of the "not yet mobilizable portions" of the annuity coupons
Is then treated. It is stated that the payment of this portion of the annuity
COUPOIIS shall be made to the trustee by the German Government in the
same conditions as that of the mobilized or mobilizable portions of the
annuity coupons.
2 Reservations Follow.
With these carefully drafted prefaces the Dank outline goes into the
essential machinery proposed.
The follow two reservations: (1) Bonds representing the not yet mobilEssential
Functions."
"The
entitled
In
its
Section 1 is
capacity as 'sable portion of the annuity coupons cannot be created except by the
consent of the German Government, and (2) is in respect of the not yet
trustee the Bank will have the following duties:
paying
agents
the
the
service
on
to
disburse
the
and
collect
German mobilizable portion of the annuity coupons that the German Government
To
I.
may avail itself of the right of transfer delay granted elsewhere in the plan.
external loan of 1924 and possibly to act as trustee for the loan.
3262
FINANCIAL CHRONICLE
Consideration is then given in the outline to the functions of the Bank
in!connection with class 1 and class 2 obligations. These functions are:
10. 1. Supervision of agreements. The Bank shall supervise, both on
on behalf of the creditor states and the bondholders and on behalf of the
debtor state, the strict execution of the agreementa concluded between
them on established bases.
lit 2. Distribution without priority. The Bank shall distribute menus
hdpayment of mobilized or mobilizable portions of the annuity coupon
among the whole of the bondholders and creditor states the proportionate
rights of each to a share in the portion of the annuity coupons not subject
toItransfer delay, without allowing priority of any kind to any portion
or any claim. "It will distribute moneys relating to the not yet mobilizable
portions of the annuity coupons among the creditor governments, the
transfer of these moneys taking place only after the transfer of moneys
relating to the mobilized or mobilizable portion of the annuity coupons."
Will Inform Creditors of Issues.
3. Issue of bonds on markets. "The Bank shall inform the creditor
states whenever an issue of bonds representing capitalization of some part
of the mobilizable portion of the annuity coupon is possible. It will be
the function of the Bank to fix the minimum price of issue. Each of the
states shall be entitled but not obligated to issue its share of the bonds in
It. own country. It may come to an understanding with the bankers
ofanother country to cede to them all or part of this share, but these bankers
shall be obligated to proceed to this issue only on the minimum conditions
fixed by the Bank. Any of these states may also refuse to allow its quota
to be created. In that event the portion of the annuity corresponding
to this quota shall continue to be paid to the state in question as before."
4. Issue of conversion bonds. "States desiring to proceed to internal
issues of German bonds in connection with operation.? for the conversion
of the national debt shall have the privilege of asking the banks to create
bonds representing all or part of their quota of the mobilizable portion
of the annuity coupons. These bonds shall constitute national 'branches'
or portions which each state shall be free to offer in its own markets on
whatever conditions can be obtained. These bonds shall be quoted only
on their market of issue. The service of these bonds, however, shall
be effected pani passu with that of other bonds. The coupons of these
bonds shall be expressed in pounds, dollars, French francs, etc., and shall
be payable at the rate of the day on all the markets on which the mobilizable
bonds are quoted."
Auxilliary Operations Listed.
5. Ausilliary operations. "Apart from the above operations the Bank
may within its statutes (by-laws) conduct any other operations (such,
for instance, as contango operations on the bonds of this debt, advances
on coupons, etc.) which are bound up with the supervision of operations
relating to these bonds and their service."
It is clear that some of the above specifications may be changed somewhat as a result of the application of German conditions to the acceptance
of the annuity figures proposed as a compromise by Mr. Young. These
conditions are understood to pertain to a division of the conditional and
unconditional annuity categories.
A relative revision of the top part of the annuities, in case severe economic
stress in Germany makes payments impossible, might necessitate some
change in the bond specifications. The German conditions are only now
being inserted in the tentative conference report. It will not be known
for a few days what modifications in the arrangements for the international
Bank these, if accepted, would involve.
N. Y. Federal Reserve Bank to Be Linked with Bank
for International Settlements of German Reparations—Governor to Handle U. S. Functions in
Directing International Clearing House for German Reparations—Creditor Nations Share in
Profits—Final Draft of Young Plan Virtually
Complete.
Supplementing the advices from Paris May 11 to the
"Herald-Tribune" we give the following further account
(copyright) from Leland Stowe to that paper from Paris
on May 12:
To what far-reaching extent and with what consummate attention to a
multitude of details the Young committee has conceived and developed
the project of the "Bank for International Settlements" is revealed in
the now virtually finished draft of the Bank plan, which will constitute the
most important chapters of the committee of reparations experts' report.
The prefaces and the first section this recently revised draft for the
International Bank were published exclusively in yesterday's Paris dispatches to the New York Herald Trubine. Herewith submitted is the
remaining part of the draft of the Bank, known as Section 2 and 3.
Would End Old Dams Plan.
It is immediately evident from these documents, which comprise the final
twelve pages of the Bank scheme proper, how thoroughly the Young plan
proposes to sweep away the old Dawes plan and what a unique and unparalleled financial structure It proposes to erect in its stead.
If the Young plan is adopted it will inaugurate an entirely new experiment in international banking, into which the great financial brains of a
score or more of countries were drawn as contributing co-operative factors.
The experts' draft stresses in every paragraph the tremendous care with
which Owen D. Young, Sir Josiah Stamp, Alberto Pirelli, J. P. Morgan
and their associates have steered away from the idea of a "super-bank"
and have hewn the bank's gigantic framework so that it will assist, rather
than interfere with or intimidate, national banking institutions.
[Vou 128.
director or fulfill the other functions which the governors of the European
banks of issue will fulfill. This condition is believed to have been inserted
to leave the Federal Reserve a free hand as to the type and amount of its
participation.
3. It is provided that the governor of each of the Central Banks of the
seven countries here represented, or his nominee, shall be a director of
the bank exofficio, and that each governor shall appoint one more director
In addition.
Powers Are Outlined.
4. The International Bank's powers are stipulated as follows:
"The Bank may make advances, invest its assets in long or short term
securities, buy and sell gold and exchange, accept earmarked deposits of
gold, resell its assets, borrow on the security of its assets and in general
carry out all operations such as are desirable for the execution of this plan
and are in accordance with sound commercial banking practice. In par
ticular, it may raise funds by the issue of bonds."
5. The Bank shall create a general reserve fund to which one-fourth
and then one-thenth of the profits shall be paid until it amounts to twice
the paid-up capital. Moreover, after payment to the general reserve
fund the remainder of the profits shall be utilized: first, In the payment of
6% dividends; second, 20% of the profits shall be distributed to the shareholders in sufficient funds to provide a dividend of 8% on their shares:
third, half the remainder of this 20% shall be allocated to the shareholders
in a dividend of 10%.
6. This paragraph recommends the banks as "a convenient medium
for an extension of co-operative undertakings between banks of issue"
to do such things as: (1) extend credits to banks of issue: (B) receive deposits from tbanks of issue; (C) conduct exchange operations whereby
various currencies may be swapped.
7. It is stated that the Bank may provide neutral ground for approach
to an international gold settlement fund" where gold can be earmarked
"outside of national custody," thereby permitting a possible lessening
of international movements of gold, if it is desirable.
Capital Fixed at $100,000,000.
8. The authorized capital of the Bank, as the Herald Tribune said more
than a month ago, will be the equivalent of $100,000,000, but its capital
shall be expressed in the currency of the country in which the Bank is
domiciled. When the Bank is formed the whole authorized capital shall
be issued, but only 25% shall be called up at first.
9. The draft provides that the Bank may further increase its capitalization, but the shares issued in the seven countries represented by experts at
Paris shall never fall below 55% of the the total capital.
10. This paragraph states that the Bank's resources should bean important stimulus to world trade, with proper safeguards to avoid undue
competition with private finance.
11. It is stated that the Bank, beyond affording a non-political trustee
for reparations settlements, should improve "the possibilities 01 conversion
of various currencies among themselves and in the relations between short
and long term money markets."
12. It is provided that the total number of the Bank's directors should
be twenty-five. These will include the original fourteen of the seven
powers here represented, one additional French and German director, and
nine others chosen to represent other participating countries.
13. "The chiefexecutive officer of the Bank shall be the director generall
who shall be appointed by the board." It Is self-evident that the Bank's
director general will replace the present Agent General under the Dawes
plan, but his duties will be much wider in their banking aspect and his
responsibilities far greater.
Draft Virtually Completed.
These are the salient provisions of the final two sections of the draft of
the Bank, but they are abetted by numerous other important constructive
steps in the Bank's formation. All these provisions are taken directly from
the revised draft of the international bank. This 42-page bank skeleton
has been drafted and re-drafted many times and is now considered virtually
complete. Nevertheless, these preceding paragraphs and the following detailed outline of the Bank, when they appear in the experts' final report,
Probably will have slight alterations in phraseology and possible minor
alterations in substance. It is unlikely, however, that the main divisions
of the draft of the Bank will be altered further, since the Bank report has
been set aside as finished—and in fact may already have gone to the printer
—while the experts are concentrating on a last effort to reach agreement on
figures.
Section 2 of the Bank plan, which will shortly be known as the Young
elan, is entitled. "Auxiliary and Permissive Functions of the International
Bank." It is divided into three parts, A,B and 0:
(A)"BANKING OPERATIONS TO FACILITATE TRANSFERS."
The report stipulates that the Reicbsbank,like other central banks, will
have the right to apply to the Bank for credits, but that this right should be
open at any time and not function merely when instability may threaten
the German exchange.
Explains Use of Credits.
The report outlines how the Bank's credits may be used by the Rotasbank to protect its exchange. The procedure would fall into these categories:
1. On application from the Reichsbank, the Bank would be in position
to rediscount appropriate securities or make advances. Therefore during
a period of temporary instability, in lieu of demanding postponement of
transfer. the Reichsbank might utilize an exchange credit at the Bank while
passing the crisis on.
2. Even should postponement of transfer be necessary, "the Bank might
continue to make transfers out of its holdings of foreign exchange thus
Increasing such holdings and increasing its assets in reichsmarks."
3. "The Bank might borrow foreign exchange partly against the security
of investments in Germany and thus continue payments to the creditors
during a period of transfer postponement."
4. Moreover the Bank, In conjunction with Reichsbank policy, could
always invest in Germany the reichsmarks currently accumulating in the
Striking features Listed.
to assure
The most striking provisions of the final two sections of the draft of the Reic.hsbank. In making such investments it would be necessary
that the employment of funds in Germany did not result directly or inBank for International Settlements may be summarized thus:
1. It is provided that the control of the bank's management shall be directly in payments outside Germany on private account, and so aggravate
this and
in the hands of the central Banks of issue, and that the six cerditor govern- the conditions which the procedure was designed to correct. For
other stated reasons it is regarded as of fundamental importance that these
ments shall participate in its profits.
for and
2. It is provided that "in any country wherein there is no central bank, funds should be so handled as to leave the final responsibility
the functions of the Central Bank under this scheme may be performed by control over the money markets to the Reichsbank itself.
some banking organization or consortium agreed upon between the Bank for
(B)"CENTRAL ORGANIZATION FOR BANKS OF ISSUE."
International Settlements and the government and bankers of the country.
or
governor
It
the
by
seems possible that this international organization, with its broadly
performed
be
shall
States
United
these
functions
the
In
representative control with its internationally owned capital its holdings
chairman of the Federal Reserve Bank of New York."
draft
the
of
many different kinds of foreign exchange and its facilities for granting
In this connection it is understood that since it was revised,
cohas had a clause added to this last sentence to the effect that it is left optional credits, may become a convenient medium for an extension of those
developed In
tolthe governor of the Federal Reserve Bank of New York whether he operative undertakings between banks of issue which have
should serve as a director of the International Bank, should appoint a recent years. The following possible functions suggest themselves:
MAY 18 1929.]
FINANCIAL CHRONICLE
1. Credits to banks of issue. The report points out that such credits
could be granted in a similar way as previously done in case of central bank
credits to Italy, Poland, Belgium and Rumania. It is believed that such
credits would be safely within the Bank's holdings of foreign exchange.
2. Receiving deposits of banks of issue. These deposits might either
be clearing accounts or investment accounts. Whereas the clearing accounts would be non-Interest-bearing, investment accounts would bear
Interest and furnish satisfactory employment for the surplus funds of banks
of issue. They could be used in any one or in several specified currencies
"or with no particular currency specified but payable at choice in any
c.xrency necessary restrictions"
3. Exchange operations for banks of issue. It is foreseen that facilities
might be possible whereby banks of issue could swap one currency for
another, within reasonable limits, at periods when such exchanges would
aid international payments or correct exchange abnormalities.
4. Earmarking of gold. "This institution might provide a possible
neutral ground for the development of some approach to an international
gold settlement fund, at least to the extent of providing a place where
gold might be earmarked outside of national currency. Conceivably this
function might be developed to the point where international movements
of gold would be much lessened, if this were judged desirable."
Provides Protection of Markets.
Warning is here given that in such a program the Bank must respect each
bank of issue's control over its own money market, and to insure protection
of the banks of issue "any employment of funds or other operation in any
money market should be performed only through the bank of issue in that
market or consistently with its policy."
These four points are cited as examples of how the Bank may be utilized
to further "the co-operative principle among central banks, which, while
making some headway in recent years, is still short of the demands of the
International situation."
(0)"COMMERCIAL OPERATIONS."
"The resources of the Bank,if adequate, would doubtless be of important
use in stimulating world trade. In this connection, however, safeguards
should be established to insure that the special position of the Bank in respect to taxation and otherwise did not establish undue competition with
private finance."
It is stated that it would be desirable to surround the extension of certain
credit with all safeguards, requiring such loans to be guaranteed by the
government of the country in which the work was to be performed. Provision is likewise made in case of default.
This concludes section 2 of the draft of the Bank.
Section 3.-Capital and profits of the International Bank.
Introduction: "The Bank for International Settlements may favor
reparations settlements not only in acting as trustee, but also in improving the possibilities of conversion of various currencies among themselves
and relations between short and long term markets.
"To fulfill these functions so linked with the development of world credit,
t is necessary for the Bank to have at its disposal capital resources sufficiently large to enable it to be used as an international clearing house.
"In view of the part which the Bank will have to play in the general
interest, it is advisable to place contro of its management in the hands
of the Central Banks, since these are the organizations responsible in each
market for the convertibility of the national currencies and the control
of credit.
"At the time of the Bank's constitution the capital should be geographically distributed in such a way as to associate in the Bank's working and
in Its development all the countries interested in reparations settlement,
and all the financial markets which might subscribe to the Bank's issues
or use it as a clearing house.
"The creditor government would participate in the profits of the Bank,
but in order that the commercial character of the institution may be maintained and its independence seem ed, no shares conferring the right of
management would be issued to them.
"It might also be provided that no government account should be opened
at the Bank, but that the latter should credit to each Central Bank the
payments made by the Reichbank on behalf of the German Government
for the government of the country of the Central Bank. The Central
banks would credit their respective governments with the equivalent
value in the national currency of the amounts collected, which they would
hold on deposit at the Bank until they disposed
them otherwise."
A. Share capital.
1. It is provided that the Bank's authorized capital shall be the equivalent of $100,000,000, with the board of directors having the power to
increase this amount.
2. "The shares shall Carry no voting rights, but voting rights corresponding to the number of shares issued in each country shall be exercised by
the central bank of that country in general meetings attended by representatives of those banks, taking the place of general meetings of shareholders."
3. The capital is to be expressed in the cturency of the country in which
the bank is domiciled. The shares shall likewise be expressed in that currency, and at par in the currency of the country in which they are issued.
They shall be registered and shall remain registered, but may be freely
negotiated. Transfers of shares after issue shall not, however, affect the
voting power reserved to the central banks.
4. The shares shall be entitled to participate in the profits of the bank.
Entire Capital To 73e Issued.
5. "On formation of the Bank, the whole authorized capital of $100,000,000 shall be issued, but only 25% of each share shall be called up until
the board decides on further call."
6. Tho shares, when issued, shall be issued in each participating coun
try through the central bank of that country, or other agency approved
by the central bank.
7. "In the seven countries to which the members of the present committee belong, issues or allocations of shares shall always be made in equal
amounts. The central banks of those countries, or groups formed by them,
shall guarantee the subscriptions of the whole of the first Issue of $100,000,000."
It is provided that with the agreement of the central banks of other
participating countries,an amount of the first ssue not exceeding $4,000,900
for each, nor $44,000,000 in total, may be issued in these other countries.
8. Should the capital be increased and more shares issued, the distribution of them among the countries shall be decided by a two-thirds majority
of the directors, following as closely as possible these principles. "In
particular, the percentage of the total shares issued in the seven countries
first mentioned above shall not fall below 55."
9. Apart from the countries interested in reparation, only countries
having currency on a gold or gold exchange basis may participate.
B. Other capital and resources.
10. It is provided that any balances in the hands of the Agent General
for Reparations Payments when he winds up his accounts shall be transferred
into the International Bank.
3263
Plan for Certificate Issuance.
11. "Should the German Government and the creditor governments
agree that a portion of the annuities to be paid by Germany shall be or
signed to the Bank, these sums shall be credited by the Bank to a special
reserve fund and the Bank shall, on receipt of each payment by Germany,
issue to the creditor government in proportion to their claims cerificates
of partldpation equal in nominal value to the German payments and
entitled to share in the profits of the Bank."
[This plan for certificate issuance coincides with that first reported by
the Herald Tribune nearly two months ago.]
12. It is stated that except in special cases the Bank will accept deposits
only from central banks, and that to attract such deposits the Bank "may
offer to the central banks special facilities for conversion of one currency
into another and allow interest at the rate fixed by the Bank from time to
time."
13. Any account held by the Bank in any of the participating countries
shall be kept at the central bank of that country, although exceptions
may be made with the central bank's approval.
14. "The Bank may make advances, invest its assets in long or short
term securities, buy and sell gold and exchange, accept earmarked deposits
of gold, resell its assets, borrow on security of its assets and in general
carry out all operations such as are desirable for the execution of this
plan and in accordance with sound commercial banking practice.
"In particular it may raise funds by the issue of bonds, etc., secured
on the German annuities referred to above should these annuities be suit,able for the purpose."
15. The Bank shall draw up regulations providing for limitation of the
proportion of its assets invested in any one country.
C. Distribution of profits.
16. One-quarter of the profits shall be paid to a general reserve fund
until that fund amounts to half of the paid up capital. Thereafter onetenth of the profits shall be paid to this fund until it amounts to twice
the paid-up capital. This fund shall be available to meet any losses the
Bank may incur.
17. The remainder of the profits, after payment to the general reserve
fund and payment of the 6% dividend as above, shall be distributed as
follows:
A. Twenty per cent shall be distributed to the shareholders in so far
as necessary to make up a dividend of 8% on their shares. Half the
remainder of this 20% shall be allocated to the shareholders in so far as
necessary to make up a dividend of 10%. One-quarter of the remainder
of this 20% shall be allotted to the shareholders without limitation.
B. The balance of the profits remaining after the above operations
shall be divided equally between the general reserve fund and the special
reserve fund.
19. "At the end of the period during which a part of the German annuities is allotted to the Bank, or ever is earlier, the special reserve fund
shall be distributed among the creditor governments in proportion to the
certificates held by them under Paragraph 11.
"The Bank may, however, decide to distribute the special reserve fund
partly or wholly at an earlier date."
(D)"DIRECTORATE AND MANAGEMENT."
Management Plan Detailed.
20. "The governor of the central bank of each of the seven countries to
which the members of the present committee belong, or his nominee, shall
be a director of the Bank ex-officio. Each of these governors shall also
appoint one director, being a national of his country and representative
either of finance or of industry and commerce."
21. "During the period of the German annuities, the Governor of the
Bank of France and the President of the Reichsbank may, if they desire.
appoint each one additional director of his own nationality, being representative of industry and commerce."
22. The Governor of the central bank of each of the other participating
countries shall furnish a list of four candidates of his own nationality for
directorships. Two of the candidates on each list shall be representative
of finance, the other two of industry and commerce. The Governors
In question may thsemselves be included in these lists. From these lists
the 14 or 16 directors mentioned in Paragraphs 21 and 22 shall elect not
more than nine other directors.
23. Five directors are to be chosen by lot from those first appointed to
retire at the end of the first, second, third and fourth years from the establishment of the Bank. Subject to this, the term of office of directors shall
be five years, but they may be reappointed.
24. The directors shall elect a Chairman annually from among their
own number. The Chairman's duties shall be to preside at the meetings
of the board of directors.
Prefer Resident Members.
24. "The function of a director of the Bank are incompatible with
those involving national political responsibilities. The statutes of the
Bank shall make the necessary provision in order to avoid such a conflict
of functions. All directors and candidates shall be ordinarily resident in
Europe or shall be in position to give regular attendance at meetings of the
board."
26. The board of directors may appoint an executive committee and
may delegate thereto such powers as may be provided by the statutes of
the Bank.
27. The board may appoint advisory committees to deal with any questions that may come before it.
Holland Is Probable Choice.
28. "The head office and domicile of the Bank shall be at
This on the liquidation of the Bank, which space is left vacant apparently
so that the exact city can be finally decided upon at a later date. It is
probable, however, that the Bank will be located in Holland, probably
either Amsterdam or Rotterdam with some city of northern Switzerland as
second choice.
29. "The chief executive officer of the Bank shall be the Director General,
who shall be appointed by the board The Director General shall select
officers and heads of departments of the Bank with the approval of the
board."
The next headline reads, "General," and was unquestionably added in
recognition of the special category of American assistance.
30. "In any country in which there is no central bank, the functions of
the central bank under this scheme may be performed by some banking
organization or consortium agreed between the Bank for International
Settlement, and the government and bankers of the country. In the
United States these functions will be performed by the Governor or Chairman of the Federal Reserve Bank of New York."
The final paragraph, which is also the concluding paragraph of the revised draft of the International Bank, is understood to have been tempered
since by some such phrase as "the functions may be performed" instead
of "shall be performed."
FINANCIAL CHRONICLE
3264
There is every probability that, with very minor changes in wording, the
draft finally will be inserted into the experts' report which will constitute
the Young plan. .
Greatest Committee Achievement.
Whether or not the experts reach agreement on figures here, the Young
plan for this International Bank will be outstanidng as by far the greatest of
the Young committee's achievements. It will constitute a painstakingly
drawn scheme for the world's first international Bank.
Even should the experts disagree over Germany's annuities, the bank will
remain as the saving grace of their nearly four months' labors. More than
that, in case of failure to reach agreement here it will be handed to the
governments as the unanimous recommendation of the seven nations'
experts that the International Bank should be utilized for the carrying out
of any scheme of payments which may be agreed on in future.
This drafted International Bank is recognized by all the experts at Paris
as in fact and in substance the real core of the Young report, which may
not be finally published for another three weeks or a month. In that report the purposes, functions and powers of the International Bank will be
Included virtually as herewith presented.
Thoroughness Marks Draft of Debt Plan of Bank
for International Settlements Proposed by Reparation Experts.
From Paris May 13 the "Herald-Tribune" reported the
following (copyright) from Leland Stowe:
In reviewing the reparations experts' revised draft of the "Bank for
International Settlements," the outline of which in detail was published
exclusively by the New York Herald Tribune in its editions of Sunday
and Monday, three facts impressed observers here. With surprising
force these characteristics all emphasized, these observers pointed out.
the courage and far-sightedness with which the commi-tee headed by Owen
D. Young has been inspired while hewing the framework of the great
establishment planned.
These three facts are, first, the completeness of the Bank's plan; second.
its flexibility, and third, the great concern exercised to give the Bank its
proper limitations. All three of these factors, it was declared, had contributed greatly to the stature. strength and financial importance of the
new experiment In world financing which the Young plan may inaugurate.
Provides New Finance Medium.
Almost one-third of the Bank's report proper is devoted to the proposed
International Bank's auxiliary functions, such as its banking and commercial operations and its relations to banks or issue, and to the capital
and profits of the Bank. In other words, the Bank is intended to be much
more than an organ for non-political management of the reparations
payments. It is intended to lay the basis for new, greater and much
more co-operative relations among the world's great banks of issue, and
to be a hitherto unavailable asset to the stability of the world's currencini
and of the advancement of the world trade.
But while this purpose is frankly admitted, the exports have gone to
great pains to show that the Bank's functions shall not dominate the
central banks and shall only operate to facilitate and serve their interests
within certain restricted fields.
The draft of the Bank says:
"It seems possible that this international organization, with its broadly
representative control, with its internacionaly owned capital, its holdings
of many different kinds of foreign exchange and its facilities for granting
credits, may become a convenient medium for an extension of those cooperative undertakings between banks of issue which have developed in
recent years."
To Serve Rather Than Direct.
[Vol,. 128.
Careful on Limitations.
At the same time, the draft of the Bank reveals the concern with which
the experts have labored to give the bank proper and safe limitations. In
all passages referring to the Bank's permissive functions, such as its relationships with banks of issue and its possible stimulus to world trade, such
qualifying phrases as "in reasonable amounts" or "it seems possible that"
are invariably utilized.
For instance: "The resources of the Bank, if adequate," would doubtless
be of important use In stimulating world trade. "In this connection,
however,safeguardershould be established to insure that the special position
of the bank in respect of taxation and otherwise did not establish undue
competition with private finance."
A little further on the draft adds:"It would be desirable to surround the
extension of such credit with all safeguards, and require such loans, for
example, to be guaranteed by the Government of the country in which the
work was to be performed."
These are pointed words of caution which might escape the average
reader, but which immediately impress the banker reading the report.
A similar restriction is voiced in the introduction to Sec. 3, where the
draft states that the creditor Governments would participate in the profits
of the Bank,"but in order that the commercial character of the institution
may be maintained and its independence secured, no shares conferring the
right of management would be issued to them." Here is an unequivocal barrier to protect the independent functions of the Bank as the experts envisage
them.
In Paragraph 25, Part D, Sec. 3, the draft reads:
"The functions of a director of the Bank are incompatible with those involving national political responsibilities. The statutes of the Bank shall
make the necessary provision in order to avoid such conflict of functions.'
Here again the experts take a flatfooted stand designed to divorce the
Bank in its infancy from any possible encroachment of political control.
In the draft's introductory paragraphs a kindred note is struck, where
It is said:
"The Bank is therefore to be so organized as to be outside the field of
political influence, and to have powers and facilities sufficiently broad to enable it to deal freely and promptly with the problems involving settlement
of Germany's obligations."
Thus the draft of the Bank,incisive and clear on the fundamentals of its
organization, leaves no room for doubt as to what restrictions such an institution must have.
Time to DeZermine Value.
Financiers can judge far better than laymen the true attributes of the
'Young plan for the "Bank for International Settlements." If an accord on
figures can somehow be reached, and so make probable a fair trial of the
bank as an international institution, time will decide the real value of the
experts' painstaking labors more conclusively than any present criticism.
But leaving these deeper discussions aside, it seems beyond question that
the Young draft of the International Bank,even in its present form, marks
a new step in International finance and constitutes by far the most seriously
studied and seriously drawn set of principles upon which any such venture
must inevitably be based.
It is safe to say that, whether the seed of the International Bank plan
falls on fertile ground immediately or whether it lies dormant over a period
of years, no future conception or embankment upon a financial experiment
of this nature will probably occur without serious consideration and merited
close attention to what the Young committee has established as the first
step in that direction.
After that, one is again forced to take into consideration, regardless of
how divided the experts finally may be as to the amount Germany can and
should pay, that they are unanimously agreed upon the principle and the
general outline of the bank for International settlements.
The Young Bank will shortly go before the world as the most important
part of the Young Committee's report, carying out merely the indorsement
of Owen D. Young, Sir Josiah Stamp and a few others, but the united
indorsement of the 14 financial experts of seven nations—Germany,France,
Great Britain. the United States, Japan, Italy and Belgium.
With that indorsement the bank plan will command the serious consideration of bankers the world over.
In such passages as these the experts stress the fact that the Bank's
object shall be to serve international finance, and not to direct it. Undoubtedly one of the many reasons for doing this was to make it clear at
the start that any unofficial American participation would have no strings
tied to it, although by the very nature of the Bank idea It is necessary President Hoover Opposes Part in International Bank
that some American banking organization such as the Federal Reserve
Plan—Is Against Official Role Through Federal
Bank of New York should have businesslike relationships with the Interin German Reparation Institution—For
Reserve
must
be
finance
American
necessarily
and
provided
with
national Bank.
Private Participation.
some means for expressing its opinions.
Perhaps no better example of the Bank's completeness may be cited than
From the New York "Times" we take the following
Paragraph 4 of Part B of Section 3 in the draft of the Bank, which states:
"The Bank may make advances, invest its assets in long or short term Washington advices May 14:•
President Hoover, according to information obtained to-day in a reliable
securities, buy and sell gold and exchange, accept earmarked deposits
of gold, resell its assets, borrow on the security of its assets and in general quarter, is opposed to the United States acting through the Federal Reserve
carry out all operations such as are desirable for the execution of this plan System in any way in the setting up of the International Bank of Settlements to handle German reparations payments, as proposed by experts of
and are in accordance with sound commercial banking practice."
Ann to this the highly detailed provisions for Germany's payments in the Reparations Committee at Paris.
Objection is raised to the proposed semi-official inclusion of the Federal
conditional and unconditional parts, the apparatus for handling deliveries
In kind, the numerous facilities provided by the Bank for central banks, Reserve Bank of New York in organizing the bank or recommending a
and the carefully stated stipulations as to the Bank's profits, and it. Is evi- director.
In this the administration is following closely the policy laid down by
dent that the Young committec has treated the Bank plan from all angles
the Coolidge administration, namely, that the United States has no official
and with remarkable thoroughness.
interest in the reparations question and will not become involved in any
Provisions Are Flexible.
way as to the terms of settlement or the program for the collection of reparaThe Bank's flexibility is equally striking. It is provided that in case tions.
make
transfers"
to
out
continue
Plan Thought Feasible.
of
of postponed transfers the Bank "might
The administration feels that the crux of the proposal credited to Owen
its holdings of foreign exchange, and again that it "might borrow foreign
exchange partly against the security of its investments in Germany" and D. Young is feasible and that such a scheme must constitute the backbone
of whatever plan is adopted in the German reparations problem, but that
continue payments during a period of transfer postponement.
In another paragraph relative to the Bank as a central organization for the Federal Reserve Bank System should not be involved in the matter.
banks
to
granted"
of
be
issue
"could
The general idea of the plan itself appeals to the administration, and
banks of issue, it is stated that credits
it is understood that some Federal officials studying the reparations quesas is done by the central banks of Italy, Belgium, Stc.
Further on It is provided that "facilities might be offered to banks of issue tions had been advised of the plan before it was proposed. The reaction
to swap one currency for another in reasonable amounts." Such phrases as among these officials to the purported details, as made known in dispatches.
these are used repeatedly in connection with certain wider functions of the has been favorable on the whole.
The State Department has not received the full details of the plan,
bank which the experts do not believe should be too rigidly laid down.
It is evident that their aim is to provide the basis for an international although it is said that Treasury officials had been informed of the probank which can be shaped according to the experience and the wisdom of posal long in advance of its presentation.
It is understood that the general scope of the proposal has been discussed
the trained international bankers who will direct it.
Therefore the Young plan for the International Bank makes no attempt to by Treasury and State Department officials and that, while some feature
solve the problems which may be encountered ten or twenty years hence. of thr plan as now presented must be eliminated to satisfy this governInstead, it is drawn up as a signboard pointing out the right road to take. ment, the belief exists that the fundamentals are accetpable or Mr. Young
This step speaks volumes for the adaptability of the institution which the would not have favored the idea.
It was said to-day that if the plan were adopted there must be some
experts envisage.
Paragraph after paragraph could be quoted from the report giving added change in the manner of obtaining American membership in the Bank.
The administration, however, feels that the Federal Reserve Bank of
evidence of this careful desire to make the bank a flexible organization,
International institucapable of blazing new trails in international finance--and blazing them New York ought not to be the American link in the
tion, but that this link should be selected by American bankers who have
safely.
MAY 18 1929.]
FINANCIAL CHRONICLE
3265
international interests and are familiar with the program and the advanThough neither Secretary Stimson nor other officials have made formal
tages offered by American membership un the banking system proposed to announcement of their attitude toward the participation of Americans
be established to handle the reparations settlements.
as "private individuals" in the proposed international bank,it is understood
As the result of the disapproval registered to-day by those close to the that this would encounter no objection from the Government. This posiPresident and the known opposition of Secretary Mellon to the inclusion tion is expected to be made known formally when the situation has sufof the Federal Reserve Dank of New York in the plan, this section of the ficiently developed.
proposal, unless dropped, it was said to-night, probably would be modified
The following is Secretary Stimson's statement:
to meet the known objections of this government.
In respect to the statements which have appeared in the press in regard
American international bankers, it was said to-day, could easily select a
director for the International Bank of Settlements who would be acceptable to the participation of any Federal Reserve officials in the creation or
to its foreign members. Such a plan would not involve the United States management of the new proposed international bank. I wish to make clear
the position of this Government.
n any official way in the reparations question.
While we look with interest and sympathy upon the efforts of the committee of experts to suggest a solution and a settlement of the vexing quesof German reparations, this Government does not desire to have any
Secretary of State Stimson Says Government Will Not tion
American official, directly or indirectly, participate in the collection of
Permit Participation by Officials of Federal Reserve German reparations through the agency of this bank or otherwise. Ever
since the close of the war the American Government has consistently taken
System in Bank of International Settlements.
this position; it has never accepted membership on the Reparations ComAnnouncement that the United States Government "will mission; it declined to join the Allied Powers in the confiscation of the senot permit any officials of the Federal Reserve System either questered German property and the application of that property to its
claims.
to themselves serve or to select American representatives war
The comparatively small sums which it receives under the Dawes plan
as members of the proposed international bank" was made are applied solely to the settlement of the claims judicially ascertained by
at Washington on May 16 by Secretary of State Stimson. the Mixed Claims Commission (the United States and Germany) in fulfillment of an agreement with Germany, and to the repayment of the expenses
It was stated in a Washington dispatch May 16 to the New of
the American Army of Occupation in Coblents, which remained in such
York "Times" that Secretary Stimson decided to make the occupation on the request of both the Allied nations and Germany.
It
does not now wish to take any step which would indicate a reversal
position of the United States known through a formal statethat attitude, and for that reason it will not permit any officials of the
ment after he had conferred with President Hoover on the of
Federal Reserve System either to serve themselves or to select American
matter in order to make known, beyond any question, the representatives as members of the proposed international bank.
attitude of the American Government. The paper quoted
Further extended reference to the Bank of International
also said:
Settlements appears elsewhere in our issue to-day.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, May 17 1929.
The weather continues to be the pivot on which the trade
of this country largely swings. As it has been mostly bad,
trade has suffered, with brighter periods now and then when
warmer weather supervened. It is a fact moreover that
trade and industry, whatever the drawbacks, still make a
better showing than they did a year ago. The crops are late,
but promise to be good so far as now can be judged. The
cotton belt would be the better for warm dry weather, although there are hopes of an acreage of 48,000,000 to 49,000,000 acres and possibly with reasonable good fortune
crop as some contend approximating that Of 1926, when it
was close to 18,000,000 bales. But of course at this time
nobody has the faintest idea what the cotton crop is going
to be. The old saying is that cotton can promise more and
do less and promise less and do more than any crop known to
man. There is a good demand for the actual cotton, but
cotton speculation languishes. And it is a fact that a majority of the trade look for lower prices. Corn planting is late.
Soil conditions in the agricultural sections of this country
are for the most part favorable, but in the grain belt, as
elsewhere, dry weather and higher temperatures are desirable at this time. Coal is in only fair demand, but the stocks
of bituminous are the smallest for three years past.
Cement production and shipments have increased. Employment in April was larger than in March. Cotton gray
goods sold at times rather more freely, but in small lots.
Print cloths were in only moderate demand, with some sales
of 3834 inch 64 x 60s at ni cents. A fair business was done
in 39 inch 80 square 4-yard print cloths at 10 cents, for delivery in June, July and August. Finished cottons were
quiet: Woolens and worsteds were slow of sale. In silk
piece goods there was an excellent business for the fall season,
and a fair trade in summer lines especially prints. Raw silk
was dull and lower. In some cases pig iron was reported
higher, but steel scrap declined. Steel is in fair demand.
The furniture business was somewhat larger. A fair trade
was reported in machine tools, and also in spring hardware.
After three years of decreases in building, some are inclined
to think that the tide has turned for the better. At any
rate a high peak in building permit values is reported,
marred, however, by the fact that there are 75,000 workers
on a strike or locked out in St. Louis and that 75,000 are in
danger of a lookout in New York. It is true that out of
201 cities reporting for April, 105 report decreases while 96
report gains over April last year. Meanwhile in New York
and St. Louis the workers are trying to get higher wages, or
secure a five-day week at five and a half days pay. It
may turn out that the workers are standing in their own
light. They are receiving fantastic wages as it is.
Wheat declined this week a couple of cents net, though
three cents lower to-day, breaking to new lows for the season
and the lowest level in five years. Crop reports have been
in the main favorable. They show good progress in the winter wheat belt and harvesting has begun in southern Texas.
The crop in the Central West promises to be double that of
last year. The outlook points to a rather marked reduction
in the Southwest. Spring wheat seeding is about completed
and the prospects in the American and Canadian Northwest have been improved from the fall of needed rains and
snow This country needs a good export demand and reduced crops of wheat more than debentures and any other
claptrap designed to get round the immitigable law of supply
and demand. Corn declined 1 to 2 cents, except on May,
which advanced half a cent, with a good cash demand and
small offerings. The delay in corn seeding owing to bad
weather has latterly prevented any very marked decline.
Oats advanced slightly with seeding delayed in the northern
belt, though the weather has favored growth in the southern
area. Rye dropped 2 to 3 cents in response to falling prices
for wheat. Rye is selling at practically the same price as
corn, though a year ago cash rye was about 14c. higher than
cash corn. Deliveries have increased and there is apparently no export demand. Provisions have declined with
grain and influenced also by big stocks. Sugar futures advanced 1 to 2 points. North Atlantic refiners, it is said,
recently sold nearly half a million tons of refined sugar, but
that may last the trade for a month and a half. Withdrawals
of refined have been large. Prompt raws advanced 1-32c.
to 1 27-32c., though recently sales of raws were 250,000
tons and it was supposed that refiners were well supplied.
The tariff discussion is a more or less disturbing factor in
the sugar trade and may continue to be from time to time
until it is out of the way.
Coffee has been irregular, Rio May advancing noticeably
to
and Santos May slightly, but other months declining
54e. as Brazilian cables declined. The belief is that Brazil
is not finding the going any too easy in its efforts to sustain
prices. The crop estimates are 17,000,000 bags of Santos,
6,000,000 of Rio and Victoria and 9,000,000 of mild coffee
already competing at falling prices with Brazilian. To this
are added some 10,000,000 bags stated to be already in
interior warehouses, of Brazil. The outlook for the Defense
Committee is therefore taken to be anything but rose colored.
Rubber has advanced 1 to 2cents on a better trade demand
and a natural recoil from the prolonged depression. Besides
the American consumption in April turns out to have been
the largest on record namely 47,521 tons in contrast with
the previous high record of March of 44,730 tons. Also the
Malayan shipments this month seem to have decreased
sharply and Malayan stocks to be smaller, than had been
supposed.
Stocks have had their usual irregular fluctuations during
the week,largely governed by the money rate which at times
has been 14%,but dropped to-day to 6% with a good supply
3266
FINANCIAL CHRONICLE
and no very great demand. A Stock Exchange membership
was sold with rights at $525,000. Stocks to-day had a variable advance on covering of aborts, put out when money
was higher early in the week. Advances ranged from 2 to
20 points, but the trading was smaller. It amounted to
some 3,300,000 shares. General Electric was up to 295
and, closing at 289
made a net rise for the day of 834
points. Of course the law of supply and demand affects
money as any other commodity and the recent high rates
are attracting funds to this point. German marks are rising.
Sterling declined, and is now at about the gold point. London was quiet. Bonds were slightly lower with trade dull.
New Bedford, Mass., reported that the production of fine
goods mills is high and mill men expect new buying before
present orders run out. Charlotte, N. C., reported that
most of the plants have resumed full operations. It added
that labor disturbances are less prominent in the textile
industry and the end of the strike is virtually in sight.
The several strikes in Gaston County are said to be ended
as far as their effect on mill operations is concerned, while
in South Carolina, only two companies had strikes, as
compared with six or more some weeks ago. Talk of
curtailment among South Carolina cotton mills is increasing.
There are numerous complaints concerning prices of yarns
and goods. In the Charlotte, N. C., section many mills
have closed down entirely and several groups, it was announced, will go on short time schedule after the middle of
May, unless business improves. A large South Carolina
mill gave due notices to its employees that curtailment
will begin shortly.
At Elizabethton, Tenn., things are unsettled again; 100 or
more strikers were arrested on the 16th inst. for picketing.
Meanwhile some of the lawless element dynamited the main
water pipe from Big Springs to Elizabethton and clashed
with the troops. There ought to be some way of effectually
checking lawless demonstrations of this sort. Chattanooga,
Tenn., reported manufacturing industry still fairly active
with textile plants leading. Greenville, S. C., wired that
nearly 1,000 employees of the New England Southern Mills
at Pelzer were out on strike. A committee of three had been
appointed to demand that two workers who had been discharged be reinstated. If this is not done the operatives in
Mills Nos. 1, 2 and 3 will also be called out on strike, it was
declared. The mill which is shut down has about 65,000
spindles, and the reports as to the number of employes varied
from 500 to 1,000.
At Greenville, S. C., on May 16th negotiations were completed through mutual concessions whereby operatives of
Brandon Mill, in Greenville will return to their work on May
20th ending a strike,that was called March 27th. It is expected that the other mills in the Brandon chain,Poinsett at
Greenville, and Woodruff at Woodruff, will also accept the
agreement adopted by Brandon workers to-day, and that by
the middle of next week all of the 2,700 operatives in the
Brandon chain of mills will be back at work. The pay will be
higher than these operatives were receiving prior to the strike.
Weavers are to receive full price for cloth woven during the
noon hour by spare hands and section hands. Heretofore
this cloth credit was equally divided between the weavers and
the mill.
Manchester, England reported that general trade outlook
does not improve as buyers fear lower prices. The demand
for cloth from India and China is disappointing. There is a
strong belief that the threatened lockout at the end of this
week in Lancashire unless the Oldham strikers return to work
will at the last moment be averted. London cabled: "Lord
Derby has been requested to try and prevent the threatened
lockout of cotton operatives. He consulted with officials of
the mills to-day." Bombay, India cabled that rioting was
renewed in the cotton mill strike area and that four mills
were broken into and another bombarded with stones as
strikers demanded their wages.
Approximately 75,000 building trade workers would have
been affected by a lockout order voted unanimously on the
13th inst. by the building trade employers' association.
The action, would have affected all trades now engaged in
sympathetic strikes in support of Electrical Workers Union
No.3 and was effective on May 15th. But the Court granted
an injunction against the lockout. An ex parte order restraining the Building Trade Employers' Association from
locking out 75,000 mechanics at 5 p. m. Wednesday, pending
a hearing for a temporary injunction in Part I of the Supreme
Court on Friday was served on the 14th inst. on Christian G.
Norman and Walter S. Faddis, Chairman of the Board of
[VOL. 128.
Governors and President, respectively, of the employers'
organization.
Mail order sales in April showed a gain of 4.1% over the
preceding month and 38.7% over the like month a year ago.
For the first four months, sales as compiled by Bmdstreet's
were 28.6% greater than in the corresponding period last
year. The total of chain store sales for April showed a decrease of 4.9% from March, but an increase of 19.1% over
April a year ago. The combined total of both mail order and
chain store sales for April showed a drop of 2.7% from March,
but a gain of 23.5% over April of last year. For four months
of this year chain store sales were 22.2% larger than a year
ago, while the total sales of both mail order and chain stores
showed a gain of 23.7%. United States employment figures
show an increase over a year ago of 6Yi%. The April report shows an increase in employees in 39 out 01 54 industries.
On May 14th the temperatures here were 50 to 62
degrees. At Boston they were 48 to 64, at Chicago 52 to
70, at Cincinnati 56 to 76; at Cleveland 54 to 70; Detroit 50
to 76; Kansas City 52 to 76; Milwaukee 40 to 56; St. Paul 52
to 72; Montreal 40 to 70; Omaha 56 to 78; Philadelphia
56 to 60; Portland, Me., 42 to 54; San Francisco 50 to 60;
Seattle 41 to 66; St. Louis 60 to 76. On the 15th inst. the
temperature here touched 81 degrees. The high record for
May 15th was in 1900 when it was 89 degrees. The lowest
on that date was 43 degrees in 1880. On the 16th inst. the
temperatures here were 49 to 80 degrees with a wind of gale
force reaching 50 miles an hour. It struck New York and
other parts of the Eastern States.
To-day temperatures here were 44 to 60 degrees, a fall of
20 degrees in the maximum but the forecast is for fair and
warmer for to-night and to-morrow. Portland, Me. had a
75 mile gale to-day which wrecked barns and houses. Frost
and zero temperatures prevailed in the Central West, the
queerest May weather seen for many years if it did not
outdo all previous records. Parts of Michigan, Minnesota
and Wisconsin reported snow, several inches falling in the
upper peninsula region of Michigan and in northern Wisconsin. Minnesota reported a light snow fall in several
cities. Heavy frosts occurred in Nebraska, Iowa, Illinois,
Wisconsin and other States last night, and temperatures
fell far below freezing. Duluth reported 20 degrees above,
while cities in northern Michigan had 12 above. Light
frosts were reported as far south as South Central Kansas
and Missouri. A wind storm blew down a circus tent in
Vincennes, Ind. injuring 100 persons.
Retail Food Prices in April Slightly Below Those of
Previous Month.
The retail food index issued by the Bureau of Labor
Statistics of the United States Department of Labor shows
for April 15 1929 a decrease of a little less than 1% since
March 15 1929; a decrease of about 1-3 of 1% since April 15
1928, and an increase of approximately 55% since April 15
1913. The index number (1913 equals 100) was 152.1 in
April 1928, 153 in March 1929 and 151.6 in April 1929. In
further indicating the course of retail prices the Bureau
on May 17 said:
During the month from March 15 1929 to April 15 1929 14 articles on
which monthly prices were secured decreased as follows: Strictly fresh
eggs, 13%; cabbage, 9%; butter, 4%; evaporated milk, 3%; onions and
sugar, 2%; fresh milk, rice, canned corn, raisins and bananas, 1%; and
oleomargarine, cheese and tea, less than .5 of 1%. Fourteen articles
increased: Pork chops, 6%; round steak, hens and oranges, 3%; sirloin
steak, rib roast, chuck roast and lamb, 2%; and plate beef, sliced bacon,
sliced ham, lard, navy beans and canned tomatoes, 1%. The folawing
14 articles showed no change in the month: Canned red salmon, vegetable
lard substitute, bread, flour, cornmeal, rolled oats, corn flakes, wheat
cereal, macaroni, potatoes, baked beans, canned peas, coffee and prunes.
Changes in Retail Prices of Food by Cities.
During the month from March 15 1929 to April 15 1929 there was a
decrease in the average cost of food in 47 of the 51 cities as follows: Buffalo
and Pittsburgh, 3%; Butte, Dallas, Indianapolis, Kansssa City, Manchester, Milwaukee, Minneapolis, New Haven, Pet:ilia, Providence, Rochester
and St. Paul, 2%; Atlanta, Baltimore, Boston, Bridgeport, Cincinnati,
Cleveland, Columbus, Detroit, Fall River, Jacksonville, Little Rock,
Louisville, New Orleans, Norfolk, Omaha, Philadelphia, Portland, Me.,
Richmond, St. Louis, Salt Lake City, San Francisco, Savannah, Scranton
and Springfield, Ill., 1%; and Chicago, Denver, Houston, Los Angeles,
Mobile, Newark, New York, Portland, Ore., and Washington, less than
.5 of 1%. The following four cities increased: Birmingham, Charleston.
S. C., Memphis and Seattle, less than .5 of 1%•
For the year period, April 15 1928 to April 15 1929, 29 cities showed
decreases: Cleveland, Philadelphia and Rochester, 3%; Baltimore, Buffalo, Manchester, Portland, Me., Providence, Scranton and Springfield.
Ill., 2%; Bridgeport, Denver, Fall River, Jacksonville, Milwaukee, Minneapolis, Mobile, Newark, New Haven, New York, Norfolk, Peoria, St. Paul,
Savannah and Washington, 1%; and Atlanta, Boston, Detroit and Kansas
City, less than .5 of 1%. Twenty-one cities showed increases: Cincinnati, Dallas, Houston, Louisville, Omaha, Salt Lake City and Seattle.
2%; Birmingham, Butte, Chicago, Columbus, Little Rock, Los Angeles,
Memphis, New Orleans, Pittsburgh, Portland, Ore., St. Louis and San
MAY 18 1929.]
FINANCIAL CHRONICLE
3267
Francisco, 1%; and Charleston, S. C., and Richmond, less than .5 of 1%. number stands at 96.8 for April compared with 97.5 for
In Indianapolis there was no change in the year.
3 of 1%. Compared
As compared with the average cost in the year 1913,food on April 15 1929 March, a decrease of approximately %
was 64% higher in Chicago, 59% in Richmond and Washington, 58% in with April 1928, with an index number of 97.4, a decrease
Detroit, 57% in Birmingham and Scranton, 56% in Atlanta, Charleston, of a little more than
of 1% is shown. Based on these figS. O., Cincinnati and St. Louis; 55% in New York; 54% in Baltimore,
Buffalo, Dallas and Louisville; 53% in Milwaukee, Minneapolis, New ures, the purchasing power of the dollar in April 1929, was
Orleans, Philadelphia and Pittsburgh; 52% in Boston and New Haven: 103.3 compared with 100.0 in the year 1926. The Bureau
51% in Providence; 49% in Fall River, Indianapolis, Kansas City and in its advices May 16 also says:
San Francisco; 48% in Cleveland, Little Rock and Memphis; 47% in ManFarm products averaged 2% lower than in the preceding month, due to
chester and Omaha; 46% in Newark; 45% in Scathe; 41% in Los Angeles;
40% in Jacksonville; 39% in Portland, Ore.; 36% in Denver; and 31% in pronounced price decreases for all grains, cotton, eggs, and wool. Beef
Salt Lake City. Prices were not obtained in Bridgeport, Butte, Columbus, cattle, hogs, and sheep and lambs, on the other hand, were higher than in
Houston, Mobile, Norfolk, Peoria, Portland, Me., Rochester, St. Paul, March.
Among foods there were decreases for butter and flour, and increases
Savannah and Springfield, Ill., in 1913, hence no comparison for the
for fresh and cured meats. The group as a whole declined nearly
of 1%
16-year period can be given for these cities.
in price.
Hides and skins again advanced slightly, while leather again declined.
Annalist Weekly Index for Wholesale Commodity resulting in a small net decrease for the group of hides and leather products.
Boots and shoes showed no change in the price level, but quotations on
Prices Show Advance.
leather harness and suit cases were somewhat reduced.
In the group of textile products there were slight price reductions among
The "Annalist" Weekly Index for Wholesale Commodity
goods, woolen and worsted goods, and other textile products, the
Prices has risen to 143.6 from 143 last week; it stood at cotton
of 1%•
group as a whole showing a decline of over
151.9 last year at this time. Prices in the farm products,
Declining prices of anthracite and bituminous coal and Connellsville
in
advances
gasoline
and
the price level for the
offset
by
kerosene,
textile and building materials groups declined; prices in the coke were
fuel and lighting group remaining unchanged.
food products, fuels, metals and miscellaneous groups inIron and steel products advanced in price, while decreases were recorded
for copper, lead, and tin, no change being shown in the price level for the
creased; chemical prices remained unchanged.
group of metals and metal products as a whole.
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES.
Price declines for lumber and certain paint materials caused a net decrease
(1913=100.)
in the group of building materials.
Small declines were likewise shoyrn for the groups of chemicals and drugs
May 14 1929 May 7 1929. May 15 1928. and miscellaneous commodities, while housefurnishing goods increased
slightly.
Farm products
138.5
138.6
158.4
io Prices of raw materials and semi-manufactured articles averaged lower
Food products
144.4
143.6
155.0
Textile products
150.1
150.6
155.2
than in March, while finished products were somewhat higher.
Fuels
161.4
161.2
158.2
Of the 550 commodities or price series for which comparable information
Metals
128.4
128.3
120.6
for March and April was collected, increases were shown in 88 instances
Building materials
153.6
154.0
154.8
135.2
and
Chemicals
135.2
decreases in 183 instances. In 279 instances no change in price was
135.2
131.2
Miscellaneous
122.2
115.6
reported.
All rnmm nn Ma.
145e
14.50
15, o
Comparing prices in April with those of a year ago,as measured by changes
in the index numbers,it is seen that metals and metal products and building
materials were appreciably higher. In all other groups prices in April were
Annalist Index of Business Activity for April Highest lower
than a year ago, ranging from ;:f, of 1% in the case of fuel and lighting
Since 1923-Large Gain in Freight Traffic.
materials to nearly 15% in the case of hides and leather products.
"The Annalist" Index of Business Activity for April (preliminary) stands at 107.2, the highest for any month back Loading of Railroad Revenue Freight Continues to
to August 1923. "The Annalist" adds:
Run in Excess of 1,000,000 Cars a Week.
As compared with the revised index for March, which was 103.0, the
of revenue freight for the week ended May 4
Loading
Increase was due to the fact that all of the component adjusted indices for
which April data are available, except one, moved upward. The sharp- totaled 1,050,192 cars, the Car Service Division of the
ness of the increase, however, was due mainly to one element alone, the American Railway Association announced on May 14.
adjusted'index of freight car loadings, which from March to April made one Compared with the corresponding week last year, this was
of the most pronounced monthly gains ever recorded. Analysis of the car
cars
loadings figures shows, moreover, that allowing for seasonal fluctuations all an increase of 72,139 cars and an increase of 25,431
classes of freight traffic, except grain and grain products, increased in above the corresponding week in 1927. Details follow:
April, with a particularly heavy movement of ore.
The other elements in the index of business activity which showed substantial gains in April were cotton consumption, bituminous coal production, steel ingot production, pig iron production and zinc production. The
only component to show a decline was automobile production for which
the adjusted index shows a slight decline due to the fact that, although
preliminary statistics indicate that the number of cars and trucks produced in April established a new high record, the increase over the number
produced in March was slightly less than seasonal in magnitude. Final offI.
cial figures on automobile production, however, may turn out, as was the
case in both February and March, to be considerably greater than the estimate made by the National Automobile Chamber of Commerce.
Table I summarizes for the last three months the movements of the combined index and of the ten component series, each of which has been adjusted
for seasonal variation, long-time trend and variations in cyclical amplitudes
before being combined into "The Annalist" Index of Business Activity.
Table I also gives the combined index by months since the beginning
of 1925.
TABLE I.
THE "ANNALIST" INDEX OF BUSINESS ACTIVITY.
A. By Groups.
April.
March.
February.
110.4
108.4
Pig iron production
111.4
115.6
Steel Ingot production
103.9
98.0
Freight car loadings
production
100.4
power
Electric
-9-2-.682.5
Bituminous coal production
•1414
147.3
Automobile production
110.7
107.9
Cotton consumption
100.7
---Wool consumption
102.6
---Boot and shoe production
97.4
93.8
Zinc production
107.2
103.0
Combined index
B. The Combined Index Since January 1925.
January
FebruarY
March
April
May
June
July
August
September
October
November
Tlaram hPr
108.7
107.0
101.3
102.2
105.3
148.4
107.7
101.7
103.0
89.9
105.0
1929.
1928.
1927.
1926.
1925,
104.1
105.0
103.0
*107.0
__ _
_- - __ _
__ _ _
_____
- __ -
97.0
98.9
98.6
99.0
1004
97.8
99.7
101.3
101.3
102.6
101.5
99.1
100.2
103.6
107.0
103.6
104.0
102.8
100.7
101.9
101.1
97.5
94.4
92.3
102.3
103.2
104.7
103.7
101.6
103.2
102.8
105.0
107.1
105.0
103.7
103.2
102.4
102.9
102.6
103.4
101.4
98.5
101.1
100.7
100.8
102.1
104.0
105.8
__ _ _
•Subject to revision.
Decline in Wholesale Prices in April as Compared with
Previous Month.
general level of wholesale prices from
the
decline
in
A small
March to April is shown by information collected in representative markets by the Bureau of Labor Statistics of the
U. S. Department of Labor. The Bureau's weighted index
Miscellaneous freight loading for the week totaled 411,478 cars, an increase of 15,515 cars above the corresponding week last year and14,537
cars over the same week in 1927.
Coal loading totaled 158,889 cars, an increase of 4,530 cars over the
same week in 1928 and 2.387 cars above the same period two years ago.
Grain and grain products loading amounted to 38,744 cars, a decrease
of 4,957 cars below the same week in 1928 and 1,831 cars below the same
week in 1927. In the Western districts alone grain and grain products
loading totaled 25,458 cars, a decrease of 5,085 cars below the same week
in 1928.
Livestock loading amounted to 28,255 cars, an increase of 31 cars above
the same week in 1928 but 1,246 cars below the same week in 1927. In the
Western districts alone livestock loading totaled 22,938 ars, an increase
of 285 cars over the same week in 1928.
Loading of merchandise less than carload lot freight totaled 265,338 cars,
an increase of 1,501 cars above the same week in 1928 and 430 cars over
the same week in 1927.
Forest products loading amounted to 68,779 cars, 3,208 cars above the
same week in 1928 and 34 cars over the same week in 1927.
Ore loading amounted to 66,512 cars, 50,422 cars above the same week
in 1928 and 9,749 cars over the same week two years ago.
Coke loading totaled 12,197 cars. 1,889 cars above the same week last
Year and 1,371 cars over the corresponding week two years ago.
All districts except the Southern and Southwestern 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:
1927.
1928.
1929.
3,756,660
3,448.895
3,570,978
Four weeks in January
3,801,918
3,590,742
3,767,758
Four weeks in February
4,982,547
4,752,559
4,807,944
Five weeks in March
3,875,589
3,740,307
3,983,978
Four weeks in April
1,024,761
978,053
1,050,192
Week ended May 4
Total
17,180,850
16.510,556
17,441.475
Upward Trend in Building Activities Indicated by S. W.
Straus & Co.
Official reports made to S. W. Straus & Co. of building
permits issued or plans filed in 590 leading cities and towns in
the 48 States indicate an unmistakable upward trend in
building acitivities at this time, says the firm. While plans
filed in New York City, prior to the signing of the Multiple
Dwellings Bill by Governor Roosevelt were doubtless of
abnormal proportions, the figures for the rest of the country
clearly demonstrated that the trend, temporarily at least, is
upward. April permits granted in the 590 cities totaled
$538,446,781 compared with $347,949,526 in April last year,
the gain being 80%. With the $259,154,268 in plans file
3368
FINANCIAL CHRONICLE
in New York excluded, there remained $279,292,513 for the
rest of the country, a gain over last April of 5%. The report
goes on to say:
[VOL. 128.
and steel plants showed% gain over last year of 22.2%. Textiles in April
recorded again over last:year of fully 16.7%. The paper and pulp industry
also registered a substantial increase over last year, the gain amounting
to 12.9%.
Manufacturing activity in the United States in April, compared with
March of the current year and April 1928, all figures adjusted to 26
working days and based on comsunption of electrical energy as reported
to "Electrical World" (monthly average 1923-25 equals 100). follows:
The Labor Situation.
The steady if not rapid drift to the 5-day week schedule in the building
crafts is perhaps the most important current development in the industry.
Chicago plasterers and painters are now on the 5-day week basis. and
St. Louis building trades are to a great extent on the short work week plan.
The policy of a 5-day or 40-hour week is gaining headway on the Pacific
Coast, especially in San Francisco, Portland and Seattle.
In New York City 12,000 bricklayers went on the 5-day week schedule
recently, and similar agreements had been worked out for the 150,000
building craftsmen in New York and immediate suburbs to become effective
Aug. 24 1929. Disagreements later arose, however, and at the moment
the exact status of the short-week situation in New York is problematical.
It is estimated that the 5-clay week will add approximately 4% to construction costs unless the extra cost can be offset by increased efficiency,
which is improbable, although some savings will be effected through
mechanical innovations and managerial shortcuts.
There are indications here and there of disquietude due to labor disagreements although the progress of the industry has as yet not been greatly
impeded by these distributing factors.
Building Materials.
The building materials cost index remained unchanged during April.
Slight reductions in the cost of strating materials were offset by strength
and firmness in steel and lumber.
TWENTY-FIVE CITIES REPORTING LARGEST VOLUME OF PERMITS
FOR APRIL 1929, WITH COMPARISONS.
April 1929.
April 1928. April 1927. March 1929New York (P.F.)
$259,194,268 $81.984,782 $89,716,993 E171,493,952
Chicago
20,523,500
25,049,100
42,484,200
29,345,300
Detroit
11,917,635
11,548,340
13,084,877
10.869,515
Los Angeles
10,695.375
10,458,622
9,843,782
8,711,040
Houston
2,267,725
8,455,771
2,005,829
2,301,189
Philadelphia
10.161,135
7,329,520
11,056,185
9,161,970
1,414,165
Minneapolis
6,938,540
2,140,840
1,489,790
San Antonio
6,604,425
890,345
908,635
1,304,166
Seattle
4,604,090
4,764,625
3,181,555
3,478,025
Milwaukee
4,514,554
3,752,469
3,920,252
5,013.607
Baltimore
4,222,200
2,453,120
2,142,750
3,095,000
Boston (P. F.)
4,202,408
8,601,569
5,784,349
3,827,521
4,054,841
St. Louis
3,119,515
5,204,577
2.570,146
3,826,053
Hartford
893,586
1,507,778
1,163,977
3,789,925
Cleveland
4,826,725
2,815,200
4,656,325
3,513,385
Washington
3,035,870
5,204,035
4,435,670
3,368,415
Cincinnati
3,621.895
3,264,725
2,229,175
Birmingham
3,306,416
1,918,265
2,434.740
746,795
2,816,146
3,701,861
San Francisco
4,939,212
2,701,111
2,235,300
1,537,755
Oklahoma City
1,171,313
2,104,280
2.179,136
1,191,557
Lansing, Mich
309,430
579.070
2.165,605
1,013,138
Tulsa
930.395
1,548,295
2,102,807
4,019,625
Yonkers
2,383,523
1,710.250
2,045,500
2,203,700
1,114,950
Denver
2.179,850
2,025,165
1,430,345
1,133,440
Long Beach, Calif
3,947,660
4
b. CO
,
ZNWOINWCnONCOCT,73.W
A similarly encouraging conclusion is reached when a study is made of
seasonal variation. The total of plans and permits officially reported in
March this year was $408,667,003; the gain from March to April, therefore,
was 32%. This was in contrast with the normal seasonal variation between
the two months which is a 1% decline. Excluding New York City, we find
the upward trend from March to April was 18%, which is the approximate
April 1929. March 1929. April 1928.
normal variation for these two months in the territory indicated.
136.4
119.3
It will be recalled that the reports of S. W. Straus .S4 Co. for March gave All industrial groups
Metal industries group
149.9
123.2
indication of the beginning of a new upward movement in building activi- Rolling mills and steel plants
153.3
125.4
ties. The barometric value Of these data has since been confirmed by the Metal working plants
148.3
121.7
82.0
98.8
reports of greatly accelerated actual building operations, thus again making Leather and its products
Textiles
128.1
109.8
plain the outstanding value of the building permit index in forecasting Forest
products
108.0
115.4
building tendencies.
Automobiles and parts
170.6
148.7
Stone, clay and glass
145.0
133.6
Twenty-Five Leading Cities.
Paper and pulp
136.0
120.5
Of the 25 cities which led the country in plans or permits in April, 16 Rubber and its products
155.7
121.7
131.7
showed gains over the corresponding month of the preceding Year and 17 Chemicals and allied products
131.7
Food and kindred products
121.2
105.9
reported a larger volume this April than for April 1927. The figures for Shipbuilding
116.1
as a
this group were: April, 1929, $389,896,092; April 1928, $195,706,219;
April 1927, $217,479,710; March 1929, $278,714,437. The increase over
April 1928 was 99% and over April 1927, 79%. The gain from March was
April Had Large Construction Record According to
40%.
F. W. Dodge Corp.
Chicago displayed a loss from both April 1928, and April 1927. The
latest reports gave promise of increasing activity in that city, however, the
New
construction
work contracted for in the territory east
gain over March being 22%. A definite upward trend was apparent in
Baltimore, Washington, Detroit, Minneapolis, Milwaukee, Houston, San of the Rocky Mountains during the past month reached the
Antonio, Seattle, Hartford, Birmingham, Oklahoma City and Tulsa. One second highest April contract total on record and was the
conclusive development of the current season is the falling off in building
largest monthly construction total that has been recorded
activities in the suburban areas of the principal cities of the country.
since June 1928, according to F. W. Dodge Corp. Building
and engineering work contracted for during the month of
April in the 37 eastern states amounted to 3642,060,500.
This figure was almost equal the April 1928 total and it was
32% ahead of the March 1929 total. The report goes on
to say:
Of the eight districts reviewed below. Texas was the only territory
showing a decrease when compared with the preceding month's records and
five of the districts had increased contract records when compared with the
April 1928 records.
Analysis of last month's building and engineering record showed the
following important classes of work: $256.779,700 or 40% of all construction, for residential buildings; $152,126,900 or 24% for public works and
utilities; $77,988,400 or 12% for commercial buildings, and $68,229,500
or 11% for industrial projects.
During the past four months there was $1,897,889,800 worth of new
construction work contracted for in the 37 states east of the Rocky Mountains, which was a loss of 11% from the amount contracted for during the
corresponding period of last year.
New work reported in contemplation in April reached a total of $940,249,100. This figure was 6% in excess of the amount reported in the
preceding month and it was 13% ahead of the amount reported during
the corresponding month of a year ago.
New York Slate and Northern New Jersey.
New construction contracts awarded during the past month in New
York State and Northern New Jersey reached the second highest April
contract total ever recorded for this area. The total, $169,079,700, in
amount was 52% ahead of the March 1929 record and it was 12% in excess
of the total for April of last year. Included in last month's total were
several large contracts for subway construction and a $15,000,000 hotel
to be built in New York City.
Analysis of the April building and engineering record showed the following interesting classes: $82,244,200 or 49% of all construction, for residential buildings; $46,089,600, or 27%, for public works and utilities: $23.880,000, or 14%, for commercial buildings, and $7,754,600. or 5%, for
educational projects.
The April contract total brought the amount of new construction work
started in this territory since the first of this year up to $457,289,000.
being a loss of 20% from the amount started during the corresponding
period of 1928.
New construction reported as contemplated during the past month
amounted to $401,041,700. This figure was 49% ahead of the amount
reported in March of this year and it was 54% ahead of the amount reported in April of last year.
New England States.
$195,706,219
8389,896,092
$217.479,710 $278,714,437
Total
The New England States had $40,930,200 in contracts for new buildings
(P.F.) Indicates plans filed.
and engineering work during the month of April. The above figure was
28% in excess of the preceding month's total, but it was 10% less than the
for the corresponding month af a year ago. The following were the
Industrial Activity Based on Consumption of Elec- total
most important items in last month's contract record: $17,736,300, or 43%,
tricity Above Last Year-April Sets New High of all construction for residential buildings; $8,056,200, or 20%, for public
works and utilities; $6,303,000, or 15%, for commercial buildings, and
Rate in Plant Operations.
$2,747,700, or 7%, for educational projects.
Manufacturing operations in the United States in April,
During the past four months there was $128,649,600 worth of contracts
for new building and engineering work in the New England States,
corrected for seasonal variation, and based on consumption flet
wohuirchmw
onaths
sa f
from the amount contracted for during the first
of electrical energy, were the nighest on record, surpassing
of 1928.
occurred
which
in
rate,
Septmonthly
New contemplated work reported in April in this area reached a total
the previous nigh
of $43,770,500, being an increase of a little more than $500.000 over the
tember 1928, by 1.1%, "Electrical World" reports. The total
for Mar
year.
March of this year, but a loss of 13% from the total for April of
April rate was 3.3% higher than in February of the current last
survey
adds:
The
Record April Construction in Middle Atlantic States.
year,, the previous high for 1929.
April construction contracts in the Middle Atlantic States (Eastern
The April rate, not corrected for seasonal variation, was 0.5% higher
April last year. The Pennsylvania, Southern New Jersey, Maryland, Delaware, District of
than that of March, and 14.3% greater than in
industry, the metals Columbia and Virginia) amounting to $106,136,700 was the largest monthly
increase reflects sustained activity in the automotive
further improvement in the total ever recorded in this district. The awarding of several large congroup, rubber manufacturing plants, and
tracts in the commercial buildings, public buildings and public works and
textile industry.
Every section of the country witnessed a rate of operations during utilities classes helped to make last month's total break all previous records.
Atlantic
section
Analysis of the April contract record showed the following noteworthy
Middle
The
April materially above that of April 1928.
14.3%. The North items: $35,232,400 or 33% of all construction, for residential buildings;
was well in the lead with a gain over last year of
Central States followed with an increase of 13.6%. The Western States $22,992,200 or 22%, for public works and utilities; $20,580,700, or 19%.
the Southern for public buildings, and $12,035,400, or 11%, for commercial buildings.
showed a gain of 13.4%; New England 10.2%, and
New building and engineering work contracted for during the first four
States 9.7%.
production of re- months of this year in this territory reached a total of $264,719,000, being
The automobile manufacturing industry, including
of f 19 m the amount co
activity for that a losso
contracted for during the corresponding four
placement parts and accessories, set a new high rate of
10.4% over that months
industry. The April rate in the automotive plants was
the
previous
Contemplated
above
projects as reported last month in the Middle Atlantic
of March, 14.7% over April of last year, and 5.6%
The rubber products States amounted to $94,773,700, which was a loss of 21% from the Marcb
high established in February of the current year.
April 1928. The iron 1929 total and a loss of 13% from the April 1928 total.
industry registered a gain of 28%. compared with
MAY 18 1929.]
FINANCIAL CHRONICLE
The Pittsburgh District.
The Pittsburgh District (Western Pennsylvania, West Virginia, Ohio and
Kentucky) had $61,013,200 in contracts for new building and engineering
work during the past month. The above figure was 15% ahead of the
March 1929 total, but it was 19% less than the total for April 1928. Included in the April construction record were the following important items:
$20,022,500, or 33% of all building and engineering work, for residential
buildings: $19,716,000, or 32%,for public works and utilities; $6,775,000,
or 11%, for industrial projects, and $5,393,500, or 9%, for commercial
buildings.
The April contract total brought the amount of new construction work
started in this area since the first of this year up to $221,385,900, being
an increase of a little more than 9400,000 over the amount started during
the corresponding period of 1928.
New contemplated work reported during the past month reached a
total of 972,064,000. There was an increase of 4% over the preceding
month's total, but there was a 10% loss from the total for April of last
year.
The Central West.
New building and engineering work contracted for in April in the Central
West (Illinois, Indiana, Iowa, Wisconsin, Southern Michigan, Missouri,
Kansas, Oklahoma and Nebraska) amounted to $169,239,100. This figure
was 6% ahead of the total for March of this year, but there was a loss of
10% from the total for April of last year. Analysis of last months' contract total showed the following items of note: $77,358,900, or 46% of all
construction, for residential buildings: $32,097,500, or 19%, for public
works and utilities: 924,501,600, or 14%, for industrial projects. and
$18.284,800, or 11%,for commercial buildings.
During the first four months of this year there was $541,340,400 worth
of new building and engineering work contracted for in the Central West,
being 14% less than the amount contracted for during the first four months
of 1928.
New contemplated construction reported during April in this territory
reached a total of $213,379,200. There were losses of 5% from the March
1929 total and of 2% from the April 1928 total.
3269
has had a corrective set-back, although it is regarded as being in a much
more wholesome position than at the top price and inflated condition of
thirty days ago.
Motion pictures are not showing any improvement so far as employment
is concerned, although the production of "talkies" is going on at a rapid
pace. The petroleum industry is showing some response to the conservation
plans, but will require additional time to work out the numerous problems
involved.
Wearing apparel manufacturers are coming to the "in-between season,"
and changing to the fall lines of merchandise. Many are still operating to
capacity on summer goods. Millinery industry continues to operate at
capacity.
Postal receipts for the month of April show an appreciable gain over
April a year ago. Stock Exchange transactions, in line with the stock
market activities all over the country, show a falling off. This is regarded
as a wholesome sign by leaders of other lines of business.
Wholesale price trends are decidedly lower and the purchasing power of
the dollar shows a proportionate increase.
Agriculture is somewhat spotty, due to the heavy frosts in some sections
of the State, but the damage is considered comparatively slight when
viewed from the standpoint of the shortage being made up by other
sections which were not affected.
Water commerce again shows substantial increases in all lines of
shipping.
The Chamber also supplies the following review of business conditions in Arizona, made available through the courtesy of the Valley Bank of Phoenix, Arizona:
All in all, conditions in Arizona are at a high level and there is little
occasion to feel that there is any immediate prospect of a falling off in the
general prosperity of the State.
Range conditions on the wintering grounds are not very favorable to
the sheet and live stock industry. An unusually late Spring has added a
further deterrent to Spring feed.
Cattle prices continue high, though spring steers may be light. ShipThe Northwest.
ments of feeders to California will be retarded by lack of moisture there.
Minnesota, the Dakotas and Northern Michigan had 910,984,000 in
Cool weather slowed up the picking of lettuce, but produced a good
contracts for new construction work during the past month. The above quality which is finding a strong market.
figure was just double the total for March of this year and it was 54%
Copper is holding firm around 18c. per pound, and ihe mining districts
ahead of the total for April of last year. The following were the most are enjoying the most prosperous period of many a year. Much new plant
Important classes of work in last month's construction record: $3,288,400, construction and equipping are in prospect.
Sr 30% of the total, for public works and utilities; $2,481.200. or 23%,
Retail business throughout the State is on the up-grade, this largely to
for industrial projects: $2,083,600, or 19%, for residential buildings, and
the increased activity in the mining camps.
$1,215,000, or 11%, for public buildings.
Morenei.—Phelps-Dodge, Inc., has increased its force some 300 men in
New construction started in the Northwest since the first of this year
months.
recent
amounted to 926,445,700, being 47% ahead of the amount started during
Flagstaff.—Tourist travel unusually good, which is helping retail Waimea.
the corresponding period of last year.
Somerton.—Considerable new building in process and contemplation,
During the past month there was $15,720,700 worth of new contemnew Soanerton Grammar School, to cost $75,000.
plated work reported in the Northwest. The above figure was 23% ahead including
business
Safford.—Rain generally needed, •but general improvement in
of the amount reported in March of this year and it was 32% in excess of
construction planned, including $10e,•00 hotel and
New
conditions.
the amount reported in April of last year.
$70,000 sewer system.
Southeastern States.
New building and engineering work contracted for during April in the
Southeastern States (the Carolinas, Georgia, Florida, Tennessee, Alabama, Conditions in Pacific Southwest as Viewed by Security.
Mississippi, Arkansas and Louisiana) reached a total of $65,790,600. This
High
First National Bank of Los Angeles—Trade at
figure was the second highest April contract total on record for this terriLevel in April.
tory. It was 52% ahead of the March 1929 total, as tvell as 19% ahead
of the April 1928 total.
General trade and industry in the Pacific Southwest terriIncluded in last month's contract total were the following Items of
during April. Many
interest: $22,778,000, or 35% of all construction, for industrial projects; tory continued at relatively high levels
$16.302,900, or 25% for public works and utilities; 915,218,100. or 23%, of the accepted indices showed a strong seasonal reduction
for residential buildings, and $6,718,700, or 10%,for commercial buildings.
activity from the unusually good records
The April contract record brought the amount of new building and in the volume of
engineering work started in this territory since the first of this year up to of the first quarter of the year. However, business as a
9186,802,000, being a loss of 6% from the amount started during the
whole is still running well above a year ago, even though at a
corresponding period of 1928.
month this
New contemplated work as reported last month in the Southeast reached rate of increase smaller than during any other
a total of $65,987,600. There were losses of 35% from the total for March year. This is the introductory paragraph of the Monthly
of this year and of 17% from the total for April of last year.
Business Conditions in the Pacific Southwest
Texas.
The State of Texas had 918,887,000 in contracts for new building and
engineering work during the past month. The above figure showed a
alight increase over the total for April of last year, but there was a
10%
decrease from the total for March of this year. The following were the
Items of note in the April building record: $6.883,700, or 36% of all construction, for residential buildings; $4,461,300. or 24%, for commercial
buildings; $3,584,100, or 19%, for public works and utilities, and $1,127,300, or 6%,for educational projects.
New construction contracted for in Texas during the past four months
reached a total of $77.258,200, as compared with a total of $76,276,600 for
construction contracted for during the corresponding period of last year,
the increase being 1%.
Contemplated new work as reported during the past month in this state
amounted to $33,511,700. This figure was 46% ahead of the amount reported during the corresponding month of a year ago, but there was a
drop of 25% from the amount reported during the preceding month.
Business Conditions in Southwest as Viewed by Los
Angeles Chamber of Commerce—Activities Mixed—
Slight Falling Off in Employment.
The Southwest Business Review of the Los Angeles Chamber of Commerce presents as follows the following survey of
local business conditions during April:
The month of April shows very little definite trend. Activities are
rather mixed. Some industries indicate seasonal changes, other industries
show considerable activity, and still others show some falling off. It may
be said, however, that all lines are going at a rather conservative, steady
and wholesome pace.
Bank clearings are 4% in advance of last year, and the first four months
exceed last year by 13%. Building permits exceed last April by 12%,
and the four-month period is 10% ahead with construction generally showing a very steady upward trend.
Employment, as is customary at this season of the year, shows a slight
falling off, although for the month of April the employment index at 95.2
shows an improvement over April 1928. The furniture industry is showing
some slowing down, which is regarded as a seasonal condition. Mining
Summary of
territory compiled by the Research and Service Department
of the Security-First National Bank of Los Angeles, and
released for publication May 7. The summary continues in
fart:
tmder
Bank clearings in Los Angeles City for the month were 13%
over
March, considerably snore than the usual drop, and the gain of 4%
months
April 1928 was less than the increases registered during the earlier
averaged
of 1929. Weekly check transactions in outside reporting centers
markets
4% over the corresponding period of last yeat. The local security
receipts
Postal
steady.
were less active but prices were comparatively
were approxmately equal to March and 6.5% in excess of last April.
business this year
A pronounced contribution to the strong showing of
production of
has been the expansion in industrial operations. The
and mining
refining
petroleum, copper, automobile tires, oil well supply and
output
improved
picture
equipment was well maintained in April. Motion
Building operamoderately although meat and fish packing were quiet.
active than a
tions were below the March level but continued more
year ago.
effects of the
Trading at retail in April was somewhat slow, reflecting the
trading was
cool spring and the occurrence of Easter in March. Wholesale
tonnage
moderately good. Harbor commerce registered a strong increase in
Southern
and in value of shipments over last year. New automobile sales in
California have been at record heights, both March and first quarter totals
especially
running 60% in excess of 1928. Mercantile mortality is still
heavy.
The agricultural outlook has been featured by the very extensive frost
damage to tree and vine crops in the northern half of the State. The
damage was spotted in the central San Joaquin Valley and was quite light
in Southern California and growers in these districts expect to beneft from
the higher prices which are practically assured. Rainfall is still below
normal but the moisture situation is reasonably satisfactory. The entire
crop season has been retarded by the prevailing cool temperatures.
Citrus fruit shipments have been very heavy, with prices somewhat
improved over the recent low levels. Marketing of a record valencia crop
will begin in May. Early walnut prospects are excellent. Planting of a
increased
record cotton acreage is largely completed and planting of an
bean acreage has begun. Harvesting of Imperial Valley cantaloupes will
start about the middle of May. Ranges and pastures generally are in
wool prices
poor condition. The livestock markets are at good levels but
are below recent years.
3270
Banking.
Total deposits of reporting members banks in Los Angeles have steadily
eased off during the four weeks' period ending April 24th, showing a drop
of 14 million dollars, or 2.0%, and are now considerably below the yearend levels. Both time and demand deposits have shared in the decrease.
The demand for credit has been good and total loans have remained steady
at the high levels reached at the end of March. Investment holdings have
continued the gradual but persistent decline noted since early January.
An analysis of the March 27th published statements of the representative
banks in the metropolitan area showed deposits as 2% below the year-end
total but above all other periods. Loans of these banks, however, rose 2%
to a new peak, with a consequent rise in the loan-deposit ratio to 68.0, the
highest for several years.
A similar study for representative country banks revealed a small drop
in loans, compared with December 31, but a greater decrease in deposits,
with the loan-deposit ratio climbing to 76.1, the highest since February
28, 1928.
Review of the Building Situation in Illinois During
April-Increased Activity as Compared with March
-Record Not Up to April 1928.
Building activities in Illinois as measured by permits increased 22% in April as compared with March, but were
below last year's April figure by nearly 9%. The first four
months of 1929 are behind the corresponding months of 1928
by nearly 35%. The 1928 figure for these four months was
22% below the 1927 figure. In stating this under date of
May 16, Sidney W. Wilcox, Chief of the Bureau of Labor
Statistics of the Illinois Department of Labor,goes on to say:
These figures, which are based on building permits, are somewhat more
favorable than those based on building contracts. They point to somewhat
Improved conditions in the near future. This may be seen also by another
comparison. The figures available a month ago showed that the year
1929 was practically 30 days behind the 1928 schedule. This lag has been
materially reduced. Thus the aggregate of permits in a representative
group of cities from January to March 1928 was 5104,418,000, whereas the
total for January to April 1929 was 5146,530,000. It may be seen therefore that the lag in building at the close of April was distinctly less than
one month, though at the close of March it was a full month.
The weak spot in the building program of this year as compared with last
is within the Chicago city limits, where a decline of 41% has taken place.
Chicago permits from January to April last year were 5118,635,000; this
year $70,477,000. The suburbs nearly made up this year's poor start
standing at only 2.5% below their 1928 rate of construction. The downState area was actually ahead, though by only half a per cent.
The cities that have made gains during the first four months of 1929 as
compared with 1928 are: Rock Island with a gain of 134.7%; Lake Forest,
127.5%; Rockford,90.6% Moline, 64.9%; Decatur, 47.8%; Cicero, 38.6%;
Canton, 28.4%; Oak Park, 20.9%; Danville, 15.7%; Bgtavia, 12.7%;
River Forest,9.0%; Winnetka,6.0%; Aurora,3.7%; Bloomington,0.4% •
The following statistics are supplied by Mr. Wilcox:
NUMBER AND ESTIMATED COST OF BUILDINGS AS STATED BY PERMITS ISSUED IN 43 ILLINOIS CITIES IN APRIL 1929, BY
CITIES, ACCORDING TO KIND OF BUILDING.
Total.
April 1929,
March 1929.
April 1928.
No. Estimated
Bldg,.
Cost.
No. Estimated
Bldg=
Cost.*
Estimated
Cost.
Cities.
Total (all eities)x
5,168 $36,641,589 3,479 530,041,855
Total (excluding cities which
5,045 36,034,939 3,384 29,436,929 $39,966,491
began reporting in 1928)x
Metropolitan Area_x
3,271 31,722,202 2,206 25,487,861 35,681,408
2,472 26,247,675 1,675 21,371,045 31,234,505
Chicago
799 5,474,527
Metropolitan-Except Chicagox
531 4,116,816 4,446,903
131
Berwyn
546,200
103
592,000
639,000
42
129,011
25
Blue Island
62,270
111,633
80
918,788
45
Cicero
229,665
355,355
94
673,500
Evanston
56
770,250
507,000
48
110,395
19
*
271,545
Forest Park*
19
168,898
10
29,370
Glen Ellyn
91,775
15
91,250
18
161,050
Glencoe
177,725
41
114,915
28
57,266
Harvey
120,925
191,928
20
37
202,650
Highland Park
424,015
99,900
6
7
103,120
Kenilworth
209,500
16
38
254,900
101,350
La Grange
125,550
137,785
24
26
600,284
Lake Forest
100,931
*
27,605
16
14
55,681
Lombard*
a
a
a
a
a
Maywoodx_a
75
817,780
67
265,865
930,251
Oak Park
*
35
401,400
25
111,700
Park Ridge*
11
16
264,550
86,425
127.734
River Forest
1
25.622
250
16
15,600
West Chicago
34,900
3
13,700
9
79,700
Wheaton
21
126.475
259,050
26
146,734
Wilmette
17
206,150
275,900
32
283,425
Winnetka
1,897 4,919,387 1,273 4,553,994 4,285,083
Outside Metropolitan Area
51
131.484
182,250
67,422
74
Alton
69
270,579
433,408
139
438,835
Aurora
2
4,700
13,712
8
10,400
Batavia
14
122,200
51,000
93,600
16
Bloomington
1
500
8.425
10
2,600
Canton
4
•
93,500
8.000
5
Centralia* b
25
121.540
84,890
94,115
23
Danville
129 1,373,375
473,950
134
477,795
Decatur
117
277,708
200,547
396.710
141
East 8t. Louis
228,600
87
150,232
158,740
110
Elgin
12
49,500
273,700
78,700
35
Freeport
13
36,000
•
18,000
5
Granite City*
162.300
67
484,000
479,825
78
Joliet
170.340
87
214,232
111,177
116
Moline
•
Murphysboro*
---36,500
*
18
41,250
Ottawa*
16
213,105
89
420,705
249,343
Peoria
146
30,825
27
78,895
Quincy
94,245
45
807,200
134
468,825
714.580
Rockford
245
143,229
141
88,324
291,892
Rock Island
285
116
163,269
431,125
550,781
Springfield
172
Wanlrayan
OA
SAG 750
70
188.740
387.390
•Began reporting in 1928.
a No report.
b Includes only buildings within fire limits and business district.
x On account of the failure of Maywood to report for April 1929, the previously
reported totals for a month ago have been diminished by Maywood's March figures
of 48 buildings costing 5133,000, in order to preserve comparability. Similarly,
he figures for a year ago (April 1928) have been reduced by $306,150.
[VOL. 128.
FINANCIAL CHRONICLE
NUMBER AND ESTIMATED COST OF BUILDINGS AS STATED BY PERMITS ISSUED IN 43 ILLINOIS CITIES IN APRIL 1929, BY
CITIES, ACCORDING TO KIND OF BUILDING.
Residential Buildings
April 1929.
Cities.
No.
Bldgs.
Non-Res. Buildings.
April 1929.
Families
Provided
Estimated
for
No.
Cost.
Housek'g Bld03.
Dicell'os.
Estimated
Cost•
Total (all cities)
Total (excluding cities which
began reporting in 1928)
1,445 $20,822,825
4,494
1,671 $13,418,618
1,371
20,292,805
4,409
1,664
Metropolitan Area
Chicago
Metropolitan-Except Chicago
Berwyn
Blue Island
Cicero
Evanston
Forest Park*
Glen Ellyn
Glencoe
Harvey
Highland Park
Kenilworth
La Grange
Lake Forest
Lombard*
Maywood_a
Oak Park
Park Ridge*
River Forest
West Chicago
Wheaton
Wilmette
Winnetka
Outside Metropolitan Area
Alton
Aurora
Batavia
Bloomington
Canton
Centralla*.b
Danville
Decatur
East St. Louis
Elgin
Freeport
Granite City*
Joliet
Moline
Murphysboro•
Ottawa*
Peoria
Quincy
Rockford
Rock Island
Springfield
Waukegan
1,018
761
257
53
17
30
16
31
6
5
13
7
4
11
2
4
a
7
27
6
2
3
7
6
427
19
37
1
9
18,564,555
14,939,800
3.624,755
450,500
105,000
530,600
381,000
103,620
49,700
32,500
61,100
82,500
73,000
188,000
44,335
21,300
a
525,000
350,100
253,000
13,500
30,500
134,000
145,500
2,258,270
80,400
224,900
2,500
77,000
11
33
39
23
12
5
26
17
39,400
185,300
149,720
105,500
94,500
18,000
232,900
85,400
4,036
1,135
3,548
817
488
318
99
70
17
12
97
23
51
39
31
___ _
6
7
5
5
13
15
7
18
4
20
i.
2
11
4
4
a
a
70
50
382
6
7
2
10
3
5
7
8
16
6
536
458
19
7
22
40
4
1
4
10
5
1
6
11
73
33
41
43
31
23
19
12
5
3
27
19
17
7
35
14
69
15
28
27
37,000
183,000
74.200
303,000
53,500
139,550
172,000
7
35
14
84
15
28
34
60
22
115
26
48
30
13,368,903
11,492,141
10,156,100
1,336,041
90,750
10,273
346,113
177.750
95,200
6,000
45,065
85,848
56,500
38,950
715
a
269,580
47,000
3,025
10,872
1,400
13.550
37,450
1.926,477
80,450
143,349
937
36,200
2,425
2,000
36,850
254,350
24,635
27,325
169,200
189,000
85,556
28.940
10,145
356,771
4,905
366,886
106,500
•Began reporting in 1928.
a No report.
is Includes only buildings within fire limits and business district.
^
Agricultural and Business Conditions in Minneapolis
Federal Reserve District-Mixed Conditions in
Trade.
In its preliminary summary of agricultural and business
conditions in its district, the Federal Reserve Bank of
Minneapolis has the following to my under {late of May 15:
The volume of business in the district showed mixed changes as compared
with April 1928. The increase was not as large as the increases which have
been experienced in earlier months this year as compared with the same
months a year ago. Part of the explanation for the smaller increase is
undoubtedly the fact that Easter fell in April last year and in March
this year. The daily average of check payments at seventeen cities ocanbined was 1% smaller in April than in the same month last year. The
decrease was confined to Minneapolis and Duluth, and reflect, in part, the
fact that Easter fell in April last year.
Farm income from cash crops and hogs combined during April was 6%
smaller than the income from these sources in April last year. Decreases
occurred in the cash value of bread wheat, rye and potato marketings, while
increases occurred in the income from dunun wheat, flax and hogs. The
value of dairy products sold during March was 17% larger than the value
of dairy products sold in the same month last year. The April prices of
flax, cattle, calves, hogs, sheep, butter, milk and hens were higher than a
year ago. The April prices of wheat, corn, oats, barley, rye, eggs and
potatoes were lower than a year ago.
ESTIMATED VALUE OF IMPORTANT FARM PRODUCTS MARKETED
IN THE NINTH FEDERAL RESERVE DISTRICT.
P.C. Apt. 1929
April 1928. of Apr. 1928.
April 1929.
82
Bread wheat
37,642,000
56,296,000
103
3.771,000
Durum wheat
3,875,000
28
1,026,000
Rye
290.000
121
419,000
Flax
505,000
44
3,715,000
Potatoes
1,641,000
128
8,706.000
Hogs
11,161.000
P. C. Mar. 1929
March 1928. of Mar. 1928.
March 1929.
117
519.340,000
$22,651,000
Dairy products
Increases in Employment and Wages in Pennsylvania
and Delaware.
Manufacturing operations, as measured by employment
and payrolls, in Pennsylvania continued to show in April
the upward trend which.began in the early part of this year,
and were materially above the level prevailing at the same
time last year. According to reports received by the Federal Reserve Bank of Philadelphia from 782 plants in Pennsylvania, factory payrolls in April were almost 101% of the
1923-1925 average, and were about 18% higher than in
April 1928. The increase between March and April
amounted to more than 1%. Employment in April was
INANCIAL CHRONICLE
EMPLOYMENT AND WAGES IN PENNSYLVANIA.
[Compiled by the Federal Reserve Bank of Philadelphia and the Department of
Labor and Industry, Commonwealth of Pennsylvania.]
Index Numbers, 1923-1925 Averag
Group and Industry.
Payrolls
Employment
April 1929.
April 1929.
No. of
Per Cent
Per Cent
Plants
Change Since
ReportChange Since
April
ing. April
Index. March April Index. March April
1929. 1928.
1929. 1928.
All mfg. Industries (51)___- 782
228
Metal products
9
Blast furnaces
Steel works & rolling mills 43
Iron and steel forgings_
10
10
Structural iron work
Steam and hot water heat17
ing apparatus
9
Stoves and furnaces
38
Foundries
39
Machinery and parts_.... _
15
Electrical apparatus
10
Engines and pumps
18
Hardware and tools
Brass and bronze products 10
Transportation equipment
40
Automobiles
6
Autmoobile bodies & parts 11
Locomotives and cars.-- 13
Railroad repair shops-6
Shipbuilding
4
Textile products
156
Cotton goods
14
Woolens and worsteds.-- 15
38
Silk goods
9
Textile dyeing & finishing
9
Carpets and rugs
Hats
4
25
Hosiery
15
Knit goods, other
9
Men's clothing
Women's clothing
9
Shirts and furnishings
9
96
Foods and tobacco
Bread & bakery products. 27
13
Confectionery
11
Ice cream
14
Meat packing
Cigars and tobacco
31
Stone,clay dc glass products. 66
Brick, tile and pottery
30
14
Cement
22
Glass
42
Lumber products
Lumberand planing mills_
17
Furniture
19
Wooden boxes
6
48
Chemical products
Chemicals and drugs
28
3
Coke
3
Explosives
9
Paints and varnishes
5
Petroleum refining
Leather and rubber products 49
17
Leather tanning
22
Shoes
6
Leather products, other
Rubber tires and goods_
4
57
Paper and printing
13
Paper and wood pulp
6
Paper boxes and bags....
38
PrInthaz and publishing
92.8
89.6
46.8
81.3
97.2
112.7
+1.0 +7.7 100.9
+1.1
+8.6 100.5
+6.8 -5.8 49.5
+1.2 +2.5 94.1
+2.5 +13.6 112.4
+2.0 +19.3 112.9
95.8 +2.4 +2.0 107.1
71.1 -9.3 -7.1 61.4
93.9 +2.4 +14.0 105.6
113.2 +1.9 +12.4 128.0
130.4 +1.7 +42.0 140.7
103.3 -1.5 +15.5 111.5
93.5 -2.0 +12.5 99.3
99.9 +0.9 +29.9 102.9
*89.0 +5.0 +13.7 *97.2
119.9 +2.8 +31.9 144.2
138.3 +5.8 +74.0 137.7
65.3 +6.9
+2.0 67.3
91.6 -0.1 +13.1 109.6
36.8 +1.9 +13.6 42.6
102.2 +0.1
+7.4 111.5
81.6 -0.2 -4.3 83.5
88.4 -1.9 +8.6 88.3
105.6
+0.8 +13.7 111.7
122.4 -1.2 -1.3 130.9
91.2 +2.0 +9.0 90.6
96.6 -1.9 -4.1 85.9
125.5 +1.7 +7.4 160.4
87.6 +1.6 +3.9 100.4
97.3 -3.2 +13.8 103.3
130.0 -2.8 +10.3 139.9
91.3 -5.3 -0.1 93.4
94.2 -0.4 +2.3 94.2
106.3 +0.9 +1.6 100.6
89.9 -4.0 +6.0 101.2
90.3 +11.5 +6.5 98.4
101.0 -0.8 +11.8 97.1
92.0 -0.4 -0.9 85.1
81.6 +0.7 -1.1 82.6
91.1
+1.1
+5.6 93.5
70.9 -1.4 -12.3 77.1
92.0 +2.4 +8.9 88.6
68.5 -4.9 -2.1 69.0
63.9 -7.8 +3.1 69.5
66.7 -4.6 -4.6 63.1
99.9 +4.8 -10.9 102.1
99.8 +1.8 +4.3 107.1
98.0 +3.7 +3.2 103.8
118.5 -0.2 -3.9 116.2
139.5 +2.5 +18.9 128.8
130.3 +3.9 +0.9 141.9
89.0 +1.8 +8.3 97.5
95.0 -1.2 -4.8 98.7
98.2 -1.5 -8.4 102.1
90.3 -1.1 -0.9 89.0
119.0 -2.1 +11.1 111.3
77.0 +0.4 -8.2 93.9
88.5 -2.5 -4.3 104.3
75.2 -5.9 -10.2 86.6
90.0 +0.6 +1.7 108.4
105.0 +0.1 +0.3 122.8
-I
II+1+++
II
11 +-++++++1I+++11 1+++++
H
OWWWW00.r..0...Ww4.0.00.0,W.0.0WWW1-.0pWO.,..400 WW.00.00.WCAOW4.WW,P.W0
•
100.
+18.1
+18.9
-2.2
+15.9
+16.8
+25.7
+9.7
-13.4
+30.7
+20.4
+46.0
+22.8
+18.2
+35.6
+29.3
+38.7
+83.6
+22.4
+40.3
+36.5
+17.1
+11.0
+31.4
+14.4
+4.8
+24.6
-7.0
+21.7
+19.2
+51.7
+149
+4.4
+7.9
+1.8
+16.9
+7.7
+16.0
+5.5
+7.1
+13.5
-2.9
+18.1
+3.0
+3.9
+4.8
+1.6
+8.8
-5.3
+33.2
+14.3
-0.9
-2.7
-4.5
-1.0
+13.8
-4.0
-0.9
-7.9
+9.5
•Preliminar7 figures.
EMPLOYMENT AND WAGES IN CITY AREAS.
(Compiled by Department of Statistics and Research of Federal Reserve Bank
of Phi adelphia.]
Employment
Payrolls
Percentage Change Percentage Change
No. of Apr. 1929 Since
Apr. 1929 Since
Plants
Report- March
April
March
April
ing.
1929.
1928.
1929.
1928.
Allentown-Bethlehem-Easton
Altoona
Erie
Harrisburg
Hazleton-PottsvilleJohnstown
Lancaster
New Castle
Philadelphia
Pittsburgh
Reading-Lebanon.
Scranton
Sunbury
Wilkes-Barre
Williamsport
Wilmington
York
74
14
12
34
20
13
28
11
232
88
62
30
25
21
22
29
43
-0.6
+0.7
+2.1
-1.6
+0.4
+4.2
-3.2
+2.1
+1.3
+1.0
-3.0
+2.81
-0.4
+0.1
+3.8
+1.8
-1.7
+10.2
+10.0
+14.7
+5.8
-10.0
-8.8
+3.9
+13.4
+2.3
+11.7
-4.0
+31.6
+0.5
+9.3
+8.4
+2.3
+1.3
+4.3
+4.0
-4.9
+5.0
+2.0
-1.4
-0.6
+1.0
+2.7
-0.8
-2.7
-8.2
-2.8
+1.1
+3.2
+0.8
+5.3
+13.8
+7.8
+24.9
+12.4
+12.0
-6.3
+8.4
+22.8
+14.7
+26.1
+0.2
+33.9
+3.1
+26.0
+11.0
+2.3
Group and Industry.
EmployeNo. of Hours
Average
Average
Plants Change Hourly Wages. 'Weekly Wages.
Report- Apr. '29
from
ing.
Mar.
Mar.'29 April. Mar. April.
W..01.NJ.400....IWOW.CVDN.,INNQD.,OWNW.4COW.4.4rP.Gn.,-,.W,INCnN.W4,4W.C.DCrtCnIAUDW
The bank's compilations follow:
[Compiled by the Federal Reserve Bank of Philadelphia and the Department of
Labor and Industry, Commonwealth of Pennsylvania.]
bo b> Cr000.(2.01,.000CclC2100,00s
001010001 001 4,;14.7.
Cp 61($0101100100 a.Ca 10 0000 is in 4.
-lOcal
WwW.0.41.,,WOOC/140.0owNWNNIrPo...4,..101......10W.WwWNDo-.W0,..MNO.DOtWWNOwv...0J....MMWW0*
Groups comprising transportation equipment, metal products, stone,
clay and glass products, and chemical products reported increases in wage
disbursements, while those including textiles, foods and tobacco, lumber
products, leather and rubber products, and paper and printing showed declines during the month. Compared with a year ago, however, all groups
showed substantial increases, except for declines in leather and rubber
products, and paper and printing.
The number of wage earners and the volume of wage payments in Delaware showed appreciable gains between March and April. Virtually all
reporting industries shared in these increases.
Sixteen out of the 17 city areas reported gains in payrolls in comparison
with April 1928, the largest increases occurring in Sunbury, Williamsport,
Reading-Lebanon, Harrisburg, Philadelphia, Pittsburgh and Altoona.
City areas reporting increased employment greatly outnumber those showing declines in contrast with a year before.
EMPLOYEE-HOURS AND AVERAGE HOURLY AND WEEKLY WAGES
IN PENNSYLVANIA.
COCOWA.WWWQDMOCnCaCAW.O.4WN.,P.W.q4.NW.......00pw;4cOoag..,
Grtw.o...o...IANW ,
IJW.4WN.J1.9T00
about 93% of the 1923-1925 average, was nearly 8% larger
than a year earlier, and 1% greater than in March. Last
year at the same time both employment and payrolls showed
sharp declines as compared with the previous month and
year. The Philadelphia Federal Reserve Bank in its survey issued May 16 adds:
3271
of
143C,‘;:biWoi.364.66.
4,
6WV.066kniA6W6b4..b4..WW:o.i,,,64.4,..744.4.:4:41mb,:mb,I0VoWW;m66b,6C46
MAY 18 1929.]
+1.9
$27.36
All manufg. industries (46)__._ 481
169
+2.3
29.96
Metal products
+1.3
7
29.26
Blast furnaces
26
+3.9
31.46
Steel works and rolling mills_
+4.1
9
28.03
Iron and steel forgings
+6.0
27.66
Structural iron work
7
-0.1
30.42
Steam & hot water heat. app. 14
33
+4.1
30.35
Foundries
32
+1.1
32.04
Machinery and Parts
12
24.62
-1.0
Electrical apparatus
10
29.12
-6.8
Engines and pumps
12
24.68
-1.3
Hardware and tools
27.21
-1.8
7
Brass and bronze products31.77
30
+5.8
Transportation equipment_ __ _
34.69
+5.9
5
Automobiles
+5.3
32.21
8
Automobile bodies and parts
29.79
+6.4
9
Locomotives and cars
31.68
4
+2.9
Railroad repair shops
4
33.68
+11.6
Shipbuilding
22.52
79
-2.3
Textile products
10
23.76
+3.2
Cotton goods
21.25
10
-3.1
Woolens and worsteds
21
-5.1
19.37
Silk goods
25.49
4
-2.8
Textile dyeing and finishing_
25.00
+2.8
5
Carpets and rugs
28.80
-0.3
8
Hosiery
+2.7
20.30
9
Knit goods, other
15.39
-1.4
8
Women's clothing
-6.2
15.99
4
furnishings
Shirts and
-0.9
47
20.18
Foods and tobacco
28.01
19
-3.6
Bread and bakery products
-2.5
19.95
5
Confectionery
32.26
+9.6
8
Ice cream
+4.0
28.22
9
packing
Meat
-5.9
13.69
6
Cigars and tobacco
39
+5.6
27.63
Stone, clay and glass products_
19
+5.6
25.50
Brick, tile and potterY
+11.0
8
31.50
-- -Cement
12
+0.1
25.84
Glass
32
-2.2
21.56
Lumber products
+2.8
22.34
13
Lumber and planning mills
15
22.71
-4.8
Furniture
-7.9
16.48
4
Wooden boxes
20
+1.1
28.73
Chemical products
11
+12.1
28.29
Chemicals and drugs
+1.6
28.11
6
Paints and varnishes
-1.3
29.84
3
Petroleum refining
22.96
26
+3.7
Leather and rubber products
25.57
+9.3
7
Leather tanning
17.94
11
-1.9
Shoes
21.51
4
+7.5
Leather products, other
29.82
+2.4
4
goods
Rubber tires and
30.98
39
+0.5
Paper and printing
-0.8
29.58
9
Paper and wood pulp
15.69
-2.9
3
Paper boxes and bags
34.85
+2.5
27
Printing and publishing
* These figures are for the 782 firms reporting employment and wages.
EMPLOYMENT AND WAGES IN DELAWARE
(Compiled by Federal Reserve Bank of Philadelphia)
Industry
All industries
Foundries and machinery products
Other metal manufactures
Food industries
Chemicals, drugs and paints
Leather tanned and products
Printing and publishing
Miscellaneous industries
$27.32
29.78
30.75
31.01
27.19
28.65
31.23
29.71
31.89
24.21
30.15
25.04
27.45
31.66
34.62
32.64
29.98
31.11
28.98
22.97
24.63
21.40
20.37
26.64
25.28
28.00
20.40
14.33
15.30
20.67
28.75
20.88
32.68
27.92
13.86
26.95
23.50
30.43
26.68
21.45
21.13
23.22
17.99
29.01
28.03
28.61
29.96
22.70
24.87
18.49
21.06
28.98
31.25
30.28
16.40
34.71
Increase or Decrease
April 1929 over March 1929
Number
of
Plants
Reporting.
Employment.
Total
Wages.
Average
Wages.
28
4
5
3
3
3
4
6
+3.6
+5.6
+3.5
+2.7
+10.7
+2.1
0.0
+2.0
+2.6
+8.0
+0.9
+1.3
+3.5
+8.1
+0.8
-0.3
-1.0
+2.3
-2.6
-1.4
-6.5
+5.9
+0.8
-2.3
Country's Foreign Trade in April-Imports and Exports.
The Bureau of Statistics of the Department of Commerce
at washington on May 13 issued its statement on the foreign
trade of the United States for April and the four months
ending with April. The value of merchandise exported
in April 1929 was $427,000,000, as compared with $363,928,000 in April 1928. The imports of merchandise are
provisionally computed at $409,000,000 in April 1929, as
against $345,314,000 in April the previous year, leaving
a favorable balance in the merchandise movement for the
month of April 1929 of $18,000,000. Last year in April
there was a favorable trade balance on the merchandise
movement of $18,614,000. Imports for the four months
of 1929 have been $1,531,155,000, as against $1,414,702,000 for the corresponding four months of 1928. The
merchandise exports for the four months of 1929 have
been $1,846,658,000, against $1,566,771,000, giving a favorable trade balance of $315,503,000 in 1929, against a favorable trade balance of $152,069,000 in 1928. Gold imports
totaled $24,687,000 in April, aganist $5,319,000 in the
corresponding month in the previous year, and for the
four months were $126,647,000, as against $61,007,000.
Gold exports in April were only $1,594,000, against $96,469,000 in April 1928. For the four months of 1929 the
exports of the metal foot up $6,033,000, against $271,897,000 in the four months of 1928. Silver imports for
the four months of 1929 have been $23,110,000, as against
$20,985,000 in 1928, and silver exports $28,426,000, as
against $28,163,000. Following is the complete official
report:
I
3272
FINANCIAL CHRONICLE
4 Months Ending April.
April.
Exports
Imports
Excess of exports
Excess of imports
1929.
1928.
1929.
1928.
Inc.(+)
Dec. (-).
1,000
Dollars.
427,000
409.000
1,000
Dollars.
363,928
345,314
1,000
Dollars.
1,846,658
1,531,155
1,000
Dollars.
1,566,771
1,414,702
1,000
Dollars.
+279,887
+161,453
18,000
18,614
315,503
152,069
EXPORTS AND IMPORTS OF MERCHANDISE, BY MONTHS.
1929.
1928.
1924.
1925.
1926.
1927.
1,000
1,000
1,000
1,000
1,000
1,000
Dollars. Dollars. Dollars. Dollars. Dollars, Dollars.
488,021 410,778 419.402 396,836 446,443 395,172
441,746 371.448 372,438 352,905 370,676 365,782
489,891 420,617 408,973 374,406 453,653 339,755
427,000 363,928 415,374 387,974 398,255 346.936
422,557 393,140 356,699 370,945 335,089
388,661 356,966 338,033 323,348 306,989
378,984 341,809 368,317 339,660 276,649
379,006 374,751 384,449 379,823 330,660
421,607 425,267 448,071 420,368 427,460
550,014 488,675 453,301 490,567 527,172
544,912 460,940 480,300 447,804 493.573
475,845 407,641 465,369 468,306 445,748
ExportsJanuary
February
March
April
May
June
July
August
September
October
November
December
368,909
369,442
383,804
409,000
337,916
351,035
380,437
345,314
353,981
317,249
317,848
346,715
319,618
355,358
326,565
339,408
356,841
310,877
378,331
375,733
346,501
354,892
319,298
368,875
342,154
355,738
344,269
331,234
416,752
387,306
442,899
397,912
320,919
336,251
338,959
336,477
343,202
376,868
373,881
359,462
346,165
333,387
385,379
346,091
327,519
325,216
325,648
340,086
349,954
374,074
376,431
396,640
W00.4240.
!1.44.P.OWC...
1-' 0000aCa
04.0.P.0.00000000
ImportsJanuary
February
March
April
May
June
July
August
September
October
November
December
WWWWN0NWWWWW
4 mos.end. April.. 1,846.658 1,566,771 1,616,187 1,512,121 1,669,027 1,447,645
10 mos.end April- 4,597.026 4,065,853 4,217,994 4,058,649 4,170,288 3,669,579
12 mos.end.Dec.....
5,128,356 4,856,375 4,808,660 4,909.848 4,590,984
4 mos.end. April_ 1,531.155 1,414,702 1,421,782 1,644,869 1,411,022 1,272,602
10 mos.end. April__ 3,536,667 3,476,270 3.550,631 3.807,702 3,171,394 2,977,048
12 mos. end. Dec.__
4091.4444.184,7424,430.8884.226.5893,609.963
1929 as against March 1928: Newsprint 5.8%, wrapping
8.8% and hanging 40%. Book paper production during both
February and March was approximately at the same level
as last year. The Association in making public these figures
May 11, adds:
Shipments of all grades, excepting hanging, registered increases over
March 1928. The total shipments of all grades was about 6% above the
total for March of last year.
Stocks on hand registered a decrease as compared with February in all
but the tissue and hanging grades. Compared with a year ago, the only
Inventory increases were in hanging and paperboard, the latter showing the
more substantial increase.
Identical pulp mill reports for March 1929, showed that the total production of all grades of pulp was about 3% greater than March 1928. Mill
consumption was about 1% greater and shipments to the outside market
1% greater than during the corresponding month last year. March 1929,
production totaled 226,520 tons against 202,792 tons in Feburary and
230,729 tons in January.
Total stocks on hand at the identical mills reporting, registered a decrease
of 8.4% as compared with last year. All the individual grades showed
decreases in inventory as compared with the same time last year.
REPORT OF PAPER OPERATIONS IN IDENTICAL MILLS
FOR THE MONTH OF MARCH 1929.
Grade.
Newsprint
Book
Paperboard
Wrapping
Bag
Writing
Tissue
Hanging
Felts and building
Other grades
Total-All grades
• Subject to revision.
Production.
Shipments.
Stocks on Hand
End of Month.
Tons.
114,586
101,119
222,186
52,295
15,681
33,078
12,634
4,040
6,685
28,900
Tons.
120,003
103.110
226,570
55,123
16,360
35,043
12,552
3,942
7,639
28,580
Tons.
30,534
46,813
50,017
49,360
7,319
37,898
8,746
2,891
1,246
18,011
591.204
608,922
252,835
REPORT OF WOOD PULP OPERATIONS IN IDENTICAL MILLS
FOR THE MONTH OF MARCH 1929.
Grade.
Production.
4 Months Ending April.
Gold.
Exports
Imports
Excess of exports
Excess of imports
1929.
1928.
1929.
1928.
Inc.(+)
Dec. (-).
1.000
Dollars.
1,594
24,687
1.000
Dollars.
96,469
5,319
1,000
Dollars.
6,033
126,647
1,000
Dollars.
271,897
61,007
1,000
Dollars.
-265,864
+65.640
91,150
23:655
SilverExports
Imports
Excess of imports
Excess of imports
6,587
4,888
28,426
23,110
28,163
20.985
1,795
1,699
5,316
7,178
Gold.
ExportsJanuary
February
March
April
May
June
July
August
September
October
November
December
1,000
Dols.
1,378
1,425
1.635
1,594
1,000
Dols.
52,086
25,806
97,536
96,469
83,689
99,932
74,190
1,698
---- 3,810
992
22,916
1,636
+263
+2,125
Silver.
1927.
1926.
1,000
Dols.
14,890
2,414
5,625
2,592
2,510
1,840
1,803
1,524
24,444
10,696
55,266
77,849
1,000 1,000
Dols. Dols.
3,087 8.264
3.851 2,595
4,225 7,814
17,884 5,752
9,343
____
3,346
___.
5,019
____
29,743
__
23,081
,.___
1,156
____
7,727
--_
7,196
____
1929.
1928.
1927.
1926.
1,000 1,000 1,000
Dols. Dols. Dols.
6,692 7,388 9,763
7,479 6,233 7,752
7,405 6,077 8,333
6,587 6,824 7,612
6,712 6,026 7,931
7,456 5,444 7,978
1,160 6,650 7,921
9,246 5,590 8,041
6,229 6,627 7.243
7,252 5,945 7,279
7,674 5,634 6,794
8,489 7.186 5,610
8,260
4,458
6,435
3.957
____
____
____
--__
_.
- ___
_-__
____
6,305
4,658
5,134
4,888
4,247
6,221
6,544
6,496
5,739
7,319
5,448
5,120
awo,..acnoc.A.00mv,
V00lDl0WIA-ce..4
w.p.000...v.wmco
0.-0w000ts,wcoww
48,577 38,320 59,355 12,351
26,913 14,686 22,309 25,416
26,470 2,683 16,382 43,413
24,687 5,319 14,503 13,116
1,968 34,212 2,935
20,001 14,611 18,890
10,331 10,738 19,820
2,445 7,877 11,979
4,273 12,979 15,987
14,331 2,056 1,857
29,591 2,082 16,738
24,950 10,431 17,004
4
.
0BON'
.40001.00
.40 00.000W.+0.1...0
0.0.4000000000.+
4 mos. end. Ap
6,033 271,837 25,521 29,047 28,426 28,163 26,522 33,469
10 mos. end. Ap 111,274 443,481 99,493 100,750 73,476 65.795 69,410 82.071
560,760 201,455 115,708
-__ 87,382 75,625 92,256
12 mos. end. De
ImportsJanuary
February
March
April
May
June
July
August
September
October
November
December
4 mos. end. Apr 126,647 61,007 112,549 101,296 23,110 20,985 17,123 26,487
10 mos. end. Apr 212 568 107,170 202,934 188.903 50,775 49,062 40,732 58,900
'
Iasi Qq7 A7 ARA 212 A04
68.117 55.074 69 5011
12 mos. end.Dec
Paper Production in March Exceeds February's Volume.
The total paper production in March,according to identical
mill reports to the American Paper & Pulp Association, was
591,204 tons as compared with 542,076 tons in February and
598,591 tons in January. The March 1929 production was
591,204 tons as against 577,955 tons in March 1928, an increase of 2.3%. All grades excepting newsprint, wrapping
and hanging registered increases in monthly production over
last year. Paperboard showed an increase of 10.5% over
March 1928 production while bag increased 10.2%, felts and
building 10.5%, tissue 1.3% and writing 3.6%. The
following grades registered production decreases in March
Total -All grades
226.520
Tons.
2,658
2,447
2,338
285
713
5,823
8,875
12
Tons.
91,803
8,728
2,521
743
949
4,065
4,197
38
196.946
23.161
113.044
210,890
5,752
3.957
1928.
Tons.
95,765
38,293
26,820
3,455
6,178
30,942
25,026
41
120,614
EXPORTS AND IMPORTS OF GOLD AND SILVER, BY MONTHS.
1929.
Groundwood
Sulphite, news grade
Sulphite bleached'
Sulphite easy bleaching
Sulphite MitscherlIch
Sulphate pulp
Soda
Pulp-other grades
Stocks on
Hand End
of Month.
Used
During
Month.
WWW4
0001,
544.0001
GOLD AND SILVER
Shipped
During
Month.
.4J00N0W
TOTAL VALUES OF EXPORTS AND IMPORTS OF THE UNITED STATES.
(Preliminary figures for 1929 corrected to May 11 1929)•
MERCHANDISE.
[VOL. 128.
Unfilled Softwood Lumber Orders Slightly Lower.
Unfilled softwood lumber orders for 518 mills, as of May
11, amounted to 1,434,549,000 feet, or the equivalent of
26.6 days' production. New business for the week envline
that date for 291 hardwood producing units amounted so
104% of production. Preliminary telegraphic reports from
772 hardwood and softwood mills for the week ended May 11
to the National Lumber Manufacturers Association gave
orders as 373,924,000 feet, shipments 395,390,000 feet and
production 394,748,000 feet. These compared with figures
for the previous week from 799 mills giving orders as 401,456,000 feet, shipments 429,195,000 feet and production
412,349,000 feet. The unfilled softwood order situation is
a drop from the 28.2 days' production equivalent of a month
ago, the high for the year to date, and 0.6 days under the
equivalent for the week previous. The "Association's"
statement adds:
Unfilled Orders.
The unfilled orders of 348 Southern Pine and West Coast mills at the end
of last week amounted to 1,028,349,000 feet, as against 1,037,017,000 feet
for 349 mills the previous week. The 141 Southern Pine mills In the group
showed unnlled orders of 234,394,000 feet last week, as against 233,427,000
feet for 143 mills the week before. For the 207 West Coast mills the unfilled orders were 793,955,000 feet, as against 803,590,000 feet for 206 mills
a week earlier.
Altogether the 518 reporting softwood mills had shipments 100% and
orders 94% of actual production. For the Southern Pine mills thoso percentages were respectively 103 and 93; and for the West Coast mills 101
and 97.
Of the reporting mills, the 518 with an average production (based upon
their last three year's production) for the week of 335,471,000 feet, gave
actual production 105%, shipments 105% and orders 98% thereof.
The following table compares the lumber movement, as reflected by the
reporting mills of eight softwood and two hardwood regional associations,
for the two weeks indicated:
Past Week.
Softwood.
Mills (or units)*
518
Production
352,417,000
Shipments
350,981,000
Orders (new business)
329,999,000
• A unit is 30,000 or 35,000 feet of daily
Hardwood,
Preceding Week 1929
(Revised).
Softwood.
549
291
42,331,000 363,318,000
44,409,000 375.665,000
43,925,000 353,867.000
production capacity.
Hardwood.
311
49,031,000
53,530,000
47,589,000
West Coast Movement.
The West Coast Lumbermen's Association wires from Seattle that new
business for the 207 mills reporting for the week ended May 11 totaled
191,092,000 feet, of which 63,593,000 feet was for domestic cargo delivery.
and 33,777.000 feet export. New business by rail amounted to 73,661.000
feet. Shipments totaled 198,226,000 feet, of which 65,066,000 feet moved
MAY 18 1929.1
F1NANCIAL CHRONICLE
coastwise and intercoastal, and 30,857,000 feet export. Rail shipments
totaled 82,242,000 feet, and local deliveries 20,061,000 feet. Unshipped
orders totaled 793,955,000 feet, of which domestic cargo orders totaled
318,881,000 feet, foreign 235,587,000 feet and rail trade 239,487,000 feet.
Weekly capacity of these mills is 235,774,000 feet. For the 18 weeks
ended May 4, 140 identical mills reported orders 9.2% over production,
and shipments 3.1% over production. The same mills showed a decrease
in inventories of 5.5% on May 4 as compared with Jan. 1.
Southern Pine Reports.
The Southern Pine Association reports from New Orleans that for 141
mills reporting, shipments were 3% above production, and orders 7%
below production and 8% below shipments. New business taken during
the week amounted to 61.970,000 feet (previous week 59,602,000); shipments 68,702,000 feet (previous week 63,638.000); and production 66,884.000 feet (previous week 62,710.000). The three-year average weekly production of these mills is 73,225.000 feet.
Note.—In each comparison given in the following paragraphs, "average"
is based upon the past three years' actual production of the reporting mills.
The Western Pine Manufacturers Association of Portland, Ore., reports
production from 34 mills as 35,090,000 feet, as compared with an average
production for the week of 34.779,000,and for the previous week 35,947,000.
Shipments were about the same last week, with a notable reduction in new
business.
The California White & Sugar Pine Manufacturers Association of San
Francisco, reports production from 18 mills as 22.723,000 feet, as compared with an average figure for the week of 20,761,000. Sixteen mills
the week earlier reported production as 22,506,000 feet. Shipments were
about the same last week, with a slight decrease in orders.
The California Redwood Association of San Francisco, reports moduction from 13 mills as 8,382,000 feet, compared with an average figure of
7,354,000. Fourteen mills the preceding week reported production as
8,263,000 feet. Shipments and new business last week were approximately
the same as those reported for the week before.
The North Carolina Pine Association of Norfolk, Va., reports production from 70 mills as 9,780,000 feet, against an average production for the
week of 10,878,000. Seventy-two mills the previous week reported production as 11,157,000 feet. Shipments showed a considerable decrease
last week, with a nominal decrease in new business.
The Northern Pine Manufacturers Association of Minneapolis, Minn.,
reports production from 9 mills as 10,475.000 feet, as compared with an
average figure for the week of 11.918,000, and for the preceding week
10,063,000. Shipments were slightly less last week, with a marked reduction in new business.
The Northern Hemlock and Hardwood Manufacturers Association of
Oshkosh, Wis. an its softwood production) reports production from 25
mills as 2,099,000 feet, as compared with an average production for the
week of 3,973,000. Twenty-eight mills the week earlier repotted production as 3,610,000 feet. Shipments were somewhat lower last week, with
a slight increase in orders.
Hardwood Reports.
The Northern Hemlock and Hardwood Manufacturers Association of
Oshkosh, Wis., reports production from 37 units as 7,675,000 feet, as compared with productive capacity of these same units for the week ot 9,295,000.
Thirty-nine units the previous week reported production as 8,342,000 feet.
There were noticeable decreases in shipments and new business last week.
The Hardwood Manufacturers Institute of Memphis, Tenn., reports
production from 254 units as 34,656,000 feet as against productive capacity for these same units for the week of 45.619,000. For the week before
250 units reported production as 36,847.000 feet. Shipments were somewhat lower last week, with a slight increase in new business.
Detailed softwood and hardwood statistics for reporting mills of the
comparably reporting regional associations will be found below:
Average
Production
Orders.
for Week.:
Production.
Association—
Shipments.
Southern Pine (19 weeks)._1,246,453,000 1,302,713.000 1,332,460,000
Week (141 mills)
61,970,000 73,225,000
68,702,000
66,844,000
West Coast Lumbermen's—
3,237,928,000 3,254,076,000 3,394,950,000
(19 weeks)
Week (208 mills)
197,024,000 198,363,000 191,185,000 172,583.000
Western Pine Mirs.(19 wks.) 557,738,000 615,610,000 653,451,000
Week (34 mills)
32,913,000 34,779,000
36,565,000
35,090,000
Calif. White & Sugar Pine—
(19 weeks)
341,881,000 482,921,000 481,710,000
Week (18 mills)
22,723,000
18,540,000
17,213,000 20,761,000
Calif. Redwood (19 weeks)_ 140,738,000 136,159,000 154,037,000
Week (13 mills)
8,466,000
8,382,000
9,215,000 7,354,000
No. Caro. Pine (19 weeks)_ 193,038,000 183,282,000 172,872,000
Week (70 mills)
8,260,000
9,780,000
9,240,000 10,878,000
No.Pine Mfrs.(19 weeks)_ 102,025,000 153,764,000 157,717,000
Week (9 mills)
10,475,000
9,670,000
5,706,000 11,918,000
No. Hemlock & Hardwood
Softwoods (19 weeks)_
84,838,000
69,029,000
77,567,000
2,099,000
Week (25 mills)
2,415,000
2,557,000 3,973,000
Softwoods total(19 wks.)5,904,639,000 6,197,554,000 6,424,764,000
352,417,000 350,981,000 329,999,000 335,471,000
Week (518 mills)
No. Hemlock & Hardw'd—
Hardwoods (19 weeks).- 250.377,000 176,844,000 173,212,000
7,675,000
Week (37 units)
5,012,000
3,613,000 y92.95,000
Hardwood Mfrs. Institute
745,285,000 826,601,000 843,908,000
(19 weeks)
34,656,000
unite)
(254
Week
39,397.000
40,312,000 745,619,00
Hardwood total(19 wks.) 995,662,000 1,003,445,000 1,017,120,000
42.331,000
Week (291 unite)
44,409,000
43,925,000 y54,914,000
Based on three years actual production. y Productive capacity.
West Coast Lumbermen's Association Weekly Report.
According to the West Coast Lumbermen's Association
reports from 208 mills show that for the week ended May 4
shipments exceeded production by 8.15%, while orders fell
below output by 0.41%. The Association's statement follows
WEEKLY REPORT OF PRODUCTION, ORDERS AND SHIPMENTS.
208 mills report for week ending May 4 1929.
(All mills reporting production, orders and shipments.)
193,945,838 feet(100%)
Production
193,156,484 feet (0.41% under production)
Orders
209,756,824 feet (8.15% over production)
Shipments
PAST PRODUCTION AND WEEKLY
AND
CURRENT
COMPARISION OF'
OPERATING CAPACITY (263 IDENTICAL MILLS).
(All mills reporting production for 1928 and 192910 date).
Feel,
217,4e3el
f,808
Actual production week ending May 4 1929
Average weekly production, 18 Weeks ending May 4 1929
1928
19
88
9:9
52
179:04
649
5
Average weekly production during
199,870,826
Average weekly production, last three years
270,474.793
*Weekly operating capacity
• Weekly operating capacity is based on average hourly production for the 12
last months preceding mill check and the normal number of operating hours per week.
3273
WEEKLY COMPARISON (IN FEET) FOR 206 IDENTICAL MILLS-1929.
(All mills whose reports of production, orders and shipments are complete for the
last four weeks.)
TVeek Ended-May 4.
April 27.
April 20.
April 13.
Production
193,351,944 194,000,743 194.685,825 196,206,913
Orders
192,612,966 179,640,838 220,148,717 196,150,232
Rall
82,385,479 76,845,287 88,483,393 81,462,638
Domestic cargo
68,702,079 65,658,673 92,439,642 57,990,869
Export
24,615.946 25,678,250 27,758,839 39,795,887
Local
16,909,462 11,458,628 11,486,843 16,900,838
Shipments
209,261,298 199,170,933 197,369,755 200,995,599
Rail
85,946,562 87,747,227 83,837,535 84,376,586
Domestic cargo
73,463,772 63,818,117 75,880,817 61,800.613
Export
32,941,502 36,146,961 26,184,560 37,917,562
Local
16,909,462 11,458,628 11,466,843 16,900,838
Unfilled orders
803,580,738 823,286.016 848,487,107 830,465,353
249.053.681 253,362,871 267,446,526 265,547,668
Rail
320,903,199 326,533,967 326,034,237 310,502,597
Domestic cargo
Export
233,623,858 243.389,178 255,006,344 254,415,088
112 IDENTICAL MILLS.
(All mills whose reports of production, orders and shipments are complete for 1928
and 1929 to date.)
Average 18
Average 18
Week Ended
Weeks Ended
Weeks Ended
May 4 1929. May 4 1929, May 5 1928.
121,774,907
107,780,859
Production (feet)
114,203.930
119,140,554
115,804,467
Orders (feet)
122.592,607
111,541,728
137,195,286
Shipments (feet)
113,027,001
DOMESTIC CARGO DISTRIBUTION WEEK ENDED APR. 27 '29 (109 mills).
Orders on
Hand Begin'g Week
Orders
Apr. 27'29. Secured.
Cancellotions.
Shippmts.
Unfilled
Orders
Week Ended
Apr.2?'29.
Washington & Oregon
Peet.
Peet.
Peet.
Feet.
Feet.
(94 Mil(s)—
111,679,509 24,935,240 1,020,955 19,772,596 115,821,198
California
144,424,782 24,995,328
90,000 26,046,456 143,283.654
Atlantic COM
4,356,173
12,000
None
370,617 3,997,556
Miscellaneous
Total Wash.& Oregon 260.460,464 49,942,568 1,110,955 46,189,669 263,102,408
Brit. Col.(18 MU(s)—
California
Atlantic Coast
Miscellaneous
200,000
939,671
20,844,782 5,200,068
259,000
9,202,644
None
685,000
454,671
75,000 5,395,210 20,574,640
None 2,465.229 6,996,415
Total Brit. Columbia_ 30.9874197 5,659,068
75,000 8,545,439 28,025.726
Tntal An/month, naran 291 447 Sfil 58 601 8:18 118&0M 54 751 191 201 125 124
The Rubber Association of America, Inc. Changes
Name to the Rubber Manufacturers Association,
Inc.—Also Acquires the Rubber Institute, Inc.
At a special meeting of The Rubber Association of America, Inc., held on May 10 in New York City, the name of the
Association was changed to The Rubber Manufacturers'
Association. Inc., and membership was limited to firms,
corporations and individuals directly engaged in the manufacture of rubber products in the United States.
At a special meeting of The Rubber Institute, Inc., also
held on May 10, it was voted to dissolve the Institute, and
to turn over to The Rubber Manufacturers' Association, Inc.,
the unfinished business of the Institute as at the time of
dissolution. The action of both organizations was taken as
the final step in merging the interests of the two; and the
dissolution of the Institute as a separate corporation was
considered the most feasible method of transferring the
activities of that organization to the new Association. That
Association will continue the co-operative work developed
by the Rubber Association over a period of years in all
branches of the industry.
Initial Step Is Taken at New Orleans to Form Cottonseed Crushers' Institute.
The New York "Journal of Commerce" reports the following from New Orleans May 16:
Harry Hodgson. President of the Hodgson Refining Co., Athens, Ga.,
was named President of the Interstate Cottonseed Crushers' Association here
to-day. He had served as Vice-President for three years and succeeds J. E.
Byram.
The association went on record to-day as favoring the consolidation of all
cottonseed crushers groups into one organization known as the Cottonseed
Institute. Similar action is anticipated on the part of the Texas Cottonseed
Association which meets in June in which event a joint meeting will be
held to work out details for the amalgamation.
Convention delegates were told by G. S. Meloy, cotton seed specialist of
the Department of Agriculture, that the net kernel content of cotton seed
is the best physical index of the quantitative value of such seed and that
the free fatty content of the oil in the seed at the time of purchase is
a sound basis for evaluating the quality of the seed. He also outlined a
system of grading.
Mr. Meloy predicted that a grading machine will be perfected shortly by
which the grade and quality of cotton seed can be determined in a few minutes. Experts were said to be working on this with confidence of an early
conclusion of the project. Purchasing of cotton seed on a flat basis without
regard to oil and cake content was deplored by the specialist.
Interesting reports were submitted by E. R. Barrow, educational chairman on work with Southern live stock owners,and by Dr. E.P. Clark, chief
Chemist of the association. The session was attended by approximately
700, adjourning to-day.
Census Report on Cotton Consumed in April.
Under date of May 14 1929 the Census Bureau issued its
report showing cotton consumed, cotton on hand, active
cotton spindles, and imports and exports of cotton for the
month of April 1929 and 1928. Cotton consumed amounted
to 631,710 bales of lint and 79,008 bales of linters, compared
3274
with 524,765 bales of lint and 59,930 bales of linters in April
1928 and 632,808 bales of lint and 76,746 bales of linters in
March 1929. It will be seen that there is an increase over
April 1928 in the total lint and linters combined of 126,023
bales, or 21.5%. The following is the statement complete:
APRIL REPORT OF COTTON CONSUMED, ON HAND,IMPORTED AND
EXPORTED, AND ACTIVE COTTON SPINDLES.
(Caton in running bales, counting round as half bales, except foreign, which Is in
500-pound bales.)
Cotton on Hand
April 30.
Cotton Consumed
DuringYear
Amer.-Egyptlan cotton__
1
W.W.W.
-
Other foreign cotton
000000
_
Included Above-EgY141sui cotton
coococooc
All other States
20,149
16,466
7,367
8,479
1,240
1,140
W.
New England States
000000
f 1929 631,710 5,313,979 1,806,832 2,523,574 30,924,184
1 1928 524,765 5,306,459 1,507,599 2,919,278 30,950,340
Cotton-growing States
Not Included AlmLinters
Cotton
In Con- In Public Spindles
Nine
Active
Storage
Months suming
During
and at
EstabEnded
April
April. Apr.30. lishrn'ts Compress
(Bales.) (Bales.) (Bales.) (Bales.) (Number).
00
United States
[VoL. 128.
FINANCIAL CHRONICLE
79,008
59.930
477,866 4,055,471 1,146,004 2,239,899 17,941.948
396,510 3,946,483 1,019,219 2,666,609 17,822,166
131,809 1,070,946 394,066 102,542 11,680,946
106,633 1,136,299 417,943 113,289 11,770,268
66,762 181,133 1,301,290
22,035 187,562
70,437 139,380 1,357,906
21,622 223,677
172,099
175,260
55,542
59,996
11,570
11,461
82,814
47,216
31,157
32,766
5,388
4,779
37,859
26,405
16,013
11,861
1,546
4,094
633,310
586.534
233,789
223,252
81,333
61,897
Imports of Foreign Cotton 1500-0. Bales).
9 Mos. End. April 30.
April.
Country of Production.
1929.
1928.
69,533
1,335
913
1,780
10,933
127
7.571
1,610
3,195
2,761
2,019
93
237,172
12,831
33,350
51,441
30,624
2,418
171,157
17.770
66,280
20,673
17,883
1,561
84,621
18,149
367,836
285,324
1928.
1929.
Egypt
Peru
China
Mexico
British India
All other
Total
Exports of Domestic Cotton Excluding Linters
(Running Bales-See Note for Linters).
April.
9 Mos. End. April30.
Country to Which Exported.
United Kingdom
France
Italy
Germany
Other Europe
Japan
All other
Total
1929.
1928.
1929.
1928.
100,410
28,529
62,583
68,192
73,817
64,125
55,935
128,510 1,738,731 1,185,654
766,151
730,029
27,478
537,008
595,506
50,434
90,187 1,688,193 1,731,720
863,578
844,450
98,992
762,891
41,342 1,182,708
338,920
438,035
32,375
453,591
467,318 7.197,652 8,185,922
Note.-Linters exported, not included above, were 18,713 bales during April in
1929 and 17,901 bales in 1928: 151,852 bales for the 9 mos. ending April 30 in 1929
and 156,280 bales in 1928. The distribution for April 1929 follows: United Kingdom, 689; Netherlands, 574; France, 3,435; Germany, 10,670; Belgium 710: Italy,
977; Spain, 60; Canada, 1,581; Panama, 2; Chile, 10; Australia, 15.
WORLD STATISTICS.
The estimated world's production of commercial cotton, exclusive of linters,
grown in 1927, as compiled from various sources is 23,370,000 bales, counting
American in running bales and foreign in bales of 478 pounds lint, while the consumption of cotton (exclusive of linters in the United States) for the year ending July 31
1928 was approximately 25,285,000 bales. The total number of spinning cotton
spindles, both active and idle is about 165,000,000.
Memphis Opens Futures Market for Cottonseed.
From the "Herald-Tribune" of May 15 we take the following Memphis Associated Press advices:
The only open futures market for cottonseed in the world has been established here in the heart of the Southland's richest cotton-producing delta
lands and home of the world's largest inland cotton market.
Cottonseed, at one time considered useless, but now in demand for various
purposes, heretofore has been sold by producers at prices agreed upon by
buyer and seller. Officials of the new market believe that it will stabilize
prices for the seed, as well as its numerous products, all over the world.
Establishment of the market followed the rapid expansion of the Memphis Cotton Exchange, which has grown from an institution with receipts
of nearly a half million bales annually in 1873 to one handling more than
2,000,000 bales each year.
The growth of the market is reflected by the fact that Memphis handled
10.47% of the cotton of the United States last season, compared to 7.09%
during the season of 1908-09. One hundred and seventeen cotton shipping
firms, whose connections include every cotton consuming district in the
world, are listed on the exchange.
Egyptian Cotton Crop Hit-Smaller Yield Is Forecast
Following Rain and Cold.
Under date of May 15 Cairo (Egypt) advices to the New
York "Times" stated:
COTTONSEED RECEIVED, CRUSHED AND ON HAND (TONS).
Received at Mills°
On Hand at Mills
Crushed
Aug. 1 to Apr. 30. Aug. 1 to Apr. 30.
April 30.
State.
1929.
Alabama
Arizona
Arkansas
California
Georgia
Louisiana
Mississippi
North Carolina
Oklahoma
South Carolina
Tennessee
Texas
All other
United States
1928.
1929.
1928.
1928.
1929.
266,097 295,759 258,193 288,593
61,666
41,146
61,628
41,237
397.293 307,539 379.604 302,387
88,384
47,603
80,070
49,131
399,980 438,747 395,959 435,825
205,557 154,719 196,350 163,960
613,641 534,932 553,420 514,020
303,475 301.020 294,490 300,229
388,823 361,579 378,573 374,136
206,800 208,977 204,802 205,904
313,900 264,968 291,894 255,858
1 689,699 1,507,712 1,665.578 1,513,336
71,311
72,450
71,052
71,975
8,017
140
17,922
8,552
4,495
9,324
64,220
8,187
5,977
2,183
24,875
36,917
259
7,949
82
6,833
1,241
5,304
1,387
33,583
1,545
8,999
2,388
10,226
28,307
5004.626 4.535.151 4.831.611 4.516 591
191 048
107.844
*Includes seed destroyed at mills but not 21,972 tons and 89,784 tons on hand
Aug. 1, nor 99,197 tons and 65,153 tons reshipped for 1929 and 1928, respectively.
COTTONSEED PRODUCTS MANUFACTURED, SHIPPED OUT AND ON
HAND.
Item.
Beason
On Hand
Aug. 1.
Produced Shipped Out
Aup.1-Apr.30 Aug.1-Apr.30
On Hand
April 30.
Crude oil
1928-29 *20,350,682 1,523,553,552 1.480,310,973 *80,862,881
(Pounds) '
1927-28
18,296,6411,427,788,664 1,368,713,140
84,473,987'
Refined oil
1928-29 a335,993,223 b1 328809 151
a570,889,251
(Pounds)
1927-28 318.612.7001.200,390,393
516,031,360
2,176,222
Cake and meal
1928-29
3 ,6 i
1,983,508
225,362
(tons)
2.028,916
2,008,033
1927-28
83,632
84,515
1,213,297
29,291
1,307,549
Hulls
1928-29
123,543
1,381,915
1,279,663
168,04
85,793
(tons)
1927-28
907,821
1,030,890
187.263
Linters
1928-29
43,99.
846,844
781,768
111.253
(running bales) 1927-28
48,177
66,391
66,730
2,436
Hull fiber
1928-29
2,77
73,692
18,288
70.051
(500-1b. bales)
1927-28
21,930
12,086
33,994
44,177
Grabbots,motea,dic.1928-29
1,903
6,995
30,181
35,334
(500-lb. bales)
1,842
1927-28
* Includes 3,093,476 and 9,612,208 lbs. held by refining and manufacturing
establishments and 3,290,652 and 14,041,320 lbs. in transit to refiners and consumers
Aug. 1 1928 and April 30 1929, respectively.
a Includes 7,594,021 and 6,777,059 lbs. held by refiners, brokers, agents and
warehousemen at places other than refineries and manufacturing establishments and
10,186,451 and 10,804,606 lbs. in transit to manufacturers of lard substitute, oleomargarine, soap, &c., Aug. 1 1928 and April 30 1929, respectively •
S Produced from 1,442,947,372 lbs. of crude oil.
EXPORTS OF COTTONSEED PRODUCTS FOR 8 MOS.ENDING MARCH 31.
Item1928.
1929.
011-Crude. pounds
43,133,802
18,045,517
7,084,676
Refined, Pounds
6,350,184
Cake and meal, tons
295,814
259,560
Linters, running bales
138,379
133,808
Jute Burlap Said to be One of Articles on Tariff List
Carrying Rate of Duty Lower Than Rate on Material of Which it is Made.
Jute burlap is the only article on the dutiable list of the
tariff which carries a specific rate of duty lower than the
rate on the material of which it is made, according to the
Association of Cotton Textile Merchants of New York,
which made public May 12 correspondence with the House
Ways and Means Committee on this subject. To ascertain
if this situation, affecting the market for coarse cotton
cloth, was an exception in the present law, S. Robert Glassford, President of the Association, wrote the following letter
to Representative Willis C. Hawley, Chairman, and to the
other members of the Ways and Means Committee:
"February 25 1929.
"Under Paragraph 1003 of the Tariff Act of 1922, the rate of duty on
juteerpound.yarns
p
'ten-pound up to but not including five-pound' is set at 5%c.
"Under Paragraph 1008, the rate of duty on jute burlap made out of
these same yarns is set at lc. a pound.
"The United States Tariff Commission has been asked to cite instances
existing in other schedules where specific rates of duty decrease as a
product advances in its stages of manufacture. These they fail to give,
but advise they cannot say positively that this is an isolated case without
making an exhaustive investigation not now practicable.
"It has occurred to us that in your wide experience in tariff matters
you may have run across other similar cases and can give us the information we seek. If you will do this, we shall appreciate it very much indeed.
"As textile men, it seems to us most unfair that any cloth should be
dutiable at a rate eighty-two per cent, lower than that on the very yarns
out of which it is made. So far as we know, it is the only instance of its
kind within the entire law, but if there are other commodities to which
this rule has been applied perhaps it will seem less unfair."
To this, Clayton F. Moore, Clerk of the Committee, wrote
in reply:
"February 28 1929.
of
"The Chairman directs me to acknowledge receipt of your letter
proper subFebruary 25, which will be brought to the attention of the
committee.
not aware
"If there are any other instances such as you describe I am
of them at this time."
Later Representative Frank Crowther, a member of the
Committee, is said to have pointed out that this dictinction
is shared with steel agricultural implements, admitted free,
while ore Is free and manufactured steel is generally protected, and silk bolting cloth, used in flour milling, which
is on the free list while raw silk is free and silk yarns are
dutiable.
Cottonseed Oil Production During April.
The Association, in making public the above, adds:
On May lithe Bureau of the Census issued the following
In 1928, only 29,640 pounds of silk bolting cloth were imported into
statement showing cottonseed received, crushed and on hand this country and for the same period the total value of agricultural
and cottonseed products manufactured, shipped out, on machinery imported free was less than $5,000,000, while imports of jute
$80,000,000.
hand, and exports during the month of April 1929 and 1928: cloth exceeded a billion yards, valued at more than
This season's cotton crop has been adversely affected and will probably
be diminished in output as a result of the rain and cold, which were unusual features of the latter part of April, according to reports received from
the provinces by the Ministry of Agriculture.
Many fields were so badly damaged that they had to be resown. Coming
on top of the depredations by the cotton worm, the news is causing anxiety.
•
MAY 18 1929.]
FINANCIAL CHRONICLE
3275
These other instances are hardly comparable, for the articles are not
specifically dutiable and the discrepancies have not impeded their respective
Industries to any such extent as has the jute cloth schedule.
plants and increased capacity will be in force in midsummer.
Kerosene sales are following moderate lines, and the
general situation shows little change of moment. Prices
are fairly firm, with new contracts being placed at present
Sugar Stocked in Southern Warehouses in Anticipaquotations. Improvement is noted in spot delivery purtion of Increase in Tariff.
chases. Heating oils are in a firm conditions with large
The "Wall Street News" of May 16 reported the following contract deliveries. Bunker fuel oil and Diesel oil are moving
from Richmond:
steadily on contract, but little new business is reported.
One hundred and twenty million pounds of sugar are being put in the
however, remain firm.
warehouses of the Norfolk Tidewater Terminals, according to Charles L. Prices,
Latinville, traffic manager. The sugar Is being stored at Norfolk in its
Prices are as follows:
raw form by importers and refiners who are endeavoring to have
large
stocks of the Cuban product in this country in anticipation of passage by
Congress of an increase in tariff.
Petroleum and its Products-Teagle Stresses Imperative Need of Conservation for Industry's Welfare.
The crude oil situation remains practically unchanged this
week as compared with last. Conservation of production
continues on a large scale, and the importance of this move
is being stressed by the industry's leaders. W. C. Teagle,
President of the Standard Oil Co. of New Jersey, in his
statement to stockholders made public Friday, points out that
"there are many obstacles in the path toward the orderly
exploitation of the country's petroleum resources. The
present form of lease which compels an operator to drill
regardless of the market for the product, it is hoped, will be
superseded by a new form, the operation of which will be
beneficial to all concerned. Under such form of lease the
interests of the royalty owners and operators would be pooled
through unit development and the operators would be
released from the necessity of drilling unless such course be
in the common interest.
"The welfare of the industry during the current year," he
continues, "will be dependent on the progress which may be
made toward constructive conservation and the condition of
general business prosperity. The industry has it in its own
hands materially to improve its position by a more widespread application of the unit operation and development of
pools. Statistics of the first three months of the year reflect
an increase in stocks of 29,438,000 barrels, a situation which
is menacing to the extent that these statistics forecast the
course of events over the year.
"A clearer and more general realization of the necessity of
keeping production and consumption in balance must exist
if the results of the current year are to be as satisfactory as
those of 1928."
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
Cabe11, W. Va
1.35 El Dorado, Ark., 34
Illinois
1,45 Urania, La
Western Kentucky
1.53 Salt Creek, Wyo., 37
Midcontinent, Oklahoma, 37
1.23 Sunburst, Mont
Corsicana, Tex., heavy
.80 Artesia, N. Mex
Hutchinson, Tex., 35
87 Santa Fe Springs, Calif., 33
Luling, Tex
1.00 Midway-Sunset, Calif., 22
Spindletop, Tex.. grade A
1.20 Huntington, Calif., 26
Spindletop, Tex., below 25
1.05 Ventura, Calif., 30
Winkler, Tex
.65 Petrol's, Canada
5.90
.75
1.14
.90
1.23
1.65
1.08
1.35
.80
1.09
1.18
1.90
REFINED PRODUCTS-U. S. MOTOR GASOLINE ADVANCED
AGAIN AS CONSUMPTION SHOWS GREAT GAINS.
Continued consumption of refined products on a larger
scale brought another price adance in U. S. Motor gasoline.
Effective Friday, the Sinclair Refining Co. advanced the
price of U. S. Motor gasoline Mc. a gallon to 93c. at New
York, Philadelphia, Tiverton, R. I., Portsmouth, Charles-.
ton, Jacksonville and Tampa. It is announced also that
Warner-Quinlan will meet this advance immediately and
that other leading refiners will take similar action during
the next few days. This development reflects the marked
improvement in buying during the past week and the general
condition of the bulk gasoline market is considerably
strengthened.
Developments in the refinery end of the industry include
the erection of four new refineries, now under construction
in west Texas. After completion they will give that part
of the State a daily crude capacity of 117,000 barrels, which
will be an increase of 16,000 barrels over the present capacity. The new plants include one for the Texas Co. at
El Paso. This will have a crude capacity of 10,000 barrels,
topping and cracking. Big Lake Refining Co. is constructing a 1,000-barrel topping plant at Big Lake. Gulf Refining Co. has under constuction a topping, skimming and
cracking plant at Sweetwater with a daily capacity of 5,000
barrels.
The Del Rio Refining Co. at "Del Rio is to double its
present capacity of 3,500 barrels. It is now running 2,500
barrels daily, using Yates field crude supplied by MidKansas Oil & Gas Co. Under present plans, these new
Gasoline, U. S Motor, Tankcar Lots, F.O.B. Refinery.
New York (Bayonne) .0931 Arkansas
.0666 North Louisiana__ .0736
.0636 California
West Texas
.0836 North Texas
06%
0736 Los Angeles, export_ .0734 Oklahoma
Chicago
.07
.07% Gulf Coast, export .0836 Pennsylvania
New Orleans
.0936
Gasoline. Service Station, Tax Included.
.19 Cincinnati
.18 Minneapolis
New York
182
.21 Denver
16 New Orleans
Atlanta
195
.22 Detroit
188 Philadelphia
Baltimore
21
.20 Houston
.18 San Francisco
Boston
.215
.15 Jacksonville
.24 Spokane
Buffalo
.205
.179 St. Louis
15 Kansas City
Chicago
.169
Kerosene, 41-43 Water White, Tankcar Lots, F.O.B. Refinery.
New York (Bayonne) .0834!Chicago
.05661New Orleans
.0761
North Texas
.05341 Los Angeles, export .0534 Tulsa
.0636
Degree,
18.22
F.O.B. Refinery or Terminal.
Fuel Oil,
New York (Bayonne) 1.051 Los Angeles
.851 Gulf Coast
.75
2001 New Orleans
Diesel
.951 Chicago
.55
Gas oil, 32.36 Degree, F.O.B. Refinery or Terminal.
New York (Bayonne) .05%1 Chicago
.031 Tulsa
.03
Estimated Daily Crude Oil Output in United States
Continues to Show Increase Over a Year Ago.
The American Petroleum Institute estimates that the daily
average gross crude oil production in the United States, for
the week ended May 11 1929, was 2,624,750 barrels, as compared with 2,629,850 barrels for the preceding week, a decrease of 5,100 barrels. Compared with the output for the
week ended May 12 1928 of 2,355,400 barrels per day, the
current figure shows an increase of 269,350 barrels daily.
The daily average production east of California for the week
ended May 11 1929 was 1,865,950 barrels, as compared with
1,878,650 barrels for the preceding week, a decrease of
12,700 barrels. The following estimates of daily average
gross production, by districts, are for the weeks shown below:
DAILY AVERAGE PRODUCTION (Figures in Barrels).
may '29. Mau 4 '29. Apr. 27'29. May 12'28.
Weeks Ended671,600
676,100
Oklahoma
663,300
613,300
114,050
Kansas
111,650
109,150
109,850
59,450
Panhandle Texas
60.350
60,000
68,800
83,500
North Texas
84.150
84,400
75,600
50,450
51,350
West Central Texas
52,500
54,750
350,950
West Texas
353,100
358,200
313,900
18,050
18,400
East Central Texas
18,700
23,3.50
73.900
Southwest Texas
71.800
71,750
23,150
35,350
North Louisiana
35,450
35,650
43,450
71,250
Arkansas
72,550
72,300
86,100
135,350
Coastal Texas
139,850
137,600
111,850
19.350
Coastal Louisiana
20,700
21.650
18,000
113,000
112,000
Eastern
111,500
111,250
Wyoming
50.500
46.150
52.900
61,800
Montana
11.000
10,450
10,950
11,500
Colorado
6,550
6,250
6,300
6.350
New Mexico
1,700
2,400
1,550
1,950
California
751,200
758.800
622,900
787,700
Total
2,624,750
2,629.850
2.650,650
2.355,400
The estimated daily average gross production for the Mid-Continent
Field, including Oklahoma, Kansas, Panhandle, North, West Central.
West, East Central and Southwest Texas, North Louisiana and Arkansas,
for the week ended May 11, was 1,528,550 barrels, as compared with 1,534,900 barrels for the preceding week, a decrease of 6,350 barrels. The MidContinent production, excluding Smackover, (Arkansas) heavy oil, was
1,479,700 barrels, as compared with 1,485,800 barrels, a decrease of 6.100
barrels.
The production figures of certain pools in the various districts for the
current week,compared with the previous week,in barrels of42 gals.,follow,
-Week Ended-Week EndedNorth LouisianaMay 11. May 4.
OklahomaMay 11. May 4.
5,350 5,350
Allen Dome
24,800 25,700 Haynesville
6,050 5,750
33,600 34,450 Urania
Bowlegs
ArkansasEfristow-SlIck
19,650 19,600
8,100 8.850
Burbank
20,750 20,850 Champagnolle
6,200 6,200
Cromwell
7,950 7,900 Smackover (light)
48.850 49,100
Earlsboro
61,600 63,050 Smackover (heavy)
Little River
Coastal Texas75,950 78,250
9,050 9,000
Logan County
11,000 10,800 Hull
20.800 20,100
Maud
27,150 28,650 Pierce Junction
28.750 31,200
Mission
37,300 31,950 Spindletop
St. Louis
6,300 6,400
95,500 99.250 West Columbia
&aright
11,800 11,900
Seminole
Coastal Louisiana32,850 33,700
2,700 2,800
Tonkawa
10,450 10,450 East Hackberry
3,300 3.700
KansasOld Hackberry
2,000 2.900
Sedgwick County
Sulphur
Dome
30,000 28,400
400
Panhandle Texas400
Sweet Lake
Carson County
4.250 4,000
6,350 6.800 Vinton
Gray County
24,350 25,400
Hutchinson County--25,150 25,700
WyomingNorth TexasSalt Creek
30,450 33,600
Archer County
16,250 16,450
Wilbarger County
Montana27,000 27.300
West Central TexasSunburn
6,500 6.500
Brown County
8.100 8,250
CaliforniaShackelford County.._ 12,900 13,000
Dominguez
West Texas10,000 10,300
Crane & Upton Counties 46,800 47,000 Elwood-Goleta
29,000 30,000
44,100 4.5,000 Huntington Beach
Howard County
42,000 42,000
89,950 87,600 Inglewood
Pecos County
23,500 22,500
18,500 18,500 Kettleman Hills
Reagan County
3,500 3,500
139,750 143,000 Long Beach
177.000 175,000
Winkler County
Midway-Sunset
East Central Texas65,000 72,500
7,900 7.950 Rosecrane
6,800 6,400
Corsicana-Powell
Santa Fe Springs
170,000 160,000
Southwest Texas11,650 11,800 Seal Beach
41,000 36.000
Laredo District
Luling
11,800 11,900 Torrance
13,000 13,500
43,300 40,900 Ventura Avenue
Salt Flat
55,000 54,000
FINANCIAL CHRONICLE
3276
Vor.. 128.
when the war ended, placing the industry in a most critical condition.
Production and Shipments of Portland Cement Higher During 1921 a drastic program of curtailment in production was undertaken
to prevent a further decline in price. As a result of this curtailment the
-Stocks Also Increase.
market slowly recovered and peace time requirements having expanded to
The Portland cement industry in April 1929 produced an enormous extent the industry is now enjoying the most prosperous times
13,639,000 barrels, shipped 13,319,000 barrels from the in its history.
General public interest in the copper mining,smelting, and refining indusmills and had in stock at the end of the month 30,044,000 try has also created a widespread interest in the price movements of the
Department
Mines,
of
Bureau
S.
U.
the
to
During the first quarter of this year the market experienced an
according
metal.
barrels,
advance and decline of around 7 cents per pound against which
of Commerce. The production of Portland cement in April abrupt
there was no form of protection in the way of a free and open hedging market.
1929 showed an increase of 1.3% and shipments an increase
The board of governors feels that absolute security and facility of trading
cement
Portland
1928.
April
with
is provided for by the rules under which you are about to commence trading
compared
of 0.1%, as
and will offer to the entire copper trade, whether producers, constocks at the mills were 8.7% higher than a year ago.
sumers, or dealers, an opportunity to protect their position against unIn the following statement of relation of production to toward price movements. It is felt and expected that the fullest support
capacity the total output of finished cement is compared will be given to our Exchange through a free utilization of the hedging
which are being offered by everyone who is interested in the furwith the estimated capacity of 159 plants at the close of facilities
ther development of the industry.
In
1928.
April
of
close
the
at
plants
156
of
April 1929 and
Regarding the regulations governing trading in copper an
addition to the capacity of the new plants which began operannouncement by the Exchange on May 14 said:
ating during the twelve months ended April 30 1929, the
The opening copper call will be at 10 a. m. and trading will cease at 2:50
estimates include increased capacity due to extensions and p. m. Trading hours on tin futures will continue 10:15 a. m. to 3 P. m• as
'4
improvements at old plants during the period. The Bureau heretofore.
The copper contract will be for 50,000 pounds, which at current price
also released the following statistics:
be
will
positions
ten
At
present,
of
$9,000.
value
money
a
it
levels gives
RELATION OF PRODUCTION TO CAPACITY.
April 1929. Asrll 1928. Mar. 1929. Feb. 1929. Jan. 1929.
70.0%
74.0%
87.1%
71.1%
The month
The 12 months ended__ _
44.8%
71.0%
47.4%
70.9%
46.5%
71.0%
PRODUCTION. SHIPMENTS AND STOCKS OF FINISHED PORTLAND
CEMENT,BY DISTRICTS,IN APRIL 1928 AND 1929, AND
STOCKS IN MARCH. 1929,(IN BARRELS).
Eastern Pa.,N.
J. and Md.N.Y.& Me...
Ohio, West.Pa.
& W. Va____
Michigan
Wis.. Ill., Ind.
and Ky
Va.,Tenn.,Ala.,
Ga.,Fla.&La.
East. Mo.. Ia.,
Minn.& S.D.
West.Mo.,Neb.,
Kan.& Okla.
Texas
Colo., Mont. &
Utah
California
Oregon& wash.
1928.
1929.
1928.
1929.
1928.
Stocks at End of Month
Shipments.
Production.
District.
1929.
3.084,000 3,005,000 3,303,000 3,165,000 6,488,000 6,781,000
732,000 1,847.000 2,242,000
850,000
900,000
831,000
1,321,000 1,401,000 1,154,000 1,274,000 3,577,000 3,777,000
897,000 2,467,000 2,658,000
846,000
964,000
1,056,000
1,438,000 1,903.000 1,670,000 1.608,000 3,429,000 4,343,000
1,381,000 1,117,000 1,276,000 1,251,000 2,040,000 2,114,000
1,142,000 1,150,000 1,154,000 1,086,000 3,901,000 4,362,000
906,000
557,000
932,000
622,000
803,000 1,034,000 1,566,000 1,395,000
468,000 443,000
538,000 625,000
259,000
217,000
217,000
200,000
1,254,000 1,085,000 1,184,000 1,058,000
330,000
312,000
343,000
298,000
465.000
929,000
450,000
409,000
920,000
600.000
13,468,000 13,639,000 13,307,000 13,319,000 27,627,000 30,044,000
Total
PRODUCTION. SHIPMENTS, AND STOCKS OF FINISHED PORTLAND
CEMENT. BY MONTHS.IN 1928 AND 1929(IN BARRELS).
ailments.
Production.
Mmith.
1928.
Feb..
March.April...MayJune._.
._
July.
August
Oct....
Nov....
9,768.000
8.797.000
10.223,000
13,468.000
17,308,000
17,497,000
17,474.000
18.7.59,000
17,884,000
17.533,000
15.068,000
12,189,000
Total. 175,968,000
Stocks at End of Month.
The Board of Governors of the National Metal Exchange
announced on May 16 the Exchange had listed the following
brands of prime electrolytic and lake copper, recommended
by the Committee on Copper, as the offical list which may be
delivered on brand marks against the standard copper contract of the Exchange:
1929.
1928.
Lake Copper.-(C. & H.) Calumet & Hecla Consolidated Copper Cis.;
9,881.000 6,541,000 5,707,000 25,116,000 26.797,000
Hecla Consolidated Copper Co.;(C. R.) Copper Range
8,522.000 6,563.000 5.448,000 27,349,000 29,870,000 (C. L.) Calumet &
Mining Co.
9.969.000 10,135,000 10,113.000 27,445.000 a29,724,000 Co.; (Q. M. Co.) Quincy Mining Co.;(M. M.) Mohawk
30,044
13,319 27,627.000
13,639 13,307,000
Electrolytic Copper.-(A. L. S.) Adolph Lewisohn & Sons, Inc.;(B. & M.)
25.984,000
18.986,000
Smelting & Refining
Anaconda Copper Mining Co.;(B. E. R.) American
25,029,000
18,421.000
22,580,000
Co.(Baltimore);(C. 0. C.) Chile Copper Co.;(C. Star Q.) Phelps Dodge
19,901,000
19,374.000
21,970,000
Sales Co.;(D. It. W.) United States Metals Refining Co.;(L. M.C.) Lewis
16.799,000
Copper
20,460,000
Metals Corp.;(L. N. S.) Nichols Copper Co.;(N. E. 0.) Raritan
14,579,000
19.836.000
J.); (T.
Works;(P. A.) American Smelting & Refining Co. (Maurer, N.
17,769,000
11,951,000
Con22,650,000
7,384,000
American Smelting & Refining Co. (Tacoma, Wash.);(TADANAO)
Mining & Smelting Co.
solidated
175,455.000
1929.
1928.
1929.
n Revised.
Note.-The statistics above presented are compiled from reports for April
from all manufacturing plants except two for which estimates have been
included in lieu of actual returns.
Trading in
traded, with July the first month and the nine succeeding months. Beginning in July 12 months will be traded in. Fluctuations will be in
hundredths of a cent, with a maximum of 200 points (2 cents) for any one
day above or below the previous day's close in each position.
Contract grades of copper will be prime electrolytic and prime Lake copper, assaying 99.90% in ingots and (or) bars and (or) wire bars of standard
weights and sizes. Discount grades will be best selected copper assaying
99.80%, casting copper 99.50%, and casting copper assaying 99.00% is
ingots and (or) ingot bars. In addition, the rules include as discount
grades rough or blister copper in six grades, 94.00% to 98.00% inclusive.
Prime electrolytic copper shall be deemed the contract grade, the seller
having the option of delivering prime Lake copper at the contract price.
The seller also has the option of delivering any one of the other grades above
named at specified discounts from the contract price. Prime electrolytic
from
13019Per, Lake, best selected and casting copper shall be deliverable
licensed warehouses, but any of the officially listed brands may be delivered
from the producing refinery or smelting plant, provided, however,that suck
smelting plant or refinery is located in New York, New Jersey, Maryland,
Missouri or Pennsylvania. All other tenderable grades shall be delivered
only from licensed warehouse. Suitable freight differential is provided
where delivery is made from refinery or smelter.
Minimum commissions for buying or selling will be 810 per contract for
Exchange members residing in the United States or Canada; double this
rate for non-members. For members and non-members living outside the
United States or Canada, an additional 81 per contract each way is provided for. For each contract bought or sold by on3 member for another.
giving up his principal on the day of the transaction, the floor brokerage
will be $1.50.
Copper
Futures Inaugurated on National
Exchange.
was traded in on May 15 for the
delivery
future
Copper for
first time on any exchange in America, when the facilities of
the National Metal Exchange were made available to the
copper trade. Futures representing copper valued at approximately $100,000 changed hands in the trading on the exchange at prices ranging from 16.65 to 16.80 cents per pound.
Jerome Lewine of H. Hontz & Co. had the honor of making
the first sale, a contract of 50,000 pounds of December
copper at 16.75 cents. Harold Bache of J. S. Bache & Co.
was the buyer. Several other transactions were made during the first 15 minutes of trading.
Erwin Vogelsang, President of the National Metal Exchange,in a short address preceding the copper opening, said:
It was the sense of the Board that no brand of best selected
or casting copper should be listed at this time. Until further
notice, the above brands of prime electrolytic and lake copper
may be tendered against Exchange contracts without certificates of assay. All other tenders of copper must be
accompanied by a certificate of assay.
Metal
the second step in the
The inauguration of copper trading to-day marks
For the first time this
development of the National Metal Exchange.
up-to-date exchange in
country will have an open market on an organized
the most important metal of the non-ferrous group.
many parts of the world, the
While copper is found in large quantities in
all other countries not
United States, with its rich deposits has outstripped
some of the most valuaonly in the development of its own mines as well as
treatment of the ores.
ble fields in foreign countries, but also in the
every modern industry
Copper is a necessity in the development of nearly
for the past 50 years,
and production has maintained a steady increase production, due to warreaching its peak during the war years. This large
the hands of producers
time needs, created a huge stock which was left on
Holds at 18c. Despite Quiet Trade-Leading
Announce Cut of 10% in Output.
in
the market for non-ferrous metals centred
Interest
in the announcement of leading producers that productioz
of copper would be curtailed to the extent of 10%. The
demand continued exceedingly quiet, with a pronounced
trend toward hand-to-mouth buying,"Engineering & Mining
Journal" reports, and then proceeds as follows:
Copper
Producers
Sales of copper in the past week were confined to the custom smelters
and limited to a few thousand tons. August shipment has been in greatest
demand, with some May and Juno: all sold on the basis of 18 cents, deiivered
cut in
Connecticut. Anaconda, Chile. and Andes announced a 10%
or are
production. Other companies have already taken similar stops
production
contemplating doing so, as the increase that has been made in
rates seems a little more than is now necessary. However, refined stocks
are expected to be built up to at least 100.000 tons, which will require a
substantial margin of production above consumption for some months.
The curtailment in output is regarded as a constructive step toward the
maintenance of the 18-cent price level.
Trading in copper began on the New York Metal Exchange May 15
owwith sales at 16.60(4)18.75 cents, electrolytic basis, but as copper as
grade as 94% is deliverable under the Exchange contract, this market
will not be used for trading between producer and consumer, but only
as an opportunity for hedging or speculation in the metal.
An easier tone appeared in the lead market, due to slow demand and
weakness in London. Buying interest in zinc also was small.
MAY 18 1929.]
FINANCIAL CHRONICLE
Big Producers of Copper Order 10% Cut in Productian—
Anaconda Group Takes Lead in Effort to Stabilize
Price.
Several leading copper producing companies lead by the
Anaconda group, announced on May 15, that a plan for
reducing production by 10% would be put into effect shortly
in order to stabilize the market for the metal. This is learned
from the New York "Journal of Commerce" of May 16,
which said:
This action- coming after the recent decline in the price of copper from
above 24e to 18c a pound, and rumors of further imminent weakness in the
price of the metal, is believed designed to offset the effect of statistics showing rising production, which have appeared during the last few months.
Production of copper in April reached a new high record figure. A cut
in output of 10% both in this country and Chile, would roughly bring down
production to or slightly below the level of last year.
Anaconda Takes Lead.
The Anaconda Capper Mining Co., the Chile Copper Co. and the Andes
the
three
big
Copper Co.,
producers in the Anaconda group, first made
the announcement. Greene Cananea and Inspiration, also controlled by
Anaconda, announced last night an order to bring about a similar curtailment had been sent to their mines in Mexico and Arizona.
While no announcement was forthcoming from the Kennecott Copper
Co., the trade heard rumors that steps were contemplated for a similar
curtailment on the operations of this company in Alaska, Utah and elsewhere.
The copper trade showed no immediate effects of the curtailment announcement yesterday. The big producers have been sold up on their advance production until the end of June, the selling at the 18 cents per pound
level having been done largely by the customs smelters, who smelt and sell
other producers' ores for a commission. The American Smelting & Refining Co., the American Metals Co.and the Nichols Copper Co. are leaders
In the customs smelters field. The present move on the part of the producers is expected to result in a correction of the market situation which
developed when the customs smelters, after staying out of the market to
secure the highest possible price for their product, brought pressure to
bear to have the price lowered when buying tended to disappear after the
spectacular rise in the price of the metal to above 24 cents per pound. The
result is expected to be a stabilized market for the big producers as they now
again begin to sell copper for future delivery.
News of the change of policy of the Anaconda Copper Mining Co.emanated from the Butte offices. Up to that time all producers had been straining
every nerve to increase their output to meet the tremendous demand for
copper.
The break in the price of copper caused buyers to withdraw abruptly
from the market. Since that time the only copper sold virtually has been
copper marketed by customs smelters. The actual quantity thus marketed
has been small, copper men state. It is expected that three months will
elapse before the curtailment of production will make itself felt in the
market for refined copper, owing to the fact that copper is in process of
conversion from raw ore into refined metal for that period of time.
Copper Men Go Abroad.
It is understood that John D. Ryan, Chairman of Anaconda, is now
abroad. It was said yesterday that another representative of Anaconda will
sail from here Friday. Cornelius F. Kelly, President of the company, who,
It had been reported, would go to Europe this summer, has decided not to
do so. It is expected that the copper men, while abroad, will seek to bring
about a better feeling among European consumers. Denials were made in
authoritative quarters that dissolutions of the Copper Exporters' Association was contemplated as had been reported from Europe. It was also
denied that any of the prominent members intended to leave the body.
Copper stock generally sold off somewhat further in yesterday's trading
on the New York Stock Exchange.
Steel Output Continues at High Level—Price of Pig
Iron Again Advances—Steel Price Unchanged.
The momentum of steel production and demand is a source
of surprise to both sellers and buyers, the "Iron Age" states
in its weekly review of iron and steel conditions. Mills
continue to operate virtually at capacity, and, if the rate of
output does not equal that of March or April, it is because
shutdowns for repairs are more frequent. Specifications still
fail to give convincing evidence of a decline in steel consumption. Diminishing shipping orders for automobile steels are
offset by larger releases of other finished products, adds the
"Age," which continues to say:
Increased specifying for bars, plates and shapes at Pittsburgh has caused
an extension of deliveries on those products. A decline in bookings at
Chicago is interpreted as indicating that many buyers have fully specified
against their second quarter contracts.
Buying for third quarter has not yet begun, but active interest of larg
users in their needs for that period and continued efforts of some buy er
to place supplementary orders for earlier shipment point to awell susained
rate of steel consumption.
Although deliveries on certain products show some improvement, mills
still find difficulty in supplying steel as rapidly as it is wanted, and in some
the
instances have farmed out orders to competitors better able to meetsteel
time requirements of their customers. The shortage of semi-finished
embarrassment
and,
with
little
of
likelihood
source
that
the
remains a
scarcity will soon be relieved, a possible advance in prices for third quarter
account.
into
taken
being
Is
of higher crude steel that has caused mills to move in
It is the possibility
direction of advances on finished products. A few makers of automobile
third quarter quotations of 4.20c.. Pittsburgh,
body sheets have announced
Advances, however, are not favored by all mills
an increase of $2 a ton.
demand in the last half of the year.
in view of the uncertainty of
Third quarter prices on common finishes of sheets named by the Inland
existing quotations except on blue annealed.
from
unchanged
Steel Co. are
Under a reclassification, now being adopted by other mills, separate bases
heavier and No. 13 and lighter. For
are established for No. 12 gage and
producers quoting on a Pittsburgh base the new prices represent an advance
of $1 a ton.
The steel for a gas line from Monroe, La., to Atlanta, 130,000 tons, has
been divided among four pipe makers. The Steel Corporation subsidiary
3277
and two independent mills will supply lapwelded pipe, while the remainder
—about half the tonnage—will be electrically welded pipe from the Milwaukee fabricator. The large requirements of the latter company help to
explain the heavily sold condition of Chicaho plate mills, which are booked
through the major part of the third quarter.
Although there are now indications of a slackening of automobile production during the summer, growing export business is counted on to moderate the recession. Farm equipment makers are taking steel at an unchanged rate. Structural steel awards are unimpressive, totaling 27,000
tons for a second week, but lettings of concrete steel bars, at 10,000 tons,
have been exceeded only once since Jan. 1. Construction work in St.
Louis is at a standstill because of a strike, and a dispute in the building
trades in New York may have similar results.
Railroad equipment builders are consuming considerable steel, although
there have been no notable additions to their bookings recently. The
Pennsylvania Railroad will build 1000 cars in its own shops. The placing
of 13,200 tons of plates for two ships for the Matson Navigation Co..
San Francisco, is an early probability.
Signs of strength in the pig iron market may be traced to the pressure
of steel demand. Two sizable purchases of Valley basic, reflecting extra
requirements of steel producers, have firmly established that grade at
$18.50 a ton, or 50c. above the recent price. Gray iron and malleable
foundries are taking pig iron shipments at an undiminished rate, but are
in no haste to place contracts for third quarter. Meanwhile, merchant
furnaces in some centers are beginning to press for business, this being
particularly true in the New York metropolitan district and New England.
where prices are easier.
Scrap markets are soft, and heavy melting grade at Pittsburgh has
dropped another 50c. a ton to $17.75.
Steel ingot production in April, as reported by the American Iron and
Steel Institute, declined 2% from the total for March. The recession is
attributed to interruptions for repairs necessitated by the wear and tear
on equipment. With the sole exception of the March output, the April
tonnage was the largest for any month on record. Production in the first
four months was 18,812,637 tons, a gain of 2.000,000 over previous record,
one year previous, and larger than any entire year's output prior to 1905.
The "Iron Age" composite price for pig iron has advanced to $18.71 a
ton, replacing last week's $18.67 as the highest figure reached this year.
The finished steel composite remains for the seventh week at 2.412c. a lb.,
as the following table shows:::
Finished Steel.
May 14 1929, 2.4120. a Lb.
2 412c.
One week ago
2.4120.
One month ago
2.3480.
One year ago
1.6890.
10-year pre-war average
Based on steel bars, beams,tank plates.
wire nails, black pipe and black sheets.
These products make 87% of the United
States output of finished steel.
Low.
High.
1929_2.412c. Apr. 2 2.391c. Jan. 8
1928_2.391c. Dec. 11 2.314c. Jan. 3
1927-2.453c. Jan. 4 2.293c. Oct. 25
1926_2.453c. Jan. 5 2.4030. May 18
1925..2.560c, Jan. 6 2.3960. Aug. 18
Pig Iron.
May 14 1929, $18.71 a Gross Ton.
One week ago
818.67
One month ago
18.46
One year ago
17.42
10-year pre-war average
15.72
Based on average of basic iron at Valley
furnace and foundry irons at Chicago,
Philadelphia, Buffalo, Valley and Birmingham.
High.
Low.
1929___$18.71 May 14 $18.29 Mar. 19
1928___ 18.59 Nov.27 17.04 July 24
1927___ 19.71 Jan. 4 17.54 Nov. 1
1926_ 21.54 Jan. 5 19.46 July 13
1925„.. 22.50 Jan. 13 18.96 July 7
Pressure for prompt delivery of finished steel is substantially as insistent as at what apparently was the peak of the
spring consuming bulge 30 to 45 days ago, says the "Iron
Trade Review" in its:summary this week of the iron and steel
markets. Incoming business in most products, however,
continues to fall slightly short of shipments, but the shrinkage is milder than might have been expected with the industry well into its fifth consecutive record month of production
and consumption, continues the "Review," which further
states:
Third quarter business has not been large but increasingly it commands
attention, for one reason because mill capacity for some important products
is engaged through this quarter. Usually when consumers seek a place on
mill books for the next quarter the price is left open. For seasonal reasons
the third is not usually a propitious quarter for advancing prices, but the
strong situation in pig iron and semi-finished steel may point the way.
Ingot production in April, while 2.4% off the all-time record of March,
nevertheless surpassed all previous April efforts. With operating rates in
the Pittsburgh and Chicago districts at practical capacity and Youngstown
district mills this week turning out the greatest tonnage since October.
there is an outside chance of May setting a new top. The increase in
unfilled tonnage of the Steel corporation, while slight,is a factor for strength.
Steel corporation subsidiaries this week still are operating in excess of
practical capacity. With independents averaging 94%,the entire industry
approximates 97A %. In the Mahoning valley 30 out of 34 blast furnaces
are active, and 50 out of 51 independent opei. hearths are operating. Pittsburgh, Buffalo and Chicago are at virtual capacity.
Blue annealed sheet prices should be stabilized by the dual method of
quoting which important makers are adopting. To localize the competition
of strip steel and light plates, blue annealed sheets No. 12 gage and heavier
will be designated as light plates, blue annealed, and quoted on a No. 9
and 10 gage base. For blue annealed sheets proper, No. 13 will be the base
grade. On some gages there will be an advance of $1 to $2 per ton. Autobody sheet prices are slated to be advanced $2 per ton for the third quarter
by some makers. Deliveries on most sheet grades are only slightly easier.
Final statistics on freight car orders in April give the month 8205, making
the 4-month total 49,328. In the first four months of 1928 only 23,381
cars were placed, and in the entire year 44,763. Seven thousand freight and
240 passenger cars are actively pending. The week's orders include 1,000
box cars by the Pennsylvania and 100 stock cars by the Northern Pacific,
in each case to the road's own shops. Twenty-seven locomotives were
Placed.
At Chicago and Pittsburgh bar mills are improving on their deliveries,
but on some sizes at Chicago 14 weeks is the best possible. Bar demand in
the East is sustained.
Oil country requirements lead in new business at
Chicago, where 5,000 tons for tanks was placed in the week and inquiry
expanded to 15,000 to 20,000 tons. A pipeline at Newark, N. J., will take
8,000 tons of plates. Structural steel jobs are seasonally high, with 50,000
tons in prospect for a Chicago tower.
Continued improvement is noted in demand for wire products for agricultural uses. Strip steel deliveries still are extended despite capacity production, narrow hot strip chiefly being wanted. Bolts and nuts move slowly
for construction work but rapidly for industrial purposes. Cast iron pipe
awards are disappointing and prices are easy.
Pig iron melters show more interest in third quarter requirements but
buying for that delivery is not active. Basic iron in the Mahoning valley
seems established at $18.50 with further sales at the 50-cent advance.
3278
FINANCIAL CHRONICLE
[vol.. 128.
Bessemer and malleable iron prices there also have advanced 50 cents. Two Bituminous Coal Output Continues Ahead of Last
stacks at Birmingham are to be dropped shortly.
Year-Anthracite Production Lower.
Semi-finished steel makers stand more firmly upon their recent $1 and $2
rises, and are refusing business. Iron and steel scrap is easier, with conAccording to the U. S. Bureau of Mines, the production
sumers rejecting heavily. Coke is quiet, with prices unchanged.
Reflecting unprecedented consumption, Lake Superior iron ore is moving of bituminous coal for the week ended May 4 1929 amounted
to the furnaces at the rate of 9,000,000 tons for May, compared with to 8,781,000 net tons, as compared with 8,174,000 tons for
5,700,000 tons last May. The movement to June 1 promises to be double the corresponding period last year and 9,118,000 tons for the
that for the comparable period of 1928. Foreign iron ore prices are high
and some grades are not obtainable at any price, a condition which may week ended April 27 1929. The output of Pennsylvania
prompt the reopening of some eastern mines.
anthracite for the week ended May 4 1929 totaled 1,633,000
Steel ingot production in April, at 189,924 gross tons daily, was second net tons as against 1,885,000 tons in the
preceding week and
only to the 194,548-ton rate of March and exceeded the previous April
record-the 172,215 tons of a year ago-by a wide margin. In the first 1,826,000 tons in the week ended May 5 1928. The Bureau's
4 months 18,812,637 gross tons of ingots were produced, comparedwith statement follows:
16,846,958 tons a year ago. Steelmaking operations in April averaged 96%.
BITUMINOUS COAL.
and for the first 4 months of the year 93%.
The total production of soft coal during the week ended May 4 1929.
Rising pig iron prices in the Mahoning valley have put the "Iron Trade
Review" composite of 14 leading iron and steel products up 6 cents, to including lignite and coal coked at the mines, is estimated at 8,781,000
net tons. Compared with the revised estimate for the preceding week,
$37.13, the highest for this index since early 1927.
shows a decrease of 337,000 tons, or 3.7%. Production during the
Production of steel ingots during the past week increased this
week in 1928 corresponding with that of May 4 amounted to 8,174,000 tons.
fractionally to 973'%, due to more activity by the U. S.
Estimated United States Production of Bituminous Coal (Net Tons).
Steel corp, states the "Wall Street Journal," of May 14. A
1929-1928
Cat. Year
Cal, Year
week ago the industry was at 97% and two weeks ago at
to Date.
Week.
to Date.a
Week.
101%. The "Journal" continues:
162,612,000
8,651,000
April
20
7,917,000 150,204,000
For the U.S. Steel Corp. the output is again in excess of its rated capacity,
1,442,000
1,730,000
Daily
average
1,320,000
1,600.000
whereas a week ago it was slightly under 100%. Two weeks ago the big April 27_13
9,118,000 171,730.000
8.192.000 158,396,000
company was running at better than 103%.
1,717,000
1,520,000
1,365,000
Dally average
1,586,000
Independent steel companies' rate of production declined about 1% dur- May 4.e
8,174.000 166,570,000
8,781,000 180,511,000
ing the week to 94%, compared with 95% in the preceding week and 99%
1,703,000
1,362,000
1,463.000
Daily average
1,573,000
two weeks ago.
a Minus one day's production first week In January to equalize number of days
At this time last year, U. S. Steel was running at 89%, with the inde- In the two years. b Revised since last report. c Subject to revision.
pendents at approximately 80%. and the average around 8434%•
The total production of soft coal during the present calendar year to
The "Anaerichn Metal Market" this week states:
May 4 (approximately 106 working days) amounts to 180,511.000 net
Steel mills are still required by the state of demand to produce the maxi- tons. Figures for corresponding periods in other recent years are given
mum tonnage possible and there is no likelihood of any substantial decrease below:
in production until next month at the earliest. The decrease in steel ingot
188,587,000 net tons
166,570,000 net tonz11926
production of 2.4% from March to April was obviously due to physical 1928
167,823,000 net tons
1927
207,492,000 net tons 1925
conditions.
Tons).
(Net
States
by
Coal
of
Estimated Weekly Production
There are fugitive reports of lessened demand for steel, little items being
Average
Week Ended
seized upon because theory would call for a seasonal decrease before this
April.
Apr. 30
Apr. 27
Apr. 28
Apr. 20
time. Also there are reports of increased bookings, probably due to com1923.a
State-1929.
1927.
1928.
1929.
412,000
367,000
336.000
335.000
335.000
parison being made with the fore part of April when bookings would nat- Alabama
21,000
14,000
27,000
15,000
16,000
urally be light after such heavy specifying on old contracts, expiring March Arkansas
lilnoortsdo
Clo
I
184,000
139,000
181,000
134.000
166,000
31.
55,000 1,471,000
491,000
893,000
912,000
Indiana
71,000
514,000
291,000
205.000
270,000
Iowa
100,000
17,000
49,000
53.000
60,000
Ironworkers Get Five-day Week-Structural Steel Kansas
79,000
18,000
26,000
26,000
31,000
Kentucky-Eastern
620,000
1,016,000
867,000
790,000
819.000
2,500
to
It
Board of Trade Voluntarily Grants
Western
188,000
431,000
317,000
196,000
219,000
Maryland
52,000
42,000
43,000
44,000
47,000
Employees-Increases Pay 10%.
Michigan
22,000
9,000
12,000
12,000
12,000
13,000
52,000
59,000
50,000
52,000
A five-day week of 40 hours and a 10% wage rise have Missouri
Montana
42,000
53,000
46,000
42,000
50,000
54,000
61,000
59,000
50,000
been granted voluntarily by the Structural Steel Board of New Mexico
50.000
North
13,000
19,000
16.000
20,000
21.000
Trade, Inc., to become effective on Aug. 24, it was an- Ohio Dakota
145,000
209,000
766,000
390,000
422,000
87,000
Oklahoma
41,000
49,000
33,000
38,000
nounced on May 9 by the board, of which Charles L. Pennsylvania
(biturnin.)- 2,552,000 2,438,000 2,273,000 2,278,000 3,531,000
112,000
109,000
121,000
98,000
95.000
Eidlitz is Chairman. We quote from the New York "Times" Tennessee
23,000
15,000
20,000
15,000
Texas
15,000
70,000
77,000
of May 10, which said further:
67,000
72,000
66,000
249,000
272.000
212,000
220,000
irginia
240,000
The announcement affects 2,500 men working under open-shop con- Virginia
35,000
43,000
37,000
38,000
37,000
ditions on steel structures being erected by the Structural Steel Board of Washington
uthern_b 1,811.000 1,706,000 1,740,000 2,175,000 1,293,000
Trade. The men now work 44 hours a week and receive $14 a day. The WNhe
741,000
809,000
644,000
610,000
oVrt
657.000
irgini
.c
nia-8°
116,000
75,000
105,000
100,000
Wyoming
103,000
new wage will be $77 a week, or $15.40 aday.
6.000
6,000
5,000
1.000
1,000
The pay envelopes of the iron erectors to-day will contain thefollowing Other states
announcement:
8,651,000 8,192,000 8,391,000 10,836,000
9,118,000
Total
coal
bituminoue
"To Our Erection Employees:-As you are well aware it has always been Pennsylvania anthracite-. 1,885,000 1,424,000 1,889,000 1,908,000 1,974,000
the policy of the members of this board to keep the waged and working
Total all coal
11,003,000 10,075,000 10,081,000 10,299,000 12,810,000
conditions of our open shop employees on the same or a better basis than
a Average weekly rate for entire month. b Includes operations on the N. & W.;
those of the other trades in this city.
"Accordingly, beginning with the first pay week following Aug. 24 1919 C. & O., Virginian, K. & M. and Charleston Division of the B. & O. c Rest:of
State, including Panhandle.
the wages of housesmiths will be $1.9234 per hour for a 40-hour week of
five days."
PENNSYLVANIA ANTHRACITE.
Among the employing iron erecting concerns in the Structural Board of
The
total
of Pennsylvania anthracite during the week ended
production
Iron
Ss
Harris
Foundry
Works,
Hays
Co..
McCord
&
Post
Trade are
Structural Steel Co., Levering & Garrigues, McClintick Marshall Co., May 4 1929 is estimated at 1,633,000 net tons. Compared with the output
in the preceding week, this shows a decrease of 252,000 tons. ProTaylor Fichter Co., Norton & Co., George A. Just Co.. and Patterson
duction during the week in 1928 corresponding with that of May 4 amounted
Bridge Co.
to 1.826,000 tons.
Bill Eliminating Tax on Anthracite Coal Signed by
Gov. Fisher of Pennsylvania.
Associated Press advices, May 17 said:
(Pa.)
Harrisburg
The Heaton Bin, gradually eliminating the tax of approximately eight
Cents a ton on anthracite was signed to-day by Goy. Fisher.
It will be entirely repealed May 31 1931.
April Anthracite Shipments Increase Over Previous
Month but Fall Below April 1928.
Shipments of anthracite for the month of April 1929, as
reported to the Anthracite Bureau of Information, Philadelphia, amounted to 5,160,520 gross tons. This is a decrease
as compared with shipments during the same month last
year, of 443,356 tons, but shows a marked increase as compared with the preceding month of March, this year, of
1,531,829 tons.
Shipments by originating carriers for the month of April,
this year, compared with the same month last year, and
the preceding month of March, this year, are as follows:
(In Gross Toes.)Reading Company
Lehigh Valley
Central RR. of New Jersey
Delaware Lackawanna & Western
Delaware & Hudson
Pennsylvania
Erie
New York Ontario & Western
Lehigh & New England
Totals
Apr. 1929. Apr. 1928.
941,389 1,140,985
899,376
764,523
531,892
487,158
899.398
874.135
678.810
688,331
519,233
499,536
517,282
537,828
121,083
110,558
295,817
257,062
5,160,520
5,603,876
Estimated Production of Pennsylvania Anthracite (Net Tons)
1928
1920
Cal Year
Cal. Year
Week Endedto Date.a
Week.
to Date.
Week.
April 20
1,605,000 21,216,000
1,424,000 22,946,000
April 27_b
1,889,000 23,105,000
1,885,000 24,831,000
May 4_c
1,826,000 24,931.000
1,833,000 26,464,000
a Minus one day's production first week in January to equalize number of days
In the two years. is Revised. c Subject to revision.
Canadian National Railways Crop Report-Increased
Acreage in Saskatchewan and Alberta.
Increased acreage in Saskatchewan and Alberta, particularly in the central and southern areas, is indicated in
the first weekly crop report of the Canadian National
Railways. The report says:
Wheat seeding is practically completed in all sections of the prairies
and the sowing of coarser grains Is well under way. Notwithstanding
the fact that seeding is in some places as much as a week ani two week
earlier than last year the season is slow. Cold weather has retarded growth
in
Mar. 1929. throughout the three provinces. To the cold and frost has boon added
some
areas lack of moisture and reports of drying out come from Saskatche676,295
583.014 wan. Welcome rains have come to some districts. Snow was reported
308.049 from only one place,
Reddeer. Alberta.
826.825
Saskatchewan reports warmer weather and every prospect for a good
489,840
345,147 season. While some farmers say they have enough moisture in their
375,165 land the majority require rainfall. Rye is up and doing well and flax
82.802 sowing will
commence next week. The land is in good condition on the
141,554
whole. The same condition of cold and lack of moisture apply to Alberta
3,628,691 where wheat is practically all in, but the other grains are being held back.
FINANCIAL CHRONICLE
MAY 18 1929.]
3279
Current Events and Discussions
The Week With the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on May 15, 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 $47,400,000 in holdings of discounted bills and of
$11,100,000 in bills bought in open market and an increase
of $6,300,000 in holdings of Government securities. Member
bank reserve deposits decreased $10,100,000, Government
deposits $15,000,000, Federal Reserve note circulation $17,
000,000 and cash reserves $800,000. Total bills and securities were $57,600,000 below the amount held on May 8.
After noting these facts, the Federal Reserve Board proceeds
as follows:
May 15 1929. May 8 1929. May 16 1928
Reserve with Federal Reserve Bank____ 726,000,000
Cash In vault
54,000,000
Net demand deposits
Time deposits
Government deposits
Increase (+) or Decrease (--)
During
May 15 1929.
Week.
Year.
3,011.523,000
2,838,123,000
—756,000
—2,824.000
+209.886.000
i-197.314.000
Total bills and securities
1,224.349,000 —57,563,000
--193,665,000
Bills discounted, total
914,599,000 —47,423,000
Secured by U. S. Govt. obliga'ns 512,837,000 —12,977,000
Other bills discounted
401,762,000 —34,446.000
A-107.187,000
---35,729,000
A-142,916,000
Bills bought in open market
146,107,000 --11,074,000
U. S. Government securities, total 155,826,000
Bonds
50,400,000
Treasury notes
90,610,000
Certificates of indebtedness
14,816,000
+6.338,000
—7,000
+6.115,000
+230,000
--201,185,000
--l06.494,000
--4.144,000
--9,807,000
---92,543,000
Federal Reserve notes In circulation
1,648,658.000 —17,020,000
+63,563,000
Total deposits
Members' reserve deposits
Government deposits
2,365.508,000 —23,706,000
2 319,887,000 —10,146,000
13.678,000 —14.957,000
--68,645.000
---62.269,000
---11,830,000
Returns of 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 got ready.
Below is the statement for the New York member banks
and that for the Chicago member banks thus issued in
advance of the full statement of the member banks, which
latter will not be available until the coming Monday. The
New York statement, of course, also includes the brokers'
loans of reporting member banks. The grand aggregate of
these brokers' loans the present week increased $14,000,000.
This follows an increase of $19,000,000 last week, of $40,000,000 the week before, and of 867,000,000 three weeks
ago. The total of these loans on May 15 at $5,565,000,000
compares with $5,793,000,000, March 20 1929 (this latter
having been the high record) and with $4,502,000,000 on
May 16 1928.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
May 15 1929. May 8 1929. May 16 1928.
$
7,194,000,000 7,165,000,000 7,301,000,000
Loans and investments—total
Loans—total
On securities
All other
Investments—total
U.S. Government securities
Other securities
100,000,000
824,000,000
79,000,000 112,000,000
806,000,000 1,024,000,000
Borrowings from Federal Reserve Bank- 166,000,000
The statement in full, in comparison with the preceding
week and with the corresponding date last year, will be found
on subsequent pages—namely, pages 3306 and 3307. A
summary of the principal assets and liabilities of the Reserve
banks, together with changes during the week and the year
ended May 15, is as follows:
5,337,000,000 5,314,000,000 5,425,000,000
2,641,000,000 2,647,000,000 2,812,000,000
2,696,000,000 2,667,000.000 2,612,000,000
1,857,000,000 1,852,000,000 1,876,000,000
1,062,000,000 1.075,000,000 1,080,000,000
795,000,000 777,000,000 797,000,000
756,000,00
49,000.000
5,167,000,000 5,146,000,000 5,573,000,000
1,181,000,000 1,157,000,000 1,196.000,000
44,000,000
46,000,000
15,000,000
Due from banks
Due to banks
189,000,000
233.000,000
tans on securities to brokers and dealers
860.000,000 864,000,000 1,312,000,000
For own account
1,725,000,000 1,734,000,000 1,656,000,000
For account of out-of-town banks
2,979,000,000 2,953,000,000 1,535,000,000
For account of others
Total
On demand
On time
Holdings of discounted bills decreased $22,500,000 at the Federal Reserve
Bank of New York, $17,400,000 at San Francisco, $7,800.000 at Philadelphia, and $6,800,000 at Chicago, and increased 87.200,000 at Boston.
Loans and investments—total
The System's holdings of bills bought in open market decreased $11,100,000,
while holdings of Treasury notes increased $6,100,000 and of all Govern- Loans—total
ment securities, $6,300,000.
On securities
Federal Reserve note circulation decreased $10,500,000 at New York,
All other
$1,500,000 at Richmond, $1,400,000 at Chicago, $1,300,000 at Dallas, and
$17.000,000 at all Federal Reserve banks.
Investments--total
Total reserves
Gold reserves
724,000,000
55,000,000
5,565,000,000 5,551,000.000 4,502,000,000
5,213,000,000 5,182,000,000 3.452,000,000
352,000,000 369,000,000 1,050,000,000
Chicago.
2,017,000,000 2,001,000.000 2,082,000.000
1,594,000,000 1,588,000,000 1,570,000,000
U.S. Government securities
Other securities
Reserve with Federal Reserve Bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
895,000.000
699,000.000
893,000,000
695,000,000
872,000,000
698.000,000
423,000,000
413,000,000
512,000.000
177,000,000
246,000,000
173,000,000
240,000,000
230,000,000
282,000,000
167,000,000
15,000,000
168,000.000
15,000,000
190,000,000
16,000,000
1,207,000,000 1,204,000,000 1,280,000,000
643,000,000 636,000,000 715,000,000
11,000,000
12,000,000
4,000,000
Due from banks
Due to banks
Borrowings from Federal Reserve Bank-
151,000,000
311,000,000
124,000,000
319,000,000
181,000,000
357.000,000
24,000,000
18,000,090
63,000,000
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statements for the New York and
Chicago member banks are now given out on Thursdays,
simultaneously with the figures for the Reserve banks themselves, and covering the same week, instead of being held
until the 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 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 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 8:
The Federal Reserve Board's condition statement of weekly reporting
shows decreases for the
member banks in 101 leading cities on May
week of $217,000.000 in loans and investments, of $249.000,000 in net
demand deposits, and of $19,000,000 in borrowings from Federal Reserve
banks, and an increase of $11,000,000 in time deposits.
Loans on securities declined $130,000,000 at all reporting banks, $129.000,000 in the New York district and $11,000,000 in the Philadelphia
district. "All other" loans declined $39,000.000 in the New York district
and $52,000,000 at all reporting banks.
and of other
Holdings of U. S. Government securities were
securities $16,000,000 below the preceding week's totals.
Net demand deposits, which at all reporting banks were 8240,000,000
below the May 1 total, declined $197,000,000 in the New York district.
833,000,000 in the Boston district, $17,000,000 in the Cleveland district,
and 814,000,000 in the San Francisco district, and increased $15,000,000
in the Philadelphia district. Time deposits increased $11,000,000 at all
reporting banks. $12,000,000 in the San Francisco district and 87,000,000
in the Boston district, and declined $10,000,000 in the Chicago district.
The principal changes in borrowings from Federal Reserve banks for
the week comprise an increase of $30.000.000 at the Federal Reserve Bank
of New York and declines of $18,000,000 at Philadelphia, $13,000,000 at
Chicago. $10,000,000 at San Francisco, and 86,000,000 at Minneapolis.
A summary of the principal assets and liabilifies of weekly reporting
member banks, together with changes during the week and the year ending
May 1929 follows:
8
$18,000,000
8
3280
FINANCIAL CHRONICLE
Increase (+) 07' Decrease (—)
Since
May 1 1929.
May 9 1928.
$
—26,000,000
Loans and investments—total____22,096,000,000 *-217,000,000
May 8 1929.
Loans—total
On securities
All other
16,256,000,000 *-182,000,000
+309,000,000
7,241,000,000 *-130,000,000
9,015,000,000 *-52,000,000
+193,000,000
+116,000.000
a5,841,000,000
—34,000,000
—333,000,000
a2,979,000,000
2,862,000,000
—18,000,000
—16,000,000
—43,000,000
—290,000,000
Reserve with Federal Res've banks 1,682,000,000
Cash in vault
237,000,000
—20,000,000
+14,000,000
—115,000.000
—11,000,000
Investments—total
U.S. Government securities__
Other securities
Net demand deposits
Time deposits
Government deposits
12,985,000,000
6,771,000,000
108,000,000
—249,000,000
+11,000,000
—35,000,000
—823,000,000
—116,000,000
+36,000,000
Due from banks
Due to banks
a1,038,000,000 —119,000.000
02,582,000,000 •-135,000.000
—115,000,000
—533.000,000
—19,000,000
+76.000,000
Borrowings from Fed. Res. banks_
684,000,000
•May 1 figures revised. a Subject to correction.
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 18 the following summary of market conditions abroad, based on advices by cable and radio:
ARGE NTrNA
Business conditions are good, but the seasonal slowness of the retail
trades has been accentuated. The liabilities of commercial houses which
failed during April amounted to 12.000,000 paper pesos, an increase of
about 50% over the previous month, while liabilities for the first four
months of this year were 4,000,000 greater than for the corresponding
period of the previous year, a fact which has been much commented upon
by the press. The National Mortgage Bank has issued a new series of
cedulas amounting to 50,000,000 paper pesos. The Province of Buenos
Aires has decreed the conversion and retirement of its 7% internal pavement bonds of 43,000,000 paper pesos, the holders being given the option
of presenting their bonds either for cash or in exchange for new 6% internal
bonds before July 1. (Paper peso worth about 42 cents.)
BRAZIL.
Exchange continues firm and unchanged. The coffee market at Rio de
Janeiro was also firm with quotations unchanged, but at Santos the market
was weak and quotations uncertain. Hope of improvement in the credit
situation is reported from some quarters. Commerce in general is dull,
but some optimism has been caused by the governmental assurance that
the Bank of Brazil will handle all legitimate discounts. A statement has
also been authorized to the effect that the Bank of Brazil will inaugurate
rediscounting within a few months. Meanwhile over sixty failures and
creditors' agreements occurred during the week, eleven of the largest
showing liabilities approximating $10,000,000.
CANADA.
Reports from Ontario employment offices indicate that iron and steel
and automobile manufacturers are continuing their high production schedules. The weather working trades are showing some improvement and
candy and hosiery manufacturers are busy. Clothing factories are less
active, but retail sales of millinery and hosiery are reported fair at Montreal, although there has been as yet no active demand for summer wearing
apparel. Boots and shoes are in heavier demand. Spring lines which are
moving well include roofing and roofing supplies, builders' hardware and
garden tools. The earlier opening of the prospecting season in northern
Ontario this year has stimulated the sale of wholesale groceries and other
camp supplies. Grain congestion at Lake and river ports Is reported still
serious, and shipments from Port Arthur and Fort William are lower in
consequence. Montreal elevators were reported to hold 12,629,000 bushels
of grain on May 9, with the possibility that the congestion will continue
for some weeks in view of the falling off in export orders. During the past
week wheat prices dropped to the lowest levels of the year. The potato
acreage in New Brunswick is reported to be from 15 to 20% less this year
than in 1928. In some districts of Ontario farmers have suffered from
the heavy rains of the past few weeks and seeding has been delayed.
CHINA.
No change is noted in the general business situation at Shanghai. All
trade markets are somewhat quiet incident to race week. Abnormally low
water in the Yangtze River is causing some concern to shipping and severely
handicapping the movement of cargo. Less activity is reported in Shanghai
real estate markets. with no important transactions recorded. Building
permits granted in the Internat onal Settlement during April totaled 461,
and in the French Concession, 509, with Chinese houses and shops compris
ing the major part of April construction activities. A contract has been
signed with an American firm In Shanghai for the purchase of ten locomotives
for the Tientsin-Pukow line. Conditions in North China are quiet, and no
immediate reaction from disturbances In South China are expected. Prospects appear better for more quiet and improved conditions in Shantung
Province upon Nationalist author ties taking over the Province from
Japanese, whose evacuation is expected to be completed by the end of May.
Passenger service is now operating thrice-weekly between Peking and Pukow
via Tientsin, and the former route via the Tunghai line is abandoned for
this direct route. It is reported that Belgian suppliers have recently
consummated the sale of ten locomotives for the Lunghal line, the sale to be
financed from returned indemnity funds. Twice-dwly railway passenger
service.ontinues between Peking and Mukden, with further improvements
expected on this branch. Shanghai officials announce plans for construe;
tion in Chahar Province of the Kalgan-Dolonor Railway comprising 133
miles. Exact details of the project are not yet available. Business was
quiet in Canton during April. Imports were on a slowly declining scale,
but export business was well sustained. Internal disturbances In the South
China area have caused a depreciation In Central Bank notes, and consequently hampered trade. The situation continues uncertain, with business
confined to immediate needs pending stabilization of conditions and the
clearing of large import stocks. Four Chinese banks in the Three Eastern
Provinces are forming a joint organization for issuing Mexican dollar bank
notes, which are to be secured by deposits of 70% in silver and 30% In
other collateral.
CUBA.
Economic conditions are unchanged with sales in most lines restricted.
The sugar mills are rapidly completing the grinding of the current crop and
[Vol,. 128.
prospects of a further seasonal blackening with the advent of the dull summer
season is in prospect it is believed unless sugar prices improve. Sugar production up to May 4 was approximately 4,970,000 tons, according to trade
estimates, but prices are still very low. The effect of the lower returns
realized from the sugar crop are evident in all lines of business. Nevertheless, the diffusion of small manufacturing enterprises, largely organized
since the inauguration of the tariff of 1927; the increased attention given
to the cultivation of minor crops; good returns from the tobacco crop; the
heavy expenditures of tourists during the past winter seasons; and the
expenditure of money for public works, have in the aggergate helped to
stacilize business at a certain low level, where it has been able to maintain
itself. While the program of public construction of highways, aqueducts
and public building exercises a stimulating effect on trade, it also increases
the tax burden.
EGYPT.
The foreign trade situation continues favorable, according to preliminary
returns for March. with both imports and exports showing an expansion
over the corresponding month of 1928. Imports totaled £E4,663.000
(LE equals approximately $5) and exports 0E5,250,000, as compared with
0E3,885,000 and £E4,367.700. Cotton exports were valued at 0E4,086,400 as compared with 0E3,388,000 for the same month of the preceding
Year. Total imports for the first three months aggregated £E13,274,000
and exports EE15,281,600; the respective figures for the corresponding
Period of 1928 were 0E11.944,000 and £E13,267,000,
FINLAND.
Business in Finland during April was rather spotty with no particular
change noticeable. Credit conditions were particularly tight, as the result
of the increased demands to finance the sudden heavy imports which
followed the opening of the ports early in the month. The number of
protested notes has been the largest since war years. Bourse turnover was
low with quotations depressed. Industrial conditions were normal during
the month but increased activity incident to seasonal changes is anticipated
in May. The lumber market was quiet with sales at the end of April exceeding two-thirds of estimated output. Prices remained unsatisfactory.
Chemical pulp demand was good with prices low but tending to improve.
Some interest is already being shown in advance sales for 1930. The paper
and plywood markets remained quiet. The cost of living continued to
decline. Unemployment has improved materially over earlier years. The
stevedores' strike in force since June 1928 was settled during the early
part of April with no important changes in agreements. March trade was
slow but an improvement was noted during early April. The export of
dairy products, mainly butter and prepared meats, were large during the
first quarter and considerably above those of earlier years.
FRANCE.
Although French industries continued well occupied and the economic
situation was fundamentally sound, there Was during the past month uncertainty in certain branches and a tendency toward a slackening in manufacturing and trade. The metallurgical industries were generally active
and production increased. In the coal industry a high level of production
was maintained and market conditions became normal. The machinery
industry, with the exception of textile machinery, has maintained a capacity production and only a shortage of skilled labor has prevented the
acceptance of a larger volume of orders. Agricultural implement sales
have reached a record volume owing to a shortage of farm labor. The
tendency in textile establishments is less favorable. The cotton yarn
market is extremely calm and spinners are making price concessions In
order to reduce stocks. Cotton weavers are in a relatively better position
but new orders are scarce. The situation of wool spinners has Improved
slightly as a result of better export sales. In the silk factories the demand
for fabrics is barely sufficient to keep the looms employed full time, but
rayon sales are brisk. The market for hides and skins is dull, the retail
shoe trade is satisfactory, the rubber market is calm, and conditions in
the lumber trade are satisfactory. An important factor in the economic
situation is the continuance of the heavy adverse visible foreign trade
balance. Agitation for tax reforms has subsided temporarily but the subject remains one of the outstanding problems. Present high production
costs, which make competition in foreign markets difficult, and increasing
prices are ascribed in an appreciable degree to the weight of the tax burden.
Some hesitation is occurring in the financial market because of the lack
of a satisfactory settlement at the raparation conference. The volume of
security transactions is small. Money is still abundant despite a heavy
volume of new stock issues. It has been announced that the Government
will present a bill authorizing the issue of a loan of 3,000,000,000 francs
to hasten the economic development of the French colonies. Crops are
about a month late on account of prolonged cold weather. Prospects for
the fruit crops are reported as good but the olive and almond trees are
reported to have been damaged severely by cold weather.
GERMANY.
The unfavorable conditions that prevailed throughout the first quarter
of the year remained unchanged in April and the early part of May. While
the general tone of trade and industry is now somewhat firmer than in
March, the uncertainty of the reparations outlook tends to outweigh all
other considerations and to confine such improvement as has taken place
to those branches of industry most influenced by seasonal factors. The
disturbing effect of the reparations question is most noticeable in the unfavorable conditions of finance. Domestic investment is practically at a
standstill, while security prices at the end of April were the lowest since
1926, following a sharp break in the middle of that month. Money rates
rose at the end of April after the 1% advance in the Reichsbank rate that
was made primarily with a view to correcting the temporary weakness of
the mark-exchange. The tendency toward tighter money is further aggravated by the heavy emergency borrowings of the Federal Treasury, while
the access to the investment market is further blocked by the prospect of
a long term government loan of 500,000,000 marks on preferred terms to
relieve the Treasury. Government receipts from taxation for the fiscal
year which ended on March 31 totaled 9,023,000,000 marks, or 160,000,000
over the original estimate.
GREECE.
The recent severe weather has resulted it is claimed in considerable
damage to live stock and many crops. Currants suffered to the extent of
10% but the final crop is expected locally to approximate that of the
previous year. The United States continues to lead as a country of origin
for Greek imports.
INDIA.
Piece goods trade in India continues quiet, with prices easier. Jute and
hessians are steady at lower levels, but the volume of trading is very small.
JAPAN.
The Japanese Government is issuing 5% conversion bonds in the amount
of 140,000,000 yen (normal value $69,790,000),redeemable in 1962. Present
prices are at 93. Valuable power rights on the Tadami River have been
granted to the Tokyo Electric Power Co. Steel bar producers have formed
a group for production and price control.
MAY 18 1929.]
FINANCIAL CHRONICLE
3281
visits are not habitual, but only occasional," he said, "is not regarded as
MEXICO.
Since the collapse of the revolution in Sonora, the Southern Pacific Rail- resident in Britain unless he has been in the United Kingdom for a period
periods equal in the whole to six months in the income tax year, comor
road has been operating two mixed trains weekly between Nogales and
Mazatlan. On May 15 the Mexican Aviation Co. inaugurated tri-weekly mencing. April 6, while a visitor who becomes chargeable as a resident is
air-mail service between Mexico City and Tapachula, near the Guatemalan liable not on the whole of his income arising from abroad, but only on so
border. It Is reported that the banking houses Casa Brito of Tampico, much of that income as is received by or remitted to him in the United
Kingdom."
and Casa Celso Garza Gonzalez of Torreon, have suspended payments.
NETHERLAND EAST INDIES.
Trade conditions are normal, though the money market is somewhat
tighter. Leaf tobacco, automobile accessories, and iron and steel are
especially featured in the import trade.
NEWFOUNDLAND.
The local trade, both wholesale and retail, is dull. Seasonal fishing
prospects, however, are fair, and the annual seal hunt has been successful,
with a yield of around 200,000 skins.
Holders of American Dollars in Poland Sell at a Loss
Following Erroneous Information Concerning
American Note Issue.
The following Warsaw advices April 27 appeared in the
New York "Times":
Numerous dollar-note holders in Poland were panic-stricken a few days
ago when a popular newspaper announced that the United States had
PANAMA.
Issued new notes and that the old ones would be withdrawn on the shortest
It has been estimated by the Central Roads Board that the road tax notice.
will produce over $50,000 during 1929. Imports during April amounted to
Banks and exchange bureaus were besieged by those who wanted to
$1,590,000, of which over 78% came from the United States. National get rid of their dollars, and many sold them to speculators at a heavy disrevenues during the same period amounted to $721,000. A survey has count. An official statement issued by the American Legation, that
been started in connection with the water and sewer system for the city of exchange of the currency would take a long time, finally allayed the exBocas del Toro. The Isthmian Airways Co. proposes to establish a flying citement.
school in Panama. The Government is carrying on negotiations for the
purchase of land at Paitllla Point on which to erect an air dome. The
Washington of Agreement Providing for
largest tourist business since the canal construction days is expected during Signing at
Settlement of Indebtedness of Greek Government
next season.
PERU.
to United States—Additional Advance of $12,Crop conditions are reported to be excellent, and the labor situation is
167,000 Granted.
satisfactory. The merchandise turnover continues to be affected by the
seasonal dullness of trade occurring during the crop making season and
Upon the occasion of the signing at Washington on May 10
sales are sluggish. Reserve Bank data as of April 30, 1929, reported gold of the agreement providing for the settlement of the inreserves amounting to EP5,247,937, note circulation totaling LP6,045,879
and bank clearings reaching EP7,374,778. (Peruvian peso worth about debtedness of the Greek Government to the United States,
$3.99).
Secretary of the Treasury Mellon delivered to the Greek
SPAIN.
Minister a check for $12,167,000, representing the additional
Wide fluctuation in the peseta dollar exchange characterized the Spanish advance to Greece authorized in the resolution passed by
situation during April. The Spanish medium stood at its highest level on
President Coolidge on Feb. 16 1929.
April 1 at 6.62H to the dollar and the minimum was reached on April 24 Congress, and signed by
at 7.01 to the dollar. The weakening of the peseta is causing considerable This resolution, which was referred to in our issue of Feb. 23,
apprehension in business and Government circles. Reasons attributed page 1158, authorized the Secretary of the Treasury to
are the unfavorable trade balance and foreign speculation in peseta exchange. An emission of a 500,000,000 peseta, amortizable tax free 5% conclude an agreement for the settlement of the Greek
loan has been authorized to cover expenses under the extraordinary budget debt. Provision for total credits to Greece of $48,236,629
for public works. Bank clearings in Madrid during April were lower than
Tripartite loan agreement of 1918, but
those for the preceding month, but are in excess of those for April 1928. was made in the
Stock exchange transactions on the Madrid Bourse show a slight weakening the cash advances by the United States amounted to but
trend. There Was some speculation in bank stocks, industrials, minerals $15,000,000. In giving the statement made by Secretary
electric shares and notably explosives. The figures for the Bank of Spain
the agreement, a
for the end of April showed no fluctuation in gold reserve as compared with Mellon on May 10 with the signing of
that at the end of March. Circulation,silver cover and accounts current were dispatch from Washington to the New York "Times" said:
increased. The Government is at present urging Spanish buyers to purchase
The Treasury Department to-day announced the completion of the
nationally manufactured automobiles in order to decrease the unfavorable debt settlement with Greece, under which that country has agreed to
trade balance. Owing to the shortage in the national production of wheat repay over a term of 62 years the $15,000,000 lent to it in war time and
the Government has made bids for the importation of 125,635 tons of in 20 years an additional $12,167,000 at 4% to be advanced by this country
foreign wheat. Improvement has been reported in the Asturian coal mining to the Refuge Settlement Commission, of w ich the Chairman shall always
situation and orders are exceeding production. Many mines are now working be an American. The Commission will devote this money to aid the
at normal capacity with prices for better grades of coal well sustained. The Greek refugees, estimated at 1.500,000, who were driven from Aisa Minor.
Improvement in this situation is attributed to the growing demand of
The agreement was signed to-day by Minister Simopoulos for Greece
the Spanish industries for national coal, price increases for the English and by Secretary Mellon for the United States and approved by Presiproduct, and rise in exchange value of the pound sterling.
dent Hoover.
With the signing of this compact, debt agreements covering war-time
UNITED KINGDOM.
advances have been made with all European countries excepting Armenia.
The British coal trade is quieter in some mining districts, especially in Austria and Russia. The proposal to France has not been ratified.
Scotland, supplies are now considered to be much in excess of demand.
Congress has authorized a settlement of the Austrian debt, but the final
Bunker business is at present the most active section of the trade. The steps are still to be taken.
Government has issued a draft agreement for the proposed Dead Sea salts
The original advances to Greece were made under what is known as
concession. Board of Trade returns of oversee commerce show substantially the Tripartite loan agreement of Feb. 10 1918, and there has been a sharp
than
April
in
goods
in
British
of
the
imports
of
and of exports
larger totals
difference of opinion between the Governments on the details of settlement.
previous month or in the same month of last year. No conclusions, however,
In a statement issued to-day concerning the agreement with Greece.
should be drawn from the larger figures this year without making allowance
Secretary Mellon said:
for business stoppages, owing to the Easter holidays last March and in
"Under the Tripartite loan agreement, the Secretary of the Treasury.
April of 1928; also there was one Sunday less in April than in either March with the approval of President Wilson, established on the books of the
of this year or in April of last year. Even so, the oversee trade is in the Treasury credits in favor of Greece in the aggregate amount of 348,236.622,
obligations of Greece. Against
aggregate probably up to general expectation, especially as full results of for which amount the United States held the
these credits the United States made cash advances of $15,000,000. leaving
the slowly improving industrial position are not immediately reflected a balance of $33,236,629. which Greece has claimed the United States
in trade returns. Imports in April amounted to E104.160,000, British owed it.
"The United States took the position that events which transpired
exports to £60,240,000. and reexports to £10,370,000. The March totals
to 1920 relieved it from maldng any further advances.
• were £98,593,000, E58,623,000. and £9,986,000. respectively, and those subsequent
"At its last session the Congress authorized the Secretary of the Treasur7
for April 1928 £96,796,000, £55,268,000. and E10,955,000, respectively.
to make an agreement with Greece providing for the settlement of Greece s
indebtedness to the United States and for adjusting outstanding difThe Department's summary also includes the following ferences
as to the Tripartite loan agreement.
"This authorization provided that Greece should fund its outstanding
with regard to the island possessions of the United States:
obligations to the United States over a period of years and that the United
States should make an additional loan to Greece in an amount which
PHILIPPINE ISLANDS.
would make the total of the sums advanced equal to the sums advanced
Copra and abaca markets continue quiet, as the result of general lack of by Great Britain under the terms of the Tripartite loan agreement to
were parties.
interest and small demand from all markets. Coconut oil mills are operating which the United States, Great Britain. and France
"Greece is to forego all claims for further advances under the Triat lees than normal capacity due to the rather unfavorable outlook. Arrivals partite
loan agreement of Feb. 10 1918, which agreement, so far as the
of copra. however, are seasonally good, totaling 245,000 sacks during April,
United States and Greece are concerned, is regarded as terminated.
compared with 172,000 sacks for the same month last year. To-day's
"In addition, the Greek Government paid in cash to the United States
the
8111II of $2,922.67 in order that the amount to be refunded should be
Liondagua
and
are:
Legaspi,
11
prices
pesos
picul
per
copra
of 139
f. o. b.
an even number of dollars, together with 320,000 in payment of the bond
pounds; Cebu, 11.125 pesos and Manila, 11.60 pesos. (One peso equals Issued
under the agreement and maturing July 1 1928 and an additional
$0.50.) Abaca sellers are holding for better prices and few sales are being $20,000 in payment of the bond maturing under the agreement of Jan. 1
made. Price quotations are nominal at 30 pesos per picul for grade E, F. 1929. The Secretary of the Treasury delivered to the Greek Minister
the United States for $12,167,000."
26.50; I, 24; JUS, 20; JSK, 16.60 and L, 14. Arrivals of abaca at export a check on the Treasurer of
Points last week totaled 34,100 bales and exportsamounted to 33,900 bales,
of which the United States took 5.200.,Europe, 12,900, and Japan, 15,200. Jugoslavia Reduces Staff—One-third of Civil Employees
Arrivals for the current week are estimate at 28,000 bales and for next week.
Dismissed to Cut Expenses.
32,000.
Belgrade advices May 6 to the "Times" state:
British Tax Explained—Visitors Chargeable as Residents Pay on Income Remitted from Abroad.
Under date of May 3 the New York "Times" had the following to say in a message from London:
Misapprehension regarding payment of the British income tax by
visitors from overseas was clarified in the House of Commons to-day by
A. M. Samuel, Financial Secretary to the Treasury, who declared that no
part of a visitor's income from sources outside Great Britain was subject
to the British income tax unless he was chargeable as a person residing in
Britain.
"A visitor who maintains no place of residenoe in Britain and whose
One-third of Jugoslavia's civil servants found themselves without jobs
to-day because of a decree of King Alexander.
Two hundred and fourteen army staff officers also have been retired, in
addition to thirty-three Generals and three Admirals, the pensioning of
whom was announced several weeks ago.
The reduction in the civil service is part of the economy campaign begun
by the dictatorship to regenerate the finances of Jugoslavia. The army
reductions are stated to be a result of a recent inspection of the Jugoslavian
army by French officers, who reported that too many elderly officers were
being retained in the service.
Another version has it that General Zivkovitch, the Prime Minister, took
advantage of the occasion to purge the army of elements believed to be
hostile to the dictatorship and to himself.
3282
FINANCIAL CHRONICLE
In view of the popularity of many of the retired officers there is some
uneasiness regarding the outcome of such a drastic measure.
The civil servants to be dismissed, it is said, will be those who have
been slack in the discharge of their duties.
[vol.. 128.
his unselfish devotion to the interests of the Exchange, the high ideals
that he strove to establish in its policies, and the courteous and sympathetic
attitude which characterized all his dealings with his fellow-members will
keep his memory green throughout a long and distant future and be an
inspiration to continued striving towards all that is most worthy of attainment.
Be It Further Resolved, That these resolutions be spread upon the minutes
of this meeting and a copy thereof suitable engrossed be transmitted to his
family.
Porto Ricans Seek President Hoover's Support for Loan
—Delegation Says Island Needs $100,000,000 to Cure
"Intolerable" Conditions.
Mr. Burr, who was born in Newton, Mass., on July 25
President Hoover's support for a loan of $100,000,000 to
Porto Rico by the United States to refund the insular and 1861, entered Harvard University from the Newton High
municipal bonded debt of the island and to carry forward to School and was graduated in 1884. From the "Heraldcompletion the program of reconstruction and rehabilitation Tribune" of May 7 we take the following:
He entered business in Boston, where he remained until 1892, when he
of the island was urged by a delegation of Porto Ricans at came
to New York, buying the New York Stock Exchange seat of A. G.
the White House on May 15, according to a Washington Wood on Nov.3 of that year. Until June 1919, he acted as the floor member
the
firm of Parkinson & Burr, but at that time he became a floor broker,
of
dispatch to the New York "Times," which said:
In support of their request, Santiago Iglesias of the Porto Rican Senate
told President Hoover that economic and social conditions in the island
were "intolerable" and that conditions would grow worse unless steps were
taken by the insular and Federal Governments to remedy the situation.
Senator Iglesias informed the President further that receipts of the
insular government had not increased in proportion to the wealth produced by the island; that at least 60% of the benefits obtained from the
wealth now produced by the island is exported; that half of the population
of school age lacks facilities for obtaining an education and that because
of "miserable" wages paid to workers and lack of employment a great
part of the island's population, especially in the rural areas, is suffering
from anemia and malaria.
The proposed loan of $100,000,000 would extend over a long period and
would bear a liberal rate of interest.
"Nothing else, we believe," said Senator Iglesias, "would so stimulate
the building of a sounder and more healthy community of American citizens in the Caribbean whose increasing welfare would insure a constantly
growing market with every prospect of increasing profit for American
business than advancing the loan."
The delegation included Senor Antonio R. Barcelo, President of the
Senate, and Sanchez Morales, Vice-President of the Porto Rican Senate;
Walter K. McJones and Senor Beiascochea. They were introduced by
Carlos Davila, the Porto Rican resident Commissioner. The delegation
praised the record of Governor Horace M. Lowner.
Portion of Bonds of Province of Lower Austria Retired.
J. & W. Seligman & Co., fiscal agents, announce the
retirement on June 1 of $17,500 principal amount, Province
of Lower Austria secured &liking fund 73/2% gold bonds, due
Dec. 1 1950. Of the total amount, $9,000 has been purchased in the open market and $8,500 is called for redemption at the principal amount and accrued unpaid interest
to June 1.
Revenues of Province of Upper Austria Securing 7%
Bonds.
Figures made public May 13 show that revenues securing
the Province of Upper Austria external 7% bonds, due
June 1 1945, amounted to $2,948,649 last year as compared with $2,755,609 the previous year. These revenues,
derived from a tax on real estate and a proportionate share of
Federal taxes, are, it is announced, equivalent to 6.3 times
the total annual service charges of $468,000 for interest
and sinking fund on the 7% bonds, against 5.88 times the
previous year. At present $4,544,500 of these bonds are
outstanding, $455,500 having been retired through operation
of the sinking fund.
making his office with H.T. Carey & Co., at 50 Broadway.
He was elected a Governor of the Exchange in 1901, and from 1915 to
1919 was Vice-President of the Exchange,serving creditably in that capacity
during part of the period when financial conditions were extremely tense.
as a result of the war.
In 1913 the Committee on Business Conduct was formed, with Mr. Burr
as a member, and he was elected Chairman in 1915. He retained this post
until his death. Other important positions held by Mr. Burr during his
long term on the Governing Committee Includind membership on the
Arbitration Committee since 1901, the Law Committee since 1913 and the
Conference Committee since 1925.
He formerly was a member of the Committee on arrangements and the
Committee on Admissions. Among the special commissions upon which he
acted were the Committee on Opening the New Building, in 1902; the
Liberty Loan Committee, in 1917, and the Committee for the Revision of
the Constitution, in 1922.
E. H. H. Simmons Re-elected President of New York
Stock Exchange—Other Officers Elected.
E. H. H.Simmons was elected President of the New York
Stook Exchange for the sixth successive term in the annual
election of the Exchange on May 13. Other officers and
members of the governing committee elected were:
Warren B. Nash, Treasurer.
Members of the Governing Committee (for the term of four years):
Harold 0. Barker
William B. Potts
Herbert I. Foster
Joseph H. Seaman
Walter L. Johnson
George M. Sidenberg
Peter J. Maloney
Edward T. H. Talmage. Jr.
J. Clark Moore, Jr.
George B. Wagstaff
For the term of three years, George P. Smith.
For the term of two years, Robert Lehman.
For the term of one year, Herbert G. Wellington and Arthur F. Broderick.
The report of the nominating committee was referred to
in our issue of April 13, page 2392.
James B. Mabon Resigns as President of the New York
Quotation Co.—E. T. Tefft Succeeds to Presidency.
The following is from the May 11 bulletin of the New York
Stock Exchange:
The New York Quotation Co. reported that at a meeting of the board of
directors held on April 24 1929 the resignation of Mr. James B. Mabon
as a director and as President of the company was presented, and accepted
with regret. Mr. Bertrand L. Taylor Jr. was elected a director to fill the
vacancy, and Mr. Erastus T. Tefft was elected President and a member of
its Executive Committee.
Mr. Mabon's resignation as a member of the Governing
Committee of the Stock Exchange was referred to in our
Issues of April 13, page 2392, and April 27, page 2737.
Definitive Bonds For Republic of Peru Available.
Candidates for Election at Annual Meeting June 3
J. & W. Seligman & Co. and the National City Bank of
of New York Produce Exchange.
New York, as fiscal agents, announce that definitive bonds
The
Nominating
Committee of the New York Produce
for $25,000,000 Republic of Peru, Peruvian National Loan Exchange
has
the following candidates for elecannounced
second
series
due
Oct.
1
1961,
external sinking fund gold 6s,
tion
at
the
annual
meeting
to be held Monday, June 3:
are now ready for delivery at the office of J. & W. Seligman
For President, William Beatty; for Vice-President, Axel Hansen; for
exchange
for
and
York,
in
upon
New
St.,
& Co., 54 Wall
Treasurer, John E. Seaver.
For the Board of Managers, two years: Winchester Noyes, Samuel
surrender of interim certificates.
Knighton, Robert F. Straub, James J. O'Donohue, Milton W. Lipper and
Edward J. Wade. Mr.Lipper of the Stock Exchange firm of Arthur Lipper
& Co. and Mr. Wade of the Stock Exchange firm of Wade Brothers & Co.
are two new nominees for election to the Board of Managers.
Directors who have another year to serve are: Roger N. Black, Herbert L. Bodman, Louis Rosenstein, T. R. Van Boskerok, Arthur Dyer and
F. E. Jackson,
Resolutions of Governing Committee of New York
Stock Exchange on Death of Winthrop Burr.
On May 8 the Governing Committee of the New York
Stock Exchange adopted resolutions expressing their sense
of the loss suffered in the death on May 6 of Winthrop Burr,
a member of the Governing Committee for 28 years, and Early Upward Trend of Price of Bonds and Preferred
Stocks Looked for by Brown Brothers & Co.
who had also served as Vice-President and Chairman of
follows:
resolution
Under
the head "Are Bonds and Preferred Stocks AtThe
various committees.
For 37 years a member of the New York Stock Exchange, and for 28 tractive," Brown Brothers & Co., of Philadelphia, in their
Years a leading member of the Governing Committee, serving as Vice- May circular have the following to say:
Chairman of its most important Standing
President of the Exchange and as
This question is being given snore and more consideration each day not
Committees, Winthrop Burr was one of those rare personalities who corn
only by those who ordinarily invest in this class of securities but by an
mended not only the respect and admiration of all his contemporaries, but, increasingly
large number of persons who have, during the past five
better yet, their warm and sincere affection.
years, been interested in common stocks only and who have realized cash
Just as the generation of business men with whom he lived and worked profits, or
at
least have large paper profits at this time.
looked up to him as an example of the highest ideals of ethics and fairWe would not go so far as to say that this class of buyer as a whole is
dealing in the financial world, succeeding generations when they come
considering the sale of his common dock holdings, whether speculative or
to guide the affairs of the Exchange will be influenced by standards which
otherwise, and reinvesting the proceeds in good bonds and preferred stocks,
he so greatly helped to establish.
but a lgge number of these people are not experienced speculators and the
Be It Therefore Resolved, That the Governing Committee regard the
recent
severe decline in the market has brought very forcibly to their
death of Winthrop Burr as a grave misfortune not only to themselves, but
attention the fact that stocks can decline as well as advance. Then, too,
to every member of the New York Stock Exchange; that they believe that
MAY 18 1929.]
FINANCIAL CHRONICLE
the abnormal rates for call loans, the larger margin required on such
loans, the increased scrutiny on the part of lenders as to the character of
collateral offered, continued 'warnings by the Federal Reserve Board and
other authorities, all combine to make the speculator seriously consider
disposing of at least a part of his stocks while there is still a profit to
be had.
It is by no means certain that the general, business of the country will
continue as at present and while there is now no scarcity of credit for
legitimate business, continued high money rates tend to defer expansion.
In times of general prosperity the public is prone to extravagance and
people spend money freely for things which at other times might be
termed luxuries. It is only natural therefore that stocks of corporations
producing these luxuries have been among the highlights of our recent
stock markets. Experience has shown that any pronounced decline from
the top in the stock market is soon reflected in reduced sales of luxuries,
so that it may be safely reasoned that stocks of such companies carry an
added risk.
It is a well-known fact that many of our banks and trust companies
have been snit of the market for bonds for a long period. In fact, many
have been selling their investments in order to take care of local demands
or to take advantage of high interest rates for call loans. It may safely
be said that the banks which are ordinarily large bond buyers have reduced
their investment holdings to a minimum. Moreover, the supply of new
corporation bonds during the past two years has been much below normal,
many corporations having been able to finance themselves, for the most
part, through the sale of stocks rather than bonds. These two factors
indicate a substantial latent buying power.
We feel that the upward trend in the price of bonds and preferred stocks
cannot be much longer delayed and we are satisfied that already the public
Is thinking along these lines. Several prominent men, among them
Secretary Mellon, have had courage enough to so express themselves, and
'when a sufficiently large number of people are imbued with this idea, we
feel that the level of prices for sound bonds and preferred stocks will
advance very rapidly. Thoughtful investors, therefore, may well consider
anticipating this expected improvement by investing funds now, while
prices are still undoubtedly attractive.
3283
Professor Gustav Cassel, Sweden's economic authority, agrees with
President E. H. H. Simmons of the New York Stock Exchange that stock
speculation does not absorb productive capital, and in an article in the
latest issue of the Quarterly Report of Skandinaviska Ereditaktiebolaget
of Stockholm he concludes that "it seems scarcely rational to endeavor to
check stock speculation by raising the bank rates or by fixing particularly
high rates of interest for loans to the Stock Exchange."
Such a procedure, he continues, might even lead to direct stimulation of
lending to the Stock Exchange, "as in fact has happened in the United
States, where capital from the whole country has streamed into New York
to take advantage of the high rates of interest in the Exchange."
Suggests Other Methods.
"If it is really desired," he writes, "to avoid this circuit and in general
to check excessive Stock Exchange speculation, it would be better to cast
about for sonic other method. It has been suggested, for example, that
banks should be debarred from further credits from the central bank if
they have been found to have lent too much money on shares.
"Another method, which seems to deserve serious consideration, is to
require a wider margin for loans granted on the security of shares. The
banks might first agree on certain margins for such loans which would be
applicable under normal conditions. A general increase in these margins
would then be a good means for checking undue speculation. An abnormal
rise of prices on the Stock Exchange owing to wild speculation ought at
all events to be met by the refusal of any increase in the former loan
values in spite of the increase in stock prices.
"These, however, are technical matters which should be left to those
experienced men who are responsible for the direction of the banking
system. But it is obviously of vital importance that the settlement of
such questions should not be impeded or warped by fallacious views as to
the part played by the Stock Exchange in the supply of capital to the
country.
Defines Central Banks' Functions.
"There is a rather general tendency to saddle the center banks with the
responsibility for a proper regulation of the Stock Exchange. This tendency
must be combated. A central bank should have no other function than to
maintain the currency of the country on a parity with gold and, so far as
lies in Its power, to promote the stabilization of the value of gold itself,
Baltic Mercantile and Shipping Exchange Establishes which is vitally important for the world at large.
Wheat Futures Market in. London.
"Only in so far as may be necessary in order to discharge this function
ought a central bank to intervene against abnormal speculation on the Stock
Associated Press advices from London May 14 stated:
Exchange. Strict adherence to its principal mission is here of paramount
A wheat futures market was begun to-day on the Baltic Mercantile and importance, as this manifestly affords the best possible guarantee against
Shipping Exchange by H. L. Routh, President of the London Corn Trade the central bank being driven into a policy governed by economic fallacies."
Association. Mr. Routh said that not only would a free and open market
thus be provided for sellers, but an increased flow of Manitoba wheat to
London would result in expansion of business for brokers, thus helping
W. Randolph Burgess and 0. M. W. Sprague on
to restore prosperity.
The first transaction was in the August position at 44g. 5d., with sub"Money and Credit and Their Effect on Business"
sequent freedom of trading in other months. The contract was based
—Views in Report of Committee on Recent
on No. 3 Manitoba option to tender other Manitobas at proportionate
Economic Changes.
adjustments. The minimum movement is a half-penny a quarter of
480 pounds.
Burgess, Assistant Federal Reserve Agent
Col. Leonard P. Ayres of Cleveland Trust Co. Finds
Business Properous to Verge of Boom Conditions
in Certain Sections—Decline in Rates of Gold
to Bank Credit.
With regard to business conditions Col. Leonard P. Ayres,
Vice-President of the Cleveland Trust Company, has the
following to say in the Business Bulletin of the institution
dated May 15:
"Probably it would be fair to summarize the present situation by noting
that general business is prosperous to the verge of boom conditions in those
parts of the country where iron and steel and automobile industries are
located, and that it is fairly good in the sections relying largely on agrtcitlture. Most commodity prices are either steady or weak. There is little
evidence to indicate that the prevailing high interest rates have been
detrimental to business, and there does not seem to be much prospect that
Interest rates will ease off notably in the near future."
Col. Ayres also discusses "Gold and Bank Credit" in the
Bulletin and in part says:
By the Summer of 1924 the bank credit in use amounted to about $45,000,000,000, and the monetary gold in the country was nearly $4,500,000,000,so that there were.about $10 of credit for each dollar of gold, or,to put
it the other way around, the gold amounted to almost 10% of the bank
credit in use.
By the Summer of 1925 it was less than 9%; in 1927 it fell below 8%;
last year it declined to less than 7%. It is now lower than it has ever been
before, lower even than it was at the worst of the inflation period and credit
strain of 1920. In computing the percentages the relation has been found
between the amount of monetary gold in the country and the total of loans
and investments of all banks until 1926, and since that time the increase in
brokers' loans for others than banks have been included in computing the
bank credit outstanding. If these were not included the lowest point in the
the line would be just above seven insteald of slightly below it.
In the past 15 years our gold reserves have greatly increased, and the
credit based on them has increased far more rapidly than the gold. First
the Federal Reserve system served as a means of increasing the volume of
credit that could be based on each dollar of fold reserves. Then in recent
years there has been a great shift in our commercial banks from demand
deposits, which require relatively large reserves, to time deposits, which
call for far smaller reserves. More recently there has been a tremendous
growth of loans made to brokers by corporations and individuals, and these
loans do not require any reserves at all.
We have been progressively learning how to use our gold reserves more
efficiently, or at least more extensively. It is interesting to ponder on
what would happen if the trend of the past five years should be extended
over the next ten.
Opposes High Rates on Brokers' Loans—Professor
Cassel, Swedish Economist, Agrees with Views
of President Simmons of New York Stock Exchange
on Effect of Speculation.
The following is taken from the New York "Times" of
May 12:
W. Randolph
of the Federal Reserve Bank of New York, and Prof. 0. M.
W. Sprague, of Harvard University, have furnished a survey
of "Money and Credit and Their Effect on Business," which
forms a part of the "Report of the Committee on Recent
Economic Changes of the President's Conference on Unemployment," of which President Hoover is Chairman. The
complete report, which comprises some 900 pages, was made
public the current week. The investigation undertaken by
the Committee was made under the auspices of the National
Bureau of Economic Research, Inc." "Stock Exchange
Operations" are dealt with in the treatise supplied by
Messrs. Burgess and Sprague, and under this heading they
state:
The recent development of a stock market demand for loans that seems
almost without limit and is impervious to moderate advances in rates and
the possibility of the recurrence of a similar situation from time to time
in the future cannot fail to affect unfavorably the development and functioning of the New York money market as a great and reasonably stable
national and world financial center. The issue and marketing of bonds,
the granting of acceptance credits and the functioning of the bill market
have been unfavorably affected by the instability of rates, occasioned by
the absorption of credit in connection with Stock Exchange operations.
The volume of transactions on the Exchange is immensely greater than
that on the Exchange in any other country. Customers are far more
numerous and, above all, daily settlements are a unique feature of trading.
The adoption of term settlements has been suggested, but the proposition
has met with but little favor in Stock Exchange circles. The only other
means of securing a reasonable measure of stability in the functioning of
the New York money market would seem to be through the exercising of a
restraining influence through the Federal Reserve System.
During 1928, efforts to restrain the absorption of credit in the security
markets were indeed made by the Reserve Banks, and the conclusion should
not be drawn from the lack of success that attended the measures taken
that restraint could not be made effective through the Reserve System.
Early in 1928, the Reserve Banks initiated a policy of restraint through
the exercise of very gradual pressure upon the market. Government
securities were sold and discount rates were increased by three successive
advances of /
1
2 to 1%, at intervals separated from two to three months.
The possibilities of effectually -estrairing intense speculative activity
through sharp and even drastic action have not been tested.
Unquestionably Stock Exchange transactions have been the most conspicuous financial development of the later years of the period under
review, and the causes of the unexampled expansion in trading and its
economic as well as financial significance and effects deserve careful
examination.
On the basis of the movement of industrial security quotations, the years
since 1921 divide into two periods—one of moderate change until the
Summer of 1924, and a subsequent period of persistent advances continuing
to th end of 1928. A similar division appears in the case of brokers' looms
—no decided increase in the first period, very great expansion in the
second.
The course of call-loan rates does not, however, fellow this division. A
sharp decline in 1922 was followed by fairly stable rates until the beginning
of 1928. Thereafter, rates advanced sharply with, it is to be noted, no
3284
FINANCIAL CHRONICLE
accompanying decline, but rather a further increase in the volume of
brokers' loans.
Many influences of varying degrees of importance contributed to bring
about the marked upward movement of security prices and to induce an
exceptional volume of trading. Leaving out of account an initial advance
Incident to the recovery of business following the depression in 1921, the
abundance of funds seeking investment and the decline in interest rates
provided the basis for a general advance in security quotations. Other
victors have been the more general recognition of the possibilities of
r;,„;eciation of common stocks in a growing country, the organization of
many investment trusts, a large increase in the number of branch offices
of Stock Exchange houses, the listing of shares of many additional enterprises, and, above all, the impressively large profits of a considerable
nuu,ber of companies giving rise to anticipations of a further increase in
earnings of these and other undertakings. Discounting the future in the
security market may be carried to excess with resulting unhappy consequences and it is an important limitation upon the significance of this
survey that it covers a period that witnessed only the economic, social and
financial effects of a rising market for securities.
Leading up to the above, Messrs. Burgess and Sprague
had the following to say:
The effects of !I-mg security prices during the period of advance may
here be generally indicated. A rising stock market has a psychological
influence favorable to business activity. It also serves to facilitate the
marketing of securities among investors and lessens the cost of additional
capital secured through the issue of new stock by many enterprises. In such
markets large and sudden gains are realized and some part of these gains
doubtless serves to increase the demand for many commodities, particularly
articles of luxury, and, finally, a rising security market tends to transfer
ownership of some part of the accumulated wealth of the country from the
•cautious to the far-sighted and venturesome.
An active stock market always involves an increasing volume of loans
to brokers. The rate of increase in these loans since 1923 has been rapidly
-accelerated. The funds that are borrowed to finance Stock Exchange transactions, it should perhaps be noted, are not withdrawn from use and held
in the market. Brokers' loans are simply one of the various channels
through which funds enter into general use throughout the community.
The broker incurs an obligation to make payment but the funds he borrows.
are at once turned over to thoze from whom securities are purchased and
are thereatter employed for every kind of purpose as are the funds borrowed to finance real estate, the production and marketing of goods or other
transactions. Here and there it may indeed happen that a particular
borrower has bees unable to secure accommodation because those lenders
to whom he had access had employed all their available resources in
brokers' loans, but such cases must have been exceptional, since the funds
thus employed have come almost exclusively from urban sources, city banks
and other large leaders. Valid criticism of brokers' loans must rather be
concerned with the atom direct effects of this use of financial resources.
In view of the moderate rates on all classes of loans that obtained between
1922 end the clam of 1927, it would appear that the growth in brokers'
loans in those years served to provide a reasonably safe and liquid avenue
for the employment of !surplus funds. It was not until 1928 that the stock
market demand for additional funds became so intense as to exert an
influence tending to bring about an advance in rates on all other classes
of loans. That security prices should have further advanced in 1928 with
an accompanying increase in brokers' loans and in spite of a sharp advance
in rates may perhaps be regarded as symptomatic of unrestrained speculation. But even though an overextended situation in the security market
should not develop and be followed by a disastrous reaction, it may be said
that the recent experience in the functioning of the money market, as it
is affected by the Stock Exchange demand for credit, raises new and
perplexing problems. Is the past the bulk of brokers' loam has been
furnished by banks and bankers. Under the influence of rates for call
loans ruling generally above rates on all other classes of loans, the
funds of investors and surplus funds of business enterprises have been
attracted into the market in such volume that they now provide very
nearly one-half of the total supply. The outcome of this practice remains
for the future to disclose.
In discussing "The Stability of the Money Market," the
survey says:
"The best thing that the Federal Reserve System could do for business
would probably be to exert its influence toward a steady flow of funds
readily available for business use at moderate rates. High rates discourage
business, while, on the other hand, low rates tend to overstimulate business
and prepare the way for business disorganization and depression. But it
is clear also, from any study of the course of business over past years,
that a rate which may seem low at one time may seem high at another,
or vice versa. Business does not move forward in a steady continuous
stream, but moves by long fluctuations, and its psychology differs greatly
from one period to another. Business is forever tending to be under- or
overstimulated. The problem, then, for the Reserve System and for other
factors which influence credit, is not one of preserving rates at a uniform
level, but of exerting an influence so that money rates may be adapted
to the economic swing of business. High money rates at times of overstimulation and low money rates at times of understimulation should, in
the long run, assist in flattening out the fluctuations of business and in
bringing about a more even prosperity.
This may be summarized by saying that the Reserve System's direct
contribution to business stability consists of adjusting interest rates to the
movement of the business cycle so as, in some measure, to mollify business
booms or depressions.
One marked result of the eperations of the Federal Reserve System is
demonstrated by the figures for the average deviation of money rates from
their moving averages, which were shown in Table 2 of this chapter.
The figures appear to indicate that, since the Reserve System has been
operating raider anything like normal conditions, the fluctuations in money
rates have been greatly reduced.
A sufficient period has now been covered by the operations of the
System, 80 that the evidence seems reasonably conclusive that the presence
of the Reserve System has made a substantial improvement in the stability
of the money market. This is in accordance with what one would expect
theoretic-41Y, for the Reserve System has provided a method never before
available is this country, by means of which reserve funds can be drawn
into use or drawn Out ef use in accordance with the necessity of the money
market.
[VOL. 128.
the war. Month-by-month fluctuations of rates have been much reduced.
Business has been financed less by borrowing from banks and more by
borrowing in the capital market through issues of securities. The growth
in bank credit has shown more rapid increases in the Eastern, New England,and Pacific districts; in the Middle Western and Southern districts
there has been only a moderate growth, and in the Western district a
decline. In general, the most rapid increases of bank credit occurred
when business was most in need of the stimulus of easily available credit,
and the periods of slowest growth occurred when business was in large
volume and, perhaps, in some danger from overstimulation.
The effect of gold movements on the volume of bank credit has been
modified by changes in the amount of currency in use, changes in practice
as to bank reserves, and changes in the position of the Federal Reserve
System.
The principal influence in the period 1922 to 1928 toward rapid growth
of bank credit and easy credit conditions was gold imports—an abnormal
influence which cannot be expected to continue in the future. The
reversal in the gold movement has materially changed the outlook for the
supply of bank funds. It may be that a less rapid increase in bank credit
than in the past five years would eventually be more wholesome.
Savings have been in unusually large volume. Widespread savings have
tended to increase aggregate loans and investments and total deposits, at
the same time reducing somwhat the amount of demand deposits. Thanks,
at least in part, to saving, large additional supplies of bank credit have
not brought about a rapid advance in commodity prices, and the community has not experienced intense competition between consumers and
capital for goods and services. Large and widespread savings have been a
primary influence in counteracting the upward price tendency of an
abundant supply of bank credit. Vivid memories of 1920 have certainly
tended to restrain the accumulation of inventories. Efficient transportation
has removed fears of delays in shipment. Style has become a factor of
importance in many lines, and there has been growing recognition of the
economy and elimination of risks that may be secured in merchandising
through a rapid rate of turnover. Declining commodity prices in other
countries also have been a restraining factor. These and other influences,
in conjunction with large savings, furnish an explanation of the failure of
commodity prices to respond with a decided upward awing to the impact
of an abundant supply of bank credit available at declining rates during
recent years of generally active business.
Government debt reduction also has contributed to the abundant supply
of capital. Foreign investments have served to widen the opportunities for
funds seeking employment. In general, the abundant supply of funds seeking investment at declining rates seems to have strengthened the financial
structure of business.
For more than seven years, there has been a progressive decrease in the
number of commercial banks in the United States. This tendency probably
will continue. Banks in large centers have been gaining, and seem likely
to continue to gain, at the expense of small rural banks. Mergers and
voluntary liquidations, rather than bank failures, are bringing about
this result
The Federal Reserve System, during the period under review, has had
to deal with two unusual problems; first, that created by huge gold
movements, and second, the problem of international monetary stability.
In addition, there were the continuing problems relating to stability in the
money market, and the attitude of the Federal Reserve System to those
business fluctuations called "business cycles." The mechanism of the
Federal Reserve System made possible a great export of gold in the past
year without serious consequences to business or monetary conditions,
though at the price of firmer money conditions. In view of the huge
growth in credit for speculative purposes, the Federal Reserve System
did not prevent the gold from exercising something of its normal influence
in tightening credit conditions.
Investment bankers and investors played an important part in European
recovery, by lending as much as one billion dollars a year for several years.
Federal Reserve banks extended credits to the Bank of England, the
National Bank of Belgium, the bank of Italy, and the Bank of Poland.
In none of these four cases was the credit utilized, but public announcement that the Federal Reserve Banks were prepared to extend this support
created an important psychological influence.
The problem for the Federal Reserve System and other factors which
influence credit is not one of preserving money rates at a uniform level,
but of exerting an influence so that rates may be adapted to the economic
swing of business. High money rates at times of overstimulation and
low money rates at times of understimulation should, in the long run,
assist in flattening out the fluctuations of business and bringing about a
more even prosperity. There is no convincing proof that the Reserve
System has reduced the fluctuations of the business cycle, but ite influence
has been in that direction.
Federal Reserve Banks of Minneapolis and San Francisco Increase Rediscount Rates from 4% to 6%.
The Federal Reserve Board announced on May 13 that
the Federal Reserve Bank of Minneapolis would increase its
rediscount rate on all classes of paper from 43. to 5%,effective May 14. The 04% rate had been in effect at the
Minneapolis Reserve Bank since April 25 1928. Last week
(page 3122) we referred to the increase in the rate of the
Kansas City Reserve Bank to 5%.
Yesterday (May 17) the Federal Reserve Bank of San
Francisco was authorized to increase its discount rate from
434 to 5%, effective May 20, the higher rate applying to all
classes of paper of all maturities. In the case of the San
Francisco Bank the 04% rate had been maintained since
June 2 1928. With the increase in the rates of these two
banks, all the Federal Reserve banks have established a
5% rate.
New York and Chicago Federal Reserve Banks Reported as Seeking Authority To Increase Their
Discount Rates.
In conclusion, Messrs. Burgess and Sprague present the
From the "Evening Post" of last night (May 17) we
following summary of their observations:
take the following:
The average level of money rates from 1922 to 1928 has been lower for
commerce' funds and higher for speculative funds than in the years before
The Federal Reserve Bank of Chicago applied for permission from the
Federal Reserve Board to-day to increase its rediscount rate above BM
MAY 18 1929.]
FINANCIAL CHRONICLE
3285
expected that the Reserve system of your local Reserve bank can maintain
but the Board adjourned its meeting in Washington without granting
rates continuously far below the present market rates."
approval.
Deposits Shrink.
In consequence, the Chicago rate was continued at 5%.
The development to-day revealed that the New York Reserve Bank
Mr. Newton points out that "at 111.5 for the first half of April 1929, the
its
rate,
advance
to
for
permission
Board
Reserve
has also petitioned the
ratio of total loans and investments to demand and time deposits at reaccording to reliable sources. It has been generally supposed that the porting member banks of the district was at the highest point reached since
New York directors favored the increase, and it has been reported that June 1921. The growing spread between loans and investments and deposits
the New York bank has repeatedly voted for the move.
of these banks during 1928 was aggravated and partially accounted for by a
George L. Harrison, Governor of the Reserve Bank, met with the Federal large movement of funds from the 12th District to other sections of the
Washingin
The
meeting
Board
to-day.
short
time
a
for
Board
Reserve
United States, both for commercial and financial account and for the
ton was adjourned about 2:30 o'clock, New York time, and the members account of the United States Treasury.
declined to comment on what had taken place.
"The net movement offunds out of the district, resulting from commercial
and financial transactions, is estimated to have exceeded $50,000,000, a
loss of more than $150,000,000 to the New York district and of approximH. Parker Willis Criticizes Federal Reserve Board's ately $65,000,000 to other Eastern and Mid-western industrial districts,
being partially offset by transfers of funds into this district from New EngPolicy.
land and from certain of the great agricultural distriIts."
Before the annual convention of the Pennsylvania Banker's
Association at Atlantic City yesterday (May 17) H. Parker
s by C. J.
Willis, Editor of the New York "Journal of Commerce," Loans on Securities Declared Dangerou
Urges
Head
Bankers
ania
—Pennsylv
Kirschner
criticized the Federal Reserve System's policy toward credit
Practice be Discouraged. •
and speculation. The Associated Press in accounts of Dr.
The following Atlantic City, N. J. advises May 15 are
Willis's speech said:
Dr. Willis led up to his charge that careless management of the Federal from the New York "Journal of Commerce":
Reserve System is responsible for the present "impasse" in the credit situation, by citing the figures in a table showing changes in loans on securities
and in demand and time loans to brokers and dealers in stocks since the
second half of 1927, both tables indicating very wide expansion in volume
of credit used for stock market operations.
"The plain inference to be drawn from these figures." he said, "is simply
that the present impasse in credit has been brought about as the result of
an unthinkable, or if you will careless, management of the Federal Reserve
System, exhibiting a singular lack of leadership and an apparent absence of
recognition of the functions of central banking.
"First, speculation was encouraged, then frowned upon, with the capricious change of rate. If there is one duty which is enjoined upon central
banking systems it is that of moderating the financial climate, of seeing to
it that there are no extremes of heat or cold, or (changing the metaphor)
of insuring that there shall be neither a feast nor a famine.
"In stead of this, we have a Federal Reserve policy which has first given
us fabulously low rates for a long time, both for acceptances and for rediscounts, and now have followed that by a reserve policy which gives us
high rates and suggests the periods of stringency in the nineties.
"For neither condition of affairs is there good warrant. Both are the
result of improvidences, of refusal to look far ahead and of absolute declination to be guided by the teachings of economics and statistics.
"The truth of the matter is that through reckless improvidence, our
central banking system has reduced itself to a situation in which there is
a scarcity of value of credit and money due to the fact that there is not
enough to go around on the present scale of demand. Somewhere a curtailment will have to be made; somehow the commodity will have to be
partially rationed to make sure that it does not exhaust the residual supply
of credit with all of the embarrassment that must ensue upon such action.
"The present efforts of our banks in the endeavor to hold up the hand of
the Reserve authorities are equivalent to such a rationing and in so far as
they are wisely carried on, are entitled to approval. But in such a process
of rationing, as in all processes of the kind, it is necessary to decide upon
some principles of equity and justice exactly where a cut is to be made,
exactly who is to feel the pinch of reduced allowances. After all, this is the
place where the shoe pinches at the present moment.
"It is not of very much use in discussions of this kind to try to assign
praise or blame. When a situation has been brought about it is a good
plan to do the best we can to rectify the evil of it without stopping to question very much whether A or B was at fault. But in adopting this sportsmanlike attitude we ought not to allow ourselves to forget the teachings
of the situation in order that we may guard against a repetition of like conditions, and thus avoid the unfairness of visiting the faults of one group
in the community upon another."
system
Calm thinking and temporate talking about the Federal Reserve
of credit is
and the policies are absolutely imperative, because the subject
Pa.,
HazeIton,
of
Kirschner
J.
C.
engaging so much general attention,
to-day
President of the Pennsylvania Bankers' Association, declared here
the
In an address opening the annual convention of the organization at
Hotel Traymore.
Board's
Although he did not discuss the merits of the Federal Reserve
In security loans,
recent warning against the dangers of undue speculation
a
he said that as bankers "we cannot ignore the fact thatIthere has been
the last
very great increase in the volume of credit in this country during
has
it,
of
all
almost
year and that a very large proportion of this increase,
been in loans on securities."
Security Issued Supplant Bank Loans.
He pointed out that bankers generally have recognized that there has
been a change in the methods offinancing, and that many large corporations
have supplanted their working capital by resorting to security issues
instead of relying as before, upon bank loans.
of securities,"
"This has necessarily brought about a wider distribution
borrowed on
Mr. Kirschner said, "and the holders of these securities have
considerable
very
them from banks. This substitutes loans on securities to a
loans.'
'commercial
extent for what had previously been
we cannot escape
"Making all possible allowances for this trend, however,
loans made to persons
the fact that many of these loans on securities are
bought them for the
who are only temporary holders of the securities, having
purpose of holding
purpose of selling them at an advance,rather than for the
them for permanent investment.
and in our own
"A practice of this sort is dangerous and demoralizing,
we should do all we
interest, as well as in the interest of our customers,
extent
discouraging
can to discourage It. That the bankers are to a large
commission houses, and
this practice is admitted by the heads of the leading
has tended
service
banking
this
because
lately
concerned
they have become
to reduce the volume of trading."
George R. James of Federal Reserve Board Declares
Unsound Proposal for Rediscounting of Security
Collateral Loans Advocated by President Simmons
of New York Stock Exchange.
George R. James, member of the Federal Reserve Board,
the
in Memphis on May 14 expressed his views regarding
attack made by E. H. H. Simmons, President of the
New York Stock Exchange, upon the Board, in an address
Pacific Coast Faces Period of Rising Money Rates—
which we referred in our issue of May 11, page 3102.
I. B. Newton of Federal Reserve Bank of San to
a
What Mr. James had to say was indicated as follows in
Francisco Sees Security Loan Inflation Growing—
of
"Journal
York
New
the
to
14
Memphis dispatch May
Roy A. Young's Report.
•
Commerce":
were economically
The following San Francisco advices May 15 are from the
suggestions
Simmons'
Mr.
that
declared
Mr. James
100 years old and had
New York "Journal of Commerce":
unsound; that at least one of them was more than
The $33,000,000 increase in member bank borrowings from the Federal
Reserve Bank of San Francisco over the past two years has resulted exclusively from an increase in loans on securities and in member hank investments. This and other factors presage rising interest rates in this area.
This is the revelation of Isaac B. Newton, Chairman of the Board and
Federal Reserve agent of the San Francisco Reserve Bank, in the latest
monthly review of the institution, in which he departs from the usual proeedure to give a review of "certain events of the past two years which
have affected the demand for member bank and Reserve bank credit in the
12th district." Mr. Newton presents figures to show that, while commercial loans in the San Francisco district declined $27,000,000 during 1927
and 1928, security loans and investments jumped $283,000,000.
The ratio of commercial loans to net demand and time deposits fell 4.5%
in 1927 and 1.8% in 1928. while the ratio of security loans and investments
to deposits jumped 6.5% in 1927 and 5.5% in 1928. he shows.
Roy A. Young's Analysis.
Announcement of these figures has excited added interest on the Pacific
Coast in the credit situation which has developed locally. The visit to San
Francisco of Roy A. Young, Governor of the Reserve Board of Washington,
caused considerable uneasiness. He announced observation of the following
in the district:
1. A tendency upon the part of savings depositors to use such deposits
for the purchase of securities.
2. That high call rates have prompted certain individuals and corporations to lend directly to the Eastern market.
3. That high call rates have had a sympathetic effect upon business rates
with "the result that many concerns that have not used their lines in this
district for several years are using them, and in certain other cases are in
creasing their lines."
"These factors and others have resulted in a reduction in deposits in
this district of approximately 100 millions of dollars within the last 90
days," Governor Young said when here. "We are coming Into that period
of the year when seasonal requirements will need a large amount of reserve
credit and this must and will be taken care of. However, it cannot be
failed then.
money on stocks in the
"The Board has no objection to banks lending
lending," Mr. James said.
market when it is their own money they are
of money between October
"Nearly every banker in the South has an excess
during the planting season and
and March. But they need more money
Board is created to funcit was to help out in this natural situation that the
up legal reserve and we
tion. But the banks are supposed to keep their
for speculative purposes
object to their borrowing from the Federal Reserve
who needs money with
and forcing the rate up to 7 to 8% to the farmer
needs.
which to buy fertilizer and his other farming
issuing currency • gainst
"Mr. Simmons' plan of creating more money by
France with the Mississippi
these loans is not new. John Law tried it in
a share, then down
Bubble in 1718. Stock in his company went to $4,000
to 90c, and finally to nothing."
Co. of this city.
Mr. James is President of William R. Moore Dry Goods
you are lending."
"It is proper to lend money on call if it is your money
Mr. James said, then added,"we do it."
to an inquiry.
"Yes, stocks are good collateral," he replied in answer
their credit with
His remarks were directed mainly against the banks using
dealing and
the Federal Reserve banks to borrow for the purposes of stock
to the detriment of essential industries.
in the cotton proMr. James has just completed a survey of conditions
districts and was
ducing areas in the Fifth and Eighth Federal Reserve
highly optimistic.
upon the excess rain:'I see no cause for alarm," he said, in commenting
sunshine will set everyfall that the South has had. "Two or three weeks of
thing all right."
California Bankers to Supply $20,000,000 to Stabilize
Sales of Raisin Crop.
Associated Press advices from Fresno, Cal., May 10 said:
Vineyardists'
Donald D. Conn, managing director of the California
back with
Association, announced that bankers of the State had agreed to
3286
FINANCIAL CHRONICLE
[VOL. 128.
$20,000,000 in cash the recently formed Federal Fruit Stabilization CorImmediately after the bill passed the Senate appointed conferees
and
poration to assure stability in the marketing of the San Joaquin Valley directed them to insist on its
amendments, which means that they
raisin crop.
support the debentures system in the cotaing clash with the House must
over
Mr. Conn said that the corporation would pay raisin producers the that issue.
$20,000.000 this year if they would agree to deliver their 1929, 1930 and
Two of the Republican conferees, Senators McNary and Capper,
voted
1931 crops to the stabilizing body.
against the debentures plan on the previous test. The other Republican,
The stabilization corporation, which will pay growers 335 cents a pound Senator Norris, voted
for it. Of the two Democratic conferees, Senator
and up for raisins, was formed by the organized fruit growers of the State Ransdell previously
voted against the debenture proposal and Senator
to buy from growers for cash and to market fruit crops scientifically.
Smith was absent.
Nine Shift to Support the Bill.
In all, nine Senators who stood out against the debentures plan
in the
vote last week supported the bill to-day, presumably on the grounds that
they did not wish to see farm legislation fail merely because the controversial system was embodied in the bill.
They were Senators Capper, Cousens, Cutting, McNary, Shortridge,
Farm Relief Bill—the measure as adopted by the Senate
Steiwer, Thomas of Idaho and Vandenberg, Republicans, and Ransdell,
containing the export debenture plan, which is not included
Democrat. Senators Wagner and Walsh of Massachusetts, who were against
In the Farm Relief Bill passed by the House on April 25, the debentures plan before, maintained that attitude
by voting against
the
bill.
and to which reference was made in our issue of April 27,
The latter were the only Democrats recorded in the negative. Thirty-one
page 2746. In Associated Press advices from Washington, Republicans
also voted "no," while 21 Republicans and 33 Democrats
May 14, it was stated:
were registered in the affirmative.
Passage
of the bill followed a long debate, during which Democratic
Immediately after the measure had been passed Senator McNary, as
Chairman Of the Agriculture Committee, obtained consent to have a con- leaders criticized what were supposed to be the definite plans of House
ference committee appointed to meet with a similar committee from the leaders to refuse to receive the debentures amendment, on the ground that
"revenue legislation" should originate in the House.
House, should one be authorized, to agree on disputed sections.
The Senate Conference Committee is composed of Chairman McNary,
House Leaders Still Undecided.
Senators Capper and Ransdell of Louisiana, who are opposed to the
It was later stated by House leaders that they were still undecided
debenture plan, and Norris of Nebraska and Smith of South Carolina,
whether to take this course or permit the bill to go to conference. The
who favor it.
Just prior to the final vote, Democratic spokesmen warned Republican Democrats, however, acted on the theory that the amendment would be
refused
on technical grounds, and were severe in their comment
leaders that refusal of the House to receive the Senate bill because of the
Senator Robinson, the Democratic floor leader, aided by Senators
debenture section would mean defeat of all agricultural legislation.
Harrison and Walsh of Montana, was also supported in the attack by
It was also stated in the Associated Press accounts:
Senators Norris, Brookhart and other Republican insurgents. On the
other
hand, administration Republicans, such as Senators Watson, Reed
Both branches of Congress now have acted upon agricultural relief legislation, but the greatest uncertainty surrounds its final enactment because and Burton, tried to prevent what they declared to be political tactics
of the sharp difference between the Senate and the House on the debenture and en attempt to rouse the House to anger.
Because the House is regarded as unalterably opposed to the debenture
action. The President early in the session strongly objected to that method
amendment, leaders expect a stiff battle, no matter what course is taken.
of farm relief.
Just before the final vote on the farm bill in the Senate Speaker Long.
The Senate measure will be inessag.d to-morrow to the House where
Administration leaders are inclined to refuse the bill. They base this on worth appeared to counsel earnestly with Republican Senators. No attempt
contentions that the Senate had no right to initiate the debenture proposal was made to force another vote on the debentures amendment in the Senate.
on the theory that it is revenue legislation and, therefore, constitutionally
Few Amendments Were Accepted.
must originate in the House. Strong opposition to this opinion was
Only two actions of outstanding importance have been taken in the
expressed to-day in the Senate and Administration leaders have been workSenate on the bill since it was submitted by the Agricultural Committee,
ing to prevent a deadlock.
about two weeks ago. These were the recent vote of 47 to 44 to retain
• Special advices May 16 from Washington to the "Evening the debentures amendment and the vote which struck from the bill PresiPost," indicating that the House Committee had agreed to dent Hoover's right to pay the Chairman of the Federal Farm Board an
undesignated salary instead of limiting it to $12,000 a year, as other
send the bill to conference had the following to say:
members of the Board would receive.
The House Steering Committee agreed to-day to send the farm relief
Without record votes, the Senate defeated a motion by Senator Heflin to
bill to conference between the two houses without insisting upon the double the $600,000,000 revolving fund for agricultural relief which the
contention that the Senate has no constitutional authority to originate bill provides; a plan of Senator Brookhart to give the farmers the
the debenture amendment.
$59,000,000 profit of the war-time Government Grain Corporation, and a
"We took that action," declared Majority Leader John Q. Tilson, "in proposal by Senator Tydings of Maryland, a wet, to let the Federal Farm
view of the legislative situation that exists and because we realize the coun- Board, which the measure sets up, use surplus cereals to manufacture light
try is demanding that there be no delay in enacting farm relief."
wines and beers.
Senator Blaine' succeeded in amending the bill to fix interest rates on
According to Associated Press accounts the House yesteragricultural loans at 3%% instead of 4%. An amendment by Senator
day (May 17) by a vote of 249 to 119 sent the Senate bill to Shortridge to change the character of the stabilization corporations was
beaten. Senator Steck's amendment to include cornstalks as agricultural
conference.
•
The conferees on the part of the House are Representa- products was accepted.
While a reference to the Senate action on the bill on
tives Haugen of Iowa, Purnell of Indiana and Williams of
Illinois, Republicans, and Aswell of Louisiana and Kincheloe May 10 appeared in these columns May 11 (page 3125), we
of Kentucky, Democrats. All five, it is understood, are give what the "Times" had to say in its account from
Washington May 10:
opposed to the debenture amendment.
Senate Passes Farm Relief Bill With Export Debenture
Clause.
By a vote of 54 to 33 the Senate on May 14 passed the
As to the provisions of the two bills, we quote the following from Associated Press summaries:
.In the main, the Senate farm bill does not differ greatly from the
measure passed some time ago by the House which has the indorsement of
Mr. Hoover. Except for the debenture plan, both bills seek to aid the
farm situation by setting up a comprehensive structure for the orderly
marketing of crops so as to prevent the surplus from disturbing price
levels.
The Senate measure would create a Farm Board of 12 members—the
House bill provides for one of six—which would be vested with broad
power to study, direct and control the multitude of factors which go into
the production, storing and disposition of farm commodities.
Commodity advisory councils would be authorized to assist the Board in
disseminating information and to advise the Board on the needs of the
various crops. Stabilization agencies would be created upon request by
co.operative associations to buy up, store, process and sell surpluses with
the intention of maintaining a comparatively even price level.
The debenture plan would be invoked only when the Board deemed it
necessary to bring it into use as a result of failure to cope with the fann
problem in any commodity by means of the structure devised in the bill.
Under this plan, an exporter of surplus crops would receive a debenture
certificate whose value would be equal to one-half the tariff on imports
of those commodities. The certificates would be redeemable at par for
the payment of import duties.
The Farm Board would be given a revolving fund of $500,000,000 to
carry oh its operations. This money would be loaned to co-operative and
stabilization corporations for the construction of facilities, the formation
of stronger organization and the marketing of crops.
The bill originally provided that loans should bear 4% interest, but an
amendment by Senator Blaine, Republican, Wisconsin, altered the interest
provision in such a way that the rate probably will be slightly lower.
The House bill mils for loans at 4%.
Details of the Senate action on May 14, when the bill was
passed by that body, were given as follows in a special dispatch from Washington to the New York "Times":
The farm relief bill, including the export debentures provision so
strongly opposed by President Hoover, was passed by the Senate late to-day
"by vote of 54 to 83. All except six of the Administration Senators who
voted against the debentures amendment last week voted against the bill
to-day because the provision was still in the measure.
Regulars Desert Hoover.
In considering the farm bill this afternoon, the Senate rejected the
provision authcrizing the President to fix the salary of the chairman of
the Farm Board. The bill fixes the salaries of members of the Board at
$12,000 each. The provision to let the President determine the compensation of the Chairman is designed to enable President Hoover to get
some man of outstanding ability for that place. It was argued that he
might not be able to get such a man for $12,000. In the House this provision was adopted only after a hard-fought contest.
The Senate voted 46 to 32 to strike the provision from the measure.
Senator Thomas, Democrat, of Oklahoma, made the motion. He argued
that the chairman should not receive a higher salary than the other members of the Board.
Sixteen Republicans joined thirty Democrats in voting to delete. Among
them were several of President Hoover's most loyal supporters, such as
Senators Fees, McNally, Shortridge and Vandenberg.
•
5
•
Fruit Amendment Lost.
An amendment by Senator Copeland to exempt fruits and vegetables
from the operation of the bill was defeated by a vote of 66 to 11 • another
6
a3 dme
19.nt by Senator Dill to exempt apples and pears was beaten by
to
Two other amendments were rejected. One of these, offered by Senator
Thomas of Oklahoma would have required members of the Farm Board
to have a complete understanding of the farm problem. The other, by
Senator Vandenberg, would have required the decision of five out of the
seven members of a Commodity Advisory Council before a stabilization
corporation could be created.
As to the Senate action May 13 the "Times" stated in
part:
Lines Hold on Debentures.
At 3 o'clock to-day the Senate began to discuss the farm bill under an
agreement that no Senator shall speak more than once or more than
twenty minutes on the bill itself or any amendment.
The prospects are that the regular Republicans will not risk another
vote
on the export debentures plan. An opportunity will be offered
to-morrow
to test out sentiment again with respect to the debentures, but
nothing has
developed to indicate that there would be any switch bringing
about an
overturn of the majority of three which the plan received when
voted on
last week.
3287
FINANCIAL CHRONICLE
MAY 181929.]
1918 to
York, who had cream increased from 704,000 gallons, valued at $763.000, in
Some remarks made to-day by Senator Copeland of New
that he 5,374,000 gallons, valued at 68,051,000 An 1926.
y
previousl
d
announce
had
but
,
provisions
debenture
milk
voted for the
"It was found in the investigation that about 37% of imported
the impression in certain
would hold his nose when he did so, created
and the remainder, so%
it if he should have the chance was shipped to New York City, 3% to Boston
Northern
and
minds that Mr. Copeland might vote against
was received at plants near the border in Northern Vermont
again. But that impression was not confirmed.
as imported milk," the President's
that the revolving fund New York and there lost its identity
An amendment by Senator Heflin providing
bill proclamation explained.
pending
the
by
Board
Farm
proposed
the
of
disposal
g markets
placed at the
"These border plants were considered the principal competin
was rejected.
should be increased from $500,000,000 to $1,000,000,000
average cost of production of domestic
to buy surplus wheat for Canadian and domestic milk. The
per
80.255
was
border
the
near
Another by Senator Nye, authorizing the President
to
plants
milk, including interest, delivered
also was defeated.
The cost of
and wheat products to send to the starving Chinese,
gallon, and the cost of Canadian milk was $0.212 per gallon.
n of Canadian
production of domestic milk exceeded the cost of productio
Copeland Amendment Beaten.
milk by $0.043 per gallon.
was
It
Copeland.
Senator
by
t
an
amendmen
18% to New
to
rejected
Boston,
shipped
The Senate
"About 20% of Canadian cream was
store, process
cities
designed to restrict loans for the construction of facilities to
City, 12% to Philadelphia and the remainder, 50%, to other
York
existing
the
unless
or sell crops by co-operatives or stabilizing corporations
in New England and New York.
d
adequate.
fat test, delivered
commercial facilities were not considere
"The average cost of domestic cream of 48% butter
and Philadelphia, including interest and transportaIt was noted in a Washington dispatch May 15 to the to Boston, New Yorkgallon,
cream of the
Canadian
of
cost
average
the
and
tion, was $2.630 per
per gallon.
"Times" that when the Republican Steering Committee same
butter fat tests delivered to these markets was $2.284
60.346 per gallon. Including
would meet on May 16 it would have four proposals before Domestic costs exceed Canadian costs by
of duty as
increase
full
the
ation to either Boston or New York,
it for consideration in determining the course to follow transport
provided in Section 315 was indicated."
with respect to the Senate farm bill. The paper quoted
went on to say:
Four Proposals Presented.
-The proposals are as follows:
the
1. Ask unanimous consent that the House agree to the request of
of negaSenate for a conference on the farm bill. This will be disposed
that some,
tively and quickly in the Steering Committee, as it Is evident
let the Senate off
perhaps many, members of the House are not willing to
would kill the
so easily and would make no objection. One objection
motion.
a House Corn.
to
bill
2. Have Speaker Longworth refer the Senate farm
with recommendatnIttee with instructions to report it back to the House
will not be followed.
tions. It seems to be fully agreed that this course
plan were adopted the
It was well thought of at one time, and if this
on Ways and Means, which
Speaker would refer the bill to the Committee
s plan insist that,
handles 'revenue legislation. Advocates of the debenture
to the Committee on Agrireferred
be
as farm legislation, the bill should
culture, which prepared the House's farm relief measure.
n that
g
8. Have the House adopt a special "rule" expressin convictio
the farm bill
the action of the Senate in attaching the debenture plan to
to
originate
of
House
the
was an infringement of the constitutional right
ce of the
revenue legislation, but stating that, in view of the Importan
its enactment in the
farm relief measure and the desire to bring about
a
shortest possible time, the House agrees to the request of the Senate for
conference, under the stipulation that its action is not to be regarded as a
the
Senate.
precedent with respect to revenue legislation originating in
4. Have the House flatly refuse to receive the Senate farm bill.
Delve Into the Constitution,
The third of the proposals seems assured of adoption by the Republican
Steering Committee, and its action will be approved by the House. The
fourth proposal originally had much support in the House, but it will be
set aside as likely to cause the failure of any farm relief legislation.
Increases in Window Glass.
The increases in window glass rates are as follows:
glass, by whatever
"Increases in said duties on cylinder, crown and sheet
d (within the limit
process made, and for whatever purpose used, unpolishe
150 square inches,
not
exceeding
Act)
of total Increases provided for In said
above that, and not
from 1% cents per pound to 134 cents per pound:
per pound to 2 1-16 cents
exceeding 384 square inches, from 1% cents
720 square inches, from 154
Per pound; above that, and not exceeding
that, and not exceeding
cents per pound to 2 7-19 cents per pound: above
cents per pound; above
864 square inches,from 154 cents per pound to 354
2 cents per pound to 3
that, and not exceeding 1,200 square inches, from
square inches, from
cents per pound; above that and not exceeding 2,400
above that from 254 cents
234 cents per pound to 354 cents per pound, and
Per pound to 3% cents per pound.
glass, imported in
"Provided, that unpolished cylinder, crown and sheet
permit, and the
boxes, shall contain 50 square feet, as nearly as sizes will
of glass."
duty shall be computed thereon according to the actual weight
industry in the
glass
the
in
which
t
President Eioover issued a statemen
the cost of production
United States was reviewed and figures showing
decline in production of
In the United States and Belgium were given. The
heavy, a report to the President
window glass in the United States has been
stated.
feet produced," the statement
square
000
"In 1925 there were 567,000,
square feat in 1929 because of
set forth. "This declined to 467,000,000
no window glass was produced
heavy importations from Belgium. In 1928
and production by the
in the United States by the hand cylinder process
of the output.
machine cylinder process had dropped 388-10%
n of window glass in
"West Virginia ranks first in amount of productio
Indiana third, and Louisiana
the United States, with Pennsylvania second,
n of window glass is exported
fourth. About 1-10% of the Belgian productio
to the United States.
the Commission on Sept.
"A public hearing on window glass was held by
was brought out that existing mar11, 12, 13 and 14 1928, during which it
States are far more localized
kets for Belgian window glass in the United
eight cities, four on the
than are the markets for the domestic product,
New York, Boston, Philadelphia and Baltimore.
Coast,
es
Atlantic
on
Tariff
North
Increas
ces
Announ
Hoover
President
, Los Angeles, Portland, Ore..
and four on the Pacific Coast, San Francisco
Flax Seed, Milk, Cream and Window Glass Recom- and Seattle received 84% of the total imports from Belgium in 1926.
to Aid amounting to 59,188,376 pounds."
mended by Tariff Commission—Advance
Farmer.
Increases in the tariffs on flax seed, milk, cream and
Agreement Between New York and Other States
window glass were announced by President Hoover, on
Provides for Estate Tax Reciprocity.
May 14 in the following statement issued at the White
Agreement has been reached between New York State
House:
recomthe States of Idaho, Indiana, New Mexico, North Caroand
recently
were
which
increases
tariff
the
te
I propose to promulga
Terrimilk,
flaxseed,
cream
on
on
Commissi
Tariff
the
of
majority
the
by
lina, South Carolina and West Virginia, and Yukon
mended
will
or
has,
ity
reciproc
tax
death
and window glass.
y
tory, Canada, whereb
The tariffs on flaxseed is increased from 40 cents a bushel at present, by
by virtue of
is
ent
agreem
Such
e.
effectiv
become
soon,
bushel.
a
16 cents, to 56 cents
and was
a
On milk,from I resent tariff of 2% cents to 34 cents gallon.
legislation recently enacted in the various States
on May 13 by Thomas
On cream,from present tariff of 20 cents to 30 cents per gallon.
Y.
N.
,
Albany
at
ced
announ
y
publicl
per
to
pound
per
cents
1%
%
cents
On window glass increases vary from
stateM.Lynch, President of the State Tax Commission. A
pound,depending upon size.
Lynch,
in its recommendations to 50% of
sioner
is
limited
Commis
on
Commissi
by
signed
Tariff
The
to this effect was
and therefore some of the Increases are ment
An announcement from
the duty as imposed in the 1922 law,
by the Ways and Means Committee in the Mark Graves and John J. Merrill.
less than those recommended
says:
also
office
is
in
of
of
them
their
ion's
excess
ndaNone
bill.
Commiss
recomme
the State Tax
framing of the tariff
of New
s who die residents
tions.
Under these agreements, estates of decedent
be subject to death
I have consulted the Congressional leaders as to the desirability of Issuing York State on and after the dates of agreement will not
territory, and
these proclamations, and they agree that the farmers and others should taxation on intangible personal property in these States and
of such States
on's
persons
at
once.
Tariff
Commissi
tion
determina
have the benefit of the
intangible personal property of deceased
likewise,
be taxable for
Some other reports of the Commission, on which there is either no and territory dying on and after the specified dates will not
majority of the Commission or where new facts appear to have developed, death purposes in this State.
on for reconsideration.
with the State of Indiana
have been sent back to the Commissi
This reciprocal agreement became effective
Yukon Territory on March 16,
and
Idaho
with
year,
this
of
d
of
9
States
15
on
Daily"
May
that:
"Unite
March
It was noted in the
arrangements with West
with North Carolina on March 19: while the
New Mexico on June 7 of
Rate Revisions in Tariff Bill.
Virginia will become effective on June 3, with
by the Ways and Means Committee this year and with South Carolina on Jan. 1 1930.
The rates of duties recommended
Lynch
R. 2667), now being considered by the House, are the
In making this announcement public, Commissioner
In the tariff bill (H.
same as suggested by the Commission in the cases of flaxseed and window said:
for
in
call
the rate on milk from
increases
the bill
Is based upon an
glass. The provisions of
The recognition of reciprocity with Yukon Territory
2 mats per gallon to 5 cents per gallon, and advance in the duty on cream
r to the effect that the
opinion of the legal advisor to the Territorial Treasure
gallon.
per
cents
48
to
gallon
Territory made by
from 20 cents Per
amendment to the succession duty ordinance of that
14
to
the
May
New
York
advices
of 1928, which contains the reciprocal exes
gton
Ordinanc
Washin
the
of
One
the
Chapter
From
and
emption provision, contemplated only individual states and Provinces
United States,
"Times" we take the following:
in contemplation the estate tax Imposed by the
did
not
have
of
terms
the
exact
the
e
ndapublic
recomme
Territory will allow exemption with respect to intangibl
The President did not make
furnished him by the Tariff Commission, but and that Yukon
New York decedents, even though estates of persons
tions regarding flaxseed
of
property
personal
tax.
to be due to larger importations of the product from
of Yukon Territory may be subjected to such estate
the increase was said
cents a bushel was held to be totally dying residents
s and highly
Argentina. The existing duty of 40
seek relief from what have been termed obnoxiou
to
move
The
growers.
tax field has
Inadequate to protect American
able practices which have sprung up in the death
that investigation by the Tariff Commission objection
some time. The first reciprocity laws were adopted
for
The President revealed
way
under
been
and cream had increased so greatly from
setts and Pennshowed that imports of milk
in 1925 by the States of New York, Connecticut, Massachu
price of the American product to New York
about a situation wherebylithe
Canada as to force down the
sylvania. The object has been to bring
mortgagestand choses
States.
intangible personal property such as stocks, bonds,
and the New England
where he may beldomiciled,liwilllbe
matter
no
,
Imports.
decedent
a
Milk
of
in
in
action
Increase
by the jurisclictiootot
from 1,500,000 gallons, valued at 8324.000. subject to taxation only
Imports of milk increased
'stars
'
oa.v.
$1."4"
at
valued
1918 to 7,386,000 gallons,
in
3288
FINANCIAL CHRONICLE
drive capital from their domestic enterprises. New York State
now has
agreements with nearly 30 States.
A committee of the New York State Bar Association on
Extra Territorial Taxes, the Chairman of which was Seth T.
Cole, head of the Legal Division of the State Tax Department, has investigated such reciprocal agreements, and
periodically reported in favor of them.
Inter-State Commission Approves Temporary Reduction in Freight Rates on Wheat and Flour for
Export.
It was announced in Associated Press dispatches from
Washington May 11 that first steps to make effective the
reduction in export wheat and flour rates voluntarily tendered by Eastern and Western railroads were sanctioned
May 11 by the Inter-State Commerce Commission, while at
the same time it was announced that the Government barge
line on the Missouri and Mississippi rivers would cut water
rates on the same products to conform with the rail schedules.
The Associated Press accounts from Washington went on to
say:
Both Eastern and Western rail carriers filed formal petitions
with the
Commission for permission to make the rate cuts effective on one
day's
notice, disregarding the usual requirement for 30 days' advance
notice
before enforcing new schedules.
The first petition made, applying only to export rates on grain
from
Buffalo and other Lake Erie ports to the seaboard, was granted
immediately by the Commission; but the other petitions, affecting rates
from
the West to the East and to Gulf ports, had not hitherto been officially
approved.
The railroad petitions to the Commission followed out the exact terms
of the announced voluntary cuts, which are estimated to reduce
the export
rates from average Western shipping points to the seaboard by amounts
ranging to 8 cents a bushel on wheat, with corresponding reduction
s on
flour.
The tariffs will recite the fact that the reductions were made
at the request of President Hoover and are intended to assist in moving
what was
termed an abnormal accumulation of last year's crop of wheat at Western
points. The reductions will remain in effect until Sept. 29 and
will become
operative before the end of next week under the terms of the submitted
petitions.
The action of the Eastern roads in agreeing to temporarily
reduce rates on wheat for export was noted in our issue of
May 4, page 2928. Elsewhere in these columns to-day we
refer to the later action taken by the Eastern roads to cut
the rate on export flour, and likewise under another head
in the present issue mention is made of the agreement on the
part of the Western roads to put into effect a temporary
reduction in rates on wheat and wheat flour.
[Vol,. 128.
"They shall be construed
indicative of the attitude of the carriers
to assist the President of theasUnited
States in his program for relieving
an emergency, to the extent that
these abnormal reductions in rates may
help the situation.
"Due to the large carryover from
immediate prospects for a very large last season's wheat crop and the
production this coming season, it
has been urged that all interests
involved, including the railroads, should
assist in effecting a reduction
of the surplus through exportation to avert
If possible a lowering of the prices,
ditions specified as to limitations ofand the Western carriers under contariffs, are hereby contributing their
full proportion to the aid
suggested and
On the Board of Trade, May wheat desired."
prices fell lower to-day than they
have in five years at this season. The
announcement of the Western
railroads' action was made in the
afternoon and trading was over before
it became generally known.
Eastern Railroad Executives Agree to
Cut FreightRate on Export Flour.
Following a conference in New York on May 9
at the Penn
sylvania station between Eastern railroad
executives, traffic
representatives and flour milling interests, it was
that rates for export flour would be reduced. announced
This action,
as in the case of wheat grain export shipmen
ts the week
before was taken in furtherance of President
plan for farm relief in view of the heavy carryov Hoover's
er of supplies. We quote the foregoing from the "Journal of
Commerce" of May 10, that paper also stating:
It had been made known to the railroad executive
s that both the Interstate Commerce Commission and the Department
of Agriculture were
of the opinion that in view of the temporary rate reduction
on grain a
proportionate cut should be made in flour. The temporary
tariff voted for
yesterday calls for a cut of 3c, per hundredweight on flour and
its products
from Buffalo to New York and 434c. a hundredwe
ight from Chicago, with
proportionate cuts to other Atlantic ports. Authorizations
for these reductions will be sought by the carriers from the interstate
body, with the
distinct understanding that they are to end at
the close of business Sept. 30
next.
Yesterday's meeting of executives took notice of the action
of the Western roads in granting lower rates to wheat flour
only. In order to make
their position clear, it was voted to notify
the Inter-State Commerce Commission that the reduction in Eastern territory
will conform strictly to
that of the Western lines. This will rule
out from benefit such products
as rye, barley, corn, &c.
Preceding the action on reduced rates taken
by the rail men, they Conferred with representatives of a dozen
or more milling firms. The millers
outlined the situation as it confronts
them, and gave it as their view that
little reason existed for a cut in rail
rates as an aid to the situation unless
foreign outlets were obtained for the grain
and flour. They stated, however, that, if lower rates were to be accorded
grain, it would be necessary
to make proportionate cuts on flour in order
to preserve their markets in
the United Kingdom and elsewhere overseas.
It was learned that both
the millers and the railroad representatives
were rather pessimistic regarding benefits to be derived by farmers or
handlers of their grain and
flour from the rate reductions, it being set forth
that a mere transfer of
these products from one point to another,
whether Lake ports or the
Atlantic ports, in nowise affected the existing huge
surplus.
Eugene Morris, Chairman of the Central Traffic Executive
Committee.
Chicago, presided in the absence of Robert N. Collyer,
Chairman of the
Eastern Traffic Executive Committee. Mr. Collyer was
in Washington
yesterday attending a hearing at which Erie Canal barge operators
protested the grain and flour rate reductions.
Among the railroad executives at yesterday's meeting were Gen. W. W.
Atterbury, President of the Pennsylvania; P. E. Crowley, President
of the
New York Central; Daniel Willard, President of the Baltimore
& Ohio;
Edward E. Loomis, President of the Lehigh Valley; William H. Williams.
Chairman of the Wabash;J. M.Davis. President of Lackawanna,and
H.C.
Needles, President of the Norfolk & Western. All told, about
50 attended
the conference.
Temporary Reduction in Freight Rates on Wheat and
Wheat Flour for Export Agreed to by Western
Railroads.
Following the action of the Eastern railroads (referred
to in our issue of May 4, page 2928) executives of the
Western trunk lines, after a meeting at Chicago May 7,
announced that, subject to the approval of the Inter-State
Commerce Commission, temporary reductions would be made
effective in freight rates on wheat and wheat flour in
their
territory destined for export. The cuts ranged from
Barge Lines Authorized to Reduce Rates on Export
113 cents per 100 pounds, the latter amount being 53. to
Wheat.
confined
to shipments from the Missouri Valley to the
A reduction of about 33 1-3% on the transportation rates
Gulf, according to a dispatch from Chicago May 7 to the
New on export wheat over the barge lines of the Inland WaterYork "Times," from which we also take the followin
ways Corp. was authorized this week by the Secretary of
g:
The reduction made by the Eastern lines,
likewise subject to Com- War James W. Good. Announcement of the reduction was
mission's approval, was about 5% cents per
100 pounds on wheat alone, made May 11 by the Department of War,
the "United States
flour not being mentioned, from Chicago, St.
Louis, and the lower Lake Daily"
of May 13 in its reference thereto stating:
ports to the Atlantic seaboard. The combined
rates will mean that no
matter whether the export grain is sent through
the Southern ports or
the Eastern ports, the saving to the shipper will
be around 11 cents per
100 pounds, or seven cents a bushel.
Specific attention was called in the statement issued by
E. B.
Chairman of the Western Trunk Line Committee, to the "understa Boyd,
nding"
that the proposed rates should expire on Sept.
30, and that they were
not to be considered a precedent nor an admission that the
rates now in
effect to-day were not reasonably low.
This reduction, the Secretary of War stated, was recommended by the
chairman of the Board of the Corporation, Major General T. Q. Ashburn,
in accordance with President Hoover's suggestion to the grain-carr
ying
railroads for temporary rate reductions to seaboard to terminate
Sept. 30.
The railroads, as the result of meetings of the executives of the Eastern
lines in Washington and Western lines in Chicago, agreed to apply
to the
Inter-State Commerce Commission for reduced tariffs to be made effective
Immediately.
Reductions Effective May 15.
New Western Rates as Set.
These reductions, it has been stated by the Department of Agriculture,
The new rates set by the Western roads on wheat and wheat flour
only, will approximate 2 cents per bushel on wheat
moving from Buffalo,4 cents
not on related products, will be as follows:
from Chicago and 3cents from St. Louis. The full text of the Departmen
t's
From the Missouri River to Chicago. 11% cents per 100 pounds; from announcement follows:
the Missouri River section to the Mississippi River, 7% cents
per 100;
The
Secretary of War, James W. Good to-day authorized the Inland
from St. Paul and Minneapolis to Chicago, cents per 100; from
7
Omaha
to the Gulf, 20 cents per 100: from Kansas City, St. Joseph, Atchison Waterways Corp., which operates the Mississippi-Warrior Service of barge
lines on the Mississippi and Warrior Rivers to reduce its rates on
export
and Leavenworth to the Gulf, 19
cents per 100; from Minneapolis to wheat, the reductions to become effective May 15 and to expire Sept. 30
Duluth, 4 cents per 100; from Omaha
The reductions are approximately 33 1-3%.
and Sioux City to Duluth, 113'S 1929.
This
reduction
was recommended by Major
cents per 100: from Kansas City. St. Joseph, Atchison and Leavenworth
T. Q. Ashburn.
chairman of the board of the corporation, and isGeneral
in accord with the spirit
to Duluth, 13 cents per 100; from St. Louis
to New Orleans, 1234 cents and intent of the President's suggestion that the grain-carrying
lines
Oer 100.
reduce their rates on export wheat in order to move the large
supplies of the
The reductions from the Missouri River to Chicago and the Mississippi old crop now in storage.
and from Minneapolis and St. pats to Chicago are 6 cents; from the
Continuation of Federal Policy.
Missouri River to the Gulf, 11% cents, and from St. Louis to New Orleans,
It also is a continuation of the policy of the Federal barge
line to adjust
its
rates
so
as
maintain
to
a differential under rail rates. The rail
53'S cents per 100.
lines have
d but temporary reductions.
The day's action was in effect a ratification of the informal agree- announce
The new barge line rates per hundred pounds to New
Orleans will be 10
ment made by some of the rail executives with the Hoover Adminis- cents from the Twin Cities of
Minnesota; and 7-10 cents from Burlingto
n.
tration and members of the Inter-State Commerce Commission at Iowa; 1334 cents from Kansas City and9Omaha;
6 cents from St. Louis;
Washington Saturday. In this respect, Mr. Boyd said as to the new and 4% cents from Cairo. Application for the necessary orders
will be filed
with the Inter-State Commerce Commission. It is
rates:
reduction will move between 3,000,000 and 4,000,000anticipated that this
bushels.
MAY 18 1929.]
FINANCIAL CHRONICLE
3289
Denver & Rio Grande RR. Announces Wage Increase. State tax bill known as the Robinson law. Mr. Alexander
of the National Bank of ComAdvices of (Associated Press) May 2,from Salt Lake City, was a Second Vice-President
before its merger into the Guaranty
York
New
in
merce
stated:
Utah,
position uptown.
A wage increase of 3 to 5 cents an hour for approximately 2,000 employees Trust Co., with which he holds the same
of the Denver & Rio Grande Western Railroad has been announced by Many downtown bankers were present at the annual dinner
L. M. Griffiths, general chairman of the Association of Mechanical Crafts,
of the Uptown Association as guests of the members repreHelpers and Apprentices. The increase will be retroactive to April 1.
Mechanics will receive an increase of 5 cents an hour, unskilled mechanics senting their branches in midtown Manhattan.
4 cents and helpers 3 cents.
New Building for U. S. Assay Office Expected to be
41,500 Rail Shopmen Obtain Wage Increase—Erie,
Erected in Wall St. District—Old Quarters OutCanadian National and Grand Trunk Grant 63%
grown, to be Sold.
Advance May 1.
Regarding the sale of the Assay office of the U. S. SubThe following is from the New York "World" of April 27: Treasury and the erection of a new building for its housing,
Wage increase of 64%,affecting 41.500 shopmen employed on railroads
the New York "Times" of May 5 had the following to say:
in the United States and Canada, were announced yesterday.
The American road affected is the Erie, whose 7,500 shopmen will receive
a 5-cents an hour increase May 1 by agreement negotiated by General
Manager Denny and Arthur 0. Wharton. President of the International
Association of Machinists.
The Erie agreement also covers the Meadville shops, which had operated
on a non-union basis since the general strike of 1921. By the contract, the
question of unionizing these shops was left to a referendum vote of the 800
men affected. The vote, which was favorable, was taken under the direction
of George W. Hanger of the United States Railway Board.
Under the vote, day rates will replace the piece work system under which
the company maintained the men had been making higher wages than are
possible under the day rate schedules. The Canadian roads affected are
the Canadian National and the Grand Trunk.
Canadian Roads Cut Rail Rates on Grain—Reduction
of Two Cents a Bushel Meets Decreases Ordered
in United States.
The following Canadian Press advices from Ottawa
May 13 appeared in the New York "Times" of May 14:
Canadian railways have filed lower rates on grain to meet the reduction
announced by the Inter-State Commerce Commission in the United States.
In Canada the reduction applies to grain carried between Georgian Bay
ports and Montreal or Quebec, and the reduction is 2 cents a bushel.
In the United States the reduction is 2 cents a bushel between Buffalo
and New York. The reduction makes the rate on wheat to Montreal
from bay ports 6.6 cents instead of 8.6. The rate between Buffalo and
New York on the same commodity is reduced by the Inter-State Commerce Commission from 9.1 cents to 7.1 cents. Other grains are reduced
proportionately.
An order putting the reduced rates into effect was signed this afternoon
by H. A. McKeown, Chairman of the Board of Railway Commissioners.
It reads as follows:
"Upon it appearing that the railways in the United States have reduced the rate on grain at and east from Buffalo to New York for export,
effective May 12 1929, and it being desirable that the railways in Canada
be permitted to make similar reduction from bay ports, the Board orders
that the Canadian Pacific Ry. and Canadian National Rys. be and they
are hereby permitted to make, effective May 13 1929, the following rates
on wheat only for export from bay ports:
"To Montreal and Quebec. 11.01 cents per 100 pounds.
"To St. John, West St. John, Halifax, Boston, East Boston and Portland, Me., 11.84 cents per 100 pounds."
The reduction ordered to-day by Chairman McKeown is a much greater
decrease than that ordered under the general freight rate revision two
years ago, when the rates on grain from Fort William, Port Arthur, and
Armstrong, Ont., to Quebec were reduced to 18.34 cents per 100 pounds.
The effect of the order, it is believed, will be of immense benefit in
respect to the shipment of grain through the ports of St. John, N. B.,
and Halifax throughout the winter months.
Michael H. Cahill Elected President of Association of
Uptown Bankers.
Michael H. Cahill was elected President of the Association of Uptown Bankers at its dinner and annual meeting
held at the Union League Club, New York City, on May 15.
James S. Alexander Jr., of the Guaranty Trust Co., was
chosen Secretary-Treasurer and an Executive Committee of
five members was named for 1929-30. Mr. Cahill, President
of the Plaza Trust Co. of New York, at 651 Fifth Avenue,
is the retiring President of the New York State Bankers'
Association. The Association of Uptown Bankers is "a
purely voluntary association for sociability and for the purpose of securing a gentleman's agreement on any question
as to how the banking business should be conducted when it
may rise." It has no constitution, no by-laws, "no police
powers," no initiation fees, no dues and pays no salaries.
Once a month, eight months in the year, the summer excepted, it meets informally for discussion and entertainment.
The May 15 meeting was the final session for 1928-29. In
its membership are one hundred men from about sixty financial institutions, branches of downtown banks, located between 23rd St. and 79th St. in Manhattan.
Mr. Cahill has been a bank President in New York City
only six months. He was called here from Utica, where he
was President of the Utica National Bank & Trust Co., to
head the Plaza Trust Co., which was opened at Fifth Ave.
and 57th St. last December. He has been Vice-President
of the American Bankers Association and he served as counsel to the Banking and Currency Committee during the
"money trust" investigation some years ago. As Chairman
of the Legislative Committee of the State Bankers' Association he did much to secure the passage of the New York
Although the United States Assay Office, at 32 Wall St. is the largest arid
world, it will
most completely equipped establishment of its kind in the
have still more extensive quarters in the new building to be acquired
following the sale of the present premises under authority recently granted
the Treasury
by Congress. The sale of the old building will be handled by
of
Department in Washington, which is expected to open bids from a score
large real estate operators in about a month.
that
Niles R. Becker, Superintendent of the Assay Office, said yesterday
site for a new
the local officials would not be consulted in the selection of a
with
the
confer
would
they
made
been
building, but after a choice had
as to the
architects and with Treasury executives and present their ideas
requirements for their work.
Although the discussions of a new site so far have been only tentative.
to serve
it will doubtless be somewhere in the Wall St. district, in order
city as well
best the convenience of the large financial institutions of the
is that the new
as the Federal Reserve Bank. Another consideration
allow for the
location must be as free as possible from traffic congestion, to
building.
the
from
movement of trucks bearing gold to and
Vaults Five Stores Below Ground.
The transfer of about $2,500,000,000 of gold now held in the Assay
The
Office will probably be the largest task of its kind ever undertaken.
and is
gold is in vaults which are embedded five stories below the street level
is
gold
Although
handle.
to
mostly in bars which are heavy and difficult
constantly being received and disbursed, both at the Assay Office and the
of millions of
Federal Reserve Bank, in amounts ranging up to hundreds
of such a large
dollars a year, this will be the first time that the movement
amount has been attempted in one operation.
site since 1854.
The Assay Office has been in operation en its present
1914 and the
The original building erected in that year was demolished in
building was preserved
present structure erected. The facade of the original
Sub-Treasury
old
The
and is new at the Metropolitan Museum of Art.
will never be disturbed
Building, which adjoins it at Wall and Nassau Sts.,
though it occupies
yesterday,
said
was
it
associations,
because of its historical
in New York. Since the orone of the most valuable pieces of real estate
has been no Sub-Treasury
ganization of the Federal Reserve System there
immigration and other
here and the building now is used for passport,
government offices.
mines and the metal
The Assay Office converts the gold of American
incidents are
sent here from all parts of the world and many human-interest
the case of a
connected with its history. Mr. Becker recalled yesterday
dollars of
million
several
send
to
South American country which desired
considered excessive
gold here. The cost of shipping the gold as bullion was
The gold was
and the idea was hit upon of casting it into machinery.
fabricated Into machinery, gears, wheels and similar articles and was
attracted no
and
safely
shipped here as ordinary freight. It was received
melted the
more attention than so much cast iron. The Assay Office then
gold down into regulation bars.
Latest Report Shows $2,500,000,000.
about
The latest report of the Assay Office showed gold holdings of
of the
$2,500,000,000. In the last fiscal year it received about $104,000,000
from
amounts
any
metal,shipping out $51,000,000. The office buys gold in
from
gold
gets
It
up.
$5,000
ranging
from
$100 up and sells in amounts
many sources, including bullion, old jewelry, family heirlooms and scrap
supplies from
gold accumulated by so-called "junk" dealers who buy up old
and other
dentists and jewelers. In addition to its dealings with banks
jewelers
including
trade,
the
to
financial institutions, the office sells largely
and dentists.
but
Bars sold to the trade range In size from a value of $100 to $5,000,
no sale is made for less than $5,000. Much of this goes to gold brokers
these
of
sales
The
require.
who sell to trade interests in the amounts they
size
bars to the trade amount to about $50,000.000 a year. The standard
$8,000.
bar, which is used almost exclusively in international dealings, is
at
gold
The smelting and refining machinery, which converts the crude
gold
a temperature of 2,000 degrees, determines the exact value of the
in cash at the
received. Payment is made for it in Treasury checks or
for assay.
statutory rate of $20.67 per fine ounce. Silver is also accepted
sells
It is not paid for in cash, but in refined silver, which the owner then
to the trade.
Collection of Moneys of World Acquired by Chase
National Bank—Installed as Permanent Exhibit
in the Bank's Building.
What is described as one of the most famous collections
of money in the world, constituting more than 40,000 specimens assembled over a period of forty years, nas been
acquired by the Chase National Bank of New York and will
be installed as a permanent exhibit in its building at Nassau,
Pine and Cedar Streets. The acquisition is said to represent
the largest single transfer of varieties of money that has ever
taken place. The collection, which will be officially known
as the "Chase Bank Collection of Moneys of the World,"
was formally opened to the public on May 13. It was acquired from Farran Zerbe, who has been appointed numismatist of the Chase National Bank and curator of the collection. Housed in a room especially designed for it in the
Chase Bank Building, it will perpetuate the life work of
Mr. Zerbe, who has searched the world for coins, paper and
3290
[vou 128.
FINANCIAL CHRONICLE
all other types of.money. An announcement regarding the
collection says in part:
Covering a period of 5,000 years, the Chase collection provides a complete
record of media of exchange of every type used for money in the history of
the world. Beginning with a clay tablet due bill of Babylon of 5,000 years
ago and continuing with the first evidences of primitive barter, the first
coins struck off about 700 B. C., the first paper money printed by the
Chinese in 1300 A. D. and on up to the 1929 currency of many countries,
an opportunity is given to study the history of the world through man's
finances. Certain specimens included in the collection represent the only
known record of early civilizations, all that has been learned of them having
been gleaned from a study of their money, every other trace of their activities having disappeared.
The apparent face value of the Chase collection is almost beyond calculation. Prior to the World War it was referred to as representing a onetime value of over $50,000,000. but with the depreciation of many units
during the war and the issuance of currency of tremendous denominations
which is worthless to-day, the present worth bears little relation to the indicated face value. The exhibit includes, for instance, a 1923 reichsmark
note for a trillion marks, now actually worth about 25 cents. At the prewar value of the mark,however,there would not be gold enough in the world
to redeem it—about $250,000,000,000.
Biblical history is represented by examples of the "widow's mite," the
shekel and other coins mentioned in the Scriptures. Oriental religious rites
and legends may be visualized in specimens of money which, before they
entered general circulation, possessed peculiar "spiritual" values. A
striking contrast is provided by one of the world's largest pieces of money
—a 31-pound copper slab two feet long and a foot wide, once worth eight
dalers in Sweden—and a South Indian gold coin no larger than a pinhead,
weighing one grain and equivalent to 4 cents in American money.
All periods since the introduction of monetary systems are represented
and it is believed that all money issuing divisions of the world are included
in the collection. In addition to an exhaustive record of paper money,
there are interesting sets of commemorative coins, panic currency and
World War currency. Among the most interesting of modern documents
are copies of the first trans-Atlantic radioed check and the specially designed
check of $25,000 representing Colonel Lindbergh's prize for his epic flight
to Paris. One of the additions soon to be made to the collection will be
the largest denomination of new United States money—the 610,000 bank
note—which will bear the portrait of Salmon P. Chase, father of the national banking system, from whom the bank took its name.
The Chase National Bank, in arranging to perpetuate the collection as
an educational exhibit, has been actuated by a deep interest in the money
and coinage of the world. When the new home of the bank was designed
this interest found expression in the architrave framing the main entrance,
which presents an historical outline of the coinage of the world, reproducing
in marble twenty-three coins, ranging from the earliest Greek origin to the
Peace dollar of the United States. A set of these original coins has been
acquired by the bank and will be placed on exhibit in a replica of the architrave on the main banking floor.
Mr. Zerbe, who will continue in charge of the collection which he has
spent more than forty years in gathering from all parts of the world, was
former President of the American Numismatic Association and a member
of the United States Assay Commission,
The Chase National Bank announces that the collection will be open at
all times during banking hours to students, writers and the general public
as a permanent source for information concerning money. Associated with
the collection is a numismatic library containing 400 books and pamphlets
Loans Totaling Over $16,000,000 Made During Year
by National City Bank of New York to Salaried
Workers and Others.
More than 50,000 families in Greater New York, it is
stated, were helped over financial emergencies during the
past twelve months through the personal loan service inaugurated last May by the National City Bank of New York.
Loans during the first year, according to a report made
public by the bank, totaled more than $16,500,000, an
average of about $320 per borrower. Based on the first
year's experience, the National City Bank of New York plans
to continue and extend this service. The plan provides for
lending sums of $50 to $1,000 at 6% discount, without
collateral and without any service charge. The National
City Bank of New York was the first bank to offer on
this basis, a service of such scope. Losses on loans are
described by the bank as "negligible." The prompt meeting
of obligations by borrowers is attributed by the bank to the
provision that deposits be made in a compound interest
account each week or each month, so that the money would
be on hand at the end of a year to pay off the note. Of
these deposits interest of 3% per annum, compounded
monthly, is paid. In answer to the question "What is a
description of an average applicant?" the bank's figures
show the following: The average borrower is 34 years of
age, has been in the same position steadily for more than
five years, earns $2,755 a year, is married and has at least
one child. The average loan made is $320.
Other information and results concerning its personal loan
experience are summarized by the bank as follows:
While the first year's operation was conducted without profit, as had
been expected, the increasing volume of business gives promise that the
service will "pay its own way" on the large volume which is developing.
The principal purposes for borrowing were in connection with illness.
About 30% of all applications were for this purpose. Next in order of
importance was "payment of debts" which usually included small outstanding accounts to merchants and others. Thus creditors were paid
In cash under the bank's plan while borrowers were able to meet their obligations by making small periodical deposits.
The following is a list showing the purposes for which loans
were made:
Per Cent.
Medical and dental service... 30
Pay debtarand loans
15
Purchase home equipment__ 14
Business emergency
11
Payments on own home
8
Necessary clothing
7
Per Cent.
5
3
3
3
Education
Taxes
Insurance premiums
To help relatives
Death
1
While salaried employees and clerical positions outnumbered, it is said, any other group in the total of applications,
they did not predominate. Of those applying, only 22%
were in such positions. Salesmen were second with 13%.
The following is the classification by business or occupation
of all borrowers:
Per Cent.
Clerical employees
22
Salesmen
13
Public employees (U. S..
State, city)
10
Department heads
8
Mechanics
7
6
Storekeepers
Per Cent.
Drivers and truckmen
6
4
Business men (sole owners)___
Business men (partners)
2
Foremen
2
Corporation officers
1
Miscellaneous
13
While the figures vary greatly in different cases, a study
of loans, and of compound interest deposits made after debts
have been cleared off, indicates that an average family of
four is able to save out of its income on the following basis:
Monthly income
Monthly savings
$125
15
$150
25
6200
34
$250
45
6300
55
The inauguration of the loan service by the National City
was noted in these columns May 5 1928, page 2734.
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
Two New York Stock Exchange memberships were reported posted for transfer this week, that of Arthur E.
McCabe to Joseph T. McCantry for $525,000 with rights,
and that of Samuel B. Legg to James F. Nick for $419,000
without rights.
Official announcement was made on May 16 that a merger
had been arranged between the Equitable Trust Company of
New York and the Seaboard National Bank of New York.
Rumors of a possible consolidation of the two were referret1
to in our issue of May 4, page 2933. According to this
week's announcement Arthur W. Loasby, President of the
Equitable, becomes Chairman of the Board, and Chellis A.
Austin, President of the Seaboard, becomes President of
the consolidated institution. It is understood that the name
of the consolidated institution is likely to be Equitable
Seaboard Bank and Trust Company. The consolidated institution will operate under a State trust company charter.
The ratio of exchange will be one and one-half shares of
Equitable for one share of Seaboard (carrying one share
of the Seaboard National Corporation). Previous to the
merger the Seaboard National Bank will declare a special
cash dividend of $5 a share. It is further contemplated
that following the merger the stock will be split up, the capital structure will be adjusted, and rights to subscribe to new
stock will be issued. It has been learned from authoritative sources that no further mergers are contemplated
involving either of the banks or the combined institution.
The following statement relative to the merger was issued
by Chellis A. Austin of the Seaboard:
"The consolidation of the Seaboard National Bank and the Equitable
Trust Company is a logical alliance of two institutions which, when merged,
will substantially multiply the measure of service they can perform
separately.
"This merger between the Equitable and Seaboard provides a sound
foundation for a constructive banking policy that will be genuinely useful
to trade and industry. There is comparatively little overlapping between
the two institutions and they complement each other admirably in the
various departments of banking which have been developed under their
respective charters.
"The Seaboard has a substantial domestic commercial business, a
splendid clientele of correspondent banks in the United States, an important
foreign department, and a well-rounded trust division. The Equitable has
an extensive overseas business and several branches abroad, in addition to
Its large trust department and commercial banking activities. The consolidation will establish a powerful institution capable of providing complete facilities for its customers in every field of banking. The new
company will maintain the same independent position in the future that
the Seaboard and the Equitable have maintained in the past, insofar as
general banking policies are concerned."
A total of $16,529,805 was loaned to 51,203 applicants in the first twelve
months. The vast majority of these were "character loans" made on
notes signed by the borrower and two co-makers. A large number of
those who were among earlier borrowers have now become savers, and
others, investors in sound securities. About five borrowers out of each
one hundred were able to accumulate enough money to pay off their entire
loans in advance of the year's maturity allowed by the hank.
-Approximately 87% of all applications received were approved.
More than 97% of all deposits were made regularly and on less than 1%
The histories of the two institutions are sketched as folwas it necessary to baste legal.action in order to affect collection.
The insurance provided by the bank at its own expense saved families lows in the merger announcement:
Both the Equitable Trust Company and Ole Seaboard National Bank have
from destitution when the borrowers died before their loans had been repaid.
In such cases, co-makers and dependents were relieved of any obligation interesting histories in which chapters of steady growth are recorded.
The Equitable Trust Company recently entered its second half century
Sonny the balance which was covered by the insurance.
MAY 18 1929.]
FINANCIAL CHRONICLE
of service. Founded on April 19 1871, as the Traders Deposit Company,
it began business with an authorized capital of $50,000.
In 1902 the name was changed to The Equitable Trust Company of New
York and its activities es-tended to include every banking and trust function. In that year, the paid-in capital stock was increased to $1,000,000
and again in 1903 to $3,000,000. The surplus in that year was $8,500,000;
undivided profits $540,000. Since 1903 the Equitable has continued to
make rapid strides in size and prestige.
Subsequent growth in capitalization has been as follows: 1917, $6,000,000; 1919, $12,000,000; 1922, $20,000,000; 1923, $23,000,000; 1926,
$80,000,000. From a small institution in 1903 with total resources of
$9,000,000, the Equitable has developed into a bank of world-wide connections with capital, surplus and undivided profits of over $50,000,000, and
total resources of over $600,000,000.
The branches of the Equitable Trust Company in New York City are
located at the following points: 40 Worth Street, Madison Avenue at 28th
Street, Madison Avenue at 45th Street, and Madison Avenue at 79th Street.
The company has two branch offices in London
London, a large office in Paris,
an office in Mexico City, and, through its
the Equitable
Eastern Banking Corporation, maintains offices in Shanghai and Hongkong,
China.
The Seaboard Bank was organized in 1883 under a State charter with an
original capital of $500,000. The bank's offices were at 18 Broadway
and the primary purpose of its organizers was to facilitate trading on
the Petroleum Exchange next door, through making loans on oil warehouse receipts and pipe line certificates, which other banks did not
then do.
Two years later the Seaboard joined the national banking system, and
at the end of its first six years the deposits were $3,500,000. There were
no changes in the capital structure until 1905, when the directors declared
a stock dividend of 100%, bringing the capital to $1,000,090. The next
increase came in 1921, when the capital was raised to $3,000,000.
There have been six subsequent increases in capital. In 1922 a merger
was effected with the Mercantile Trust Company and the capital was
increased to $4,000,000. Chills A. Austin, who had been President of
the Mercantile Trust Company since its organization in 1917, became
President of the Seaboard under this merger. The combined deposits at
that time amounted to $78,000,000.
The main offices of the Bank were housed in the eight-story building at
Broad and Beaver Streets, erected by the Seaboard in 1921, and the
Mercantile offices at 115 Broadway were retained after the merger.
Capital increases followed in quick succession as the deposits of the bank
grew between 1922 and 1928. The most recent increase was announced
in December 1928, bringing the capital to $11,000,000, with a surplus of
$14,000,000. The Seaboard's resources as of March 27, 1929 were
$306,287,359.22.
Two uptown offices are maintained by the Seaboard, one at 24 East
Forty-fifth Street and the other at 41 Wed Thirty-fourth Street, which
is the location of the Ne;,v Netherland Bank that was acquired through a
merger on Feb. 1, 1928.
The Seaboard National Corporation, a subsidiary of the bank, was organized in 1928 with a capital of $2,250,000, which was increased to
$3,250,000 early in 1929.
The stockholders of the Central Union Trust Company
of New York and Hanover Bank approved on May 14 the
merger of the two institutions under the name of Central
Hanover Bank and Trust Company. Capital, surplus and
undivided profits of Central Hanover will be approximately
$100,000,000 and combined net deposits in excess of $600,000,000. The Central Hanover will operate under the
trust company's charter. To effect the merger, stockholders
of Central Union approved on May 14 an increase in the $20
par value capital stock from $15,000,000 to $21,000,000.
Under the terms of the merger agreement, Central Union
stockholders receive share for share of Central Hanover
stock and Hanover stockholders 3 shares Central Hanover
for 1 share Hanover stock. George W. Davison, who has
been President of Central Union since 1919 is President of
Central Hanover. William Woodward, President of Hanover Bank since 1910 is Chairman of the Board. Principal
offices of Central Hanover will be at 70 Broadway. The
up-town offices of Central Union at Madison Avenue and
42d Street and Fifth Avenue and 60th Street will continue
to be operated as offices of Central Hanover. Likewise the
11 offices of Hanover National Bank located at 11 Manhattan centers will continue to be operated as offices. Stockholders of Central Union on May 2d approved a stock
dividend of 20%, increasing the capitalization from $12,500,000 to $15,000,000 and reduced the par value of the
stock from $100 to $20. The proposed merger was referred
to at length in our issue of March 23, page 1842.
3291 -
can Express Company, which operates 60 foreign branches
in addition to 35 in the United States, will continue without
any change in policy, name or management. The company's
financial and foreign travel services are known in pratieally
every country of the world. As a result of the stockholders'
action this week both the Chase National Bank and the
Chase Securities Corp. will have outstanding 4,000,000
shares. Stock of the bank will be reduced from $100 to
$20 par value, with an equal number of shares of the Chase
Securities Corp. of no par value. Under the plan of affiliation, stockholders of the American Express Co. are offered
an opportunity of exchanging their shares on the basis of
1 2-3 shares of new stock of the Chase National Bank, of
$20 par value, and 1 2-3 shares of new stock of the Chase
Securities Corp., of no par value, for one share of American
Express. The plan also provides that stockholders of the
Chase National Bank and the Chase Securities Corp. of
record May 24 be given rights to subscribe to 762,500 shares
of new stock at $110 per share on the basis of five new
shares for each four old shares. Stock of the Chase National
Bank and of the Chase Securities Corp., which is represented by Chase stock receipts under a deposit agreement,
will sell ex-rights May 24. Payment for the new shares is
due July 1. The committee representing shareholders of
the American Express Co. announced on April 30 that
holders of more than a majority of the outstanding shares,
apart from those held by the Chase Securities Corp., had
assented to the plan. It is understood that additional
deposits of American Express stock are being made rapidly
and that the time for such deposits will not be extended
beyond May 31.
It is announced that approximately 90% of the shareholders of the National Park Bank of New York have
assented to the plan and agreement providing for changes
in the capital of the bank and for the organization of a
securities company. Accordingly, the committee of shareholders under the agreement this week declared the plan to
be operative. The plan provides for the reduction of the
par value of the capital stock of the bank to $20, whereby
shareholders will receive five shares of $20 par value for
each share of $100 par value now held. A stock dividend of
20% will be declared, whereby each holder of five of the
new shares will receive an additional share of the new $20
par value stock. Regarding the plans it is announced:
Parkbanc Corporation has been organized under the New York Stock
Corporation Law, and it will be initially financed by the transfer to it
of approximately $3,000,000 from the bank. Parkbanc Corporation will
immediately issue to the shareholders of the bank one share of its stock
for each share of bank stock then outstanding. The shares of Pstrkbanc
Corporation will be held by a depositary, and will be evidenced by endorsement of a deposit receipt on certificates for bank shares.
The plan also contemplates a further increase of the bank's capital to
$15,000,000 by the issuance of 150,000 additional shares of $20 par value.
These new shares of bank stock, together with 150,000 additional shares of
Parkbanc Corporation, will be offered to the shareholders of the bank in
unite of one share of bank stock and one share of Parkbanc Corporation
stock, so that each holder of one share of bank stock of $20 par value will
be entitled to subscribe to one-quarter of a unit. The purchase price of a
complete unit will be $70, of which $40 will constitute the price of the new
share of bank stock, and $30 will represent the price of the share in Parkbanc
Corporation. The additional shares of bank stock and of Parkbanc Corporation stock will be similarly joined together by an endorsement of a
Deposit Receipt upon the certificates for shares of bank stock.
The adjourned special meeting of stockholders of the bank will be held
May 21, 1929 to act upon the proposed changes in the capital of the bank as
set forth in the Plan.
The stock transfer books of the bank will be closed for a period of ten
days beginning at the close of business May 20, 1929 and ending May 80,
1929. They will be reopened on the morning of May 31, 1929 for the
transfer of shares of the bank of the par value of $20 per ahare. However,
holders of Committee Receipts for bank shame deposited pursuant to the
Agreement, may transfer their receipts on the books of the depositary kept
for the purpose, during the above period.
It is contemplated that the date fixed for the redemption of Committee
Receipts and delivery of new certificates of bank stock endorsed with
Deposit Receipts .for shares of Parkbanc Corporation will be about
May 81, 1929.
Subject to favorable action by the shareholders and to the approval of
the Comptroller of the Currency, it is contemplated that the warrants
evidencing rights to subscribe to additional stock of the bank and of Parkbane Corporation will be mailed some time before May 30, 1929 to registered
holders of Committee Receipts as of the close of business on May 23, 1929.
The Warrants will probably call for payments of subscriptions on or before
June 28, 1929.
After May 20, 1929 transfers of bank shares not deposited under the
Agreement will be ex-stock dividend and ex-rights to subscribe to additional
stock.
The plans were previously referred to in our issues of March 30, page
2028 and May 11, page 8131.
An affiliation of the Chase National Bank of New York,
the Chase Securities Corporation and the American Express
Company was approved on May 16, by stockholders of the
bank and of the securities corporation, who authorized an
increase in the capital of each institution from 610,000 to
800,000 shares and a split-up of the shares on a five-for-one
basis as a step in carrying out the consolidation of interests.
Upon consummation of the plan, the combined institutions
will have capital, surplus and reserves exceeding $283,000..
000. The union of Chase and American Express interests
(details of which were given in those columns April 13, page
The Guaranty Trust Co. of New York announces the
2403), will create one of the largest organizations of its appointment of John R. Babcock as an Assistant Treasurer.
kind in the world, with the three institutions co-ordinating
T e Seamen's Bank for Savings, one of the oldest banking
their activities although eabh unit will continue to operate
independently. The vast international business of the Ameri- institutions in New York City, celebrated its 100th anniver-
3292
FINANCIAL CHRONICLE
sary on May 11. It. enters the second century with assets of
approximately $114,000,000 and the owner of one of the
finest buildings in the Wall St. financial district. This new
home of the bank, which is a towering monument to thrift,
as compared with the humble setting in which the bank
started business, was awarded a prize for the finest structure
erected in the financial district in 1926. During the 100
years of its existence, the bank paid 212 consecutive dividends
aggregating $117,000,000 which is in excess of the total
resources of more than 3114,000,000 now held by the institution. The number of depositors now exceeds 92,000 and
total deposits exceed $96,000,000. On May 11 1829, the
Seamen's Bank for Savings was established by a group of
philanthropic citizens of New York with one purpose in
mind: to encourage thrift among sailors, stevedores, naval
officers and officers of merchant ships. While its depositors
to-day include men and women in all walks of life, thousands
of accounts still stand in the names of seamen. The first
President of the bank was Najah Taylor. The present head
of the institution is Ralph H. Stever who last year succeeded
the late Herbert K. Twitchell. The other officers of the
bank, in addition to Mr. Stever, are: George F. Craneand
Samuel Sloan, Vice-Presidents; Elmer Rand Jacobs, Compt.;
Williston H. Benedict, Sec.; Thornton C. Thayer, Treas.;
Hiram W. Phillips, Asst. Treas., and George P. Montgomery, Deputy Compt.
Incident to the bank's 100th anniversary a notice depicting some of the outstanding events in its history says:
Although its depositors, due to the phenomenal growth of the city,
now includes all classes of people, the Seamen's Bank for Savings isstill
influenced to no small extent by the habits and superstitions of the "men
who go down to the sea in ships." For instance, when the present building
was completed, the officers selected No. 76 Wall St. as the address of the
new home for the bank. Upon receipt of a letter from an "old salt" (there
are still a few who are superstitious) that 7 and 6 made 13, the officers
changed the proposed address to 74 Wall St.
Also true to its name, the Seamen's Bank for Savings maintains a "log"
to mark the progress of the organization, just as the Captain of a vessel
keeps a log to record the progress of his ship. Some of the more interesting
data contained in the bank's log follow:
May 11 1829—To-day opened our bank to encourage savings among
sailors, naval officers, stevedores, and suchlike genial souls. Office at 149
Maiden Lane, modern and handsome, up but one flight of steps from
street. In come Merchant Grinnell, director, with one Jas. Chappell,
stevedore, to open first acc't. Thereat much rejoicing.
Dec. 31 1829—In these few months, red, in deposits, $14,495, a goodly
sum. Fine wintry day. Wind N.N.E.
Dec. 31 1831—Through press of business, moved to 47 Wall, a street
convenient to maritime folk.
Jan. 2 1836—Now deposited, $100,000. This great horde of money
brought together in 7 years.
Dec. 31 1836—Moved this yr. to 71 Wall.
Dec.31 1847—Deposits now $1,000,000,so many are the people who have
begun to save. And this after 16 yrs. from founding.
Dec. 31 1872—Truly, the first million is the hardest. Now we have
deposits of $10,000.000, and New York becomes by leaps and bounds the
thriftiest city of the New World.
Dec. 1926—New and magnificent building completed at 74 Wall. This
number chosen rather than 76 by petition of old sailor-depositor who feared
two digits totaling 13.
May 11 1929—With resources of $114,000.000 Seamen's Bank for
Savings begins its second century of encouraging thrift.
[vol.. 128.
Company this week, Samuel W. Baldwin was elected Treasurer to succeed Mortimer H. Bradley, who has resigned. Mr.
Baldwin had been Assistant Treasurer of the City company
since 1918 and has been connected with the company since
1916, prior to which he was with N. W. Halsey & Co.
In connection with the thirty-fifth anniversary of its
founding the Provident Loan Society of New York has announced a revision of its employee-protective program to
include the installation of a formal contributory pension
system which in the main supersedes and increases the
benefits provided by an informal retirement plan in operation since 1911. To put the new system in effect, the Provident Loan Society has made an initial deposit of over
$500,000 with the Metropolitan Life Insurance Company,
which is underwriting the entire program. An announcement in the matter says:
Under the present arrangement, the pensions payable at the normal
retirement age will be equivalent to 21
2% of an employee's annual salary
/
multiplied by years of service, up to a maximum of 90% of average salary.
The total group insurance has been increased from approximately $500,000
to more than $900,000, involving an increase of from $1,000 to $5,000 for
individual employees based on salary.
The new plan was approved by the Board of Trustees of The Provident
Loan Society on April 2, upon the recommendation of the Executive Committee, consisting of George S. Brewster, President; Henry L. DePorest,
Frederick IT. Ecker, Mortimer L. Schiff, James Speyer and Harold T. White.
The normal retirement age for men is 65 years and for women 60. Upon
retirement at the normal retirement age, after 36 years of service, an
employee will receive an annual income equivalent to 90% of average
annual salary during employment. Twenty years of service will yield 50%
of average salary.
In addition to paying the entire cost of $1,000 life insurance for each
eligible employee, and the full cost of an additional $1,000 insurance for
each ethployee completing ten years of service, The Provident Loan Society
has paid the entire cost of the pensions already earned by the past service
of active employees.
All employees with at least three months' service are eligible to enroll.
They will receive not only group insurance and pension, but will be entitled
to liberal benefits in case of total and permanent disability. In case of
death or withdrawal from the plan before retirement, the employee's full
deposits for pensions will be returned to the employee or his beneficiary.
Plans to increase the capital of the Fulton Trust Company of New York from $1,000,000 to $2,000,000 have been
recommended to 'the stockholders by the directors. It is
proposed that the stockholders be given the privilege to
subscribe before July 1 to the new stock pro rata, according
to their respective holdings, at $250 a share. Each stockholder is to have the right to subscribe to one share of new
stock for each share of old stock owned. The privilege to
subscribe for the new stock will be given to stockholders of
record May 31st. According to Edmund P. Rogers, President of the institution, the trust business of the Fulton
Trust Company had trebled in the past four years and the
Directors deemed it advisable to provide additional capital
and surplus to meet the increased business of the company.
With its capital of $2,000,000, the company will have a
surplus of $2,000,000 and undivided profits of approximately
At a special meeting on May 15 the stockholders of the $1,300,000. When asked the question whether the increase
form
New York Title & Mortgage Company authorized the split- in its capital •and surplus was a step towards some
ting up of the company's stock, ten for one, making the par of merger or combination, Mr. Rogers answered:
"No. This company, since its inception in 1890, has been an indevalue of each share $10, instead of $100, as heretofore. No pendent corporation and intends to remain so. Our business is to aid in
other change in the capital structure was proposed, the the administration of the business affairs of our patrons during their
capitalization remaining the same. President Harry A. lives and afterwards; to aid them in the care and custody of their securities; to give unbiased advice in regard to investments, and to offer a
Kahler told the stockholders that the move had originated place of business where personal attention from officers and employees is
number,
own
following
their
among
stressed."
through suggestion from
the advice of many financial institutions in reducing the par
Further evidence of the close affiliation of Goldman
values of their shares. New stock certificates have been
prepared and will be issued in exchange for old stock certifi- Sachs & Company with the Manufacturers' Trust Company
Is seen in the announcement by its President, Nathan S.
cates at the office of the American Trust Company, 135
Broadway. It has been arranged that stockholders may have Jonas, of the election of the Board of Directors of the Manuthe new stock in a single certificate or in any way that suits facturers' Trust Company of five well known industrialists
and financiers in America. Those newly elected to the
their convenience.
Board are: Maynard S. Bird, Chairman of the Board,
Announcement is made that at a regular meeting of the Bond & Goodwin, Inc.; Carle C. Conway, President, ContiBoard of Directors of the Central National Bank of the nental Can Company; Edward F. Hutton, Chairman of the
City of New York, Phillip Leff was elected a director. Mr. Board, the Postum Company; John L. Johnston, President,
Leff is President and Treasurer of the National Spinning the Lambert Company, and Albert D. Lasker, Chairman of
the United States Shipping Board during the World War,
Company, Brooklyn.
and Chairman of the Board, Lord & Thomas & Logan, adof
Bank
City
New
The Directors of the National
vertising specialists.
York this week appointed Roger Steffan a Vice-President.
Mr. Steffan, who has been an Assistant Vice-President since
John Arthur Conway, Vice-President of the Grace NaAugust 30, 1926, is in charge of the bank's compound inter- tional Bank,
died on May 13, after an illness of several
est and personal loan departments. The Executive Commit- weeks. Mr.
Conway was born in Brooklyn thirty-five years
tee of the bank at this week's meeting also appointed Duncan ago. For
a time he was with the Guaranty Trust Company
Dunbar an Assistant Cashier. Mr. Dunbar has been asso- and in 1924
joined the Grace National Bank, having been in
ciated with the bank since 1927, at the Fifth Avenue branch. charge of the
new business department.
At the regular meeting of the directors of the National City
MAY 18 1929.]
FINANCIAL CHRONICLE
At the annual meeting of W. R. Grace & Co., on May 10,
Joseph P. Grace was elected Chairman of the Board and
D. Stewart Inglehart, Vice-President, was elected President.
Mr. Grace, who became President in 1907, is the eldest son
of the late W. R. Grace, who established the business in
Peru in 1850 when that market as reached from New
York only by sailing vessels rounding the Horn. Under the
leadership of Joseph P. Grace the business was extended
from shipping and trading to include a wide variety of
industrial enterprises in development of the natural resources of the countries of the West Coast of South America. The steamship service has been steadily expanded
until the Grace Organization controls seven distinct lines
linking the Atlantic, Gulf and Pacific Coasts of the United
States with the West Coast of Central and South America.
Mr. Inglehart joined the house of Grace upon graduation
from Columbia in 1894. Mr. Inglehart spent many years
in South America, mastering the detail of commercial and
industrial operations.
Raphael Scotto, former head of the defunct private bank
of L. Scotto & Son of Brooklyn on Monday of this week,
May.13, was sentenced by Judge George W. Martin in the
County Court, Brooklyn, to from four to ten years in Sing
Sing for second degree forgery, according to the New York
"Evening Post" of May 13. At the same time Louis Scotto,
son of the former banker, and Joseph Maieli, Scotto's prospective son-in-law, both of whom were employed in the
failed bank, received suspended sentences after pleading
"guilty" to attempted third degree forgery. A representative
of the District Attorney's office stated, it was said, that the
young men were merely the tools of the elder Scotto and
reaped no profit from the crash of the institution. In passing
sentence, Judge Martin, who is a friend of the former banker
of over twenty years' standing, said:
It is a difficult task for me to sentence you for I have known you for more
than twenty years. During all those years I knew YOU as an honest,
upright citizen. I cannot believe that you are a criminal at heart, but the
evidence proves that you have been unfaithful to a trust—a serious trust
that found people turning their money over to YOU in absolute confidence
that it would be safe. The betrayal of public confidence by a banking
My personal feeling can have no
official cannot be lightly dealt with.
part here.
Continuing the paper mentioned said in part:
Assistant District Attorney Louis Goldstein and Edward Ward McMahon,
counsel for the trustees in bankruptcy of the bank, demanded Judge
Martingive the elder Scotto the limit penalty of ten years. They pointed
out he stole money from the bank through his forgeries.
Scotto will be taken to Sing Sing this afternoon. The two young men
were placed on probation for three years.
Failure of the Scotto bank in the latter part of September
1928 was noted in the "Chronicle" of Oct.6 1928, page 1900
and its affairs referred to in subsequent issues.
According to the Boston "Herald" of March 13, stockholders of the Boulevard Trust Co. of Boston at a special
meeting voted to change the par value of the company's
stock from $100 to $10 a share and to distribute ten shares
of new stock for each share now outstanding.
Directors of the Highland Trust Co. of Somerville, Mass.
have decided to recommend to the stockholders a reduction
in the par value of the bank's shares from $100 a share to
$20 a share, and that five new shares be issued for each share
now outstanding, according to the Boston "Transcript" of
May 11. The company's present capital is $100,000.
3293
have been announced. We quote from the dispatch as follows:
To effect the consolidation it will be necessary for the Bristol National
Bank to liquidate and form a new State bank to take over the assets and
this
assume the liabilities of the Bristol National Bank. To accomplish
according
end, the Bristol-American Bank & Trust Co. is being organized
the
and
assume
assets
the
over
take
to State laws and will be in a position to
liabilities upon its liquidation. The new Bristol-American Bank & Trust
the BristolCo. will then consolidate with the American Trust Co. to form
American Bank & Trust Co.
surplus of
$300,000,
of
a
will
have capital
The Bristol-American Trust Co.
will have a
$300,000 and undivided profits of about $200,000. The stock
in the Bristol National Bank
Par value of $25 a share and each shareholder
consolidated bank
and the American Trust Co. will receive four shares of the
of $50 per share will
payment
cash
A
for each one share of stock now held.
the deposit
be made to each stockholder of the American Trust Co. upon
of his stock for the purpose of consolidation.
Another consolidation with the Bankers Trust Co. of
Philadelphia—the third in three months—was announced
May 15. The Tioga Trust Co. will be merged with the
larger institution upon terms—exchange of stock share for
share—approved by the Boards of Directors of both companies. Confirming action is to be taken by the stockholders
at special meetings called for June 3. The Tioga Trust Co.
has offices at 17th and Tioga Street and 22nd and Toronto
Streets, and some $2,700,000 deposits. Dr. Charles E. Beury,
President of Temple University, who has been Vice-President of the Tioga Trust Co. since its organization, will
become a Director of the Bankers Trust Co. To assure
continuance and largest development of the local contacts
in the conduct of the business there will be a Tioga advisory
committee consisting of James N. Snyder, Chairman; Dr.
Charles E. Beury, George N. Beaumont, Frank E. Wallace,
and Harry T. Rotenbury, Secretary. The combined institution will have nine offices, 54,000 depositors, above $6,250,000 capital in its business, and more than $38,000,000
resources backing a total of $27,000,000 deposits. Samuel
H. Barker is President of the Bankers Trust Co., which
started Jan. 1 1927 with $3,400,000 resources.
According to yesterday's Philadelphia "Ledger"(May 17)
directors of the Tenth National Bank of Philadelphia the
previous day decided to join in the consolidation now pending of the Columbia Avenue Trust Co. with the Integrity
Trust Co. Meetings of the stockholders of the three banks,
it is exepcted, will be held about the middle of June to vote
on the proposed merger, and if ratified, the union will probably become effective at the close of business June 30.
The combined resources of the three institutions, according
to recently published statements,are in excess of $65,000,000.
Combined capital, surplus and undivided profits are more
than $13,000,000, and combined deposits approximately
$50,000,000. Under the consolidation plan, the new Integrity Trust Co., formed by the merger of the Columbia
Avenue Trust Co. with the Integrity Trust Co., will issue
one share of stock,of the par value of $10 a share, in exchange
4 shares of Tenth National Bank stock, par value $10,
for 23
"which is equivalent to four shares of Integrity stock for
11 shares of Tenth National stock." The Tenth National
Bank was established 44 years ago. Its main office is at
1645 North Broad St., adjoining the Columbia Ave. Trust
Co. office at Broad St. and Columbia Ave. Three years
ago it opened a central city office at 116 South 15th St.
John F. Bauder, Chairman of the Board, who has been
associated with the bank for 36 years, and Herbert L.
Shaffer, the President, will become Vice-Presidents of the
Integrity Trust Co. and several of the directors will be
added to the board of the enlarged bank. Walter K.Hardt,
who has been President of the Integrity Trust Co. since
May 1928, will continue to head the enlarged institution.
Under date of May 15 the Integrity Trust Co. announced
the appointment of Robert MacNeill and Granville H.
Davis as Vice-President and Assistant Treasurer, respectively, of the investment department of the institution at
16th and Walnut Sts. and furthermore announced that on
and after May 21 Charles B. Humpton,Michael J. Rudolph,
John Middleton and Pierre L. Rossel will also be associated
with its enlarged investment organization.
At a special meeting held May 16 the stockholders of the
First National Bank of Boston adopted the recommendations of the directors and voted to reduce the par value of
the stock from $100 to $20, with a corresponding increase
In the number of shares; to increase the capital by issuing
$2,500,000 new stock to be offered to stockholders at $60
per share on the basis of one new share of the par value of
$20 for each ten shares of the par value of $20 owned on
May 29, the new stock to be paid for July 1; and to. provide
for the transfer of the capital stock of the First National
Corporation to be held in trust for the benefit of the bank
stockholders as from time to time constituted. Previous
On May 15 the Bank of North America & Trust Co. of
reference to the matters mentioned appeared in the "Chronannounced the resignations of Robert MacNeill
Philadelphia
icle" of April 13 and 27, pages 2404 and 2750, respectively.
and John H. Mason Jr., Vice-Presidents of the institution,
Granville H. Davis, Assistant Secretary and Assistant
It is proposed to consolidate the Bristol National Bank, and
The announcement, signed by J. H. Mason,
Treasurer.
Bristol, Conn., and its affiliated institution, the American
.said:
President,
a
from
to
that
dispatch
place
on May
Trust Co., according
We wish to record our personal and official testimony to their ability
14 to the Hartford "Courant," which stated that details of and loyalty during periods of service ranging from 12 to 23 years. We
the consolidation, which will be effected in two months, regret sincerely the termination of this long and Intimate association.
3294
FINANCIAL CHRONICLE
• The Bank of North America & Trust Co.is about to merge
with the Pennsylvania Co. for Insurances on Lives & Granting Annuities, Philadelphia, as indicated in recent issues of
the "Chronicle," the last reference appearing in our issue of
May 11, page 3133.
•
Consolidation of the Fairhill Trust Co. of Philadelphia
with the Ninth Bank & Trust Co. of that city has been
approved by the Directors of both banks, according to the
Philadelphia "Ledger" of May 17. Special meetings of the
stockholders of the respective institutions will be held
shortly to vote on the proposed union. Stockholders of the
Ninth Bank & Trust Co. will be asked to authorize a change
in the par value of the capital stock from $100 to $10 a
share and when approved, ten shares of the institution will
be exchanged for six shares of Fairhill Trust Co., the par
value of which is $50 a share. The new institution, which
will continue the name of the Ninth Bank & Trust Co., will
have an outstanding capital of $1,375,000, surplus and undivided profits of more than $3,100,000, and total resources
in excess of $32,000,000. The two offices of the Fairhill
Trust Co., one at Fifth Street and Allegheny Avenue, and
The other at Torresdale and Kensington Avenues, will become branch offices of the enlarged Ninth Bank & Trust Co.,
giving the institution six offices in all. The main office of
the Ninth Bank & Trust Co. Is at Front and Norris Streets,
the other three being located at Allegheny and Kensington
Avenues, Seventh and Dauphin Streets, and Chelton Avenue
near Chew Street, Germantown. The two last mentioned
were acquired through the consolidation of the Northern
National Bank with the Ninth Bank & Trust Co. effective
March 4 of this year. Ira W. Barnes, President, and all
other officers of the Ninth Bank & Trust Co. will continue
as officers of the new institution, while H. H. Sinnamon,
President of the Fairhill Trust Co., will become Chairman of
the Advisory Committee of the Fairhill offices, and also
with three other members of the Board of the Fairhill
Trust Co., a Director of the enlarged bank.
Supplementing our item of May 4 (page 2934) with reference to the proposed merger of the Frontier National and the
Community National Banks of Buffalo, N. Y. with the
Liberty Bank of Buffalo, advices from that city on May 15
to the "Wall Street Journal" stated that stockholders of the
last named institution would vote on May 31 on a proposal
to increase the capital of the institution from $4,000,000
(160,000 shares of the par value of $25 a share) to $5,500,000
(220,000 shares of the par value of $25 a share). Of the new
stock (60,000 shares), the directors propose to sell 16,000
shares to stockholders of record May 15 at the price of $200
a share in the ratio of one new share for each ten shares held.
Of the remainder, 42,667 shares will be.used to exchange for
stocks of the Frontier National Bank and the Community
National Bank, and the balance of 1,333 shares will be sold
to Liberty, Ltd., a finance company wholly owned by the
Liberty Bank of Buffalo, at $200 a share. Continuing the
dispatch said:
[VOL. 128.
activities, in which there will be opportunity for the profitable employment of larger funds. The changing of par value of the bank's shares will
Permit a more general participation in its ownership. In short, the proposed changes are in keeping with modern practice and will, it is believed,
benefit the bank and its shareholders.
The directors anticipate that dividends on the enlarged issue will be continned at rates equivalent to those paid at present, as earnings provide a
conservative margin above such requirements. They recommend that
stockholders exercise their rights to subscribe for the additional stock.
Directors of the Everett Trust Co. of Everett, Mass, have
approved a reduction in the par value of the company's
shares from $100 to $20 a share and the issuance of five
new shares for each share outstanding, according to advices
from Boston on May 15 to the "Wall Street Journal," which
furthermore stated that a special meeting of the stockholders
would be called shortly to vote on the proposition.
The Central National Co., an affiliation of the Central
National Bank of Cleveland, Cleveland, 0., has been
opened in the 308 Euclid Avenue Building, the home of the
bank. An announcement in the matter by the bank says
in part:
The Central National Co. has been formed and now is conducting a securities business including the investment banking transactions heretofore
carried on by the bond department of the Central National Bank.
Management of the Central National Co. is under the direction of the
same men responsible for the successful growth of the Central National
Bank. The company is operating as a separate institution, although all
of its stock is owned by the stockholders of the bank.
The Central National Bank of Cleveland has combined
capital and surplus of $6,000,000. It was chartered in 1890.
E. W. Edwards, a well-known Cincinnati manufacturer,
was chosen President of the Fifth Third Union Trust Co. of
Cincinnati on May 14, to succeed the late Charles A. Hinsch,
whose death occurred Dec. 18 last, according to the Cincinnati "Enquirer" of May 15. Mr. Edwards, who has been
associated with the institution as a director for the past
fourteen years, will devote all of his time to his new duties
and will relinquish active control of the Edwards Manufacturing Co. and other organizations of which he is President.
In addition to being head of the bank, with resources of
more than $92,000,000, Mr.Edwards becomes President also
of the subsidiary corporations, the Fifth Third Union Co.
(the investment department of the institution), and the
Fifth Third Union Safe Deposit Co.
Frank W. Blair, President of the Union Trust Co. of Detroit, announces the election to the board of directors of
C. E. Wilson and John M. Toolin. Mr. Wilson was elected
Vice-President of the General Motors Corp. last week, after
serving for a short time as Assistant to the President. He
was formerly President and General Manager of the DelcoRemy Corp. of Dayton, 0., and Anderson, Ind. John M.
Toolin is President of the Central Western States division
of the Great Atlantic & Pacific Tea Co.,and is also a director
of the parent organization, the Great Atlantic & Pacific
Tea Co. of Maryland.
According to the Detroit "Free Press" of May 12, directors
of the Fidelity Trust Co. of Detroit have authorized the
calling of a special meeting of the stockholders to vote on a
proposal to reduce the par value of bank's shares from $100
to $20 and to issue five new shares of stock for each share now
outstanding. The bank's capital, which is $1,000,000, will
then consist of 50,000 shares instead of 10,000 as at present.
Directors of the National Shawmut Bank of Boston on The Detroit paper furthermore said:
The stock of Fidelity Trust Co. has been selling at a figure which has
May 15 recommended a four-to-one split-up of the bank's been
so high as to make it difficult for many who desire to participate in
as
changes,
summarized
in
important
the
stock and other
the earnings of a sound financial institution to become stockholders. The
following letter to the stockholders, signed by Walter S. proposed reduction in the par value and the increase in the number of shares
is primarily for the purpose of reducing the market price of Fidelity stock to
Bucklin, the President, calling a meeting for June 15:
a figure sufficiently low to permit more people to become stockholders.
With the present market of Liberty Bank stock at better than $270 a
share, rights have a value of about $6.36 a share.
Liberty stockholders meeting May 14 approved proposed merger with
Frontier National Bank, which is being brought into Liberty through the
exchange of 1 1-3 shares of Liberty $25 pax value stock for each share of
Frontier $100 par value stock.
Farms] notice is given herewith of a stockholders' meeting to be held
June 15 1929, at which authority will be asked for changing the parvalue
of our shares from $100 to $25 (four new shares to be exchanged for one
old share): For increasing the authorized capital stock from $15,000,000 to
$20,000,000; for transferring the stock of the Shawmut Corp. of Boston,
which is now owned by the Bank, to trustees for the benefit of the shareholders of the bank according to their respective interests, and for providing additional working capital for the Shawmut Corp.
If approval is given to these proposals, the change in par value will be
made effective as of the close of business June 15 1929—the holder of one
old share becoming automatically the owner of four new shares. And it
will be recommended that stockholders of record as of that time be allowed
to subscribe to additional shares of par value of $25, at the rate of $75 per
share, each holder of the three shares of $25 par value to be entitled to
subscribe for one additional share: This means that for each three $100 Par
shares held now (which will be converted into 12 $25 par shares) subscription may be entered for four additional $25 par shares.
Subscription plan will call for payment on or before July 8 1929, at $75
dividends declared after
Per share. Such new shares will be entitled to
July 1, and payable Oct. 1 and thereafter. Warrants for right to subscribe
will be issued in accordance with the usual custom.
Arrangements similar to those now proposed have been adopted by a
produced numnurnber of large banks in other financial centers, and have
arous advantages. The changes will give the corporation a broader field of
Fidelity Trust stock has been relatively inactive of late but sold on the
Detroit Exchange Friday (May 10) at 500 and 10 shares sold yesterday
(May 11) at 550.
•
The following news item comes to us this week from the
National Bank of Commerce of Detroit:
Julius Rubiner, Vice-President of the National Bank of Commerce of
Detroit, has resigned from that office to become Vice-President of Ungerleider Financial Corporation, the new $25,000,000 investing company
sponsored by Samuel Ungerleider, William Fox, William C. Durant, and a
group of Middle Western and Canadian capitalists.
Mr. Rubiner is well known in Detroit banking circles. He was first
employed in 1911 as messenger by the German American Bank and has
remained with the one organization ever since, though the name of the
bank has changed as a result of various mergers.
Mr. Rubiner is a Director of numerous concerns, among them the Union
Investment Company, Century Investment Company, and the Bankers'
Securities Company. He is also a director of the Federal Screw Works
of Detroit.
On May 14 announcement was made of the approaching
consolidation of the National Bank of the Republic of
1
MAY 18 1929.]
FINANCIAL CHRONICLE
3295
A dispatch from New Iberia, La., on May 11, appearing
Chicago and the Chicago Trust Co., creating a new instituin
the New Orleans "Picayune" of the following day, Leon J.
rankand
00,
$200,000,0
tely
of
approxima
tion with resources
heretofore Manager, Secretary and Treasurer of
Minville,
both
of
ing as the third largest bank in Chicago. Directors
Dreyfus Wholesale Co., Inc., of New Iberia, has
Jules
the
the
to
According
14.
May
on
merger
the
banks approved
President of the People's National Bank of
appointed
been
to
expected
is
Chicago "Post" of May 14 the consolidation
Charles L. Provost, who resigned
succeeding
Iberia,
become effective June 29, following special meetings of the New
Mr. Minville for many years
health.
impaired
of
because
formal
which
at
s
' respective stockholders of the institution
business enterprises and
leading
with
connected
been
• approval of the union will be asked. Under the terms of has
territory named, the dispatch
the
in
works
civic
important
entities
corporate
their
s
retain
' the merger, both institution
the same meeting of the Directors, E. T. Weeks,
and a separate personnel and will continue, for the time stated. At
of New Iberia, was made a member of
attorney
leading
a
Trust
Chicago
The
locations.
present
their
in
• being at least,
Board.
the
• Co. stock, however, is placed in trust for the benefit of the
• shareholders of the National Bank of the Republic through
It is learned from the Houston "Post" of May 9, that
an exchange agreement. The Directors of both banks have
that city on May 8
agreed to recommend exchange of each share of Chicago officials of the Public National Bank of
institution had
the
of
rs
stockholde
the
the
that
of
stock
announced
value
Trust Co. stock for four shares of $20 par
to the Public National
consolidated bank and one share of Chicago Trust Com- approved a change in the bank's title
structure of the
pany Securities Co. stock. The shareholders of the present Bank & Trust Co.; an increase in the capital
g the capital,
(increasin
$700,000
to
$400,000
from
'National Bunk of the Republic under the plan will receive institution
and the reduc$500,000)
to
$300,000
from
d,
understoo
instiis
new
it
the
of
stock
of
ths
shares
one and three-thirty-fif
of the bank's shares from $100 to $10
tution for each share held June 29, together with a sub- tion of the par value
stock ($200,000) of the par value
capital
new
The
share.
a
undivided
and
surplus
Capital,
The
dividend.
stantial cash
d, is being offered to stockunderstoo
is
it
share,
a
$10
of
this
Of
0.
profits of the new organization will be $18,000,00
of $15 a share. The old
the
price
at
8
May
record
amount the National Bank of the Republic will have holders of
Total resources of the
share.
a
$260
at
recently
sold
stock
and
undivided
surplus
of
$10,000,000 capital and $3,000,000
1 1922 with capital
Jan.
on
business
began
(which
profits, while the Chicago Trust Co. will have $3,000,000 institution
$300,000) are more than $7,000,000 and total
of
resources
The
profits.
undivided
and
surplus
capital and $1,000,000
as of March 27 last aggregated $6,131,826. Within
National Republic Co. with a capital of $1,000,000 will com- deposits
past year the bank has been granted full trust powers by
plete the group of combined institutions. John A. Lynch the
Comptroller of the Currency, and its trust business has
the
(Chairman of the Board of the National Bank of the Reto such a point that the stockholders deemed it
public) will be Chairman of the Executive Committee of grown
to add to the corporate name the trust title. The
advisable
(a
and
S.
Castle
Forgan
Charles
both banks, and David R.
as follows: J. H. Tallichet, President; Carter
are
officers
Vice-Chairman and President, respectively, of the National
cashier), 0. M. Longnecker and J. W. Carter,
(and
Stewart
of
Vice-Chairman
the
Execube
will
Bank of the Republic)
s; P. J. Studdert, H. H. Galloway, W. S.
-President
Vice
tive Committee of both banks. George Woodruff will be
Francklow,and J. K.Matheny,Jr., Assistant
D.
G.
Keenan,
,Chairman of the Board of the National Bank of the ReB. Jones, Trust Officer.
Gainer
and
Cashiers,
public, with Lucius Teter and Hugo E. Otte, Vice-Chairmen.
Lucius Teter will be Chairman of the Board of the Chicago
Directors of the Citizens National Trust & Savings Bank
Trust Co. and George Woodruff. Vice-Chairman. John W.
meeting on May 10,
O'Leary (President since the first of the year of the Chicago of Los Angeles at their regular monthly
of the bank's stock
value
par
the
reduce
to
plan
a
both
of
approved
s.
Ward C.
institution
Trust Co.) will be President
share, according to an announcement
Castle will be Executive Vice-President of the National from $100 to $20 per
Day,President. As the stock is now on
Bank of the Republic. All officers and employees of both made by J. Dabney
shares will therefore earn at the rate of
new
the
a 20% basis
banks will be retained.
$1 per quarter, or $4 a year. By making the split of 5 to 1,
fractional dividends will be avoided. Mr. Day issued the
A ten-to-one split-up of the stock of the First Wisconsin
matter:
by
the
approved
direc- following statement in the was first made possible for National
National Bank of Milwaukee has been
in par value of shares
Reduction
tors. An announcement in the matter says:
by the McFadden Act of 1927, prior to which the par value was always
At a meeting of the board of directors of the First Wisconsin National
Bank May 9 it was voted that a reduction of the par value of the stock
from $100 to $10 per share be recommended to stockholders. The capital
of the bank is $10,000,000, which will make one million shares of the new
stock outstanding if this action is approved by stockholders. The stockholders will receive ten shares of the new stock for each share they hold
now. The last quotation on First Wisconsin stock before the action of
the directors was 505. At present the stock is around 620, or 62 for the
new shares, when issued. Final action on the recommendation of the
directors will be taken at a special stockholders meeting, the date of which
has not been set.
"Reduction of the par value of the bank stock was decided on to make
possible a wider distribution of the stock." said Walter Kasten, President
of the First Wisconsin group. "There are a great many people who would
like to own stock in our bank and whom we would like to number among
our shareholders. We believe this increase in the number of shares and
the reduction of the par value will make this stock attractive and available
to many who were unable to obtain it previously."
First Wisconsin stock has risen steadily in the last few years. In May
1927 it was quoted at 222. A year later it had advanced to 385. Six
months ago it was 410, four months ago 490, and two months ago 500.
In December 1928, at the time of the acquisition of the Second Ward
Group by the First Wisconsin, the capital stock was increased from $6,000,the First Wisconsin "cut a melon" of
000 to $9,000,000. On Jan. 10 1929
more than $2,000,000 when its capital was increased from 90,0(y0 to 100,000
to stockholders at $300, or approxioffered
were
shares
shares and the now
price. The bank's surplus was increased
mately $200 below the market
with part of the proceeds of this sale of stock
from $5,000,000 to $6,000,000
banks
will be possible to secure a
$100. By availing ourselves of this provision it
of the
wider distribution of shares in the ahands of friends and customers
initial
bank, particularly among those who do not widh to make a large
Investment.
as
interpreted
be
not
should
action
this
that
We are desirous however
indicating approval of speculation in bank stocks. The executive committee
in terms
in recommending this change to directors have not been thinking
in par value to
of market quotations. They feel however that the reduction
and it
change,
beneficial
a
is
made
be
can
a point where wider distribution
follows the general trend among many of the strongest banks throughout
the country.
determined by
In the last analysis the value of any investment must be
the
Its earning power. Reducing the par value of a stock adds nothing to
other
resources of the concern, and we feel that in common with many
a price
securities there is a tendency for bank stocks to be forced beyond
Justified by earnings.
At the same meeting of the directors, Edgar L. Marston
of New York and Los Angeles was elected a director of the
institution. An announcement in the matter says in part:
has come to
Mr. Marston is giving up most of his New York activities and
521 Fifth Ave.,
Southern California to retire, but will maintain an office at
of the Texas
New York. He will retain the office of chairman of the board
Pacific Coal & Oil Co. which he organized in 1888.
important
many
Mr. Marston has been prominently identified with
partner in Blair
industrial and financial undertakings. He was an original
the organizers
& Co. and later a director of Blair & Co.,Inc. He was one of
Guaranty
and is a director of the Bankers Trust Co. He is a director of the
He has
Trust Co. and of the Title Guarantee & Trust Co. of New York.
the
finance
of
chairman
been closely associated with railroad interests, was
a director
committee of the Western Pacific during its construction, and is
of the Missouri Pacific and the Western Maryland Railroads.
Advices from Richmond, Va. on May 9, printed in the
"Wall Street News" of May 10, stated that the Savings
Bank of Richmond would make application to the State
Corporation Commission for permission to change its name
Trust Co., as a result of the stockW. A. Black and Charles F. Sise were elected directors of
to the Savings Bank &
of
ation
Royal Trust Co. (head office Montreal) on May 14,
the
the
recommend
to
a
directors
of
approval
holders'
a
has
had
trust
to the Montreal "Gazette," which went on to say:
in
according
t
institution
departmen
that effect. The
is President of the Ogilvie Flour Mills Co., Ltd., and of the
Mr.
Black
to
year,
according
its President,
successful operation for a
Manitoba Cold Storage Co., and Vice-President of the Abitibi Power &
was
institution
in
organized
1889
The
Paper Co., Ltd. He is a director of the Bank of Montreal. of the Canadian
George W. Watt.
in
and of the Dominion Textile Co. He was President of the
and is to-day,it is said, the oldest bank Richmond preserv- Pacific Railway
Montreal Board of Trade in 1918.
dispatch
re
The
furthermo
stated
name.
original
ing the
Mr. Sise is Presi ent of the Bell Telephone Co.of Canada and of the North
of the Northern Electric Co. of the
that it was the first State bank in the United States to apply American Telegraph Co., and a director
system.
Reserve
Federal
Maritime Telephone & Telegraph Co., and of the Eastern Townships
the
in
p
membershi
for
Telephone Co. He is a past President of the Canadian Club of Montreal.
3296
FINANCIAL CHRONICLE
[Vox,. 128.
THE WEEK ON THE NEW YORK STOCK EXCHANGE. monwealth Power broke into new high ground with an
The stock market the present week has shown a reaction- advance of over five points as a result of the favorable
monthly report and the rumors of an impending split up of
ary tendency most of the time, although the tone improved
the stock. Westinghouse was also in urgent demand and
somewhat the latter part of the week, and occasional periods advanced about
5 points. Packard forged ahead over 12
of buoyancy were manifest in a few of the more active points.
specialties and utilities. The interesting events of the week
The market moved briskly upward in the early trading on
included the offering of $100,000,000 of securities by two Wednesday but the advance was quickly checked as call
Van Sweringen holding and investment companies. The money soared upward to 15%. As the day advanced the
trend of the market turned downward and with the excepweekly report of the Federal Reserve Bank made public after
tion of a few of the more highly speculative issues the general
the close of business on Thursday showed a further increase list was off from
two or three or more points at the close.
of $14,000,000 in brokers' loans, bringing the total increase General Electric and Packard
were again the early leaders,
during the four weeks since April 17 to $140,000,000 as the former lifting its top and closing at 2804
with a gain of
against $368,000,000 decrease in the preceding four weeks. 33, points, Packard soared to 153 at its high for the day
Call money renewed at 7% on Monday,advanced to 10% on and closed at 1504 with a net gain of six points. Missouri
Pacific, common, was the noteworthy feature of the
railroad
Tuesday, reaching its maximum for the week at 15% on
stocks as it bounded forward to a record high above
94.
Wednesday. On Thursday the opening rate was 14%,but it Public utilities
were up from three to four points on the day.
dropped to 8% at the close and on Friday dropped to 6%.
Copper shares were weak at the close, Anaconda
dipping
On Saturday the market continued to move forward follow- more than two points to 1204 and Greene-Cananea was
off
ing the sudden drop of call money to 6% on the preceding about three points at 150M. Aeronautical stocks were in
day and the large volume of buying orders that accumu- strong demand in the early trading but receded later in the
day. United Air & Transport selling up to 147 at its high
lated over night reflected the renewed interest on the buying
for the day, but slipped back to 1423 and closed with a
net
side. Public utilities led the upward swing, interest being loss of 1%
points, Wright Aeronautical was down 4 points
attracted to this group as a result of the big increase in and Curtiss nearly four points.
revenues reported by several of the companies. Rubber
The market again demonstrated its strong recuperative
stocks were unusually active. While the market generally powers on Thursday and briskly responded to the drop in
moved ahead, some of the old-time speculative leaders call money from a renewal rate of 14% to 8% and throughfound it a difficult matter to keep the pace, United States out the list were numerous demonstrations of renewed conSteel common and Radio Corp. both being conspicuous in fidence and buoyancy. As the list turned upward the favorites of the early part of the week again assumed the leaderthat respect and both ruling lower at the close. Chesapeake
ship, General Electric selling above 282 for the first
time in
Corp. was one of the outstanding features of the session and
history. North American was the star of the public
utilities
moved vigorously forward to a record top foil wing the
and surged upward 6 points to 118 followed by
Columbia
report that the corporation had notified the New York Stock
Gas & Electric which moved into new high ground
for the
Exchange of a plan to declare a stock dividend of 33 1-3%
first time under the present capitalization. On
Friday with
on the common stock, payable July 1 to stockholders of
call money down to 6% the market again turned
to the
record June 27. Other railroad stocks displayed moderate
buying side and many of the more active speculative
improvement especially in the first hour when New York
issues
moved briskly forward to higher levels. Interest
Central advanced over a point and New Haven again
centered
largely in General Electric which was the outstanding
touched par. Motor stocks were weak, Chrysler sagging to
feature
of the day as it raced ahead 14 points to a new high
a new low level for the year followed by most of the other
in all
Independent issues. Copper stocks also were generally time at 295 closing at 289 with a net gain of 83/2 points.
weak, Anaconda yielding about 3 points and similar reces- Commonwealth Power was another noteworthy feature as it
sions were recorded by various other members of the group. bounded forward to 163% at its top for the day though in
Heavy trading during which prices tumbled sharply the later recessions it closed at 1573/2 with a net gain of 13/i
characterized the dealings on the stock market on Monday. points. American Water Works was up about 5 points,
Industrial shares were hit the hardest and new lows were Consolidated Gas improved 2 points and Standard Gas and
recorded by such standard issues as American Can, General Electric 2 points. New Tops were also registered Genera
Motors and United States Steel. Recessions were also the Asphalt, Detroit Edison and Auburn Motors. The final
rule among the independent motor stocks, Chrysler moving tone was good.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANG
downward at a rapid rate followed by Hudson, Nash,
E
DAILY, WEEKLY AND YEARLY.
Studebaker, Marmon, Hupp and Packard all of which were
under considerable pressure. The most noteworthy deStocks,
Railroad.
Stale.
Untied
Week Ended May 17.
clines were registered in the aircraft stocks particularly
Number of
ctc.,
Municipal ct
States
Shares.
Bonds.
Foreign Bonds
Bonds.
United Aircraft which broke violently to 137 where it was
Saturday
1.977,700
$3,163,000
81.273,000
down about 14 points on the day, Wright Aeronautical at Monday
5114.000
4.626,290
6,587,000
1,688,000
347.500
134 was down six points on the day and Curtiss followed Tuesday
3,634,300
6,750,000
2,059,000
186,000
Wednesday
3,351,880
6,238,000
1,767,000
330,000
suit. In the copper shares the break was sharpest in Ana- Thursday
3,443,210
6,155,000
2,270,000
209,000
Friday
3,333,640
6,210,000
1,369,000
136,000
conda which dipped about eight points to 127. Kennecott
Total
20.367.020 535.103.000 310.426.000
was down over three points to 804, Cerro de Pasco was off
31.322.500
nearly three points and Greene-Cananea was off about six
Sales at
Week Ended May 17.
Jan. 1 to May 17.
New York Stock
points. Most of the stocks that slid backward the fastest
Exchange.
1929.
1928.
1929.
1928.
were those that have been the objects of the most active Stocks-No. of shares_
20,367,020 21,352,200
431.144,530
316,470,812
Bonds.
speculation. United Corporation for instance at one time
Government bonds__
$2,932,500
349,118,050
$71,784,250
was down over five points, General Electric was off four State and foreign bonds $1,322,500
10,426,000
239,269,150
349,013,625
Railroad & misc. bonds 35,103,000 15,962,500
40,296,000
679,174,500 1.162,198.325
points and United States Steel dropped to a new low on the
Total bonds
$46,851,500 859,191,000
present movement. Radio Corporation registered a loss
8967,561,700 $1,582,996,200
DAILY TRANSACTIONS AT THE
of more than 12 points and International Tel.& Tel.gave way
BOSTON, PHILADELPHIA AND
BALTIMORE =CHANGES.
about five points. The activity of the Erie shares was the
oustanding feature of the railroad group, the common rising
Boston.
Philadelphia.
Baltimore.
Week Ended
to 753/i at its high for the day and there was a sharp advance
May 17 1929.
Stares. Bond Sale,, Shares. Bond Sates. Share,. Bond Sake.
in Missouri Pacific, common, which moved into new high
Saturday
*35,048
ground above 90.
816,500 a49,361
$8,000
52,088
$13,300
Monday
*57.481
35,000
056,468
52.199
30.000
15,500
On Tuesday the market witnessed another period of heavy Tuesday
*58,822
57,000 050.756
43,300
53,200
4,800
Wednesday
*46,512
32,000 a62,837
21.400
83,258
36,400
selling during the early trading with prices in some instances Thursday
*57.801
80,000 058,668
13,000
04,681
11.000
Friday
•45.715
27,000 633,725
even lower than recorded in the break on Monday but despite
54,734
40,000
Total
301,379 $247.500 311.815 5115.700
the rise in call money to 10% prices improved in the final
20.160 8121,000
hour. General Electric was the center of a spectacular Prey. week revised 294,413 $184,000 745.462 3254,400 26.397 5128.800
bullish demonstration under which it surged forward 15 • In addition, saes of rights were: Saturday, 11,575;
Monday, 15,543; Tuesday.
22.228; Wednesday. 29,954;
Thursday, 39,466.
points to 277 the highest peak on record for the present a In addition,
sales of rights were: Saturday. 13,400;
Monday, 9,400: Tuesday.
stock. There were reports that it would within a reasonable 12,300; Wednesday, 14,675; Thursday, 12.200; Friday. 500.
S In addition, there were sold: Rights
-Saturday.
205;
time make a special distribution to its stockholders. Com- 455;
Monday. 400; TuesdaY1
Wednesday, 72; Thursday, 40; Friday, 131. Warrants
-Tuesday. 109•
MAY 18 1929.]
FINANCIAL CHRONICLE
3297
THE CURB MARKET.
From 25%cl. quoted on the 25th ult. rates fell sharply to
25 3-16d., the
The trend of prices on the Curb Market this week was price fixed yesterday for both cash and two month's delivery, the latter
quotation being the lowest fixed since Sept. 2 1927. Prices re-acted
to-day
downward though at times the gains were as numerous to 25 5-16d. for both positions,
following a limited
from the Indian
as losses. To-day's session was more favorable, values Bazaars and China and some hesitation on the partenquiry
of sellers.
The following were the United Kingdom imports and exports of
moving upward. Utility issues were the feature. Allied
silver
registered from mid-day on the 22d ult. to mid-day on the 29th
ult.:
Power & Light corn. was off from 58 to 54 but sold finally
ImportsExportsat 553I. Amer. Superpower corn. A (old) dropped from .S. A
£11,567 Egypt
£32,630
Other countries
1,228 Other countries
14,377
1693/i to 155 and recovered finally to 161%. The new
stock weakened from 343
£47,007
4 to 313- and ends the week at The preliminary report on£12,795
the Mineral Production of Canada during the
323
4. Class B corn, declined from 1693
calendar year 1928 gives the silver production for the
4 to 1553/8, and fine
year as 21,922.795
ounces.
this
amount
Of
fine ounces was produced by
closed to-day at 1613. Central States Electric corn. British Columbia and 7,234.41410,943,502
fine ounces by Ontario. The total proof the Dominion shows a slight falling-off as compared with 1927,
gained about 11 points to 9598, the close to-day being at duction
during which year the output amounted to 22.613.134 fine ounces.
94/. Northeast Power after an early drop from 563.' to
INDIAN CURRENCY RETURNS.
50
(in lacs of rupees.)
ran up to 623,4 and closed to-day at 61. Transctions
Apr. 22. Apr. 15. Apr. 7.
were Notes in circulation
18472
18579
18598
heavy. United Gas Impt. sold down from 1915
Silver coin and bullion in India
9944
9952
9985
/i to 1843/8, Silver
coin and bullion out of India
then up to 1983
4 and at 1983
/
3 finally. Oil stocks were Gold coin and bullion in India
3222
3
.
22
5222
Gold coin and bullion out of India
quiet with changes of little moment. Gulf Oil rose
from Securities (Indian Government)
4323
4523
4325
Securities (British Government)
1673/i to 189 and reacted finally to 186. Industrials were Bills
883
882
1068
of exchange
100
200
irregular. Aluminum Co. sold up from 265 to 289 and at
The stock in Shanghai on the 27th ult. consisted of about 78,500,000
ounces in sycee, 125,000.000 dollars and 9,180 silver bars, as compared with
285 finally. Amer. Cyanamid, class B, moved down from about
78,500,000 ounces in sycoe, 125,000,000 dollars and 11,000 silver bars
on the 20th ult.
593/b to 47, ex rights, and finished to-day at 473
4. Auburn
Statistics for the month of April last are appended:
Automobile weakened from 222 to 204 and recovered finally
-Bar Silver Per Oz. Std.Bar Gold Per
Quotationsat 2153, Ford of Canada, class A, eased off from 623' to Highest
Cash.
2 Mos.
Fine Oz.
price
25 15-16d.
26d.
84s. 1114d.
573, and the class B from 95 to 85, the close to-day being Lowest price
25 3-16d.
25 3-16d.
84s. 1011cl.
Average price
25.737d.
25.740d.
84s. 11.02d
at 58 and 85 respectively. Gamewell Co. corn, sold up
Quotations during the week:
254d.
from 763 to 833/8, but eased off finally to 81. Goldman April 25
25%d.
844. lid.
26
25%cl.
2530.
84s. 1111d.
Sachs Trading fell from 1083/i to 101,recovered to
27
253d.
253d.
84s. 11%d.
1063.
29
255-16d.
255-16d.
84s. 11%d.
and sold finally at 1053/2. Great Atlantic & Pacific Tea
30
253-16d.
25 3-16d.
844. 1011cl.
May 1
25 5-16d.
25 5-16d.
84g. lid.
non-voting corn. stock sold for the first time, up from 332 to Average
25.406d.
25.406d.
848. 11.21d
494 with a subsequent reaction to 446. Lerner Stores corn.
The silver quotations to-day for cash and two months are each 7-16d.
sold up from 473/ to 59 with the final transaction to-day below those fixed a week ago.
at 57. Nat. Aviation sold down from 83 to 733-. NilesENGLISH FINANCIAL MARKETS-PER CABLE.
Bement-Pond declined from 69M to 583j and ends the week
The daily closing quotations for securities, &c., at London,
at 62. St. Regis Paper after early loss from
1503 to 137 as reported by cable, have been as follows the past week:
recovered to 160, the close to-day being at 159/.
Mon..
Tues..
Wed.,
Thurs.,
Fri.,
A complete record of Curb Market transactions for
May 11. May 13. May 14. May 15. May 16. May 17.
the Silver, p. oz_d. 2534
253-16
25 3-16
25 5-16
25 3-16
2534
week will be found on page 3327.
Gold,p.fine oz. 84.1134
84.1134
84.11
84.1034
84.1111
84.1111
DAILY TRANSACTIONS AT THE NEW YORK CURB
MARKET.
Bonds (Par Value).
Week Ended
May 17
Stocks
(No. Shares)
Rights
Domestic
Foreign
Government
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
1,086,900
1,448,200
1,128,100
1,402.300
1,254,300
1.643,800
124,900
122.435
63,925
60,840
72,500
96,985
$788,000
1,294,000
1,322,000
1,517,000
1,339,000
1,462,000
$155.00
208,000
386,000
288,000
309,000
72.000
Total
7,963,600
541,585
57,702,000
61,418,000
Consols, 2%s_ ____
British, 5s____ ___
British, 4Ss__ ---French Rentes
(In Parts)Jr. ---French War L'n
(in Paris)_fr. ____
5411
100%
963i
54%
100%
96%
74.40
73.90
100.55
100.65
54%
100%
96%
74.20
100
54%
100%
96%
54%
100%
96%
74.30
74.45
101.15
101.35
The price of silver in New York on the same days has been:
Silver in N.Y., per oz. (cts.):
5411
Foreign
5434
543-4
5434
5434
54
COURSE OF BANK CLEARINGS.
Bank clearings will again show a decrease the present week.
Preliminary figures compiled by us, based upon telegraphic
advices from the chief cities of the country,indicate thatfor
THE ENGLISH GOLD AND SILVER MARKETS.
the week ended to-day (Saturday, May 18) bank exchanges
We reprint the following from the weekly circular of
for all the cities of the United States from which it is possible
Samuel Montagu & Co. of London, written under date of
to obtain weekly returns will be 4.6% smaller than for the
May 1 1929:
corresponding week last year. The total stands at $12,998,GOLD.
The Bank of England gold reserve against notes amounted to
£156,043,567 302,990, against $13,630,162,557 for the same week in 1928.
on the 24th ult. (as compared with E155.836,622 on the previous
Wednes- At this centre there is a loss for the five days ended Friday
day). and represents an increase of £2,137,252 since April 29
1925-when of 4.3%.
an effective gold standard was resumed.
Our comparative summary of the week follows:
There was about £604,000 bar gold from South Africa
available in the
open market this week. The Bank of England secured
about
as shown in the figures below, the Continental trade £155,000, £369.000,
the home
trade £51.000 and India £25,000.
The following movements of gold to and from the Bank of
England have
been announced, showing a not influx of E2,125,861 during the
week under
review:
Apr.25. Apr. 26. Apr. 27. Apr. 29. Apr.
30. May 1.
Received
£26
£14
nil £1000,010 £ 368,972 £844,732
Withdrawn
nil
10,116
25,000
40,777
12.000
nil
Of the receipts on the 29th ult. and to-day £1,000,000
and £100,000
respectively wore sovereigns "released." The £368,972
received yesterday
was in bar gold from South Africa, and the balance of the
amount secured
to-day, viz. £744,732, was also in bar gold, the source of which
has not yet
transpired. The withdrawals consisted of £35,893 in bar
gold and £52.000
in sovereigns.
The following were the United Kingdom imports and exports
of gold
registered from mid-day on the 22d ult. to mid-day on the 29th
ult.:
ImportsExportsArgentina
£200,000 Germany
£100.960
British South Africa
179.963 France
19.792
Other countries
3,491 Austria
27,315
Switzerland
25,585
British India
11,828
Other countries
14,661
£383,454
£200,141
The Southern Rhodesian gold output for the month of March
last
amounted to 47,388 ounces. as compared with 44,551 ounces for
Feb.1929
and 48,017 ounces for March 1928.
SILVER.
During the week the silver market has shown marked weakness.
The
exchange with China has declined steadily and it would seem that
the
accumulation of stocks in Shanghai is now having effect upon the
market.
Offerings have been forthcoming from China, the Indian Bazaars,
and to
Some extent from America. The lapse in prices, however, was due in
part
to the absence of support, as, except for some enquiry from America
at
the low level reached yesterday, buyers have been little in evidence.
With
little prospect, as far as can be seen at present, of substantial support,
any
appreciable recovery in prices is difficult to foresee.
Clearings-Returns by Telegraph.
Week Ended May 18.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
Thirteen cities, 5 days
Other cities,5 days
1929.
$6,999,000,000
604,588,055
495,000,000
407,000,000
121.185,184
124,200,000
186,029,000
207,048,000
173,348,436
205,859,187
155,579,815
87.190,448
46,434,463
1928.
Per
Cent.
$7,311,000,000
-4.3
667,759,102
-9.5
510,000.000
-2.9
470,000,000 -13.4
117,513,927
+3.1
134,400,000
-7.6
255,334,000 -27.1
207,829,000
-0.4
157.816,526
+9.8
188.639.676
+9.1
120,481,252 +29.1
90.199,114
-3.3
59,016,672 -21.3
$9,812,462,588 $10,289,989,269
1,019,456,570
1.126,757.170
$10,831,919,158 $11,416,746,439
2,166,383,832
2,213,416,118
-4.6
-9.5
Total all cities, 5 days
All cities, 1 day
Total all cities for week
$12,998.302,990 $13,630,162,557
-4.6
-5.1
-2.1
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous-the week ended May 11. For
that week there is a decrease of 2.1%, the 1929 aggregate
of clearings for the whole country being $12,180,588,434,
against $12,444,614,403 in the same week of 1928. Outside
of this city the decrease is 8.0%, the bank exchanges at
this centre recording a gain of 1.2%. 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 an increase of 1.2% and in the Cleveland Reserve District of
3.0%, while the Boston Reserve District has suffered a loss
of 15.8%. In the Philadelphia Reserve District the totals
register a decline of 2.6%, in the Richmond Reserve District of 9.1% and in the Atlanta Reserve District of 4.2%.
The Chicago Reserve District shows a decrease of 14.3%,
the St. Louis Reserve District of 6.3% and the San Francisco Reserve District of 11.0%. In the Minneapolis Reserve District the clearings record a trifling gain (0.3%) in
the Kansas City Reserve District of 1.3% and in the Dallas
Reserve District of 11.0%.
In the following we furnish a summary by Federal Reserve
districts:
CLEARINGS.
giUMMARY OF BANK
1929.
Week End. May 11 1929.
Federal Reserve Diets.
let Boston....12 cities
2nd New York_11 "
3rd Philadel'ia_10 "
4551 Cleveland... 8 "
5151 Richmond.6 "
5th Atlanta.._.13 "
7th Chicago _..20 "
8551 St. Louis... 8 "
8th Minneapolis 7 10th KansasCity 12 5 "
11th Dallas
12512 San Fran _ _17 '
Inc.07
Dec.
1928.
1927.
1926.
$
$
8
%
$
533,454,429
567,851,499
584,661,716 -15.8
492,055.481
8,138,555,744 8,039,089,752 +1.2 5,657,607,600 5,429,822,107
574,971,970
574,684.133
620,726,469 -2.6
602,733,896
422,954,037
410,870,595
411.673,926 +3.0
423,983,664
204.376,646
198,113,804
189,566,049 -9.1
172,385,754
219,153,364
191.287,415
181,878,470 -4.2
174,187,489
949,437,051 1,107,472.701 -14.3 1,076,459,332 1,039,835,434
233,944,023
220.426,219
221,054,088 -6.3
207,033,865
123,981,966
112,420,025
122.803,137 +0.3
123,131,404
223,332,599
238,235,382
232,756,752 +1.3
235,751,136
69,975,292
68,631,148
71,288,628 +1.5
72,371,798
548,193,768
546,639.632
681.622,715 -11.0
588,961,152
129 cities 12,180,588,434 12,444,614,403 -2.1 9,883=784 9523.995635
Total
4,179,951,363 4,541,016,604 -8.0 4,330,369,826 4,313,358,252
Outside N. Y. City
334,135.124
412,340.065
540.995.745 -5.3
512 283 8111
cities
31
clamor.
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended May 11.
Ckarin s at1929.
1928.
1156. 0?
Dec.
1927.
$
1926.
$
$
%
$
First Federal Reserve Dist rict-Boston672,606 +11.7
751,034
Maine-Bangor..
3,922,878 -1.7
3,857,897
Portland
Mass.-Bo8ton- - 431,760,478 515,000,000 -16.2
2,493,190 -47.7
1,302,759
Fall River
1,389,167 -3.9
1,334,828
Lowell
1,169,684 -1.7
1,149,886
New Bedford
-3.0
6.084.681
5,903,771
Springfield _
4,082,607 -6.6
3,813,105
Worcester
24,267,860 -23.4
18,587,594
Conn.-9tartford.
9.783.184 -18.1
8.302,368
New Haven...
15,039,200 -3.7
14,499,200
R.I.-Providence
758,679 +4.7
792,561
N.H.-Manchesr
828.591
4,001,519
512,000,000
2,010,081
1,427,161
1,606.650
5,430,521
4.039,518
14.834,412
7,843.861
13,088,100
743,087
884.419
3,081.459
480,000,000
1,957,527
1,113,257
1,550,552
5,741,459
3,844,502
15,019,896
7.635.518
11,882,800
743,040
584,661,716 -15.8
567,851,499
533,454.429
Total(12 cities)
492,055.481
Second Feder al Reserve D istrict-New
5,881,418
5,893,687
N. Y.-Albany.1,388,467
1.258,699
Binghamton...
54,337,678
60,532.079
Buffalo
1,105,995
1,175,342
Elmira
1,425,640
1,322,881
Jamestown._
New York-.8,000.637,071 7,903,697.799
15,642,579
15,218.885
Rochester
6,578,680
7,699,950
Syracuse
4,096,698
4,985,387
Conn.-Stamford
834,696
900,437
N. .1.-Montclalr
39.431,326
44,100,102
Northern N. J.
York.
7,725.419
5,896,679
+0.2
1,213,142
1,103,700
-9.3
52,899,788
47.710,367
+11.4
1,172.680
1.155,601
+6.3
1,469,672
1,332,825
-7.2
+1.25.532.856,9585,310.837,383
14,185.341
13,935,417
-2.7
6,479.853
6,437,443
+17.0
3,331,641
3,732,978
+9.5
941,360
857.876
+7.9
35,357,125
36,998,559
-10.6
' Total(11 citi66) 8,138,555,744 8.039,089,752
+1.2 5.657.607.6005,429,822,107
Third Federal Reserve Dist rict-Philad elphla1,600,551
1,763.360 -16.7
1,468,157
1.a.-Altoona
4,228,687
5,444.966 -16.1
4,587.952
Bethlehem....
1,403,997
1,151,496 +11.4
1,317,040
Chester
2,243,139
2,132,666 -1.3
2,104,664
Lancaster
540.000,000
-2.4
Philadelphia- 571,000,000 585,000,000
5,008,842
4,239,527 +7.2
4,544,665
Reading
6,503,362
7,345,926 +2.4
6,435,865
Scranton
5.173,319
4,188,999 -8.4
3,964,684
Wilkes-Barre1,995.216
2.090,889 +12.9
2,361.344
York
6,529,020
+13.8
4,368,631
4,969,525
N.J.-Trenton...
1.647,664
4.548,997
1,228,432
2.277,694
542,000,000
4,785,464
6,062.216
3.733,452
1,847,170
6,840,881
-2.6
574,684,133
574,971,970
Fourth Feder al Reserve D istrict-Clev
6,386,000
8,143,000
Ohio-Akron....
4,818,829
4,640,556
Canton
75.236,076
67,022.058
Cincinnati
140,849.844 119,976,705
Cleveland
18,906,000
17,251,600
Columbus
1,681,546
1.884,547
Mansfield
5,514,144
4,663,619
Youngstown 179,154.626
179,528.440
Pa.-Pittsburgh.
eland.
+27.5
-3.7
-10.9
+17.4
-8.7
+12.1
-15.4
+0.2
6,307,000
5.038,632
73,443,371
128.209,763
18,541,100
2,348,134
8.339,626
170.644,969
6.021,000
4.696,551
76,616,186
122,457,495
19,204,300
2,085,405
5,984,227
185,888,873
+3.0
410,870,595
422,954,037
1,206.095
4,965,771
46,260,000
2,017.999
114,468,592
29.195,347
1,586,123
7.953,842
48,992,000
2.331.746
114,973,097
28,539,838
198.113,804
204,376,646
3,578,609
23,625,454
52,970.343
2,028,437
2,002,252
21.213,870
6,433,000
24,990,412
2,128,042
1,848,000
387.280
50.081,316
3,500,000
23.351,553
62,538,132
1.850.179
1,801,746
27.951,488
14,282,384
25,897,400
2,024,252
1,600,000
339,566
54,016,664
191,287,415
219.153,384
Total(8 cities)_
602,733,896
423,983,664
911,673,9261
ondFifth Federal Reserve Dist rict-Richm -2.8
1,227,260
1,199,737
W. Va--Hunt'g'n
5,326,882 -9.6
4,815,978
Va.-Norfolk _...
41,755.000 -9.1
37,935,000
Richmond.
*2,000,000 +5.5
2,110,590
B. C.-Charleet'n
-11.9
109,883,450
96.789,813
Md.-Baltimore+0.5
29.393,457
29,534,638
D.C.-Washing'n
-9.1
189,586,049
172,385.754
Total(6 cities).
Sixth Federal Reserve Dist act-Atlant a3,092,606 -2.9
3.004,000
Tenn.-Knoxville
+2.6
22,325,958
22,906,246
Nashville
+7.7
48,859,456
52,625.310
Georgia-Atlanta
+5.6
1,775,595
1,875,767
Augusta
2,034,012 -15.4
1,721,948
Macon
17,304,706 -11.1
15,381,227
Fla.-Jacenville.
3,371,000 -12.7
2,942,000
Miami
23,651,609 -1.7
23,250,619
8.la.-Birming'm.
1,818,101 -1.1
1,795,703
Moblle
2,297.463 +12.5
2,585,110
Miss.-Jackson__
457,254 -29.8
322,157
Vicksburg ____
54,892,710 -16.6
45,777,402
Le.-NewOrleans
-4.2
Total(13 cities) 174,187,489 181,878,470
Week Ended May 11.
Clearings at
1929.
1928.
Inc. or
Dec.
1927.
Seventh Feder al Reserve D strict-Chi cago251,804
283.810 +6.5
302,254
Mich.-Adrian _ _
1,212.072
+4.4
898.391
937,836
Ann Arbor... _
201,495,729 180,277,801 +11.8 174,462,389
Detroit
7,767,594
8,083,003 -16.8
6.723,998
Grand Rapids.
2,494,000
2.900,786 +20.9
3,507.000
Laming
2,881,752
3.498,232 +21.9
4,264,703
Ind.-Ft. Wayne
25,354,000
25,273.000 +4.1
26,300,000
Indianapolis _
3,361,800
3.491.600 -6.3
3,271.015
South Bend _ _ _
5,154,930
+1.4
5,238,949
5,312,150
_
_
Terre Haute_
46.937,473
42,221,603 -17,1
34,983,996
Wis.-Milwaukee
2.943.867
2,994,387 -1.8
2,941,605
Iowa-Ced. Rap_
10,824,669
11,035,196 -4.5
10,532,200
Des Moines...
6,236,266
7,281,684 +0.6
7,327,026
Sioux City_ _
1,558,327
1,539.731 +16.0
1.785,844
Waterloo
1,512,519
1,720,182 +0.1
1,721,621
111.-13loom'gton_
622,929,936 796,986,523 -21.8 769,543,472
Chicago
1,720,531
-19.5
1,469,499
1,182,619
Decatur
5,389,052
5,638,946 +25.4
7,073.828
Peoria
3.909,929
+8.6
3,763,636
4,085,893
Rockford
2,942,884
2,875,742 -4.1
2,757,998
Springfield....
Total(20 cities)
1926.
263,521
1,086,480
175.314,588
8,775,184
2,603,322
2,930,970
23,915,000
3,517,700
5,785.389
46,971.664
2,462,684
10,723,864
6,345.288
1,337,187
1,720,389
731,984,046
1,435,090
6,413,479
3,340,802
2,908,787
949,437.051 1,107,472,701 -14.3 1,076,459,332 1,039,835,434
Eighth Federa I Reserve Din trict-St. Lo u Is5,645,152 +8.2
6,108,533
Ind.-Evansville.
Mo.-St. Louis.. 129,700,000 140,900,000 -7.9
37,855,877 -3.7
36,459.606
Ky.-Loulsville_.
383.958 +18.9
455,731
Owensboro.
20,445,504 -6.7
19,081,847
Tenn.-Memphis
-4.4
13,829,678
13,216,808
Ark.-Little Rock
424,641 +18.6
503.787
III.-Jacksonville
1,569,278 -3.9
1.507,553
Quincy
7,122,281
140,600,000
36,745,275
338.199
20,486,000
13,120,311
422,076
1,592,077
6,417,484
151,900,000
36,831,119
374,068
22,815,440
13,511,199
393,306
1,71)1,407
Total(8 cities)
Ninth Federal
Minn.-Duluth _
M inneapolls_ _ _
St. Paul
No. flak -Fargo
S.fl -Aberdeen.
Mont -Billings _
Helena
-6.3
220,426,219
233,944,023
Reserve Din trict-Minn eapolis
7,968.709 +3.2
8.222,592
80.423,867 +4.7
84,179,936
26,942,799 -13.8
23,220.672
2,042.274 +1.7
2.138,931
1,350.039 -7.4
1,249,347
692,449 +0.6
696,926
+1.2
3.383,000
3,423,000
6,418,570
71,011,170
28,341,586
2,008,986
1,190,238
628,475
2,821,000
8,400,705
77,539,387
31,878,959
1,794,139
1,398,092
571,559
2,399,127
207,033,865
221,054,088
+0.3
112,420,025
123,981,966
Tenth Federal Reserve Din trict-Karts as City
552,549 -19.8
443,272
Neb.-Fremont._
596,841 +10.3
658.545
Hastings
4,894,163 -4.0
4,699,263
Lincoln
46,353,440 -0.9
45,943,391
Omaha
3,679,012 +7.9
3,969,884
Kan.-Topeka
8,935,705 -9.8
8.061,957
Wichita
Mo.-Kan. City- 131,579,905 129,172,527 +1.9
7,554,384 -4.0
7,250,000
St. Joseph...
28,161.189 +6.6
30,016,695
Oklahoma City
1,488,232 -11.2
Colo.-Col. Sim.
1,319,1329
a
a
a
Denver
1.370,710 +32.0
1,808,595
Pueblo
538,410
660,059
5,321,974
40,129,757
3.284,114
7,790,494
144,549,925
6,516.502
26,944,964
1,188,162
a
1.413,021
454,549
529,747
5,173,213
39.661,942
3,334,864
7,415,965
131,182,754
7,689,563
25,452,004
1,203,180
a
1,234,878
+1.3
238,235.382
223,332,599
Total(1 cities).
Total(12 cities)
123,131,404
235,751,136
122,803,137
232,756,752
Eleventh Fede cal Reserve District-Da 11281,350,258
1,591,386 +37.3
2,184,372
Texas-Austin - 44,982,768
47.717,190 +0.3
47,835,539
Dallas
11,025,448
+10.8
11,996.672
13,293,484
Fort Worth _ _ _
6,004.000
4,015.000 +1.8
4.086,000
Galveston
5,268,674
5,968,380 -16.7
4,972,403
La.-Shreveport68,631,148
71,288,628 +1.5
72.371.798
Total(5 cities)Twelfth Feder al Reserve D 'strict-San Franc'sco-45,350.834
51,439.877 -7.4
47.635.647
Wash -Seattle..
12,469,000
12,359,000 -5.8
11.641.000
Spokane
1,586.246
1.310.994 +4.6
1,370,835
Yakima
43,247,181
41.367.928
40,601,714
-Portland..
Ore
16,109,150
+1.3
16,774,302
Utah-S. L. City *17,000,000
3,583.571
3,695,612 -0.8
3,661,621
Calif.-Fresno
7.810,954
9,016,736 -1.8
8.851,008
Long Beach- - 186,707.000
-13.8
208,596,000 241,993,000
Los Angeles
19,238,262
23.001,026 -13.4
19,918,153
Oakland
7.754,996
7.796,070 +4.4
8,139,849
Passadena
7.802.346
8.052,6C2 -6.4
7,517.393
Sacramento ...6,678,054
5.8
+
6,445,337
6.806,642
San Diego
San Francisco _ 196,595,929 225,778,643 -12.9 178,714,000
2,711,577
4.774,871 -27.4
3,467,883
San Jose
1,779,909
2,131.092
2,020,928
Santa Barbara.
2,689.352
2.467,925 -10.3
2,214,550
Santa Monica _
2,407.200
3,217.700
2,922.000
Stockton
1,513,536
43,074,330
11,288,769
8,673,000
5,425,657
69,975.292
46,548,920
11,662,000
1,295,942
46.586,809
16,393,564
3,761,538
7,078.529
176,284,000
21,967,431
6,969,884
8,206,318
7.666,961
183,349,000
3.087,483
1,851.144
2,587,245
2,897,000
548,193,768
Total(17 cities) 588,961,152 661,622,715 -11.0 548.639,832
Grand total (129
9,623.995,635
12180 588.434 12444614,403 -2.1 9,883,226,784
cities)
4,313,358,252
Outside NewYork 4,179,951,363 4,541,016,604 -8.0 4.330,369.8213
Week Ended May 9.
620,726,460
Total(10 cities)
[Vox,. 128.
FINANCIAL CHRONICLE
3298
Clearings at
1929.
1928.
Inc. or
Dec.
%
$
$
Canada166,994,171 196,891.092 -15.2
Montreal
158,447,648 169.870,115 -6.7
Toronto
68,224,526 +4.7
71,441,248
Winnipeg
21,906.122 +16.8
25,600,768
Vancouver
10,704,860 -0.8
10,1320,074
Ottawa
7.912.255 -12.3
Quebec
6,940,877
+7.2
4,378,911
Halifax
4,693,316
6,553,113 +8.7
7,122,040
Hamilton
10,693,839 +19.7
12,806,983
Calgary
3,799,728 -9.5
3.438,243
St. John
2,470,267 +3.6
3,382,401
Victoria
3,932.813 -36.2
3,641,669
London
6,700,857 +7.4
7,193,727
Edmonton
4,943,382 +26.3
6,244,609
Regina
582,751 +25.4
730,577
Brandon
786,739 -22.1
612,551
Lethbridge
+27.0
2,396,144
3,042,232
Saskatoon
1,257,688 +5.9
1,331,376
Moose Jaw
1,480.754 -5.8
1,394,358
Brantford
1,708,620 -36.7
Fort William....
1,082,062
878.777 +38.6
940,175
New Westminster
452,852 +2.7
465,191
Medicine Hat..
961,825 +12.4
1,081.314
Peterborough_ __ _
1,114,974 -4.4
1,066,177
Sherbrooke
1,569,302 -7.1
1,457.666
Kitchener
4,978.599 +30.7
6,505,308
Windsor
329.405 +63.3
538.045
Prince Albert_ --975,324 -3.6
939.784
Moncton
1,190,847 -21.8
931,146
Kingston
+4.2
790,126
823,465
Chatham
761,140 +1.9
775,629
Sarnia
•rntsi p51 ••itias5 919 954 8211 640_995.745 -5.3
a No longer reports clearings. •Estimated
1927.
1926.
$
$
141,783.999 105,576,352
97,635,874
130,005,922
47,843,950
51,007,459
15,451,005
19,790,810
7,454,429
8.038.735
14,359,595
8,648,110
2,737,903
3,171,363
4,890,435
6,070,083
6,359,301
6,338,574
2,616,121
2.737.186
1,904,755
2,458.246
2,491,604
3,115,327
5,297.012
4,663,353
3,520,142
5,530,459
490,393
494,258
465,280
506,369
1,897.604
1,899.908
854,725
1,114,624
901,718
1,158,387
1,115,402
810,572
661,736
897,981
243,317
245,122
900,599
1.022.752
658,357
983,284
998,492
1,195.084
4,730,698
5,054,635
376,939
407,296
927.979
888,036
773,407
851,475
851.622
599,034
412,340,065
334,135,124
MAY 18 1929.]
FINANCIAL CHRONICLE
Bank Notes-Changes in Totals of, and in Deposited
Bonds, &c.
We give below tables which show all the monthly changes
In national bank notes and in bonds and legal tenders on
deposit therefor:
Amount Bonds
on Depostt to
Secure Circula
ton for National
Bank Notes.
Apr. 30 1929
Mar. 31 1929
Feb. 28 1929
Dec. 31 1928
Nov.30 1928
Oct. 31 1928
Sept.29 1928
Aug. 31 1928
July 31 1928
June 30 1928
May 31 1928
Apr, 30 1928
Mar. 31 1928
Feb. 29 1928
Jan. 31 1928
Dec. 31 1927
Nov. 30 1927
Oct. 31 1927
Sept.30 1927
Aug. 31 1927
July 31 1927
June 30 1927
May 31 1927_,
Apr. 30 1927
$
666,221.390
666,630.890
666,432.090
667.013,340
667,508,440
667.168,440
667,318,040
666.732.700
666.643.200
605,658,650
667,491,900
666,196,460
666.896,710
667,011,210
668,230,710
667,127,710
666.830.210
666.873,290
666,985,790
667.143,790
667.156.290
666.991,130
667,095,680
665,724.930
Mar 21 1097
Aftc All cion
National Bank Circulation,
Afloat onBonds.
Legal
Tenders.
Total.
$
663.364,517
661.924,472
659,651.580
662,904,627
663,931,957
662,705,675
660,463.912
660,518.182
658.463,423
658,732,988
661,522,450
661,127,660
662,412.992
661,481,322
659,332,017
662,380,082
663,340,675
663,167,030
662,742,593
663,747.178
661.550.768
861,288,545
663.156.720
662,238.833
SRI R72 Ann
$
38,720,772
36,750,627
35.231,759
35.877,502
36.248,802
37,446,779
37,688.747
38,299,802
38,926,224
40,887.664
39.757,992
38.814,509
36,802,227
38,250,372
38.407,517
38,623,507
39,060,424
39,825,664
40.537.019
41.052.614
42.967.269
42.857.722
42.777.217
39.074.404
$
702,085,281
698,675.0111
694,883.331
698.782,121
700.180.751
700,152.454
698,152.651
698.817.989
897.389.647
699.620,657
701,280,447
699,942,161
699,215,211
699,731.694
697.739.534
701,003.581
702,401.091
702,992,694
703,279.61:
704.799.791
704.518,031
704.146.261
705.933.931
701.313.231
RR 2A1 RR4
ROO 024 OR.
83,711,131 Federal Reserve bank notes outstanding May 1 1929, secured by
lawful money, against $4,154,618 on May 1 1928.
The following shows the amount of each class of United
States bonds and certificates on deposit to secure Federal
Reserve bank notes and national bank notes on April 30
1929:
Bonds on Deposit
May 11929.
Total
Held.
592,186,350
48.636,520
25.398,520
592,186,350
48,636,520
25,398,520
666,221,390
666,221.390
$698,675,099
3,410,190
Amount of bank notes afloat May 1
Legal Tender NotesAmount on deposit to redeem national bank notes April 1
Net amount of bank notes issued In April
36,750,627
1,970,145
Merchandise Movement at New York.
Customs Receipts
at New York.
Exports.
1928.
1927.
$
149,390,965 58,169.597 147.613,519 38,384,513
July
August -- 154,359.944 166.332,013 139.961,583 142.661.747
September 150,470,783 172,707.698 103.008.757 126,772,088
October___ 175.624,878 175.855,280 170.708,771 137.849.733
November 156.599,626 179,611.688 169.650,612 156.060.057
December_ 168,359.8361157,075,741 157,285,530 157.874,443
1929.
1
1928.
1929.
1928.
January -- 171,501,300,168,712,467 176.480,924148,120,044
FebruarY - 188.138,049'173,826,48'2 187,045,251 135.898,816
March____ 187,708,108 185,264,893209,600,365168,891,788
1928.
1927.
26.130.127
30.315,887
31.168.728
34.691,171
27.651,679
25,823.112
1929.
27,286,733
28,274,931
29,352,388
28.620.038
30,852.625
32,593.222
31.626.401
29.487.856
24.257.557
1928.
25,495,311
22,128,590
26,742,317
502155.549143,555,8591461445,3121212513,229 260,694,756259,803,917
Movement of gold and silver for the nine months:
Gold Movement at New York.
Imports.
1928.
July
August__ September
October
November
Deeember.
January -February
March____
$
605,267
863,544
2,896,149
12,723.677
28,078.532
419,784
1929.
8.772.302
22,368,701
21,610,369
1927.
5,215,929
6,107.889
1,714.313
495.910
727,412
487,049
1928.
795.991
5,763.918
899,714
Myer-New York.
Exports.
1928.
1927.
$
72.403.848
781,074
3.417,972
526.726
429,048
830,345
1929.
721,008
1,038,868
1,001,252
1,090,730
883.618
24,166.981
9,147,118
34,200.361
71.982.903
1928.
50.866,191
24.538.938
96.975,664
Imports.
Exports.
1928.
1928.
2,395,829
2.260,561
1,933,546
3,095,261
2.422,550
1,556,612
1929.
4.344.061
1,051,750
2,130,725
3,401.081
5.153,091
2.551,976
3,764.703
3,960,040
5.600.365
1929.
5,260.989
3,759.967
4,323,804
Total- 98,337,325 22,208,125 81,150,138 313,850.504 21,190,895 37,776,016
gommercialt andXiscellaneons4,oxis
Breadstuffs figures brought from page 3380.-All
the statements below regarding the movement of grainreceipts, exports, visible supply, &c., are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake.and river ports
for the week ending last Saturday and smce Aug. 1 for
each of the last three years:
Barley.
Rye.
Tot. wk.'29
Same week '28
Same week '27
460,000
498,000
436,000
4,033,000
6,703,000
3,591,000
3,106,000
6.546,000
2,379,000
2,18/,000
3,240,000
2,346,000
702,000
586,000
541,000
274,000
287,000
980,000
Since Aug.11928
19,578,000,427,309,000 229,982,000 121,070,000 85,989,000 23,692,00
1927
19,547,000 403,445,000 263,656,000 132.088,000 64,973,000 33,327,00
19.284,000 291.773,000 182,644,000 121,152,000 17,910,00027,120,00
1926
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, May 11, follow:
Receipts at-Flour. I
Barrels. I
New York __ _
320,000
Philadelphia _
31.000
Baltimore_ --17,000
N'port News _
1,000
Norfolk
1.000
New Orleans*
39.000
Galveston
Montreal- - 65.000
Boston
29,000
Wheat.
I
Corn.
Bushels. I
717,000
224.000
96,000
Bushels.
18,000
4,000
7.000
12,000
187,000
3,435,000
30,000
63,000
1.000
7,000
Tot. wk.'29
503,000 4,701,000
100,000
Since Jan 1 '29 10,068,000 56,038,000 14,072,000
Oats.
Barley.
Rye.
Bushels.
Bushelo
si Bushels.
88,000
270,
2.000
23,000
331,000
72,000
19,000
921.000
6,000
1
2,000
1,129,000
705,000
7,007,00010,904,000
4,000
2,195,00
Exports from-
Wheat.
Corn.
Bushels. (Bushels.
1,048,000
New York
Boston
Philadelphia
Baltimore
Norfolk
Newport News
New Orleans
Galveston
Montreal
Houston
216,000
256,000
179,000
310,000
1,824.000
40,000
56,000
50.000
Total week 1929__ 3,873,000
106,000
tnn 000
Coma mo.11. 1095
1 4140 027
Flour.
Oats.
Rye.
Barley.
Barrels. Bushels. Bushels. Bushels.
72,098
20,000
26.000 477,000
37,000
2,000
1,000
1,000
36,000
25,000
50,000
11,000
20,000
74,000
30,000
31,000
17,000
105,000
235,098
175,000
26,000
233.84545
599,000
221 lan
290 050
906 R60
The destination of these exports for the week and since
July 1 1928 is as below:
$38,720,772
Foreign Trade of New York-Monthly Statement.
Month.
Oats.
$702,085,289
Amount on deposit to redeem national bank notes May 1 1929-
Total_
I
The exports from the several seaboard ports for the week
ending Saturday, May 11 1929, are shown in the annexed
statement:
National Bank Notes-Total Afloat-Amount afloat April 1 1929
Net Increase during April
1927.
Corn.
U.S.Bonds Held April 30 1929 to Secure-
The following shows the amount of national bank notes
afloat and the amount of legal tender deposits April 1 1929
and May 1 1929 and their increase or decrease during the
month of April:
1928.
I
bbls.196Ib5. bush. 601bsibush. 56 lbs. bush. 32 lbs.bush.48lbs.bush.561bs.
Chicago
230,000
100,0001
795.000
818.000
181,0001
37,000
Minneapolis_
1,128,000,
111,000
97,000
83:000
158,0001 135000
Duluth
1.285.000'
171,
Milwaukee--51,000
31,000
115,000
120,000j
70,000
14,000
Toledo
151,000
16,000
222,000
Detroit
17.000
9,000
12,000
29,0001
5,000
Indianapolis
30.000
158,000
184.000
St. Louis _
138,000
390,000
558.000
453,000
8,000
Peoria
61,000
52,000
337,000
113.000
33,000
Kansas City_
569,000
560,000
76.000
Omaha
121,000
189,000
84,000
2,000
St. Joseph 40,000
163,000
8,000
Wichita
75,000
39,000
4,000
Sioux City _
24,000
56.000
46,000
On Deposit to On Deposit to
Secure Federal
Secure
Reserve Rank National Bank
Notes.
Notes.
Totals
Imports.
111
Receipts at-1 11o
111 lur.
Week 1928 _ _ _
418,000 2,114,000
82,000
102,000
257,000
99,000
Since Jan 1281 8,935,000 4,475,000 7,572,000 6,812,000 7,974,000 4.153,000
* Receipts do not include grain passing through New Orleans for
foreign ports
on through bills of lading.
2s, U. S. Consols of 1930
2s, U.S. Panama 01 1936
2s, U. S. Panama of 1938
Month.
3299
111
Wheat.
Flour.
Exports for Week
Since
and Since
Week
Mayll. July 1
July 1 to1928.
1929.
Wheat.
Week
May 11
1929.
Since
July 1
1928.
United Kingdom_ 77,485 3,016,240 1.670,000 66,393,726
131.273 4,616,555 2,172,000 177,308,959
Continent
So. St Cent. Amer_ 6,000
298.000
31,000
387,000
West Indies_ _ _ _ _ 15,000
426.000
81.000
Brit.No.Am.Cols1.000
20,000
5,340 1.278,320
Other countries_
3,348,733
Total 1929
Total 1928
235,098 9.636,124 3,873,000 247,539,418
233.810 10.045.833 1.649.937 211.876.785
Corn.
Week
May 11
1929.
Since
July 1
1928.
9,802,110
50,000 17,719,962
6.000
223,000
50,000
856,000
2,250
106,000 28,603,322
106.000 10.117.285
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, May 11, were as follows:
GRAIN STOCKS.
Wheal,
Corn.
Oats.
Barley.
Rye.
bush,
bush,
bush.
bush.
bush.
136,000
9,000
135,000
284,000
49,000
5,000
4,000
243.000
68,000
6,000
79,000
6,000
635,000
101,000
42,000
3,000
130,000
3,000
266,000
103,000
1,000
94,000
65,000
849,000
130,000
33,000
1,541,000
360,000
35,000
3,000
180,000
4 460,000 2,949,000 1,261,000
283,000
774,000
634,000
211,000
2,302,000
19.000
12,000
185,000
14,000
182,000
32,000
11,000
23,000
27,000
13,223,000 9,101,000 2,529,000 2,414,000
634,000
526,000 1,330,000
293,000
533.000
377.000
22,584,000
354,000
87,000 1,743,000 1,153,000
28.765,000
300,000 2,205,000 1,240,000 3,264,000
383,000
448,000
367,000
4,000
2.892,000
732,000
288.000
87,000
8.000
17,090,000 2,991,000
8,000
33,000
15.000
2,899,000
131,000
8,000
1,275,000
632,000
3,000
7,000
23,000
165,000
278,000 1,091.000
701,000
7.074,000 1,621,000 1,283,000
37,000
82,000
153,000
90,000
225,000
25,000
54,000
'
Total May 11 1929_108,454,000 22,827,000 10,234,000 6,406,000
6.815.000
Total May 4 1929___112,684,000 25,687,000 10.276.000 6.705,000
6,849.000
Total May 12 1928
52,269,000 31,126,000 8,627.000 4,126,000 2,001.000
Note.-Bonded grain not Included above: Oats, New York, 229,000
bushels;
Philadelphia, 4,000; Baltimore, 5,000; Buffalo. 400.000; Buffalo,
afloat, 58.000;
Duluth, 14,000; total, 710,000 bushels, against 9,000 bushels in 1928. Barley.
New York, 256,000 bushels; Boston, 141,000; Philadelphia, 122,000; Baltimore.
90,000; Buffalo, 1,494,000; Buffalo afloat. 119,000; Duluth, 165,000; total. 2.387.000
bushels, against 1.874,000 bushels in 1928. Wheat, New York, 2,920,000 bushels;
Boston, 1,379,000; Philadelphia, 3,219,000; Baltimore, 3,417,000; Buffalo, 14,797.000; Buffalo afloat. 921.000; Duluth, 259,000; Chicago, 821.000: on Lakes,
266,000: total 27,898,000 bushels, against 12,228,000 bushels In 1928.
United StatesNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Fort Worth
Buffalo
" 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
Canadian9,409,000
Montreal
Ft. William & Pt. Arthur_56.794,000
10,485.000
Other Canadian
393,000
333,000
540,000
5,435,000 2,178,000 6,628,000
421,000 1,294.000
2,818,000
8,793,000
Total May 11 1929_-__76,688,000
8,011.000
Total May 4 1929_75.496,000
1,212,000
Total May 12 1928____63.092.000
Summary108,454,000 22,827.000 10,234,000
American
8,793,000
76,688,000
Canadian
2,932,000 8,315,000
2,984,000 7,171,000
2,361,000 3,180,000
6,406,000 6,815,000
2,932,000 8,315,000
Total May 11 1929_ _ _185,142,000 22,827,000 19,027,000 9,338.000 15,130.000
Total May 4 1929._ _188,180,000 25.687,000 18,287,000 9,689,000 14,020.000
Total May 12 1928_120,361,000 31,126,000 9,839,000 6,487,000 5,181,000
The world's shipments of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ending Friday, May 10, and since July 1 1928 and 1927,
are shown in the following:
By Adrian H. Muller & Son, New York:
Shares. Stocks.
$ Per oh.
5234 Nation Inc. pref.(N. Y.)....... 134
Note $3,000 made by Cohen Furniture Co. Inc. due June 25 1929;
endorsed by H. Cohen, Harris
Cohen and Rose Schwartz...$2.000 lot
$10.000 General Fuel Corp. 1st s. I.
8s, Sept. 1 1926, Mar. 1 and
Sept. 1 1926 coup. attached: 100
Gen. Fuel Corp. 8% cum. cony.
pref.; 40 Gen. Fuel Corp
$81 lot
Sundry accts. receivable amts. to
$10 lot
approximately $6.731.80
Sundry accts. receivable amtg. to
approximately $5,930.70_ _ _21,000 lot
Sundry accts. receivable amtg. to
$10 lot
approximately $10,930.04
10 F. Holthausen Inc
$20 lot
APPLICATIONS TO ORGANIZE RECEIVED WITH
TITLES REQUESTED.
Capital
$1,250,000
May 8-The Main National Bank of Buffalo, N.Y
Correspondent, Maurice Yellen, 1222 Rand Bldg.,
Buffalo, N. Y.
May 8-The Founders National Bank of New York. N. YCon- 600.000
Correspondent,Edward S. Witkowski, 1215 Grand
course, New York, N. Y.
APPLICATION TO ORGANIZE APPROVED.
May 8-First National Bank in Yreka, Calif
Correspondent, Horace V. Ley, Yreka, Calif.
APPLICATION TO CONVERT APPROVED.
Beverly
May 11-The Beverly Hills National Bank & Trust Co..
Hills. Calif
Beverly
Bank,
Savings
Hills
Conversion of Beverly
Hills, Calif.
CHARTERS ISSUED.
May 8-The First National Bank of Edinburgh. Texas
President, Joe Burns. Cashier, Clinton Fraser Sr.
May 9-The First National Bank of Minatare, Nob
President, Frank Abegg. Cashier. G. A. Etter.
May 9-First National Bank in Bluffton, Ind
Conversion of the First Commercial Bank of Bluffton,
Ind. President, C. M.Niezer. Cashier, H.C. Moore.
May 9-The'Painesville National Bank & Trust Co., Painesville, Ohio
President, F. W. Milburn. Cashier, E. C. Nighman.
May 11-Central National Bank of Yonkers, New York
President, Charles A. Valentine. Cashier, Harry A.
Merritt.
CHANGE OF TITLE.
City National Bank of Hacksensack, N. J., to the
-The
6
May
"City National Bank & Trust Co. of Hackensack."
Shares. Storks,
$ per Sh.
5 Atlantic Nat, Bank
413
25 Nat. Shawmut Bank
411
10 First National Bank
696
13 Second National Bank
529-5211.4
100 First Nat. Bank (new) w., a., 1..
13334 ex-rts.
par $20
4 Bay State Nat. Bank, Lawrence._237
10 Farr Alpaca Co
10334
55
10 Brookside Mills
10 Cabot Mfg. Co
100
4734
25 Newmarket Mfg, Co
95
3 Amer. Felt Co. pref
2 Pierce Mfg. Co
272
61 West Point Mfg. Co
12534
15 Mass. Bonding & Ins. Co., par
186
$25
7334
25 Western Mass. Cos
10 Hood Rubber Co. 734% Pref--- 5434
52 New England Pow. Assoc. pref._ 96
40
1 unit First Peoples Trust
3special units First Peoples Trust._ 3
85
8 Copley Square Trust pref
40
2 units First Peoples Trust
24
15 Old Colony Invest. Trust
40
21 units First Peoples Trust
16 special units First Peoples Trust_ 3
74
44 Merrimack Mfg. Co., pref
1928-29.
Week I
May 10.
Since
July 1.
1927-28.
Since
July 1.
I Bushels. I Bushels. •
1928-29.
Week I
May 10.
Since
July 1.
1927-28.
Since
July 1.
I
I
Bushels.
Bushels.
Bushels.
Bushels.
101,0001 32,950,000 14,646,000
North Amer _ 7,571,000 476,504,000421,668,000
1,827,000 19,684,000
248,000, 2.464.000: 9,512,000
Black Sea232,635.000
Argentina_ _ _ 6,152.000174,427,000149,629,000 5,440,000208,609,000
_ 1,865,000100.409,000 62,087,000
Australia
1,112,0001 8,760.000
India
374,0001 26,628,000 24,326,000
624,000, 39,756,000 28,168,000
0th. countr's
Total ..__16.460,000 794.672,000679.824,000 5,9l5,000270,014,000291,291,000
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
VOLUNTARY LIQUIDATIONS.
May 6-The First National Bank of Aurora, Ore
23 1928. Liq. Agent. Ralph C. ZimMarch
Effective
merman, Aurora. Ore. Absorbed by Aurora State
Bank, Aurora, Ore.
May 7-The American National Bank of Ardmore, Okla
Effective close of business April 2 1929. Liq. Comm.,
Board of Directors of the liquidating bank. Succeeded
by the American Bank Jr Trust Co. of Ardmore, Okla.
150,000
50,000
25,000
100,000
250,000
350.000
25,000
300,000
Auction Sales.-Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston, Philadelphia and Buffalo on Wednesday of this week:
By Barnes & Lofland, Philadelphia:
i Pet Rh.
Shares. Stocks.
4 Phila. Bourse. corn., par $50._._ 30
647 Community Plan Co.of Norris$60 lot
town, Pa
5 Bankers Bond & Mtge. Guar. Co.
30
of America, no par
5 Gloucester Co. Title & Mtge.
133
Guar. Co., Woodbury. N.J
600
21 Tradesmens Bank dr Trust
140
100 Tloga Trust
10 Chestern Industrial Loan Corp.,
10
par $10
625
4 Market St. Nat. Bank
635
10 North Bank
Lots 2. 6, 7, Block AA, Subdivision
known as Avion-Sarasota County.
$300 lot
Fla.(taxes paid to date)
Per Cent.
Bonds510,000 bond, warrant & mtge. of
Michael Barbrus and Rose BarDrug, wife, to Loyal Realty Co.,
at 6% on lots in Tilton. Longport
Boro.. Atlantic Co.. N. J. and in
Jackson Ave.. Margate City, At$250 lot
lantic County, N. J
8 per Right.
Rights
70
234 Colonial Trust
By A. J. Wright & Co., Buffalo:
t Per Sh.
i Per Sh. Shares. Stocks. Assn. of Buffalo &
Shares. Stocks.,
1,000 Baldwin Gold Mines,par $1__ 4c. 5 Labor Temple
250. lot
$5
par
Inc.,
Vicinity.
lot
$2.25
60 Assets Realization Co
Sc.
1.000 Goldhill Mines, Par $1
Shares. Stocks.
Per SA.
90 Johnson Educator Biscuit Co.
Class A
1834
25 No. Bost. Ltg. Prop, common
v. t e
87
65 Old Colony Gas Co. par $25_ 61-63
10 Washington (D. C.) Invest.
Trust, Inc., pref
2034
35 units Thompson's Spa, Inc
100
117 West Boston Gas Co. v. t. c.,
par $25
3334
25 units Thompson's Spa, Inc.10034-103
50 New Boston Arena common 2-234
4 Central Wharf & Wet Dock Trust 185
12 Towle Mfg. Co. corn
85-90
20 Rockland Lt. & Pr. Co. common
v.t.c. new. wt.), par 550
33
25 Ins. Bldg. Corp. pref.; 6 Ins.
3434
Bldg. Corp. corn, as bonus
110 Baush Machine Tool Co. corn.... 33$
87 Old Colony Trust Associates...53-55
35 Boston Woven Hose & Rub. Co.
96
common
12 Laconia Car Co. corn.; 5 Laconia
Car Co. 1st pref.; 5 Laconia Car
$126 Mt
Co.2d pref
3 Putnam Woolen Co.: 6 Foster
Rubber Co., par $25: 2 Devonian
Oil Co., par $10:8 Alvarado Mining & Milling Co., par $20:6 Oklahoma Nat. Gas Co., par 525._$5 lot
Per Cent.
Bonds$1,000 Pierce, Butler & Pierce Mfg.
7434 &
Co. 634s, Oct. 1942
By R. L. Day & Co., Boston:
50.000
ACT OF FEB. 25 1927.
BRANCH AUTHORIZED UNDER THE
Los Angeles, Calif.
May 11-Security-First National Bank of
Location of branch: At or near intersection of Wilkshire
Blvd. and Westwood Ave., Los Angeles.
$ per Sh.
Shares. Stocks.
2 Drovers & Merchants Nat. Bank 155
560
Phi%
of
Ilk.
Nat.
9 First
212
20 Philadelphia Nat. Bank
300 Bk. of Phila. & Tr. Co., par 510 50
25 Bk. of No. Amer. 4z Trust Co.,
1413$
par $25
74 Fox Chase Bank & Trust Co..
230
Par $50
20 Jenkintown Bk. & Trust Co.,
185
Par 510
100
5 CollIngdale (Pa.) State Bank.
2 Industrial Trust Co., par 850-580
89034
10 Provident Trust Co
890
11 Provident Trust Co
70
no.
par
Co..
50 Columbia Ave. Tr.
65
4 Columbia Ave. Trust Co
80 Integrity Trust Co., par $10-__ -18234
1 Fidelity-Philadelphia Trust Co._ _995
2 Allegheny Title & Tr. Co., par 250 60
100 Pa. Co. for Ins. on Lives, &c..
14134
Dar $10
13934
2 Bankers Trust Co., par $50
285
5 Colonial Trust Co.. par $50
4 Philadelphia Bourse. corn, par 850 30
30
4 Phila. Bourse, cam., par $50
25 Bankers (*cur. Corp., corn.,
120
voting trust ctf
per sh.
Shares. Stocks.
1 Amer.Woman's Realty Corp.Pfd.
(N.Y.):2 Amer. Woman's Realty
Corp. corn. (N. Y.), par $50;
200 Amer. Ry. Impt. Co.(N.Y.);
200 Bonanza Chief Gold Mining
Co. (Montana Territory), par
$1; 11 Helena Mining & Reduc.
Co.(Montana Territory), par El;
10 Texas Amer. Oil Co. (Ill.),
par $10, 11 Ohio & Ind. Consol.
Natural Illum, Gas Co.(N. Y.)$29 lot
Per Cent.
Bonds$1,200 Idaho Irrigation Co. Ltd.
68, Jan. 1 1928, Jan. 1915 and
518 lot
sub. coup. attached
$10,000 National Pavements Corp.
6-yr. deb. 85, Dec. 1 1929, Dec.
1925 and sub, coup. attached._.811 lot
By Wise, Hobbs & Arnold, Boston:
Shares. Stocks.
$ per Sh.
25 National Shawmut Bank_41134-412
100 Beacon Trust Co. (new, when
69-693$
issued), par $20
220
20 Boston National Bank
31534
40 Beacon Trust Co
130 Beacon Trust Co. (new, when
Issued), par $20
6734-6834
301
10 Federal National Bank
412
7 National Shawmut Bank
35 Beacon Trust Co. (new, when
6914
Issued). Par 520
15 Naumkeag Steam Cotton Co_._12534
28034
1 Franklin Co
4334
10 Nashua Mfg. Co.common
2234-23
30 Appleton Co. preferred
20 Hoosac Cotton Mills preferred_ 5534
22 B. B. & R. Knight Corp. pre1134
ferred v. t. c
6 Nat. Fabric & Finishing Co. corn_ 10
7334
22 Western Mass. Cos
84
15 Springfield Ry.Co. pref
25 Springfield Ry. Co.s pref__8434-85
2 L. S. Starrett Co. common
23014
25 Mass. Chocolate RIty. Tr. pref_ 534
2 Rand-Avery Supply Co., Par $25_ 40
16 No. Best. Ltg. Prop. common
70
(undeposited)
40
21 units First Peoples Trust
20 F. H. Roberts Co. class C pref._ 5
40
96 units First Peoples Trust
10 Beacon Participations, Inc., class
A preferred
21 ex-cliv.
5 Merrimack Chemical Co. par 550. 70
Corn.
Wheat.
Exports.
[VOL. 128.
FINANCIAL CHRONICLE
3300
SpellS.
Shares. Stocks.
1003$
5 units Thompson's Spa, Inc
3
Trust._
Peoples
7 special units First
20 Amer. Optical Co. com____4334-45
5 Shawmut Bank Invest. Trust _ .... 45
5534
5 Hood Rubber Co. prior pref
10
5 Amer. Soda Fountain corn
10 Quincy Mkt. Cold Storage &
3134
Warehouse Co
55
29 Old Colony Trust Associates
6234
15 Lawrence Gas Co. par $25
15 Jones McDuffee de Stratton el. A 634
5 Morse Twist Drill & Machine Co_ 9934
11 Rhode Island Ice Co. pref. A _ _ _ _ 45
35
6 Rhode Island Ice Co. pref.
13 Brockton G. L. Co. v. 1. c.,
38
par 825
$ per Right.
Rights63
50 First Nat. Bank w.all
Per Cent,
Bonds55.000 Quincy Mkt. Cold Storage
& Warehouse Co. 534s, May 1946 8434
51.000 Middle States 011 7% notes,
1926 coupon Aug. 1924 & sub. on;
21.000 Middle States Oil 7%
notes, coupon Aug. 1924 ($100
10 flat
pieces)
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table, in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Railroads (Steam).
June 1 *Holders of rec. May 15
*1
Androscoggin & Kennebec, pref
Chesapeake Corporation (in stock)__._if 33 1-3 July 1 Holders of rec. June 27a
*75c. June 4 *May 21 to June 3
Chestnut Hill (quar.)
*5
June 25 *Holders of rec. June 18
Chicago Burlington dr Quincy
June 29 *Holders of rec. June 3
*2
Chicago & North Western, corn
*33$ June 29 *Holders of rec. June 3
Preferred
July 1 Holders of rec. June 180
Colorado & Southern. 1st pref
2
Consolidated R118. of Cuba pref. (qu.)
13,5 July 1 Holders of rec. JunellOa
Cuba RR. common
$1.20 June 28 Holders of rec. June 280
Aug. 1 Holders of rec. July 150
3
Preferred
Feb130 Holders of rec. Jan. 15a
3
Preferred
May 20 Holders of rec. May 15
2
Delaware & Bound Brook (quar.)
Juno 1 Holders of rec. May 20
9
Kansas Oklahoma & Gulf pref. A
21.25 June 1 Holders of rec. May 24
Midland Valley pref
Mo.-Kansas-Texas RR., pref. A (quar.) 4,1% June 29 *Holders of rec. June 15
July 1 *Holders of rec. May 31
N.Y. N. II. & Hartford, corn.(quar.).. •1
•1u July 1 *Holders of rec. May 31
Preferred (quar.)
May 25 *Holders of rec. May 20
North Pennsylvania RR.(quar.)
*21
434 July 10 June 22 to July 10
Northern Securities Co
4 May 21 to June 3
June
Ph la. Germantown & Norristown ((lU.)- 21.50
Public Utilities.
•13i June 1 *Holders of rec. May
Amer. Teleg. & Cable (guar.)
234 July 15 Holders of rec. June
Amer. Telep. & Teleg. (quar.)
500. June 1 Holders of roe. May
Atlantic Pub. URI., corn. A (quar.)-$1.75 June 1 Holders of rec. May
$7 cum. pref., ser. A (quar.)
100. June 28 Holders of rec. June
Brooklyn City RR.(quar.)
*21.25 July 1 *Holders of roe. June
Brooklyn Union Gas (quar.)
300. July 1 *Ilolders of rec. June
Buff. Nlag. & F.ast. Pow., coin. (qu.)- .
30c. July 1 *Holders of rec. June
.
Class A ((luar.)
*30c. July 1 *Holders of rec. June
Class A (extra)
*40c. July 1 *Holders of rec. June
Preferred (guar.)
411.25 Aug. 1 *Holders of rec. July
First preferred (quar.)
*$1.75 June 1 *Holders of rec. May
Community Water Service, pref. (qu.)- .
3
June 1 *Holders of roe. May
Connecticut River Power, pref
Gulf States Utilities, $5.50 pref. (qu.).2 1.3735 June 15 Holders of rec. June
$1.50 June 15 Holders of rec. June
$6 preferred (quar.)
Houston Gulf Gas, pref. A & B (guar.).- *51.75 June 1 *Holders of rec. May
134 July 1 Holders of rec. June
Illinois Power,6% pref.(quar.)
134 July 1 Holders of rec. June
Seven per cent preferred (guar.)
Marconi Wireless Teleg.. Ltd.
Amer. dep. reefs, for ordinary shares_ sto20 May 24 *Holders of roe. May
31
20
20
20
15a
1
15
15
15
15
15
20
15
50
5a
15
15
15
14
MAY 18 1929.]
Name of Company.
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
flP•
Public Utilities (Concluded).
Middle West UM.,7% pr. lien (quar.)
*2
June
$6 prior lien stock (guar.)
+$1.50 June
Montreal Tramways(guar.)
24 July
Nat Power & Light, $7 pref.(guar.)---- *$1.75 July
Nat. Public Serv. Corp., corn. A (qu.)40c. June
Ohio Power Co.,6% pref. (guar.)
•1
June
Peoples Gas Co. preferred
3
July
Radio Corp. of Amer., pref. A (quar.)_ _ 874e. July
Pe Pref.}3(No. 1)(Per'd Mar.15-June 30) $1.46 July
Seaboard Public Service, $6 pref. (qu.)- $1.50 June
Southern California Gas Corp
+264c May
Southern Cities Util., $6 pr. pref.(guar.) $1.50 June
United Corporation. $3 pref. (guar.)_
75c. July
Western Continent Utilities (guar.)
*3240 June
Banks.
American Colonial (guar.)
Trust Companies.
Interstate (guar.)
Interstate Corporation (guar.)
2
Books Closed
Days Inclusive.
15 *Holders of rec. May
15 *Holders of rec. May
8 Holders of rec. July
1 *Holders of rec. June
15 Holders of rec. May
1 'Holders of rec. May
1 Holders of rec. June
1 Holders of rec. June
1 Holders of rec. June
1 Holders of rec. May
23 *Holders of rec. May
1 Holders of rec. May
1 Holders of rec. June
1 *Holders of roe. May
Name:of Company.
31
31
15
15
27
10
12a
10
la
15
13
11
5
17
June 1 Holders of rec. May 17
$1.25 June
25c. June
1 Holders of rec. May 17
1 Holders of rec. May 17
Miscellaneous.
Abstract Holding corp., class A (gut r.)- 14 May 15 Holders of rec. May 5
Aero Supply & Mfg., class A (quar.)_ _ _ _ *374c May 22 *Holders of rec. May 15
Class A (3 def. div. of 37)4c. each)*$ 1.12
May 22 "Holders of rec. May 15
Affiliated Investors, Inc. (stock div.)- *e10 July 1 *Holders of rec. June 10
Alabama Cash Credit, corn. (guar.)
15e. May 25 Holders of rec. May 13
Preferred (guar.)
150. May 25 Holders of rec. May 13
Preferred (extra)
15c. May 25 Holders of rec. May 13
Allen Industries, pref. (guar.)
"750. June I *Holders of rec. May 20
Alliance Invest., corn. (in corn. stock).... "11
July 1 'Holders of rec. June 14
Alliance Realty, pref. (quar.)
14 June 1 Holders of rec. May 27
American Arch (guar.)
*75c. June I 'Holders of rec. May 21
Amer. British & Continental Corp.
First preferred (guar.)
$1.50 June 1 Holders of rec. May 15
•1% June 1 *Holders of rec. May 6
American Candy, pref. (guar.)
American Chain, pref (guar.)
June 29 *Holders of rec. June 19
American Locomotive common (quar.)-- "2.2
June 29 *Holders of rec. June 13
5 June 29 *Holders of rec. June 13
Preferred (guar.)
*1%
American Stores, corn. (guar)
"50c. July 1 *Holders of rec. June 15
Amer. Utilities & Gen. Corp. A (No. 1)_ 324c June 1 Holders of rec. May 15
Anticosti (The) Corp., preference (qu.)- 14 June 1 Holders of rec. May 16
Armour & Co. (Ill.), Pref. (quar.)
"14 July 1 *Holders of rec. June 10
Armour & Co. of Del., pref. (guar.)- - "14 July I *Holders of rec. June 10
Artloom Corp., corn. (guar.)
•50c. July 1 'Holders of rec. June 15
Assoc'd Breweries(Canada), corn.(qu.)_
50e. June 30
1% June 30
Preferred (guar.)
4
June 1 Holders of rec. May 15
Associated Co. (Newark)
*40c. June 1 *Holders of rec. May 10
Atlantic Coast Fisheries (quar.)
Badger State Cash Credit, corn.(guar.)_
10c. May 25 Holders of rec. May 13
Common (1-100th share pref. stock). _ (j) May 25 Holders of rec. May 13
Preferred (guar.)
20e. May 25 holders of rec. May 13
Preferred (extra)
10c. May 25 Holders of rec. May 13
Pref. (1-100th share pref. stock)
(5) May 25 Holders of rec. May 13
Barker Bros. Corp., corn. (guar.)
500. July 1 Holders of rec. June 14
Preferred (guar.)
14 July 1 Holders of rec. June 14
Beacon Participations Inc. class A (qu.)_
25c. June 1 Holders of rec. May 15
Bently Chain Stores, corn.(quar.)
45c. June 1 Holders of rec. May 20
Common (payable in common stock). 150
June I Holders of rec. May 20
Preferred (guar.)
$1
June I Holders of rec. May 20
Best & Co.(guar.)
*75e. June 15 *Holders of rec. May 24
'Mums,Inc., pref.(Feb. 15 to June 1)_ _ •$1.02 June 1 *Holders of rec. May 24
Boston Wharf
3
June 29 Holders of rec. June 1
Bristol Manufacturing-dividend omitte
Bristol-Myers Co.(guar.)
+$1
June 29 *Holders of rec. June 19
Extra
•25c June 29 'holders of rec. June 19
Bullard Company,corn.(guar.)
40c June 29 Holders of rec. June 18a
Canada Cement pref. (guar.)
1% June 29 Holders of roe. May 31
Canadian General Elec.. pref. (quar.). '8734c July I *Holders of rec. June 15
Carter (William) Co., pref. (guar.)
14 June 15 Holders of rec. June 10
Central Alloy Steel, corn. (guar.)
"50c. July 10 *Holders of rec. June 22
Preferred (quar.)
'1% July 1 *Holders of rec. June 22
Chesebrough Mfg. consol. (guar.)
$1 June 29 Holders of rec. June 8a
Extra
50c. June 29 Holders of rec. June 8a
Chicago Yellow Cab (monthly)
*25c. July 1 'Holders of rec. June 20
Monthly
*25e. Aug. I 'Holders of rec. July 19
Monthly
'25c. Sept. 2 *Holders of rec. Aug. 20
Cities Service, new no par corn.(mthly.)- 24e. June I Holders of rec. May 15
New, no par corn. (pay. In corn. stk.) _
154 June 1 Holders of rec. May 15
Preferred and preference BB (mthly.)_
50c. June 1 Holders of rec. May 15
Preference B (monthly)
5c. June 1 Ilolders of rec. May 15
Columbia Graphophone, Amer. shares_* 291-10c June I *Holders of rec. May 24
Consol. Cigar Corp., pref.(guar.)
1% June 1 Holders of rec. May 23a
Consol. Rock Products, pref. (mthly.)- - '4334c June 1 'Holders of rec. May 15
Crown Cork Internat. pf. A (qu.)(No.I) +250. July 1 *Holders of rec. June 1
Crucible Steel. pref. (guar.)
*14 June 30 *Holders of rec. June 15
Cumberland Pipe Line (guar.)
June 15 Holders of rec. May 31
$1
Cushman's Sons, Inc., corn.(guar.)
June 1 Holders of rec. May 150
$1
$S preferred (guar.)
$2 June 1 Holders of rec. May 15a
7% pref.(guar.)
1% June I Holders of rec. May 15a
Dartmouth Mfg.,Prof.(guar.)
14 June 1 IIolders of rec. May 13
David & Frere, Ltd. (Montreal)..Class A (guar.)
57c. June 15 lIolders of rec. May 31
Durkee Thomas Co. cl. A (guar.)
+434c June 1 *Holders of rec. May 15
Class B (guar.)
•20e. June 1 *Holders of rec. May 15
Equitable Office Bldg. cow.(guar.)
624e July 1 Holders of rec. June 15
134 July 1 !folders of rec. June 15
Preferred (guar.)
June 1 Holders of rec. May 9
Essex Company
$3
14 July 1 Holders of rec. June 8
Federal Bake Shops, Inc. pref.(guar.)- Federal Mining & Smelting, pfd.(guar.)- *134 June 15 *Holders of rec. May 24
*16c. June 19 *Holders of rec. June 14
Fifth Ave.Bus Securities(guar.)
Fuller (George A) Co. partic.pr. pt.(qu.) *51.50 July 1 *Holders of rec. June 10
Partic. prior pref.(Participating div.) .$2.68 July 1 'Holders of rec. June 10
•$1.50 July 1 *Holders of rec. June 10
Partic.second pref.(guar.)
.$1.93 July 1 "Holders of rec. June 10
Partic.second pref.(panic. div.)
be. May 25 Ilolders of rec. May 13
Georgia Cash Credit Corp., corn.(guar.)
May 25 Holders of rec. May 13
Corn. (1-100th share pref. stock)
20e. May 25 Holders of rec. May 13
Preferred (guar.)
10c. May 25 Holders of rec. May 13
Preferred (extra)
U) May 25 Ilolders of rec. May 13
Pref.(1-100th share pref. stock)
•75e. June 1 *Holder, of rec. May 20
Great Northern Paper (guar.)
25c. July 1 Holders of rec. June la
Habirshaw Cable & Wire (guar.)
"374c June 15 'Holders of rec. June 1
Hall (C. M.) Lamp Co.. (guar.)
"124c June 15 *Holders of rec. June 1
Extra
14 June 29 Holders of rec. May 31
Hamilton United Then.(Can.). Pi.(q.) •1%
June 1 *Holders of rec. May 15
Hartman Tobacco let pref. (guar.)
June 1 *Holders of rec. May 16
*51
Hathaway Mfg
75c. June 1 Holders of rec. May 15
Helena Rubinstein. Inc., pref. (quar.)._
6240. June 1 lloiders of rec. May 20
Hobart Manufacturing (guar.)
"(u) July 1 *Holders of rec. June 15
Holland Furnace (quar.)
20
June 29 June 9 to June 29
(No.
1)
Home Oil Co., I.td.
Hood Rubber Products, pref. (quar.)_ •14 June 1 *May 21 to June 1
be. May 25 Holders of rec. May 13
Illinois Cash Credit Corp., corn.(quar.)
0) May 25 Holders of rec. May 13
Common (1-100th share pref. stock)
20e. May 25 Holders of rec. May 13
Preferred (guar.)
10e. May 25 Holders of rec. May 13
Preferred (extra)
(j) May 25 Holders of rec. May 13
Preferred (I-100th share pref. stock)..
134 June I Holders of rec. May 20
Indiana Limestone, Pref. (guar.)
Industrial Discount Co. (Amsterdam)$1.60 May 15 Holders of Coupon No. 2
American share certificates
Iaternat. Harvester common (guar.)---- "624c July 15 *Holders of rec. June 25
Internat. Nickel of Canada, corn. (qu.). "20e. June 29 *Holders of rec. June 1
"45c. July 1 *Holders of rec. June 15
Interstate Hosiery SIIlls (No. 1)
4.1
June 1 *Holders of rec. May 20
Interstate Iron & Steel, pref. (quar.)July 1 *Holders of rec. June 20
Investors Equity Co., Inc., common_- *51
*15c.
May 15 *Holders of rec. May 10
Cap
Iron
Copper Co. pref.(guar.)
'750. July 1 *Holders of rec. June 15
Jefferson Electric (guar.)
*75c. Oct. 1 *Holders of roe. Sept. 17
Quarterly
'75e. July 15 *Holders of rec. July 3
Jewel Tea common (guar.)
June 15'Holders of rec. June 3
•$1
Common (extra)
"175 June 20 *Holders of rec. June 3
Common (payable in corn. stock)
U)
3301
VMS
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Johnson & Phillips, LtdAmerican dep. receipts ordinary shs__ *05 May 16 "Holders of rec. May 4
Johnson-Stephens-Shikle Shoe (guar.)-- "624c June 1 *Holders of roe. May 15
Kelsey-Hayes Wheel, corn. (guar.)
50e. July 1 Holders of rec. June 20
Keystone Investing Corp., cl. A (No. 1)_ "374c June 1 *Holders of rec. May 20
Kuppenheimer (B.) & Co., corn
*51
July 1 *Holders of rec. June 22
"14 June 1 *Holders of rec. May 24
Preferred (guar.)
Legare(P.T.) Co., Ltd.(Que.), Pt.(qu.) 134 June 1 Holders of rec. May 15
Libbey-Owens Sheet Glass, corn. (qTh)
•50c. June 1 *Holders of rec. May 22
Lake Shore Mines, Ltd.(guar.)
"20c. June 15 *Holders of rec. June I
Libby, McNeil& Libby prof
"83.50 July 1 *Holders of roe. June 14
*374e June 15 *Holders of rec. June 5
Lunkenheimer Co., corn. (guar.)
May Hosiery Mills, pref. (guar.)
$I
June 1 Holders of rec. May 22
"14 June 1 *Holders of rec. May 21
Mead Pulp & Paper, pref.(guar.)
Medan (F.) Mfg.-dividend omitted50e. June I May 16 to May 31
Metropolitan Paving Brick. corn. (qu.)_
14 July 1 June 2 to June 30
Preferred (quar.)
"814c June 1 *Holders of rec. May 20
Metal Textile Corp. panic. pref
*50c. June I *Holders of rec. May 18
Meteor Motor Co. (guar.)
124c June 13 Holders of rec. May 30
Mining Corp. of Canada (interim)
Montreal Cottons, Ltd., common (qu.). 14 June 15 Holders of rec. May 31
14 June 15 Holders of rec. May 31
Preferred (guar.)
40c. June 1 Holders of rec. May 20
National Family Stores, Inc., corn. (qu.)
50c. June 1 Holders of rec. May 20
Preference (guar.)
"14 June 29 *Holders of rec. June 14
National Lead common (guar.)
'1)4 Aug. 1 'Holders of rec. July 19
Preferred class B (guar.)
+25c. June 1 *Holders of rec. May 15
Neill Corporation common (guar.)
*34 June 1 'Holders of rec. May 17
New Bedford Cordage common
'1% June I *Holders of rec. May 17
Preferred (guar.)
"274c July 1 *Holders of rec. June 14
Newberry (J. J.) Co. common (guar.)
Newmarket Manufacturing-Dividend o mined .
75c. June 1 Holders of rec. May 20
N.Y.& London Management pref.(qu.)
•50c. June 28 *Holders of rec. June 13
New York Transportation (guar.)
*60e. July 2 *Holders of rec. June 1
Nickel Holdings Corp.(guar.)
North Amer. Provision, pref. (guar.)_ _ _ •14 July 1 *Holders of rec. June 10
July I Holders of rec. June 7
$2
Northern Pipe Line
Ogilvie Flour Mills, pref. (guar.)
134 June 1 Holders of rec. May 22
*e10
June 25'Holders of rec. June 10
011stocks, Ltd.(stock dividend)
Oliver Farm Equip., pante. stk.(guar.)- "75c. July 1 'Holders of rec. June 10
"51.50 July 1 *Holders of rec. June 10
Series A prior pref. (quar.)
•2
July 1 *Holders of rec. June 14
Omnibus Corp.. pref.(guar.)
Oshkosh Overall, pref.(qu.)(No. 1)---- *50c. June 1 *Holders of rec. May 20
Oxford Paper pref. A (guar.)
•$1.50 June I *Holders of rec. May 15
Pacific Coast Biscuit common (quar.)--- "250. Aug. 1 *Holders of rec. July 16
*874c Aug. 1 *Holders of rec. July 16
Preferred (guar.)
Paramount Famous Lasky Corp. (guar.) 750. June 29 Holders of rec. June 70
*50c. July 1 'Holders of rec. June 10
Pittsburgh Plate Glass (quar.)
"75e June 29 *Holders of rec. May 31
Prairie Pipe Line (guar.)
*50c. June 29 "Holders of rec. May 31
Extra
•70e. June 1 *Holders of rec. May 20
Prentice-Hall, Inc.. corn. (No. 1)
"75c. June 1 *Holders of rec. May 20
Participating stock (guar.)
1
June 15 Holders of rec. May 25a
Procter & Gamble Co.5% pref. (quar.)50c. June 1 Holders of rec. May 20
Propper Silk Hosiery Mills corn.(qu.)_ _ _
+$1
July 15 'Holders of rec. July 1
Quaker Oats Co., corn.(guar.)
*14 Aug. 31 'Holders of rec. Aug. 1
Preferred (quar.)
Reeves (Daniel) Inc. common (No. 1)_.. •30c. June 15 *Holders of rec. May 31
1 .624 June 15'Holders of rec. May 31
Preferred(guar.)
Remington Typewriter common (guar.)- •51.25 July 1 *Holders of rec. June 8
•
July 1 'Holders of rec. June 8
First preferred (quar.)
"2
July 1 'Holders of rec. June 8
Second preferred (guar.)
Selfridge Provincial Stores. Ltd.Amer. deposit rcts, for ord. shares---- * w3i,4 June 7 *Holders of rec. May 16
•50c. July 10 *Holders of rec. June 20
Shattuck (Frank G.) Co.(guar.)
*50c. July 1 'Holders of rec. June 8
Sheffield Steel, corn. (quar.)
July 1 *Holders of rec. June 8
Common (payable in common stock)- _ *11
*14 July 1 *Holders of rec. June 20
Preferred (guar.)
35e. July 1 Holders of roe. June 4
Shell Union Oil, corn.(guar.)
•$1.25 June 15'Holders of rec. June 1
Shubert Theatres common (guar.)
*50c. July 15 *Holders of rec. June 15
Sinclair Consol. Oil Corp. corn.(guar.)
"25e. July 15'Holders of rec. June 15
Common (extra)
"$1.25 June 20'Holders of rec. May 31
Solar Refining
Southern Grocery Stores class A (guar.)- *624c May 31 +Holders of rec. May 15
"45c. June I "Illoders of rec. May 15
Southwestern Stores pref. A (guar.)
_
75e. June 29 Holders of rec. June 14
Sparks-Withington Co. corn.(guar.)
June 29 Holders of rec. June 14
51
Common (extra)
14 June 15 Holders of rec. June 5
Preferred (guar.)
'123.4e June 1 *Holders of rec. May 20
Specialized Shares common (guar.)
•750. June 1 'Holders of rec. May 20
Preferred A dr B(guar.)
25e. June 15 Holders of rec. May 25
Standard Oil(N. J.) $25 par stk.(qu.)
25e. June 15 Holders of rec. May 25
$25 par value stock (extra)
1
June 15 Holders of rec. May 25
$100 par value stock (quar.)
June 15 Holders of rec. May 25
$100 par value stock (extra)
1
Sterling Securities Corp. pref.(guar.)_ _ _
14 June 1 Holders of rec. May 18
June 1 Holders of rec. May 18
Preference (extra)
250. June 15 Holders of rec. May 310
Tennessee Copper dr Chemical (guar.)
Texas Gulf Sulphur (guar.)
June 15'Holders of rec. June 1
.51
Thermatomic Corp. common (guar.)._
•50e. June 1 *Holders of rec. May 22
*2
June 1 'Holders of rec. May 22
Preferred (guar.)
Thompson Products, pref.(guar.)
1.4 June 1 Holders of rec. May 20
Tubize Artificial Silk class A dr B (qu.) •$2.50 July 1 *Holders of rec. June 20
Twin Bell Syndicate No.2(speclal)
May 22 *Holders of rec. May 16
*$5
Union Mills, cont. (guar.)
•50c. June 1 *Holders of rec. May 17
Preferred (guar.)
June 1 *Holders of rec. may 17
United Cigar Stores of Am. corn.(qu.)._
25e. July 1 Holders of rec. June 7
United Fruit (guar.)
July 1 'Holders of rec. June 1
'El
U.S. Dairy Products let pref.(guar.)._
134 June 1 Holders of rec. May 200
Second preferred (quar.)
2
June 1 Holders of rec. May 200
U. S. Freight (guar.)
"75c. June 10 'Holders of rec. May 14
Valvoline Oil common (guar.)
1)4 June 17 Holders of rec. June 14
Vesta Battery pref.(guar.)
*14 June 1 'Holders of rec. May 21
V. O. C. Holding Co., Ltd., com. & pfd _ *224
Walker(Iliram)-Gooderham dr Worts,Ltd .250. June 15 Holders of coup. No. 7
Bearer shares (new stock) (quar.)---25e. June 15 Holders of rec. May 31
Registered shares (new stock) (guar.).
Walworth Co. common (guar.)
•300. June 15'Holders of rec. June 1
Preferred (guar.)
*75e. June 29 *Holders of rec. June 19
Wagner Electric Co. common (quar.)--- 373.4e June 1 Holders of rec. May 15
Ward Baking Corp. pref.(guar.)
134 July 1 Holders of rec. June 17
Welch Grape Juice common (guar.)
25c. May 31 Holders of rec. May 15
Common (extra)
25e. May 31 Holders of rec. May IS
Preferred (guar.)
14 May 31 Holders of rec. May IS
Wellington Oil (guar.)
June 15'Holders of rec. May 31
*5
Extra
June 15 *Holders of rec. May 31
*5
Willys-Overland Co.. pref. (guar.)
"14 July 1 *Holders of rec. June 15
Windsor Hotel (Montreal) pref. (guar.)_
1)4 June 1 Holders of rec. May 15
Winton Engine cony. pref.(quar.)
,•Holders of rec. May 23
•75e.
Yale & Towne Mfg.(guar.)
July 11 Holders of rec. June 10
SI
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.
Per When
Cent. Payable.
Railroads (Steam).
Alabama Great Southern. ordinary
$2
June 28
$1.50 June 28
Ordinary (extra)
Aug. 15
Preferred
$2
Preferred (extra)
$1.50 Aug. 15
24 June 1
Atch. Top. & Santa Fe corn.(quar.)__._
3
July 10
Atlantic Coast Line RR., corn
14 July 10
Common (extra)
Baltimore & Ohio. corn.(guar.)
134 June 1
1
June 1
Preferred (guar.)
87e. July 1
Bangor & Aroostook. Cuts.(guar.)
14 July 1
Preferred (guar.)
234 June 29
Canadian Pacific, corn. (guar.)
Books Closed
Days Inclusive.
Holders of rec. May 24
Holders of rec. May 24
Holders of rec. July 11
Holders of rec. July 11
Holders of rec. May 3.3
Holders of roe. June 120
Holders of roe. June 120
Holders of rec. Apr. 134
Holders of rec. Apr. 134
Holders of rec. May 31a
Holders of rec. May 31a
Holders of rec. May Ela
3302
Name of Company.
When
Per
Cent. Payable.
Books GIG:ea
Days Inclusive.
Railroads (Steam) (Concluded),
$1.15 May 22 Holders of rec. May lla
Catawissa, preferred
335 July I Holders of rec. June 8a
Chesapeake & Ohio. preferred
155 June 29 Holders of rec. May 310
Chic. R. I. dr Pacific, corn. (quar.)
June 29 Holders of rec. May 31a
3
6% preferred
335 June 29 Holders of rec. May 310
7% preferred
Cln. N.O.& Texas Pac.. pref. (quar.)._ *IX June 1 *Holders of rec. May 15
87350. June 1 Holders of rec. May 10
Cleve.& Pittsburgh, guar.(quar.)
50c. June 1 Holders of rec. May 10
Special guar.stock (quar.)
Co.
(quar.)
Delaware & Hudson
235 June 20 Holders of rec. May 280
Ga.Southern dr Fla., let & 2d pref
235 May 23 Holders of rec. May 9
135 June 1 Holders of rec. May 160
Hudson Sz Manhattan,common
135 June 1 Holders of rec. May 100
Illinois Central. corn. (quar.)
July 1 Holders of rec. June 15
1
Maine Central, common (quar.)
135 June 1 Holders of rec. May 15
Preferred (quar.)
•e60 Subj. to stockholders' meet. July 9
Nash. Chat.& St. Louis(in stock)
New Orleans Texas de Mexico (quar.)_ _ _
135 June 1 Holders of rec. May 150
N. Y. Chic. & St. Louis, com.& pf.(q11.) 134 July 1 Holders of rec. May 15a
June 19 Holders of rec. May 31a
Norfolk & Western, corn.(quar.)
2
1 May 18 Holders of rec. Anr. 300
Adjustment pref.(quar.)
.3
June 1 *Holders of rec. May 1
Ontario & Quebec, capital stock
*235 June 1 *Holders of rec. May 1
Debenture stock (guar.)
$1
May 31 Holders of rec. May la
Pennsylvania RR.(quar.)
$1.50 June 1 Holders of rec. May 15
Pittsb. Bessemer & Lake Erie, pref
50c. June 13 Holders of rec. May 230
Reading Co. 1st pref. (quar.)
July 1 IIolders of rec. June la
2
St. Louis-San Francisco, corn.(quar.) _
135 Aug. 1 Holders of roe. July ir
Preferred (quar.)
le
135 Nov. 1 Holders of rec. Oct
Preferred ((mar.)
135 July 1 Holders of rec. May 240
Southern Pacific Co.(quar.)
234 July I Holders of rec. June la
Union Pacific. corn.(quar.)
135 May 25 Apr. 21 to May 20
Wabash Sty., pref. A (Guar)
Public Utilities.
25e. July 1 Holders of rec. June 11
Amer. Gas & Elec., corn.(quar.)
Common (I-50th share common stock) (f) July 1 Holders of rec. June 11
$1.50 Aug. 1 Holders of rec. July 8
Preferred (qual.)
250. June 1 Holders of rec. May 16a
Amer.Power & Light,corn.(qual.)
If) June 1 Holders of rec. May 15a
Corn.(1-50th share torn. stock)
pf.
Amer. Water Wks.& Elec., lot
(a.)- $1.50 July 1 Holders of rec. June 126
Associated Gas & Elec. $6 pref.(quar.)-- $1.50 June 1 Holders of rec. Apr. 30
1.6235 June 1 Holders of rec. Apr. 30
$6.50 preferred (guar.)
$1.25 June 15 Holders of rec. May 16
$5 preferred (quar.)
"31.75 July 1 *Holders of rec. May 31
$7 preferre • (quar.)
July 1 *Holders of rec. May 31
•8734c
Original preferred (quar.)
135 June 1 Holders of rec. May 15a
Baton Rouge Elec. Co.. pref. A (quar.)$3 June 1 Holders of rec. May 150
Blackstone Val. Gas & Elec.. prof
500. June 1 Holders of rec. Apr. 30
Brazilian Ty., Lt. & Pow., corn.(quar.).
June 1 Holders of rec. May 10a
2
Brooklyn Edison Co. (quar.)
Cent. Arkansas Pub.Serv., pfd.(quar.). 135 June I Holders of rec. May 15a
Central Gas & Elec. Co., pref. (quar.)*$ 1.6235 June 1 *Holders of rec. May 16
311.50 July 15 *Holders of rec. June 30
Central III. Public Sera/ pfd.(qu.)
•155 June 1 *Holders of rec. May 20
Central Indiana Power, pref. (quar.)
•4315c June 15 *Holders of rec. May 27
Central Public Serv., el. A (quar.)
•650. June 1 *Holders of reo. May 21
Chicago Rapid Transit, pr. pf. A (q11.)
•60c. June 1 *Holders of reo. May 21
Prior pref.. series B (quar.)
Chic, South Shore At South Bend RR
135 June 1 Holders of rec. May 15
Preferred, class A (quan)
135 June 1 Holders of rec. May 15
Cleveland Electric Ilium., pref. (quar.)_
75c. June 15 Holders of rec. May 100
Consol. Gas of N. Y., corn. (quar.)_
$1.25 July 1 Holders of reo. June 15
Consumers Power, $5 pref. (quar.)
135 July 1 Holders of me. June 15
6% preferred (quar.)
$1.65 July 1 Holders of reo. June 15
6.6% preferred (quar.)
135 July 1 Holders of rec. June 15
7% preferred (quar.)
50c. June 1 Holders of reo. May 15
6% preferred (monthly)
50c. July 1 Holders of rec. June 15
6% preferred (monthly)
55c. June 1 Holders of rec. May 15
6.8% preferred (monthly)
Mc. July 1 Holders of reo. June 15
6.8% preferred (monthly)
July 15 Holders of rec. June 20a
2
Detroit Edison (quar.)
*50c. June 1 *Holders of rec. May 15
Empire Gas & Fuel..6% pref. (mthly.)
1 *Holders of rec. May 15
June
c
5541
.
63-4% preferred (mthly.)
"584 c June 1 *Holders of rec. May 15
7% preferred (mthly )
.c June 1 *Holders of rec. May 15
5662
8% preferred (mthly.)
25c. July 1 Holders of rec. June 4
Engineers Public Service, corn.(quar.).._
$1.25 July 1 Holders of rec. June 4a
$5 preferred (quar.)
July I Holders of rec. June 4a
1.3735
$
preferred
(quar.)
$5.50
•75e. July 1 *Holders of rec. May 15
Fall River Electric Light (quar.)
Federal Light & Tract., corn. (qu.)._
3734e. July 1 Holders of rec. June I30
July 1 Holders of rec. June 136
1
Common (payable in corn. stock)_ _
135 June 1 Holders of rec. May 150
Preferred (quar.)
50c. June 1 Holders of rec. May 2
zFederal Water Service, class A (guar.).
$1.80 June 1 Holders of rec. May 20
Gary Rys., class A (quar.)
75c. June 1 Holders of rec. May 146
Hackensack Water, corn
8735c June 1 Holders of rec. May 140
Preferred
$1.50 June 1 Holders of rec. May 10,1
Havana Electric Sty., pref. (quar.)
135 July 1 Holders of rec. June 12a
Indianapolis Water. 5% pref. A (quar.)_
135 June 1 Holders of rec. May 15
Indiana Service Corp.. 7% pref.(quar.)_
134 June 1 Holders of rec. May 15
6% preferred (quar.)
(guar.).
May 20 *Holders of roe. May 1
*8735c
junior
pref.
Utilities,
Kentucky
$1 June 1 Holders of rec. May 20
Keystone Telephone, pref.(quar.)
Louisville Gas & Electric Co.(Del.)4334e June 25 Holders of rec. May 31a
Common A and B (quar.)
*320 May 18 *Holders of rec. May 14
Marconi Wireless Tel., Ltd., ord
May 18 'Holders of rec. May 14
•10
Preferred (interim)
$2
June 1 May 18 to June 3
Massachusetts Gas Co.. pref
Monongahela West Penn Public Service
4355c. July 1 Holders of rec. June 15
Seven per cent prof.(quar.)
25c. June 1 Holders of rec. May lla
Nat. Power & Light, corn.(quar.)
135 June 1 Holders of rec. May 15
Nebraska Power. pref. (guar.)
"450. June 30 "Holders of rec. June 15
New England Pub. Berv.. corn,(quar.)
*$1.75 June 15 *Holders of rec. May 31
Prior lien pref.(quar.)
North Amer. Co.. cam.(In corn.stock)- f234 July 1 Holders of rec. June 56
75e. July 1 Holders of rec. June 5a
Preferred (quar.)
$1.50 June 1 Holders of rec. May 15a
North American Edison. prof. (quar.)
North Amer. Utility Sec., lot pref. (qu.) $1.50 June 15 Holders of rec. May 31
$1.50 June 1 Holders of rec. May 31
First pref. allot. certificates (quar.)
Holders of rec. May 20
135 June
Northern States Pow.(Wisc.) pf. (qu.) _
Holders of rec. May 15
135 June
Ohio Edison Co.6% pref. (quar.)-.
Holders
of rec. May 16
June
1.85
preferred
(quar.)
6.6%
Holders of rec. May 16
135 June
7% preferred (quar.)
Holders of rec. May 16
135 June
Preferred
(num.)
6%
Holders of reo. May 15
50e. June
6% preferred (monthly)
Holders of rec. May 16
550. June
6.8% preferred 'monthly)...... _ _ _
Holders of rec. May 31
June
I
154
prof.
Elec.,
Gas
&
Oklahoma
Holders of rec. Mayd20
June
d
37350
Pennsylvania G.& E. Corp., el. A (au).
Holders of rec. 4June20
134 dJuly
7% preferred (quar.)
Holders
of rec. 4June20
dJuly
$1.75
$7 preferred (quar.)
Holders of rec. May 16
Penn-Ohio Edison 7% prior Pref.(qu.)_. 135 June
Holders
of rec. July 20
Aug.
$1.50
pref.
(quar)
$8
&
Lt.,
Pa.-Ohio Pow.
Holders of rec. July 20
135 Aug.
7% preferred (quar.)
Holders of rec. May 20
60c. June
7.2% preferred (monthly)
Holders of rec. June 20
60c. July
7.2% preferred (monthly)
Holders of rec. July 20
60c. Aug.
7.2% preferred (monthly)
Holders of rec. May 20
June
55c.
(monthly)
6.6% preferred
Holders of rec. June 20
Mc. July
6.6% preferred (monthly)
Holders of rec. July 20
55c. Aug.
(monthly)
6.6% preferred
Holders of rec. May 310
1
June
50c.
Philadelphia Electric Co (quar.)
lla
Phila. Suburban Water, pref. (quar.)__. 135 June 1 Holders of rec. May
134 June 1 Holders of rec. May 15
Portland Electric Power,2d pref.(qu.)
of
Holders
rec.
May
3a
May
31
50c.
13'ub. Service Corp. of N. J., pl.(mthly.)
May 20
Southern Calif. Edison pref. ser. A (qu.)_ 43K c June 15 Holders of rec.
of
rec.
May
20
Holders
15
June
3735c.
Preferred series B.(qual.)
50c. May 25 Holders of rec. Apr. 30
Southern Colorado Pow., corn. A(MO
135 June 15 Holders of rec. May 31
Preferred (quar.)
Holders of rec. May 15
Southwestern Power & Light, prof. (qu.) 134 June
Holders of rec. June 16
135 July
Tennessee Pow & Lt., 5% tat pt.(qu.)-Holders
of rec. June 15
July
135
6% 1st pref. (guar.)
Holders of rec. June 15
134 July
7% let preferred (guar.)
Holders of rec. June 15
1.80 July
7.2% 1st preferred (quar.)
Holders of rec. May 15
50e, June
8% 1st preferred (monthly)
Holders of rec. June 15
60e, July
6% let preferred (monthly)
of rec. May 15
Holders
June
80e.
7.2% 1st preferred (monthly)
Holdersof rec. June 15
600. July
7.2% 1st preferred (monthly)
[Vol,. 128.
FINANCIAL CHRONICLE
Name of Company.
Per
When
Cent. Payable.
Public Utilities (Concluded).
United Gas Co., $7 pt., ser. A (quar.)-. $1.76 June 1
United Gas Improvement (quar.)
$1.12 34 June 29
Utilities Power & Light. corn. B
*f100 Sub). to
Utah Power & Light, $7 pref.(quar.)
$1.75 July 1
$8 preferred (guar.)
$1.50 July 1
Va. Elec. & Power. 7% pref. (quer.)---15( June 20
Six per cent Prof.(guar.)
135 June 20
Western Power, pref. (quar.)
131 July 15
West Ohlo Gas Co., pref., cl. A (qu.)
134 June I
West Penn Rye Co., pref. (quar.)
135 June 15
Wisconsin Public Service, 7% pfd (qu.)
135 June 20
634% preferred (quar.)
134 June 20
135 June 20
6% preferred (quar.)
Banks.
Continental(Interim)
Books Closed
Days Inclusive.
Holders of rec. May 15
Holders of rec. May 81a
stkhlrs. meeting May 22
Holders of rec. June 5
Holders of rec. June 5
Holders of rec. May 356
Holders of rec. May 31a
Holders of reo. July! 1
Holders of rec. May la
Holders of recs. May 25
Holders of rec. May 21
Holders of reo. May 21
Holders of rec. May 21
$3.75 June 15 Holders of rec. May 14a
Miscellaneous.
Holders of rec. June 20
Abbott Laboratories, corn.(No. 1)
500, July
Abbotts Dairies, corn. (quar.)
June
*Holders of rec. May 15
*31
•13j June
*Holders of ree. May 15
First and second preferred (quar.)
Ainsworth Mfg.(No. 1)
.1.8235c June
*Holders of rec. May 20
Holders of rec. Apr. 30
Allegheny Steel, corn. (monthly)
150. May 1
•134 June
Preferred (quar.)
*Holders of fee. May 15
•135 Sept. 'Holders of reo. Aug. 15
Preferred (quar.)
•15.1 Dee.
*Holders of reo. Nov. 15
Preferred (quar.)
'50c. June 3 'Holders of roe. June 15
Aluminum Mfrs., corn. (quar.)
•500. Sept.3 *Holders of roe. Sept. 15
Common (quar.)
'50c. Dec. 3 *Holders of me. Dee, 15
Common ((plan)
•1% June 3 "Holders of reo. June 15
Preferred (guar.)
•1% Sept. 3 'Holders of rec. Sept. 15
Preferred (guar.)
'134 Dee, 3 *Holders of rec. Deo. 15
Preferred (quar.)
*Holders of rec. May 15
American Capital Corp., corn. A (No. 1) *50c. June
•50c. June
*Holders of rec. May 16
Common A (special)
"Holders of rec. May 15
• $1.375 June
Prior preferred (quar.)
Holders of rec. June 124
60c, July
American Chicle, common (quar.)
American Founders Corp.Holders of roe. May 31
Corn.(1-10th share corn. stock)
(I) June I
75e, June
Holders of rec. May 15
Amer.& General Securities, lst pref.(qu)
30e. June
Holders of rec. May 140
Amer. Home Products (monthly)
&mei% Internat. Corp.Oct.
*e2
Common (stock dividend)
"Holders of reo. May 204
June
*$I
tater. Laundry Mach.. corn,(quar.)
*Holders of reo. May 20
.$1
June
Quarterly
tmerican ManufacturingHolders of roe. June 15
750. July
Common (quit.)
Holders of reo. Sept.15
750. Oct.
Common (quar.)
750. Boo. 3 Holders of rec. Dee, 15
Common (quar.)
Mar,
3
Holders of rec. Mar. 15
135
Preferred (guar.)
131 July
Holders of reo. June 15
Preferred (quar.)
Holders of rec. Sept. 15
134 Oct.
Preferred (quar.)
1 X Dee. 3 Holders of rec. Doe. 15
Preferred (quar.)
Holders of rec. May 21a
75e. June
American Metal, common (quar.)
Holders of ree. May 21a
134 June
Preferred (guar.)
Holders of rec. May 18
62 34c June
Amer. Multigraph, corn. (quar.)
$1.50 June 2 Holders of reo. June lla
American Radiator. corn.(quar.)
Amer. Radiator & Stand. Sanitary Corp.
3735e. June 2 Holders of rec. June lla
Common (quar.)
$1.87 June
Holders of rec. May 150
Preferred (guar.)
•50c. July 1 *Holders of rec. July 1
American Rolling Mill, corn. (quar.)
July 3 Holders of rec. July la
15
Common (payablein common stock)
*Holders of rec. June 20
*75e. July
American Seating, corn, (quar.)
131 June
Holders of rec. May 30
Amer. Smelt. & Rehr. prof. (quar.)
135 July
Holders of rec. June 50
American Sugar Refining, corn. (quar.)_
135 July
Holders of rec. June 6a
Preferred (quar.)
June
Holders of roe. May 100
Amer. Tobacco, corn. & corn. B (quar.)_ $2
750. July
holders of rec. June 180
Amer. Writing Paper, pref.(quar.)
.25c. July
•IIolders of rec. June 20
Amrad Corp., cona. (quar.)(No. 1)
$1.75 May 2 Holders of rec. Mar. 290
lnaconda Copper Mining (quar.)
*Holders of rec. June 16
•3734c July
Armstrong Cork (quar.)
*Holders of reo. June 15
'1234e July
Extra
$1.75 June
Holders of reo. May 154
Artloom Corp., pref. (quar.)
Associated Apparel IndustriesHolders of reo. May 210
331.o. June
Common (monthly)
Holders of rec. June 200
331,e. July
Common (monthly)
Holders of reo. May lla
135 June
Associated Dry Goods 1st pref.(guar.)._
Holders of roe. May Ill
135 June
Second preferred (quar.)
500. June 2 Holders of rec. June 170
Associated Oil (quar.)
atlantic Gulf & West Indies 8.8. Lines,
June 2 Holders of reo. June 100
$1
Preferred (guar.)
Sept.3 Holders of rim. Sept. 100
$I
Preferred (quar.)
Dec. 3 Holders of ree. Doe. lla
21
Preferred (quar.)
25e. June 1 Holders of rec. May 21
Atlantic Refining, corn. (quar.)
Holders of rec. May 21
25e. June 1
Common (extra)
*Holders of rec. May 15
Atlantic Seem% Corp.. Pr. (qu.)(No. 1). •750. June
'Holders of reo. May 20
Atlas Imperial Diesel Engine (quar.)___. *50e. June
Holders of reo. May 310
June 1
$1
Atlas Powder, common (quar.)
*Holders of rec. May 16
Atlas Stores Corp., common (quar.)..... '62350 June
'Holders of roe. June 20
"134 July
Babcock & Wilcox Co.(quar.)
Holders of roe. May 1
135 July
Bakers Share Corp.. Coln,(qI.)
Holders of rec. Aug. 1
135 Oct
Common (quar.)
135 Jan l'3 Holders of rec. Nov. 1
Common (quar.)
'Holders of rec. May 20
•25c. June
Balaban & Katz, corn. (monthly)
*Holders of rec. June 20
•25c. July
Common (monthly)
Holders of roe. May 130
Bamberger (L.) & Co..635% Pf.(11l1.)- 14 June
Holders of roe. Aug. 120
635% preferred (Guar.)
134 Sept.
Holders of reo. Nov. 110
134 Dee.
635% preferred (quar.)
Bankers Capital Corp., pref. (quar.)- 42
July 1 '[Solders of roe. July 1
Oct. 1 *Holders of reo. Sept.30
.$2
Preferred (quar.)
Jan15'30 'Holders of rec. Deo. 31
Preferred (quar.)
3.$2
Bastian Blessing Co., corn, (quar.)
•6234c June 1 *Holders of rec. May 15
Preferred (quar.)
•$1.75 July 1 *Holders of reo. June 16
Bawlf Grain Co., Ltd., pref.(quer.) 135 June 1 Holders of rec. May 15
Bearings Co. of Amer., 1st pref.(guar.). •135 June 29 *Holders of rec. June 16
Berkshire Fine Spinning AssociatesCommon (quar,)
750. June 1 Holders of roe. May 15
114 June 1 Holders of rec. may 15
Convertible Preferred (guar.)
Bethlehem Steel common (guar.)
Aug. 16 Holders of rec. July 194
31
Holders of rec. June la
Preferred (quar.)
135 July
*Holders of rec. July 18
Sigelow-Hartford Carpet. Prof. (quar.)-'
1 34 Aug.
*Holders of reo. Oct. 18
Preferred (quar.)
Nov.
•1
Holders of reo. May 21
[[law-Knox Co.(quar.)
25e. June
*Holders of rec. May 25
1Xohn Refrigerator. pref. (quar.)
June
.2
Holders of rec. May 154
Borden Co., com.($25 par)(No. I)____
750. June
Holders of reo. May 150
$50 par stock (quar.)
$1.50 June
Holders of rec. June 1
Boston Woven Hose & Bubb., com.(qu.) $1.50 June 1
Holders of reo. June 1
June 1
Preferred
$3
*Holders of rec. May 18
Brach (E. J.) & Co., common (guar.)._ .500. June
'Holders of rec. May 17
Brill Corp., preferred (quar.)
"I 34 June
British-American Brewery, Cl. A-divide nd omi Med.
British Type Investors, lac.Class A (bi-monthly)
Mo. June 1 Holders of reo. May 1
60c. May 31 Holders of reo. May 15
Brown Fence & Wire, class A (quar.)....Class B (quar.)
600. May 31 Holders of reo. May 15
10
Brown Mfg., corn. (guar.)
'62340 June I *Holders of roe. May 15
June 1 *Holders of rec. May
Preferred (quar.)
Brown Shoe,corn.(quar.)
6235e. June 1 holders of roe. May 20
June 15 Holders of rec. Apr. 22
Buckeye Pipe Line (guar.)
31
June 15 Holders of reo. Apr. 22
Extra
51
250. July 1 Holders of rec. May 290
Bucyrus-Erie Co., corn. (quar.)
134 July 1 Holders of reo. May 290
Preferred (quar.)
62)4o. July 1 Holders of ree. May 290
Convertible preference (quar.)
87350. June 1 'Holders of roe. May 15
Bulova Watch.cony. Prof.(quar.)
760. June 10 Holders of reo. May 27.
Burroughs Adding Mach. (qnar.)
•50c. June 1 *Holders of reo. May 15
Byron Jackson Pump, corn. (quar.)
June 15 Raiders of rec. May 310
California Packing (quar.)
$1
Holders of reo. May 310
June 1
Calumet & Arizona Mining (quar.)
$12.50 June 29 Holders of reo. May 310
Calumet & Hecla Cons. Copper Co.(au.) $
*Holders
of Yee. May 15
1
June
•50e.
Campbell. Wyant & Cannon Fdy.(qu.)Canada Wire & Cable corn. A (No. 1)... *50o. June 15 *Holders of reo. May 15
•13-16 June 15 *Holders of rec. May 15
Preferred
MAY 18 1929.]
Nome of Company.
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
-
Boots Closed
Days Inclusive.
Miscellaneous (Continued).
Canadian Car & Fdy., corn.(guar.).- 1( May 30 Holders of rec. May 15
$1.75 June 30 Holders of tee. May 20
Canfield 011, com.& first (guar.)
$1.75 Sent.30 Holders of rec. Aug. 20
Comm...a & preferred(guar.)
31.75 Dec. 81 Holders of Pr. Nov. 20
Common & preferred (guar.)
500. June 1 Holders of rec. May 15
Carman & Co.,class A (guar.)
0750. May 25 *Holders of rec. May 15
Caterpillar Tractor (guar.)
Celluloid Company.$7 Pref.(guar.).- $1.75 June 1 Holders of rec. May 10
$1.75 June 1 Holders of tee. May 10
1st[Artie. pref. (guar.)
$1.75 June 1 Holders of rec. May 18a
Century Ribbon Mills. pt. (guar.)
Chicago(The) Corp.,83 pref.(guar.)... 750, June 1 Holders of rec. May 15a
250. June 1 Holders of rec. May 200
Chicago Yellow Cab (monthly)
750. July 1 Holders of rec. June 100
Chickasha Cotton 011 (guar.)
Childs Company common (ma?.)
600. June 10 Holders of rec. May 24a
134 June 10 Holders of rec. May 24a
Preferred (guar.)
87 tic June 28 Holders of rec. June la
Chile Copper Co.(guar.)
Chrysler Corporation (guar.)
760. June 29 Holders of rec. May 31a
900. May 31 Holders of tee. May 15a
City Ice & Fuel (Cleve.). cora.(guar.).Preferred (guar.)
134 June 1 Holders of rec. May 15a
City Radio Stored, common (guar.)._ 37540. June 1 Holders of tee. May 156
Cleveland Quarries
600. June 1 Holders of rec. May 15
Extra
25e. June 1 Holders of rec. May lb
Cleveland Stone, common (guar.)
050e. June 1 "Holders of rec. May 16
Common (guar.)
.60c. Sept. 1 *Holders of rec. Aug 16
Coca-Cola Co.. corn. (guar.)
$1 July 1 Holders of tee. June 126
Class A (No. 1)
$1.50 July 1 Holders of rec. June 12a
Cohn-Hall-Marx. corn. (guar.)
6234o. July 1 Holders of rec. June 16
Colgate Palmolive Peet Co. pref.(guar.) 134 July 1 Holders of rec. June 8
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 7
Preferred 'guar.)
114 Janl'30 Holden' of rec. Dec. 7
Collins & Alkman Corp., pref.(guar.)...
June 1 Holders of rec. May 20a
Colorado Fuel & iron, pref.(guar.)
2
May 25 Holders of rec. May 100
Columbia Phonograph, Inc
May 25 Holders of rec. May 100
$4
Columbia Pictures Corp.. pref. (guar.).
750. June 1 Holders of rec. May 15
Columbus Auto Parts. pref.(guar.)._
60e. June 1 Holders of rec. May 18
Community Motors Service Co.
First preferred (guar.)
*11.75 June 1 'Holders of rec. May 20
Community State Corp.. A & B (guar.). IN Sept. 2 Holders of tee. Aug. 28
Claes A & B (guar.)
1 li Des. 31 Holders of rec. Des. 20
3.‘ July 1 *Holders of rec. June 15
Consumers Co. prior pref. (guar.)
Continental Amer. Bank Shares A (gu.) *260. June 1 *Holders of rec. May 20
IA July 1 Holders of rec. June 16a
Continental Can, preferred (guar.)
Continental Food Stores class A (guar.). '37540 June 1 *Holders of rec. May 11
•134 June 1 *Holders of rec. May 11
First preferred (Misr.)
Continental Securities. pref.(guar.).- *81.25 June 1 *Holders of roe. May 15
*600. Nov. 1 *Holders of rec. Oct. 10
Coon(W. B.) Co.. corn
'700. Aug. 1 *Holders of rec. July 10
Common
Preferred
•154 Nov. 1 *Holders of tee. Oct. 10
Preferred
'154 Aug. 1 "Holders of roe. July 10
2
June 1 Holders of rec. May 20
Corno Mills (guar.)
n1 A May 28 Holders of tee. May 18
Coty, Inc., stock dividend
al A Aug. 27 Holders of rec. Aug. 12
Stock dividend
Stock dividend
n134 Nov. 27 Holders of rec. Nov. 12
Crosley Radio, corn. (guar.)
250. July 1 Holders of rec. June 20a
Crosley Radio (stock dividend)
e4 Dec. 31 Holders of roe. Dec. 200
Crows Nest Pass Coal(guar.)
'154 June 1 *Holders of rec. May 7
Crown Zellerbach, pref. A & B (guar.).- 41.60 June 1 *Holders of rec. May 13
•15./ June 15 *Holders of rec. June 1
Cuneo Press. pref.(guar.)
Preferred (guar.)
•134 Sept. 16 *Holders of rec. Sept 1
Curtis Publishing, corn. (monthly)
50e. June 2 Holders of rec. May 200
Preferred (guar.)
$1.75 July 1 Holders of rec. June 200
Dartmouth Mfg. common (guar.)
'134 June 1 *Holders of rec. May 18
.1
Davis Mills(guar.)
June 22 *Holders of rec. June 8
Decker (Alfred) & Cohn. corn. (guar.)... *5043. June 15 *Holders fo rec. June 5
Preferred (guar.)
'154 June 1 *Holders of rec. May 22
Preferred (guar.)
•134 Sept. 1 *Holders of rec Aug. 22
Deere & Co.. corn. (guar.)
$1.50 July 1 Holders of rec. June 15
Preferred (guar.)
134 June 1 Holders of roe. May 150
Dexter Company (guar.)(No. 1)
*350. June 1 *Holders of rec. May 20
Diamond Match (guar.)
2
June 15 Holders of rec. May 310
Dictaphone Corp.. corn.(guar.)
*50o. June 1 *Holders of rec. May 17
Common (extra)
•500. June 1 *Holders of rec. May 17
Preferred (guar.)
*2
June 1 *Holders of tee. May 17
Direction der Disconto-Gesellschaft(Berlin)
Amer.shs.isubject to meeting Mar.25) 10
May 26 Holders of coupon No.3
Drug Incorporated (guar.)
$I June 1 Holders of rec. May 15a
Dunhill Internat. (stoek dividend)
el
July 15 Holders of tee. July la
el
Stock dividend
Oct. 16 Holders of rec. Oct. 'a
Early & Daniels common (guar.)
*750. June 30 *Holders of rec. June 20
.154 June 30 *Holders of rec. June 21
Preferred (guar.)
Eastern Bankers Corp. pref.(guar.)._ $1.75 Aug.
Holders of rec. July 1
Preferred (guar.)
$1.75 Nov.
Holders of rec. Sept. 30
Preferred (guar.)
$1.75 Feb V30 Holders of rec. Dec. 31
Eastern Theatres, Ltd.,(Toronto).(tom. 500. June
Holders of rec. Apr. 30
Eastern UPI. Investing Corp-Holders of rec. Apr. 39
$1.50 June
$6 preferred (guar.)
$7 Preferred (guar.)
Holders of rec. Apr. 39
$1.75 June
Eastman Kodak,corn.(guar.)
$1.25 July
Holders of rec. May 31a
Common (extra)
Holders of roe. May 31a
750. July
Preferred (guar.)
Holders of rec. May 31a
134 July
Eitington-Schild Co., Ines corn. (go.). 6234c May 3 Holders of rec. May 15a
634% preferred (guar.)
134 June 1 Holders of rec. June la
El Dorado Works (guar.)
*3734c June 1 *Holders of rec. June 1
Elee.ShareholdingsCorp pf.(gu.)(No. 1)37 $1.50 June
Holders of rec. May 10
1140 Fifth Ave., Inc., Prof
June
May 16 to June 2
Emporium Carmen, corn. (guar.)
600 June 2 Holders of rec. June la
Evans Auto Loading. stook dividend
*61
Oct.
*Holders of roe. Sept. 20
*60e. Aug.
Fair (The), corn.(guar.)
*Holders of tee. July 20
Preferred (guar.)
*13i Aug.
*Holders of rec. July 20
Fairbanks. Morse & Co.corn.(guar.)._
760. June 2 Holders of tee. June 126
1,‘ June
Preferred (guar.)
Holders of rec. May lie
Fashion Park Associates. corn.(No. 1).. 6214c June 2 Holders of roe. June 170
Common(payable in corn. stock).... 13( June 2 Holders of rec. June l7a
*600. July
Faultless Rubber. corn. (guar.)
*Holders of rec. June 15
•13.i July
Preferred (guar.)
*Holders of rec. June 15
Federal Knitting Mills. prof.(guar.).- •1% July
*Holders of rec. June 20
Preferred (guar.)
'154 Oct.
*Holden of rec. Sept. 20
Federated Capital Corp.. corn.(qua?.).. 37340. May 3 Holders of rec. May 15
Common (payable In corn. stock).- /234 May 3 Holders of rec. May 15
37340. May 3 Holders of rec. May 15
Preferred (guar.)
June
15 Park Ave.. Inc., pref
May 16 to June 2
Finance Co. of Amer.. corn. A & B (go.). 1734c July 1 Holders of rec. July 5
4334c July 1 Holders of roe. July
7% pref. (guar.)
400. June
Finance Service (Halt.), corn.(guar.)
Holders of rec. May 15
134 June
Preferred (guar.)
Holders of rec. May 15
First Trust Bank-Stock Corp.(quar.)_ 12 A0 June
Holders of rec. June 1
9 A o June
Extra
Holders of rec. June 1
*50c. May 20 *Holders of rec. Apr 30
Fisher Brass 12 A pref. (guar.)
Fitz Simmons Dredge & Dock corn.(go.) *50e. June
*Holders of rec. May'.21
•(.
0 June
Common (1-40th sh. corn. stock)._ __
*Holders of rec. May 31
Corn.(1-40th share corn.stk.)
(t) Sept.
Corn.(1-40th share corn.stk.)
(1) Dec.
Florsheim Shoe, pref. (guar.)
154 July
Holders of roe. June 150
50e. June 1 Holders of rec. May 31a
Follansbee Bros.& Co. corn.(guar.).25e. June 1 Holders of rec. May 31 a
Common (extra)
(guar.)
1%
June 1 Holders of rec. May 31
Preferred
*360. July
Formica Insulation (guar.)
*Holders of rec. June 15
*350. Oct.
*Holders of rec. Spat. 14
Quarterly
*350. Janr3 *Holders of rec. Dee. 14
Quarterly
July
Holders of rec. June 134
General American Tank Car(guar.).- $1
1
July
•
Stock dividend
Holders of rec. June 136
Utle
Holders of rest. May 16a
General Asphalt pref.(guar.)
'134 June
*Holders of tee. May 20
General Box Corp. Pref.(guar.)
June
*Holders of roe. May 14
General Bronze, corn.(guar.)
dna
$1
Holders of too. May 106
General Cable Corp., ol. A (guar.)
134 June
Holders of ree. May 21a
General Cigar prof.(guar.)
250. June 2 Holders of rec. June 15
General Development
750. June 1 Holders of rec. May 18a
General Motors Corp. corn.(guar.)
300. July
Holders of rec. May 180
Common (extra)
134 Aug.
Holders of rec. July 80
6% debenture Kock (guar.)
114 Aug.
Holders of rec. July 80
6% preferred (attar.)
Holders of rec. July 80
134 Aug.
7% preferred (guar.)
134
a
a
134
Name of Company.
3303
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
81.25 June 1 Holders of rec. May la
Gillette Safety Razor (guar.)
Gladding,McBean& Co..com(In corn stk) .2
Oct. 1
Globe-Democrat Publishing pref. (gu.). 13( June 1 Holders of rec. May 20
Globe Grain & Milling*2
July 1 *Holders of tee. June 20
Common (guar.).
*134 July 1 *Holders of rec. June 20
First preferred (guar.)
*2
July 1 *Holders of rec. June 20
Second preferred (guar.)
June 1 Holders of rec. May 20
Godman (H. C.) Co., 1st prof
$1.75 June 10 Holders of rec. June 1
Second preferred
Goldberg (S. M.)Stores Inc. Pref.(Qua -•$1.75 June 15 *Holders of rec. June 1
.40c. June 1 *Holders of roe. May 15
Golden State Milk (guar.)
*el
Sept. 1 *Holders of rec. Aug. 15
Stock dividend
Dec. 1 *Holden of too. Nov. 15
'Si
Stock dividend
June 1 Holders of rec. May 100
Goodrich (B. F.) Co., corn. (guar.)..... $1
134 July 1 Holders of rec. June 10
Preferred (guar.)
Goodyear Tire & Rubber let pf.(qua- 134 July 1 Holders of rec. June lo
600. June 1 Holders of rec. May ,1
Gorham Mfg.. corn. (guar.)
60e. Sept. 1 Holders of rec. Aug. 1
Common (guar.)
500. Dee. 1 Holders of rec. Nov. 1
Common (guar.)
June 1 Holders of rec. May. 1
Common (payable in common stock). 16
13( June 1 Holden of rec. May 15
First preferred (guar.)
75e. June 1 Holders of tee. May 156
Grand Union Co..$3 pref.(guar.)
June 1 Holders of rec. May 3
Great Atlantic & Pacific Tea, corn.(en.).$1
'154 June 1 Holders of rec. May 3
Preferred ((Plan)
Greenfield Tap & Die Corp.6% Pt. MO 134 July 1 Holders of roe. June 15
2
July 1 Holders of rec. June 16
3% Preferred (guar.)
.7543. Aug. 15 'Holders of rec. Aug. 1
Greenway Corp.. 5% pref. (guar.)
*75c. Nov. 15 *Holders of rec. Nov. 1
5% preferred (guar )*500. June 1 *Holders of rec. May 20
Gruen Watch common (guar.)
*500. Sept. 1 Holders of rec. Aug. 21
Common (guar.)
*50o. Deo. 1 *Holders of rec. Nov.20
Common (guar.)
*50e. M'rl'30 Hold, of rec. Feb. 18'30
Common (guar.)
'134 Aug. 1 *Holders of rec. July 21
Preferred (guar.)
•19.4 Nov. 1 *Holders of rec. Oct. 21
Preferred (guar.)
•1,4 Febl'30 *Hold, of rec. Jan. 21 '30
Preferred (guar.)
lb( July 1 Holders of rec. June 156
Gulf States Steel, pref.(guar.)
134 Oct. I Holders of rec. Sent. 165
Preferred (guar.)
lb( Jan 2'30 Holders of rec. Dee, 160
Preferred (guar.)
*500. June 1 *Holders of rec. May 15
Hale Bros. (guar.)
81.50 June 1 Holders of rec. May 104
Hamilton Watch pref. (guar.)
Hanes(P. H.) Knitting, corn.& corn. B. 150. June 1 Holders of rec. May 20
134 July 1 Holders of rec. June 20
Preferred (guar.)
Harbison-Walker Refract., corn. (guar.) 600. June 1 Holders of rec. May 210
134 July 20 Holders of rec. July 106
Preferred (guar.)
*50e. June 1 *Holders of rec. May 15
Hart-Carter Co.. pref.(guar.)
May 31 *Holders of rec. May 15
Hart,Schaffner & Marx,Inc.,corn.(au.) .2
500. June 1 Holders of rec. May 170
Hartman Corp.. class A (guar.)
300. June 1 Holders of rec. May 170
Class B (guar.)
Hathaway Bakeries, class A (guar.).
- 760. June 1 Holders of rec. May 15
$1.75 June 1 Holders of rec. May 15
Convertible pref.(guar.)
500. May 31 Holders or rec. May 150
Hawaiian Pineapple (guar.)
July 1 June 26 to June 30
Hayes Body Corp. (guar.)(pay. In stk.) 2
2
Oct. 1 Sept. 26 to Sept.30
Quarterly (payable in stock)
2
Jan2'30 Dec. 25 to Jan. 1
Quarterly (payable in stock)
*250. June 1 *Holders of tee. May 15
Hazeltine Corp. (guar.)
*25c. June 15'Holders of rec. May 15
Hecht Mining (guar.)
Hibbard. Spencer. 13arrlett&Co.(mthlr.) 35e. May 31 Holders of rec. May 24
35e. June 28 Holders of rec. June 21
Monthly
June 1 May 21 to June 2
2
Higbee Co.2d pref.(guar.)
•50c. June 1 *Holders of rec. May115
Hires (Charles E.) corn. A (guar.)
Sc. May 20 Holders of ree. May 3
Hollinger Consol. Gold Mines (mthlY•)••
*450. June I *Holders of rec. May 11
Holt (Henry) & Co., Inc., class A
50c. May 25 Holders of rec. May 206
Homestake Mining (monthly)
Horn (A. C.) Co., let pref. (gnat.).... '154 June 1 *Holders of rec. May 24
June 1 *Holders of rec. May 10
Horn & Hardart, pref. (guar.)
87340. June 1 Holders of rec. May 156
Household Products. Inc. (guar.)
e23.4 Aug. 1 Holders of rec. July 15a
Hupp Motor Car stock div.(guar.)
rah Nov. 1 Holders of ree. Oet. 150
Stock dividend (guar.). .
July 2
Huron & Erie Mortgage(guar.)
*2
Oct. 1
Quarterly
'60c July IA *Holders of rec July 3
Illinois Brick (guar.)
.60. Oct 15 "Holders of tee Oct.3
Quarterly
*$10 June 15 *Holders of rec. May 13
Illinois Pipe Line
Imperial Chemical Industries*5
June 7 *Holders of ree. Apr. 18
Amer. dep. retk. ord reg• stock
1230. June 1 Holders of rec. May 31
Imperial Oil, reg.stk.(guar.
1234c. June 1 Holders of coup. No.21
Coupon stock (guar.) _
$1 June 1 Holders of rec. May 110
Ingersoll-Rand Co.. corn. (guar.)
$1 25 June 1 Holders of rec. May lie
Common (extra)
8730 June 1 Holders of rec. May 154
Inland Steel, corn. (guar.)
Internat. Aerie. Corp., prior pref. MO- 154 June 1 Holders of rec. May 154
Internal. Combustion Eng.,corn.(guar.) 500. May 31 Holders of roe. May 15a
134 July 1 Holders of roe. June 176
Preferred (guar.)
*25cyJuly I
Int. Cont. invest. Corp.erim•(guar.)
International Harvester134 'June 1 Holders fo tee. May 411
Preferred (guar.)
256. June 1 Holders of rec. MILY 20
International Perfume, corn.(No. 1).- Internat. Safety Razor class A (go.).... 600. June 1 Holders of rec. May 10
500, June 1 Holders of rec. May 104
ClassB (guar.)
250. June 1 Holders of rec. May 101
Class B (extra)
International Securities Corp. of Amer75e. June 1 Holders of rec. May 16
Common A (guar.)
1231o. June 1 Holders of roe. May 15
Common B (guar.)
134 June 1 Holders of rec. May 15
7% Preferred (guar.)
134 June 1 Holders of rec. May 15
634% preferred (guar.)
1.34 June 1 Holders of rec. May 15
6% Preferred (guar.)
50o June 1 Holders of tee. May 16
International Shoe, pref. (mOnthlY)
•500.
July 1 *Holders of rec. June 15
Preferred (monthly)
*50e. Aug. 1 *Holders of rec. July 15
Preferred (monthly)
*50c. Sept. 1 *Holders of rec. Aug. 13
Preferred (monthly)
'500.004. 1 *Holders of rec. Sept. 15
Preferred (monthly)
*50e. Nov. 1 *Holders of rec. Oct. 15
Preferred (monthly)
*50e. Deo. 1 *Holders of roe. Nov. 16
Preferred (monthly)
0500. Jan l'30 *Holders of rec. Dee. 15
Preferred (monthly)
$1.50 June 1 Holders of tee. May 150
International Silver. corn.(guar.)
j10 June 15 Holders of rec. June 1
IntertYPe Corp.. coin. (in corn, stock)
Iron Fireman Mfg., common (gust.)
*25e. June 1 *Holders of rec. May 15
Irving Air Chute(No. 1)
*50o. July 1 *Holders of rec. June 15
*50o. June 29 *Holders of rec. May 31
Isle Royale Copper Co
Joint Security Cornfl
Aug. 1 Holders of rec. July 20
Corn•(Payablein corn. Kook)
„ft
Nov. 1 Holders of rec. Oct. 20
Corn.(payableIn corn,stook)
Jones & Laughlin Steel common (guar.).•$1.25 June 1 "Holders of rec. May 13
*Holders of rec. May 13
June
Common (extra)
*$1
13( July 1 Holders of rec. June 134
Preferred (guar.)
.15.3. June 30 *Holders of tee. June 20
Kalamazoo Vegetable Parchment(gu.)
•160. Sept.30 *Holders of rec. Sept.20
Quarterly
Quarterly
•15e. Dec. 81 "Holders of roe. Dec. 21
Kaufmann Dept. Stores., prof.(quit.).. 13( July 1 Holders of rec. June 111
Kawnee Company(guar.)
'62540 July 15 *Holders of rec. June 30
Quarterly
*6214c Oct. 15 *Holders of rec. Sept. 30
Quarterly
*62340 Jan15•30 *Holders of roe. Dec. 31
Kaynee Co., common (extra)
*1234e July 1 *Holders of rec June 20
Kayser (Julius) & Co. corn
1150 July 1 Holders of rec. JunevlOa
Kendall Co., pref.(guar.)
$1.50 Juno 1 Holders of rec. May 106
Holders of rec. May 100
25e. June
Preferred (participating dividend)
_
Kinney (G. R.) Co., Inc., new com.(qua *260. July 1 *Holders of rec. June 17
*2
June 1 *Holders of rec. May 20
Preferred (guar.)
Knox Hat. prior pref. (guar.)
$1.75 July 1 Holders of rec. June 166
Prior preference (guar.)
$1.75 Oct. 1 Holders of roe. Sept. 15.
760 Jun. 1 Holders of rec. May 16a
Participating pref.(guar.)
750 Sept. 3 Holders of roe. Aug. 155
Participating pref. (guar.)
75e Dec. 2 Holders of rec. Nov. 16a
Participating Prof. (guar.)
25e. June 1 Holders of rec. May 10a
Kroger Grocery & Baking, corn. (gu.) _
Lake of the Woods Milling. corn. (guar.) *8043. June 1 *Holders of rec. May 111
•134 June 1 *Holders of Tee. May 18
Preferred (guar.)
Lakey Foundry & Mach.stock dividend_ I0234 July 30 *Holders of rec. July 15
"e214 Oct. SO *Holders of rec. Oct. 15
Stock dividend
*750'June 30 *Holders of rec. June 19
Landers, Frary & Clark (guar.)
*750. Sept.30,*Holders of rec. Sept. 20
Quarterly
07543. Dec. 311*Holders of rec. Dec. 21
Quarterly
a
3304
Name of Company.
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Langendorl United BakeriesClass A and B (guar.)
*500. July 15 *Holders of rec. June 30
Class A and B (quay.)
*50c. Oct. 15 *Holders of rec. Sept. 30
Class A and B (guar.)
•50o. Ja 15'30 *Holders of rec. Dec. 30
Lanston Monotype Machine (quar.)___
14 May 31 Holders of roe. May 21a
Loath & Co., pref.(guar.)
*8734c July 1 *Holders of roe. June 15
.874c Oct. 1 *Holders of rec. Sept. 15
Preferred (quay.)
May 31 Holders of me. Apr. 30a
31
Lehigh Coal & Navigation (guar.)
Lehigh Portland Cement, pref. (guar.)._
1% July 1 Holders of rec. Juned14a
Lehn & Fink Products, Inc., (quar.)__ _
750. June 1 Holders of rec. May 20a
Ley (Fred T.) & Co.. Inc. (qu.)(No. 1) 75e. July 5 Holders of rec. June 15
Liggett&MyersTob.com.&com. B (qtr.)- $1 June 1 Holders of rec. May 150
Lincoln Interstate Holding Co
15e. July 1 Holders of me June 211
Lindsay (C.W.) Co., Ltd.. com.(qu.)25e. June 1 Holders of rec. May 15
Holders of rec. May 15
Preferred (guar.)
14 June
Lindsay Light, corn. (guar.)
*25c. June 1 "Holders of rec. May 15
•1,4 June 1 "Holders of rec. May 15
Preferred (quar.)
Link Belt Co.(guar.)
60o. June 1 Holders of reo. May 150
Loblaw Grocerterias, Ltd.. cl. A (guar.) 124c. June 1 Holders of rec. May 15a
Class B (guar.)
1235c. June 1 Holders of rec. May 150
Prior preference (guar.)
14 June 1 Holders of rec. May 15a
Ludlow Mfg. Associates (guar.)
82.50 June 1 Holders of rec. May 4
•1% June 29 "Holders of rec. June 19
Lunkenheimer Co., pref.(guar.)
•14 Sept.30 *Holden of rec. Sept. 20
Preferred (quay.)
Preferred (guar.)
'134 Dee. 31 *Holders of rev. Dee. 21
1% July 1 Holders of rec. June 20a
Mallinson (11. R.) pref. (quay.)
Mengel Stores Corp.6 % Pf.(qu.)(No.1) 1% June 1 Holders of rec. May 15
500. June 1 Holders of rec. May 160
Manhattan Shirt, common (guar.)
June 1 Holders of rec. May 15a
Marmon Motor Car, common (quar.)„ $1
*50c. June 1 *Holders of rec. May 15
Material Service Corp. (guar.)
June 1 Holders of rec. May 15a
May Department Stores, com.(quar.)._ $1
50c. June 1 Holders of rec. May 20a
McCrory Stores Corp., com. A & B (qu.)
250. June 1 Holders of rec. May la
McIntyre Porcupine Mines (guar.)
McKesson dr Robbins. Inc., pref. (qu.) 8735c. June 15 Holders of rec. June la
14 June 1 Holders of rec. May 15a
Mengel Co., Pref. (guar.)
June 1 Holders of rec. Apr. 29
Merrimack Mfg., corn. (guar.)
$3
40c. June 1 Holders of rec. May 15
Merritt-Chapm.& Scott Corp.,com.(qu)
14 June 1 Holders of rec. May 15
Preferred series A (guar.)
Metro-Goodwyn Pictures, pref. (guar.). 474c June 15 Holders of rec. May 31a
•25e. July 1 *Holders of rec. June 15
Minor, Inc. (guar.)(No. 1)
Minneapolis-Honeywell Reg.. com
.$1.25 Aug. 15 *Holders of roe. Aug. 8
Aug. 15 "Holders of roe. Aug. 1
Preferred (guar.)
•1 54 Nov. 15 *Holders of rec. Nov. 1
Preferred (guar.)
$1.50 June 1 Holders of rec. Apr. 30
Mohawk Mining (guar.)
Mohawk Rubber com.(qu.)(No. 1)____
750. May 20 Holders of rec. May 10
May 20 Holders of rec. May 10
Common (payable In com. stock)----• 11
Monsanto Chemical Works (in stock)___ •1 3.4 Aug. 1 *Holders of rec. July 20
Montgomery Ward & Co.class A (qu.)_ _ *14 July 1 *Holders of rec. June 20
Morison Electrical Supply, corn.(No. 1) *25c. June 1 *Holders of rec. May 15
"90c. June 15 *Holders of rec. May 31
Morrell (John) & Co.(quay.)
Muncie Gear Co., pref.. class A (guar.) *50c. July I *Holders of rec. June 15
Preferred, class A (guar.)
•50c. Oct. 1 *Holders of roe. Sept. 15
•50c. Jan 1'30 *Holders of rec. Doe. 15
Preferred, class A (guar.)
750. June 1 Holders of rec. May ha
Munsingwear, Inc., common (quar.)
500. June 1 Holders of rec. May I7a
Common (extra)
July 2 *Holders of roe. June 21
*2
Murphy (G. C.) Co., pref. (guar.)
*2
Oct. 2 *Holders of rec. Sept. 21
Preferred (guar.)
Muskgeon Motor Specialties. cl. A (qu.) •500. June I "Holders of rec. May 22
750. June 1 Holders of rec. May 16
National Bearing Metals. corn.(quar.)__
250. July lb Holders of rec. July la
Nat. Bellas-Hess, new com.(guar.)
25c. Oct. 15 Holders of roe. Oct. la
New common (guar.)
250. Jan. 15 Holders of rec. Jan.2'30a
New common (quay.)
July 15 Holders of rec. July la
el
Stock dividend (guar.)
Oct. 15 Holders of rec. Oct. la
el
dividend
Stock
(guar.)
Ja.15'30 Holders of rec. Jan.2'30a
el
Stock dividend (guar.)
$1.75 June 1 Holders of rec. May 21a
Preferred (quay.)
$1 50 July 15 Holders of rec. June 28a
National Biscuit, corn. (guar.)
14 May 31 Holders of rec. May 17a
Preferred (guar.)
*374c July 1 "Holders of rec. June 1
Nat. Dairy Products,com.(guar.)
Common (payable in corn. stock)
el00 May 20 Holders of rec. Apr. 25a
July 1 Holders of rec. June 3a
Common (payable in common stk.)__ 11
Oct. 1 Holders of Tee. Sept. 30
Common (payable In common stook)_ fl
National Dent. Stores 2d pref. (quar.)__ '154 June I *Holders of roe. May 15
National Distillers. pref. (qu.)(No. 1).... "81.75 Aug. 1 *Holders of rec. July 15a
824c July 15 Holders of rec. July 1
Nat. Fireproofing, pref.(guar.)
Preferred (guar.)
62140 Oct. 15 Holders of rec. Oct. 1
National Food Products2
Oct. 15 Holders of rec. Oct. 5
Class B (payable in class B s(k.)
National Lead, pref. 01. A (guar.)
$1.75 June 15 Holders of rec. May 31a
National Lock WasherCommon (payable in corn, dock) -• /33 1-3 June 1 "Holders of rec. Apr. 26
50c. July 1 Holders of rec. June 3
National Sugar (guar.)
14
Nelld Manufacturing (guar.)
•81.75 June 1 *Holders of rec. May 15
Newberry (J. J.) Co., pref.(quar.)
Newport Co., cony. class A(quar.)_ -- 75c.J une 1 Holders of rec. May 21
e50 July 15 Holders of rec. June 15
New Amsterdam Casualty (In stk.) New Haven Clock. com.(guar.)(No. 1) •3735c July 1 *Holders of rec. June 20
New Quincy Mining (quay.)(No. 1)---- •10c. May 27 "Holders of roe. May 15
•750. Nov. I *Holders of roe. Feb. 1
Nichols Copper Co.. class B
'1% June 29 *Holders of roe. June 19
Niles-Bement-Pond. pref. (guar.)
North Atlantic Oyster Farms, cl. A (qu.) *50c June 1 *Holders of rec. May 27
15c June 1 Holders of rec. May 10
North Central Texas Oil. com.(quar.)__
19c June 1
Northern Manufacturing, pref.(guar.)
190 Sept. 1
Preferred (guar.)
190 Dec. 1
Preferred (guar.)
*50c. June 15 *Holders of rec. May 15
Ohio Oil (guar.)
"374c July 1 "Holders of rec. June 20
Oliver United Filters, B (guar.)
3740 May 25 Holders of rev. May 15
Orange Crush Co., com .(guar.)
14 July 15 Holders of rec. June 290
Otis Elevator. pref.(guar.)
14 Oct. 15 Holders of rec. Sept. 300
Preferred (guar.)
135 rn15'30 Holders of rec. Dee. 31.0
Preferred (guar.)
Outboard Motors Corp.. class A (No. 1) •450. June 1 *Holders of rec. May 17
250. June 15 Holders of rec. May 31
Pacific Coast Biscuit, common (extra)__
..50c. July 15 *Holders of rec. June 30
Pacific Equities, inc
•100.
July 15 *Holders of rec. June 30
Extra
25e. May 31 Holders of rec. May 110
Packard Motor Car (monthly)
50c. May 31 Holders of rec. May 11
Extra
25c. June 29 Holders of rec. June 12a
Monthly
25e. July 31 Holders of rec. July 126
Monthly
250
Aug. 31 Holders of rec. Aug. 12a
Monthly
*50c May 20 "Holders of res. May 10
Parker Rust Proof Gear (guar.)
May 20 "Holders of rec. May 10
"610
Stock dividend
Patin() Mines & Enterprises (interlm)--- (s) June 28 Holders of rec. May 31a
500 June 1 May 16 to May 31
Patterson-Sargent Co., corn,(No. 1)-May 23 *Holders of rec. May 17
*2
Peabody Coal, pref
Pender (D.) Grocery Co., A (quar.).. 8740 June 1 Holders of rec. May 20
824c June 1 Holders of rec. Apr. 30a
Pennsylvania Investing Co.(guar.)- .37340 May 31 *Holders of roe. May 17
Perfection Stove (monthly)
•3734c June 30 *Holders of MC. June 18
Monthly
'373.40 July 31 *Holders of rec. July 18
Monthly
•374c Aug. 31 *Holders of roe. Aug. 16
Monthly
a373.4c Sept.30 *Holders of roe. Sept. 18
Monthly
'373.4c Oct. 31 *Holders of re0. Oct. 17
Monthly
•3740 Nov.30 *Holders of rec. Nov. 18
Monthly
•37310 Dec. 31 *Holders of roe. Dec. 18
Monthly
June 1 Holders of rec. May 25
1
Petroleum Royalties, pref.(monthly)_ _14 June 1 Holders of me. May 25
Preferred (extra)
June
1 Holders of rec. May 200
75c
Phillips-Jones Corp. com. (quay.)
14 June 1 Holders of rec. May 17a
Phoenix Hosiery, 1st & 2d pref.(guar.)
Pierce-Arrow Motor Car, p1. (guar.).-- 14 June I Holders of rec. May 10a
500. June 1 Holders of rec. May 150
Pillsbury Flour Mills, Inc., cons.(quay.)
Pines Winterfront, new com.(cm.)(No. 1) •25e. June 1 *Holders of rec. May 15
June 1 *Holders of rec. May 15
New com.(payable In common stock)_ P2
July 1 *Holders of rec. June 24
Pittsburgh Steel, corn. (guar.)
411
Pittsburgh Steel Foundry, pref. (guard •$1.25 July 1 *Holders of rec. June 15
Poor dr Co.. class B (guar.)
'3730 June 1 *Holders of rec. May 15
Powdrell & Alexander, Inc., pref.(qu.)_ $1.75 July 1 Holders of rec. June 14
•14 July 1 *Holders of roe. June 12
Pressed Metals of Amer., pref.(quay.)
Preferred (guar.)
*14 Oct. 1 *Holders of rec. Sept. 12
Preferred (guar.)
*14 Jan1'30 *Holders of rec. Dec. 12
[Vol- 128.
FINANCIAL CHRONICLE
Name of Company
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Pressed Steel Car, pref. (quay.)
14 June 29 Holders of rec. June la
Pro-phy.lac-tic Brush, pref. (quar.)____
14 June 15 Holders of rec. May 31
Pure Oil Co. common (quar.)
374c June 1 May 11 to June 5
Purity Bakeries, com.(quay.)
750. June 1 Holders of rec. May 15a
Ranier Pulp & Paper, class B (quay.)_
•25c. June 1 "Holders of rec. May 10
Class B (extra)
•25c. June 1 "Holders of rec. May 10
Rapid Electrotype (guar.)
"374c June 15 "Holders of rec. June 1
.55
June 1
Raytheon Mfg.(Stock dividend)
Remington-Rand Co., 1st pref.(guar.)-- 134 July 1 Holders of rec. June 8a
July 1 Holders of rec. June 8a
Second preferred (guar.)
Republic Iron & Steel, com.(guar.)
Si June 1 Holders of rec. May ha
Preferred (quay.)
July 1 Holders of me. June 12a
Rich's, Inc., pref. (guar.)(No. 1)
•31.623-4 June 30 "Holders of rec. June 14
Rio Grande Oil
$1
July 25 Holders of roe. July 50
Rio Grande Oil
$1
Hold, of rec. Jan. 5 '30
(r)
rStock dividend
e134 Oct. 25 *Holders of roe. Oct. 5
Root Refining, prior pref.(quay.)
*450. June 1 *Holders of rec. May 15
Cumulative pref.(quar.)
•75e. June 1 *Holders of roe. May 15
Roxy Theatres, class A (guard
•8734c June 1
Rubber PlantationAmer. den. rels, for ord. lag- shares-- *1010 May 29 "Holders of rec. May 1
50c. June 20 June 8 to June 20
St. Joseph Lead Co.(guar.)
25c. June 20 June 8
Extra
to June 20
Quarterly
50e. Sept.20 Sept. 10 to Sept.20
25c. Sept.20 Sept.10 to Sept.20
Extra
St. Louis Screw &Bolt, corn.(quar.)____ •25c June I *Holders Of rec. May 25
400. July 1 Holders of rec. June 15
Sally Frocks, Inc., com.(No. 1)
50c. June 1 Holders of rec. May 15a
Savage Arms, corn. (quay.)
•135 Aug. 15 *Holders of rec. Aug. 1
Second preferred (quar.)
Schletter.
& Zander, Inc.. com.(No. 1)__ •50c. June 29 "Holders of rec. June 15
Schulte Retail Stores Corp.. coin.-Div. passed
Scott PaperJune 30
Corn.(In stk.sub). to stkhrs. aPProY.) 12
Doe. 31
Corn.(In stk.subj. to stkhrs.'approv.) 12
Sears-Roebuck & Co.
Cl
Aug. 1 Holders of rec. July 150
Quarterly (payable In stock)
el
Nov. 1 Holders of rec. Oct. 150
Quarterly (payable in stock)
Sept. 19 *Holders of rec. Aug. 27
*$1
Sheaffer(W A.) Pen Co. (guar.)
Sheffield SteelJuly 1 *Holders of reo. Juno 20
Common (payable In common stock)-- tn.
Oct. 1 "Holders of rec. Sept. 20
Common (payable in common stook)-- *11
*1Si June 1 "Holders of rec. May 15
Sherwin-Williams Co. pref. (guar.)
50e. May 31 Holders of rec. May 20
Shippers Car Line Corp., cl. A (quar.)__
Preferred (guar.)
134 May 31 Holders of rec. May 20
400. June 15 Holders of rec. May 310
Simms Petroleum
1% June 1 Holders of rec. May 17a
Simon (Franklin) & Co., pref.(guar.)..
50c. June 1 Holders of rec. May 17
Simons(H.) dr Sons, Ltd., corn.(No. 1)
Preferred (quay.)
154 June 1 Holders of rec. May 17
Sixteen Park Ave., Inc., pref
June I May 16 to June 2
50o. June 15 Holders of rev. May 15a
Skelly Oil (quar.)
Smallwood Stone class A (guard
624c. June 15 Holders of rec. June 5
Smith (Howard) Paper Mills. pref. (qu.) 134 June 1 Holders of rec. May 21
Southern Ice & Utilities, $7 pref.(guard 51.75 June 1 Holders of rec. May 15
$1.75 June 1 Holders of rec. May 15
57 Partic. pref.(guar.)
400. July 15 Holders of rec. June 300
Spalding(A. G.)& Bros., corn.(quar.)...
First preferred (quay.)
154 June 1 Holders of rec. May 130
Second preferred (guar.)
2
June 1 Holders of rec. May 18a
Sparks WithIngton Co.(stk. city.)
e300 July 1 Holders of rec. June 17
Spear & Co., let & 2d pref.(guar.)
15( June 1 Holders of rec. May 15a
Spencer Kellogg & Sons, Inc.(quar.)--40c. June 30 Holders of roe. June 150
Quarterly
400. Sept.30 Holders of reo. Sept.140
Standard Investing, corn. (qu.)(No. 1)_ '134 July 10 *Holders of rec. June 20
Standard 011 (Calif.) (guar.)
624c June 15 Holders of rec. May 150
.624c June 15 *Holders of rec. May 16
Standard 011 (Indiana) (guar.)
Standard 011 (Nebraska) (guar.)
6234e June 20 May 28 to June 20
Extra
25e. June 20 May 28 to June 20
40c. June 15 Holders of roe. May,10a
Standard 011 (New York) quay.)
Standard Oil (Ohio). wet (guar.)
14 June 1 Holders of rec. May 10
420. May 25 Holders of rec. May 100
Standard Sanitary Mfg.,com.(guar.)--Preferred (quay.)
134 May 25 Holders of rec. May 100
87 40 June 1 Holders of rec. May 20
Steinberg's Drug Stores Pref.(quar.)Stelnite Radio(guar.)
'234 July 1
Quarterly
'24 Oct. 1
Sterchl Bros. Stores, Inc., pref.(guar.).- "14 July 1 "Holders of rec. June 18
Stewart-Warner Corp.
e2
Aug. 15 Holders of reo. Aug. 5
New MO par stock (in stock)
e2
Nov. 15 Holders of rec. Nov. 5
New $10 par stock (in stock)
e2
2/15/30 Holders of rec. Feb.6'3i4
New $10 par stock an stock)
*Holders of roe. May 15
*3740 June
Mix Baer de Fuller, Coln.(quar.)
'3754c Sept. *Holders of rec. Aug. 15
Common (guar.)
*Holders of rec. Nov. 15
*3740 Dec.
Common (guar.)
*Holders of rec. June 15
•75o. July
throock (S.) Co. (quar.)
*Holders of rec. Sent.16
•75o. Oct.
Quarterly
•75o. Dec. 2 "Hoidens of rec. Dec. 10
Quarterly
Holders of rec. May 100
21.25
June
(guar.)
Studebaker Corp., corn.
Holders of rec. May 100
June
Common (payablein common stock)
11
Holders of ray. Aug. 10a
Sept.
Common (payable in corn. stock)_ _ _ 11
Holders of rec. Nov. 90
Dee.
Common (payable in com. stock)/1
1% June
Holders of rec. May 10a
Preferred (guar.)
25c. Ju
June 1 ilolders of rec. May 25a
Sun Oil Co.,corn.(guar.)
135
Holders of rec. May 10a
Preferred (guar.)
Swan & Finch Oil Corp.. prof. (guar.) •434c June
"Holders of rec. May 10
Swedish Match, class A & B
(a) May 2 *Holders of coupon No. 16
Texas & Pacific Coal & 011 (In stock)___ e234 June 3 Holders of rec. June 50
30c. June
Holders of roe. May 230
Thompson (John R.) Co.,(monthly)_
Timken-Detroit Axle, prof.(quay.)
14 June
Holders of rec. May 20a
75c. June
Timken Roller Bearing, com.(quar.)-Holders of rec. May 20
1% June
Truscon Steel Co., pref.(quay.)
Holders of rec. May 210
Underwood Elliott Fisher Co. con).(qu.) $1 June 2 Holders of rec. June 120
Preferred and preferred B (quay.)
31.75 June 2 Holders of rec. June 12
Union Tank Car (guar.)
$1.25 June
Holders of rec. May 18
United Aircraft & Transport, pfd.(qu.)_
Holders of rec. June 10
750. July
United Biscuit of Am., corn. (quar.)- 40c. June
Holders of rec. May 17a
United Chemicals. prof.(guar.)
*Holders of rec. May 15
•75c. June
United Corporation partly. pref. (extra)
600. May 2 Holders of rec. Apr. 25
Unit. Cosmetic Shops, Inc.(qu.)(No. 1) •25c. July
*Holders of rec. June 15
United Electric Coal Co., corn.(guar.)-Holders of rec. May 15
750. June
United Milk Crate, Cl. A (guar.)
*Holders of rec. May 18
*50c. June
United Piece Dye Wks.. pref.(quar.)
"Holders of reo. June 20
•14 July
Preferred(guar.)
*Holders of rec. Sept.20
'154 Oct.
4.1% Jan2'30 *Holders of rec. Dec. 20
Preferred(guar.)
U. B. Cast Iron Pipe & Fdy.. com.(qu.)
50e. July 2 Holders of rec. June 2p0
Common (guar.)
50c. Oct. 2 Holders of rec. Sept. 300
Common (guar.)
50o. Jan20'30 Holders of rec. Dec. $10
First di second Prof. (quay.)
30o July 20 Holders of reo. June 290
First & second pref. (guar.)
30e. Oct. 21 Holders of rect. Sept. 300
First & second Prof. (quar.)
300. Jan20•30 Holders of rec. Dee. 310
U.S. Dairy Products corn. class A (qu.)- Si
June 1 Holders of rec. May 20d
U.S.Gypsum,corn.(quay.)
"400. June 30 *Holders of reo. June 15
Preferred (quay.)
•1
June 30 *Holders of rev. June 15
U. S. Hoffman Machinery, Corn. (quay.) $1
June 1 Holders of rec. May 21a
U. S. LeatherJuly 1 Holders of ree. June 100
Clam A partly. & cony. stock (qu.)... $1
Oct. 1 Holders of reo. Sept. 10a
Class A Dealt). & cony. stook (qu.)-- $1
July 1 *Holders of roe. June 20
U. S. Playing Card (guar.)
*51
U.S. Printing & Litho., com.(guar.).-- •$1.50 July 1 *Holders of rec. June 20
•1A July 1 *Holders of rev. June 20
Second preferred (quay.)
U.S. Realty & Impt.(guar.)
$1.25 June 15 Holders of rec. May 210
U. S. Steel Corp., corn.(guar.)
14 June 29 Holders of roe. May 310
1% May 29 Holders of rec. May 4a
Preferred (quay.)
250. June 1 Holders of reo. May 15
Utah Apex Mining
Utilities Equities Corp., 25.50 pr. stk.$2.75 June 1 Holders of rec. May 15
Allotment certificates
*3235c June 1 *Holders of rec. May 20
Utilities, Inc., corn. A (guar.)
Utility dr Ind. Corp.. Pf.(qu.)(No. I).... 374c May 20 Holders of rec. Apr. 30
June 20 Holders of rec. May 31
$1
Vacuum 011 (quay.)
•15( June 10 "Holders of roe. June 1
Vapor Car Heating, pref.(guard
'154 Sept. 10 *Holders of rec. Sept. 2
Preferred (guar.)
•13( Dec. 10 *Holders of roe. Dee. 2
Preferred (guar.)
Va.-Carolina Chemical. pr. pref.(guar.). is' June 1 Holders of rue. May 174
MAY 18 1S29.]
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Name of ComPang.
Books Closed
Days Inclusive.
Miscellaneous (Concluded).
Volcanic Oil & Gas (quar.)
•
1 35e. June 10 *Holders of rec. May 31
Extra
'Sc June 10 *Holders of rec. May 31
Quarterly
*35o. Sept. 10 *Holders of rec. Aug. 31
Extra
11150. Sept. 10 'Holders of rec. Aug. 31
Quarterly
•350. Dee. 10 *Holders of rec. Nov. 30
Extra
•50. Dec. 10 'Holders of rec. Nov. 30
Vulcan Detinning, pref. (quar.)
11£ July 20 Holders of rec. July 90
Preferred (acct. accum. dividends)
54M July 20 Holders of rec. July 9a
Preferred A (quar.)
I M July 20 Holders of rec. July 9a
Pref. A (acct. accum. dividends)
0434, July 2 Holders of rec. July 9a
Wahl Co.. pref.(Acct.accum.div.)
•134 July 1 *Holders of rec. June
20
Waltt & Bond, class A (quar.)
*50c. June I *Holders of rec. May 15
Class B (quar.)
'30c. July 1 'Holders of rec. June 15
Waltham Watch, pref.(quar.)
'154 July 1 *Holders of rec. June 22
Preferred (quar.)
"1 Si Oct. 1 *Holders of rec. Sept. 21
Warner Bros. Pictures, Inc., pr. (an.).55c. June 1 *Holders of rec. May 240
Warren (Northam) Corp.. cony. pf.(qu.)
750. June 1 Holders of rec. May 15
Wayagamack Pulp & Paper (guar.)
75c. June 1 Holders of rec. May 15
Wayne Pump,pref.(quar.)
.87Mc June I 'Holders of rec. May 20
Weber Showcase, 1st pref. (quar.)
"50c. June 1 *Holders of rec. May 15
Wesson Oil& Snowdrift. pf.(qu.)(No.1) $1
June 1 Holders of rec. May 15a
Western Auto Supply, corn. A&B (qu.)_
75c. June I Hohlers of rec. May 20
Western Dairy Products A (quar.)
$1 June dl Holders of rec. Maydlla
Western Grocer. preferred
"31ic July 1 'Holders of rec. June 20
Westvaco Chlorine Prod., corn.(No. 1)_ 33 I-3c June
1 Holders of rec. May 2
WestVa. Pulp & Paper pref.(quar.)
Aug. 15 *Holders of rec. Aug. 5
-Preferred (quar.)
Nov.
15
*Holders of rec. Nov. 5
'154
Wheatsworth, Inc., 8% pref. (quer.)
2
June 1 Holders of rec. May 15
Whitaker Paper Co.. corn. (guar.)
*51 25 July 1 *Holders of rec. June 20
Preferred (quar.)
nit July 1 'Holders
White (J. G.) Engineering, pref.(quar.) 'Si June 1 Holders of rac June 20
of rec. May 15
White (J. G.) & Co., Inc. pt,(quer.)
154 June 1 Holders of rec. May 15
White Motor Co., corn. (quar.)
250. June 29 Holders of rec. June 126
White Motor Securities. Pref.(quar.)
4,15,1 June 29 'Holders of rec. June 12
Will & Baumer Candle pref. (quar.)__
July 1 Holders of rec. June 15
- 2
Wilson-Jones Co.,corn.(quar.)
*50c. June 1 'Holders of rec. May 23
Common (extra)
e250. June 1 'Holders of rec. May 23
Winsted Hosiery (quar.)
•21i Aug. 1 *Holders of rec. July 15
Extra
.
54 Aug. 1 *Holders of rec. July 15
*1%. June 1 'Holders of rec.
Witherow Steel. 1st pref. (guar.)
May 25
Second preferred (quar.)
•1
June 1 *Holders of rec. May 25
Woolworth (F. W.) Co., corn. (quar.)_ 51.50 June I Holders of rec. Apr.
25a
Wright Aeronautical Corp.(quar.)
50o. May 31 Holders of roe. May 15a
Wrigley (Wm.) Jr., Co.(stock dividend) e5
July 1 Holders of rec. June 20
Monthly
25e. June 1 Holders of rec. May 206
Monthly
250. July I Holders of rec. June 20a
Monthly
25c. Aug. 1 Holders of rec. July 20a
Yellow Cab of Newark (quar.) dividend o mitted
Yellow Taxi Corp. of N. Y.(quar.) _ _ _
750. June 15 Holders of rec. June 1
Zimmerknit, Ltd., pref.-Dividend pass ed• From unofficial sources. t The New York Stock Exchange
has ruled that stock
will not be quoted ex-dividend on this date and hot
until
New York Curb Market Association has ruled that stock further notice I The
will not be quoted exdividend on this date and not until further notice.
a Transfer books not closed for this dftidend. d Correction.
e Payable In stock.
f Payable in common stock.
Payable in scrip. 0 On account of accumulated
dividends. I Payable in preferred stock.
n Coty. me.,declared a stock dividend of 6%.Payable In
quarterly installments.
o Stockholders of Empire Public Ben,
. Corp have option of applying this dividend to the purchase of corn. A stock at 518 per share.
y Electric Shareholdings Corp. dividend payable
in cash or common stock at
rate of 50-100th of a share of common for each share
preferred held.
Swedish Match dividend Is 10 Kronen.
r Rio Grande Oil stock to be placed on a 52 per annum basis.
The company has
declared 51 payable July 25 and Intends to declare another 51
payable on or before
Jan. 25 1930. The stock dividends are 14 shares on
each 100 shares, the first
154% having been declared payable April 25 with the Intention
to declare a second
134% parable on or before Oct. 25.
s Four shillings per share payable at rate of exchange
prevailing on fourth day
preceding June 28. To be quoted ex-dividend at the
rate of $4.8665 per £ sterling,
equivalent to 7.0.9733.
t Subject to stockholders approval at meeting June 3.
u Holland Furnace dividend 654% cash or 2% in stock.
o New York Stock Exchange rules Julius Kayser Co. be
ex the stock dividend
on July 2.
to Less deduction for expenses of depositary.
z Alliance Investment declared a stock dividend of 4% payable
in quarterly
installments.
C Holders of Federal Water Service class A stock may apply the
dividend
to purchase of additional class A stock at rate of 525 per share,
receiving 1-50th share
for each share held.
3305
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 10:
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING OF BUSINESS
FOR THE WEEK ENDED FRIDAY, MAY 10 1929.
NATIONAL AND STATE BANKS-Average Figures.
ManhattanBank of U. S
Bryant Park Bank
Chelsea Exch. Bk_
Grace National__
Port Morris
Public National__
BrooklynNassau National__
Peoples National _
•-r”.a.,-.. Nrc,tinnal
Loans.
Oth.Cash, Res. Dep., Dep.Other
Gold. Including N. Y. and Banksand
Gross
Bt. Notes Elsewhere. Trust Coo. DePosits.
$
193,864,400
2,194,400
22,849,000
19,059,000
3,794,700
135,343,000
$
5
5
$
$
32,000 3,355,900 23,802,500 1,468,800 182,169,000
92,900 164,700
161,000
2,191,400
1,776.000 1,284,000
22,267,000
3,000
78,400 1,610,300 2,419,800 17,253,000
34,900 105,000
200,200
3,603,000
26,000 2,059,000 8,817,000 16246000 133,903,000
23,148,000 112,000
8,290,000 5,000
21109.700
385,000 1,802,000
124,000
587,000
45.000
197.100
435,000 21,104,000
80,000 8,100,000
106.600 2.072.000
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. J-
Cash.
Res've Dep., Depos.Other
N. Y. and Banks and
Gross
Elsewhere. Trust Cos. Deposits.
5
$
5
53,320,200 11,405.600 1,035,500
17,632,900
921,735
143,700
22,366,276
613,845 1.544.356
255,094,000'36.610,000 4,346,000
83.835,300 '5,777.000 3,902,700
18,366,539
232,796 1,412,318
14,639,900 '1,968,200
291,000
395.673,000 3,430,000 52.329,000
64,827,200 1,849.900 5,001,000
71,748,548 3,416,667 6,515.080
120,759.000
28,301,696
$
$
22,700 52,856,300
16,890,500
21,983,157
3,132,000 257,745,000
3,379,100 81.380,400
194,898 18,541,565
14,219,000
2,141,000 354,668,000
78,800 61,387.300
55.927,288
3,313,000 20.137,000
1,894.448 2,787,045
A 'OA Kon
9.10 700
118,642,600
26,535.500
790 9790
200 072
0 4024140
* Includes amount with Federal Reserve Bank as follows: Central Union, $32,214,000; Empire, $4,205,000; Fulton, $1,847,900.
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.
May 15
1929.
Changesfrom
Previous Week
May 8
1929.
May 1
1929.
s
5
$
$
Capital
86,550.000 Unchanged
86.550,000
86,550.000
Surplus and profits
116,024,000 Unchanged
116,024,000 116,024,000
Loans, disc'ts & investla_ 1,118,913.000 +2,018,000 1.116,895.000 1,126.232,000
Individual deposits
666.213,000 -3.320,000 669.533,000 680,103,000
Due to banks
126.405.000 -6,859.000 133,264,000 132,494,000
Time deposits
264.788,000 -4,111,000 268,899,000 262,056,000
United States deposits-.
5,949,000
-588.000
6,537,000
7.842.000
Exchanges for Clg. House
29,790,000 -2,974,000
32,764,000
35,647.000
Due from other banks__. 81,372,000 -4,868,000
86,240,000
81,383.000
Res've in legal deposit's_
79,790,000 -1,459,000
81.249,000
80,943,000
Cash in bank
7,901,000
-231,000
8.132,000
7,934,000
Res've excess in F.R.Bk.
467,000 -1,060,000
1,527,000
347,000
Weekly Return of New York City Clearing House.Beginning with Mar.31'28 the New York City Clearing House
Association discontinued giving out all statements previously
Philadelphia Banks.-The Philadelphia Clearing House
issued and now makes only the barest kind of a report.
The return for the week ending May 11,with comparati
new return shows nothing but the deposits, along
ve figures
with for the two weeks preceding,
is given below. Reserve
the capital and surplus. We give it below in full:
requirements for members of the Federal Reserve System
STATEMENT OF THE MEMBERS OF THE NEW
YORK CLEARING HOUSE
are 10% on demand deposits and 3% on time deposits, all
ASSOCIATION FOR THE WEEK ENDED
SATURDAY. MAY 11 1929.
to be kept with the Federal Reserve Bank. "Cash in vaults"
*Surplus et Net Demand
is not a part of legal reserve. For trust companies not
Tinse
Clearing House
'Capital.
Undivided
Deposits
Deposits
Members.
Profits.
members of the Federal Reserve System the reserve required
Average.
Average.
- is 10% on demand
8
$
deposits and includes "Reserve with
$
8
Bank of N. Y.& Trust Co-_ 6,000,000 13,539,100
60,523,000
11.739,000 legal depositaries" and "Cash in vaults."
Dank of the Manhattan Co.__ 22.250,000 42,559,300
173,371,000
42,053,000
Bank of America Nat, Ass'n__ 25,000,001) 38,364,400
139,439,000
Beginning with the return for the week ending May 14 1928,
47,479,000
National City Bank
100,000,000 111,246,500
Chemical Bank & Trust Co.. 6,000,000 20.731,200 a868,913.000 162,405,000
133,308.000
10,943,000 the Philadelphia Clearing House Association discontinued showGuaranty Trust Co
570,000,000 5115632000 8746,572.000
98,366,000 ing the
Chat.Phen. Nat. Bk.& Tr.Co 13,500,000 15,698,000
reserves and whether reserves held are above or below
154,954.000
39,965,000
Hanover Bank
10,000,000 22,412,400 124,289,000
2,974,000 requirements. This will account
Corn Exchange Bank
12,100,000 21,352,500 175,858,000
for the queries at the end
32,844,000
National Park Bank
10,000,000 26,601,000 129,326,000
10,035.000 of the table.
First National Bank
10,000,000 95,735,400 220,853,000
Irving Trust Co
40,000,000 55,037,800
Continental Bank
1,000,000 1,550,500
Chase National Bank
61,000,000 79,908,400
Fifth Avenue Bank
500.000 3,869.100
Seaboard National Bank _ __ 11,000,000 16,614.400
Bankers Trust Co
25,000,000 77,498,400
U. S. Mtge. & Trust Co
5.000.000 6,533,400
Title Guarantee & Trust Co- 10,000,000 23,854.300
Fidelity Trust Co
4,000,000 3,812,600
Lawyers Trust Co
3,000,000 4,160,400
New York Trust Co
012,500.000 032,041,100
Farmers Loan & Trust Co..- 10,000,000 23,212,700
Equitable Trust Co
30,000,000 28,625.000
Com'l Nat. Bank & Trust Co_
7,000,000 7,332,000
Harr1Man Nat. Bk.& Tr. Co. 1,500,000 2,840,300
Clearing Non-Member.
Mechanics Tr. Co., Bayonne_
Tntals
500,000
817,200
352,779,000
7,650,000
c571,735,000
25,742,004)
120,520,000
d334.086,000
58,024,000
35.379,000
41,143,000
19,340,000
140,753,000
e121,733.000
.7330,145,000
32,727,000
31,272.000
11,250,000
43,875,000
693,000
63.044,000
999,000
6.551,000
57,359,000
5,356,000
2,298.000
5,192,000
2,335,000
19,766,000
24,637.000
41,900,000
2.542,01)13
5,173.000
3,446.000
5,612,000
506.850.000 891.979.400 5.151.880.000
757 aft k Arm
• As Per official reports: National. March 27 1929: State, March 22
companies. March 22 1929. g As of March 30 1929. h As of May 4 1929; Trust
1929.
Includes deposits in foreign branches:(a) $299,134,000:(b) $110,033,000;
(e) $14,
425,000:: (d) $58,660,000: (e) 511,238,000;(f) $115,027,000.
Two Ciphers (00)
omitted.
Week Ended May 11 1929.
Members of
Trust
P.R.SySient Companies.
Capital
61,500,0
Surplus and profits.-- 194,594,0
Loans. dlacts. di invest. 1,050,068,0
Each, for Clear. House
45.687,0
Due from banks
97,884.0
Bank deposits
125,667,0
Individual deposits..... 644.783,0
Timedeposits
212,328,0
Total deposits
982.778,0
Rea, with legal dePoeRes. with F. R. Bank.
70,778.0
Cash In vault"
10,161,0
Total res. de cash held_
80.939,0
Reserve required
Excesa reserve and cash
In vault
May 4
1929.
April 27
1929.
Total.
$
$
7,500,0
69,000.0
69,000.0
67,483,0
16,097,0 210,691,0 210,691,0 206,141,0
72,105,0 1,122,173,0 1,134.707.0 1,145,526,0
364,0
46,051,0
43.086,0
40,458.0
13,0
97,897,0 105,669,0
97,325.0
1,337.0 127,004,0 128,012.0 125,164,0
33.353,0 678,136.0 673,054.0 663.407,0
20,206,0 232,534,0 235.006,0 238,090,0
54.896,0 1,037.674,0 1.038.072,0 1.026,661.0
6,018,0
6,018.0
6.092,0
5,850,0
70,778,0
70,104.0
69.386,0
1,766.0
11,927,0
12,037,0
11,825,0
88.'723,0
7 784,0
88=1,0
87.273,0
7
•(ash Is vault not counted as reserve for Federal Reserve members
3306
[vol.. 128.
FINANCIAL CHRONICLE
Weekly Return of the Federal Reserve Board.
the condition
The following is the return issued by the Federal Reserve Board Thursday afternoon, May 16 and showingfor
the system
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results
and with those of the corresponding week last year.
as a whole in comparison with the figures for the seven preceding weeks
Reserve Agents'
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Comptroller
and
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between thethe returns for the
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon "
latest week appears on page 3279, being the first item in our department of "Current Events and Discussions.
AT THE CLOSE OF BUSINESS MAY 15 1929
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS
Mar.27 1929. Slay 161928.
Ifay 15 1929. May 8 1929. Map 1 1929. Apr. 24 1929. Apr. 17 1929. Anr62101929. April 3 1929.
3
$
$
3
RESOURCES.
1,153,806,000
1,329,117.000 1,309,905,000 1,317,449,000 1,279,901,000 1,288.060,000 1,273,428.000 1,235,237,000 1,271.104,000
Gold with Federal Reserve agents
71,783,000
66.785.000
67,075,000
70,573,000
64,432.000
68,466,000
61,172,000
62,060,000
65.071.000
gold redemption fund with U.S. Treas.
1,348.367.000 1.358,633,000 1.340,503,000 1.299,669,000 1,337,889,000 1,225,589,000
1,378.621,000
1,371,965,000
1,394,188,000
notes
R.
F.
agst.
Gold held exclusively
742,785,000 709,176,000 796,154,000
654,848,000 678,058,000 671,114.000 682,613,000 674.560,000 706.899.000
Gold settlement fund with F.R. Board
762,295,000 767,601.000 746,290,000 727,380,000 676,758,000 662.195,000 619,066.000
Gold and gold certificates held by banks. 789,087,000 71)0,924,000
Total gold reserves
Reserves other than gold
2,838,123,000 2,840,947,000 2,812,030,000 2,708.581.000 2,779.483,000
173.400,000 171,332,000 173,732,000 174,335.000 176,490,000
2,774,782,000 2,719,212,000 2,709,260,000 2,640,809,000
175,764,000 173,309,000 169,755,000 160,828,000
2,950,546,000 2,892,521,000 2,879,015,000 2,801,637,000
3,011,523.000 3,012,279,000 2.985,762,000 2,973,418,000 2.955.973.000
Total reserves
64,189,000
80.463,000
75,924,000
77,510,000
77,102.000
78.988,000
74,287,000
78,317.000
83,981,000
Ron-reserve cash
Bills discounted:
548,566,009
621,980,000
540,454,000
610,418.000
533.992,000
517,996,000 541,251,000
Secured by U. S. Govt. obligations_ 512,837,000 525,814,000 437,833,000 433,262,000 460,304,000 423.078,000 419,434,000 402,150,000 258,846,000
401,762,000 436,208,000
Other bills discounted
963,532.000 1,029,852,000 1,024,130,000 807,412,000
014,599,000 962.022.000 985,829,000 974.513.000 994,296,000 157,317,000 174,703,000 208.427,000 347,292,000
Total bills discounted
146,107,000 157,181.000 170.421,000 141,175.000 141,027,000
Billebought in open market
54,544,000
U.S. Government securities:
51,611,000
51,609.000
51,612,000
51.629,000
51,602,000
50,384,000
50,407,000
50,400,000
Bonds
91,190,000 100,417,000
91.417,000
91,951,000
91,841,000
84,478,000
80,326,000
84,495,000
90,610.000
107.359,000
Treasury notes
27.509,000
26.032,000
22.526.000
17,959.000
17,854,000
15,868.000
14,586,000
14.816,000
Certificates of Indebtedness
169.058.000 170.310.000 262,320,000
155,826,000 149,438,000 150,730.000 140,782,000 161,429,000 166.089.000
990,000
Total U. 8 Government securities
6,845.000
8.845,000
6.845,000
7,295,000
7,3611,000
7,396,000
6,806.000
7,817.000
Other securities (see note)
6.115,000
7,735.000
14,899,000
6,355,000
foreign loans on gold
1,418,014,000
1,320,245,000 1,280,601,000 1,310,162,000 1,293,783.000 1,380,458,000 1,409,712,000
Total bills and securities (see note)___ _ 1,224,349,000 1,281,912,000
570,000
Gold held abroad
723,000
722,000
722.000
723,000
724.000
725,0(10
725.000
723.000
Due from foreign banks (see note)
673,689,000 766,598,000
847,343,000 657,596,000 707,771.000 680.417,000 803,693,000 661.234.000 730.174.000
59,551,000
Uncollected Items
58,693,000
58,893,000
53,729,000
58,733,000
58,739,000
58,739,000
58.739,000
58.761,000
9,982,000
Bank premises
7,970,000
8.483.000
8.576.000
7,780.000
7.700.000
8,358.000
7,997.000
8,361,000
All other resources
5,120,041,000
5,107,312,000
5,146,975,000
5,235,041,000 5,097,565,000 5,164,887.000 5,080,665.000 5,214.086,000 5,054,053.000
Total resources
LIABILITIES.
1,583,095,000
1,646,658,000 1,663,678,000 1.663,639,000 1.652.561.000 1,053,228.000 1,657.719.000 1,663,649.000 1.652,879,000
B. R. notes In actual circulation
2,382.156,000
Deposits:
332,181001)
000
2.301.940
2.335.304.0002.
2.302,392,000
2.290,218,000
2.335,817.000
2,330,033,000
2,319,857,000
Member banks-reserve account
25,508,000
23.405,000
4.721 000
16,900,000
45,455,000
30.854,000
33,892,000
28,635,000
13,678,000
Government _
5,997,000
6,058,000
10,558.000
9,327.000
10.163,000
9,856,000
8,340,000
7.238.000
6,106.000
Foreign banks (tee note)
20,492,000
21,742.000
19,715,000
23.850.000
21,764,000
19.156,000
32.309.000
23,308,000
25.837,000
Other deposits
2,434,153,000
2,365,505,000 2.389,214.000 2,410,358.000 2,350,084,000 2,379,774,000 2.339.838.000 2,382.477,000 2,383,386.000
Total deposits
712,847,000
786,019,000 608,834,000 65i3,462.000 043,581.000 748,167.000 624,251,000 669,514.000 640,280.000 139,201,000
Deferred availability items
155.851,000 155,133,000 154,886,000 154,307,000 154,310,000
155,958,000
156,179,000
156,296,000
Capital paid In
233,319,000
254.308.000
254,398,000
254,398.000
254,398,000
254,398,000
254,398,000
254,398.000
254.398,000
Surplus
17,426,000
22,059,000
22,961,000
22.630,000
23.386,000
24.190,000
24.072.000
25,262,000
26,162,000
All other liabilities
5,120,041,000
5,054,053.000
5.118,975.000
5.107.312,000
5.214,086,000
5.080,695,000
5.164,887,000
5,235.041.000 5,097,565.000
Total liabllitles
Ratio of gold reserves to deposits and
65.7%
67.2%
67.1%
69.4%
68.9%
69.9%
69.0%
70.0%
70.7%
F. R. note liabilities combined
69.7%
Ratio of total reserves to deposits and
71.3%
73.8%
71.5%
73.3%
74.3%
73.3%
74.3%
75.1%
combined
F. R. note liabilities
Contingent liability on bills purchased
264,566.000
332,165.000
652.000
347
338,287,000
367,498,000 355,105,000 349,257,000 345,317,000 347,300.000
for foreign correspondent
$
$
Distribution by Matur8ties93,984,000 121,261,000
79.288,000
67,564,000
62,231,000
66,626,000
94,551,000
80.073.000
75,980,000
1-15 days bills bought In open market
797,619.000 855,144.000 865,446.000 684,518,000
830.046,000
803,341,000
800,106,000
787,922.000
739,927,000
6,327,000
1-15 days bills discounted
2.040,000
2.420,000
1,650,000
5.010.000
5.450.000
4,177,000
4.759,000
4,781,000
1-15 days U. S. certif. of indebtedness_
63,291,000
1-15 days municipal warrants
52,370,000
41.937,000
38,010,000
28,503,000
28,011,000
30.092,000
35,597,000
33,176,000
35,118,000
16-30 days bills bought In open market
40,319,000
45,810,000
44,841.000
40,490,000
44,024,000
45,367,000
43,286.000
47,440,000
1,288,000
18-30 days bills discounted
4,000
18-30 days U. S. certif. of indebtedness
110.583,000
18-30 days municipal warrants
33,147.000
27,855,000
29,495.000
34,736.000
34,268,000
32,037,000
28,793,000
25,732,000
95,179,000
31-60 days bills bought In open market _
65,365,000
70.143,000
65.034,000
68,164,000
75,567.000
67.741.000
72,492,000
68.185,000
81-60 days bills discounted
930.000
290,000
1.245,000
205,000
617,000
81-60 days U. H. certif. of indebtedness_
101,000
101,000
102,000
warrants
44,981,000
26,164,000
81-60 days municipal
23.489,000
20.370.000
13,048,000
9,5574)00
11,069.000
9,902,000
9,108,000
26,141,000
51-90 days bills bought in open market _
42,679,000
48,324,000
43,969,000
41.955,000
40,778.000
41,501,000
37,587.000
35,767.000
128.000
81-90 days bills discounted
80,000
120,000
6,000
81-90 days U. S. certif. of Indebtedness
102.000
7376,000
2,762.000
81-90 days municipal warrants
2,134,000
1,938,000
2,672,000
2,509,000
2.715.000
2,816,000
2,111,000
16,456,000
10,321,000
Over 90 days bills bought In open market
10,431.000
11,169,000
13,641.000
16.563.000
19,354,000
20,735.000
23,280.000
99,744,000
24,411.000
Over 90 days bills discounted
23,532.000
20,756,000
12,013,000
10,446.000
9,618.001)
12,114.000
9,418,000
Over 90 days certif. of indebtedness
300.000
300.000
300,000
300,000
300.000
Over 90 days municipal warrants
2,805,503,000
2,933,480.000 2,813.454,000 2,818.819.000 2.835,968,000 2,852,048.000 2,859,913.000 2,867.384.000
V. R. notes received from Comptroller 3,055,800,000 8.52,596,000 755,327,000 757,167.000 767.927,000 778,767.000 796.307,000 816,637,000 846,425,000
990,877,000
V. R. notes held by F. R. Agent
2,050.747,000 1,989,078,000
2,064,923,000 2.080,884.000 2.058.127,000 2,061,652,000 2,068,041,000 2.073,281,000 2,063,606.000
Issued to Federal Reserve Banks
367.195,000 345,606,000
How Secured378,295,000 378.295.000 381.294.000 366.195.000 386,995,000 366,595.000 367,595,000
99,623,000
97.659.000
Sy gold and gold certificates
95,491.000
86,965.000
89,649,000
04,219.000
92,793,000
92.059,000
80,710,000
699,577,000
fund
806.250.000
redemption
Gold
_ 870.112,000 839,551,000 841.936,000 820.913,000 831,416,000 510,808,000 772,151,000
Gold fund-Federal Reserve Board__ 1,017.200.000 1.076.961,000 1.106.891.000 1,070,905.000 1,085,927,000 1,074,128.000 1.150.767,000 1,178.876,000 1,124,625,000
By eligible paper
2,449.980.000 2,278,431,000
. 2,846.317,0002 386,866.000 2,424.340.000 2,350.808,000 2,373,987.000 2,347,556,000 2,388.004.000
-Total
abroad and amounts due
held
balances
of
amount
were
new
In
the
Items
show
two
to
added
order
separately
of Oct. 7 1925,
NOTE.-BeginnIng with the statement caption, "All otber earning assets.- previously made up of Federal intermediate Credit Bank debentures, WAS changed SO
In addition, the
description of the total of
accurate
to foreign correspondents. caption.
more
a
as
item
was
bills
adopted
to
and
latter
"Total
The
assets"
securities."
earning
"Total
was stated, are the only Items Included
l'Other securities.- and the
securities acquired under the Provision of Sections 13 and 14 or the Federal ite.erve Act. which. It
the discounts, acceptances and
therein
BUSINESS MAY 15 1929.
AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF
WEEKLY STATEMENT OF RESOURCES
Kan.City. Dallas. San Pres.
&Mon. New York. Phila, Cleveland Richmond Atlanta. Chicago. St. Louie. Minneap.
TWO ciphers (00) omitted.
Total.
Federal Rezerve Bank of8
$
$
$
S
S
$
S
$
$
8
$
$
42,033,0 22,034,0 186.337,0
RESOURCES.
68,698,0 261,034,0 117,229,0 154,284,0 37,525,0 80.280,0 276.943,0 22,374.0 00,276,0 4,046,0
1,329,117,0
1,919,0
Agents
3,737,0
Reserve
3,464,0
Federal
Gold with
10.664,0 7,358,0 6,052,0 4,693,0 4,975,0 5,052,0 5,175,0
65,071,0 7,936,0
Gold redo fund with U.S. Treas.
63,740,0 46,079,0 23,953,0 190,074.0
76,634,0 271,698,0 124,657,0 160,336,0 42,218.0 85,255,0 281,995.0 27.459,0 16,820,0 41,121,0 25,291,0 51,210,0
1,394.188,0
notes
R.
F.
Gold held excl. eget.
51,752.0 156,248,0 47,645,0 66,243,0 11,027,0 20.681,0 132,584,0 33,328,0
Gold settle't fund with F.R.Board 654,848,0 27,495,0 486,300,0 25,120,0 49,902,0 16,901,0 6,704,0 116,775,0 10,261.0 5,664,0 5,395,0 10,917,0 27,653,0
Gold and gold ctN held by banks 789,087,0
276,481,0 71,046,0 112,640,0 531,354,0 71,136,0 86.224,0 92,595.0 60,161,0 268,937,0
2,838,123,0 155.881,0 914,246,0 197,422,0
5,768,0 7,068,0 15,049,0
Total gold reserves
50,293,0 8,567,0 14,151,0 8,376.0 8.398,0 28,340,0 11,108,0 2,593,0
13,680,0
173,400,0
Reserve other than gold
88,817,0 98,363,0 67,229,0 283,986.0
82.244.0
559,703,0
290,632,0
205,989,0
79,422,0
121.038.0
964,539,0
169,561,0
1,820,0
3,011.523.0
3,146,0 3,737.0
1,206,0
reserves
3,957,0
Total
36,895,0 2,276,0 4,105,0 5,252,0 6,049,0 8,149,0
83,981,0 7.389,0
Non-reserve cash
14,367,0
8,603,0
12,307,0
33,524,0
25,400,0
Sills discounted:
57,133,0
46,466,0 171,324,0 42,691,0 60,091,0 24,117,0 16.814,0
Sec. by U.8. Govt. obligations 512,837,0 46,697,0
83,048,0 33,775,0 28,004,0 32,414,0 55,961,0 31,371,0 22,300,0 7,766,0 30.844,0 0,808,0 18,874,0
401,762,0
Other bills discounted
45,211,0 22,115.0 52.398,0
254,372,0 70,466,0 88,095,0 56,531,0 72.775,0 85,504,0 47,700,0 16,369,0
3,651,0 5,506.0 10,153,0 14,503,0
914 599.0 93,163,0
Total bills(iISCOUR ted
35,115,0 10,949,0 12,003,0 5,269,0 8.183,0 10,646,0 1.152,0
0 7,0 28,077,0
146:1
Rills bought in open market
64,0
01. 8. Government securities:
24,0 19,937,0 7,125,0 4,552,0 7,756,0 7,813,0
548,0 1,152,0
585.0
155,0
689,0
50,400,0
3,411,0 11,640,0
Bonds
857,0 3,128,0 5,328,0 7,213,0 3,965.0
17,279,0 9,081,0 27,112,0
1,796,0
610,0
90
86.0
10.0
1,035.0
9.0
5,0
Treasury notes
5,295.0 7,027,0
1,349,0
14.'816,0
Certificates of Indebtedness
7 7Fil n ii
R arm 0
.2 ini n on qnnn is •mg 0
1 onnn
in en's es 97 nnmn
securities
Total U. El Gov't
MAY 18 1929.1
BEROURCES (Concluded)Two Ciphers (00) omitted.
FINANCIAL CHRONICLE
Total.
Boston.
3
7.817,0
Other securities
'foreign loans on gold
Total bills and securities
Due from foreign banks
Uncollected items
Bank premises
Allother
New Park:
$
3
1,915,0
1,224,349,0 125,974.0
723,0
54,0
847,343,0 83,055,0
58,761,0 3,702,0
8,361,0
59,0
3307
I,
Phila. , Cleveland. Richmond Atlanta, Chicago. St. Louts, Minneap. Kan.Clty. Dallas, San Frac
$
402,0
$
$
S
s
$
$
$
2,000,0
1,500,0
S
1,250,0
$
750,0
314,131,0 104,510,0 128,663,0 63,609,0 84,119,0 125,450,0 63.190,0 30,623,0 59,973,0 44,752,0 79,355,0
217,0
70,0
74,0
33,0
100,0
28,0
29,0
18,0
24,0
24,0
62,0
251,653,0 67,847,0 84,374,0 58,261,0 26,198.0 106,923,0 39,101,0 15,179,0 43,092,0 28,227,0 43,433,0
16,087,0
1,762,0 6,535,0 3,575,0 2,744,0 8,529,0 3,951,0 2.110,0 4,140,0
1.922,0 3.704.0
1,326,0
202,0 1,324,0
520,0 2,130,0
599,0
370.0
540,0
332,0
437,0
522.0
Total resources
5,235,041,0 389,794,0 1,584,848,0 382,656,0 515,707,0 210,672,0 242,306,0 809,453,0 192,842,0 138,493,0 207,744,0
145.737,0 414.789,0
LIABILITIES.
B. R. notes in actual circulation_ 1,646,658,0 137,227,0 277,973,0 142,262,0 207,019,0 66,542,0 131,945,0 304,599,0
57,886,0 63,386,0 66,037,0 36,884.0 154,898,0
Deposits:
Member bank-reserve acet 2,319,887,0 139,237,0 931,019,0 136,200.0 183,338,0
65,765,0 67,379,0 341,717,0 76,460,0 50,036,0 87,452,0 65,287,0 175,997,0
Government
13,678,0
488,0
3,007,0
699,0 1,051,0 2,016,0
826,0 1,779,0
1,106,0
586,0 1,041,0
700,0
379,0
Foreign bank
6,106,0
502,0
1,379,0
651,0
692,0
312,0
264,0
929,0
271,0
170,0
224,0
224,0
488,0
Other deposits
25,837,0
174,0
9,365,0
114,0
698,0
122,0 2,182,0 2,234,0
90,0
315,0
189,0
73,0 10,281.0
Total deposits
2,365,508,0 140,401,0 944,770,0 137,664,0 185,779,0 68,183,0 68,591,0 346,607,0 30,071,0 51,107,0 88,906,0
187,145,0
Deferred availability items
786,019,0 80,629,0 227,523,0 61.728,0 78,899,0 55,903,0 23,951,0 97,936,0 37,121,0 12,826,0 38,463.0 66,284,0
28,742,0 42,298,0
Capital paid in
156,296,0 10,389,0
56,048,0 15,289,0 15,100,0 6,176,0 5,333,0 19,500,0 5,429,0 3,041,0 4,277,0 4.458,0 11.256,0
Surplus
254,398,0 19,619,0
71.282,0 24,101,0 26,345,0 12,399,0 10,554,0 36,442,0 10,820,0 7,082,0 9,086,0 8,690,0 17,978,0
All other liabilities
26,162,0
1,529,0
7,252,0
1,612,0 2,565,0
1,469,0
1,932,0 4,369,0
1,515,0
1,051,0
975,0
679,0 1,214,0
Total liabilities
5,235,041,0 389,794,0 1,584,848,0 382,656,0 515.707,0 210,672,0 242,306,0 809,453,0 192,842,0 138,493,0 207,744,0 145,737,0 414,789,0
Memoranda.
Reserve ratio(per cent)
75.1
61.1
78.9
73.6
74.0
60.4
85.9
58.9
59.6
77.6
63.5
65.2
83.0
Contingent liability on bills purchased for foreign correspondls 367.498,0 26,724,0
115,792,0
34,668,0
36,835.0
16,612,0
14,084,0
49,475,0
14,445,0
9,028,0
11,917,0
11,917,0
26,001,0
F. R. notes on hand (notes reed
from F. It. Agent less notes In
circulation__ _ _ _ _ _
412 955 n 22 292 n 127 225 0 59027.0 24 422 n 19 A20 n 22 425 0 34.062.0 9.153.0 8.812.0 11.773.0
9.944.0 63.043.0
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS MAY 15 1929.
Federal Reserve Agent as-
Total.
Boston.
New York.1 Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Mimesis). Kan.City, Dallas. San From,
I
3
I
$
I
S
$
$
$
$
$
$
$
3
757,893.0,208,359,0 289,657,0 132,763,0 250,860,0 431,561,0 90,249,0 112,722,0 122,770,0 66,680,0 330,341,0
342,285,0 27.060,01 48.150,0 46,691,0 90,420,0 92,900.0 23.210,0 40,524.0 44.960,0 19,852.0 112.400,0
Two Ciphers (00) omitted$
$
F.R.notes rec'd from Comptroller 3,055,800,0261,945,0
F.R.notes held by F. R. Agent__ 990,877,0 102,425,0
F. R. notes issued to F. R. Bank_ 2,061,923,0 159,520,0
Collateral held as security for
Ir. P. notes Issued to F. R. Bk.
Gold and gold certificates__ 378,295,0 35,300,0
Gold redemption fund
80,710.0 10.398,0
Gold fund-F.It. Board
870.112,0 23,000.0
Eligible paper
1,017,200,0 122,062,0
Total onlInfprial
415,608,0 181,299,0'241,507.0 86,072,0 160,440,0 338,661,0 67,039,0 72,198,0 77,810,0 46,828,0 217,941,0
171,880,0
14,154,0
75,000,0
270,529,0
30,000.0
11,402,0
75,897,0
70,150.0
47,200,0 5,690,0 15,250,0
8,050,0 14,167,0
14,758,0 35,000,0
12,084,0 3,835,0 6,530,0
943.0 1.324,0 2,109,0 2,673,0 3,276,0 11,982.0
95,000,0 27,000.0 58,500,0 276,000,0 13,000.0 44,000,0 39,360,0 4,000,0 139,355,0
100,749,0 57,213.0 80.700,0 98.899,0 48,352,0 19,928,0 50,345,0 32,163,0 66.110,0
511 cal n 1074.10 n 0,k nqn n nt ,go n trn nen n .17K 01,n 707900 Rn 9n2 n 09 070 n SA 107 n 00n 4.1711
2 146 117 n 190 700 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
the different items in the statement were given In
the statement of Dec. 12 1917, published in the "Chronicle" of Dec. of
29 1917, page 3475. The comment the Reserve Board
upon the figuresfor the latest week appears in our department of "Current Events and Discussions," on pageof
3279 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
divided to show the amount secured by U. S. obligations and thosebeing given. Furthermore, borrowings at the Federal Reserve are not any more subsecured 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 MI1110118 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 8 1929. (In millions of dollars.)
Federal Reserve District.
Total.
3
Boston. New York
$
1
Phila.
Cleveland Richmond Atlanta. Chicago. St. Louts. Minneap. Kan. Cuts
Loans and Investments-total
22,096
1.485
8.415
$
1,219
$
2.192
Loans-total
16,256
1,100
6,249
902
7,241
9,015
472
628
3.082
3,167
476
426
*5,841
385
2,165
*2.979
2,862
190
196
1,682
237
Net 0emand deposits
Time deposits
Government deposits
Due from banks
Due to banks
On securities
All other
investments-total
U. S. Government securities
Other securities
Reserve with F. R. Bank
Cash in vault
Borrowings from F. R. Bank.
5
675
653
$
3,276
1,526
517
513
707
819
191
326
150
363
317
665
159
1,177
988
104
213
322
344
75
84
94
16
792
69
79
14
128
29
12,985
6,771
108
880
463
5
5,752
1,696
47
721
271
5
•1,038
.2,582
51
107
116
858
684
03
223
$
3
$
5
Dallas. San Fran.
$
697
368
683
4SI
5
1.952
2,573
524
245
449
345
1,312
1,199
1,374
241
283
82
163
121
327
102
243
417
895
139
*703
173
123
235
135
641
65
74
*328
374
68
105
69
54
110
124
94
41
377
264
40
12
39
10
245
37
44
7
25
5
53
11
34
8
108
19
1,015
964
9
351
241
3
328
229
5
1,819
1,230
13
377
232
1
211
131
1
481
181
1
296
141
7
754
991
10
64
155
.87
197
46
90
70
99
*191
*442
56
116
48
74
105
186
60
83
143
175
39
71
90
S0
An
90
12
RR
lr
se
*Subject to correction.
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve Bank
New York at the close of business May 15 1929,
In comparison with the previous week and the corresponding date lastof
year:
ResourcesGold with Federal Reserve Agent
Gold ['Menu). fund with U. 8. Treasury_
May 15 1929. May 8 1929. May 16 1928.
261,034,000
10,664,000
281.127,000
11,154,000
176.147,000
17,280,000
Gold held exclusively eget. F. It. notes! 271,698,000
Gold settlement fund with F. It. Bard. 156,248,000
Gold and gold certificates held by bank_ 486,300,000
292,281,000
138,333,000
488,332,000
193,427,000
327,518,000
381.971,000
Total gold reserves
Reserves other than gold
914,246,000
50.293,000
918.946,000
52,103.000
902,916,000
33,627,000
Total reserves
Non-reserve cash
Bills discountedSecured by U. S. Govt. obligations___
Other bills discounted
964,539,000
36,895,000
971,049.000
32.740.000
936,543,000
21.084,000
171,324,000
83,048,000
173,331,0011
103.558,000
Total hills discounted
Bills bought in open market
U.S. Government securitiesBonds
Treasury notes
Certificates of indebtedness
254,372,000
35,115.000
276.889.000
44.004 000
237,9.19,000
58.890,000
_
296,829,000
69,884,000
155.000
17,279,000
5,295,000
155.000
11,734,000
4,660,000
1,481,000
12,783,000
32,636,000
22,729,000
1,915,000
16.549,000
965,000
2,232.000
46,900,000
Total U.S. Government securities__
Other securities (see note)
Foreign L061111 on Gold
Resources (Concluded)Gold held abroad
Due from foreign banks (See Note)
Uncollected items
Bank premises
All other resources
Total resources
May 15 1929. May 8 1929. May 16 1928.
$
$
217,000
251,653,000
16,087,000
1.326,000
220,000
180,486,000
16,087.000
1.306.000
117,000
211.858,000
16,563,000
2,038,000
1,584,848,000 1,542,527,000 1,601,916,000
Bevil Reserve notesin actual circulatton
Deposits-Member bank, reserve acct._
Government
Foreign bank (See .Vole)
Other deposits
277,973,000
931,019,000
3,007.000
1,379,000
9,365,000
288.490,000
940,309,000
7.328,000
2.511.000
9.655,000
340,111,000
943,584,000
11,674,000
1,586,000
9,716.000
Total deposits
Deferred availability Items
Capital paid in
Surplus
All other liabilities
944,770.000
227,523,000
56,048,000
71.282,000
7,252,000
959,803,000
160,276,000
55.969,000
71.282.000
6.707,000
966,560,000
183,804,000
43,727,000
63,007,000
4,707,000
Total liabilities
Ratio of total reserver to deposit and
Ferri Rest've note nobilities combined_
Contingent liability on bills purchased
for foreign correspondence
1,584.848,000 1,542.527.000 1,601,916,000
78.9%
71.7%
77.8%
Total bills and securities (See Note) _ _ _ 314,131,000 340,639,000 413,613,000
115,792,000 111,405,000
74,529,000
NOTE.-Beginning with the statement of Oct. 7 1025, two new items were added In order to show separately the amount of balances held abroad and amounts
duet.
foreign oorrespondents. In addition, the caption "All other earning assets," Previously made up of Federal Intermediate
Credit Bank debentures, was changed to
'
,other securities," and the caption "Total earning assets" to "Total bilis and securities." The latter term was adopted
ass more accurate description of the total of Ike
dIsoount Acceptances and securities acquired under the provisions of Sections 13 and 1401 he Fede.al Reserve Act. which. It VMS stated, are the only Items included
therein.
[Vol,. 128.
FINANCIAL CHRONICLE
3308
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Vanitere 05azetteo
Wall Street, Friday Night, May 17 1929.
Railroad and Miscellaneous Stocks.-See page 3296.
Stock Exchange sales this week of shares not in detailed list:
STOCKS.
Week Ended May 17.
Sales
for
Week.
Range for Week.
Lowest.
Highest.
Rate.
Bid.
Lowest.
Highest.
Maturity.
Rate.
Bid.
Sept.15 1930-32
Mar.15 1930-32
Dec.15 1930-32
Sept.15 1929
Dec.15 1929
334%
336%
334%
454%
454%
g521.
9615st
96",,
9915st
991 a
Asked.
9955,
9915st
99143,
991•81
9911st
9915ss
Range Since Jan. 1.
Par, Shares
Railroadsper share. $ per share. 5 per share. per share.
Bait & Ohio Rights
63,300 2 May 14 2%May 11 2 May 2% May
Feb
Jan 03
Buff Roch dz Pitts pf_100
10 100 May 16 100 May 16 98
10 57 May 11 57 May 11 55 May 61% Feb
Canada Southern__ __100
Central RR of N _ _100 ,700 59May 16 655MaY 11 5% May 7 May
Chesapeak dc Ohio Rta
8,200 243May 1 2535May 14 23 May 25% May
Ch SIP Min dc Omahal00
20 55 May 16 55 May 16 55 May 55 May
Mar
Mar 60
10 60 May 14 60 May 14 60
Detrolt&Mackinao p1100
20 61%May 13 6134May 13 61% Mar 6135 Jan
Erie & Pittsburgh_ _ _50
Feb
20 73 May 11 74 May 15 73% Apr 80
El Cent leased line_ _100
Apr 50 May
New Or! Tex & Mex_100 180 14254May 11 150 May 15 130
Jan 86% Feb
10 8554May 17 8555MaY 17 85
50
Northern Central
Pennsylvania RR Rts___ 82,900 1.54May 15 234may 11 1% May 234 May
34 Apr
Southern Pacific Rts _ _ 137000 1-64 May 11 1-64 May 11 1-64 Apr
Indus. & Miscall.
Air-way Elea Appliance * 103600 44 May 16 48%May 13 37% May 48% May
%May 16 35% Mayll 27% Mar 37% Mar
162700 325
Alleghany Corp
100 7,800 100 May 16 101%May 11 9955 Apr 10554 Feb
Preferred
1.000 100%May 14 100%May 14 100% May 100% May
Rota w I
3.600 38 May 17 473.4May 11 38 May 64% May
Adams Express Rts
Am Commercial Alcohol* 37,500 4354May 16 49 May 17 43% May 49 May
300 330 May 16 332 May 13 330 May 332 May
Am Express ctfs
Apr
Am Hawaiian SS Co__10 3.600 36 May 14 41%May 16 24% Mar 42
1%May 13 234 May 11 1% May 2% May
Am Rad & Stand San Rts 307
2522,200 115%May 16 119 May 11 11255 Apr 121% May
Am Rolling Mill
Apr
* 4,900 76 May 17 79 May 13 74% May 85
American Stores
Amer Tel & Tel Rts__ 157800 4%May 17 5%May 11 4% May 634 May
Mar
Anaconda Copper new 50241600 10134May 16 115 May 11 101% May 140
1900 18%May 16 24%May 11 18% May 3555 Mar
Rights
Anaconda Wire dec Cable• 2,300 80 May 17 84%May 13 80 May 86% May
Associated Apparel__ _• 700 50%May 13 52 May 13 50% May 5555 Apr
Jan
Assoc Dry G'ds 2 p1_100 41 95 May 16 9755May 11 95 May 110
May 254 May
15,100221 May 16 254 May 17 221
Auburn Auto
AD 136,4 May
Bohn Aluminum&Brass• 6,000 128%May 16 134 May 11 114
10 1,500 126%May 13 13834MaY 17 12154 Apr 143% May
Borg-Warner
Bullard Co
* 4,000 50 May 16 53 May 11 50 May 5354 May
Cavanagh-Dobbs Ine • 1,300 2734May 1 28%May 16 27% may 4255 Feb
55 May 10535 Mar
9635May 1 96%May 15
Preferred
100 8
Celotex
• 6,200 67%May 13 72 May 15 6255 Apr 7935 Feb
Apr 9354 Feb
87
14
May
90
11
%May
Preferred
100 500 89
Apr 6254 .Tan
•900 5655May 17 58 May 13
City Ice & Fuel
AP 105% Jan
140 103%May 16 10335May 13 03
1
Preferred
Feb
• 2,700 475,4May 15 48%May 13 4754 may 50
Coca Cola class A
40 8535May 17 88 May 13 85% May 8854 May
Comm Cred lst pt a-war
May
154
May
1
11
155May
16
May
1
59,300
Rh_
Can
Continental
Feb
Mar 125
Crosley Radio Corp....• 10,500 96 May 14 105%MaY 11 36
• 1,800 473.1May 17 503.1May 13 47% May 51 May
Crown Cork & Seal
Mar
Mar 129
13117
May
124
Curtis Publishing Co.._' 700 123 May 13
Mar
• 200 11755May 17 11735May 171133.1 Mar 118
Preferred
• 3,200 43 May 15 493May 15 43 May 533' Apr
Dominion Stores
• 1,100 21%May 15 22 May 11 2035 Mar 28% Jan
Duplan Silk
Jan 13555 Feb
El Pr & Lt pf ctfs full Pd
60 13435May 11 13455MaY 11125
Jan
Elk Horn Coal pref_50 220 9 May 11 10 May 14 834 Mar 13
Feb
Jan 13
Emerson Brant cl B • 300 6 May 11 6 May 11 4
Eng Pub Sec pref(554)_• 600 9535May 13 97 May 16 9534 May 9935 Feb
Mar 73% Mar
Evatus Auto Loading5 2,800 58 May 16 61 May 11 55
Feb
Feb 38
10 28%May 14 2855May 14 27
Emporium Capwell__•
Apr 35
Jan
13
May
11
22
13
May
22
10
Fairbanks Co pref----25
Fashion Park Assoc_.• 1,600 6534May 14 6734May 16 6434 May 7255 Mar
100 9755May 16 9734MaY 16 9734 May 10155 Mar
100
Preferred
First Nat Pict lst pf_100 500 114%May 16 115%May 13 1043.4 Jan 115% May
Gen Gas& El pre:(7).-• 180105 May 14 108 May 17 105 May11634 Jan
54 Apr 454 Apr
1,800 1 May 11 3 May 17
Rights
Jan
Gold & Stock Teleg--100
10 118%May 16 118%May 16 11834 Maf.i122
May 2 May
Graham-Paige Mot rts 105600 1 May 16 135May 13 1
Apr116
Jan
Grand Stores prat__ .100 200 110 May 13111 May 16 107
•122100 6055May 14 6854May 17 5034 Apr 6834 May
Hayes Body
% Apr
34 Apr
Int Combus Eng'g rights61,800
34 May 14 7-I6May 11
Int Tel & Tel new
•138100 8634May 16 9l34 May 11 8655 May 9434 May
44,100 334May 14 33jMay 14 334 Masi 354 May
Rights
200 9134May 15 9134May 15 9134 Mayi 9134 May
ex-war
St
Dept
Interstate
50 105 May 17 105 May 17 105 May 10554 Mar
Island Creek Coal pf,..1
Kelsey Hayes WW1 new •11,200 50 May 17 5934May 13 50 May 5934 May
9,600 3%May 16 354May 16 334 May 354 May
Rights
Feb
• 270 91 May 13 9234May 14 8955 Apr 96
Kendall Co prat
• 2,600 48 May 13 5054May 11 48 May 5054 May
Kimberley Clark
• 7,900 2954May 17 3355May 13 293.4 May 3334 May
Kinney Co new
3,500 134May 16 1%May 14 134 Apr 234 Apr
Rights
Feb 2834 Apr
Lehigh Valley Coal......_• 3,600 2254May 1 2434May 11 19
Feb
50 100 3954May 15 3934May 15 3455 Mar 40
Preferred
Feb
• 900 5234May 15 5334May 13 5254 May, 61
Link Bolt Co
Liquid Carbonic rights... 16,000 154 May 17 234May 11 155 May. 254 may
Feb
• 1,200 44 May 17 45 May 13 4154 Apr 48
McGraw-Hill Pub
Apr
30222 May 11 225 May 11 222 May 295
Mexican Petroleum _ _100
• 1001105 May 11 105 May 11 99 May 105 May
Michigan Steel
may
May
6535
17
68%May
16
6934
653lMay
36,100
new..
Prod
Nat Dairy
Mar 5234 May
Newport Co class A_ __5013,800 5034May 14 5255May 16 43
• 5,500103 May 16 108 May 11 103 May 11034 Apr
Newton Steel
48
11
May
5434May
17
6435 Apr
May
48
•10,000
Oliver Farm Equip
• 4,000 9734May 17 99 May 11 9735 Apr, 9935 May
Preferred A
62
13
May
653lMay
14
May
6934 Apr
62
7.700
Cony participating...
Jan 110
Apr
4 110 May 14 110 May 14 106
100
Outlet Co prof
May 8354 May
Owens-Illinois Glass_25 2,000 Si May 13 8334May 15 81
2520,000 7034May 16 7834 May 11 7034 May 7934 May
Phelps Dodge
Mar 73 May
_133,700 67 A MaY 13 73 May 17 41
Phillips Jones Corp_ .33,700
7,500 56%May 13 59%May 15 5034 Mar 6554 Jan
Pirelli of Italy
Jan
Pub Sec of NJ p1(5)..' 200 9534May 13 9535May 13 9555 Jan 96
Mar 8235 Apr
Radio Corp class B....* 13,700 79 May 13 81 May 11 74
35341*iay
Feb
35
16
16
AprI
3834
10 353jMay
Rand Mines
• 1,100 51 May 11 5334May 13 4854 AP 5435 May
Republic Brass
May
300106 May 13 106 May 13 105 May los
1
Preferred
Aprjltl May
200106 May 15 106 May 15 102
Class A
Jan
10 105 May 14 105 May 14 10054 Ma 109
Rem Typewr 1st prof 100
Roasts, Insurance rights. 5,400 1135May 16 124May 16 1135 Mayl 1235 May
335 Apr
214 Ap
South Calif Edison Rte._ 22,100 3 May 11 334May 11 125
Marllls
Feb
20 125 May 17 125%May 17
So Porto Rico Bug pf_100
• 2,600 57 May 14 60%May 17 5034 AplI 6335 May
Spalding Bore
Ap
May
17054
252
17
May
252
11
May
227
17,500
.
Sparks Withington_
Feb
3514 Aprl 43
Spencer Kellogg & Sons• 9,600 3855MaY 17 39 May 13 4835
AprI 5536 Mar
_• 600 48%May 14 4934May 11
Spicer Corp prof A
Apr3
May
31
34
25
11
2834May
16
2634May
Timken Detroit Alle_10 3,600
Apr
JanI 10
U S Express
100 400 534 MaY 16 6%May 13 2 May
186 may
US Steel new
100 6,500 175 May 16 1803(May 13 175
Apr
635
434
11
5%May
16
Mayl
goo 454 may
Rights
United Dyewood____100 1,100 1354MaY 16 17 May 11 634 Apfl 21 May
May
75
533.4
11
May
ApI
70
15
May
120 69
Preferred
100
Union Calls & Carb new•71,300 82 May 14 8555May 11 82 Mayl 86 May
Un Alrport & Transp•269800137 May 13 15414MaY 11 7834 A6 162 May
Ap 109% May
Preferred
50 3,700 92 May 16 99%May 11 6835 May 7536
May
United Corp
•1190200 6555May 16 7534MaY 11 6531
4514 May
45
11
4534May
Mayi
13
May
Preferred
*50,100 45
Jan 101% Jan
Va El & Pow pf (6)_ _100
10 101 May 17 101 May 17 100
Marl 2555 May
Va Iron Coal & Coke_100 300 2535May 16 2535MaY 16 23
Mar
Walgreen Co pref.- _ _100
100 104 May 16 104 May 16 10054 MarjIO6 May
Westvaco Chlorine Prod* 4,400 8834 May 15 9434MaY 11 8834 MaY 9434
May
455
355
11
May
Mayl
4
22,100 335 MaY 15
Rights
Marl 6134 May
Wilcox-Rich A
•15,200 52%May 13 57%Mai 17 37
62 May
• 0,400 52 May 13 5734MaY .17, 34., May
Class B
Apr 94% May
Wollworth Co new---1031,100 905,4May 16 9434MaY II 85,5
Bank.Trust & Insurance Co. Stocks.
Mar
Jan 765
40735 May 14 750 May 16 493
Equit Tr Co of N Y__100
•No par value.
Mammy.
June 15 1929_. 4)4%
4)(%
Bept.151929
Dec.15 1929_ _ _ 435%
Asked.
96ffss
9651st
9655st
995515
9915ts
New York City Realty and Surety Companies.
prices dollars Per sham)
Bid
Alliance R'Ity 85
Amillurety new 175
Bond dc M 0.
New($20par) lei
Home Title Ins 300
Lawyers Mtge 340
Lawyers Title
& Guarantee 410
Ask
100 Lawyers West185
chest M & T
Mtge Bond__
106 N Y Title &
375
Mortgage-348
U S Casualty
418
New w
310
N. Y. Inv't'rs
1st pref.__ - 98
2d prof ---- 97
Westchester
7512 Title & Tr _ t160
Bid
Ask
325
175
365
185
174
450
108
Ask
180
470
112
New York City Banks and Trust Companies.
(All prices dollars per Oars.)
Ask
Ask Banks-N.Y. Bid Ask Tr.Cos.-N.Y. Bid
309 312 Equitable Tr. 729 735
228 Public
42
44 Farm L & Tr. 2000 2030
275
Rights
Seaboard -- 1100 1120 Fidelity Trust 222 232
950
170 175 Fulton
"iii Seward
310 325 Guaranty.- 1075 1085
Trade*
1115 Yorkville --- 225 240 InVIGermanle 222 228
115 Yorktown'... 290 --.. Interstate-- 372 378
79
Irving Trust_ 178
Lawyers Trust
860
Manufacturers 106- 305
Brooklyn.
113
Globe Each* _ 400 425 Murray 11111„ 305 325
765 Mutual(WestNassau
cheater) __. 375 405
1200 1600
125 People's
195 N Y Trust__ 299 303
170
72 Prospect
Times Square_ 184 192
33
Title Gu & Tr 192 197
1080
17 Mtge &Tr 1740 770
3800 Trust Co..
380 406
Rights
6850
New York.
United Sta 4300 4608
Com'le
Banca
iiio Italians Tr_ 415 430 WestchesVerr 1000 1100
275 Bank of N Y
& Trust Co. 950 965
912
Brooklyn.
415 Bankers Trust 172 175
1115 Bronx Co Tr _ 540 __-_ Brooklyn ____ 1180 1200
25 Central Union 428 435 Kings Co..--.3400 3600
550 580 Miciwood-___ 310 330
172 County
645 655
1350 Empire
Es-zigbial.
*State banks. 8 New stook. z Es-dividend. •Es-stock My.
Banks-N.Y Bid
224
America
Amer Union*. 260
Bryant Park* 435
205
Central
290
Century
1105
Chase
112
Rights
Chath Phenix
Nat Bkdz Tr 850
CheiseaEx new 108
Chls'aExC'p A
Class B _
tz122
Chemical.
Continental* _ 169
29
Rights
Corn Each...1070
Fifth Avenue 3500
6750
First
750
Grace
Harriman_ _ 1340
265
Liberty
Manhattan* 905
National City 411
1100
Park
22
Rights
162
Penn Exch
Port Morris.- 1260
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 11 May 13 May 14 May 15 May 16 May 17
98
9755n
9751st
13
97nst
9710st
9715n
5
_____
____
_ ...
_____
Total sales in 81.000 units__
99i1st Wow 99.11
Converted 434% bond/High 991582
9907,
99101,
1,
.
991
,
991h
1932-47 (First 43410 LowClose 991582 99153, 9915s, 9955st
8
15
9
6
Total sales in 81,000 units.....
Second converted 454% lEigh
----- -------bonds of 1932-47 (First LowClose
Second 4345)
------- -- -- -Total sales in $1,000 units_ _ _
(High 991,” 991.32 992,31 997,39
Fourth Liberty Loan
454% bonds of 1933-38_ Low- 9925ss 992032 99,011 9951s1
Close 9955ss 9921” 9900.1 99,112
(Fourth 454s)
246
117
132
88
Total sales in $1.000 units__
-___ 1081531
{High 108",, 10355st
Treasury
--- 1080:2
Low_ 10815ss 10820ss
45(s, 1947-52
__ 10815u
Close 10825ss 10311st
14
12_
7
Total sales in $1.000 units__
; 104",,
{High 10451st 104",, 10421
1.ow_ 1045511 10455st 1041511 10411n
4s, 1944-1954
Close 10413n 10415st 1041581 1041Ist
54
25
6
1
Total sales in 81,000 units____ 10115st
____
____
{High
10115st
Low_
Ms,1946-1956
____ 1011412
____
__
Cleat
Total sales in 81.000 units---------------5
971511
(High
0 , 1 971 s
336.. 1943-1947
---- 971132 971511 9715s2
Low____ 971581 971521 9715st
Close
10
10
1
Total sales in 51.000 wags__
___
{High 9755s; 9717*,9712*,____
____
9715H
3351. 1940-1943
Low- 9715st 971512
Close 971111 971511 97" -___
Total sales 15.51 000 units_
4
3
____
99.33
990*,
995st
2
High
SIM Marts Loan
33.4% bonds of 1923-47._ LowiClose
(First 335)
Total sales in 81,000 units-Converted 4% bonds off High
1932-47 (First 410
98581
985ss
981st
9
985,1
981tt
981so
182
981st
981st
981st
12
9711ti
41
/
9711
9755ts
5
,_
991,11
914*,of
9911n
13
-- --
--
- ---
--
9912,,99,,n
992,11
991129
50
--- 10815n
---- 105"n
_--- 10815st
10
____
1041512 104111,
10414st 104111
10414st 1041ss
39
2
-- 1011511
191Nu
---- 10161n
..___
15
.
°Ian 9714
9715n
97
971511
97
4
60
---97
---97
---97
991121
99s
86
Note.-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
7 4th 434s
9911st to 095its
Foreign Exchange.To-day's (Friday's) actual rates for sterling exchange were 4.843-10
4.84 11-16 for checks and 4.84 31-3204.85 1-16 for cables. Commercial
on banks, sight, 4.84 5-1604.8435; sixty days, 4.79 15-15; ninety days,
4.773-404.77 15-16; and documents for payments, 4.79 7-16(4)4.79 15-16.
Cotton for payment, 4.8334, and grain for payment 4.83 3-4.
To-day's (Friday's) actual rates for Paris bankers' francs were 3.90310
3.9034 for short. Amsterdam bankers' guilders were 40.15040.19 for
short.
Exchange at Paris on London, 124.14 francs; week's range, 124.22 francs
high and 124.13 francs low.
The range for foreign exchange for the week follows:
-Cables.
Sterling. Actual
4.8531
4.84 15:16
High for the week
4.84 31-32
Low for the week
4.8435
Paris Bankers' Francs3.9034
3.9031
High for the week
3.9036
3.9034
Low for the week
Amsterdam Bankers' Guilders40.22
40.20
High for the week
40.19
40.15
Low for the week
Germany Bankers' Marks
23.7834
23.78
High for the week
23.71
23.70
Low for the week
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
For sales during the week of stocks not recorded here. see precediog oage.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
May 11.
Monday,
May 13.
Tuesday,
May 14.
Wednesday,
May 15.
Thursday,
May 16.
Friday,
May 17.
Sales
for
the
Week.
5 per share
19912 20012
10234 10234
18014 18014
1195 12114
79
79
•67
68
010712 109
88
88
634 6438
84
84
284 2838
*60
65
*55
58
2348 236
*9714 9812
228 22912
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots
Lowest
S per share S per share S Per share
Per share S Per share Shares
Railroads
Par 3 per share
19734 20012 1974 19912 198 19812 19718 197% 19712 19814 7,000 Atch Topeka & Santa Fe__100 19518 Mar 26
10234 10234 10212 10234 *102 10234 99 101% 100% 10038 2,000 Preferred
100 99 May 16
180 180
17712 178
179 179 '17834 180
17834 178%
600 Atlantic Coast Line RE.._100 169 Jan 2
11878 12114 11818 11934 11812 11914 11712 118
19,600 Baltimore & Ohio
100 11712Slay 16
1174 118
79
7912 7912 79 '78
79
78
78
100 77 Apr 13
7834 78% 1,400 Preferred
.67
68
*65
6778 "65
6778 *6512 6779 •6512 6778
50 6412May 8
Bangor & Aroostook
109 109
109 109 "110 111 "110 111 •110 111
100 105 Apr 4
20 Preferred
00
92
92
*89
*88
92 "87
92
100 85 Apr 4
92
87
Boston dc Maine
6214 6238 62% 6412 63
654 6412 6638 65
6638 21,100 Bklyn-Manti Tran v t c_No par 6218May 9
.83
84
*83
8712 *8312 8712 *8312 8712 *8312 8712
No par 84 Mar 26
100 Preferred v t c
268 28
•2714 2712 2718 2818 *2712 28
*2712 28
2,200 Brunswick Term & Ry Sec 100 2533 Apr 4
65
65
*60
67
*60
62
60
60
*55
60
200 Buffalo & Susquehanna_ __j00 5434 Jan 26
*55
58
*55
*55
58
58 '55
58 '55
58
Preferred
100 5312 Jan 4
23012 23412 229 23112 227 231
22812 230
230 23034 9,200 Canadian Pacific
100 22512Mar 26
*9714 98
*9714 98
*9714 98 '9714 98
•9714 98
Caro Clinch & Ohio etre st'd100 97 Mar 28
227 228 9200 201
200 20134 19812 200 *199 200
6,400 Chesapeake & Ohio
100 u19812May 16
100 21312 Jan 18
Preferred
;114- 1412 1312 1334
1318 137
1314 1314 '13
1314 134 1318 2,200 Chicago & Alton
100 1118 Jan 2
*18
1812 175, 1838 1714 1778 17
18
16% 16% •1612 1712 2,200 Preferred
100 16 Mar 28
*35
39
40
*30
40
*30
40 •28
*30
35
•28
36
Chic & East Illinois RR__ 100 34 Apr 11
*45
55
55
*45
*45
55
*45
55
•45
55 '45
55
Preferred
100 5334May 4
1718 18
17
192
161, 1712 1612 1734 1612 17
16% 1714 5,700 Chicago Great Western _._10
1412 Mar 26
4918 515
50
50
46
*4812 4912 48
50
49
49
49
6,600 Preferred
100 46 May 14
3212 33
3134 3312 3112 3214 31% 3214 3112 32
3112 31/4 8,000 Chicago Milw St Paul & Pas_
31 Mar 26
5114 5238 5114 5312 5018 524 51
52% 4934 51
5018 5034 22,100 Preferred new
4934May 9
8312 8312 8212 8434 8214 83
8212 83
8118 82
82
82
7,400 Chicago & North Western_100 8118Slay 16
*135 138 *135 139 *133 136 *133 138 •133 138
134 134
100 Preferred
100 134 Apr 24
124 12412 123 125
12334 12334 123 12334 122 123
12114 12218 5,200 Chicago Rock lel& Pacific_100 12114May 17
10714 10714 10714 10714 107 107 •107 10712 *107 10712 '107 10712
400 7% preferred
100 1054 Mar 27
100 100
997 100
997 100
100 10012 10014 10014 *1004 102
1,700 6% preferred
100 9978May 13
*102 110 "102 110 *102 110 *102 110 '102 110 *1054 110
Colorado & Southern
100 10978 Apr 8
•78
78
7834 78
78
78
•70
7834 •____ 77
78
78
150 First preferred
100 75 Mar 20
*69
7112 "68
7112 .68
7112 •68
7112 •68
7112 *68
7112
Second
64 Apr 22
preferred
100
*5512 60
5618 58
56
5912 5912 60
59
59
59
59
1,500 Consol RR of Cuba pref
100 56 May 13
*____ 70 •____ 70
70
60
62
•6212 68
*6212 68
260 Cuba RR pref
100 60 May 15
18812 195
194 194
190 191
19018 192
190 192 *188 190
2,900 Delaware & Hudson
100 182 Mar 26
121 12114 12012 12114 121 12114 1214 12134 121 121
12114 12112 3,900 Delaware Lack & Western_100 12012May 13
66
68
68
67
6514 66
65% 6612 •66
87
"6512 67
1,100 Deny & Rio Or West pref _100 554 Jan 2
*318 314 *3
3
312
3
*3
312 *3
312 *3
312
300 Duluth So Shore & Ati
3 Apr 9
100
0.4% 6
*5
512 *5
*5
6
6
*5
512 *5
512
434May 1
Preferred
100
7234 7512 7212 7512 7234 7512 7114 732
7314 75
7214 7338 126,800 Erie
Mar 26
64
100
60
*6014 61
60
5939 61
594 59% 594 5934 5914 5959 1,800 First preferred
100 57 Mar 26
*57
5778 *56
58
*56
*56
58
58
*56
58 '56
58
Second preferred
100 56 Mar 27
10534 105% 10434 10534 *103 105 *103 105
102 10212 10212 1027
2,600 Great Northern preferred 100 102 Mar 26
10238 102% *101 103 *101 103
100 100
100 10134 *10212 103
1,700 Pref certificates
100 100 May 15
4512 4512 45
46
45
46
4614 4614 *4434 46
*4434 45
600 Gulf Mobile & Northern
100 434 Mar 26
99
•96
*95
99
*95
98
*95
98
95
95
*94
98
100
Preferred
100 95 May 16
1012 *84 1012
•9
8% 83
9
9
*712 10
7
10
7 Feb 18
300 Havana Electric Ry_....Na Pa
*71% 80
*72
80 .72
72
75
72
70
70 '71
75
120 Preferred
100 55 Feb 16
425
*410
*410 425 "400 428
423 423 "404 420 '405 420
10 Hocking Valley
Mar 26
375
100
*4218 43
4218 42% 4234 423
4212 4378 40% 4178 407 4114
2,300 Hudson & Manhattan
100 4034 Apr 9
*74
7512 .74
764 .74
76
7418 7418 7512 7512 '74
76
400 Preferred
74 Apr 10
100
135 135
13334 13334 134 135
134 134
1344 13614 137 137
2,100 Illinois Central
100 13334May 13
*133 145 •I33 140 *133 140 *133 140
135 135 •136 137
100 Preferred
100 135 Mar 27
•76
7712 7512 751
7712 .76
75
7514 *75
77
*75
77
1,150 RR Sec Stock certificates___
May 15
3014 2838 2934 294 304 2834 3038 15,000 Interboro Rapid Tran t c_100 75
2814 29% 2734 29
28
27 May 9
v
4612 4612 48
*4612 48
*4812 48 "4612 474 *4612 47
48
400 Int Rye of Cent America 100 43 Apr 1
•42
'42
•42
46
46
46
*42
•42
46
46
•42
46
43 May 8
Certificates
No pa
734 733s 73% 73% *7312 74 .7314 74 '7314 74
*734 74
30 Preferred
10
7218 Apr 16
*314 312 *314 312 *314
312 *314 312 *314
3'2 *314
31
Iowa Central
318 Jan 30
100
84% 85% 8312 8478 83% 8478 847 8478 84
8478 85
85
7,400 Kansas City Southern.
100 78 Mar 26
67
*65
6518 6518 *65
66
.65
67
6518
654
'644 66
200 Preferred
6412
Apr 29
100
89
89
8878 87
87
87
86 '85
86
857 867s •85
1,100 Lehigh Valley
513 857851ay 15
•140 14178 14078 141
140 14014 141 141
14112 142
142 142
2,800 Louisville & Naahville
13834 Mar 26
100
66
.63
66
*63
*63
66
53
63
68
66
*6612 69
70 Manhattan Elevated guar_100 604 Apr 25
35
3612 3534 37
3618 35
3614 3878 3812 4134 3912 41
18,800
Modified guaranty
100 3112 Apr 8
*212 3
*212 3
*212 3
*212 3
*212 3
*212 3
Market Street Ry
278 Mar 4
100
28
28
28
28
28
28
*2612 28
•2612 28
*264 28
300 Prior preferred
100 28 May 7
2% 2%
•24 212
239 238
214 214
214 214
214
214
1,200 Minneapolis & St Louls
214 Mar 26
100
•36
42
42
*36
*36
42
42
836
*36
42
•36
42
Minn St Paul & 9 S Marle_100 3912 Feb 20
75 '65
*65
*65
75
73
71
*65
*65
73
•65
73
Preferred
100 71 Jan 14
*5914 61
5914 5914 *5914 62
*594 61
*5914 61
*5914 61
20 Leased line*
100 574 Apr 10
4812 49% 47% 50% 4738 49% 4838 504 484 4834 4814 4878
33,400 Mo-Kan-Texas RR____No par 4212 Mar 26
10612
10612 10612 106% 10612 107
10612 10612
1064 10612 •106 1061z 4,100
100 102 Apr 9
8512 8634 8612 90
8712 93% 92% 94% 9218 9334 9134 9312 71,500 Preferred
Missouri Pacific
100 624 Jan 4
134% 134% 13438 1364 13518 137% 13618 138
13512 13678 13538 136
14,900 Preferred
100 120 Jan 2
82
*80
80
80
82
80
80
*80
•78% 82 '7812 82
50
Morris & Essex
50 7814 Apr 2
200 200
200 200
197 197
201 201
196 19612 •19612 200
300 Nash Chatt .1, St Louls
100 186 Jan 29
2
2
218
*2
24 218
2
2
2
2
•134
2 Star 27
18112 18334 18112 18412 18014 18212 18112 18238 1,500 Nat Rys of Mexico 2d Pref-100
18338 18514 18114 185
17,300 New York Central
100 17812 Mar 26
*13512 13712 134 13514 •133 135 •133 136
133 133
13214 13312
900 N Y Chic & St Louis Co
100 12818 Mar 26
107% 10778 10814 10814 •105 10814 10714 107% 10712 10734
*10634 108
700
Preferred
100 10534 Feb 25
*290 298 0292 298 "286 298 *286 298 *286 298 *286 298
N Y & Harlem
50 285 Mar 26
96 10012 9534 9814 9534 98
9812 100
95
96% 96
9934 69,000 NY Nil & Hartford
100 80% Jan 4
11878 118% 11914 11914 11734 11838 *118 119
118 118
*118 119
800 Preferred
5
114% Jan 3
2714 2634 27
*2612 264 26
26
2714 2714
26
26
26
1,700 N Y Ontario at Western___100 25 Mar 27
*44
*418 8
*44 5
*418 5
*44 5
*418 5
N Y Railways pref__--No Par
4 May 9
23 •____ 2312 •--_ 2312
*234 2312 •234 2312 2318 2318 23
20 N Y State Rye pref
100 2238May 2
3712 3712 3712 3712 *3612 38 "3612 3712 *3612 3712
39
39
300 Norfolk Southern
100 3712May 13
19512 19612 19534 196
196 106
197 197
19514 19612 195% 196
3.000
Norfolk & Western
100 191 Jan 9
8714 8714 874 "85
8714 '85
8714 "85
*86
8714 854 8518
110 Preferred
100 83 Feb 15
10134 10278 10018 10214 10018 100% 10012 101
100 10012 *100 101
7,000 Northern Pacific
100 9938 Mar 26
9912 100
99 100
98% 99
*984 994 *9812 99
9978 100
3,000
Certificates
100 98 May 9
40
40
*30
40 .30
*30
*30
40
40
*30
•30
40
Pacific Coast
100 20 Feb 15
41
41
.36
*36
41
*36
*36
41
*3812 41
•36
41
First preferred
100 32 Mar 27
*31
35
*31
35
35
*31
*31
35
35
*31
•31
35
Second preferred
100 2112 Jan 10
7814 78% 774 794 7718 78% 76% 7758 75% 76% 7614 7678 30,700 Pennsylvania
50 7212 Mar 26
30
30 '24
"26
*24
30
"26
30 '24
30
*26
30
Peoria & Eastern
100 30 Jan 18
*155 160 •156 160 •15612 160 •157 160 *156 160 •156 160
Pere
Marquette
148 Jan 3
100
99
99
99
9734 9734 974 9734 974
9734 973
9734 9834
260 Prior preferred
100 96 Jan 5
96
*95
96
*94
*95
96
95
*94
*95
96
94
94
300 Preferred
92 Mar 15
100
*50
-*50
_
_
*50
•50
Phila Rapid Transit
50 4912 Apr 18
*4912 51
4934 4934 .4912 50 '494 51
*4712 51
4912 4912
20 Preferred
50 494 Apr 19
1294 1294 130 132
•132 134
13214 13434 *13114 13314 1294 131
900
100 12812 Apr 22
10812 1091 107% 10912 106% 10814 106% 106% 106% 107% 10612 10634 6,300 Pittsburgh & West Va
50 10218 Mar 26
4218 4318 434 434 43% 4334 2,200 Reading
423
•42
4214 423 *42
43
First preferred
50 4112 Apr 22
*45
4518 454 454 "45
*4412 46
*45
*4412 46
46
46
300 Second preferred
50 4411 Apr 17
641 '614 654 '61,8 6518
69
•65
*651,1 69
6314 65, •62
200 Rutland RR pref
100 6318 Mar 21
112 1121 112 113% 112 1121 11012 11114 110 1104 11012 11012 5,200 St Louts-San
110 May 16
Franclaco
100
94
4
933
9334 94
9312 94
9334 94
9414 941
94
9414 2,200 let pref paid
100 9214 Mar 26
943
9514 934 934 •9312 94
9318 954 9312 941
95
93
2,400 St Louis Southwestern
100 9218May 9
93
91
934 •91
91
•90
9018 937 *9012 921 *00
93
1,800 Preferred
100 8734 Apr 10
•Bid and asked prices, no sales on this day. z Ex-dividend.
p Ex-rights.
Highest
$ per share
20938 Feb 4
103% Jan 7
19134 Feb 4
133 Mar 5
8012 Mar 20
72 Jan 2
11012 Jan 22
10934 Jan 5
8178 Feb 25
9238 Feb 1
4418 Jan 18
85 Mar 2
681: Mar 4
269% Feb 2
10112 Mar 14
230 May 4
216 Feu 27
1934 Feb 4
2534 Feb 4
43 Feb 4
66% Feb 4
2378 Feb 1
63% Jan 31
39% Feb 2
6334 Feb 2
9414 Feb 5
145 Feb 5
13978 Jan 19
10814 Jan 25
10278 Feb 5
122 Mar 5
80 Jan 25
7212 Mar 5
7038 Jan 2
81 Jan 2
20714 Feb 1
13314 Feb 1
7734 Feb 21
4% Feb 4
711 Feb 4
78 Mar 5
6434 Feb 4
6014 Jan 5
115% Mar 4
112 Mar 4i
59 Feb 41
103 Jan 3
1112 Apr 20
73 Apr 15
450 Jan 22
5338 Jan 5
84 Jan 18
152 Feb 1
14514 Feb 4
8018 Feb 21
5838 Feb 25
59 Jan 26
5912 Jan 25
8014 Jan 2
414 Jan 18
988 Jan 12
7012 Jan 15
10214 Feb 2
1534 Feb 5
87 Jan 3
5712 Jan 11
43 Jan 22
3912 Jan 4
334 Jan 19
4714 Feb 4
87 Jan 23
66 Jan 25
55 Feb 4
1074 Apr 25
9478Slay 15
133 Slay 15
8638 Jan 17
202 Apr 10
338 Jan 25
20414 Feb 1
145 Feb 2
10914 Jan 4
379 Jan 8
10438 Apr 27
11934 Apr 27
32 Feb 4
9% Feb 21
41 Jan 30
484 Feb 4
206 Feb 1
8714May 14
11434 Mar 5
112 , Feb 2
43 Feb 28
50 Mar 2
40 Feb28
83% Apr 25
34% Feb 1
17434 Feb 1
100 Mar 22
97 Jan 8
51 Apr 12
50 Jan 2
14834 Jan 10
11712 Feb 4
4334May 17
4934 Feb 5
6834 Apr 6
12211 Feb 4
984 Feb 2
11534 Feb 4
94 Apr 28
PER SHARE
Range for Prieto's.
Year 1328
Lowest
Highest
$ per share $ per share
1825, Mar 204 Nov
10212 Jai 10812 Apr
15718 Oct 1914 May
10334 June 125% Dee
77 Nov 85
Apr
61 June 8414 Jan
104 Dec 11534 MaY
58 Feb 91 Dee
53% Jar
7734 May
82
Jan 95% May
1412 Jan
47% Sept
3214 July 6412 Nov
38 Sent 63 Nov
19512 June 253 Nov
98 Sept 10718 Mar
17512 June 21834 Dec
5% Jar
74 Feb
37 Feb
58 Aug
94 Feb
2012 Feb
2214 Mar
37 Mar
78 June
135 Dec
106
Feb
105 Dec
99 2 Dec
105 Aug
67 July
9912 Nov
6812 Dec
79 Dec
16314 Feb
12514 Dec
5012 Feb
3 Aug
438 June
4834 June
50 June
4914 June
9312 Feb
914 Feb
43 Aug
99 Au
7 Au
51 De
340 Jul
5408 Be
81
Oc
13134 Ja
13012 Ja
75 Jul
29
Ja
3612 Ma
-6658 -iL-4
2 Mar
43 June
6612 Aug
8418 Feb
13934 Nov
75
Jan
40
Jan
34 Dec
384 De
178 May
40 June
7014 Dec
60 Dec
3012 June
10112 June
4178 Feb
105 Feb
8212 Aug
17112 Aug
2 Feb
156 Feb
12114 Oct
10412 Aug
Jan
168
5438 Jun
112 Sept
24 Feb
514 la
2312 Dec
32 Jun
175 June
8478 Oct
9238 Feb
90% Feb
1912 May
40 Aug
2012 Aug
8178 June
25 Mar
12478 Feb
96
Oct
92 Nov
50 Nov
50 Mar
12114 Feb
9414 Feb
411/ Nov
44
Jan
50 Feb
109 Feb
94 Dee
6718 Feb
89 July
1884 May
26% May
484 May
7638 May
25 Dee
5038 Dec
4012 Apr
5038 Nov
9414 May
150 May
139% Nov
1114 Slay
195 May
128 May
85 Apr
85 May
87% June
94 June
228
Apr
150
Apr
6534 Apr
84 Jan
912 May
7212 Dec
6378 Jan
62 Jan
11414 Nov
1114 Nov
6178 MAY
109 May
1784 June
7818 Sept
473 Nov
7312 Apr
9312 Apr
14834 May
147 MAY
8238 June
(12 May
5218 Nov
82 May
5% Mar
95 Nov
Apr
77
116
Apr
15912 May
96 May
64 May
712 May
5484 Slay
912 May
5238 Jan
8734 MS7
7112 Jan
68 Dec
109 Feb
7614 Sent
128% Dee
89 June
20434 MAY
512 Apr
196.2 Nov
146 May
119
Jan
Apr
505
824 Dee
117 May
39 May
13 Ma,
43 July
58 Nov
1984 Nov
90 June
118 Nov
115 Nov
WI May
Jan
70
39 May
78% Dec
C7 MAY
154 Nov
10134 Mar
10034 Mar
5838 Aug
5112 Oct
163
Oct
119% May
Apr
46
5978 May
77 Dec
122 Mai
101 May
12418 Nov
Jag
95
3310
New York Stock Record-Continued-Page Z
For gales during the week of stocks not recorded here. see second page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
May 11.
Monday,
May 13.
Tuesday,
May 14.
Wednesday,
May 15.
Thursday,
May 16.
Friday,
May 17.
per share
per share $ per share $ Per share $ per share $ per share
1678 17
18
17
17
17
17
17
1758
17
17
17
22
22
22
2118 2114 2118 2114 2114 2212 22
2018 21
130 131
12912 13014 12912 13034
12838 1284 12812 13212 12812 130
13812 14034 139 19312
13934 14012 13838 14012 13814 13834 139 140
9612 96
9614 9612
97
9612 96
9614 96
*96
96,4 *95
131 136
130 13412 130 130
*128 129
12714 13378 128 131
165 170 *162 169 *167 174 *165 174 *162 175 *165 175
18
18
164 1634 17
1712 1712 1734 18
17
*1612 17
48
*46
48
48
*46
*46
48
48
45
45
*46
*45
*97
9712
97
97
97
97,2
*97
9712 *9712 9712 *97
220 22078 21812 22238 21814 220
217 22012 21614 21734 21734 21934
83141
83
84
8338 84
*84
841s 84
*84
8418 84
84
*3612
*g612
*9612
*9612 ____ *9612 ____ *9612
-- *9534 -- *9534
_ _ *9534
_
*9534 - -- - *9534
*6134 66
*63
66
6414 6414
*8512 66
6334 64
64 -6-4 - *953492
*9112 9212 92
92
92
*9212 94
92
92
92
92
85
*78
*78
86
*80
85
*80
85
*80
84
*80
82
45
4438 4318 4418
46
4354 4634 4312 4538 4312 4538 43
45
45
*43
•43
4414 *43
*44
47
*44
47
*44
46
3578 3578
36
3414 364 *34
3634 3734 36
37
36
36
5834 5834
59
5934 59
5958 594 5934 60
584 5834 *59
Sales
for
the
Week.
,STOCKS
NEW YORK r1T0CH
EXCHANGE
Shares
Railroads (Con.)
Par
100
2,700 Seaboard Air Line
Preferred
4,200
100
100
15,000 Southern Pacific Co
4,300 Southern Railway
100
Preferred
100
2,000
Mobile & Ohio certifs_100
1,150
Texas Sr Pacific
100
1,200 Third Avenue
100
200 Twin City Rapid Transit...100
10 Preferred
100
9,300 Union Pacific
100
100
1,100 Preferred
Vicksburg Shrev & Pao__ _A00
Preferred
100
______
100
1,000 Wabash
100
700 Preferred A
Preferred B
100
100
30,500 Western Maryland
100
Second preferred
100
2,300 Western Pacific
160
900 Preferred
Industrial & Miscellaneous
Na par
1,100 Abitibi Pow & Pap
394 41
40
40,4 *3912 40
42
42
4134 414 •41
42
Preferred
100
1,100
80
80
81
8012 8114 *80
8112 8012 8012 7978 80,4 *79
700 Abraham & Straus____No par
115 120
*113 115
120 120 * 115 120
*116 130 *115 122
100
10
Preferred
10934 10934'10934 111 *10934 111 *10934 111 *10034 III 4'10934 111
100
100 Adams Express
635 835 *560 620 *560 615 *560 615 "560 615 *560 615
100
300 Preferred
944
*925 95
*92
944 *9134 944 *92
92
92
92 8 95
No par
3318 334 8,000 Adams Millis
34
34
34
3334 3512 3314 354 3334 3334 34
100
6012 6114 16,800 Advance Rumely
6478 6018 62
67
69
63
664 6212 6478 63
100
5,500 Preferred
704 71
7312 7038 72
76
77
73
7512 7238 7314 *73
212 278 10,800 Ahumada Lead
212 238
212 238
212 212,
238 234
258 24
12718 13238 31,900 Air Reduction, Inc---No Par
128 12978 121 12678 1231s 12634 124 12734 1233s 133
No par
714 712
64 718 16,600 Ajax Rubber,Inc
712 758
712 738
7
714
74 738
16,200 Alaska Juneau Gold Mln_10
534 6
54 6
578 618
6
64
6
6
6
64
par
1,000
Albany
Pert
Pap_No
Wrap
1712
173
4
*1712
1812
1814
1914
18
1912
*18
184
*18
1858
10,200 Allied Chemical drDye_No par
283 28418 285 292
279 282 *28012 284
283 286 I 276 232
400 Preferred
100
123 123
123 123 *123 124 *123 124
*12212 ____ 123 123
7,300 Allis-Chalmers Mfg
100
195 196
186 193
190 196
19912 19934 190 19912 190 192
100 Amalgamated Leather_NO par
*634 7,2
*612 712
64 638 •634 7
•634 7
*634 7
100 Preferred
69
"63
63
63
*63
69
*62
74 1 *62
70
*62
69
2918 24,700 Amerada Corp
3012 29
No Par
3012 2712 284 28
3012 3138 30
3114 32
1214 1234 10,900 Amer Agricultural Chem_100
1134 1318
1418 1518 1212 15
1334 1418 1318 14
8,000
Preferred
100
4634 48
4614 4614 4634 47
47
5012 45
5012 5334 43
12112 12112 2,000 Amer Bank Note
10
125 12512 124 124
121 12334 123 12512 12112 124
110
50
*6034 63
Preferred
*6034 63
6034 81
*6034 63
*6034 63
*6034 63
1,000 American Beet Sugar-No Par
17
17
1634 1634 *1612 17
17
17
*17
18
17
17
*4812 50
200 Preferred
100
*4812 49
*52
54
52
52
4812 4812 *4812 50
6738 28.200 Amer Bosch Magneto_ _No par
6518 6658 6534 6778 6312 6378 65
6718 694 654 68
5218 5278 53
5334 4,800 Am Brake Shoe & F_ _ _ _No Par
53
5414 5314 5312 53
*544 5434 53
12412
Preferred
100
*123 125 *123 125 *123 125 •123 12412 *123 12412 *123
3078 35,000 Amer Brown Boyer' EI.NO par
2778 29
29
2914 30
28
2914 28
2858 2878 30
100
9012
620 l'-eferred
88
88
88
88
88
8818 *86
88
88
8838 88
25
14034 14312 143 14512 349,400 American Can
147 14938 13934 14634 14034 14434 142 146
100
1,200 Preferred
141 141 *141 14114 141 141
141 141
141 141
*141 143
98
1,500 American Car & Fdy __No par
97
98
9612 96
96
98
9614 97
*98
99
97
4-100
400 Preferred
118 1184 *118 122 *119 122
*119 121
11914 11914 *118 119
7312
100
200 American Chain pref
744 *73
75
•73
75
76
*75
77
75
75
•74
No par
57
5812 5738 5712 5712 5834 6,300 American Chicle
57
58
58
59
5614 57
No par
Prior preferred
Amer Druggists Syndicate_ _10
38
400 Amer Encaustic Tlling..No par
38
39
*37
38
38
400 American Express
100
326 326 "328 332
331 331
*310 332 *310 332 *310 332
Amer & For'n Power--.No par
1094 11434 111 11434 236,
10518 11112 10512 10912 10912 114
11114 114
;56- "334 ;55- 3954 39 "dor
No par
10612 10612
Preferred
200
107 107 *10612 108
*107 10814 *10612 108 *10612 108
No par
2d preferred
9212 9112 9234 9234 9234 4,500
9212 91
9212 91
9114 91
92
8
200 American Hide & Leather_100
7
8
74 712 *7
7
7
814
812 *8
*6
100
3634 37
2.300
Preferred
384 3638 37
38
3718 3718 37
3738 3738 38
3,000 Amer Home Products__No par
7614 7714
7878 x7634 7758 7634 7718 7612 77
7878 784 78
No par
4178 4314 16,500 American Ice
4414 4134 43
4334 4378 414 434 4158 4212 42
100
2,400 Preferred
93
93
"90
93
*90
*90
92
92
*90
93
*91
93
30,200 Amer Internal Corp-No Par
6612 6734 6412 6738 6312 6578 6414 6512 6358 6534 6578 67
618
64 614 1,600 Amer La France dr Foamite_10
618
*6
6
6
61s
6
*6
6
6's
100
*6118 64
250 Preferred
61
"6118 64
61
61
60
6078 6078 604 61
117 11734 5,400 American Locomotive_No Par
115 117
118 11812 11518 11812 11514 1151 11514 117
100
11914 11914 119 119 *118 11918 1.100 Preferred
11812 11812 119 , 119
119 119
600 Amer Machine & Fdy_.No par
153 156 *15612 ---- 156 156 *156 157 *155 157
*158 160
Pref (7) ex-warrants
*109 112 *109 112 *109 112 *109 112 *109 112 *109 112
22,100
554
57
Amer Metal Co Ltd-No Par
52
554
524
5412
5618 5612 5418 563s 5438 55
100
300 Preferred (6%)
11758 11758 11712 11712
*118 119 *11712 119 *11714 119 *11712 119
71
70
510 Amer Nat Gas pref___No par
71
70
70
.70
72
7234 70
*72
76
*72
No par
734 1,900 American Plano
6
6
614 8
734
6
558 6
6
6
6
100
31
33
1,890 Preferred
304 31
32
36
3338 3338 *3358 35
35
35
111) 3 116
11312 117
92,500 Am Power .fe Light--No Par
10712 11212 211034 115
10518 109
10878 112
No par
2,300 Preferred
*10018 10014 10014 1004 100 10012' 9912 10014 10014 1004 *9958 100
No Par
•7412 75
744 7478
300 Preferred A
*7412 75 I *7412 75
744 7458 *7412 75
NO par
8034 8134 8118 8138 2,100 Pre/ A etamped
804 8078 8114 8114 8078 8118 8012 8078
25
100 American Radiator
185 185 *175 195
*175 195 *175 195 1 +165 195 *170 200
4534 4434 4538 64,100 Am Rad & Stand San'ry No par
46
454 4612 45
4612 45
46
4678 45
_100
16312
165
161
164
2,800
Express_
Amer
Railway
16512
16612
16634 17014 •16612 169
170 170
5114 5034 5034 3,300 American Republics-N0
- Par
*54
5512 504 5412 504 5034 5118 534 50
6738 6718 704 14,100 American Safety Rasor_NO ilar
6838 67
67
6638 6534 67
6712 66
67
1,200 Amer Seating v t o
3612 3538 353s 36
No Par
36
35 I 3518 353s 36
3512 35
*35
1,700 Amer Ship & Comm
No par
*334 4
334 34 *334 4
334 378
378 4181
418 418
"84
86
60 American Shipbuilding---100
86
864 "84
85
87
86 I *86
86
*87
88
10038 10278 1014 10212 99 10214 101 103,2 57,300 Am Smelting & Reflning_100
10412 10578 10012 104
100
136 136
1,600 Preferred
136 136
136 136
138 138 *136 13612 136 136
100
100 American Snuff
195 195 1'1.193 19612'193 195 *193 198 *193 198
*196 198
260 Preferred
100
109 109 *109 112 *109 112 •109 112 *109 112
109 109
644
6312
9,900
637
8
Amer
Steel
62%
Foundries-No
Par
64
644
6718 6414 6612 6418 65
86
30 Preferred
100
•111 11212 11112 11112 *11112 112 *111 11212 11112 11112 *11112 112
8,100
793
4
Amer
100
805
8
8114
Sugar
80%
807
8
Refining
803
4
82
8118
8334
8334 8412 81
700 Preferred
100
10712 10818 *108 10912
*10714 10778 10734 10778 10838 10838 108 108
No par
4678 4414 4514 4412 4614 4514 453* 454 4778 17,300 Am Sum 'Fob
46
4678 45
1,900
28
Amer
2812
284
274
Telegraph
&
Cable-100
27
2778
*2612 2712 274 2714
2678 27
34,400 Amer Telep & Teleg
100
2164 21712 21514 21714 215 216
21634 22078 21612 218
220 221
9,700 American Tobacco oom----50
17112 17112 1714 17434 175 17814 17612 178
173 17334 17312 174
1774 17958 14,000 Common class B
17412 178
50
17214 175
172 174
170 174
17334 175
100
1 11834 11918 11834 11834 119 11918 1,200 Preferred
11812 11812''
119 11914 11812 119
300 American Type Founders_ _100
149 149 i*147 150 *146 149 *147 150
148 149
*152 153
109
200' Preferred
100
10734 108
10714 108
*1094 110 *10814 109 *10814 109
00
8'4 193
974 40,100'Am Wat Wks & El
No par
8818 .19
8714 8834 86
90
8614 88
8834 9014 83
101
101
7001
let
101
preferred
4
*100
3
10118
101
101
*10012 101
100 101 *100
•20
2012 4,500 American Woolen
100
194 20
2014 2078
2078 2078 20
2058 194 20
4812 4918 4958 4,100 Preferred
100
48
48
48
4934 474 4712 48
4978 51
1.000 Am Writing Paper ette_No par
1112
117
1112
113
4
1118 1118
11
11
1012 1012 1012 101
400' Preferred certificate_
100
404 404 *4014 41
54014 41
*4014 4034 4014 4014 4014 4034 '
7.000kmer Zino, Lead & Smelt-25
3438 353
3314 3512 334 34
3612 3712 3412 36'2 3318 35
100 Preferred
25
99
99
*99 102
*100 102 *100 102
*99 102
,0214
488,200'Anaconda
3
Copper M1111112_50
27 1
135 13734 127 1351 12514 12834 12512 12914 121 12612 ;2
7 18,700 Anchor Cap
No par
5414 54
567s 0458 564 5378 5434 5314 53
534 5378 53
500,, Preferred
No par
*115 117 *11012 118 *11378 1184 11258 11258 113 11712 1134 11314
Copper Mining_No par
5318 5312 51
5118 5212 5114 524 484 5153 5034 5314 87.2001Andes
63
4,0001 Archer, Deng', Mid'Id_No par
3612 37
3612 37
38
*37
3818 3834 3612 381 *37
38
2201 Preferred
100
11412 11412 11412 11412 11414 11414
*11412 115
11412 115 •11412 115
1,400 Armour & Co (Del) pref.- 100
90
.881s 894 *89
8714 8714 8712 88
8712 8812 ma go
12% 133* 1214 1258 1252 1234 29,000'Armour of Illinois class A__ -25
1358 1434 124 133
1258 13
658 6114 29,100 Class B
6% 673
634 6%
7
712
634 714
658 64
10.
:9
20
00 Preferred
73i2 754 7334 74
*76
77
*77
78
7434 75
✓2
7
25
7
ArP
no
3142 7
reldo
Constable Corp..Corn. ill17. 1pp2aa
2
25
7
4311
11
23
2318 23
23
23
2212 2212 224 234 23
1001ArtplrooefenrCadori)
28
*2412 274 •27
•27
28
*27
28
•27
28
*9414 102
*9414 10212 *9414 102
*96 100 *100 102 *100 102
•B10 and asked Woes; no sales on this day.
Ex-dividend.
y Ex-rights.
PER SHARE
Range Since Jan. 1.
On baste of 100-share Iota
Highest
Lowest
PER SHARE
Ranee for Previous
Year 1928
Lowest
Highest
$ per share
1612 Jan 2
1812May 6
124 Mar 25
13814May 14
96 May 7
104 Apr 4
15612Mar 27
1334MaY 9
44 Jan 29
97 May 18
209 Mar 26
8112 Apr 6
98 Mar 4
103 Mar 7
61 Mar 26
9112Mar 28
8014 Apr 15
3212 Mar 28
38* Mar26
33 Apr 1
57 Jan 28
5 per share $ per share $ per than
1138 Mar 3012 Jan
2114 Mar 5
Jan
2412 Mar 5
17 Aug 38
13834 Feb 2 1175* Feb 13114 May
15832 Feb 1 1394 Feb 165 May
99 Jan 3
965* Sept 10214 Jan
14078 Jan 14 100 Jan 15912 Jan
181 May 2
9912 Jan 19438 Oot
2818 Jan 484 May
39 Feb 25
3214 Sept 56 May
5814 Jan 25
945 Oct 107 Feb
100 Jan 5
231 Feb 2 18612 Feb 22472 Nov
8438 Mar 16
8218 Oct 874 Jan
10014 Jan 5
Jan
99 Aug 111
103 Mar 7
9914 Nov 10812 Mar
81% Jan 5
51
Feb 9614 May
10471 Jan 7
884 Feb 102 May
91 Jan 8
87 Feb 994 May
54 Feb 4
31% Feb 5434 May
5312 Feb 4
334 Feb 5478 May
4172 Mar 5
2814 Feb 8812 Dee
6412 Feb 4
524 Aug 6212 Jan
3914 Mar 27
79 Apr 10
115 May 2
10934 Jan 16
389 Jan 16
92 Apr 3
2738May 1
48 Jan 29
584 Jan 23
212May 10
954 Apr 10
64May 17
534 Mar 28
16 Mar 15
241 Jan 7
1204 Apr 8
166 Mar 26
512 Apr 25
57 Apr 23
2712May 16
1134May 16
43 May 13
110 Mar 26
60 Jan 3
1514 Mar 25
46 Apr 24
4012 Feb 14
45 Jan 16
122 Mar 27
1518 Jan 7
4934 Jan 7
10734 Feb 18
140% Feb 14
93 Feb 18
116 Apr 22
7238 Jan 23
4634Mar 26
10912 Jan 2
9 Jan 25
35 Mar 26
280 Feb 2
7514 Jan 4
10412 Apr 9
88 Apr 9
614 Apr 9
304 Feb 6
75 Jan 2
38 Mar 28
9013 Feb 11
5754 Mar 26
6 Mar 28
6018 Apr 13
10212 Feb 18
113 Jan 3
150 Apr 29
110 Mar 11
52 May 16
11534 Apr 29
67 Apr 4
55sMay 9
3014May 16
8118 Jan 8
987s Mar 26
73 Jan 7
79 Mar 26
165 Mar 26
44 Apr 10
12972 Jan 18
44 Feb 18
62 Mar 26
32% Feb 16
352 Jan 2
85 Apr 29
934 Jan 16
135 May 3
19312 Mar 26
108 Feb 13
62 Mar 26
11012 Jan 4
7112 Apr 6
10512 Apr 8
4414May 8
17 Jan 2
10314 Jan 8
160 Mar 28
16014 Mar 26
11812Mar 11
1384 Jan 5
5472 Jan 22
8158 Jan 7
15912 Jan 3
112 Jan 2
750 Apr 23
96
an 3
357 Jan 15
10478May 1
119 May 1
47 Feb 20
133 May 16
1114 Jan 2
1014 Jan 8
25 Jan 3
30534 Mar 1
125 Apr 27
211 May 6
1112 Jan 14
73 Jan 17
4238 Jan 3
2358 Jan 15
7334 Jan 11
1344 Feb 6
6212 Apr25
2012 Jan 16
6014 Feb 5
7314May 2
62 Feb 4
12812Mar 21
3334 Apr 5
94% Apr 12
15118May 6
1411* Jan 14
1064 Jan 3
12., Jan 29
8512 Mar 13
595sMay 3
1144 Jan 30
11 Jan 2
4734 Feb 25
409 Apr 8,
13878 Feb 191
10714May 15
a9
21 3
8
97
714 J4
18 Apr 26
4312 Apr 23
10 May 9
3934 Apr 29
302, mar 23
98 Apr 15
11514 Jan 15
514 Mar 26
11114Mar 25
48 Jau 31
3814Mar 26
114 Jan 4
8512 Mar 26
12 May 8
812 Mar 26
7312May 15
2212May 11
244 Apr 12
97 Apr 5
10812 Feb 14
103 Fen 21
10 Jan 2
3914May 7
8538 Jan 24
46 May 6
96 Mar 6
7614 Jan 18
872 Jan 10
76 Feb 21
123 Mar 18
11914May 15
199 Mar 6
1164 Jan 12
8134 Feb 6
136 Feb (I
9814 Jan 7
17% Jan 31
55 Jan 31
120 Jan 30
105 Feb 28
80 Feb 13
8444 Feb 15
210 Jan 15
5252May 3
188 May 3
6434 Jan 2
7454 Jan 31
4172 Mar 15
7 Feb 5
94 Jan 24
12434 Mar 1
138 Jan 4
208 Feb 1
112 Jan 24
797 Feb 4
114 Mar 13
0444 Jan 25
111 Feb 1
00 Jan 2
3278 Mar 26
23812 Apr 23
1864 Jan 28
188 Ja,28
12114 Jan 15
155 Jan 31
112 Apr 6
4
10
94
2
n 28
M
Jaar
2772 Jan 3
5838 Jan 2
154 Jan 21
48 Mar 2
4914 Mar 18
11114 Mar 19
17472 Mar 21
8232 Feb 21
124 Mar 1
683* Mar 1
4912 Mar 4
115 Jan 11
95 Jan 30
184 Jan 2
1014 Jan 2
86 Jan 24
4072 Jan 2
80 Feb 5
100 Jan 4
3614 Nov
76 Nov
90 June
109
Oct
195
Jan
93 Jan
3012 Dec
11
Jan
3414 Jan
234 Jan
59 June
72 Jul e
1
Jan
2234 Dec
140
Feb
12012 June
11518 Feb
94 Oct
89 Mar
2718 Feb
155* Feb
5558 Feb
7434 Jan
60
Oct
1434 July
36 Feb
153* Feb
39% July
120 Dec
1058 Apr
4014 Apr
7012 Jan
13634 Jan
884 July
11058 Aug
71 Dea
44 Dec
107
Jan
1012 Dec
88
Apr
10238 July
142 Dee
11412 Jane
425 Dee
994 Mar
3312 Dec
65 Sept
6934 Sept
534 Mar
9958 Dec
1482 Jan
10 Nov
3114 Jan
25234 Nov
12738 May
200 Dee
1634 Apr
90
Apt
4372 Noy
26 Nov
79% Nov
159 May
65% Jan
2412 Aug
6158 Sept
443g Nov
494 Jan
128 June
2614 May
657a May
1174 Nov
147
Apr
11112 Jan
1374 Mar
105 June
5034 Dec
114 May
1512 Apr
169
Jan 310 Deo
2258 Feb 85 Dee
10414 June 110 May
81
Feb 100 Sept
814 Oct 1558 Feb
31 Nov 67% Feb
69 Feb 88 Nov
28
Jan 4838 Aug
90
Jan 9912 May
54 Jan
115* Oat
56
Jan 8512 001
87 June 115
Jan
10814 Oct134 Mae
12912 June 18344 Du
J.
3
110 Dec 116
39 Mar 6334 NrA
109 Aug 11712 Ma,
9844 Dec 9954 Nov
1244 July 25 Feb
38 Dee 90
Jan
6214 Jan 95 May
10012 Dec 10714 May
7018 Nov 7712 Nov
8112 Dec Mg NO1
1304 Jan 19112 Dee
11012 Jan 143 Dee
5114 Feb 83 Ape
58
Jan 747k 81501
2738 Nov 45 May
34 Aug
64 May
Jan
80 Sept119
169 Feb 293 Dec
Apr
131 Mar 142
Jan 210 Dec
141
100
Oct120 June
504 Jun
70/
1
4 Jai
109 June 120 Feb
55 Feb 9312 NO2
100 Feb 11012 Ma,
46
Feb 7338 Berri
Jam
174 Dec 32
172 July 211 Mal
152 June 18438 Dec
152 June 1847* Nov
Apr
115% Sept126
10972 Aug 14214 Nov
107 Nov 115 Mal
78
812 No',
5
98
2 J4)
uEt
c 10
14 .ruly 824 NM
89 Aug 8514 NM
1912 Feb
10.2 Jun
5334 Gel
34 Jun
Ool
, Jar 57
611
Jr.n 11772 Ool
40
Jan 12014 Der
54
48 Dec543* Der
10814 Dec111 Dee
50 Nos
3814 No
5514 Feb11272 Nol
Oct1154 Mai
112
863* Jan 9714 JUnl
1114 Jan 234 SIMI
61, Jan
1312 Mal
712 Jan 9112 JUDI
3514 July 51114 Ass
284 Dec441$ Mai
99 Dee 114 Mal
New York Stock Record-Continued-Page 3
3311
For saies during the week of stocks not recorded here, see third page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
May 11,
Monday,
May 13.
Tuesday, 'Wednesday,
May 14.
May 15.
Thursday,
May 16.
Friday,
May 17.
Sates
for
the
Week.
STOCK
NEW YORK STOCK
EXCHANGE
$ per share $ per share 5 per share $ per share $ per share Shares Indus. & hilscal. (Con.) Par
.28
2812 28
2832 28
28
28
28
28
28
500 Art Metal Construction_ __ 10
5312 5112 5232 5112 5234 5012 5134 5114 52
51
No par
19,000 Assoc Dry Goods
*9712 100
*9712 100 .94
98 .95
99
*95
100
98
First preferred
45
454 45
45
45
45
45
45
25
45
340 Associated 011
45
5912
58
58
5812 588 5912 59
6172 6112 6274 6,700 Atl 0.4 W I 58 Line-NO par
54
54
.5312 55
.5312 54
54
55
.55
56
100
900 Preferred
6734 7072 6712 6912 6772 6934 668 6912 6812 6934 222,900 Atlantic Refining
25
100
Preferred
-- --95i4 -9-i- -931.2 ig- -99- --1.96
98
96 4 -9312 -9534 -95 -95
No par
---1,600 Atlas Powder
102 102 .102 10214 *102 10214 102 10214 *10214 10412 10214 10214
100
210 Preferred
*1312 1334 *1312 1334
13
1312 1312 1312 .1232 1372 .125 137
No par
500 Atlas Tack
612 64
6
612
57
572
6
632 *6
612
6'8 6's 2,500 Austin. Nichols & Co_No par
.34
38
.36
37
36
36
3712 3912 39
397 *39
3912 1,400 Preferred non-voting____100
.5312 60 .5312 60
54
54
*5312 60 .53
5812 .5312 5812
100 Austrian Credit Anstalt
315 3212 31
3112 31
313
3034 313
3012 31
No par
3112 2,700 Autosales Corp
31
.3812 41
.38
40
3812 38% *3812 40
*3812 40
50
3714 3812
500 Preferred
.4412 4512 *4412 4512 45
45 .44
4512 .44
45
*4412 45
100 Autostr Sat Razor"A" No par
•250 254 .245 250
245% 24514 *240 255 •235 254 .230 350
Baldwin Locomotive Wks_100
100
•120 12112 .120 1213 *120 12114 12114 12114 *120 12114 12012 121
100
50 Preferred
*10852 109 x107 107 .10632 10812 1063, 10632 •10632 109
10614 10634
80 Bamberger (L) & Co pref 100
28
28
.26
28
.26
28
.26
28
.26
2712 27
No par
27
300 Barker Brothers
92
92 .92
93 .92
93
92
92 "____ 924 ---- 91
100
200 Preferred
154 1512 1412 15
14
14
13
14 .1212 1414 .13
No par
1512 1,500 Barnett Leather
477
4712 48% 45
4512 4612 458 47
25
442 4614 4512 46% 101.600 Hamadan Corp class A
---- ---- --- - ---25
Class B
.97 100
94
96
*92
------------93
No par
95
300 Bayuk Cigars, Inc
10114 10114 101 10234 10012 101
100 10112 *10112 10212 *10112 10212
100
130 First preferred
2312 2312 2312 233
2314 2334 2312 2312 2314 253, 2312 26
30,500 Beacon Oil
No par
.81
83
81
81
8012 8014 793, 803, .8014 81
80
80
20
1,500 Beech Nut Packing
1452 1434 1312 1414 .14
1434 14
15
1414 1414 143s 1412 9,500'Belding Hem'way Co__No par
8214 8214 8212 8212 .82
82
82
83
8214 8214 .82
82%
600 Belgian Nat Rya part pref____
87
8812 8412 8732 8514 8614 87
88
8412 8612 86
8752 9,100 Beat dr Co
No Dar
10812 110
105 10812 10412 107
68,100 Bethlehem Steel Corp
1053, 1078 10412 10614 105 108
_100
119 11912 119 119
11912 11912 1193, 1193, 11912 11934 119314 11912 1,000,Beth Steel Corp Pt (7%)_100
55
5512 .52
5212 5212 5212 5014 51 .
50% 5112 *5014 5112
No par
Bloomingdale Bros
900
•10714 110 *10714 110 *10714 110 .10714 109 .10714 110 *10714 110
I Preferred
100
105 105 .10414 105 .10414 105
105 105 "104 105 .104 105
40 Blumenthal & Co pref
100
87
87 .85
8614 •83
85
844 85
8512 87
No par
863, 87% 2,400 Bon Ami class A
71
77
.7% 8
714 714
8%
74
732 8
81$ 814 1,700 Booth Fisheries
No par
•48
52
*48
51
.48
51
5012 524 .48
51
"48
51
800
100
1st preferred
94
9412 9014 94
92
9214 2110
9012 9334, 93
90
9312 14,000 Borden Co new
25
1012 1012 10
•1012 101
10 .10
1012 "10
1012 *10
1012
300 Botany Cons Mills class A_50
4112 4212 403, 5178 4118 4214 46,1001Briggs Manufacturing_No par
4134 43
4212 44
44
443
33
.312 37
.312 37
33
.313 4
*312 4
.312 4
100
100:British Empire Steel
.534 8
*534 8
.534 7
*A 8
.534 7*534 7
100
I 2d preferred
4914 5012 4932 505s 49
5114 5134 4912 51
50
50
517 12,300 Brockway Mot Tr____No par
•107 122 4.107 122 .107 122 .107 122 .107 122 .107 122
100
Preferred 7%
.310 340 *310 340 .310 360 .310 340 .310 340 "310 340
100
Brooklyn Edison Inc
186 186
18012 18034 18012 182
183 183
17934 18012 181 181
No par
2,800 BklYn Dillon Gas
4032 41
4014 4013 4012 4012 .40
41
541
42 .4032 4112 1,200 Brown Shoe Inc
No par
•119 11912 *119 1191 .119 11912 .119 11912 .11712 11912 *119 11912
100
Preferred
44
4512 4512 44
4434 4412 45
451
44% 45
4412 4412 4.600 Bruna-Balke-Collander_No par
3232 3232 313 323
317 3172 32
3212 3112 3134 3172 323, 3,100 Bucyrus-Erie Co
10
4314 4314 425 433
42
4212 42
423
417 4212 4112 4172 2,500 Preferred
10
*1144 115
11412 ll41s 11412 11412 114 1144 114 114 .11418 115
390 Preferred (7)
100
104 104 *105 112 .105 107
105 105 .10312 110 *103 105
506 Burns Bros new clAcomNo par
.2652 27
*265 27 .2652 27
2652 2652 2612 2858 2812 2612
503 New class B com____No par
100 100
*9912 105
10012 101 .100 10334 *100 104
10334 10334
90 Preferred
100
285 288
28712 289
290 291
28714 289
295 30212 30114 319
9,500 Burroughs Add Mach_No par
6352 6352 63
6332 6255 63
6212 6212 6212 6212 8158 6232 2,100 Bush Terminal
No par
.105 107
1053, 10672 106 106 *10512 107 .106 107
106 10614
100 Debenture
loot
*11334 116
11512 11512 .11334 116
11412 11412 11334 114
11334 1133
90 Bush Term Bides pref__ _ _100
714
732 732
714 712
714 78,
758
7
7
714 2,500 Butte & Superior Mining-10
78
634 at
612 672
6% 612
614 652
6
614
58 6
6,900 Butte Copper dc Zinc
5
3312 34
3312 34
32
3312 *32
3314 32
32
32
3212 1,600 Butterick Co
100
14712 15334 14612 15112 14512 15172 1421t 146
15412 155
14634 14812 10,5001 Byers & Co (A M)____No par
11014 11014 .11014 112 .11014 11214 .11014 112 .11014 112 .11014 112I
50, Preferred
100
130 130
1311 136
129 134
134 13714 128 132
13234 133
12,950 Byproducts Coke__No par
7712 7712 7512 77% 7532 76
.7612 7712 758 76
7512 7612 5,100:California Packing_ _ _ _No par
*27
29
.27
29
*27
30
*27
30 .27
29
*27
29
'California Petroleum
25
.212 214
212 212
2
24
2
2
2
218 •212 214 2,700 Callahan Zinc-Lead
10
13314 1331 12912 13414 12914 132
12912 1315 12653 12934 12872 13032 10,400:Calumet
Minlng2O
Arizona
dr
4412 4472 4212 443
4012 4258 4112 43
41
4212 4112 43
43,800 Calumet dr Hecht
25
8572 81332 8514 8632 8514 8534 85
8552 8452 8512 8512 8658 9,100'Canada Dry Ginger Ale NO par
42
4212 43
43
4112 4134 .4012 42
3912 4032 40
40
3,100'Cannon Mills
No par
401 410
397 410
425 425
406 410
399 404 *406 420
2,400:Case Thresh Macbine____100
.120 125 .120 135 .120 126 .120 126 .120 126 .120 126
I
100
Preferred
3914 392
39
397
3934 4058 3912 4032 40
4012 3952 3952 8,800 Central Aguirre Asso_ _No par
4832 478 4512 4672 4514 461$ 4558 4634 4514 46
453 4612 18,800 Central
par
Steel_-__No
Alloy
•10912 11112 .110 11112 10934 10934 .110 11112 .110 11112 110 110
20 Preferred
100
•14
17 .15
16
15
15
14
14
.137 16
.1372 16
200 Century Ribbon Mills_NO par
*71
73
*70
73 .6814 7312 *71
73 .71
73
.71
73
I Preferred
100
975 100
10012 101
9853 10012 9733 985
11752 99
99
99
21,200 Cerro de Pasco Copper_No par
2412 2472 2312 24
2312 237
2312 24
2312 24
237s 257
7,300 Certain-Teed Products_No par
*55
60
"55
60 .55
60 .55
58 .55
60 .55
60
100
7% preferred
.80
66
•64
68
.64
68
.63
66
"62
07
.65
67
No par
Certo Corn
---- ---- - --- ---- ---- ---- ---- ---- ---- ---- ---- ---Chandler Cleveland MotNopar
No par
Certificates
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---I Preferred
No pa
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---Pref certificates
No pa
9512 9832 9312 9634 93,2 9414 93% 94
92% 9314 9212 9332 6,100 Chesapeake Corp
No Pa
36
3938 3512 398, 3512 3712 3612 387
3612 3672 3612 3672 14,800,Chicago
Tool No pa
Fneumat
52
53
52
5214 5214 52% 53 .52
52
5212 527 533
No pa
*3134 33 .3134 33
3234 32% 3234 323 *3212 323 .3212 3282 3,900' Preferred
70:Chicago Yellow Cab
No par
.4234 45
43
43
4212 4212 42
4212 42
42% .42
4212 1,500:Chickasha Cotton 011
10
56
54
55
5514 57
5534 545 5514 5413 5412 5412 547
7,200 :Childs Co
No par
.9812 101
9812 9812 .9814 101
*9814 101
9814 9814 595
9912
100 Chlle Copper
25
*993 110 .100 110 .100 125 *100 115 .100 110 .100 110
IChrlstie-iirowntemctfsNopar
8238 857
8514 8934 8012 8512 8072 827
8134 85
83
85 296,800Chrysler
'
Corp
No par
*49% 4912 4914 60 .49% 51
491 491 .49% 51
*4914 51
150 City Stores class A
No par
2112 21
21
2112 2112 2334 2234 2332 2272 2432
2134 22
51,000,1 New
No pa
63% 6312 6234 6234 6034 62
613 6134 6034 803
6112 6134 1,600'Cluett Peabody & Co No par
•110 11514 *110 11514 .10714 112 *10714 112 .10714 112 .10714 112
I Preferred
100
12812 12824 129 129
13014 13014 128% 130
128 12812 .1283 129
2.000 Coca Cola Co
No par
59,2 5712 584 5712 58
60
6012 58
55% 5712 58
58
7,100 Collins & Alkman
No par
07
493
97 •93 .37
9612 .93
•90
97
97 .93
.93
Preferred non-voting_100
6534 6658 6352 6614 63
67
6512 6714 64
66
64
653 10,2001Colorado Fuel & Iron
100
15912 16214 156 16314 153 15672 159 1648 157 1611$ 156 16112 17,100,Columblan Carbon
•t cNo par
14
8912 71
7052 6724 72
664 7033 6612 6058 69
72
7412
105 10512 105 10514 10512 10532 10512 10532 10514 106 213,200 Colum Gas & Elec.-No par
105 105
3,0001 Preferred
100
7012 7232 685s 7114 72
6814 7312 6872 711
7234 743
7632 28,700 Columbia Grapbophone
4912 52
4853 603
513
518 5232 50
50
5132 5012 5112 50.700'
Commercial
Credit____No
par
*2472 25 .24% 25 .24% 25
*2434 25
*2434 25
.2434 25
I Preferred
25
2612 .26
2612 .26
2534 2534 .2534 2612 .26
2612 26
26
40
Preferred
B
25
9632 9712 9614 9712 9712 9712 9612 97
9612 99
92
.88
570: let preferred (6 Si %)--_100
148 15212 148 1497 14612 148
153 154
155 155
14773 1483
6.800 Comm Invest Trust-__No par
•10214 10414 *10214 10414 *1021 10414 .1024 10414 *102% 10414.10214 104,4
7% preferred
100
*91% 95 .
*9112 943 *9112 9434 .9113 95
914 95
•9112 95
Preferred (6)4)
100
40 .35
40
4212 4212 .30
40
*4212 44
40
"32
40
600
Warrants
100
365 370
352 361
35212 363
350 364
385 370
35934 3592
7.800
15412 1593 15712 16334 32,900 Commercial Solvents__No par
15352 15912 159 16314 160 194
15412 156
Commonwealth Power_No par
61
62
61
62
61
63
61
65 .62
.62
61
61
900 Conde Nast PublIca___No par
4
23
2432 '247
24
2312 237
2314 2432 2312 24
23
2512 44,600 Congoleum-Nairn Ine_No par
7432 75
75
75
76
7512 76
75
7612 77
•75
7712 3,000 Congress Clear
No par
*34
1
34
34
1
1
444
1
34
34
574
1
500 Conley Tin Foil stpd No par
8312 847
3512 86% 85
8512 8312 85
8412 87
Ws 8672 2,800 Consolidated Clger
par
No
93
93
93
93
93
94
93
93% 9314
93
927 93
460 Prior prof
100
28
2832 2712 2872 2712 288 272 278 274 2758 2634 273 10,400 Consol
Film Ind prefNo par
1143, 11714 11312 1163 1153 11714
11712 119
11212 117% 11314 117
413,100 Consolidated Gas(NY) No par
9938 98% 90,2 99
99
'
4 0953 9913 9958 9912 9912 99,2 993
8.600 Preferred
No Dar
$ per share
2812
*28
5252 5314
.95 100
45
45
5934 60
5472 551
713
70
• Bid and asked prices: no said on this day. z Es-dividend.
PER S.3 ARE(
Range Since Jan. 1.
On basis of 100-share tots
Lowest
1
S per share I
2734 Mar 26
50 Mar 26
97I2May 8
43 Feb 11
3212 Feb 16
4534 Feb 11
5312 Jan 29
114 Apr 16
90 Apr 15
100 Mar 13
1012 Feb 25
534 Apr 8
32 Mar 14
64 May 14
2212 Feb 15
3614 Mar 4
4314 Jan 10
225 Mar 2
1155 Jan 4
10014May 17
27 May 29
8934 Jan 19
13 May 15
38% Feb 18
38 Feb 16
90 Apr 29
100 May 15
20 Feb 7
7914May 9
1112 Feb 13
81 Jan 29
7534 Mar 26
8212 Jan 31
11624 Mar 27
4214 Jan 21
10812 Apr 1
97 Feb 15
78'2 Mar 25
6 Mar 26
45 Apr 10
90 May 14
10 Apr 24
3314 Mar 26
332 Apr 18
534 Jan 14
49 May 16
106 Apr 30
300 Jan 2
170 Apr 9
381$ Apr 4
117 Feb 7
42 Mar 26
3112May i6
4112May 17
112 Jan 3
104 May 11
2612May 16
99 May 8
234 Jan 16
6034 Apr 17
10412 Apr 19
110 Mar 22
7 May 8
572May 17
29 Mar 27
134 Mar 26
105 Apr 3
10414 Mar 26
72% Mar 26
2633 Mar 2
2 May 9
12652May 16
40121%lay 14
78 Jan 4
38 Mar 25
390 Apr 16
122 Apr 4
3112 Mar 26
4012 Mar 28
1053 Apr 2
13 Mar 26
70 Apr 16
9614 Apr 17
1612 Apr 10
4712 Apr 12
5634 Mar 28
20 Jan 24
2212 Jan 11
38 Mar 7
37 Jan 9
7812 Mar 26
2814 Mar 26
4812 Mar 27
303$ Mar 28
4012 Apr 2
4472 Mar 26
711 Jan 8
100 Apr 15
8012May 13
49147tay 8
2012 Mar 26
6012May 2
110 Mar 27
12314 Mar 26
50 Jan 4
93 Jan 3
59 Mar 26
121% Mar 26
5312Mar 28
10372 Mar 21
6412 Mar 26
43 Mar 26
24% Jan 2
25 Jan 21
9512 Apr 1
13112 Jan 2
10114 Mar 27
93 Mar 15
2714 Jan 7
22514 Feb 18
10714 Jan 7
61 May 15
2212 Mar 26
7414May 10
54 Apr 6
81 Mar 26
9012 Mar 27
25 Mar 26
9512 Mar 26
0812 Jan 2
Highest
PER SHARE
Range for Preview
Year 1928
Lowest
Highs.
$ per share $ per share $ per share
3072 Feb 4
2512 Jan 34% Apr
7034 Jan 10
4014 June 7512 Dec
107 Jan 15
9912 Aug 11372 Apr
4714 Apr 5
3712 Feb 535 8%91
6352May 6
3712 Feb 5972 May
5932 Apr 23
38 Feb 65% Oct
7112May 10
50 Nov 8812 Dec
117% Jan 11 11412 Sept 11814 Jan
115 Jan 2
63
Jar 114 Dec
10612 Jan 14 102 July 11012 May
157 Apr 28
173 June
814 Jan
48
10 Jan 11
Jan
914 May
4212 Jan 14
25 July 39
Jan
65 Jan 8
58
Oct 75 May
3532 Apr 8
3434 No',
612 Jan
4372 Jan 23
25 Aug 41 No',
50 Jan'1 1.
43
Oct 5212 May
271 Mar 22 235 June 285 Mai
125 Apr 3 115
Oct' 12424 Api
11012 Feb 1 107% Nov 1117g Jan
3304 Jan 23
2672 Aug 3514 Dec
97 Jan 28
9178 Dec 10112 June
2914 Jan 15
2312 Aug 52% Pet
4912May 10
20 June 53 No•
49 Feb 2
20 Jure 511 No',
11334 Jan 25
98 June 14012 Mai
10634 Jan 29 10312 Dec 1103, Mal
28% Jan 8
1214 Mar 2412 De(
101 Jan 12
7032 July 10114 Dee
1734 Apr 18
12 Dec 22
Jar
84% Jan 3
823, Sept 9212 May
9312 Jan 3
5334 Jan 102
Oct
1185 Apr 22
5172 June 883, De(
123 Jan 11 11612 June 125 Aim
6172 Apr 5
3352 July 60 Sept
111 Jan 16 10912 Jan 11134 July
118 Jan 2
87 June 122 De(
8912 Jan 12
6514 Jan 8512 De(
1134 Jan 2
1212 Nov
514 Jan
835 Jan 18
4114 Mar 7212 Noi
98 May 6
1512 Feb 11
834 Aug 23 Jai
6312 Jan 3
2112 Feb 633, Oct
672 Jan 28
112 Jan
914 Ma,
1312 Jan 28
214 Jan
12 Fat
737 Jan 2
4512 June 7512 No,
145 Jan 2 110 June 150 No,
340 Jan 6 2064 Jan 325 Nol
20012 Jan 28 139 June 203.
8 Nol
47 Jan 2
44 Dec 5512 Apt
11912 Feb 18 115 Nov 120
Jul
55% Jan 18
2712 Feb 621i Sell
4234 Jan 5
2412 Feb 48% Ma)
50 Feb 5
338 Feb 5458 Mal
117 Apr 25 11014 Mar 117
Apt
127 Jan 11
9312 Feb 127 00
39 Jan 14
157 Mar 433s Joni
10514 Jan 7
975 Feb 11034 Jun,
319 May 17 139
Jan 249 De,
8912 Feb 2
50 June 88 Do
11012 Mar 2 104% Aug115 Mal
11812 Feb 19 111 Aug11912 Jun,
1258 Jan 4
834 Aug1634 Mal
912 Jan 3
412 Jan
1214 No,
41 Jan 2
5712 Dec8712 Mal
1928 Jan 21 90% Jan 206% De'
1293, Jan 26 108% Apr 118 De
138 May 7
65 Mar 122 De
6812 June 8255 Sep
8153 Feb 27
30 Apr 3
2514 Mar 36 Selz
11 Mar
55 Ap
4 Jan 22
135 May6-617 Mar 1
473 No'
204 Jan
5472 Jan 8612 Ma'
8934 Mar 19
4812 Jan 3
43 Dec 50 Sep
509 Jan 2 247
Jan 515 No.
130 Apr 18 12012 Dec 13512 Ma
48% Jan 30
3814 Dec 3912 De
5212 Feb 1
284 Mar 4832 De
11212 Jan 28 107
Jan 11134 Ma
2012 Jan 2
11 Aug
24
Oc
82 Jan 17
77 Aug 92 Ma
120 Mar 1
6812 Jan 119 No
285 Jan 2
2312 Dec 6458 Ap
8112 Jan 11
75 Nov 100 Ma
92% Jan 31
7012 Oct8312 De
23 Jan 11
512 Feb 24 No
2234 Jan 18
41 Jan 29
14 Mar 3772 De
40 Jan 14
9832May 11
62% July 8112 Ja
3932Nlay 11 111 Aug 17312 De
5614 Jan 11
36 Jan 7
2971 Aug 43 Ja
50 Jan 2
45 Dec 5612 Oc
6072 Apr 24
37 Apr 64 De
127'2 Mar 21
3738 Mar 747a No
Ja
115 Feb 4
76 Dec 131
5484 Jan 1401: Oe
135 Jan 2
52 Jan 2
5114 Jan 5414 Jun
27 Feb 4
7234 Jan 3
6058 Dec 109% At
119 Jan 3 11112 Dec 1245i Ms
140 Feb 5
444 -Dec 111% Ja
7214 Mar 14
Ja
90 Nov 109
10312 Feb 8
7812Mar 8
5212June 8412 Yil
79 June 13434 De
16772MaY 6
7412May 17
8912 Mar 14072 De
107% Jan 11 106 June 11012 Ja
61 Dec 84% No
8834 Jan 9
21 Feb
6232 Jan 2
26 Jan 9
23 Feb
2712 Jan 30
23 Feb
85 June
10534 Jan 24
195 Feb 4
553 Mar
Jan
109 Feb 5
99
99 Jan 28
9258 June
6272 Feb 4
614 Aug
370 May 11 1377 June
164 May 15
6214 Jan
93 Jan 10
48
Jan
355 Jan 28
22 June
9232 Feb 6
67 Feb
112 Feb 7
14 Jan
9614 Jan 2
7912 Jan
96 Jan 7
941* Oct
3034 Apr 23
23 July
119 May 11 F74
Aug
10032 Mar 25
9714 Aug
71 No
27 Ma
28 DE
107 No
140% No
109 Ma
9812 Au
30% De
25014 No
11011 De
84 01
3112 At
8714 De
3% Ma
100 De
102% Al
291s Set
17014 Ma
105 Ma
New York Stock Record-Continued-Page 4
3312
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 11.
Monday,
May 13.
Tuesday,
May 14.
Wednesday,
May 16.
Thursday, 1 Friday,
May 17.
May 16.
Sales
for
the
Week.
STOCKSPER SHARE
Range Since Jan. 1.
On basis of 100-share Iota
NEW YORK STOCK
EXCHANGE
Shares Indus. & Miscel. (Con.) Par
11.900 Consolidated Textile-No par
1,600 Container Corp A vot__No par
No par
1,400 Class B voting
3,800 Continental Baking el ANo par
No par
31,000 Class B
100
1,200 Preferred
33,100 Continental Can Ine__Ne par
100
10 Preferred
10
30,900 Continental Ins
51,700 Continental Motors___No par
25
23,800 Corn Products Refining
100
160 Preferred
No par
80,700 Coty Inc
100
2,300 Cray Carpet
Crown Will Pap lot Dt_No par
No par
300 Crown Zellerbach
10,300 Crucible Steel of Amerlea_100
100
300 Preferred
No par
3,000 Cuba Co
No par
800 Cuba Cane Sugar
100
7,700 Preferred
1,300 Cuban-American Sugar---_10
100
620 Preferred
200 Cuban Dom'can Sug__No par
50
2,300 Cudahy Packing
37,300 Curtiss Aer & Mot Co-No par
No par
Cushman's Sons
100
Preferred (7)
10
500 Cutler-Hammer Mfg
No par
2,300 Cuyamel Fruit
No par
13,700 Davison Chemical
53
400 Debenham Securities
100
110 Deere & Co pref
100
2,200 Detroit Edison
2,600 Devoe & Raynolds A__No par
100
20 let preferred
100
480 Diamond Match
No par
3,800 Dome Mines, Ltd
No par
11,000 Drug Inc
6,400 Dunhill International No par
300 Duquesne Light 1st pref-.100
700 Durham Hosiery Mills B__ SO
100
20 Preferred
1,300 Eastman Kodak Co____No par
100
120 Preferred
29,400 Eaton Axle & Spring-- _No par
20
16,400 El du Pont de'Nem
100
1,400 6% non-vot deb
25
Elsenlohr & Bros
100
Preferred
No par
500 Eitingon &Mid
30
3212 30
3038 *30
z30
2 -3158 315 ;iii"
;il- 12-1-z •aliz 31-1100
Preferred 634%
99
1598
99
*98
99
1598
99
*98
*98 100
*98 100
No par
16418 16912 16458 16753 16512 16914 74,800 Electric Antoine
16713 17118 162 16834 16314 168
100
110 Preferred
113 113 *113 115 *113 115 *113 115
113 113
*113 114
No par
Boat
1518 1512 1453 1534 1412 1458 1458 1434 1412 1512 1434 1518 7,500 Electric
673 688 6613 6938 6734 6912 87,500 Electric Pow & Lt__ No par
6812 6933 6612 6912 6614 68
No par
900 Preferred
10714 10714 10738 10733 10714 10714
10678 10673 10634 10634 107 107
Certificates 50% paid
4 140 *13412 140 *13412 140 *13412 140 *13412 140
1
*13412 140 *134/
8112 8312 8,900 Eleo Storage Battery__No par
8014 82
8134 82
8138 8234 8138 83
8234 83
400 Elk Horn Coal Com___No par
4
/
41
418 *4
418 *4
4 414 *4
1
4/
418
418 *4
*4
500 Emerson-Brant class A_No par
1414 *1312 15
14
14
1384 14
•13
4 13
1
12/
4 14
1
*12/
70
694 6934 2.100 Endicott-Johnson Corp----50
683* 6838 69
6812 70
69% 7014 *6934 71
100
Preferred
600
12412
*12312
4
/
1241
.12312
4
1
/
123
12312
12312
12312
4 12312
1
123/
1012312 124
16,300 Engineers Public Serv_No par
5034 5179 51% 5278 5114 5214 5112 52
5234 5334 513 53
No par
Preferred
900
924
14
4
923
8
947
•92
9238
925
95
9214
4
1
/
95
*95
94
9312
3834 3918I 13,5001Equitable Office 111dg_NO par
3912 3912 38% 3834 3814 3934 3918 404 3834 39
4878 4878 1,300 Eureka Vacuum Clean_No par
50
4938 49% 4814 4938 4818 4834 *4814 4878 *48
300 Exchange Buffet Corp__No par
26
1525
25
2534 23
2534 •25
*25
25
2512 25
*25
No par
1,300 Fairbanks Morse
43
1542
42
4218 42
4213 423 423* 42
42
*4212 43
100
40 Preferred
108 108 *108 10812
4 108 108
/
107 107 41108 1081
*10634 110
15
Federal Light & Trao
3,300
86
*85
8512
85
86
*8212
86
*82
4
813
8012
83
82
par
No
Preferred
20
100
100
101
4
/
*981
101
*9813
.9912 101
4 10134 *9912 101
1
101/
100 Federal Mining & Smelt'g_100
225 225 *220 250
*225 300 15225 24912 *215 216 *235 260
100
200 Preferred
100 100
*99 100 *100 102
1599 100
4199 100
*99 100
1638 1,900 Federal Motor Truck__No par
4 1638 1614 1614 16
1
1618 1638 16/
1634 1634 1614 17
_10
10612 10914 31,700 Fidel Phen Fire Ins N Y
4 10614 112
/
10112 10238 101 10414 10114 10534 10612 1111
No par
90:Flfth Ave Bus
4 1112 1112 1112 1012 103* •1034 1112 *1034 1112 *1034 1112
1
*10/
No par
200 Filene's Sons
73 80 *73 80 *73 80
80
*75
80
7814 7814 *75
100
130' Preferred
102 10214 102 102
103 103 *103 10412 101 10312 101 101
6814 6838 16,300 First National Stores-No par
7013 6812 69
7138 6834 69% 69
683 7112 68
No par
32,800 Fisk Rubber
1034 11
1134 11
115* 1114 1134 1034 1114
1114 1158 11
3001 let preferred stamped_ -100
e____ 0312 s____ 581
4 •___ - 581z 5412 5413 ____ 572 5458 5459
/
100
200, 1st preferred cony
58
58
60
*58
62
*21
62
*20
62 *- _ _ _ 62
*
No par
Fleischmann Co
210,300
78
13
7512
4
743
4
3
70
7212
71
4
713
694
8
707
4
693
7058 7178
par
No
A
el
Shoe
1,200,Florsheim
4
493
*4812
4918
49
4812
49
494 4934 50
494 4918 49
00
,,
1
•9513 101
*9513 101
*9858 101
*96 101
*9512 101
*9634 101
No par
Bros
Follansbee
2,500
6414
6414
6514
4
/
651
66
8
657
6518
65
664
6612 6612 64
par
No
Co
Foundation
7.300
648
63
6338 6212 64
62% 62
6214 60
6214 6214 59
No par
9314 947343,600!Fox Film class A
947
93
9358 955
Nis 9734 9318 9678 9312 945
100
'
110
*10659
110
8
*1065
109
109
107
8
*1065
109
8
*1065
*10652 109
par
Co____No
Texas
Freeport
4,600
4
453
4
453
7
46
4412
4514
4434
4612 4438 44
45
4612 47
500 Fuller Co prior pref____No par
10612 107 107 *10634 ____
10612
1064
4
1063
10612
10612
*10612
A____No par
Snubber
Gabriel
5,500
2612
4
253
2612
26
264
2612
4
263
2614
4 2618 27
2612 -2-63No par
64,400 Gardner Motor
1538 155* 19
125v 1338 13
4 1218 13
1
1314 1312 1212 13/
8773 861s 8758 10,200 i Gen Amer Tank car__ _No par
86
865* 8873 87% 883
9012 9078 8614 907
100
Asphalt
General
58,600
8412
8
823
8
817
76
79
77
77
75
7712 7934 7538 773
100
125 12834 4,5001 Preferred
120 124
x12012 121
•117 122 *114 11734 *115 120 15135 138
General Baking pref__No par
*138__
30
138
138
138
*135
136 136
*135 138
par
No
Cable
General
2,600
3
507
50
4812
4812
4812 4918 4978 51
51
50
5079 51
ar
No 1poo
100 10234 3.900 Class A
10112 10318 99 100
102 10312 10059 10334 101 102
Preferred
300
107
8
*1057
10512
10512
107
12
106 106 *10512 106 15105
106 106
No par
7012 1,800 General Cigar Ino
684 6934 70
70
4
*683
70
4
683
70
6912 6912 6914
100
30 Preferred
*11714 120 *11714 120 *11714 120
11714 1174 *11714 120 •11714 120
No par
282 295 299.500 General Electric
275% 283
274 282
4 277
1
4 262/
1
26214 26612 258 265/
10
1114 7.500 89ecial
11
1113
11
1118
1118
1114
11
3
1114
1118 1118 111
11,000 General Gas & Eleo A__No par
7912 80
7912 82
4 82
/
4 8014 811
1
8014 80/
80
80
1572
No par
100 Class B
•96% 109
•9658 109
109
109
110
*96
110
*96
*86 110
240 Pref A (8)
No par
12212 12212 123 123
128 128 *126 128
12812 12812 128 128
Pref B (7)
No par
*104 108 *104 108 *104 108
*107 109 *106 109 41106 109
Gen Ice Cream Corp No par
110 *108 110
*108
110
*108
110
*108
*108 110 *108 110
General
9,700
Mills
7714
No par
8
737
74
7318
748
4 74
1
7513 7318 74/
7514 764 74
96
300 Preferred
100
964 96
4 *9512 9634 *96
1
4 *9512 96/
1
4 96/
1
*95/
96
96
10
8138 8014 8214 597,700 General Motors Corp
4 7958 8214 8118 8333 80 1247
1
82/
8212 8418 80
2,600
4
Preferred
7%
1243
4
100
1243
8
•1244
8
1247
4
*12414 12478 12434 124% 12434 12434 1243 4934 4912 4912 *4913 50
800 Gen Outdoor Adv A__No par
4
3
49
50
4
3
*49
4
493
4
8
49
50
50
36% 4,300; Trust certificatee-___No par
36
3712 3534 3612 3612 37
3514 3812 36
39
39
32,800 Gen Ry Signal
No par
4 10812 11159 1111z 112
/
10973 11273 10973 1121
4 10959 115
1
4 116/
1
114/
813* 23,800 General Refractories_ No par
4 80
1
4 80/
/
771
78
8
767
76%
7514
7812
76
79
78
20,200
Gillette
1123
Safety
No par
Itasor
11014
1123
s
111
11214
11118 1123* 11058 11212 11014 11112 111
No par
39'8 4,200 Gimbel Bros
WS 39% 39
4 39% 3918 3912 3918 39%
/
3918 3938 391
8 84
IPreferred
*815
ioo
83%
8
*815
84
*82
84
*8212 8312 *8212 8312 *82
4578 16,600 Glidden Co
No Par
4512 4612 4458 4534 45
4732 45
47
4878 4518 46
180 Prior preferred
100
10312 10312 1031z
3
1510
1031
2
103
104
104
102
10214 1023 102
4 4612 4818 8.700 Gobel (Adolf)
1
No par
4612 47/
474 4912 4718 484 4734 48
4 49
1
48/
611z 633* 6212 643 63,600 Gold Dust Corp v t o_No par
6312
6218
63%
8
615
8
643
853*
8
623
4
/
641
8434 35,700 Goodrich Co (B F)____No par
84
8534 8334 8612 8312 8514 *113 11312
8412 821s 8458 83
83
100 Preferred
113 113 *113 114 *113 114 .113 11312 13218 13578 250,200 Goodyear T & Rub____No 100
*113 114
par
138
13418
8
1403
13512
138
133
13684
13114
13512
133
1st Preferred
1,200
8
1033
103
No par
10314
10314
8
1037
4 10312 103
1
10318 10318 *103 10312 103/
$ per share $ per share $ per share $ per share $ per share $ per share
318
3
3
4
1
3/
3
3
3%
318
318
3
4
1
3% 3/
4 1518
/
1512 1578 1514 1514 1518 1512 158 1538 151
158 16
758 758
714
714 714
8
8
714
8
8
734 8
7212 7314 7212 73
74
7212 7412 7212 7312 73
7513 76
1178 12
1173 1214 1158 12
4 1278 1138 12
1
11/
1234 13
*9534 9612
9614 96
9614 9512 96
9512 9512 96
9612 97
7314
7114
72
1*
3
707
s
7478 725 7438 72
74
7312 7134 7314
12434 12434
*12534 127 1512534 127 *12534 127 1512534 127 •125 127
8714 898
8412 85
8812 8714 91
83ilit 8334 8214 8538 83
2134 2018 21
20
2012 2114 2018 2034 2012 2178
214 22
4 9478 9112 9438 9158 938 9278 9412 9134 9318 9234 9478
1
94/
*14138 14113 14138 14138 14138 14138 14138 14138 14138 14138 14138 14138
6538 6634
66
6712 64
6634 6214 6618 65
6612 6712 x63
3914 4012
38
37
3638 3612 38
3314 3412 1532
*3314 38
100
*96
100
1596
102
*98
*98 100
*9558 98
*9558 98
20
20
20
*19
20
20
20
1519
•19
4 20
1
2034 *19/
9012 9012 9038 9212 9018 9178 8914 9134 8918 8934 8958 9038
11014 115
11018 11018 110 11012 *109 115 *10912 110
*11018 111
1918 1918 1914 1812 19
19
19
19
19
19
21
18
314
314
3
3
4
1
4 3/
1
3/
338 338 •314 338
*314 338
4 812
1
7/
914
912
814 9
2
93
812 914
*014
938 938
1114
1118 1118 1114 1114 11
1114
1112 11
4 1138 *11
1
11/
6214
6214 6214 6214 6214 62
*6214 63
6214 63
63
63
*412 512 *414 512 *414 5
5
5
512
512 *5
*5
5418 5258 5413 5212 5234 *5234 5314 5258 5258 5212 53
54
14814 15412
4 15734 148 152
/
4 16434 155 15814 1521
/
16112 16412 1551
22034 235
*22134 250 *22134 250 *22134 250 *22034 235 *22034 235
*12273 123 *12273 123 *12278 123 *12118 123 *12118 122 *12118 123
61
61
*6014 62
6014 6134 *6014 62
62
62
*6138 62
81
7912 7934 80
4 7834 8012 *7912 80
1
4 80/
1
80/
80
80
5534
55
5514
5412
56
55
56
4
1
/
55
8
573
5734 5534
57
3712
3712 37
4 3812 *37
/
4 3812 *371
1
53858 3912 x3714 3714 *37/
124 124 x12334 12334 12212 12212 12114 122
123 123
*123 124
4
/
263 2641
4 25212 255 260
1
254 254 *250 255 252/
*25314 255
55
5418 *54
54
5334 54
5478 5312 5438 5358 54
54
_ 115 115 .115
_ _ *115
*115__ *115 ____ *115
34
4 1-44.13 14412 fiits 14412 14412 144 1-411
/
144 145
114
144 144
93 10
959 938
938 93
912 934
934 9%
15678 10
113
4
1123
11312
112
4
1143
2113
11
4
1143
115
114
533
11414 116
69
67
6434 6312 66
6738 6738 6414 6612 6312 6438 64
10012 10012
•100_ __ •100 _ __ MO% 10034 10012 10012 *10012 .
612
6
4
3tf
*61z
*612 7
678 -678 *658 7
4 -7
1
*6/
45
45
42
42
44
*42
44
*43
45
*43
44
•42
17518 17518 177 17714
176% 178
178 178
178 179
*178 180
127 12714 *12714 128 *12714 128
12714 12714 *12714 128 *12714 128
6614 6514 653
6812 64
6858 66
6612 7058 66
71
70
172 17414 17214 176
17112 17612 175 177
172 177
17534 178
11712 11712 11712 11712 11714 11714 11714 11714 11712 11712 11714 11712
•Bld and asked prices; no sales on this day.
2Ex-dividend.
Lowest
$ per share
3 May 10
1438 Apt 20
6 Apr 20
4718 Jan 8
818 Jan 8
8812 Jan 2
60 Jan 19
4 Jan 7
1
124/
79 Mar 26
1718 Mar 26
6858 Feb 8
14114 Feb 28
51 Mar 26
2258 Jan 10
9514May 1
1934 Apr 29
85 Mar 26
109 Jan 8
17 Mar 27
3 May 8
7121\fay 17
11 Apr 24
61 Mar 5
418May 4
52 May 8
135% Mar 26
20714 Apr 17
12018 Jan 22
5818 Mar 26
63 Jan 3
49 Mar 26
3678 Apr 5
116 Feb 26
224 Jan 2
52 Apr 17
112 Jan 7
130 Apr 2
834 Mar 26
110 Mar 26
6312May 14
4912 Jan 24
514 Jan 14
36 Jan 2
170 Apr 13
126 Jan 2
6014 Mar 26
1558 Jan 22
11534 Jan 21
95% Jan 2
9312 Jan 9
4 Mar 26
1
29/
98 Mar 26
126$4 Mar 26
109 Jan 2
1212 Jan 9
4318 Jan 8
105 Apr 1
12212 Jan 4
77 Mar 26
4 Apr 24
103* Jan 22
6812May 14
121 Feb 7
47 Mar 25
90 Jan 12
4 Jan 4
1
31/
4 Feb 1
1
44/
2214 Jan 15
42 May 6
10634May 10
6818 Jan 3
4 Apr 30
/
981
225 Apr 9
9814 Mar 27
1412 Mar 28
4 Mar 28
1
90/
1012May 14
7434May 9
100 Apr 9
62 Apr 18
1034May 16
5458May 15
58 May 17
6518 Apr 30
48 Feb 25
9714 Mar 18
4 Mar 26
1
59/
45 Jan 22
82 Apr 11
10612 Feb 28
38 Mar 26
99 Mar 26
20 Mar 25
101:Mar 25
8112 Mar 26
61 Mar 26
10412 Mar 26
130 Mar 26
3712 Jan 9
1
84
10
r 183
japP
A
63 Jan 8
11214 Jan 5
219 Mar 26
11 Jan 3
70 Jan 7
76 Jan 3
121 Feb 20
104 Apr 2
7978 Mar 9
7318May 14
95/
4 Apr 5
1
7718 Mar 26
12412 Apr 8
4834May 6
32 Feb 14
9312 Mar 26
68 Apr 10
110 Apr 9
3778 Mar 26
8118 Apr 25
3678 Jan 2
10 May 13
44 Jan '26
544 Mar 26
81 Apr 29
113 Jan 9
112 Feb 21
10184 Mar 27
Highest
1
PER SHARI
Roan for Previous
Year 1928
Lowest
Highest
$ per share $ per Mars $ per share
4 DOI
1
6/
914 Aug
4 Jan 15
1
6/
20 Nov 36 Apr
2312 Jan 9
934 Oct 1914 Apr
1112 Jan 2
2612 Apr 5312 Jan
7912May 3
4 Dee
1
9/
14 May 3
334 Apr
9712May 6
73 Apr 9612 Jan
53 Dee 12878 Sept
8018 Mar 22
126 Feb 14 123 Jan 128 Mar
4 May
1
4 Jan 14
1
94/
75 Feb 94/
2838 Jan 21
10 Mar 2012 Nov
10178 Apr 27
6438 Jan 94 Nov
4 Apr
1
14484 Jan 19 13812 Jan 146/
6258 Dec 8978 Nov
8214 Jan 28
5758 Apr 17
1212 Sept 27 Nov
10114 Jan 18
4 Jan 10514 Oat
/
961
2534 Jan 9
2314 Dec 2634 Nov
94 Jan 11
6914 July 93 Feb
11634 Feb 28 111 Dec 121 May
2412 Jan 3
20
Oct 2878 May
51 Jan 3
4 May
1
7/
4 July
1
4/
1878 Jan 3
4 Jan
1
13/
4 Oct 32/
1
17 Jan 3
1538 Dec 2414 May
95 Jan 3
9334 Dec 108 Feb
634 Jan 2
Jan
12
5 Nov
677 Jan 15
54
Jan 7814 Aug
17312 Feb 5
5318 Feb 19284 May
22514 Jan 15 14434 Jan 230
Oct
130 Mar 22 114
Jan 141 Sept
6534 Jan 11
52 June 6512 Nov
85 Feb 5
49 July 63 Oct
4 Jan 31
1
69/
3438 Feb 6834 Nov
46% Jan 24
Oct 4914 Apr
36
128 Jan 4 11512 Feb 12634 May
26412.May 17 16613 Jan 22414 Deo
Apr
Jan 61
40
6478 Feb 5
Jan 120 May
11512 Jan 15 108
4 Jan 11 13438 Jan 172 Nov
1
164/
8 June 1312 Jan
1034 Apr 26
80 Mar 12018 Nov
4 Feb 4
1
126/
4 Jan 9958 Nov
1
55/
92 Jan 2
4 Max
1
99% Oct 116/
10078Mar 5
4 May
1
8/
3 Aug
1112 Mar 4
4 Jan
1
3434 Oct 46/
45 Apr 17
1944
July
Feb
163
4 Feb 2
/
1941
128 Mar 9 12312 Aug 134 Apr
Jan 6818 Nov
26
7634 Feb I
19812 Feb 1
119 Apr 5 114 July 12112 May
1218 Jan 99 Dee
4 Jan 18
1
112/
4 Feb
1
87 Nov 100/
100 Jan 18
39% Jan 10
3314 Aug 43 Nov
113 Jan 19 10138 Aug 12178 Nov
4 Dee
/
60 June 1361
172 May 3
115 Apr 2 10812 Sept 11212 Deo
1788 June
88 Aug
183* Mar 19
7214May I
2834 Jan 4932 Dec
10914 Feb 13 105 Dec 11018 Mar
136 Feb 13 120/
4 Nov 12978 Apr
1
4 Dec
/
69 Feb 911
9278 Feb 4
9 Jan
uoe
6
4 Jan 9
1
6/
1538 Deo
514 Feb
2212 Feb 7
8 Jan 4
83,
4 Dec 85 Apt
1
74/
12414 Feb 28 12114 Jan 12758 Dec
33 Feb 51 Nov
6014 Jan 31
4 Jan 31
1
104/
9012 Dec 10212 Oe
41 May I
2958 Oct3334 July
54 Feb 28
43 Dec 79 Jan
4 Oot
1
25 Apr 2
24/
198 Jul
4 Jan 54 Apr
1
32/
5184 Jan 21
Jan 11484 May
1107* Jan 9 104
42 Jan 71 Des
8734May 7
98 Jan 109 Apt
104 Feb 6
310 Feb 4 120 Apr 230 Dec
4 Sept
1
9114 Jan 102/
10034 Jan 7
4 Aug 2572 May
1
16/
2238 Fab 6
112 May 16
76'gJune 10712 Dec
1334 Mar 2
1514 May
1114 Jan
9812 Feb 25
107 Jan 23
28 Apr 763 DeC
7478 Mar 16
20% Jan 23
8% Aug
4 Jan
1
17/
4 Jan 14
1
72/
4 Jan
/
4 Oct 911
1
55/
8212 Jan 25
54
Oct 9734 Jan
4 Jan 2
1
84/
65 June 89/
4 Oct
1
j
54Jan
10218
4 Nov
9118
48
9
8
O88 100
561 Nov
Dec
7334 Mar 19
567* Dec 6912 Dec
6958 Apr 30
4 Dec
1
4 Oct 57/
1
36/
101 Jan 19
72 June 119/
4 Sept
1
110 Jan 4 1061
4 Dec 113 Feb
/
5478 Jan 25
43 Oct 10914 Jan
41May 7 102 Mar 10978 Apr
/
1071
3378 Feb 5
15 Mar 2812 Jan
25 Jan 31
714 June 1782 Dec
102 Jan 9
6078 Feb 101 Dec
8412May 17
68 June 9478 Apr
12834May 17 1101* June 14118 Apr
Oct 150 June
140 Feb 6 132
21 Feb 4188 Nov
61 Feb 28
0712 Feb 28
120
56 Feb 8834 Nov
Oot
Oct 107
2 Yap 21 102
591* Nov 7582 Feb
74 Feb 25
122 Jan 24 11414 Sept 130 Mar
295 May 17 124 Feb 2211* Dec
11 Sept 12 JUDI
4 Feb 4
1
11/
4 Jan 74 Nov
1
35/
90 Apr 3
Jan 80 Nov
37
112 Apr 25
Oct 144 APt
135 Feb 14 121
Oct 11472 May
115 Feb 15 105
7418 July 10512 Oct
110 Apr 3
4 Nov
/
79 Dec 841
89% Jan 18
9812 Dec 10014 Dec
100 Jan 4
Nov
4
1
/
90
Deo
4
3
73
4 Mar 21
1
91/
4 Jan 12712 Apr
1
126% Jan 2 123/
4 Jan
1
49 Aug 58/
52 Jan 2
4 Jan
1
4 Aue 52/
1
29/
41 Mar 12
4 J.,n
1
8414 June 123/
11678May 10
Jun
82
June
4512
20
Feb
8612
97% June 123% Oct
12884 Jan 25
4 June
1
344 Mar 59/
484 Jan 28
87 Mar 101 June
90 Jan 3
4 Jan 37 Dec
1
20/
5012 Apr 26
95 Jar 105 Sept
22
Apr
10618
4 Nov
1
4212 Dec 62/
66 Feb 5
Jan 14314 Dec
71
82 Jan 19
Des
1094
June
684
2
Jan
4
1
105/
11518 Feb 25 10912 Feb 11582 MaY
454 June 140 Deo
15412 Mar 18
9212 Mar 105 Deo
4 Feb 28
1
104/
New York Stock Record-Continued-Page 5
3313
For *ales during the week of stocks not recorded here, see fifth page preceding
If1011 AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
May 11.
Monday,
May 13.
Tuesday,
May 14.
$ per share $ per share 5 per share
Wednesday,
May 15.
Thursday,
May 16.
Friday,
May 17.
Sales
for
the
Week.
SS per share $ per share $ per share
ST0( KS
NEW YOR STOCK
EXCITE NGE
Shares Indus. & ?MIMI I. (Con.) Par
Gotham Silk 11( slery__No par
- __
'"
-473g -4/1-8 -io-C, -4-i
i C.4 -4-6-5;'
i6.;
F -4-9-• -473Ar4 4-8-12 :j'ii4 -4-8-14 -6,ioo
No par
New
*95
96
0414 9414 *9414 96
*95
96 .95
96
95
95
100
400 Preferred new
*9334 9612 *9334 9512 *9334 9612 *9334 9612 *9334 9612 9334 9334
100
60 Preferred ex-s arrants
1212 13
1212 127
1212 1278
13
1312 1258 131
13
No par
4.
13
5,000 Gould Coupler )
3
7
35
3373 35
35
3314 33
33
3434 3218 3334 3218 3312 41,100 Graham-Paige 1 otore_No par
*3312 3512 32
3312 32
33
3112 3112 *3112 32
No par
3112 3112
700 Certificates_
72
82
7512 7934 77
8214 71
7834 7212 7618 7512 763 20,200 Granby Cons NI Sm & Pr_100
89
8814 8834 8712 88
89
8658 8812 8612 87
100
87
1,400 Grand Stores.
87
2518 2558 *2534 26
*2658 2712 2514 26
2518 2558 2514 2514 2,200 Grand Union 0
No par
48
•47
4814 248
478 4734 *47
4814 4734 48
No par
•
4618 4634
900 Preferred_
11958 11958 119 12012 118 11912 12112 12112 11658 119
No par
12012 12012 2,400 Grant (W T)_
29
2912 2814 29
2818 287
28
283* 29
2858 2838 2878 15,200 Gt Nor Iron Ore Prop No par
3814 3834 378 3914 3753 38% 38
3918 3718 38
No par
3718 3814 17,200 Great Western Sugar
117 117
117 11714 117 117 *116 117
117 117 .116 117
100
200 Preferred
1553* 15612 15078 156
150 15314 150 1543* 14612 15512 154
52,600 Greene Cananer Copper_ _100
.312 372
312 372 *312 384 .312 384 *312 334 *312 15412
334
200 Guantanamo Sugar____No par
*5114 64
*5114 64
*5114 64
*5114 64
100
50
5114 50
50
180 Preferred
6318 643 63
648 65
63
6218 621, 6214 63
100
6212 6212 2,100 Gulf States Stet 1
•104 107 *104 107 *104 107 .104 107
104 107 .104 107
100
Preferred....
*2712 2758 *2818 2934 *263 2778 2614 2612 2512 26
25
*2512 27
100 Hackensack Wt ter
*2818 2912 2912 2912 *2712 2914 •2712 2914 2712 2712 *2712
25
50 Preferred
2914
•27
2778 27
27
•27
2778 .27
277
27
25
27
*27
80 Preferred A_
277
423* 4312 413* 43
41
4178 42
43
4112 423* 411 42
No par
58,300 Hahn Dept Stores
10014 101
100 10014 9912 100
100
998 10038 9914 9912 9978 100
4,300 Preferred _
•10112 103 *10112 103
10112 10153 102 102
102
102
102
100
102
prof
Watcl
Hamilton
110
9514 9514 *9514 98
9514 9514 9514 9514 9634 9634 97
100
250 Hanna lst pref , lass A
97
•59
5934 5934 60
*58
80
*58
60 .59
60 •59
60
60 Harbison-Walk Refrac_No par
•11212 __
*11212
__ •112
__ •11212 ___ •11212
100
__ ______
Preferred
*25 -26 •112
*25
2-512 *2412 -2514 •24
12-2412 •2478 253* •24 -25
Hartman Corp • lass A_No par
2614 2733 2534 2712 25
2658 2612 28
26
2712 70,700 Class B
No par
2733 x27
633* 6338 6212 6253 63
*6178 64
*62
63
66
*6134 6312
20
700 FIewallan Pine, ple
•10514 109
10412 10514 10314 10314 *102 106
104% 10412 *10412 105
25
600 Helme (G W)
9013 92
88
8934 88
9134 9334 9558 9212 9434 933k 95
17,300 Hershey Chocolate....No par
935 95
9258 9412 9234 9512 9414 98
9312 9834 9612 9718 7,100 Preferred.
No par
•I0512
__ •10512 _ _ 10518 10518 10518 10533 10518 108
106 106
100
700 Prior preferre
•17
_18
*17
18
- - •17
18
17
17
17
1714 *16
1712
400 Hoe (R) & Co_
No par
•41
43
4014 41
4012 4012 4012 4012 4012 4012 4012 4012 1,200 Holland Furnac
No par
1678 1678 .1678 1714 16
1678 .15
1658 *15
par
1658 •15
300 Hollander & Sol
1658
•76
7612 7534 76% *7614 768 768 768 *7614 76% 767 7678
700 Homestake Mit ing
100
7078 70
7018 7018 70
z684 69
70
6834 6834 69
697
2,200 Househ Prod In
No par
9334 91
96
91
98
9512 90
9012 96
93
93
9414 9,900 Houston 011 of '1 ex tern ctfs 100
6712 6818 6513 6834 6414 6634 6614 6778 6214 6512 6412 6614 19,500 Howe Sound
No pa
9118 87
8812 8618 8734 865* 8778 41,900 Hudson Motor ar
89
8914 8718 8878 87
No pa
5218 64
5418 55
5218 54
5234 5414 5134 5314 52
5212 28.300 Hupp Motor Car Corp____10
3812 39
3718 3814 3738 38
3818 3914 3714 3812 373* 3812 26,100 Independent 01 & Gas_No pa
25
2414 2412 •24
26
2412 2334 2478 24
2412 25
2514 2,400 Indian NI°too,le
No Pa
•____ 89 *____ 89 •____ 8712 *____ 89 •____ 89 *__ _ _ 89
100
Preferred_
4734 4833 431 48
4524 4512 4614 59,900 Indian Refining
4334 457
445* 4714 44
10
4412 455* 42
4538 40
4212 4214 43% 4112 43
42
4314 40,000 Certificates
10
100
Preferred.
19814 1/9-4 106 106 *106 108
107 10758 10414 106
105 105
3,600 Industrial Rayc
No
Pa
142 142
14012 14012 14134 142
13934 141
138 139
13812 13812 1,200 Ingersoll Rand_•
No Pa
891* 87
894 894 88
88
z8534 8612 8614 87
89
90
8,000 Inland Steel_ •
No pa
4814 48% 455 4834 44
4412 46
46
4058 4312 427 443* 33,000 Inspiration Co,s Copper___2
*912 10
*912 10
9% 1014 104 1034 1014 1014
9% 1014
2,100 Intercont'l Rul ber
No pa
•1212 1314 1212 1278 12
12
12
1214 12
12
12
12
3,100 Internet Agriclill
No Pa
70
70
71
70
7014 7012 *7118 7112 *7118 7112 71
71
1,700 Prior preferrt
10
18034 186
182 18614 185 1888 187 19112'190 195
189 19434 6,700 lot Business M achines_No Pa
90
9012 89
8914 87
8778 89
9014 9034 93
9138 9338 9,500 International Cement__No pa
7834 7312 7634 7412 77
783* 8038 74
73
76
a77
7914 169,900 Inter Comb En, Corp__No par
111 111
111 111
111 111
10978 110
110 110 910914 10914
100
11514 11678 11218 11612 11114 1143* 1125* 11534 11218 11414 11218 11512 1,200 Preferred_
38,500 International El arvester No par
•14112 142
141 14112 141 141
14014 14014 *140 141
140 140
2,000 Preferred_
100
84
82
811 83
8178 805* 83
81
83
85
84
8534 10.400 International latch pref_35
514
*512 534
514 533
514 512
514
518
514
518 55
6,600
lot
100
Mercantile Marine
4314 4278 4318 4314 4534 13,900
4478 4514 43
43
445
4314 43
100
Preferred_
5134 5278 4918 52
4834 5014 4912 515* 4834 5212 5012 5314 251,800 lot Nickel of , anada_No Par
*60
70
*60
70
60
60
*60
70
*60
70
*60
70
200 International 1Paper...No Da
.87
00
8634 8634 *86
87
86
8638 *8618 88
8618 8614
700 Preferred (7%)
100
28
28
2738 28
28
28
2733 28 .26
28
*2512 2712 2,300 Inter Pap & Pa w cl A..No pa
17
17
167 1714
167 1878
1612 17
1658 165* 16
1612 10,000 Class B.
No pa
1212 13
1212 13
1218 1212 1218 1238 12
12
12
12% 13,600 Class C..
No pa
8618 8618 86
86
86
86
86
861, 86
86
85% 8634 2.500 Preferred_
100
•51
5112 51
5138 5012 51
5012 5012 50
5014 5012 5012 1,700 lot Printing In Corp..No pa
1398
9914 *98
9914 *98
9914 9914 9914 9914 9914 9914 9914
90 Preferred
100
*75
7512 7512 7512 75
76
.76
79 76
76
"76
79
240 International f alt
100
•135 145 *132 145 *132 145 *135 13712 •131 140 •135 145
300 International S.liver
100
•11518 11712 115 11518 *110 11712 *____ 108
108 108 *108 110
180 Preferred
100
270 27214 26214 2698 26014 266
26314 268
26112 268
264 264
5,700 Internet TeleP & Teleg___ -10
*73
74
7312 7014 7134 713* 7278 705* 7114 6918 71
71
6,100 Interstate Del) Stores _No pa
•110 130 •110 130 *110 12712 .110 12812 .110 130 *110 130
Preferred
•
10
.3612 37
36
3612 36
373* 3718 3712 374 3712 3714 3714 2,300 Intertype Cot
No pa
5412 53
53
5478 5478 54
5034 5034 4934 52
*51
54
2.000 Island Creek C oal
•143 150
14634 147 10144 149
147 149
148 15112 15012 152
3.100 Jewel Tea, Inc
No pa
100
.11.
3
.118 1-8-412 17434 18278 17338 17758 17512 180
17214 179
176 17953 -3-6,665 Johns-Manvill.
No pa
•122
____ *123
____ *123
____ 123 123 *123 -___ •123 __._
100 Preferred
10
.12114 12112 12112 12112 *12112 122 *12112 122
1212 122 .12112 122
2,200 Jones & Laugh Steel pref__100
_-- 29 •__-- 29 s__-- 29 •____ 29 •____ 29 *
29
Jonee Bros Tel Inc____No pa
914 1014
1018
10
9
934 934
958
912 934 10
1014 3,700 Jordan Motor 1Car
No pa
*110 114 *10934 111 .10934 111 *10934 11114 *10934 111 *10934 111
Kan City P&L 1st pf B_No pa
*2658 27
2612 2612 2612 27
26
2612 •26
27
26
26
1,500 Kaufmann DelIt Stores_512.50
873
4
8618
8512
8613
8834
8512
8658 8334 85
8758
85
8534 4,900 Kayser CH Co v t c
No pa
32
3312 3312 .30
32
32
35
35
*3012 33 .31
33
300 Keith-Albee-01 pheum_No par
101 102
10112 10112 *10212 10434 *10212 10434 .103 10434
•102 105
300 Preferred 7°
100
1838 1718 1778
18
1818 1833 17
1914 1718 1818
1712 18
33,700 Kelly-Springflt Id Tire..No par
*7414 8412 *7414 8412 *74
*7414 8412 *7414 85
84
*74
80
Preferre
8%
100
89
*85
*85
90
*85
90
00
*85
*85
90
*85
90
6% Dreferre
59% 5978 ---- ---- ---- ---- --- ---- ---- ---- ---- 11,800 Kelsey Hayes'Vheel___No 100
par
*10614 108 *10614 10912 *10614 10912 *1•814 1081
--- 2 ------ - -- -_ _ _ _
Preferred
100
1612 18
1612 17%
17
1718 16,
174 18%
8 -17
1634 -17
26,300 Kelvinator Co111
No par
84% 8938 84
8758 8512 8734 8418 8758 87,
885* 907
8 90 263,200 Kennecott Con Per
No par
63
63
-,,-.,.- ---- ---- ---- ---- ---- ---- -- -- 100 Kinney Co__
No par
*101 102 .101 102
•101 10234 *10112 102
10114 10114 102 10212
- 30 Preferred
100
3714 398 3812 3934 3712 39
4114 4214 3812 41
3712 3834 27.100 Holster Radio i orp____No par
4434 47
4812 4714 4914 114,700 Kraft
4338 4412 4314 4414 4334 45
45
Cheese_
No par
97
98
97
*96
*97
98
98
•96
*96
98
*96
98
100 Preferred
100
4814 4818 4812 48
4814 484 48
49
49
4814 48
4812
Kresge (8 8) C
10
*9712 11453 *9712 1145 *9712 1145 •9712 11458 *9712 1 1433 6,300
114 114
20 Preferred
100
*15/2 17
1512 1612 11115
17
*15
17
*15
16
*15
17
300 Kresge Dept E3 oree__No par
*7112 721 7112 7112 •7112 72
7112 7112 7112 7112 *7112 72
260 Preferred__
100
*95
9678 10412 105 10512 .99 105
99
98
*95
*97 1043* 1,300 Kress Co
No par
378 3634 378 3634 3733 46,100 Kreuger
3712 3853 37
3634 37 8 37
38
&
Tol
8912
8718
867
8
8618
8912
874
8712 8812 8912 30,800 Kroger
8858
8914 9112
Bkg_No par
Grocer
•200 235 *200 235 *200 235 *200 235 *215 235 *215 235
Laclede Gas_
100
*10038 10212 .1008 10212 *10038 10212 *10038 10212 *10038 10212 •10038 10212
Preferred..,
100
.2812
29
2812
2912 28
29
3018 3018 29
2814 2912 2912 3,600 Lego Oil & Trt nsport__No par
13918 14258 138% 141
14158 14378 1335* 14112 139 141
13934 145
No par
1878 1918 1812 1834 1834 1878 49,000 Lambert Co_
1838 1912 18
1812 19
1913
7,900 Lee Rubber dr Tire
No par
58
575* 5738 *5512 58
58
6834 5712 5814 67
56
56
2,100 Lehigh Portia' d Cement__ 50
•110 11012 110 11012 110 110 *110 11012 110 110 *110 111
180 Preferred?'
100
5312 5218 537
52
5212 535* 5218 56
5414 6312 54
53
8,500 Lehlifen & Fink.
No par
Vs par
89
38814
8812
90
/1
f
W2
884
-iii
90
.515
9014 /3
-2,566 Liggett & Mye •s Tobacco__ _25
90 4 91
8814 914 888 8912 28812 89
885* 90% 905* 933* 17,400
Series B_
25
13514 13514 *13412 136 *13414 136
13412 13412 *13412 13612
•13514 136
500 Preferred
100
5
48
49
49
4734 48
495*
4914 49 8 488 4818
48
48
2.300 Lima Locom 1 orke___No par
82
8034 82
8138 828 81
7918 80
8234 83
7914 80
7,500
No par
6112 5914 6034 595* 6178 5912 6034 8012 6078 12,900 Liquid Carboi le
6114 6218 60
Loew's Incorpi rated
No Par
91% •--- - 9178 •---- 91%
92 *--- 92 •____ 917 *-No par
Preferred
8
934 1014
93-4 1014
10,
973 1038
1018 10
934 10
10
15,300 Loft Incorpor, ted
No par
28
28
28
*28
2818 28
2818 28
2818 *28
•28
2818
500 Long Bell Lull ber A
No par
•Bld and asked prices; no sales on this day. z Ex-dividend. a SW hinge.
PER SHARE
Rang. Since Jan. 1.
On basis of 100-share lots
Lowest
$ per share
5312 Mar 26
4514May 14
9414May 8
9334May 17
7 Feb 18
3218 Apr 22
3112 Apr 22
7212May 16
7784 Jae 30
2018 Mar 20
41 Mar 26
11412 Apr 12
27,
8 Jan 7
3234 Mar 26
11314 Apr 22
1461258ay 16
312 Apr 24
50 Apr 12
61% Apr 2
103 Apr
25 Jan 7
27 Feb 18
26 Jan 31
8May 4
38,
98 Mar 26
1004 Feb 15
91 Jan 14
54 Jan 3
112 Jan 14
2418 Apr 5
2358 Mar 26
60 Feb 19
10314Nlay 14
64 Feb 10
80 Feb 16
104 Jan 4
1612 Apr 25
40 Apr 16
1578 Mar 26
7214 Feb 21
6512 Mar 26
80% Stor
6214 Jan 16
7118 Feb 15
5018 Apr 29
30 Jan 31
1734Nfay 4
70 May 8
29 Jan 8
28 Jan 7
160 Jan 2
10414M03' 16
120 Jan 3
7812 Jan 2
405858ay 16
834 Apr 22
12 Apr 14
70 May 10
14938 Jan 24
8518 Apr 9
61 Mar 26
10812 Jan 2
9234 Jan 15
140 Slay 17
6514 Mar 26
5 Mar 29
3612 Feb
4012 Mar 2
5712 Jan 11
86 May 1
2738Nlay 1
1538 Jan 1
8 Jan 1
10,
80 Apr 15
50 May 1
98 Apr 26
5512 Jan 4
131 Jan 22
108 May 16
19714 Jan 7
6918Nlay 17
130 Jan 15
29 Jan 2
493458ay 16
13578 Apr 16
12412 Jan 3
15514 Mar 26
119 Jan 21
11812 Jan 4
35 Jan 21
6 Mar 26
106 Feb 16
26 May 15
76 Mar 26
25 Apr 11
9412 Apr 11
11 Mar 26
7514 Apr 8
85 Apr 12
4718 SIar 26
10614 Apr 23
12 Nlar 26
78% Feb 26
5012 Feb 1
9312 Jan 2
31 Apr 10
3234 Mar 26
95 Apr 20
4614 Mar 26
109 Jan 5
15 Mar 27
7112 Feb 19
9612 Nfar 22
3518 Mar 26
85 Nfar 26
23112Nfay 4
100 Mar 8
2614 Feb 19
12718 Jan 22
1712MaY 3
50 Apr 17
10634 Jan 3
52 May 14
2914 Jan 7
8112 Mar 26
81% Mar 26
134125883' 16
4418 Mar 28
7138 Mar 26
2 Apr 0
58,
97 Apr 27
74 Jan 19
27 Apr 11
Highest
per share
7412 Jan 23
60 Apr II
10114 Jan 5
100 Jan 12
14 May 6
54 Jan 2
4912 Jan 11
1028 Mar 20
9612 NIar 18
32% Jan 2
54% Jan 4
144% Feb 5
3918 Feb I
44 Jan 25
11912 Feb 1
197,
8 Mar 20
512 Jan 3
90 Jan 2
79 Mar 5
109 Feb 14
29 Feb 28
31 Mar 8
29 Jan 14
55 Jan 10
115 Jan 31
10558 Jan 8
9934 Jan 23
604 Nfar 22
11812 Jan 29
27 Jan 2
39% Jan 2
8612 Apr 16
118 Jan 29
95%May 15
9934May 3
10618 Apr 17
2178 Niel' 5
51 Mar 9
22 Jan 2
7678May 13
79% Jan 7
109 Apr 2
8212 Mar 21
9312 Mar 15
82 Jan 28
3938Nlay 7
3212 Jan 2
9534 Feb 5
52% Apr 10
4834 Apr 10
165 Jan 11
135 Jan 18
15318 Apr 24
96% Mar 20
5612 Mar 1
1414 Jan 11
1778 Jan 28
8812 Jan 28
19434Nfay 17
10234 Feb 4
1031,Feb 15
121 Feb 16
11934May 3
145 Jan 18
10212 Jan 4
74 Feb 15
5114 Apr 23
7234 Jan 23
83 Apr 9
9412 Jan 8
353* NIar 19
2412 Mar 8
1714 Apr 4
93 Jan 23
63 Jan 23
108 Mar 4
9034 Feb 4
150 Nfar 6
119 Jan 17
28112May 7
9312 Jan 2
150 Jan 2
381 23.181 3
89 Mar 5
18214 Feb 5
12518 Feb 13
24234 Feb 2
123 Slay 15
12214 Mar 11
35 Jan 21
16% Jan 2
11234 Jan 22
3718 Feb 6
92% Apr 24
46 Jan 4
138 Jan 5
2378 Jan 2
9478 Jan 9
100 Jan 14
61% Feb 26
110 Jan 8
1914 Feb 6
10478 Nlar 18
70% Apr 18
10934 Mar 6
8 Jan 3
78,
49'4588y 17
9934 Jan 2
5712 Mar 4
115 Feb 14
23 Jan 2
7312 Apr 26
114 Jan 5
4038 Mar 6
12212 Jan 3
245 Mar 14
102 Jan 4
3312 Apr 15
15714 Mar 19
25 Jan 14
85 Feb 6
11034May 9
8812 Feb 4
3938 Jan 5
10512 Jan 28
10312 Jan 29
137% Mar 1
55 Mar 22
113% Jan 3
8412 Feb 27
11034 Jan 31
1112 Apr 1
3212 Jan 5
PER SHARE
Range for Preelens
Year 1928
Lowesl
Eltsless
h per share
per share
70 Dec
100 Dec
95 Dec
6% Dec
1634 Feb
26% June
3918 Feb
654 June
2634 July
4612 Aug
111% Dec
1914 June
31
Jan
11212 Feb
89% June
434 Dec
90 July
Jan
51
10338 Nov
23 Jan
23 Jan
251, Jan
93 Apr
130
Apr
112 May
12% Feb
6114 Sent
56 Seal
93 Dec
94% Oct
41% Oct
6238 Oct
12512 Sept
33% Oet
3812 Dec
120
Jan
1774 Des
938 Jan
107
Jan
7378 Sept
110 Ape
30
Jar
30 Doe
29 June
99 Aug
59 May
54 Dec
110 June
2312 Aug
16% Aug
61 Dec
105 Dec
30% Jan
7014 Feb
10014 Aug
1514 Sept
4018 Dec
18 Dec
67
Jan
6418 Feb
79 De
4058 Fe
Jan
75
29
Jan
2134 Fe
20
Oct
93 Nov
9 Fe
812 Jan
140 De
118 Dec
90 Fe
46 Ma
18 Feb
8% July
13 Feb
48% Mar
114
Jan
56
Jan
454 Feb
103 Star
80 Dec
13614 Nf J
85 Dec
334 Ma
34% June
73% Feb
50
Oct
89 Dec
22 Dec
14% Dec
1034 No
88 Dec
4734 Oct
100 De
4912 Ma
128 Jun
11214 Deo
13912 Fe
6112 No
12412 Nov
2334 Sept
47
Oct
7734 Mar
119,
8 Nov
9614 June
11812 Oct
119 Dec
25,
8 Mar
818 Aug
108 Aug
2912 Dec
82% Jan
1512 May
7512 May
1914 Dec
5514 Feb
58 Feb
2212 Jan
106 Mar
7% July
104
97
5712
120
2758
3734
68
120
7212
89
105
3074
4934
3674
80
84
167
Ayr
Nov
Oct
Jan
Feb
Dee
Nov
Oct
Dee
Nov
Apr
Jan
Oat
Apr
Nov
Oct
Apr
7334 Nov
997
.Mar
84 Nov
383s Nov
70 Apr
115 Apr
39% July
3714 July
185 Nov
146
Oct
127 Noy
80 Dec
487s Nov
2134 Jan
2078 May
85 Dec
16638 Nov
947s Dec
80 Dee
110 Sept
9773 Dee
147 MAY
12172 Mr,
7% May
4458 Jan
26912 Dec
8638 May
108
Jan
3412 Nov
19 Nov
1334 Deo
91 Dee
60 Dee
100 Dee
68% Jan
Jan
196
Jan
131
201 Dec
90 Dee
150 Dee
38% Jaz
61 May
179 Nov
12512 Nov
202 Dec
122
Apr
124'i Slay
4112 Oct
1912 Oct
114 Apr
34
Oct
92 Nov
5112 Noy
180 Nov
2512 No•
95 Nov
101 Nov
56
Oct
111 Noy
2272 Apr
3778 Aug 5834 Oct
87% Nfar 100 Apr
5114 Aug 9572 Nov
32 Dec 42 Nov
9914 Dec 10114 Dee
085 Feb
9134 Nov
11014 June 118
Apr
1312 Jan 2714 Feb
5154 Feb 76 Aug
87 Feb 12434 Nov
8 Dee 4054 Oct
32,
734 Mar 13214 Nov
200
Jan 260 Feb
99 Nov 12412 Jan
27% Feb 3918 Apr
7912 Jan 13638 Nov
1714 Jan 2614 Oct
4234 June 5812 Nov
10814 Dec 110% May
38
Jan 84% Oot
2812 Aug 4014 Nov
8318 June 12212 Jan
8014:June 12312 Jan
134 Aug 147
Apr
38 July 6578 May
6312 Feb 12412 Nov
49% June 77 May
9978 Ma 110,
8 Apr
534 Fob
1934 Aug
28
Jan
VA Feb
3314
New York Stock Record-Continued-Page 6
For sales during the week of stocks not recorded here, see sixth page preceding.
r
l HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
Saturday,
May 11.
Monday,
May 13.
Tuesday,
May 14.
Wednesday,
May 15.
Thursday,
May 16.
Friday,
May 17.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
$ per share $ per share $ per share $ Per share $ per share $ per share Shares Indus. & Mace!. (Con.) Par
25
6478 6,300 Loose-Wiles Biscuit
64
64
62/
1
4 65
65
64
6311 65
6578 6578 63
40 lot preferred
100
118 118 *118 119 *118 11814 11814 11814 *11814 119
•118 119
25
2638 254 2578 25/
1
4 2612 2614 2934 2914 314 119,000 Lorillard
26
2612 25
100
974 1,500 Preferred
95
91
92
90
89
90
9034 90
*87
8934 89
No par
1
4 18,700 Louisiana 011
14/
1
4 1514 1418 1478 1418 144 1418 1434 1418 1412 1418 14/
Preferred
41
91
100
9234 91
9234 *91
1
4 *9012 9312 9234 9234 *91
*8878 92/
3914 3912 39
3912 3858 39
3814 3858 3818 3938 5,300 Loulaville CI & El A____No par
3858 39
No par
14,600 Ludlum Steel
8912 8912 92
87
91
93
9412 8512 9212 8558 9014 89
3,100 MacAndrewa & Forbea_No par
3718 3714 39
37
38
38
37
39
37
37
3814 37
Preferred
100
.10784__ *10734
*1074 _ _ *10734
__ *10734 _ -- *10734
Mackay Companies
100
*140 fio *140 1-70 *140 170
4140• 170 *140 1-70 *140 170
Preferred
100
8634 *84
86/
1
4
8634 *84
8634 *84
8634 *84
'841 8634 *84
No par
10014 10112 21,300 Mack Trucks.Inc
10014 10178 9978 101
10312 10438 9814 10318 10014 102
No par
1
4 12,400 Macy Co
16912 173/
16412 17034 167 170
16212 163
16714 16714 163/
1
4 166
19
1978 3,600 Madison So Garden__ _No par
19
19
19
1
4 1878 19
1
4 1834 18/
1834 1834 18/
No par
684 6934 5818 7134 11,700 Magma Cooper
70/
1
4 6933 70
7318 7338 7038 7112 69
2878 2912 5,800 Maillson(H R)& Co No par
28
2812 28
2978 28
2812 3012 29
3014 31
100
10 Preferred
103/
1
4 *100 103781
103/
1
4 *10212 10378 10212 10212 *1C0 103/
*100
1
4
103
4
100
80 Manati Sugar
1312 144 *1312 15
15
15
15
*15
1812 15
15
15
Preferred
100
400
39
3818
4018
*37
4018 *38
41
41
*41
43
48
*41
No par
900 Mandel Bros
*29
2912 2812 2812 2912 2912
2812 29
2812 29
*2812 29
3214 3114 3153 6,800 Manh Eleo SuPPIY---No par
2914 29/
1
4 2938 2934 2938 3138 3034 3234 30
25
300 Manhattan Shirt
529
294 *2814 2912 *2814 2912
*2834 30
2834 29
29
29
1614 1614 1.100 Maracaibo Oil Ex121----No par
15
15
15
1612 15
1618 15
1634 1634 15
No
par
Marland
Oil
34,900
3812
377
8
3818
374
37
3
4
387
s
384
383
4
3818
393
4
39
3912
No par
1
4 25,800 Marlin-Rockwell
8678 8512 87/
80
8212 8158 8312 82
83
81/
1
4 8278 82
No par
1
4 10078 36,000 Marmon Motor Car
1
4 98/
1
4 99/
1
4 97 10112 9578 9873 298 10078 96/
10018 102/
No par
1,100 Martin-Parry Corp
11
1112 11
1118 1118 *11
1112 114 1112 114 1118 1118
14,700 Mathieson Alkali Workallo par
1
4 5178 5118 52
5278 50/
5234 5312 5018 5214 5014 5178 51
100
20 Preferred
4122 12434 *122 12434 *122 12434 *123 12414 123 123 *123 12414
25
1
4 8218 8453 9,000 May Dept Stores
8214 83/
84 28314 84
8512 84
84
8358 86
No par
2,300 Maytag Co
/
4 2138 22
21/
1
4 2138 2112 2178 2112 2178 2158 2178 2112 211
par
4058
Preferred
No
1,600
405
8
41
*4012
4012
4118
4012
404
41
41
*4138 4112
900 Prior preferred
No par
1
4
8478 84/
85
85
8278 84
83
83
83
1
4 *81
80/
1
4 80/
3,200 McCall Corp
No par
89
89
90
8814 8978 8934 9058 88
8612 8612 8853 90
120 McCrory Stores class A No par
9912 9912
9912 9912 *9912 1034 *9912 103
*9912 10412 100 100
No par
300 Class B
100 100 *100 103 *100 10212 *100 102
100 100
.100 103
100 Preferred
100
10812 10812 *10634 110
.10812 115 *10812 115 *10812 11178 *10812 110
500 McIntyre Porcupine Mlnea_5
*17
1734 •____ 17
*1714 18
*1714 18
17
17
18
18
73
7414 8,400 McKeesport Tin Plate_No par
7334 7114 7418 7134 73
72
754 7612 7212 75
6,500 McKesson & Robbins-No par
1
4 5218 5212 5338 55
52
5334 5258 52/
53/
1
4 55
5478 56
5912 6034 1,700 Preferred
50
5912 60
61
6012 6012 6112 6112 6012 6012 61
No par
1,000 Melville Shoe
66
66
66
65
65
6414 6414 65
1
4 68
63/
6634 67
No par
2812 2512 2658 28
1
4 2778 2614 2614 2714 2712 3,600 Mengel Co(The)
2618 2712 26/
500 Metro-Goldwyn Pictures 91_27
*2558 26
2512 26
26
26
*2512 26
*251s 26
*2512 26
33,300 Mexican Seaboard 011-No par
5034 52
5378 5014 52
51
5234 51
5334 5434 5218 53
25,900 Miami Copper
40
41
5
40/
1
4 374 40
4058 39
4212 39
1
4 40
4218 42/
3512 3513 3614 38,800 Mid-Cont Petrol
No par
1
4 3614 35
3514 3578 35/
3618 _3658
_
_ __3512 _36 _ __
_
____ _ __ ____ _ _ ____ _ __ _ _
_
Preferred
100
11
ii4 13 418 -438 418 -414 44 -414 6,600 Middle States MCorp
,
11-4 -412
4i4 -412
300 Certificates
234 234
1
4
10
278 2/
1
4 *234 2/
*278
2/
1
4 2/
1
4 *234 3
300 Midland Steel Prod pref___100
258 262 *250 265
260 260 *258 265 •258 265 26312 264
2214 1.100 Miller Rubber
1
4 22
No par
2212 22/
2218 2212 2278 2278 *2258 23
*2212 23
711
/
4 12,200 Mohawk Carpet Mills_No par
7218 7014 7114 71
73
7412 7012 7234 6912 7238 70
11738 1214 11973 12234 212,900 MontWard&CoIllCorpNo par
118 12238 11834 123
12354 12638 11634 123
512 512 6,800 Moon Motors
518 512
No par
1
4
4512 534
5/
1
4 5/
538 558
514 54
358 334 10.000 Mother Lode Coalition_No par
358 334
3/
1
4 334
334 4
334 378
334 334
40/
1
4 4014 3,100 Motion Picture
No par
41/
1
4 404 41
41
4118 41
41
4134 4218 40
1812 1,500 Moto Meter A
No par
1812 18
1814 184 18
*18
19
19
19
•18
20
12934 12934 4,800 Motor Products Corp No par
128 128
132 13412 *130 133
129 132
131 134
4534 4638 12,000 Motor Wheel
No par
4538 4612 4534 464 4558 4614 4534 46
4612 47
6218 6274 3,000 Mullins Mfg Co
No par
62
6334 *6212 63
6714 6312 6512 624 63
65
170 Preferred
95
No par
94
94
94
95
95 *94
*94
94
94
95
96
3,700 Munsingwear Ino
25734 59
No par
58
1
4 5814 58
5578 5753 57/
56
56
58
58
1
4 111,900 Murray Body
No par
1
4 9212 95/
9112 9334 904 93/
9614 9014 93
9538 9734 90
No par
9534 9418 9514 58,700INash Motors Co
955 9778 9358 9578 9412 9612 9518 9778 94
1
4 3438 3538 14.900 National Acme stamped____10
3458 35/
1
4 34/
3514 3634 3434 3612 34/
1
4 3458 37
No par
5614 57
5212 5158 52's 6,700INat Babas Hess
51
5412 5518 5018 55
5112 53
100
300 Preferred
107 10718
107 107 *10518 108 *10518 108 *10518 108
410513 107
35
17814 18012 17812 182
17934 17934 177 17914 17612 178'2 3,300 NationalBlacult
180 180
100
300 Preferred
1
4 14314 •14278 14312 14338 14338 *14318 1434 *143 14312 214112 14112
143/
12312 12634 120 12514 120 12212 12012 12312 116 12214 11912 12178 99,700 Nat Cash Register Awl No par
1
4 13338 13218 134
1
4 1371 27,100 Nat Dairy Products___No par
13118 13278 132/
1344 1353s 13218 13514 131/
32
3218 1,900 Nat Department Stores No par
33
33
33
*32
32
3212 32
324 3214 32
100
1s3 preferred
96
96 .93
*93
*93
96
*93
96
*93
96
*93
96
4618 4814 4678 4838 4618 49/
49
5018 47
1
4 4712 491 10,600 Nat Distill Prod oth__No par
49
2,300 Preferred temp otts_No par
801
8312 8333 8212 8318 8214 8214 8218 8218 794 8112 80
100
4778 47/
1
4 444 46
•48
50
50
1,000 Nat Enam & Stamping
49
49
50
53
*50
100
1,500 National Lead
14212 145
143 143
142 145
142 142
*145 14912 145 145
100
240 Preferred A
14018 14018 14018 14018 *14018 141
140 140 *140 141
140 140
100
40 Preferred B
118 118 *118 119 *118 119
118 118
118 118
4118 119
No par
51/
1
4 5312 5218 53/
51
5418 55
1
4 5118 5434 53/
54
1
4 5538 91,300 National Pr & Lt
No par
1014 10
10
10 .10
10
9/
1
4 9/
1
4 1,200 National Radiator
10
10
10
10
No par
Preferred
•2714 30
*2784 30
*26
30
*26
30
*274 30
1
4 31
*27/
50
126 12734 12814 1307g 12814 12878 *126 1271
3,900 National Supply
125 129
129 130
100
10 Preferred
__
__ *115
411512 ___ •11512 _ __ '115____ 115 115 *115
60
124 11512 *120 114
123 123
600 National Surety
125 126 *124 127 •124 127
No par
7514 77
754 7612 75'2 774 8,400 National Tea Co
75
7512 77
79
7934 80
1
4 91,200 Nevada Consol Copper-No par
4658 4578 47/
4712 4634 4734 45
4512 5038 4718 4914 46
par
No
4414
45
Air
Brake
4412
45
4414
/
1
4
45/
1
4 4.000 N Y
44
44
4334 4458 4318 44
100
*47
47
4712 47
600 New York Dock
4712 *47
47
50
47'2
*46
50
*47
100
Preferred
*86
89
*86
89
*86
89
89
*86
89
*86
87
*86
9912
160 N Y Steam pref (6) ___NO par
1
4 99
49912 6938 9912 9912 9934 9934 9912 9912 9912 99/
No par
220 let preferred (7)
1
4 •11112 11312 11114 11112 11114 11114 11114 11114
*11114 11134 11114 111/
No par
11158
11434
North American Co
93,600
117
111
118
11112
1191
/
4
10912
11112 11312 10918 11212
60
54
300 Preferred
5234 5234 *52
53
*52
54
5312 534 *52
*5112 53
700 No Amer Edison pref__No par
1
4 210014 10014 10018 1001 10012 10012
410112 1011
/
4 *10112 10134 10134 101/
/
4 5118 5114 2,300 North German Lloyd
50/
1
4 5018 511
50
5914 5112 5034 5114 *5012 51
Northwestern Telegraph-_50
*4714 51
*4714 51
*4714 51
*4714 51
*4714 51
*4714 51
312 4
34 334 4,900 Norwalk Tire & Rubber____10
418
4
438
4
378 414
43g 438
10 Preferred
38 *--- _ 371 *---- 38
*30
100
38
*30
3334 3334 *---- 38
700 Nunnally Co (The)__No par
534 534
512 51
534 6
*512 7
*511 7
*512 7
25
2212 2212 1,300 011 Well Supply
1
4 2214 23
2212 22/
23
23
*2312 2412 *2312 24
100
40 Preferred
*9918 9914 *9918 9914
*9918 9934 *9918 9934 *9918 9934 991g 994
11,200
Omnibus
_No
par
/
1
4
914
Corp
8
8
/
1
4
918
9
3
4
9
1018
94
8/
1
4 10
1
4
914 9/
Preferred A
89
100
*86
89
*86
*86
89
89
*86
89
*86
89
*88
7614 7614
1,400 Oppenheim Collins & CoNo par
7612 7812 *7612 77
764 774 *7612 77
77
77
Orpheum Circuit,Ins
*__ _- 50
1
*--_- 50 *_-__ 50 *_-__ 50 *____ 50 *---- 50
140 Preferred
100
7312 7312 7312 734 7512 7512
85
*74
75
75
85
415
Elevator
8,70010tis
355
3393
4
3393
4
338
50
342
330
327
32512
323 327
32434 325
110 Preferred
100
*1234 12433 12312 12312 *12312 12412 *12312 12412 12312 1234 12312 12312
4134 4312 14,100 Otis Steel
4112 42
No par
42
4338 4438 414 4334 4134 4258 42
102
Prior
200
*100
preferred
102
*100
100
100
100
102
10014 10014 *100 10212 *100
84
Outlet Co
.82
84
No par
*82
88
*82
84
*82
84
*82
88
*82
600 Owens Bottle
25
8111
81
§ -6
5824 6012
114 .iiiz "i9l, 5712 5912 5714 5938 5814 5934 15,800 Pacific Gas & Eleo
25
4,800 Pacific Ltg Corn
811
/
4 8112 83
81
No par
82
81
82
82
8212 8112 8212 82
35
Pacific
60
Mille
*32
3412
*32
100
35
*29
35
35
36
*35
3614 *35
7,200 Pacific 011
1
1
118
1
No par
1
1
1
1
1
118
1
118
50 Pacific Telep & Teleg
100
1804 18012 *175 180 *175 180
185 185 *180 185
180 180
180 Preferred
*12712
12714
12714
100
_
1
4
*12712 ___ *12712. *12712 _ __ *127/
- _- 767,300 Packard Motor Car
10
- 4 14612 15234 147 151
- 12818 14412 14612 1533132/
1
4 1357; 1274 1.3278
0133 5,400 Pan-Amer Petr & Trans
1
4 59
/
4 58/
50
5812 5938 *561
58
5914 5914 58
60
60
6518
222,000
613
8
Class B
50
6258 6434 5918 6278 5914 6012 5912 6212 6014 6214
100 Pan-Am Weet Petrol B_No par
1512 1412 1412,
15/
1
4 *14
1578 *14
*14
1578 *14
*14
16
500 Panhandle Prod & ref-No par
1
4 134 1214 1214 1214 1214
1212 1212 *12/
*1212 1312 *1212 13
100 Preferred
70
*60
75
*60
100
62
62
64
*60
65
*60
*60
65
7012 6912 7078 259,800 Paramount Fam Lasky_Na par
6878 7012 6734 7134 6818 6912 68-5, 7038 69
/
4 3,400 Park & Tilford
591
5818 58
No par
58
58
57
53
59
60
6112 6112 60
812 9 I 33,000 Park Utah CM
814 8/
1
4
7
9i4
1
818 938
914 9/
1
4
912 9/
1
4
No par
1114 1134 105g 115g 1034 1114 1074 1138 1038 1178 1118 1138 29,200 Pathe Exchange
2158 2418 2212 2312 8,100 Class A
No par
22
2112 22
2214 21
2212 2312 21
1
4 4012 4053 16,200 Patino Mines & Enterpr----20
1
4 4014 4074 4012 40/
4178 3912 40/
4038 4114 40
•Bid and asked prices; no sales on this day. x Ex-dIvidend. V Ex-rights.
PER SHARE
Range Mee Jan. 1.
On earls of 100-share lots
Lowest
$ per share
594 Mar 26
11612 Jan 12
20 Mar 25
8412May 8
1
4 Mar 26
12/
89 Feb 8
3658 Jan 23
6612 Mar 26
37 Apr 26
104 Jan 8
122 Jan 19
8318 Jan 26
91 Mar 26
148 Mar 26
1814 Jan 5
66 Jan 16
2414 Apr 9
953a Mar 25
1311May 16
38 Apr 22
28 Feb 16
28/
1
4 Apr 13
28 Apr 9
12 Feb 18
3578 Feb 20
6918 Mar 26
6634 Feb 18
11 May 17
550 Apr 26
120 Jan 28
8218May 17
2034 Mar 26
4012May 14
80 Apr 26
711
/
4 Feb 16
9912May 14
9912May 7
10812May 16
17 May 6
624 Mar 26
49 Jan 7
55 Mar 26
5613 Mar 26
20 Mar 26
24 Jan 10
4112 Mar 26
3018 Jan 8
3012 Feb 16
12014 Jan 18
334 Mar 6
1
4 Feb 25
2/
225 Feb 16
22 May 17
6512Mar 26
1111/Mar 26
5 Mar 26
3 Feb 8
1212 Jan 8
18 Apr 15
111 Apr 11
39 Mar 26
5818 Mar 26
9034 Apr 30
5018 Apr 6
62 Mar 26
9358May 13
284 Jan 7
504 Mar 26
104 May 8
168 Mar 26
14112May 17
96 Jan 8
1164 Mar 26
281s Jan 4
9214 Feb 4
33 Mar 26
6712 Feb 7
444.May 16
132 Jan 2
140 Jan 2
118 Jan 2
4214 Mar 26
9/
1
4May 10
30 Mar 15
111/
1
4Mar 26
11414 Feb 8
123 May 15
70 Mar 28
3934 Jan 16
4112Mar 25
4114 Mar 27
851s Jan 7
98':Mar 19
1114 Mar 15
9058 Jan 7
51/
1
4 Mar 5
99/
1
4 Mar 27
50 May 15
45 Apr 9
312May 16
3334MaY 11
512May 16
22143Jay 16
9558 Apr 13
71/ Feb 21
80 Mar 26
7214 Feb 8
60 Apr 12
276 Jan 7
122 Jan 8
3714 Jan 2
100 May 15
84 Apr 29
81 Jan 7
53 Jan 2
70 Jan 7
29 Feb 18
1 Mar 6
159 Jan 3
116/
1
4 Jan 3
11612 Mar 26
4014 Feb 18
401s Feb 10
14 Apr 26
94 Feb 16
4711 Feb 25
5512 Jan 2
57 May 15
7 May 15
712 Mar 26
1312 Mar 26
34/
1
4 Jan 7
Highest
PER SHARE
Range for Prelim
Year 1928
lowest
Highest
$ per share $ Per shard 2 Per 11000
1
4 Sept
4414 June 88/
7458 Jan 6
12112 Apr 2 1174 Aug 125 May
23/
1
4 June 467s Ap
3112May 17
8612 Dec 114 Mar
9712May 17
1
4 Apr
938 Feb 19/
18 Jan 9
Apr
78 July 96
10014 Feb 21
47 Jan 31
28 Feb 41 May
100 May 6 -__- --- -- -- -- 44 Aug 5714 Air
46 Jan 4
Oct 110 Nov
10734 Apr 19 106
140 Mar 28 10812 Mar 134 Mar
Oct
684 Jan 86
8418 Jan 14
83 Apr 110 Nov
11434 Feb 5
186/
1
4 Jan 2 /134 Aug 382 Aug
24 Feb 28
1814 Dec 34 May
8212 Mat 21
43/
1
4 Feb 75 Nov
3812 Nov
16
Jan
3933 Jan 15
Oot
1054 Jan 18
874 Jan 110
Jan
26 Jan 14
21 Nov 41
Jan
504 Jan 10
40 Nov 88
3838 Mar 9
32 June 4012 Jan
37/
1
4 Jan 14
284 Sept 66/
1
4 June
3558 Jan 4
3134 Feb 43 May
1212 Feb 251/ Apr
1812 Apr 18
4718 Jan 3
33 Feb 49/
1
4 Nov
8734May 17 "4514 Mar 83 Nov
104 May 10
77 Dec 86 Dee
18 Jan 2
1218 Mar 25/
1
4 June
216/
1
4 Jan 25 117/
1
4 June 190 Dee
125 Jan 2 115
Jan 130 Apr
75 July 11312 Nov
10812 Jan 10
174 Aug 3012 Nov
25 Apr 4
4018 Aug 52 May
451s Jan 3
8912 Dee 101 May
9018 Jan 10
56 Feb 80 DSO
90/
1
4May 15
1
4 Nov
77 Feb 109/
11334 Feb 5
8012 Mar 11934 Nov
11512 Feb 6
120 Feb 7 109 Feb 1184 Nov
1914 Sept2812 Mar
234 Jan 5
1
4 Nov
6212 June 78/
82 Jan 31
1
4 Dee
454 Nov 50/
59 Mar 4
1
4 Nov
54 Nov 153/
62 Feb 4
6074 Nov 70 Sent
72 Jan 3
2514 July 41 Sept
3478 Jan 4
2412 Dec 274 may
27 Feb 25
45s Jan 73 Dec
1
4 Jan 3
69/
1714 Jan 83 Dee
5412Mar 20
2518 Feb 4412 Nov
39/
1
4 Jan 3
121 Jan 4 1034 Feb 12012 Dee
2/
1
4 Jan
54 Jan 3
7/
1
4 May
5/
1
4 May
14 Jan
34 Jan 3
275 Apr 3 193 June 295 Nov
184 Aug 27 Jan
2878 Mar 20
394 Aug 757s Dec
8014 Mar 1
15674 Jan 2 11514 Dec 1564 Dec
1113 May
8 Jan 8
5/
1
4 Feb
41
/
4 May
2/
1
4 Aug
612 Mar 4
5 Mar 1472 Doe
4418May 6
13 Mar 2414 Sept
25/
1
4 Jan 3
1
4 Oot
94 July 218/
206 Mar 1
/
4 Oot
2512 Jan 511
474 Feb 4
4914 June 954 Oot
81/
1
4 Jan 4
98 Dec 104% Nov
1024 Jan 11
4634 Mar 624 May
611
/
4May 4
214 Feb 12414 Os
9914May 9
8014 Feb 112 Nov
118/
1
4 Jan 25
714 Jan 8212 Deo
3912 Feb 28
71 Mar 1
9014 Jan 11812 Dec
118 Jan 3
205 Jan 4 15912 July 1954 Nov
Apr
144 Jan 26 1374 Feb 160
4714 Jan 10454 Dec
148/
1
4 Mar 20
6412 Jan 1334 Dee
13758 Jan 29
1
4 Oct
211
/
4 Jan 32/
1
4 Mar 5
37/
Ill
Jan 102 May
95 Apr 12
551 Mar 14
2914 June 5812 Jan
5114 June 7134 Jan
8612 Mar 13
1
4 Nov
234 Mar 57/
6214 Jan 9
Jan
173 Mar 20 115 July 136
14112 Feb 1 139
Jan 14714 May
123/
1
4 Apr 24 11212 Mar 122 July
6138 Mar 4
211
/
4 Jan 4658 Deo
1
4 Jan
14 July 40/
17 Jan 10
41 Jan 29
36 Dec 984 Jan
144 Jan 2
8414 June 146 Dee
Jan
117 Apr 19 114 Sept119
155 Feb 1 13834 Dec160 Nov
911
/
4 Mar 1 .160
Jan 390 Del
1
4 Deo
1724 Jan 42/
1
4 Mar 21
62/
4934 Mar 4
39/
1
4 Oct501s Nov
58/
1
4 Feb 2
47 Aug 6414 Jan
90 Apr 10
85 Sept 95
Jan
103 Jan 10
984 Oct10512 May
11478 Feb 19 102
Jan 115 Apr
119/
1
4May 17
581
/
4 Jan 97 Nov
1
4 Mal
5414 Jan 9
61 Sept 55/
1
4 Feb
9934 Oct 105/
10334 Jan 15
6414 Jan 12
6334 June 6912 Nov
60 Mar 16
Oct 65 May
48
712 Sept
212 Mar
614 Feb 4
3334 Jan 48 Sept
45 Jan 31
8 Feb 8
634 Dec 13 May
Jan
32 Jan 3
2014 June 41
97 June 11011 Jan
10612 Jan 16
712 Dec 1614 may
10/
1
4 Feb 28
1
4 June
8312 Dec 99/
90 Feb 28
6754 Aug 8811 Jan
84/
1
4 Apr 13
Oot
18 May 70
75 May 104 Nov
9534 Jan 2
355 May 17 1474 Feb 28512 Dee
1
4 July
125 Jan 24 11914 Jan 126/
104 Jan 4012 Nov
48/
1
4 Mar 15
824 Jan 103 Nov
108 Feb 20
81 June 991s Sept
9634 Jan 4
7412 Jan 957s Apr
98/
1
4 Feb 13
43% Feb 51118 Nov
6814 Jan 31
1
4 June
69 Dec 86/
85 Mar 13
Oct 354 Nov
25
37 Apr 17
2/
1
4 Apr
1 Sept
14 Jan 10
200 Mar 14 145 June 169 Del
Oct 1251s May
129 Feb 27 114
5614 Feb 163 Dee
15334May 15
8814 Feb 5512 Nov
63 May 4
/
4 Nov
873
4 Feb 581
6634May 6
154 July 2834 Apr
1712 Jan 3
114 Feb 2134 May
1514 Jan 3
1
4 May
70 Feb 106/
76 Jan 16
1
4 Deo
674 Oct 56/
7138May 13
Nov
98
Mar
34
14
8778 Jan
/
4 Jan
9 Aug 141
13/
1
4 Feb 28
15 Nov
2 Feb
14% Jan 9
812 Feb 34 AUg
30 Jan 9
237s Jan 42 Aor
47/
1
4 Mar A
3315
New York Stock Record-Continued-Page 7
For sales during the week of stocks not recorded here. see seventh page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Scaurday,
May 11.
Monday,
May 13.
Tuesday,
May 14.
Wednesday, 1Thursday,
May 15.
May 16.
Friday,
May 17.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Bina Ian. 1.
On basis of 100-share lots
Lowest
Highest
PER SHARE
Range for Previous
Year 1928
Lowest
Highest
$ Per share $ per share $ per share 3 per share $ per share $ per share Shares Indus. & Miscall. (Con.) Par $ pet share $ per chars $ per share $ per than
50 1538 Mar 26 2212 Jan 11
14/
1
4 Sept 25% Mai
18
1818 1712 18
1714 1753 1618 1714 6,000 Peerless Motor Car
*18
1812 177 18
22/
1
4 Jan 4113 ON
No par 38 Jan 2 58 May 6
5114 5414 5312 53% 5134 5372 8,900 Penick & Ford
54
5432 52
*5534 5612 53
Oct 115 Mar
100
Apr
2
103
110
Jan
9
100
109
109
109
*10614
Preferred
109
*10612
109
.4
'10612
10618
10618
10912
110
*10618
8 Aug 1412 Jan
8 May 14 12 Jan 20
50
812 *712 812, *734 814
8
832 *8
83g 832
500 Penn Coal & Coke
*8/
1
4 812
1434 July 31 MAY
19
2038 1978 1978 1918 20781 1918 2034 4,700 Penn-Dixie Cement____No par 17 Mar 26 27 Jan 5
2058 21
2158 22
75 Sept 9658 Apt
100 80 May 16 94 Jan 22
83/
1
4 80
8212 *82
8312 8312 8312 *82
500 Preferred
8312
83/
1
4 *80
*82
262 262
262 262
262 26514 *262 265
262 262 *260 264
3,300 People's G L &0(Chic)__.100 208 Jan 11 28712 Mar 14 15184 Jan 217 Nov
May
17
4112 Dec 4614 Dee
33
4512
Jan
3
No
par
3338 3358 3314 3338 33
*3418 37
*3414 35
Milk
.3414 35
Pet
600
3314
Philadelphia Co (PIttab)--50 15713 Apr 17 180 Jan 5 145 Mar 17434 Mal
4160 165 *155 165 *155 165 *155 165 *155 165 *155 165
454 Mar 49 Aug
50 4812 Jan 15 50 Apr 29
*49
4912 49
49
49
*49
4912 49
*49
51
150 5% preferred
•49
51
5114 Oct 57 Mar
50 51 Apr 1 54 Mar 18
5212 52
5212 *52
5153 5112 *52
*5112 52
5118 518
52
800 6% preferred
2738 June 3958 Jan
2134 2034 2134 2118 2213 2114 2134 2153 2158 15,900 Filth% & Read C & I____No par 1958 Apr 29 34 Jan 8
2114 2214 21
1313
2314
Apr
30
15 Mar 2513 May
Feb
1458 15
26
1518 1618 1558 17
1558 158 15% 1618
Ltd-10
Morris
&
Co..
Philip
39.100
1512 1712
85 Apr 99 Ma,
100 8814 Jan 17 96 May 1
49018 9534 9514 9514 *9012 95
*93
95
20 Phillips Jones prof
*94
95
9512 9512
4112 4012 4112 4014 4053 4018 4112 13,800 Phillips Petroleum____No par 3712Mar 8 47 Jan 3
3514 Feb 5373 Nov
4178 4218 4114 4134 41
21
Oct 38 May
5 25 Apr 11 3758 Jan 22
*28
*2812 31
*2712 30
*29
30
30
Phoenix Hosiery
*2712 2812 *2712 28
•95
97
*95
97
95
95
95
95 .95
s95
97
97
94 Dec 10314 Feb
100 95 Apr 25 100 Jan 6
30 Preferred
1812 Oct 3078 Dee
3278 3412 3353 34
43413 35
3234 33% 3278 3314 3312 3314 14,000 Pleree-Arrow Class A_No-par 2712Mar 25 3778 Jan 9
5613 Oct 7478 Dee
100 7212 Jan 2 8612 Jan 9
82
8212 8212 82
•80
82
*79
81
8112 1,700 Preferred
81
8123 *80
4 Mar
514 Apr
338 Mar 18
214 Feb 8
25
212 234
212 258 5,600 Pierce 011 Corporation
212 258
212 212
253 25g
253 234
1614 FebI 60 Oct
100 30 Jan 8 5112 Mar 18
4113 4112 41
40
40
*41
44
41
900 Preferred
4118 4118
*41
43
514 514
63
8 Apr
FebI
5
3
13
43
8
Apr
25
47
Jan
15
par
No
518
58
5
434 48 4,500 Pierce Petrol'm
434 5
48 48
1
4 Dee
3234 Febi 58/
60
5014 4918 50
4812 4958 24754 4812 4758 48
7,600 Pillsbury Flour Mille-No par 4758May 16 637 Jan 15
48
48
JanI 14453 Dee
100 143 Jan 2 15614 Jan 14 108
---- ---- ---- ---- --- ____ ___
Preferred
3818 June 787s Dee
100 61 Mar 27 8334 Jan 9
7118 7234 67/
1
4 7112 68
69
6812 6812 4,700 Pittsburgh Coal of Pa
6912 7178 *6812 70
81 May 10078 Dee
100 84 May 7 100 Jan 5
85
85
84% 85
*84
*84
8512
8458 *84
500 Preferred
84
8512 84
26 FebI 38 Dee
343
8
Jan
9
23
May
9
100
025
*24
28
*24
26
Terminal
Coal
*15
25
*20
24
25
Pitts
*17
25
634 OctI 82 Mar
100 55 May 13 7814 Jan 9
57
57
55
55
55
55
*53
55
55
60 Preferred
55
55
*53
5334 July, 8534 Dee
*8312 85
8214 8214 8214 83
8214 8314 1,400 Porto Rican-Am Tob el A_100 77 Jan 11 9534 Mar 15
8214 83 *8212 83
2314 AugI 5172 Des
40
4012 39
No par 39 Jan 4 5034 Jan 2
4014 3714 38
3912 3934 3,100 Class B
3918 4012 3914 40
410214 103 *10214 103
10214 10214
800 Postal Tel & Cable pref __100 102 Mar 26 105 Jan 31 10058 AugI 106 Sept
10278 10278 10218 10214 102 102
6188 Julyl 13812Ma7
1
4 Mar 26 8134May 3
7614 7778 73/
No par 62/
1
4 7658 734 752 7453 758 7318 74% 7453 78 130,500 Postum Co, Inc
5912 Dec 6426 D62
25 57 May 16 6558 Jan 2
5914 5934 58/
5734 19,500 Prairie Oil & Gas
5712 57
1
4 5934 5814 5913 5714 5814 57
25 5353 Jan 14 6112May 6
60
6018 5912 60
60
6012 597 6053 21,800 Prairie Pipe & Line
5958 61
5912 60
1912May
14
18 June 3312 Gel
25
5
8
par
Mar
22
2012 2034 20
NO
1958 20
1954 2058 1953 20
2012 1912 20
6,700 Pressed Steel Car
70 Aug 9312t DOI
100 7412 Feb 16 81 Mar 27
77
77
77
7612 7612 *76
*7612 78
•77
79
477
79
500 Preferred
16 Feb 297* Nov
*2012 2112 *2012 2112 1,500 Producers & Refiners Corp-50 1814 Feb 16 25% Jan 3
2114 2132 2012 2114 2032 201 *2012 21
41 Feb 4958 June
43
*42/
1
4 43
50 3814 Feb 20 4634 Mar 21
4112 43/
43
4212 4212 *4218 43
*414 43
1
4
170 Preferred
52 Non 91 Feb
5812 5612 *5612 58
*57
58
*55
60
55
58
*58
61
130 Pro-phy-lac-tic Brush_No par 55 May 1 8234 Jan 14
4112 Jan 8312 Dee
1
4 Jan 31
8812 9014 8812 9012 8712 9012 8912 9034 145,100 Pub Ser Corp of N J-No par 75 Mar 25 94/
9112 9332 88
92
100 104 Jan 5 10818 Feb 5 103% JanI 115 May
41044 10514 10512 10512 10432 10432 10414 10414 10514 10514 *10412 10512
800 6% Preferred
Octi 12912 MAY
100 11734May 8 124% Jan 3 117
117/
1
4 117/
1
4 *11734 119 *11734 119 *11734 119 *11814 119
411758 119
100 7% preferred
149 149 *147 14814 *147 14814 *148 149
100 145 Apr 17 15012Mar 15 134 Jan 150 May
4148 149 *147 149
100 8% preferred
108 10872 *10734 109
108 108
108 108 *108 109
109 109
500 Pub Serie Elec & Gas Dref _100 10532 Apr 3 10958 Jan 28 10812 Dec 11012 Apr
7778 Oct 94 May
8112 8172 8012 8112 8032 81
No par 7958Mar 26 917 Jan 3
81
8172 8012 81
81
8354 16,800 Pullman. Inc
1758 Dec 3478 .7&13
50 1512 Feb 18 2114 Jan 14
1618
1614
1612
•1638 17
1514
'
11572
1512
1512
1612
16
1653
1,800 Punta Alegre Sugar
19 Feb 3114 Nes
2872 2814 2914 2712 2834 2832 2914 50,600 Pure 011(The)
2914 30
2712 2914 28
25 2314 Feb 16 3034May 9
113 11312 11212 11412 11312 11314 11234 11234 *11312 114
100 112 Jan 14 116 Feo 25 108 Mar 119 June
114 114
240 8% preferred
122% 12238 212214 1224 122 12358 12158 12318 4,100 Purity Bakeries
4124 125
76 June 13938 Oil
12212 124
115 Mar 26 13973 Feb 4
105 July 16814 Osi
---- ---- ---- ---- - --- ---- -- -- ---- ---- - - -- -- - - -- -Preferred
9758 92
977 10012 92
9678 9414 9758 9134 9634 948 97 841,000 Radio Corp of Amer___No par 6814 Feb 18 114 May 3
5413 Jan 60 May
55
5512 *55
45434 55
5512 5512 5512 55
50 54 Apr 2 57 Jan 3
55
5472 5512 1,000 Preferred
3414 Dec 5112 Nes
33
'3278 3414 31
3072 3272 3212 3332 3112 33
3232 3314 92,800 Radio Keith-Orp al A_No par 19 Mar 26 463 Jan 4
2478 Jan 6058 Dee
7334 758 75/
7658 7712 7372 76
1
4 76
10 57 Jan 7 8438Ma2 4
75
758 757 7678 8,500 Real Silk Hosiery
98
98
98
98
*98
9812 *98
8013 July 9712 Dee
9812 *98
100 97 Jan 5 10212 Feb 8
9812 *98
•
9812
120 Preferred
513 Feb 15 Dee
11
11
41013 12
11
11
1014 1014 1014 1014 *1014 11
9 Mar 26 1614 Feb 1
No par
1,200 Reis (Robt) dc Co
*704 79
72
72
8114 Feb 8913 Del
*71
76
*71
76
100 70 Mar 28 10812 Feb 6
*7014 72
*7014 76
100 First preferred
3312 34% 32
2313 Jan 3612 Ma2
32
1
4 Feb 4
334 3158 3278 32
328 32
No par 28 Mar 26 35/
3278 41,600 Remington-Rand
87/
1
4 Dec 98 June
4934 9354 *93
100 9014 Jan 4 96 Feb 4
934 9312 9312 *93
93/
1
4
9312 934 *93
94
200 First Preferred
8818 Oct 100 Jai
49413 99% 94
9414 *94
99
*94
99
100 93 Mar 20 99% Feb 19
97
97
96% 968 2,200 Second preferred
2212 Jan 354 Owl
/
4 2712 2611 268 2614 2732 2638 2732 2672 2732 26,700 Rao Motor Car
274 274 261
10 25%Mar 28 2178 Jan 3
9718 9754 9318 96
4918 June 9412 Nen
94
9478 93
948 9112 93
9332 9632 23,500 Republic Iron & Steel--100 7914 Feb 8 10212 Apr 23
•112 115 *112 115 *110 117 *110 117 *10934 114 *111 11218
100 10878 Jan 7 11512 Feb 27 102 June 112 lel
Preferred
147s JUDI
26
83 9
814 Feb
1214
Jan
16
718
Mar
9
9
812 9
812 9
834 98
No pa
8/
1
4 958 17,300 Reynolds Spring
594 5852 5858 5812 57
1
4 57% 5534 5758 5714 5812 39,400 Reynolds (RJ) Top class 11.10 53 Mar 26 66 Jam 11
577k 55/
470
76
*70
76
870
75
10 70 Apr 24 80 Mar 15 16512 Mar 195 M214
*70
75
*70
*70
75
75
Class A
50
Oct 81 DM
456
5812 •55/
1
4 5614 *5434 55
5534 5534 *5512 56
55
55
200 Rhine Westphalia Elee Pow__ 53 Feb 26 64 Jan 2
2312 Feb 36 No'
454 47
47
4712 4412 4738 4432 4512 454 46
4618 475* 36,500 Richfield 011 of Californla_25 3934 Feb 16 4958 Jan 3
3612 3718 3614 3658 3512 36% 3512 367
1
4 Feb 21 4212 Mar 28
35
No par 33/
358 3512 3578 21,500 RIo Orande Oil
9214 93
92
93
91
y80
91
81
8014 8014 4,000 Roasla Insurance Co new___10 y77 May 16 96 May 9
77
82
1
4 Da
40 Dec 49/
311
/
4 32
31
31% 304 31
31
30
/
4 3112 28,900 Royal Baking Powder-No par 29 May 16 434 Jan 2
29
30/
1
4 291
9612 964 4,96
9812 s_ _ 9912 e._ _ 9912 4,_ _ _ _ 9812 ____ 9812
100 9612May 11 10312 Jan 21 10412 Dec 10412 Do
100 Preferred
Oe
4978 Feb 19 5534 Jan 5
52
5214 51/
1
4 5218 33
448 Jan 64
3158 52
.52
5212 5314 5212 5253 4,800 Royal Dutch Co(NY shares)
37 Mar 7112 De
63
8612 68
6612 63
10 62 Jan 7 94 Jan 21
65
66
64
727 66,000 St.Joeeph Lead
1
4 667
67/
1
4 63/
166 167/
1
4 164 16634 16212 16434 163/
1
4 165
No par 157 Mar 26 19514 Jan 4 171 Dee 20134 De
1621
/
4 16478 164 16778 17,800 Safeway Stores
95 Dec 97 De
*95
9554 *95
95/
1
4 *95
100 93 Apr 4 97 Jan 16
9534 *95
96
96
9534 9534
96
30 Preferred (6)
410414 106
105 106 *1044 105
100 102 Feb 16 108 Jan 18 10612 Dec 10812 De
104/
1
4 104/
1
4 10458 105
10412 105/
1
4
410 Preferred (7)
3614 Dec 51 Do
44
44
46
46
1
4 Mar 26 51% Jan 24
4212 43/
1
4 543
4312 42
4358 4712 7,900 Savage Arms Corp_ _ __No par 38/
43
2318 2418 2212 2353 22
358g Dec 6712 AP
2214 2112 2214 2158 23% 2313 241
/
4 16,800 Schulte Retail Stores-No par 21 Apr 24 4112 Jan 8
4101 103
10234 10234 10134 103
10214 10214 103 103
100 97 Apr 17 11812 Jan 2 115 Dec 129 AD
103 103
220 Preferred
1738 1712 1714 171
1712 JI113
10 Feb
/
4 1714 17/
1
4 17
1714 17
No par 1578 Jan 2 2214 Apr 12
2,100 Seagrave Corn
1732 1612 17
16414 1667 15714 16412 15712 16178 1573* 161
821g Jan 19712 No'
15512 15938 15714 16034 38,400 Sears. Roebuck & Co No par 13934 Mar 26 181 Jan 2
6
6
618
7/
1
4 Os
6
2
Jan
6
534 6
614
512 Jan 2 1012 Mar 20
No par
512 553
513 57
8,700 Seneca Conner
14632 14814 14314 14872 145 14832 147 152
8012 Feb 1404 00
1
4May 16
14812 1563 153 15612 36.700 Shattuck(F CO
No par 12312 Jan 8 158/
*4512 4712 *4512 4732 *45
5712
Cle
Jan
393
8
10
4734 *4332 4772 *4614 4814 *4614 48,4
Shell Transport & Trading..52 43 Jan 25 5.534 Jan
2914 2912 29
2934 2872 2912 2834 2912 29
234 Feb 3938 No'
No par 2534 Feb 18 3134 Apr 2
2934 2912 30
48,300 Shell Union 011
6312 6532 61
6434 61
61
61
543.4June 854 No'
64
6114 6218 6234 6314 3.400 Shubert Theatre Corp_No par 5412 Mar 26 7412 Jan 24
86
877s 83
867g 8314 8613 87
1
4 No'
5534 June 101/
9134 8718 9134 8912 9214 79,700 Simmons Co
No par 75 Mar 26 116 Jan 31
30
3058 2958 3034 2958 3013 2912 3012 291
1818 Feb 2714 No'
/
4 30
10 1818 Mar 26 344 Apr 24
295* 3038 57,700 Simms Petrolem
3838 3914 3712 388 371
/
4 38
375 385* 3712 38
17% Feb 4834 No'
38
3812 130,300 Sinclair Cons Oil Corp_No par 3512 Mar 26 45 Jan 2
10818 10818 *108 109 *108 10834 *10812 109
Oo
10812 1081 ••10812 10934
100 10734May 1 111 Jan 29 10212 Jan 110
200 Preferred
4312 4458 4258 43% 42
4312 40
4312 x42
25 Feb 425 Ns
4213 4218 435 43,800 Skelly Oil Co
3278 Mar 7 4612May 6
25
10512 10512 *105 109 *105 10712 105 105 *100
•106 110
Fel
134
June
102
125
Jan
19
May
10
104/
1
4
400 Sloss-Sheffield Steel & Iron 100 105
•106 108 *106 108 *106 110 *106 108
108 108 *106 112
100 105 Jan 2 112 Jan 18 10412 Oct 123 Ma
200 Preferred
*13
13
1312 1312 1334 1312 1313 1314 1314 2,000 Snider
137g 1412 13
11 Dec 20 All
No par 104 Mar 26 164 Feb 5
Packing
52
5118 53
537
56
Jai
5272 5572 53
54
31 Nov 60
54
5378 5378 5,600 Preferred
No par 33 Jan 3 56 May 11
4258 4334 4218 4318 41
42
45
40
39
324 Feb 49% Ma;
45 May 13
4212 41
Mar
26
34
4258
par
No
Porto
Rico
Bug
112,500'So
5558 5658 56
563 563 557 57
No'
5678 56
5613
Jan
434
31
Jan
5634 5512 5612 13,300 Southern Calif Edison
6812
Jan
4
25 5353
404 42
39
40
4132 4132 40
39/
1
4 40
2412 Jan 6058 Ma
40
40
41
5,30011outhern Dairies el A.-No par 3512 Feb 16 42 Jan 2
33
13
1372 13
1312 13'z 13
1314 1312 1312 1212 1254 1,800 Class B
9 Jan 30 Ap
No par 1158 Mar 4 1538 Jan 12
11414 1144 *11414 116 *11414 116 *11414 116 *11414 116
•11412 115
Jan 120 Ap
109
6
Feb
117
100 11313 Apr 8
10 Spalding Bros lat pref
4153 *4118 4112 40
*41
4112 42
40
3958 41
26 July 5758 De
40
4014
3958May 16 524 Jan 3
Chalfant&Co
InoNo
par
1,500
(Vane
94
94
93
*93
95
93
*93
95
*93
Oct 100 Au
97
95
*93
95
89 Mar 19 97 Jan 17
200 Preferred
100
*8
10
•9
*812 10
8/
1
4 9
10
*9
10
1014 Nov 20 Fel
*9
10
100 Spear & Co
8/
1
4 Apr 22 1434 Feb 4
No par
76
*73
76
*7534 76
76
•7414 76
*7213 75
76/
1
4 Nov 9238 Fel
*7212 75100 Preferred
8012 Jan 2
.
75
Apr
18
100
5812 5914 5634 59
60
6034 5754 6014 5712 59
2312 Jan 5158 De
5814 58% 5.400 Spicer Mfg Co
No par 45 Jan 7 6834M8r 1
10213 103/
108 1088 1034 10714 103 104% 10314 104
1
4 10234 10412 11,200 Spiegel-May-Stern Co_No par 7714 Jan 15 11778 Feb 6
6512 Sent 91 No
2714 27
2718 27
2718 27
27% 2758 27
Oct 4014 No
2738 2712 2812 3,300 Stand Comm Tobacco_No par 2514 Apr 11 438 Jan 11
24
9132 92
95
00
9158 8934 9312 90
9212 95
94
577 Jan 845 Ds
9632 87,100 Standard Gas & El Co_NO par 802gMar26 99% Jan 31
*6518 6538 6514 6558 6532 6538 65
6533 65
6533 .65
6458 Dec 7112 Ma
6514
Feb 4
700 Preferred
67
Apr
4
63
50
113% 11318 *110 11258 *105 116 *105 116 *105 11912
4113 116
200 Standard Milling
100 104 Mar 26 1634 Jan 18 100 Jan 14212 Dr
*109 114 *105 110 *10653 10712 *102 110 5100 110 *100 110
97 Nov 115 Da
109 May 8 133 Jan 12
Preferred
100
x77%
795
8
7718 7814 7714 788 52,100 Standard Oil of Cal- -No par 64 Feb 18 8178May 6
7712 7912 7758 783
7914 80
63 Feb 80 No
6158 6232 5912 6172 5938 6034 5912 6114 59
607 132,800 Standard 01101 New-J-ersey_25 48 Feb 16 6238May 11
598 60
3704 Feb 59% No
4134 4253 415* 4238 4118 4134 411
42/
1
4 4314 4134 43
/
4 4178 87,100 Standard Oil of New York __25 38 Mar 7 4534 Jan 2
2834 Feb 4512 De
6
534 614
534 618
6
612
*6
64 614 2,400 Stand Plate Glass Co__No par
612 67
778 Fe
24 Jan
958 Jan 21
413 Jan 2
23
2012 21
*20
1912 1912 20
21
22
*20
*20
21
Jan 40 Fe
10
240 Preferred
100 17 Jan 3 31 Jan 18
*48
50
50
50
49
52
49
52
*47
52
*51
50 _
533* De
June
400
34
May
3
56
41
Jan
26
Stand
par
San
Mfg
Co____No
_ _
_ - •137 ---- •137 . __ _ _
_ *137
4138
Oct 12634 Ma
Preferred
100 11812 Jan 15 138 Mar 21 118
4078 4318 :1-2
41
41
. -41
41 -4142 12
1
4 Sell
4,800 Stanley Co of Amer_ __No par 26 Apr 11 44 May 16
43i1 if
35 Dec 69/
7318 7654 7458 76
/
4 7214 76% 7314 7412 737 76
7512 761
62,000 Stewart-Warn Sp Corp
Apr 10 77 May 10
65
10
99 10234 9914 102
98 10212 98 101
104 107
10212 104
Jan 99 De
44
8.000 Stromberg Carburetor_No par z5234 Jan 11 107 May 17
807
82
8112
797
80
2
8
1
4 83
83
8418 80/
178 8158 8218 32,800 Studeb'r Corp (The---No par 77 Jan 5 98 Jan 26
Jan 8712 CR
57
123 123 *123 _ -- *123
- - *123
4124
_ _ 123 123
_ _
50 Preferred
100 123 May 13 12512 Apr 26 1214 Feb 127 Juo
3
118
-3
1
3 Feb
412Mar 14
614 Ma
3 Feb 27
6,000 Submarine Boat
No par
62
6212
62
6212
62,4 6214 63
64
63
*6338 64
63
3113 Jan 77 No
1,600 Sun 011
No par 57 Mar 26 6812 Jan 10
10234 103 *10212 103 *10212 103
410312 105 *102 103 *10212 103
100 100 Jan 3 10512 Jan 8 100 Jan 110 Ar
60 Preferred
8
814
7
/
1
4
8
8111
81
/
4
812
8
85g
818 834 41,110 Superior 011
814
24 Feb 144 No
7 Feb 16 12 Jan 3
No par
6328 62% 65% 63
6478 62
644 6514 29,900 Superior Steel
653
6412 654 61
18
Jan 5878 No
100 38 Jan 2 7334 Apr 9
1612 1618 1612 1578 16
1658 1658 16
*16% 17
1512 1512 2,100 Sweets Co of America
1158 Feb 2312 Se;
50 1512 Mar 11 2214 Apr 11
712
8
1712 812 *7
72 '
8
8712 812 *712
7 Ma
4 Aug
9 May 2
*712 8
412 Mar 12
par
1,700 Symington
No
1732 1611 17
1732 1638 1612 17
1732 1712 17
10 Aug 1958 Ag
16
1614 2,300 Class A
No par 1214 Mar 11 1958May 2
21
*21
2112 2112 2112 214 *2114 2112 214 2112 21
2112 1,000 Telautograph Corp
1514 Jan 2258 Ma
No par 194 Feb 8 2512Mar 28
33
• 1316 and asked prices: no sales on this day. x Ex-dividend. y Ex-rights.
New York Stock Record-Concluded-Page 8
3316
For sales during the week of stocks not recorded here. see eighth page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
May 11.
Monday,
May 13.
Tuesday,
May 14.
Wednesday,
May 15.
Thursday,
May 16.
Friday,
May 17.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Sines Jan. 1.
On basis of 100-share lets
Lowest
Highest
Shares Indus. & Miscel. (Con.) Par $ Per *hare 8 Per share
12,000 Tenn Copp & Chem__No par 16 Apr 9 20% Apr 29
25 5714 Feb 21 6812 Apr 20
34,700 Texas Corporation
79,600 Texas Gulf Sulphur _-_No par 7214 Feb 18 854 Apr 18
16,400 Texas Pacifle Coal & 011
10 1614 Jan 25 23% Mar 21
1 134 Mar 20 244 Jan 17
25,100 Texas Pao Land Trust
No par 1012 Mar 14 2832May 2
700 Thatcher Mfg
No par 35 Mar 9 48% Jan 5
300 Preferred
No par 3414 Mar 20 51% Jan 15
2,600 The Fair
Preferred 77
100 10412 Feb 20 110 Jan 2
25 44 May 1 62 Jan 12
800 Thompson (.1 R) Co
93,800 Tidewater Assoc OIL_No par 1712 Feb 8 2332May 10
100 86 Mar 15 90 Jan 2
8,900 Preferred
100 27% Feb 1 38 May 9
8,600 Tide Water 011
100 901g Feb 25 974 Jan 17
300 Preferred
27,600 Timken Roller Bearing_No par 7312 Feb 16 150 Jan 3
20 144 Apr 24 224 Mar 18
513,200 Tobacco Products Corp
20 1834 Apr 26 22% Mar 18
13,800 Class A
100 Dividend certificates A ____ 14 May 10 18 Feb 13
1414May 10 20 Mar 28
100 Dividend certificates B
15 Apr 29 1912 Jan 15
100 Dividend certificates 0
9 Feb 28 1414May 8
93,400 TransoT1 011 tern ctf__No par
200 Transue & Williams St'l No par 41 Feb 28 53% Apr 18
64,700 Trico Products Corp__ _No par 38% Feb 18 55 May 13
No par 21 Apr 9 31% Jan 23
1,100 Truax Truer Coal
10 4434 Mar 213 6152 Jan 3
400 Truscon Steel
23,700 Under Elliott Fisher Co No par 91 Jan 7 127 May 17
100 125 Jan 5 125 Jan 5
20 Preferred
1,300 Union Bag & Paper Corp 100 21312May 8 43 Jan 14
9,300 Union Carbide & Carb_No par 1904 Jan 7 20412May 1
25 48 Feb 20 5412 Apr 18
7,200 Union Oil California
100 1217* Jan 15 15014 Feb 20
300 Union Tank Car
Ni per 42 Apr 11 5312 Jan 14
3,300 United Biscuit
100 120 Jan 19 126 Jan 24
Preferred
10 18 Apr 25 274 Jan 11
8,100 United Cigar Stores
100 92 May 8 104 Jan 2
400 Preferred
4,200 United Electric Coal-No par 3712May 10 814 Feb 6
No par 125 May 18 15812 Jan 31
4,700 United Fruit
100 113 Jan 7 2682 Jan 22
BOO United Paperboard
7,800 Universal Leaf Tobacco No par 7134 Mar 20 8512May 10
890 Universal Pictures lst pfd_100 8412 Apr 10 93 Jan 2
3,800 Universal Pipe & Bad-No Far 1312 Apr 30 2214 Jan 2
10012 Jan 9
100 9814 Feb
Preferred14,500 U B Cast Iron Pipe & Fdy-20 38 Mar 26 55% Mar 18
No par 17 May 3 19 Jan 11
1,000 1st preferred
200 Second pr fferred_
No par 1852 Apr 18 1952 Feb 8
3,000 13 S Distrib Corp
No par 12% Mar 20 1812 Apr 19
500 Preferred
100 714 Mar 12 84 Apr 20
600 US Hoff Mach Corp_ __No par 34 Apr 8 49% Jan 2
30,100 3:1 S Industrial Aloohol
100 128 Jan 16 17334May 1
Preferred
100 12414 Jan 8 127 Apr 3
4;700 U S 1 anther
No par 20 Mar 26 3512 Jan 14
21'4 225* --21 Ilia "iois 2112 2011 205, "ioiz 2073 -2012 21
No par 4014 Mar 26 6112 Jan 14
4238 5,000 Class A
4232 42
4214 41
42 42% 4112 4112 4112 4112 41
700 Prior preferred
100 91 May 14 107 Feb 1
91
9112 *91
93
9214 9138 9138 9214 9214
95 9512 *91
9434 23,600 U B Realty & Impt__No par 81 Jan 8 11912 Feb 6
1
4 9512 9212 9484 93
961s 97% 9218 9612 9234 9473 93/
100 42 Jan 8 05 Mar 18
5834 5732 5934 56
5712 56% 5714 110,600 United States Rubber
5532 56% 64% 578 55
4,800 1st preferred
100 77 Feb 18 924 Jan 16
817g 82
82
82
8114 8214 8034 8112 8018 8412 8314 845
5912 60,4 9,100 US Smelting, Ref 84 Min--_50 574 Mar 213 7212 Mar 20
60
59/
1
4 6034 5834 60
62 62% 5912 6114 59
•533,
Preferred
800
50 52 Apr 17 58 Jan 3
53%
53%
5334
5334
533
4
5338
533
4
5334
*53
5338 5334
15712 Jan 8 193% Mar I
175% 178 185,400 United States Steel Corp
176 17834 174 176
179% 18112 1758 17938 1753* 178
100 141 Feb 5 1444 Mar 1
14212 14212 14212 14212 14212 14234 14212 1425* 14212 14234 14212 14234 5,600 Preferred
No par 88% Apr 5 10984 Jan 30
300 U S Tobacco
92
*911
/
4 9412 911
/
4 9112 90% 9072 *8912 9412
•92 9412 92
143 May 3
100 130 Mar
150 Preferred
141 141
141 141 *141 142 *141 142
*141 142 *141 142
10 204 Jan 2 353 Mar 19
Utah Copper
*300 350 *300 350 *300 350 *300 350 *300 320 *300 330
4112 4252 20,700 Utilities Pow & 1.4 ANo par 35 Mar 20 49% Jan 30
41
42
4114 4214 40% 42
4212 4312 4112 43
04 Mar 27 1312 Jan 21
No par
812 858 5,900 Vadsoo Sales
8/
1
4 868
812 85,
812 88
812 85,
8% 8%
100 139 Apr 23 82 Jan 10
300 Preferred
72
78
73
73 .
72
72
7114 7114 *6934 73
*7114 73
8314
Mar 213 11612 Feb 8
No
par
18,500
Vanadium
Corp
90
943
4
9214
8812
90
9112 9414 891g 9212 89Ig 9014 90
No par 27 Mar 12 36 May 13
200 Van Raalte
32
32
*31
32 *31
32
34
36
36
*31
32
*31
100 60 Jan 2 83 Apr 24
670 let preferred
82/
1
4 8212 *82
83 *8212 83 "8212 83
8212 8212 83 83
No par 82 Jan 4 109 May 15
10334 105% 10434 10512 17,900 Vick Chemical
10572 109
105 10612 10212 10734 10418 107
Victor Talk Machine__ _No Par 143 Feb 18 200 Mar 18
*148
•148
*148
•148 -- •148
*148
100 110 Mar 1 11414 Mar 13
11334 11334 11334 11372 11334 114
2,700 7% Prior preferred
114 114
114 1141 114 114
No Par 1312May 10 24% Jan 26
1
4 1413 1434 1414 1472 1312 1414 13% 1438 12,800 Virg-Caro Chem
1512 15% 141g 15/
100 48 May 13 6512 Jan 20
000 6% preferred
40 47
48 *40
47 .
48
50 *45
47'z 48
50 50
100 89 Apr 3 9712 Feb 4
90
7% Preferred
90 *86
90 *86
90 *89 92 *87 90 •87
*88
20 Virg Elee & Pow Pf (7)
1
4 110
100 107 Feb 21 10912 Apr 27
10912 10912 *10912 110 *10912 110 *10912 110
*10912 110 *109/
10 Virg Iron Coal & Coke Pf-100 45 Feb 27 48 Jan 29
47
47
50 *47
50 *47
50 *47
50
*47
50 *47
No par 13 Jan 18 15 Jan 4
------ Vivadou (V)
100
------ Preferred
100 50 Jan 16 19 Feb 20
8313 77 -8134 "8012
060 Vulcan Detinning
80
81
84
82
86
843 85
100 91 Jan 4 110 Apr 25
10 Preferred
105 105
*105 108 *105 108 *105 108 •105 108 "105 108
100 40 Jan 2 91 Apr 27
50 Class A
81
*78
81
83 83 *78
83 83
8234 83
84
*81
No par 2212 Mar 20 3252May 15
3012 3012 32% 3132 3212 3114 32 57,900 Waldorf System
2934 30,2 30
30% 31
No par 234 Jan 8 44% Apr 24
3912 36
3712 16,800 Walworth Co
3912 39% 3712 3912 3614 38% 3712 39% 36
par 43 Apr 13 8484 Jan 17
4414
420
Ward
Baking
A....No
4414
4414
4512
44%
44%
4512
4512
Class
453
4
4414
4414 45
814 Mar 26 2114 Jan 16
No par
*11% 1112 6,000 Class B
11
11
11
1112 1131 1114 1112 11
11% 12
200 Preferred (100)
No par 71 Mar 25 874 Jan 15
*74
75
75 *747 75
75
75 *74% 75
75
76
*75
Mar 20 134 Jan 21
97
12012
85,100
13212
13018
1335
12514
129%
Warner Bros Pictures-No Par
12638 127% 12012 12534 121 12412
5834 5834 59 23,700 Preferred
56
No par 44 Apr 10 594 Jan 22
54% 54% 57
54
54
55
5512 56
15,600 Warner Quinlan
3212 33
32
33
3134 33
No par 31%May 15 42% Jan 2
33% 3418 3214 3334 32% 33
No par 139 Apr 16 170 Jan 2
155 15784 2,400 Warren Bros
155 15912 •152 154
15734 15734 151 15714 15112 155
First preferred
50 48 Apr 24 53 Mar 27
*49
50 •____ 50 • _
50
50
•____ 50
1714
1712
1712
3,500
Warren
par 1512 Mar 26 3414 Jan 3
*17
17
Fdry
17
&
Pipe___No
17
1712
1712
1712
17% 1734
, 1,300 Webeter Eisenlohr
25 724 Apr 22 41332 Feb 5
8334 83% 8214 8312 82 83% 8214 8214 *8112 835, 8334 833
100 Preferred
90
90
*90 100
4190 100
100 90 May 16 100 Mar 11
•90 100 *90 100 *90 100
41
40
41
4012
41
37 Mar 26 48 Mar 7
3.100
Wesson
41
Oil&
Snowdrift
40%
No
par
401g
4012 4114
43
•41
3,000 Preferred
No par 8312 Apt 10 7212Mar 9
6612 6812 8812 8812 66% 67 266% 6712 6612 6712 6612 67
4 Jan 2 22034 Mar 9
192
19012
194
1793
7,900
18914
Western
Union
1933
4
19014
Telegram__100
19114
19314
197
19012
197 197
461 47
11,600 Wstnghse Air Brake__ _No par 454 Jan 24 5412 Mar 2
4638 46
4634 47,4 4612 47
4712 47% 47Ig 48
15 16212May 16
163% 16532 16114 167% 16234 16712 165 16872 161 16614 16338 16712 201,800 Westinghouse Elsa & Mfg...50 1374 Jan
158 162
580 1st preferred
50 132 Jan 2 163 May 15
1591
/
4 15912 15912 15912 158 163 •160 164
*157 160
7,800 Weston Elea Instruml_No par 22 Jan 28 4814May 1
438 4278 437
4212 4212 42% 41
43% 42
43% 4412 40
*3412 36
200 Class A
•3412 36
No par 3312 Jan 7 S312 Apr 23
34/
1
4 3412 •3412 36
1
4 36
*35
3612 *35/
10212 10312
150 West Penn Elea al A...No par 10212May 17 110 Feb 1
104 104 *10312 104
105 105 *104 105
*104 106
160 Preferred
108 108
108 10814
100 103 Mar 28 11114 Jan 17
106% 10712 10612 10778 10734 10734 *109 110
130 Preferred (6)
97
*97
98
97
97
100 9512May 14 102 Jan 17
96
9714 9512 9712 97
99
*98
60 West Penn Power pref
100 113 Jan 8 117 Mar 18
115 115 *115 116 .115 116
115 115
115 116
115 115
130
*10912
110
110
1013 Apr 27 11012 Jan 10
6%
109
Preferred
108
100
108
109
109
109 109
109 109
5212
800
West
52
*51
Dairy
A....No
par 4914May 13 59% Feb 5
*51
5212
Prod ol
*51
601g 52
53% 53% 4914 50
2,400 Class B
28
*27
/
1
4
112712
2812
28 Jan 10 34% Feb 5
No
par
273
4
28%
2878
2712
29
28%
29
29
3512 5,300 White Eagle Or & Refg_No par 3014 Jan 30 as Feb 25
3414 34% 3412 34% 3412 3434 35
35
3512 34% 35
5,800
44
43%
4312
White
/
1
4
Jan 8 5312Mar 2
Motor
43
40%
No par
44/
1
4 4412
4514 4512 4312 45% 4318 44
/
4 4912 1,200 White Rook Mln Sp Ott
4514 4814 *481
50 43 Jan 2 54 Apr 19
/
4 4812 *4814 49,4 481
48% 48% 48% 49
2112
4,800
2114
2112
9 48 Jan 2
White
Sewing
21
Apr
20
Machine_No
par
22%
21
2218 2334
2438 2412 2312 24
4434 1,500 Preferred
4312 4312 44
No par 4312May 18 5712 Jan HI
44
44
45
4412 44,2 4412 4412 44
6,200
2512
2512
194
Wilcox
25%
Jan
7 2934 Feb
Oil
&
2512
Gas
No
par
2612
2512
2612
2532
2552 2612
26% 27
25% 251g 25% 101,300 Willys-Overland (The)
5 23 Apr 29 35 Jan 3
2678 2738 2518 2714 25% 2634 2434 2712 2434 98
500 Preferred
•98
9834
97%
100 9014 Apr 1 103 Jan 3
98
9834 98
*98
9834 *98
98
98
818 884 1,100 Wilson & Co Inc
812 812
814 Apr 25 1312 Jan 23
No par
8% 878
*872 9
9
9
914 912
3,100 Class A
No par 17 Mar 26 27 Jan 21
17
17,4
1712 1734 •1714 18
18
1834 1914 18
800 Preferred
8018
6012
Mar 26 79 Jan 23
59
6014
60
,
4
100
2
60
,
*
6014
6032
60%
6134
6034 6034
6112
1
4 226% 22612 22812 9,500 Woolworth (F W)Co
25 1924 Mar 26 23214MaY 8
226 22934 22618 22832 225/
23134 232 226 231
Worthington P & M
100 43 Mar 25 6412 Feb 5
47% 50% 5112 5272 49% 5112 5012 5012 4,800
*4912 5112 4812 50
600 Preferred A
8112
8112 *81
100 77% Apr 12 924 Jan 23
*81
81
81
81
*81
81,2 81
82 82
700 Preferred B
100 66 Apr 6 82 Jan 11
71/
1
4 71% 7112 7112 7134 7234
71
7172 71
*71
71% 71
44,200 Wright Aeronautical...No par 125 May 10 299 Feb 5
13112
132
127
125
133
138
134%
13814
133
/
1
4
142
142%
13934
2,700
754
7512
Wrigley
(Wm
Jr)
No
par 70 Mar 20 80% Jan 30
7514
7512 7512 75
77
76
7614 76
77
77
200 Yale & Towne
72% 72% 7212
25 61% Feb 11 7312May 4
73 •72
7312 73% 73% •72
7312 *72
*72
96,800
Yellow
4512
47
Truck
&
Coach
46
35 Mar 213 5114 Apr 24
el
B-10
44%
4712
45
47
1
4 47% 44% 4714 44
46/
200 Preferred
9812
100 80 Mar 8 9612May 10
*95
98,2 *94 9812 9412 9412 •94
96
9812 96
•95
10,500
Young
65
6512
5214 Mar 20 13938 Apr 27
Spring
&
WIre__No
par
65%
64%
64%
65
6412
65
,
2
6314
6634
64% 6712
129 12912 4,300 Youngstown Sheet & T.No par 105 Feb 19 13252May 7
12612 128
129 129
12612 128
127 129
130 130
$ Per share $ Per share $ per share I per share $ per share $ per share
1814 1834 1814 19
1914 1912 1812 1914 1812 1834 1812 19
6512 6612 641 6538 64/
1
4 65
0514 643 65
6438 65% 64
79% 8012 771s 7912 7714 7834 7714 7872 7652 777* 7612 78,2
2032 2034 1911 205* 195 20
1914 2038 1938 1978 1938 20
1712
1718 1732 17
17% 1834 17% 181
1738 Iva 1732 17
24
24
2578 2578 2434 2478 *24
23
25
23
25
25
4412
44
44
4412 *44
44
44
*44
45
44
44 *44
3712 38
3712 3814 37/
1
4 3712 3734 3734 3612 3714
3712 38
*109 10912 •109 10912 •109 10912'109 10912 *109 10912 *109 10912
49
*48
49
5012 49
47
4814 48/
50
47
1
4 48
48
21% 22% 2118 2214 2132 217
2112
2112 2212 207g 2112 21
8612 88
89
89Ig 8912 88
*87 88
*87 88
8634 87
37
3712 3612 3714 3534 3614 35/
1
4 3612 3512 3612 3612 38
•95 9512 *9412 9512 *94/
1
4 9512 94/
1
4 9412 9412 945* *9112 94
8638 913
8614 8938 885
9014 92
, 9012 8718 8914 894 9112
16% 1684 1573 1632 1534 1614 1534 1614 16
17
1634 177
20 20% 19
197
187 1934 Has 1934 1938 1934 1934 20
168
17
*14
11334 1534 *13
1634 *14
17 *13
1634 *13
1612 154 *1312 1614 *1414 1614 *13/
17 *1414 11358
1
4 1612 *13
17
17
•17
19 •15
15
15
*14
19 *14
1812 *14
13
1334 1218 131
121g 1234 1214 1234 12% 1212 1218 12%
5112
5112 *48
5012 *48
51
*48
5152 5184 *48
5112 *48
52
5432 5313 547
52% 53
52% 53% 5272 55
5132 55
2214 2214 *22
*2284 2312 2212 23
2214 2214 2214 2212 2212
48
48
*45% 4912 *4512 49/
1
4 *4712 48
4712 47/
48
1
4 48
12412 127
12212 124% 119 12312 120 1217 121 12214 120 125
125 125 *125 126 *125 126 *125 126
*125 126 *125 126
3012 2934 2934 *29
2912
•28
2712 30
2834 2734 2834 27
253 25412 248 25218 24714 24934 2498 252
246 24714 247 24812
5012 5114 4934 5034 4912 50
50
4912 50
4912 4978 50
138 138 *138 139 *138 143 •138 140 313934 13934
*138 145
1
4 47
47
481g 47 47
4714 4734 4145/
46
4678 46% 46%
1
4 125 *12112 125 *12212 125 *12212 125 *12212 125
*12112 125 *121/
20% 21
20% 2112 2018 2138 2012 21
2034 2112 2132 2112
9634
*97 99
*98 100% 98 100
*95
*96
99
97
97
3834 38
3812 23812 39
39
39
38
3812 38
39
39
125% 12734 127 12812 12634 127
126 127
125 12614 125 126
17
175, 1712 •1678 18
17
*1612 17
17 17
1638 17
8334 84% 8134 8312 7934 807
8412
8134 8314 81
83% 83
88 8814 87% 89
88 88
*88 89
88 *8812 90
88
1
4 1434 1414 141
1414
/
4 1414 1432 14
1434 1434 14/
1438 14
95
95 *86
95
*86
95
*86
*86
95 *86
95 *86
4112
4114
3912 41
40
4012
39/
1
4 4012 3934 4014 39
40
1734 1734 177 1778 •1734 18
1734 1734 1712 1712 17% 1734
1912 *19
1912 19
19 •1912 1912 1938 1938
•19
1912 •19
1812 1612 157 161
1618
1578 1614 16
1614 1612 1614 16
81
81
81
8212 8212 8212 *81
*8112 8212 *82
8434 81
3434 35%
36
*35
37 *3512 36
36
3512 3512 36
36
16612 16832 158 16378 159 16132 1595, 16234 156% 16438 16214 16514
y Ex-rights.
•Bid and asked prices; no sales on this day. S Ex-dividend.
PER SHARE
Rangefor Previous
Year 1928
Highest
Lows:
per share per share
1012 Jan 19% Dee
60 Feb 7484 Nov
624 June 8212 Nov
1212 Mar 21352 Nov
20 June 8084 Apr
22 Jan 8912 May
45 Oct 53% June
24 Jan 6212 Dec
1044 Jan 11414 Oet
55/
1
4 June 71% June
1484 Feb 25 Sept
81% Mar 9182 Dec
19% Mar 4112 Dec
86% July 10012 Dec
11252 Mar 154 Nov
_
_.
19 Aug 2534 Jan
19 Aug 24 June
19 Dec 23 Aug
0% June 1412 Nov
444 Dee 5912 Feb
3252 June 4472 Sept
5514 Nov
08 June
119 Mar
80 Dec
13812 Feb
42% Feb
110
Oct
3412 Apr
11214 Mar
22% Aug
103% Dec
5814 Oct
13112 June
Ms Dec
6082 June
9114 Nov
1552 June
87% Sept
88 Dec
18 Nov
184 Nov
134 June
Oct
76
41 Dec
10212 June
118% Sept
22 Jan
52 Jan
10034 Dee
6114 Feb
27 June
65 July
3912 Feb
51
Jan
13232 June
13852 Jan
86 June
12712 Jan
139 Jan
2812 Feb
0312 Dee
93% Dee
126 Apr
49% Feb
209 Nov
58 Nov
1284 may
67 Oct
135 Oat
8452 Feb
11412 Apr
894 Dec
148 Nov
27% Apr
8752 Nov
100 Feb
35% Oct
105% Dee
53 Nov
1912 Nov
1914 Dee
2014 Jan
90% Jan
5882 Jan
138 Oat
125% Nov
51 May
72 Apr
10912 May
9312 MAY
6314 Jan
109% Jan
7112 Nov
68 Dec
17212 Nov
1474, Apr
120 Oct
139 June
273 Dec
4534 May
GO
Jan
7% Jan
4312 Jan
58 Jan
5252 Jan
10112 Jan
12 June
4482 Jan
8812 Jan
10012 Dec
47 Oct
1184 June
78 June
2212 June
74 June
1912 June
1912 Jan
1412 Aug
70 Dec
154 Dee
77 Dee
8012 Aug
51% Dec
26 Feb
140 June
494 Nov
13 June
_
11112 Nov
40% Oat
78 Nov
85 Dec
15834 Nov
1124 Dee
2084 Nov
6414 Nev
9912 Nov
1144 A92
624 Jan
2532 Jan
100 Jan
74 Nov
99 Sept
4884 Nov
2814 Dee
Ws Sept
123 Feb
2952 Jan
9712 Jan
1394 Sept
571
/
4 Dee
4472 Oct
19212 Apr
61 Apr
13612 Oct
87 Nov
105% Dec
1394 July
4212 June
8812 Jan
95% Jan
1212 Jan
30% Jan
103 June
10712 Oct
984 July
11812 Oct
103 June
5212 Dec
2082 Jan
204 Feb
8014 Feb
344 Jan
33/
1
4 June
5134 Aug
1714 Dec
17114 Jan
92% Jan
11
Oct
22 Jan
6314 Oct
17512 Feb
28 Jan
4614 Jan
41
Jan
69 Feb
68 July
6112 Nov
2752 Feb
83 Nov
4534 Dec
8312 June
108% Nov
201
Oct
6782 Jan
144 Nov
139 Nov
2812 June
4012 May
312 Apr
1154 Apt
10412 Apr
118 June
118 Jan
78 Apr
49 Apr
88 Nov
43% June
49% Nov
52% Dec
58 Dee
2212 Nov
83 Dee
10412 Dee
16 Feb
35 May
77% Feb
225% Nov
85 Nov
98 Nov
80 Nov
289 Nov
84 Aug
844 A92
5754 Nov
90 Apr
513% Nov
11584 Del
HO" Dec
New York Stock Exchange—Bond Record Friday, Weekly and Yewly
3317
are now 'and inte,est"—except for Income and defaulted bonds.
Jan 1 1909 the Exchange method of quoting bonds was changed and prices
'74
Range
Price
E
BONDS
Rance
Price
Week's
BONDS
&Ince
Range or
Friday
EXCHANGE.
STOCK
Y.
N.
Since
Friday
or
Range
h
EXCHANGE
Jan. I.
N. Y. STOCK
May
Sale.
17.
Last
17.
May
Ended
Week
I.
Jan.
6:
May 17.
Last Sale, 4&S
Week Ended May 17.
Ht41)
HOD No. Low
Ask Low
Bid
High
High No, Low
Ask Low
Bid
U. S. Government.
24 109 111
110
Czechoslovakia(Rep of) 85__1951 AO 110 Sale 110
111
108
24
First Liberty Loan
110
110
A0
11014
11014
1952
Sinking fund 8s ser B
J D 971,44 Sale 97153: 98144 225 97144 99144
6 10878 111
334% of 1932-1047
96
991.44 Danish Cone Municip 8s A ,.1940 P A •10934 11034 10912 110
96 Nlay'29
JD
10712 1104
Cony 4% of 1932-47
1946 P A 10938 11012 11012 May'29
Series B a f 88
D 991141 Sale 9044 991,41 53 98111 100144
Cony 44% of 1932-47
102 10478
67
10334
10312 Sale 10318
991144991144 Denmark 20-year ext1 05.., 1942 33
JD
992144 Mar'29
20 cone 44% of 1932-47
984 1014
9934 32
1955• A 994 Sale 99,4
Extl
53411
g
Fourth Liberty Loon804 90
8838 46
Apr. 151002 A0 88 Sale 874
Ext1 g 44s
A 0 991144Sale 991142 993.31 719 98,1441001144
434% of 1933-1938
99
96
9658 34
MI Sale 9612
68_1932 NI
ctf
part
Am
Bk
Deutsche
42
105
111144
A
108154210853s:
10810,1
Sale
0
1947-1952
9412 99
Treasury 4348
0512 15
9412
9412
MS
'42
5348
Ad
Cost
Rep
1944-1954 J D 1047.2 Sale 104741 1041141 117 1014110613as Dominican
984
904
Treasury 48
4
9412
9012
A0
94
Sale
1940
1st ser 548 of 1928
1946-1956 M S 1011.s4 Sale 10100441011 44 20 981444103"u
904 9784
Treasury 3116
2
944
2d series sink fund 534s...,1940 A0 94 Sale 94
1943-1947 J D 971I Sale 97 ' 971342 88 9548 98044
Treasury 345
10158
99
5
N
99
•
9918
9914
100
70_1045
external
9754, 23 9548 9815n Dresden (City)
Treasury 348 June 15 1940-1943 J D 97168 971144 97
10218 13 10134 10334
1947 1 J 102 Sale 102
Dutch East Indies eat' 6is
9 10134 104
10214
1962 MS 102 Sale 102
40-year external Bs
State and City Securities.
6 10034 10378
10134
10138
103
MS
10112
30-year external 545-1953
5 101 1034
MN 10112 Sale 10112 102
1953
external
5348
30-year
8812
8812
8812 Jan'29
N Y C 334% Corp st_Nov 1954 MN
15 108 111
110
110 Sale 109
884 8812 El Salvador (Repub) 8s___ _1948 J J
8812 Jan'29
335% Corporate et May 1954 MN
8312
8658
4
83
83
1967 J J 8212 83
Estonia (Rep of) 78
1936 MN
9934 Mar'28
48 registered
9731
92
9514 9617 94 May'29
Finland (Republic) extl 69 1945 M.
1956 MN
9912 June'28
48 registered
9712
101
25
10014
1(10
10()
Sale
MS
1950
External sink fund 7a
99
95
95 Feb'29
1957 SIN
6% corporate stock
994
94
9812 83
9712 9714
MS 97
1956
834s
f
a
External
104
104
MN
104
634% corporate stock. _ 1957
---- 104
92
8812 28
85
8812 88
1958 FA 88
Exti sink fund 5358
11 102/4 104
104
44% corporate stock_ _1957 MN ---- ---- 104
9418 9913
10
97
AO
9712 9634
9712 9712 Finnish Mun Loan 648 A _ _1954 A0 9512
1958 M
9712 Jan'29
4% corporate stock
9558 9814
1
9712
9712
96
9712
1954
B
series
O3413
External
9718 98
Jan'29
4% corporate stock
98
1959 Mu.7, -_-_ -_ -_99
1941 3D 112 Sale 11112 1124 83 10938 115
9958 10015 French Republic ext 7348
10018 Mar'29
Yis corporate stock
1960 M
1949 J O 108 Sale 10734 10814 476 10513 10834
External 75 of 1924
99
99
99 Mar'29
1964 IVO§
a corporate stock
10578 122 105 108
AO 10538 Sale 105
_1949
75._
ext'l
Republic
10114 10114 German
10114 May'29
448 corporate stock
1968 AO 100
99 10211
1
9914
994
1954 MN 9914 100
9814 101 18 Gras (Municipality) 88
10118 May'29
1972 AO 100
431a corporate stock
10334 149 103 10431
FA 10314 Sale 10314
546.1937
of)
(UK
Irel
&
Brit
Gt
1971 JD
434s corporate stock
1-07 10812 June'28
99 1181,
3
99
99
99
4
993
FA
1929
10-year cony 5351
1O13 104
1024 Mar'29
434s corporate stock
1963 MS
6 c824 874
8518
c9% fund loan Lop 1960.1990 MN c8434 8513 c8458
1034 1034
1965 JD
1165-8 1034 Apr'29
434s corporate stock
10 die 100
98
98
c9714
9918
3D
1929_1947
opt
£
Loan
c5% War
10312 1041g
10418 Feb'29
4413 corporate stock _July 1907 I J 10214
8 104 1074
107
9912 994 Greater Prague (City) 73.15_1952 MN 10613 Sale 10612
--_- 0912 Apr'29
New York State Canal 4s_.1960
954 99
9834 37
MN 9812 Sale 9612
9912 9912 Greek Governments I sec 78_1964 FA 8212 Sale 8212
9912 Apr'29
Mar 1958 MS ____
ta Canal
8734
82
26
8514
1968
Sinking fund sec Bs
98 101
6
1952 AO 10018 Sale 1004 1004
Haiti (Republic) a f 68
Foreign Govt. & Municipals.
93
97
12
95
94
A0
9312
96
1946
68
Hamburg(State)
10078 1044
10014 101 101 May'29
9912 Heidelberg (Germany)ext 74850 J
15
84
85
84 Sale 84
1947
Agile Mtge Bank a f 68
915g 100
9313
8
9234 9338 9234
19453
7358
Loan
90
Nlunic
8
823
Hungarian
16
8
,
82
85
Sale
8
AO
,
82
Sinking fund 68 A_ _Apr 15 1948
881., 30
8518 94
External a f 78_ _ __Sept 1 1946 J J 8812 Sale 8734
8512 8912
8712 17
Akershus (Dept) extl 5a_ __.1963 M N 8712 Sale 8634
9814
93
3
9334
9334
9212 62
914 9034 Hungarian Land NI Inst 794s '81 M N 9312 94
1945 J J 0118 Sale 9118
Antioqula(Dept) col 78 A
9312 9413
9418
5
9312
9312
Sale
N
M
1901
B
ser
74s
f
S
92
944
92
11
91
1945 J J 914 9238
Externals f 7s ser 11
10112
9913
8
9934
101
100
Sale
A
F
748_1944
92
6 9111 9578 Hungary (Kingd of) a!
9314 92
External s f 78 series C...._1945 J J 92
43
9514 97,4
97
96
9512 Irish Free State extls Sf 5e 1980 3d N 9614 97
93
91
17
1945 J J 9134 Sale 9112
Externals f 7s ser D
941/ 9734
9634 121
Italy (Kingdom of) ext'l 7s 1951 J D 06 Sale 9618
01
88
95
2
9212 91
External a f 78 let ser. __..1957 AO 90
9812
94
4
8
943
96
9438
Sale
S
M
Italian Cred Consortium 711 A1937
9312 91
94
91
2
I957 AO 91
89
Exti sees f 7a 7a 2d ser
9112 9512
9512 47
1947M S 95 Sale 95
9312 9012
Extl sec 8 f 7sser 11
1957 AO 90
6
8734 93
91,4
Extl sec a f 7s 3d ser
9512
9018
59
9212
8
Sale
4
913
913
J
78_1952
ext
0112 9212 Italian Public Utility
9212 21
1958 JD 92 Sale 9112
Antwerp (City) exti 5s
94
90
9134 175
91
9814 10078 Japanese Govt £1000 4s___ _1931 J J 9138 Sale 100
9934 52
4rgentine Govt Pub Wks(4.1960 AO 094 Sale 9834
9934 1024
115
1004
100
Sale
A
F
1954
f0345
30-years
Argentine Nation (Govt of)—
923
4
1004
May'29
9712
4
963
_
A
F
98 10118 Leipzig (Germany) a f 78. _ _1947
Sink fund fle of June 1925-1959 JD 99 Sale 9878
9912 80
99 9712 994 2 9218 9978
1959 AO 994 Sale 9878
9818 10034 Lower Austria (Prov) 7348_ _1950 J D oi
Esti a 1 68 of Oct 1925
9912 36
9814 101
9978 23
1957 M S 9978 Sale 9934
Lyons (City of) 15-year 68_1934 3d N 9812 Sale 9812
9812 101
10014 46
Sink fund ($a series A
9812 101
994 34
Sale
9912
(38_1934 3d N 9834
External Be series IL _Deo 1958 Jo 09 Sale 9834
99,2 26
93,2 10034 Marselles (City of) 1.5-yr _1954 J D 8418 Sale 8418
894
83
14
85
634s_
(Colombia)
1960
MN
9912
Sale
99
9813 10034 Medellin
8 45
99,
Extl s I 68 of May 1926
1712 25
5
2912 19
19
16
9814 10034 Mexlcan Irrigat Asstng 445_1943 _ _
9934 94
External s f tie (State RY)-1960 MS 9938 Sale 9918
4934 Jan'28
98 1004 Mexico(U S) extl 55 of 1899 £ '45 Q
994 54
EMI 68 Sanitary Works_ _ _1961 FA 9914 Sale 99
2612 35
2834 15
26
20
25
1945
Assenting 55 of 1899
9912 56
98 10034
Ext 88 pub wks(May '271_1961 MN 9914 Sale 9834
2713 34
5
2712
2712
1962 F A 9512 Sale 9512
Assenting 58 large
9458 9714
96
16
Public Works esti 63.4,
224
16
1712
16
1612
18
1904
of
48
8938
NI
58
1945
90
Assenting
8914
90
L
9
Argentine Treasury
894 9214
2314
17
10
1712
1712
Assenting 45 of 1910 large,.._
9234 Sale 0234
8 97
92,
9412 70
Australia 30-yr 5s_ _July 16 1955 J
224
16
1612
1738 15
__
Assenting 48 of 1910
9434 23
External 5s of 1927__Sept 1957 M S 9312 Sale 9338
9234 9613
29
374
Mar'29
29
i--3
'33
(large)
assent
8814
1956 MN 88 Sale 86
8412
Trees 6s of'13
8614 209
Eat! g 4348 of 1928
354
25
5
25
25
1943 JD 10212 103 10212 10278 10 10114 10313
Small
Austrian (Govt) a 1 7e
874 904
8912 54
Milan (City, Italy) ext'l 648 '52 AO 89 Sale 8834
9612 Minas Geraes (State) Brazil—
91
92
15
Bavaria (Free State) 648_1945 PA 9114 Sale 91
9212 12
9112 9511
1958 MS 9)12 Sale 9112
Extl a f 6348
11478 51 1121/ 11558
Belgium 25-yr ext f 7348 4_1945 ID 11478 Sale 11334
8 11 101 10331
101,
1941 FA 108,
MODtevIde0 (City of) 7a___ _1952 3D 1014 10112 101
8 Sale 10812 109
17 108 110
20-yr s f tis
10434 40 10218 107
55 M
949
,
10414 Sale 10414
25-year external 634s_ _ _1
10334 10434 12 103 103
10018 128
ii 100 Sale 9934
9734 10078 Netherlands 66 (flat prices) __1972 MS 10434 Sale
External a f
994 10018
994 Apr'29
1954 A0
30-year external fls
1955 JD 1074 Sale (0738 10778 49 101334 109
External 30-year s f 7a_
9013 95
23
93
10534 92 1041g 10612 New So Wales (State) ext 581957 FA 9213 Sale 921
1956 MN 10534 Sale 10514
Stabilization loan 78
9414
9012
32
4
923
9214
9212
Sale
A0
1958
Apr
ExternalS f 58
11078
8 109 11212
Bergen (Norway) a 1 8s __1945 SIN 110 Sale 109
10138 20 100 10314
084 101
10014
3
Norway 20-year extl 6a____1943 FA 10114 Sale 101
1949 AO 9978 10014 994
15-year sinking fund 8s
10178 38 100 1034
A 10114 Sale 10118
P
1944
(4
external
9312
9512
96
28
1950
Sale
8
AO
99
20-year
955
4s
6
Berlin (Germany) f
10112 40 100 10372
1952 A0 1014 Sale 1004
l958 3D 89 Sale 89
8934 10
30-year external (94
8712 92
External sink fund 6s
9878 10134
88
100
1965 3D 100 Sale 9934
10218
40-year 5 1 53511
7 10112 104
1945 AO 10112 10214 102
Bogota (City) ext'l ef8._
9312 974
43
96
Sale
9412
MS
95
1963
15
_Mar
1
100
55...
10212
40
104
External 5
Bolivia (Republic of) extl 88_1947 MN 101 Sale 101
95
8814
38
9112
894
Sale
1958 33 8834 Sale 8814
871/ 95
8912 25
NI unicipal Bank extle I 58_1967 J O 9112
External sec 75
9011
85
4
8514
8514
844
FA
1952
68_
eat!
(City)
60
1969
87
4
MS
92
883
Sale
8712
8812
Nuremberg
75
f
Externals
99%
1024
10
100
10012
10012
MN
1013r4
1955
6s_
16
9814 101
100
Oslo (City) 30-year s f
9912 99
Bordeaux (City of) 15-yr 66_1934 MN 99
95 10114
1
9812
1946 P A 9812 9934 9812
38 10534 109
Sinking fund 5348
107
1941 3D 107 Sale 106
Brazil(U So!)external 8s
10012 17 100 10211
9612 Panama (Rep) eat) 534s...1953 3D 10012 Sale 10014
91
9212 93
External CI 8318 of 1926 1957 AO 9134 Sale 914
10114 10112
10112 Jan'29
1981 3D
9114 96g,
9234 114
1957 AO 9134 Sale 9114
Extl sees!83.4s
Exti 81 635e of 1927
9212 944
43
94
1952 3D 9512 Sale 9512
9512 102
9634 59
Extl 8 f 58 ser A...May 15 1963 MN 93 Sale 93
7s (Central Railway)
95
91
May'29
92
92
MS
91
'47
78
ext
1061g
5 105 1074 Pernambuco (State of)
734s(coffee seem)£ (fiat) _1952 AO 106 Sale 106
9912 10212 Peru (Republic of)
9934
100
7
Bremen (State of) extl 7s_ 1935 M S 9934 100
107 10712
_
Jan'29
10714
9214
MS
1926)_1956
a
(of
1957
4
a1
73.4s
923
84
90
9312
sec
sf
Extl
90
Brisbane (City)
58
24 100 103
102
A 9014 Sale 90
1959 M S 102- Sale 10118
1958
91
17
89
Sinking fund gold 5s
93
Extl 8 1 sec 70
9014
85
8812 51
1980 J D 87 Sale 87
8312
7934 33
79 Sale 79
79
Nat Loan eat' s I 68
Budapest (City) eat' a I Os _1962 J
904
85
113
874
87
Sale
7
0
J
A
8714
1961
Sale
_1955
100
10112
101
994 102,8
Buenos Aires(City)648_
Stg6s
774 8311
7734 27
1960 AO 9812 9934 9812
En,a f Os ser C-2
Poland (Rep of) gold 6s___ _1940 A 0 774 Sale 7712
98,2 ' 96,2 100
8814
83
59
85
1060 AO 9812 9912 9812
031343
96 1004
Extl a f Os ser C-3
Stabilization loan s 1 is.. _1947 A 0 8412 Sale 84
7
954 99
964 43
9214 Sale 9114
1950 .1 J 96 Sale 96
924 93
9114 9344
Extl sink fund g 8s
Deenoe Aires (Prov) extl 85_1961 M
1 10414 10611
1961 J D 10612 Sale 10612 10612
8112 90
82
6
Porto Alegre (City of) 85
Bulgaria(Kingdom)s 178_ 1067 33 82 Sale 82
9712 10231
9
J 10013 Sale 10012 10012
87
8778 33
8712 8712
StabTnl'n 5 f 7 4a_Nov. 1568
Est! guar sink fd 7349. _ _ _19136
11518 9714
1 10778 113
110
95 Sale 95
9414 101
98 K12
Queensland (State) extl s f 7111941 A0 110 111 110
Caldas Dept of(Colombia)734846
1931 AO 9912 9934 9912 100
1947 F A 10212 103 103 May'29 _ _ 102 1044
25
9912 10158
25-year external 136
Canada (Dominion of) 5s
10513 28 106 108
A 99,8 Sale 9912
1929
9958 64
994 1004 Rio Grande do Sul extl a 188_1946 A 0 1054 Sale 105
10-year 5345
92
88
57
89
1952 MN 10312 Sale 10234
10312 67 10184 10534
1968• D 88 Sale 8634
Ext.' s 1 68 temp
ae
9915
95
18
98
Sale
1936
9612
FA
9612
N
M
973
4
974
1966
Sale
98
30
97
994
En's 17s of 1926
43.4s
1084
105
30
10518
1954 32 10612 Sale 105
1946 A 0 105 Sale 105
10612
3 1044 10713 Rio de Janeiro 25-yr s f 8a
Carlsbad (city) 8I 88
9534
92
944 36
1953 F A 9334 Sale 93
99
12
9714 102
Extl s f 6 34s
Cauca Val (Dent) Colom 7358'53 AO 99 Sale 9812
9134
88
0012 67
1952 A 0 90 Sale 8912
Rome (City) eat' 6348
Central Agrie Sauk (Germany)
8 10134 1044
103
9318
95
94
15
Farm bean 5 f 78 Sept 16 1950 M S 91
934 99
Rotterdam (City) ext.' Cs._.1984 M N 103 Sale 10134
914
87
J
Apr'29
87
90
1960
15
J
J
---80
1953
Sale
6s_July
80
8
I
883
83
s
8s
26
80
Loan
(City)
Saarbruecken
Farm
1 11034 115
112
8234 76
Sao Paulo(City) a 18s_ _Nlar 1952 M N 111 112 112
80
88
Farm Loan a f fls_Oct 15 196(1 A 0 8012 Sale 80
924 9812
11
96
1957 MN 96 Sale 9434
88
34
80
9034
Ext1 a f 03.4, of 1927
Farm loan On Bar A _ Apr 15'38 A 0 8712 Sale 8712
1 10412 108
4
10434
1043
10413
105
J
J
San Paulo (State) extl sf88.1936
Chile (Republic of)10715
103
16
105
10412 Sale 104
1942 M N 102 Sale 10114
1950 J
10212 17 100 103
External sec a f 88
20-year external a f 7s
97 102
7
10012
9314 86
914 94
External sinking fund 8s 1960 A 0 93 Sale 9212
External 51 75 Water L'n_1956 M S 9813 10012 100
9314
8712
21
90
J
8913
F
Sale
1961
A 93 Sale 9234
8912
1968 J
9312 44
9112 9414
Ext.' etas& int rcts
External a f Os
98
95
9712 56
1961J J 9313 Sale 9212
9312 58
914 94
Santa Fe (Prov Arg Rep) 75 1942 61 S 9678 Sale 9678
Ity ref esti a f Gs
512
1004
6
D
8
963
S
J
M
9512
4
_1945
1961
953
9314
Sale
9334
98
_
_
9378 70
9112 94
Saxon State Mtg Inst 78_
Exit sinking fund 65
95
90
5
90
90
1962 M S 9212 Sale 92
Dec 19403 D 8912 90
9314 62
914 94
S f g SO
Extlelnking fun('68
10512 63 1024 1084
D 06 Sale 9512
9511 9914 Seine, Dept of(France) eat]75 '42 J J 10512 Sale 105
4 43
95,
Chile Mtge Ilk 6348 June 30 1957 J
96
89
36
90
N
M
903
90
Sale
4
J
9878 Sale 9014
99
33
97 1007g Serbs, Croats & Slovenes 88 '62
S f 64a of 1926June 30 1961 A 0
814
77
7934 25
1962 MN 78 Sale 78
91 Sale 91
Apr 30 1961
92Ig 65
89
94
Eat! sec 7e ser 11
Guar s Os
844
77
12
804
79 Sale 7812
D 3712 Sale 37
3812
85
443g Silesian Landowners Assn 88_1947 F A
9
Chinese(Hukuang Ity) 5a_ _ _1951 .1
994
974
21
9834
1936 3d N 9812 Sale 98,4
99 10111 Solssons (City of) extl 615
10014
5
Christiania (Oslo) 30-yr a f 68 '54 M S 99 Sale 09
9034 94
5
91
1946 F A 90
9112
9034 9014
M
0112
Sale
(1481950
97%
is
9112
93
(City)Germany
extl
10
(Prov)
Styria
Cologne
1015.
10414
5
Sale
D
3
1024
103
1024
1939
8434 Sale 8512
1961 J
Sweden 20-year (4
8412 91
8834 71
Colombia (Republic) Os
1954 M N 103 Sale 10278
10313 55 10034 105
4
88
External loan 5358
94
8414 91
External s f 88 of 1028_ _ 19131 A 0 8514 Sale 843
10912 32 10g4 11014
3
3 .1 109 Sale 10814
82
7
8058 884 Sw IPA Confed'n 20-yr at 8s,.1940 A 0 10178 Sale 10178
Colombia Mtg !sank of 6348_1947 A 0 8113 Sale 81
10212 46 1004 10371
90
RS
6
0314 Switzerland Govt ext 548..1946
Sinking fund 7s of 1926_ _1948 MN 8812 Sale 8812
784
75
7
701
7614 75,4
9112
9134
3
8812 9514 Tokyo City 55 loan of 1912..1952 M S 75 Sale
Sinking fund 78 of 1927-1947 F A 9338 94
904
86
87
8
873
0
A
8738 34
1961
9412
J
9412
1952 D
Sale
96
11
94
9712
Exti s 5358 guar
Copenhagen (City) bs
8712 92
3
88
1947 M N 88 Sale 8712
1953 M N 86 Sale 86
8714 78
86
891x Tolima (Dept of) extl 7e
25-yr g 448
9614
93
95 May'29
96
9612
9311 98
3
TrondhJem (City) 1st 53413- 1957 M N 96
Cordoba (City) WI s f 78_ _ _1957 F A 9612 Sale 0612
913
9434 9812
98
29
98
J D
9612
1
94
9612
9712 Upper Austria (Prov) 7s_
External a I is Nov 15 1937 M N 95
854 89
8918 53
J D 89 Sale 89
1957
15
99
June
9914
J
J
99
781942
510348
Argentina
7
9518
External
4
1003
9914
Cordoba (Prov)
Sale 108
10 10712 10914
10814
9478 17
9212 96
Uruguay (Republic) extl 88_1948 F A 108
Costa Rica (Itepub)ext1 78_1951 MN 9312 Sale 93,4
9718 100
77
99
1960111I N 98 Sale 9734
9912
9938
S 9934 100
2
External 81 Be
99 10212
Cuba (Remit)) 58 of 1904_ 1944
8718 94
90
8
Sale 88
88
0
A
78_19521
Bank
01
Mtg
101
A
F
10114
Prov
1949
A
1
ser
1914
100 10234 Venetian
---External 58 of
844 9012
87
86
87
Sale
87
N
185_1952,M
0312
9312
6
9312 9712 Vienna (City of) extl
External loan 434e aer C 1949 F A 9013 94
784 8514
80
19
718_1958 F A 7813 Sale 7935
Sale
external
4
00
1003
1004
J
85
Warsaw
(City)
1953!1
16
Jan
100
104
.
154s_
fund
Sinking
964
92
9434 30
D 9312 9414 94
Yokohama (City) extl 68_1961
Cundinamarca (Dept) Columbia_
8434 32
1959 M N 824 Sale 8218
82
8914
Ertl f 48
c On the basis of 55 to the L sterling.
3318
BONDS
Y. STOCK EXCHANGE.
Week Ended May 17.
New York Bond Record-Continued-Page 2
7t!'j
iZ
Price
Friday
May 17.
Bid
Week's
Range or
Ida Sale.
Ask Low
114
a;es
Range
Since
Jan,1.
HOD No. Low
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 17.
Price
Friday
May 17.
Week's
Range or
Lass Sale.
Range
Since
Jan. 1.
High Chic Milw & St P (Concluded)
Bid
Ask Low
High No Low
Hiels
Gen 434s series C_May 1989.7 J 9215 94 9313
1
931s
924 954
Registered
100
_
Gen 4Hsserlee E----May 1989 3 .1 9253 Sale 9258 May'28
91. 96
9334 32
Debentures 4s
1926.5 D
81/
1
4 Feb'28
Chic Milw St P & Pm 5s_1975 F A 90/
1
4 Sale 90/
115 11E0-4 94
1
4
91
/
1
4
Cony adJ 58
Jan 1 2000 A 0 7234 Sale 7213
7314 425
71/
1
4 80
Chic & N'west gen g 334s___1987 MN 7414 Sale 74
7412 35
727s 8012
Registered
Q I'
7712 Oct'28
General4e1987M N 872 -1;Li 8712
6
55 I1-53
8818
Q F
84
84 Apr'29
84
Stpd 48 non-p len to tax '87 MN 8712
8712
88
/
1
4
90/
87
1
4
Gen 4%8 nod Fed Inc tax.1987 MN 971
/
4
10612 Oct'28
Gen 58 stpd Fed hie tax _ _1987 MN 10558 108 1053
4
10334
1053
4
109¼
Registered
MN
101 Apr'29
101 101
Sinking fund 6s
1879-1929 A 0 997s ---- 9934 Apr'29
99 100/
1
4
Registered
A 0 ---- --- 10014 Oct'28
Sinking fund Si
1879-1929 A 0 9914 9912 9814
6
9914
166
!
1
A0
99 Mar'29
99 99
yunRkint
eg ster
d deb 58
fund
1933 M N 100f2 1668-4 10034 10034
1
99/
1
4
1
4 101/
Registered
MN
10034 Jan'29
10014 0074
10-year secured a 78
1930.5 D
1-0114 10118 10112
9 10018 1103
I5-year secured g 6Hs_ _ _ _1936 M
10712 Sale 10712 10758 13 10718 11114
let ref g fe
May 2037 .1 D 10314 105 103
103
3 101/
1
4 1055*
let & ref4 Hs
May 2037.5 D 9234 Sale 92/
941
1
4
47
9234 9734
ChieD
rerilway gen 48 1988 J .1 86/
ltegi.te
1 &P
1
4 88 8658
88
7
85/
1
4 89
.1 3
8814 Dec'28
Refunding gold 48
1934 A 0 9334 Sale 93
93l 95
94
82
Registered
A 0
9234 Jan'29
92114 92/
1
4
Secured 434e series A
1952 M S -oils Sale 911
92
/
4
44
86
95/
1
4
Ch St L & N 0 blem Div 48_1951 J 0 8212 8712 87 May'29
8452 88
Gold 53
June 16 1951 .1
1 D 10312 105 10412 1041
5 103/
1
4
105
Registered
107 Apr'28
Balt & Ohio let g 43_ _-_July 1948 A 0 9114 Sale 9114
90 9314
9213 32
Gold 3348
_June 15 1961.5 D
8412 Jan'27
Registered
July 1948 Q .1
9114 May'29
8912 92
Registered
3 D
78 Apr'29
78 801*
20-year cony 630
1933 M 8 97 Sale 9612
0012
90
9758 78
Ch St L & P 1st cone g 58---1932 A 0 99 101 100 Apr'29
99/
1
4 101
Registered
M S
98 June'28
Registered
A 0
Refund & gen 5a series A-1995 J D 101 Sale 100
9034 10213 Chili St P M &0cone 63__1930 J D 99 Sale 10158 June'28 15
1011
71
9834
9912
Registered
9834 101
J D ---- 9934 Dec'28
Cons &reduced to 3Hs_ __ 1930.5 D 95/
1
4 ____ 9534 Apr'29
9534 97
let gold be
July 1948 A 0 10384 Sale 10234 10334 44 151
Debenture 58
1930 M El 97 9734 97 May'29
9614 101
Ref & gen tis seriee C
1995.7 D 10814 Sale 108
/
4 110
10834 100 ica1
Stamped
98/
1
4
M 13 96 ---- 9814 Mar'29
P LE & W VaSysref 48_1941 MN 9134 Sale 91
9134 27
9014 94 Chic T H & So East let 5a.__1960 J D 9513 98 9512
96
6
91 100/
1
4
Southw Div let be
1950.7 .1 102/
1
4 10213 10114 10178 44
10312
/
1
4
99
Inc gu 58
Dec 1 1960 M S 8834 Bale 8814
7
92/
1
4
90
85
Tolaz CM Div let ref 4sA_1959 J .1 83
84 82/
1
4
1
80/
827s
1
4 8514 Chic Un PRa'n let gu 414s A_1963 J J 9713 98 9712
20
97 10014
98
Ftef & gen 58 Bodes D_ _2000 M 8 100 Sale 100
101
100
103
30
lst
5a
sertes
B
1963 3 .1 102 10378 10118 10112
1 101 1641,
Bangor & Aroostook lit 6a 1943
J - --- 102 101 May'29
100 105
Guaranteed g 58
963
4.1 D 10112 10213 10212 10211
194
1 100 1021e
Con ref 4s
1951 .1
84 83 May'29
83
8013 8614
let guar 6348 series0
.1 .1 11414 11534 11418 116
3 112 116/
1
4.
Battle Crk & Stur litgu3e_1989J D
6812 Feb'28
Chic & West Ind gen Os Dec 1932 0 hi 102 ---- 10114 Feb'29
Beech Creek let gu g 48-1936 J
101/
1
4 10114
95
941k 96'2
96 95 Mar'29
Consol 50-year 4s
1952.7 .1 8514 8512 8512
Registered
8412 8914
861/1 25
.1
95 Aug'28
lit
ref
530
aeries
A
1962 M S 10212 10312 10212 103
2 101 105
2d guar g be
1936J .1 9313 ____ 97 June'28
Choc Okla & Gulf cons
PA N 10012 .___ 101 May'29
Beech Crk Ext let g 334s-19111 A 0 77/
10012 1011,
1
4 ____ 80 Mar'29
"iii" 16- Cin H & D 2d gold 4 He68.__1952
1937.5 .1 92 95 93 May'29
Belvidere Del cons gu 334e_1943.1
93 945s
85
St
L
C
&
I
C lat g 4a.Aug 2 1936 Q F
9612
Big Sandy lat 48 guar
May'29
94/
1
4 96/
1
4
1944J D 8418.
Mar'29
913i
89
9134
Regletered
Aug 2 1936 Q F
-- 97 Oct'28
Bolivia Ry 122 58
1927 .1 J
Lob
Cin
&
Nor
con
lit
gu
48
1942
M
N
Boston et Maine let 58 A C._1967 MS 96 Sale 9513
9014 ---- 95 May'29
81
96¼
964 105
9112
99
Boston NY Air Line let 48 1955 F A 76
78
78 May'29
76
8112 Clearfield M Mah 1st gu 58_1943 3 J 9812 __-_ 100 July'28
Bruns & West lit gu g 48_1938 J .1 9318 0814 92
Apr'29
92 9512 Cleve Cln Ch &St L gen 46_1993 J D 8812 90/
1
4 8914 May'29
Buff Roch & Pitts gong 53_ _1937 M S 100 10012 9912 May'29
"iirk 91
001
:10012
20-year deb 4Hs
1931.1 J 9812 Sale 9812
Corm'494i
9812 11
9724 991,
1957 MN 88 Sale 88
8814 18
8712 9278
General fe series B
1993.1 D 10312 Sale 0312 10353 12 10312 112
Burl C R & Nor 1st de cell 56 1934 A 0 ____ 101 10112 May'29
100 102
Ref & impt ils series A _1929 J .1 9934 Sale 99/
22
1
4
99
993
/
1
4 1011
4
/
4
Ref & impt 135 aer C
1941 J J 105
Canada Sou cons gu 5a A _1962 A 0 10414 Sale 10414
05
105
1 10276 1053,
1
4
10512 31 10333 106/
Ref & impt Fis ser D
1963 3 .1 102 ____ 102
Canadian Nat 439i_Sept 16 1954 M S 94 Sale 94
10212 37
108
,
1
98
93
9414
96/
Cairo Div let gold 4a __1939 3 .1 93 9412 9313 Feb'29
1
10
4
5-year gold 4 He_Feb 15 1930 F A 98/
934 9311
1
4 Sale 98%
9734 9934
Ws 65
CM W & M Div let g 48_1991 J .1 84 85 84 May'29
30-year gold 4341
80 92
1957.7 1 9414 Sale 94
9414
9312
50
96
St
L
Div
lst
coll
tr g g 4.--1990 M N
Gold 4348
85 May'29
8812
1968.7 D 9314 Sale 93
85
94
93 94
39
Spr & Col Div 1st g 48
1940 M S 9113 9412 92/
Canadian North deb if 7s...1940 3 D 111 Sale 11012 111
1
4 Mar'29
1
4 921:
92/
1
4 118
15 108/
W W Val Div 1st g 48
1940.7 .1
25-year f deb 63.48
90 Oct'28
1946J
9714 98 11434 11514
114
4
11612
Ref
&
impt 4He ger B--1977 J .1 92 9434 9434
Registered
9434
5 98
98
112 Apr'29
112 113 CCC&Igenconsges
19341 .7 10058 104 001's May'29
10-yr gold 4SO.__ _Feb 15193.5 F A 9734 Sale 97/
1041
/
4
1
4
97/
1
4 28
9514 99 Clev Lor & W con 1st g 58_1933 A 0 98 100 99
Canadian Pao RY 4% deb stock
Apr'29
99
10112
J 8234 Sale 82/
85
1
4
107
8234 86 Cleve & Mahon
g 5s_
1938.5 J 9618
Col tr 4348
- 100 Oct'28
1948 M S 97 Sale 061
9713 35 96 99 Ci & Mar 1st guVal
/
4
g
4
_
M
_1935
Hs__
N
9514
98 9614 Apr'29
Carb et Shaw let gold 48__1932 M
96 9814
1
4 Nov'28
98/
Cleve & P gen gu 4Hs ser 13_1942 A 0 97 98/
Caro Cent let cone g 48
1
4 10034 Mar'28
1949
J 7813 80 7914 Apr'29
"7914 SOte
Series A 4348
1942.5 J 97 100 97 Apr'29
Caro Clinch &0 1st 30-yr 53_1938 J D 101 1011 100 May'29
"if"
114
10112
100
Series
C
334e_
1948
_
M
N
86 87 91 Oct'28
1st et con g 68 ser A_Dec 15'52 J D 107 Sale 107
10712 27 107 109
Series D 33413
1950 F A
8934 Jan'29
Cart & Ad 1st gu g 4a
1981J D
"Nig -Rise
8734 Feb'29
87/
1
4 87/
1
4 Cleve Shor Line 1st gu 4346_1961 A 0 971
99
/
4
Cent Branch U P let g 4e 1948 J D
3
9713
9713
96 99/
1
4
85 Mar'29
8412 85 Clove U
egni
ino
t.enre
Tderm lit 5348-1972 A 0 108 Sale 10734 10858 35 10513 109
Central of Ga let ge_Nov 1945 F A 10112
102/
1
4 May'29
10213 10212
A0
CO12801 gold 55
07 Oct'28
1945 M N 95 10034 10034 100/
1
4
99
/
1
3
4
103
lets
f
5seerB
1973
A
0
103 fifile
.103
Registered
1033a 85 10114 lOSIt
MN
100 Jan'29 _
100 100
lin s f guar 43411 ser C
1977 A 0 9712 99 97/
10-year secured 68__June 1929 J D 99% 100 9934
9732 101
1
4 May'29
9934
99/
6
1
4 1001
/
4
B.ef & gen 5Hs series B1959 A 0 9934 100 9934 103
10512
16
4
993
Coal
River
Ry
lit
1945.5 D 8314
gu 48
Ref & gen 53series C
1959 A 0 98/
90
85
/
1
4
Mar'28
90%
1
4 Bale 9812
9834
981210112
9
Colorado & South let g 46.._ _1929 F A
Chatt Div pur money g 48_1951 J D 83
99/
1
4 Jan'29
9913 99/
1
4
86 87 Mar'29
87 87
Refunding & exten 4He
1935 MN 0512 sale 9512
9712 22
Mac& Nor Div 1st g 58_1946
.1
9512 9712
107 101
Jan'29
101
101
Col
&
H
V let ext g 43
1948A 0 87 92 88/
Mid Ga & Atl div pur m 58 1947 J J 95 10212 10318 Apr'28
Apr'29
1
4
8813
91
Col & Tol 1st ext 48
1955 F A 91
Mobile Div let g Si
9112 Mar'29
1948
J 99
911g 911:
100 Ape29,____
9958 iDols Com & Paseum Riv lat 4s1943 A 0
Cent New Eng lit gu 4s__ _1961 J J 79/
88 Apr'29
1
4 80 7934 May'29 _ _
88
99
7933 84 Consol By debts
1930 F A 9412 -- 9412 Mar'29
Central Ohio reorg lat 4343_ _1931) M S
9412 94/
9712 Apr'29
1
4
97
9914
Non-con
y
4s
1954
3
3
6758
70 70
Cent RR & Bkg of Ga coil 681937 M N 95/
70
1
1
4 9934 97 may.%)
/
1
4
75
67
95
9914
Non-con
y
deb is____J&J 1956.1 3 67/
Central of N gen gold 58-1987 J
1
4 69 68
110 111 109/
68
1
4 11018 11 10758 1111
67 72
/
4
Non-cony deb 4s...__A&O 1955 A 0 675
Registered
1987 Cl
8
76
---Nov'28
10758 109 10758 108141 35 107 10958
Non-cony debenture 48.._ _1968 J J ____ 8358 73
General 4e
1987.7 .11 8814
Jan'29
_
89 Feb'29
73 "fir
89 89
Cuba Nor Ry lit 5043
1942.1
Cent Sac let retgugdi
1949 F A 9012 Sale 90'm
83 Bale 83
91
81
8578 38
9314
15
90 93 Cuba RR let 50-year 58 g___1952 J D
.1 8913 9034 90
Registered
F A
90/
1
4 12
88 Sept'28 _
89
90
1st
ref
734e
eeries A
19363 D 100 Sale 100
Mtge guar gold 334s_Aug1929 J D
101
106
9
99 May'29
100
99 9933
1st lien & ref P/
1
4 ser B __ _1936 J D 100 10014 96 May'29
Through Short L let gu 4s_ 1954 A 0 90/
1
4 9212 9134 May'29 _
9013 98
9014 91/
1
4
Guaranteed g ba
1960 F A 10034 Sale 10014 10034 44
891s 103 Day & Mich 1st cons 434o_1931
J
1
4 9912 97 May'29
981s
97
Del& Hudson let & ref 4e_ 1943 MN 97/
Charleston & Salim% let Te_ _1936 J .1 111
90 Bale 89
89
1
4
9
94/
90/
-- 11114 Mar'29.- 11114 11312
1
4
30-year cony 58
1935 AO 10214 Cleo& Ohio lit con g 58
1939 M N 10178 103 10212 10212
0214
97
10214
104
/
1
4
5 10132 10412
18-year 64s
1937 N 10212 103 10212 103/
1939 M N
Registered
1
4 12 100 105
10214 Dec'28
10-year secured Ts
1930
JD
1992 M 18 984 Sale 9632
General gold 6.343
10213
1
4
1
4 103/
5 100/
97
9413 100/
34
1
4 D RR & Bldge 1st gu g 48_1936 PA 10114 Sale lOb
Registered
111
9614 Aug'28
98 May'29
9214 98 Den&RO 1B2 C0118 g 4s____1936.7'
8814 Sale 884
20-year cony 4541
1930 F A -fiefs 11;18814 71 "ill ilia;
43- 99
99/
1
4 76
98/
1
4 9971
Consol gold 4 He
1938 JJ 91/
89/
1
4 9413
1
4 Sale 9158
Ref & impt 414a
9234
8
1993 A 0 93/
95
1
4
1
4 Sale 93/
90/
1
4 95,
89
13 Den & R0 West gm 5s..Aug 1955 MN 9213
91
F A
9234 100
Registered
98
92/
1
4 Mar'29
021e 921$
Ref & impt Si ser B Apr 1978 MN 87 Sale 92
11
8758 8734
Craig Valley let 5e__May 1'40
93/
87
1
4
.1
88
100 Apr'29
0924 10012 Des M & Ft D let gu 4a
1935 J
2514
Apr'29
3014
39
40
25
Potts Creek Branch let 48_1946 .7 .1 88/
1
4 89 8812 Apr'29
8812 8812
Temporary Ms of deposit.....
261
/
4 30 2712 Apr'29
B.& A Div 1st con g 4a____1989 J .1 8418 88 84 May'29
2712 36
83 8634 Des Plaines Val let gen 4148_1947
9258 99 9258 Feb'29
/
4 May'29
1989.1
2d consol gold 418
92% 92/
1
4
8114 95 811
81 86 Del & Mac let lien g 48
1995 JD 73 76 75 Apr'29
75
Warm Springs V 1st g 58-1941 M S
7614
100 Mar'29
100 100
Gold 48
--1995 D 70
75
75
75 75 May'29 •
Ckesap Corp cony 5eMay 15 1947 M N 99 Sale 98/
9914 219
1
4
98 10012 Detroit River Tunnel 44s...1981
MN
0012 1001e
2
98
CYR,& Alton RR ref g 3s
1949 A 0 66
681e 6614
8614
7 6614 701s Dul Missabe & Nor gen 58_1941 ii 97 9814 98
10314 ____ 03/
_ 102/
1
4 May'29
1
4 103/
CU dep stixl Oct 1928101
1
4
69 66 May'29
66
6512 69 Dul & Iron Range lit 58
1937 AO 99/
3 9912 nos
1
4 .--- 9918
Railway first nen 33413-___1950
9912
69 69 May'29
1 68
6614 71
Registered
AO
0012 May'28
68/
_
1
4 Sale 681
/
4
Certificates of deposit
71
67
6814
1
Dul Sou Shore & AU g 5s1937 ii
5158
74
1
Chic Burl & Cy-Ill Div 3348-1949.7
84
86 84 May'29
83 86 East Ry MI= Nor Div let 4s'48 A0
10
7-8
:13
04 979367111822
761Fe
b'29
9312 94
.1 .1
Registered
84 Apr'29
84 84
Fest T Va & G a Div g 5s1930 J J 88
Apr'29
9718 994
Illinois Division 41
1949.1
9252 10
9134 94 92
9053 94
Cons let gold Si
1956
MN 104 105/
104 10514
1
4 104 May'29
General 4a
8012 9312 Elgin Joliet & East 1st g
1958 IA S 91 Sale 91
921
/
4 18
53..1941
N 99 10034 103 Apr'29
100 105
Registered
Si 8
9134 Sept'28
El Paeo & W let Ife
1965 *0 0014 ____ 100
6 100 10514
10018
1st& ref 414a serB
97
1977 F A 96
16
95
9614 9614
9958
1st & ref 58 series A
1971 F A 105 Sale 105
10514 29 wile 106
Erie let consol gold 78 ext_1930 MS
18 100 104
10112 Sale 1014 1011
Chicago & East Ill let 6a
1934 A 0 10012 106 10118 May'29
10118 106
let cone g 48 prior
1996
J 8234 Sale 8234
22
831
8012 85/
1
4
C & E Ill Ry (flew ea) con 58.1951 M N 82 Sale 82
82/
1
4 49
8034 8518
Registered
1996
J
8 8052 811
6
805
805
/
4
Chic & Erie let gold be
6
1982 M N 103 Sale 103
104
99/
1
4 106
7
1st consol gen lien g 48._ _ _1996 J
44
771
757s 801t
-iefa Sale 7611
Chicago Great West let 48_1959 M S 6758 Sale 671
/
4
6613 6978
6734 58
Registered
1996'.1 7113 sale 7112
711
4
7112 73/
1
2
Chic Ind & Loulev-Ref68_1947 J J 10914
May'29
10012
113
10018
/
1
4
Penn
coil trust gold 4s_ _ _1961 F A 10112 Sale 1011
-6 mos 10114
/
4 10114
Refunding gold ba
19473
100 108
10018 10412 108 Apr'29
50-year cony 48 series A
1953*0 81 Sale 81
8134 20
784 841s
Refunding 4s Series C
1947 J .1 8214 - - 92 Jan'29
92 92
Series B
1953
*0
82
81
80
811
28
7912 844
1st dr gen 58 ser A
196I MN 98/
95 10314
Gen cony 4e series D
7
1
4 Sale 9878
98/
1
4
1953 *0 7934 82 8412 Dec'28
lst & gen 68 ser B_MaY 1968 J J 10414 10514 10414 10414 10 103 10812
Ref 68 impt 58
1967
N 9412 Bale 9312
97
114
95
91'j
Chic Ind & Sou 50-year 4s1956 J .1 8813 90 8102 May'29
Erie
87/
1
4 943e
&Jersey lets f6._
10612 11114
19553,
112 11118
Chia L 8& East let
_ _1969 J D
94 94
Genessee River let i f 68._1957 J J 107 10934 11114 1111
- - -- 94 Mar'29
10612 112
Ch M & StP gen g 48 A_May 1989.5 J 83/
81
1
4 21
8634 Erie & Pitts gu g 334s see B..1940.7,
83/
1
4 Sale 83
Feb'28
111l4'2
b
Registered
80 80
Series C 3Hit
80 Apr'29
Q J
1940.7, 8814
/
8858 ___- 881
4 Jan'29
-ries
Geng334iserB____Mayl98J J 715s 7358 74 May'29
7112 75 Est RR extl s f is
1954 MN 10278 10312 1027s 10314 26 10114 105
Railroad
Ala Gt Sou let cons A 5a_ _ _ _1943 J D
lit cons 43 ser B
1943J D
Alb & Sus(' 1st guar 3148_1946 A 0
Alleg & West let g gu 4s1998 A 0
Alleg Val gen guar g 411
194215 B
Ann Arbor let g
_July 1995 Q .1
Ateh Top & Fe-Gen g 48_1995 A 0
Registered
A 0
Adjustment gold 41__July 1995 Nov
Stamped
July 1995 M N
Registered
MN
Cony gold 48 of 1909
1966 .1 D
Cony 48 of 1905
1956.1 D
Cony g 48 issue of 1910
1960 D
Cony deb 4348
1948 D
Rocky Mtn Div lit 48_J966.1 .1
Trans-Con Short L lit 4&1958.7 .1
Cal-Aria let & ref 434a A_1962 M
All KtIOXV & Nor let g 156.__1946
D
AU& Cbarl A L let 4He A1944 J .1
lst 30-year 58 series B1944
.1
Atlantic City lit cons 48_ _ _1961.7 J
All Coast Line lit cons 4s July'52 M S
Registered
M S
General unified 434e
1964.1 D
L& N coil gold 48____Oct 1952 MN
AU & Day 1st g 4e
1948.7 .1
48
1948
J
AU & Yad lst guar 481
1949 A 0
Attitin & N W 1st gu g 5s-1941 J J
101 _
101 10313
101 May'29
9318 94 93
93 94
93/
6
1
4
83 8612
83 Sale 83
2
83
9212 Mar'29
90 9211
9258
9212 May'29
91
95
7212 7472 73
7412 28
78
71
901/4 94
9212 51
911
/
4 Sale 9112
85 92
85 Apr'29
8712 85
84
8453 867s
8612 10
8612 Sale 8618
88% 10 8338 88%
85
8034 85
85
1
8714 Apr'29
8714 90
90 Sale 88
91
90
87
15
8318 88 88 May'29
8514 90
112 Sale 112
11312 607 10812 119
9158 Feb'29
911
/
4 92
871: 93
891
8912 Sale 8012
1
971
/
4 Sale 97%
9613 100
9814 29
103 _
103 Apr'29
103 10314
93 95 93 May'29
93 96
10112 102/
1
4 1011
101 104
/
4 May'29
84
88 8718 Oct'28
911
/
4 Sale 91/
9112 13 "ii" W1
4
9014 Jan'29
ool, 9914
9912
94
1
4
97 Sale 97/
1
97%
8813 Sale 88/
8812 30
1
4
867s 91
75
77 65
65
75
5 65
65 62 Apr'29
6712
62
81.
83 81
81
81
81
10234 96
97
96 10314
2
3319
New York Bond Record-Continued-Page 3
BONDS
. Y. STOCK EXCHANGE
Week Ended May 17.
----
Price
Friday
May 17.
k
Fla Cent & Pen let ext g 5e__1930'S
1943 is
lit coneol gold 58
Florida East Coast let 4He..1959 SD
1974 MS
lat & ref 58 series A
Fonda Johns& Oloy let4Hs 1952 MN
J
_1941
Fort St U D Co let g
Ft W& Den C 1st g 5328-1961 SD
AO
68_1933
From Elk de Mo Val let
GH&SAM&P ist5e1931 MN
1931 J J
2d extens 5e guar
Galv Houe & Hend let 5a
1933 AO
Ga & Ala Ry let cons 5e Oct 1945 J J
Ga Caro & Nor let gu g 55_1929 J J
*0
Georgia Midland let 38
Or R & I ext let gu g 4348_1941 Si
Grand Trunk of Can deb 65_1940 AO
15-year e f Se
1936 MS
Grays Point Term let 58_1947 SD
Week's
Range or
Last Sate
Range
Sines
Jan. 1.
Ask Low
Mob
High No. Low
98
98
98 98 Apr'29
93% 9914
9512 May'29
91% 94
1
9112
9112
75
SO
7512 21
7514 Sale 75
2512 50
2
38 Sale 38
38
94
94
94 Nov'29
10614 10714
_ 106 10614 Apr'29
10218
10218
8 102 103%
iai
9778 100
9512 -9-9. 9834 May'29
2
97 100
99
99
9912 99
96 100
____ 9612 96 May'29
1
85
86
86
86 Sale 86
1
9418 99
984
9834 99 9834
3
7418 75
7818
7818
7312 7818
9512
5
_ 9512
9512 97
95
11018 111 110
11034 18 10814 113
104% Sale 10334 104% 38 103 106
9812
97
97
97 Apr'29
Bid
_
Meat Nor gen 78 genets .A.__1936 S J1
J J
Registered
let & ref 4 3,1 seenee A_ _ _ _1961 J J
General 5 I411 series B_ _ __1952 J J
General 58 sedee C
1973 J J
General 434e series D
1976 J J
General 434e series E
1977 J J
Green Bay &'West deb ens A.- _ _ Feb
Feb
Debentures ens 13
N
Greenbrier Ry let gu
Gulf Mob & Nor let 534e_ _1950 A 0
leit NI 58 series C
1951) A 0
Ghat & SI 1st mf & ter g 58_61952 J ?
Beddnir Val let cone g 4348_1999 J
Registered
1999 J J
Housatemie Ky cone g tia_ __ _1937 NI N
& C 1st g 54 int guar._ _1937 J J
Waco & N W div let(18._ _1930 M N
BUmmUm Belt A Term let 58_1937 J J
EoU.tonE& W Tex let g 54_1933 M N
let guar ga Ind
1933 M N
Hod & Manhat let 5e ear A_1957 F A
Adjustmentincome Se Feb 1957 A 0
9512
9114 -96
109% 136
10912 Sale 109
109 Apr'29
_
9418 May'29
9318 96
10718 10818 10738 10712 15
104% Sale 10334 10414 10
17
96
9514 Sale 9514
9534 96% 9534
9534 10
85 Oct'28
81
2
2212
2212 243-4 2212
9114 Mar'29
9134
10014 16i- 99 May'29
9914 99 May'29
_
10418 Mar'29
looi4
9418 16
94% 9114 94
10212 Mar'28
97 May'29
96
102 May'29
ioi
10014 Mar'29
91-334 19-6- 9834 9834 6
99 Mar'29
97%
97% 99 9812 Feb'29
9234 28
92 Sale 9138
7614 31
75% Sale 7612
2/11nole Central let gold 42
1951 .1 .1 9134 93 9114 May'29
ii
95 May'28
Registered
82 -Si- 8138 May'29
let gold 354e
i"-5
84 Nov'28
Registered
'Extended let gold 334e_ _1951 AO 82
85 8318 Apr'29
S
_ 7414 Mar'29
let gold 3e sterling
1951
Collateral trust gold ea
8914
7118-8918
- 8814
1952 *0 88
MN
87
Oct'28
Registered
let refunding 48
904
1955 MN 9034 918 9034
J
Purchased Bina 334e
1952 J
89 82 May'29
J J
Registered
87 Nov'28
Collateral trust gold 4e_ A953 MN 8618 ii- 8634
864
MN
Registered
9014 May'28
Refunding 58
1955 MN 10412 10512 10512 May'29
15-year secured 634e g _ _1936 .1
10814 10912 108
10814
40-year 4%8
Aug 1 1966 FA 9714 Sale 97
9814
Cairo Bridge gold 44
90 Mar'29
1950 JO 854 92
Litchfield Div let gold 38_1951
7453 77
72 Apr'29
Loulev Div & Term g 3345 1953I, 8133 8134 8133
818
Omaha Div ist gold 35_ _ _1951 PA 937 99 741 Mar'29
St Louis Div & Term g 36_1951 J
9218 ____ 7638 Oct'28
j 7753 ____ 81 Mar'29
Gold 3348
1951
J J
Registered
784 Oct'28
Springfield Div ist .1 8348_1951 55
88 Dec'28
_
Western Linea let e le_ __ _1951 FA 8089
91-- 9012 Apr'29
PA
Registered
92 Apr'28
Ill Cent and Chic St L & N 0
Joint let ref Si series A _ __1963 JD 10112 Bale 100781 10112
let & ref 432e series C_1963SD
9512
951 9512
Ind Bloom & West let ext 48 1940 AG 85
Ind III & Iowa let g 4e
1950 Ji 88
Ind & Louisville let gu 4a__ _1956
Ind Union Ry gen 55 ear A 1965 55
Gen & ref 5a series B
1965 55
int & Girt Nor let 6s tier A _ 1952 IS 19512
Adjustment 6s ear A July 1952
8814
Stamped
Lit Si series 13
19565, -95E8
J
J
lit g ets @erica C
1956
92
tat Rye Cent Amer let 58.._ _1972 MN 78%
let coil tr 0% notee._1941 MN 9278
FA
let lien & ref6Ha
1947
9618
Iowa Central let gold 5,5
1938 SD 4012
Certificates of deposit
40
Refunding gold ea
1951 MS 10%
13 87%
James Frank & Clear let 48_1959
Kan A & G R let gu g 5s
J
J
1938
98
Kan & M 1st gu g 4a
1990 A0 82
91 Nov'28
9214 Feb'29
86 Apr'29
102 May'29
103 Mar'29
Sale 104
10518
891 89
8912
7712 Feb'28
-911-2 93%
9334
9312 94 May'29
Sale 7814
8114
Sale 9234
92%
Sale 9534
9614
4012 Mar'29
45
40
45
40
1312 1012 May'29
92
88 Apr'29
_ _ 10014 Apr'29
Sale 82
82
A
S Due Feb. 1.
2953
9114
106
99
108
99
"ii102 10214
100% 102
9834 100
9812 99
974 10218
90
08
7212 6434
9514
80'a 8S
4
834 8312
7414 7414
86% 9334
3
-91382
3
-ii 91
ioi" 1-6,174
5
35
111%
10012
90
7514
8438
7412
107
97
86
71%
3
81
j 74
81
38
3
-9-3-1
86
1033
_ 104
10434
977 10212 10212 10212
1037s Feb'28
87 "9-6 90
Oct'28
10618 110 10618 10618
8612 Dec'28
101 107 10212 10212
9734
98
_ 100 Feb'29
9018
9718-9412
- - 90 May'29
9912 Dec'28
38 8814 May'29
_ _9712 97
97
96
9812 09 9812
98,2
____ 89 8878 May'29
97
98 80 Apr'29
89
8512 89 89
_ 102 Apr'29
9412
- - 937
102189373 9412
9314 May'29
9934
9934
9934 100
10114 Sale .10012 10114
10512 Sale 10412 106
22
9114
99
99
10418
94
91
28
57
_
14
5
48
1
2
K C Ft S & M Ry ref g 48_1936 AO 92 Bale 92
9214
4
KO&MR&Bletgu5s1929 AO 98%
2
98%
9818
7574
Kan City Sou let gold 38_ _ _1950 AO 7414 Sale 7414
48
J
Ftef & impt 58
Apr 1960 J
9834 9878 9834
99
34
Kanaae City Term let 48_1960 J
87% 8812 8753
8812 34
Kentucky Central gold 45_ _1987 J J 884 92 883
8834
1
Kentucky & Ind Term 410_1961 J
88 95
_
J 87 Sale 87 Jan'29
1961
Stamped
87
1
is
1961
Plain
91
93 Apr'29
_
1937 ii 100 Sale 99%
Lake Erie & Watt let g 5s
100
2
ad gold iht
1941 J J 98,8 10012 100 Feb'29 _
SD
Lake (311 & Mich So g 8 Hs_ _1997
79 Sale 79
7934
4
D 73
1997
Registered
80
7812 May'29
95-year gold 4e
1931 MN 97 Sale 96%
97
218
,
2
MN
Registered
9934 Apr'28
Leh Val Harbor Term gu 58_1954 FA 103 Sale 103
103
1
Leh Val N Y 1st gu g 4j4e_ _1940 J J 96 Sale 96
96 ____
Lehigh Val(Pa)cone g 4E...2003 MN 86 Sale 8612
87
16
MN
Registered
86
Jan'29
2003 MN -56
General eons 434e
96
96
97
2
MN
Registered
99 Nov'28
Lehi Valley RR gen fis series 2003 MN
Leh V Term Ry let gn it fie. _1941 A 0
A 0
Registered
Lab & N Y 1st guar gold 4e__1945 M 6
Lex 18 East let 150-yr 58 gu_ _1965 A 0
Little Miami gen 4e werkolA. 1962 NI N
1935 A 0
Lome Creek consol g 65
Long laid let con gold 15e July1931 Q J
lit eoneol gold 411_._ _July 1931 Q J
1938.1 D
General gold 4.8
1932 J D
Chdd 48
1949 M S
Unified gold 48
Debenture gold 55
1I
,
3
tM
li
30-yearn m deb 5e
1949 M 8
Guar ref gold 48
Nor Sh B ist con gu lie_Cett 32L9. 4
:
0
Lou & Jeff Beige Co gd g 48_1045 m.
Loulavflht de Nashville 58._.1937 M N
1940 J J
Unified gold is
J J
Registered
Collateral trust gold lis ..1911 MN
10-year see 78...../tlay 15 1930M N
let Ingurld 8145 seriesiii _ _2003 A 0
109 112%
109 109
9212 98
104% 10934
10018 10434
92% 9714
93
97%
927
8334
8653
9954
884
86
100
2
lOSIg 10833
1
3
_
10212 1-6412
9734 10114
97 100
90
94
__
5
5
-ii9014
5
5
31
36
Itt g, 4
=11'1
lag 1
B.0.,
atLletg4._M1
I=
_N
_
Registered
10138 1074
10033 10312
_
3
13612 get
:
8612 Apr'29
NButial B & N NV Ut 3348_ _1941 J J 8612 90
100
2
994 100
Mich Cent Det de Bay City 68231 M 8 100 ____ 100
10034
Apr'28
Q
M
Registered
9612 9214 Apr'29
-9214 93
1940 J J 92
MINI Air Line 411
9218 July'28
J J
Registered
8033 851,
1952ISI kT -5212 844 8212 Apr'29
UM gold 330
99% 99/
9934 Mar'29
1
4
1929 A 0
20-year debenture 48
Oct'28
99
A 0
Registered
9312 96/
94 Mar'29
1
4
85
91
Mid of SI J let ext Eg3
9912 9912
Jan'
2
:
Milw L 8 fic West Imp g fia 11112
96
96
96
91' Feb2
29
Alli & Nor let ext4M(1SSO)1934 J D 94 -116-1-2 9
94
95
1934 J D 9153 9338 94 May'29
Cone ext 4348 (1884)
90
92
9034 Apr'29
Alll Spar & N W Dit 6U 48--194.? M S 894 92
90 Apr'28
Milo & State Line let 330..1941 J J
55%
50
Minn ft St Louie let cone 68_1034 NI N "Lii" if" 51 May'28
46
4712
47
0314
4812 May'29
N
1934
NI
Temp aft of deposit.
16
194 35
UM A refunding gold 48.__1949 m 8 2212 228 2223
15% 20
2014 20 May'29
Ref & ext 50-yy 58 MT A--liumi Q F 18
16
16
Jan'29
_
16
CerUfleaUo of deposit
8612
1
86
8914
88
864
MTlb eon g 48int gu'38 J -J 87
May'29
93%
99
9412
967
2
98
1938
J
J
let cone
98 May'29
964 994
let cone 58 gu ae to int__At938 J J 9634 98
9934
4
9714 101
1931 M S 9912 Sale 99
10-year coil trust 634IL
98 10012 9814 May'29
9814 102
1st & ref 68 genes A
1
88% 95
88% 8878
8878
25-year 530
9312 Jan'29
9312 934
1941 MN
let Chicago Terms f U
99% 9612
9612
2
964 99%
AlleaWMppi Central let 58.....1949 J J 96
843 8532 8433
85
6
81% 88
Ms 102
100
82
3 9914 99'2 99
1BATA9N 1'
12-1nUapV411=,
84
83
83
1
8112 86%
1962 J J 83
40-year 45 mules B
90 Sale 90
91
21
89
9412
Prior lien 434e ser D
107
68 102 1074
Cum adjust 5e ser A _Jan IN;i il 10534 10634 10618
9918
74
8
10
0
9518 10135
Mo Pao let A imf 58 eer A _ 1966 F A 9734 9834 9812
77
70
1975 IM S 73 Sale 73
General 48
9714 94
93:
1 991e
1977 IM S 9714 Sale 9614
let & ref 58 series F
97% 47
944 100
1978 N,N 9633 Sale 9612
let & ref g 5e tier 0
10414 Sale 101
10433 2672 101 10478
Cony gold 134s
7018 9038 9034 Apr'29
901a 91%
Mo Pae 3d 7e ext at 4% July 12
3119
3
100
Apr'29
9914
101
99 100
5e.__1945
J
Mob dk 1Hr pnor Ben g
9912 99 Feb'29
99 100
95
Small
8912 8834 Apr'29
86
98
19451
lat M gold 4a
8512 851 Apr'29
85
8512 89
1945.7
Small
93 May'29
9112 93%
90% 94
Mobile & Ohio gen gold 48_.1938 M
____ 100 May'28
99 100
Montgomery Div let g 58_1947 F A 991
3
938
90
974
938
938 95
1977 M
Ref & Impt 430
8338 873 87 May'28
8412 87
1,111kc,1,:fn:u gold 48 1991 M
Apr'29
105 10812 106
106 106
10034 101
10034 ____ 10034 Feb'29
INI 1
1st guar gold 55
4
7512
75
8012
Mune & Eumx let gu 3310_.20001 J 0 7512 Sale 75
';'' 1
9012
8415
86
9212
97 100
88
99%
97
9138
9812 100
8412 90
10014 10212
0234 0534
9314 934
9818 19418,,
10012 100
10014 107%
Range
Mace
Jas. 1.
f•
b g:11r
8914 Sale 8914
894
9914 ---- 99 May'29
1734 ____ 18 July'28
1834 July'28
91 1212 934
934
8712 Aug'28
1212 16
1212 May'29
3812 July'27
18
18
21.
18
22 Apr'28
8
1014 8
8
86
Oct'28
99
96 May'29
83 May'29
8053 89
88 Mar'29
95E8 :::: 9312 May'29
87h Sale 8538
8734
96 May'29
931 97
90
948 95 May'29
99 10014 98 Apr'29
8812
8812
88
90
10134 Bale 10134 102
94
9512 May'29
96% 100
- - 97 May'29
10434 Sale 10434 10514
Jan'29
106
8734 Sale 8734
8812
99
9833 Sale 9838
104 Sale 10334 10412
106 Mar'28
5'
ioi"
Week's
Range or
Last Sale.
HUB
Bid
Ask Low
High No. Low
Louliman4 dk Newby (comaud4(0-10218 10578
10312 104 10318 May'29
ref 588erim B
144
.
1
9715 99
97%
97%
113 :UM&ref4A4mmievc___1IS 97%
99% 101
3
1930'J J 101 Sale 99% 101
goldOa
100 1004
110 Apr'29
1930 J J 9914 -3
904 9114
904
904
Paducah At :NUM IMV 48_ _1946 F A
6312 6712
634 May'29
68
St Louis Div 2d gold 38_ _1980 1M S 64
Mob M Monte let g 434s 1945 M 8 97 100 100 SepC28
1 "18"
87
85%
85%
South :Ry Joint Monon 0_1952 J J 85
2
90
91
89% 92
90
AU Knoxv & Chi Div 4e_1955 M N 90
MN
994
1
97
97
97
97
98
11
Lex
LouMv(An
imv g 4358'31
100 May'29
100 100
1934 J J
Mahon Coal Ina let 58
7412 74 May'29
7371 75
Manila RR (South Lines)48_19340m N 74
73% 69 May'29
69
77
1959 M N 69
UM eat 48
99 May'29
98% 10012
Manitoba S VV Coloniza'n Ss 1934 J D
Nub Chatt & St L 48 mu J5_1978 F A
5937F A
888k88% 9012 bl Fhl di S lst gu g 58
Net By of Mex pr Ben 4348..1957 J J
July 1914 coupon on
.3
Assent cash war let No li,.91
100 10514
:
15-11
Guar 70-year e f 421
944 974
Assent Mal 'war rot No 5 on
iNat RR Mex pr lien 4345 Oct'26 I
Assent cash 'oar rtM No. 400
"ii 9214
1951
8412 8814
let consol 4s.-4--fi
Assent cash war ret No Lon
102 103
Naugatuck RR let g 4a _.1954 1-111i4
103 103
i
10014 10612 New England RR am. Ea mg 1
Consol guar 48
89
96
1986 F A
NJ June RR guar let 4s..
168 N 0& N E h.ref &imp 4348.01'52 J J
91
9512 New Ontons Term UM 418__A195.2 J J
N 0Texas & Mex n-e Inc 58_1936 A 0
78
82
:
t il
1956
954
let M mules B
9234 98%
let Si mules C
93
98%
BH4 F A
let 4348 settee D
40
51
let 534e Auto A
40
5112
N1.4 C Bdge gen guar 4 He--ilt
l
1012 20
85
894 NrIN8 & NI B ha con g 64-.1915 A 0
9914 10014 N Y cent RR cony deb 6e 19315 1M N
MN
Registered
82
8412
Consol 45 otriee A
A
e. e
11-F
R l & impt 4 As Naha.' A_ _19
89
93
Ref A impt MINNerC____20113 A 0
98
9912
A0
Registered
70
76
951
: 99%
9618 9912 Nry Cent & laud Itly Al 8ha In;1 1
tegWumed
1
88% 9072
1934 NI N
Debenture gold 45
95
95
M N
Registered
87
90
80-year debenture 48
9078 95
4
2-I
F A
98
9
330_1
Lake
Shore
coll
gold
9812 101
99 100
8112
N111=glitold 33is
78
7532 7812
gN
96% 9912
5
1
_
Price
Friday
May 17.
BONDS
N. Y. STOCK EXCHANGE.
Week Ended May 17.
ItIA, g
25-year debenture 4a
2d 68 series A II C
97 34
1
Refunding 534e series A _ _19
Refunding 6345 series 13_1975 J
Ref 4348 series C
197856
NY Connect let gu 414i A.1953 F A
1st guar 58 series B
NflY & Erie let ext gold 4s...,1947 MLI
1933M 8
3d ext gold 434e
4th ext gold 521
1930 A
:Ii&
NrY & Greene, L gu g88._ _,
N Y A Harlem gohl 3345
2000 111 N
M N
Registered
N Y Lack & W let & ref gu 512'73 M N
1973M N
let & ref gu 4348 eon
NY LEA 'V17 let 78 ext._ _1930M. S
N Y & Jeremy let 58
A
NY at N F. Beet TenA,U
NrY N H & il 0,3 deb 48._1947 M S
Non-cony debenture 3345_1947 M S
Non-cony debenture 330-1954 A 0
Non-cony debenture 48_195,5 J J
1956 IM N
Non-cony debenture .11t
1956 J J
Cony debenture 3 MU
Cony debenture 138
Registered
Collateral Umet 6s
1;111
9 Pil fE
Debenture 48
let A ref 4345 ser of 1927.19875 0
Elenem,R A Pt clad ha 44 1954 Im N
T il
23::
20
7
8
52
15
2
8
10
12
21
80
80
5
791e Sale 7918
7812 78 Apr'29
77
957
47
9512 Bale 9512
Jan'29
95
95
5
95 Bale 95
76
11.
76 Sale 76
74% May'29
7418 80
76
76
10
79
76
7414 778 7433 May'29
9312 12
9312 Sale 933
9612 Feb'28
977 9853 97%
98% 20
10012 Bale 10012 10118 45
106
37
116 Sale 10514
106
43
10533 Sale 105%
1
94
93
935 94
9412
9512
9
93% 99
10138 104 10012 May'29
90 Apr'29
100 98% Mar'28
9734 100 100 Apr'29
95 Mar'29
83
83
1
8518 Apr'28
10018 ____ 100% Feb'29
96
Apr'29
104 Feb'28
97 Sale 97
9712
6
90 Mar'28
80 Sale 80
80
1
75
754 75 May'29
714 74
717 Mar'29
80
81
80 May'28
7912
79% 81
7912 __ 2
7012 7433 711 May'29
12014 Sale 120
12212 46
118
Apr'29
10334 10434 10334 10434 10
7534 7678 7534
7712 19
8734 Sale 8734
8834 41
8912 9012 89
Apr'29
8914 9075
99 102
913 j3l
18
71
lis;
"ii1-2
liti
96
99%
83
86%
88
88
93
9711
85% 91
96 100
93 1004
98 101
88% 96
no
:10515
9415 9534
9512 97
10214 108
106 106
8612 8978
97 1004
103% 1074
77%
774
93%
95
90
74%
73%
74%
74%
91%
824
784
97%
96
95%
81%
74%
79
78
96
9553 -9-853
10012 1024
1044 10714
105 107
93
95%
9312 9718
9914 1E4
90
eu
-99- ftii.
9414 98
83
83
i(1018
96 10015
97
10053
-ie.
' 80
75
7734
704 75
844
74
844
76
6914 76
116 126
115 119
102 1054
70% 7812
8512 024
884 9012
3320
New York Bond Record—Continued—Page 4
•te
BONDS
N. Y. STOCK EXCHANGE.
Week Ended May 10.
Price
Friday
May 10.
Week',
Range or
Last Sale.
"
•tri
—
i5
Range
Since
Jon. 1.
Bid
Ask Low
High No. Low
High
N Y 0& W ref 1st g 48_June 1992 M
68/
1
4 Sale 6818
74/
67
1
4
6834 35
Reg 65,000 onlyJune 1992 M S
70 Apr'28
General 48
1955 J D
7114
02
8212 May'29
4
NY Providence & Boston 45 1942 A 0 90 Sale4 90
3
91
90
90
Registered
A 0
89/
1
4 Jan'28
N Y & Putnam lot con gu 4a 1933 A 0 8512 88
8534 May'29
-8-9-12
NY Susq & West lst ref 58_1937 J J 8218 Sale 8218
8218
801a 8612
2d gold 454s
1937 F A 72
8434 Nov'28
79
General gold 58
1940 F A 71
74
5
7018 -8-27012
71
Terminal lst gold 58
1943 M N
101
9918 1011
9912 Feb'29
/
4
N Y W-ches & 13 let ser I 448'46 J
81 Sale 81
1
4 85
79/
8234 35
Nord Ry ext'l st 650
1950 A 0 101 10114 100/
1
4 10114 41 10014 105
Norfolk South 1st & ref A 58_1961 F A 8012 Sale 8012
82% 11
8012 9034
Norfolk & South 1st gold 53_1941 M N
9713 102
9912 99 Mar'29
Norfolk & West gen gold 68_1931 M N
Improvement & ext 68_ _1934 F A
New River 1st gold 6s
1932 A 0
N
W Ry 1st cons g 4s1996 A 0
Registered
1996 A 0
Dliel let lien & gong 4s 1944 .7 J
10-yr cony 6s
1929 M S
Pocah C & C joint 48_ _ _ _1941 J D
North Cent gen & ref Es A _ _1974 M Ei
Gen & ref 4548 ser A stpd_1975 M El
North Ohio let guar g 58_ _ _1945 A 0
North Pacific prior lien Is...1997 Q J
Registered
1997 Q J
Gen lien ry Jr Id g 3s_Jan 2047 Q F
Registered
Jan 2047 Q F
Ref & Impt 454s series A..2047 J .1
Ref & Impt 68 series Et
J J
Ref & Impt 58 series C__ _2047 J J
Ref & Impt be series D___ _2047 J J
Nor Pac Term Co 1st g 68_ .19332 J
Nor Ry of Calif guar g 5s___1938 A 0
102
102 Mar'29
_ 105 Mar'29
105,8101 10312
- 10118 May'29
91 Sale 90/
91
1
4
8712
8912 Feb'29
9114 -92
9112 May'29
13212 Feb'29
9134 Sale 9158
9178
1077 Jan'29
07 Apr'29
_ _ _ _ 94-78 96 Feb'29
8714 Sale 87
87%
8512
8618
861,8
64 Sale 64
6558
62 Mar'29
9612 Sale 9612
9658
11134 Sale 11134 11212
10214 10412 103
103
102/
1
4 103 104 May'29
10934 ---- 10934 Feb'29
99
99
North Wisconsin let 69_ _ _ _1930 J J
Og & L Chain let gu g 48-1948 J 2
Ohio Connecting Ity 1st 48_1943 M
Ohio River RR 1st g 59_ _1936 J D
General gold 5s
1937 A 0
Oregon RR & Nay con g 45_1946 J D
Ore Short Line let cons g 59_1946 J J
Guar stpd cons 55
1946 J J
Guar refunding 45
1929 J D
Oregon-Wash let it ref 45_ _1981 .1 J
Pacific Coast Co 1st g 58_ ..1946 J D
Pao RR of Mo 1st ext g 4s 1938 F A
26 extended gold 55
1938 J J
Paducah dt Ills 1st 5 f 448_ _1955 J J
Paris-Lyons-Med RR extl(is 1958 F A
Sinking fund external 7s 1958 M S
Paris-Orleans ItR 5 f 7s._ - _1954 M 5
Ext sinking fund 5 Hs_ _1968 M 15
Paulleta Ry 1st & ref f 7a 1942 M 9
1001
/
4
-- 100 Sept'28
1
78 -.
79
79
79
95/
1
4 Nov'28 _ _
99%
9918 Apr'29
98
9914
9914
1
901
/
4 95
_
9038 May'29
10214 10412 10212 10212 20
1021
/
4 103 104
104
17
9812 Sale 984
9834 112
8714 Sale 861
/
4
874 92
74
47
76
7434 75
9034 93 90/
1
1
4
9034
_
9838 _
9734 Mar'29
98
997
1
4 Oct'28
- 8 100/
9958 Sale •9958 1001
/
4 78
103 Sale 10212 103
31
10338 Jan'28 _ _ _
95 Sale 95
23
98
1021
/
4 Sale
1037e
5
Pennsylvania RR oons g 48_1943 M N
Consol gold 4s
1948 M N
to sterl stpd dollar_May 1 1948 M N
Consol sink fund 4lie----1980 F A
General 454a series A
1965 1 D
General 5s series B
1968 J D
10-year secured 7s
1930 A 0
I5-year secured 6548
1936 F A
Registered
F A
40-year secured gold 53__.1984 M N
Pa Co gu 3545 coil tr A reg_ _1937 M
Guar 3145 coll trust ser 13_1941 F A
Gear 354s trust ctfs C____1942 J D
Guar 334e trust Ws D____1944 J D
Guar 15-25-year gold 48..1931 A 0
Guar 4s ser E trust Ws__ _1052 M N
Secured gold 41
/
4s
1963 MN
Pa Ohio & Det 1st dr ref 445 A'77 A 0
Peoria & Eastern 1st cons 48.1940 A 0
Income 48
April 1990 Apr.
Peoria & Pekin Uri 1st 550_1974 F A
Pere Marquette 1st ser A 58_1956
1st 45 series B
1956 J 1
St J08 St Grand lel 1st 48_1947
St Lawr & Adir 1st g 55. _1996 J
26 gold (is
1996 A
St LA Cairo guar g 48
19312
St L Ir Mt & S gen con g 58_1931 A
Stamped guar 58
1931 A
Unified & ref gold 48
1929 J
Div 1st g 48-1933 M
Rlv &
qt L M Bridge Ter gu e 58_1930 A
St L-San Fran pr lien 48 A -- 1950 M
C.on Ni 441 serled
1978 M
Prior lien 58 series B
1950 3
36
2
47
10
46
7
1
1
4
24
6
65
48
67
48
54
_
2
86835s
9
3
Aapyr'
74 M
'29
86
7-12 85
9714 Sale 9714
9714
10
8512 8978 86 May'29
9714 Sale 971
9734 • 34
/
4
92
96
9534 9512
7
8412 8512 85
85
5
411
/
4 Sale 37
411
/
4 21
10114 103 10114
10114
1
10114 10112 10158 102
135
8912 89
88
89
.5
102i8
99/
1
4 _
2
5
__
__
1
11
1
10114 Apr'29
10358 July'28
9978
10014
9918
9214 ____ 9112
10312
10318
_
Apr'29
Aug'28
Sept'28
Apr'29
Mar'29
7112 Mar'29
92 84 May'29 _ _ _ _
9134 90 May'29 _ _
9434 July'28
9714 Sale 97
9738 11
__ 79
7818 May'28
6i
- 101 Feb'29
100 Nov'28
6 May'28
-- 712 Apr'28
87
88%
8812 87
82
82 Sale 815s
0418 41
9318 Sale 9318
70
7234 82 Nov'28
87 May'29
82
90
J 84
_
-- 87 May'29
1041
/
4 Feb'29
J 103 105
_0
_
- 10534 Nov'28
1
9534
J 9534 9612 9534
21
100
0 99 Sale 99
/
4 Dec'28
1011
0
J 9938 994 9914
9912 29
20
94
N 9338 sale 9338
__
0 9734 99
9712 May'29
94
86
8 85 Sale 85
298
/
4
871
8714
8714 Sale
9934 32
1
4
J 9934 Sale 99/
Due May. e Due June. 1 Due August.
21
102
9312 Sale 9312
9312
92 Sale 92
9313
9134 Sale 9134
9134
997 Sale 997
997
9734 Sale 9734
9814
10514 Sale 10514 10614
10118 Sale 10118
101/
1
4
10712 Sale 10712 109
112 Apr'28
10512 Sale 10138 10212
88
90 89/
1
4 Apr'29
_ 6
87
Mita Bait AC Wash 1st g 411-1943 M N 9238 ____ 9534 May'29
General 58 series 13
1974 F A 10714 ____
10714
Phillippine Ry let 30-yr 8 f 48'37 2 .1 3618 37 10714
36
36
Pine Creek registered 1st 65_1932
103 Mar'29
Pitts & W Valet 4145
1958 2 D
Apr'29
PCC&StLgu445A_1940 A 0 9814 9812 94 Apr'29
9712
Series 15 44e guar
1942 A 0 9634 ____ 9712 May'29
Series C 454e guar
1942 M N 9634 ____ 9712 Apr'29
Series D 48 guar
1945 M N 9614 ____ 96 May'29
Series E 334s guar gold
19C F A
9714 Sept'28
Series F 45 guar gold
19532 D 9614 Sale 9614
9614
Series G 48 guar
1957 M N 9614 _
9518 May'29
Series 11 con guar 4s
1960 F A 961
/
4
9612 May'29
Series I cons guar 44s
1963 F A 9638
__ 9658 Apr'29
Series J cons guar 448_1964 M N
_ 9912 Apr'29
General M 58 series A
1970 J D _ 9634_ _ 1063
- - 4 107
107
Registered
1 D
10338 Jan'28
Gen mtge guar 5e ser B._ _1975 A 0 -_-_-_._ 1-0738 10712 10712
Registered
A 0
11312 Jan'28
Pitts McK & Y 1st gu 65_ _1932 j J
1934 J J
26 guar 621
1940 w 0
Pitts Sh & LE lstgAs
1943 J J
1st consol gold 58
1943 M N
Pitts Va & Char 1st 45
Pitts Y & Ash 1st 4s ser A_ _1948 .1 D
1962 F A
let gen 5e series 13
1974 J D
1st gen 59 series C
Providence Secur deb 45_ _ _1957 M N
Providence Term let 40_ ,...1956 M S
Reading Co Jersey Con coil 48 '51 A 0
A 0
Registered
J
Gen & ref 448 series A __1997
1948 M N
Rich & Meck 1st g 49
'Miami Term Ry 1st gu 55..1952 J J
Rio Grande June 1st gu 58_1939 J
Rio Grande Sou 1st gold 48_1940 J J
J
Guar 4s (Jan 1922 coupon)'40
Rio Grande West 1st gold 48.19392 J
let con & coil trust 48 A_ _1949 A 0
R I Ark & Louis let 448_1934 M
Rut-Canada 1st gu g 4s. _ _ _1949 J
1941.1 j
Rutland let con g 434$
11
1014 10314
105 105
0974 104
9214
89
8912 8912
9014 94
13212 13212
9112 9538
107% 10778
9574 99
99
96,4
87
90
8534 89
63
6712
62
631 2
96
9878
110/
1
4 11312
101 105
101 104/
1
4
109/
1
4 101434
99
99
787s S3
N
BONDS
V STOCK EXCHANGE
Week Ended May 10,
t
Price
Friday
May 10,
Week's
Range or
Last Sate
.3)
Bid
Ask Low
High No.
St Louis & Sall Fr Ry gen 68_1931 23 100 10218 102 Apr'29
General gold 5s
1931 J
99
9912 99
99
St L Peor N W lot gu 5s 1948 J J 10212 10412 102% 10278
St Louis Sou 1st gu g 48_
193I M S 9618 9612 9618 May'29
St L 8 W 1st g 4s bond ctfs 1989 MN 83,2 Sale 8312
4
84
26 g 4s Inc bond ctfs Nov 193
1989
2 J J 80
82
8114 May'29
Consol gold 4s
3D 941
95/
1
4 26
/
4 Sale 9414
1st terminal & unifying 58_1952 J J 98
99
98
9814 21
St Paul & K C Sh L 181 4348.1941 FA 91% Sale 911
/
4
9214 29
St Paul & Duluth 1st 55
1
196
938
1 FA
5
98
0814
let consol gold 48
JD 8818
1
8818
881
/
4
St Paul Ear Trunk 1st 4548_1947 J J
9718 Jan'28
St Paul Minn & Man con 40_1933 J J 9484 96 94%
1
94%
let consol g 65
1933 J J 102 10414 102 May'29
Registered
J 1
103 Jan'29
(38 reduced to gold 4146___1933 J J 9612 09 9612
12
97,
8
Registered
1
95 Dec'28
Mont ext let gold 45
1937 1 I) -513-4 -64.- 9112
1
0112
Pacific ext guar 4s (sterling)'40 J
8718 90 103
St Paul Un Dep lot & ref 58.1972 32 10338 10414 10414 Mar'28 23
1041
/
4
A dr Ar Pass 1st gu g 48
1943 .1 1 8834 Sale 8834
9058 23
Santa Fe Pres & Phen 1st 58.1942 NI S.
102 Apr'29
Say Fla & West 1st g 6s
12
93
34 AO 10234 10512 10212 10212
1st gold 58
A0 9838 _ _ _ _ 9814 Apr'29 - - - Scioto V dr N E 1st gu g 4s_1989 MN 8834
_ 90 Apr'29 Seaboard Air Line let g 4s_ 1950 AO
7318 Apr'29 - - - Gold 4s stamped
1950 AG 6914 70 69 May'29
Adjustment 58
PA
95
49
Oct 10
4914 Sale 4812
51 -574
Refunding 48
A0 56 Sale 56
5634 44
1st & cons 68 series A_.__1945 Si S 7412 Sale 74
7512 99
M S
Registered
75 Mar'29
All & Birm 30-yr 1st g 48_41933 1%1 S 8234 8512 82
1
82
Seaboard All Fla 1st gu Os A_ 1
1935
935 PA 6514 Sale 6514
6612 86
Series 13
FA 6514 66 651
3
/
4
6514
Seaboard & Roan 1st 5s extd 1931 J J
9712 98 Dec'28
So Car & Ga let ext 5548
N
1929
9928 Apr'29
S&NAlaconsgug 58
1936 PA i0Ois
_ 101 Dec'28
-Gen cons guar 50-yr 5s
1963 A0 10578 ____ 106
108 I
5
_
Range
Since
Jars, 1
Low
High
101 102
953s 10012
102 10318
9512 974
83/
1
4 89
82
79
9414 9611
97 10131
89/
1
4 9514
98
9814
8014 884
9413
10134
103
9612
98'l
1041
/
4
103
9914
-9112 05
iis574 10514
871
/
4 91
102 102
10212 106
9814 1004
8812 504
7278 74
6712 75,4
35/
1
4 51
56
6012
72
80
75
75
81
89
64
71
64/
1
4 701
/
4
9928 99°,
1041
/
4 10614
So Pac coil 4s (Cent Fae col) k'49
891
/
4 Sale 8918
89,2 20
86/
/
4
1
4 911
-9-9i;
Registered
21)
86,8 Apr'29
8514 8618
100
20-year cony 45
June 1929 J I) 99,8 Sale 99,
8
99
,
s 31
99
99/
1
4
9212
1st 454s(Oregon Linea) A_1977 M
22'
97 Sale 97
9734
95
9914
10638
20-year cony As
3 100 1014
4 3D 100 __ _ _ 100
196
1938
10014
108
Gold 4548
S 9234 Sale 92
88
93
82
14714
9914
Gold 4148 w I
May 1 1969 MN 93 Sale 93
9438 5961 93
94/
1
4
8918
San
,6Fran rl
ed
'erm let 4s_ __ _1950 A0 8812 Sale 8814
9
8912
8712 91
80
A0
90 Nov'29
9418 So Pac of Cal 1st con gu g 56_1937
-- 100 May'29
N 9918
109 11)3
99
So Pa3 Coast 1st gu g 48._ _ 195
35
7 23 9412 -9514 9514 Apr'29
9514 954
So Pac RR 1st ref 48
J J 9114 Sale 91
50
92
/
4
8914 921
9734 101
ltegletered
J2
90 Nov'29
90/
1
4 90
,
4
10118 10478 Southern Ry 1st eons g 5s___1994
J J 11073.8 108 10728
14
10812
1061
/
4 110
Registered
23
105 Mar'29
105 108
iiDevel & gen 48 series A ___1956 A0 87 Sale 87
79
8814
8334 89
10112 104
Registered
AO
8714 Sept'28
Develop & gen 65
1956 AO 11334 1143-4 11334
37 j5918 115
115
9318 95
Develop & gen 654s
AO 12018 Sale 11978
12138 29 117 123
911
/
4 04
Mem Div 1st g 5a
1196
99
56
J 10438 106 10458 Apr'29
104 10614
9134 9334
St Louie Div lot 818
1951 ii 87
8
87/
1
4 88
8814
811
85
9974 10112
East Tenn reorg lien g 5a_.1938 MS 9714 100
9718 May'29 961
/
4 100
971
/
4 10012
Mob & Ohio coll tr 4s
MS
1938
91
92
9112
May'29
9112
931s
10514 10812
100/
1
4 103% Spokane Internal 1st g 5s
1955 J J _
761
/
4 73 Apr'29
7212 8112
10712 111
Staten Island Ry let 414s
1943
D
86 Nov'28
Sunbury & Lewiston 1st 48_ _1936 23
95 Apr'28
101 105
Superior Short Line 1st As..e1930 M 8 98
Mar'29
99
09
8934 8934 Term Assn of St L lat g 448_1939 A0 98 10(1 99
9814 98 Apr'29
98
98
8412 87/
1
4
1st cons gold 58
1944 PA 10014 Sale 10014
4 100 103
10112
891
/
4 89
Gen refund af g 4s
1953 3J 86
8834 89
8978 36
00
85
84
85
Texarkana 4, Ft S 1st 554e A 1950 PA 101 Sale 101
10112 16 10012 1044
9612 991
/
4 Tex & N 0com gold 58
1943 ii 98
98 Mar'29
9814
98
98
851
/
4 92
Texas& Pac 1st gold 58
2000
3 10512 109/
D 10512 Sale 10512 10512
1
4
963s 994
2d Inc58(Mar'28cp on)Dec 2000 Mar
95 May'29
95
95
9212 9714
Gen & ref 55 series 15
A0
44
Sale 9838
99
97
10214
8312 87
Gen & ref 58 series C
11997797 AO 0714 Sale 9714
9712 546
9714 9712
37
45
La Div B L let g 55
1931 J J {1213 09 9834
10
99
981
/
4 100
10114 103
Tex Pac-Mo Pac Ter 554s- 1199641 Si
100
10412 105 Mar'29
10212 1094
10014 10478 Tol & Ohio Cent 1st gu 58
100
J
Apr'29
9912
-1193
935
9612 10112
86
9178
Western Div 1st g 58
A0
100 103 Apr'29
9912 103
General gold 58
1935 3D 95
994 9812 Apr'29
95 1004
92/
1
4 95
Toledo Peoria & West let 48_1917
15 Nov'27
1 12
107 108
Tol St L & W 50-yr g 4s
1950 *0 8712 90 88 May'29
91
87
35
39
Tol W VA 0 gu 4545 A
1931
98 Apr'29
J 0612
98
95
103 103
141 gilar 4854se
95/
sres
sieries
1
4 Apr'29
c B._._1933 J J 9618 98
95
9512
/
1
4
94
96
guar
1942 NI 5
9738
971
/
4 10
971
/
4 9912
9558 99/
1
4 Toronto Ham & Buff let g 48 1946 3D 8414 89 8414 Mar'29
841
/
4 884
9614 10012
9712 99,
4 Ulster & Del lot cone g 55_ 1928 3D 71
77
3
77
77
50
86
9412 9612
Certificates of deposit-- — 80
67
65 May'29
55
86
1st refunding g 4s
537 50 May'29
50
1952
62/
33
1
4
9428 9614 Union Fee 1st ItR dr Id get 481947 J J 0214 Sale 92
9234 50
9114 954
95
0612
Registered
.11 9014 9518 9112 May'29
90
92
95
9612
1st lien dr ref 48
June 2008 M 9 8818 89
8812
893a 11
86
9071
96/
1
4 100
Gold 454$
19672 J 0614 Sale 95
9614 24
9334 994
9912 99/
1
4
1st lien & ref 50
10914
4 106 10914
June 2008 M 8 10834 Sale 10834
105/
1
4 10818
40-year gold 49
1968 .1 D 8434 Sale 8434
8512 24
841
/
4 894
_
U N J RR & Can gen 4s_ _ _1944 M 9 911
9212 May'29
/
4
92
95
108 I-08.12 Utah & Nor lot ext 48
96 Nov'28
1933 J J 9412
-Vandalla cons g 4s series A..1955 FA 92 - - 9212 Apr'29
94,
4
C011e a 1 421 aerie+) B
96 May'29
1957 MN 92
92
9434
1011
/
4 10114 Vera Cruz dr P assent 4149_1934
12 May'29
12
10
174
Virginia Nild 58 series F__._1931 MS
99 10018 Mar'29
1004 1001e
1-661i General 58
1936
in01.2 101,2 10014 May'29
100 10038
Va & Southw'n 1st gu be. —2003 3J 9914 10312 991
/
4 Apr'29
9914 100
1st cons 50-year 55
903
1
4
'
1958
9034
*0
913
5
89/
1
4 9514
9114 931 Virginian Ry 1st
10214
19 1011
5s aeries A_1962 MN 10
Sale 10134
/
4 104,
4
1031
/
4 10314 Wabash RR 1st gold As
32 10018 103/
1939
Sale 100/
1
4
N
1
7
s
1
0
1
4
1
/
4
101
2d gold 53
100
1939
100
Sale
3
FA
100
97
10112
7111 74
Ref & gen s f 54sser A_ _ _1975 M
10218
10258 52 100 1041
1
4
10212 102/
/
4
84
84
Debenture B 65registered_1939 J J
8818 May'27
90
9312
let lien 50-yr g term 4s
1954 3J 75
8878 Nov'28
83
Det & Chic ext 1st g 5s
1941 2 j 10012 10112 10112 May'29
ii5O112- 997
Des Moines Div 1st g 48_1939 32 86
Jan'29
88
01
88
88
Omaha Div 1st g 314s
1941 *0 7818 807a 79 May'29
79
8584
564 102
Tol & Chic Div g 48
1941 MS 87
_
904 904
9012 9018 Mar'29
Wabash Ry ref & gen 58 B 1970 A (4 97 Sale 07
07% 42
9478 1004
Ref & gen 454s aeries C
21
1978 PA 8712 Sale 8712
84/
1
4 9078
88
-(i2-1-4 Warren 18t ref gu a 3 3.4,..,.2000 PA
83 Nov'28
80
78
87
Wash Cent let gold ts
841s 8414
1948 Q
8414 Mar'29
9318 9672 Wash Term 1st gu 3145
83
19-15 FA 8328 87
86
8318 May'29
1st 40-rear guar 4s
884 91
1945 FA 88/
1
4 89 8818 Apr'29
87
90't W Mln W & N W let gu 58._1930 FA 97
97
97
97 Feb'29
98
West Maryland let g 4s...._1952 *0 7934 Sale 78
82
78
7931 42
83
8814
1st & ref 654s series A._.1977 33 9512 Sale 9512
28
92% 99/
1
4
97
104/
1
4 104% West N Y & Pa let g 5s
1
9912 Lona
1937 J J 100 10014 100
100
Gen gold 4s
9112
1943 AG 87/
14
80
1
4 Sale 8728
87/
1
4
-9512
Western Pao 1st set A Se....1946 M
9512 100
9812 23
9812 Sale 9812
98 101
Registered
MS
/
4 Aug'28
971
_
West Shore lot lo guar___ _2361
6
T1131-s
Sale
88
8812
88
98/
1
4 100
Registered
2361 32 8312 851 8512 Mar'29
811
/
4 884
9234 9434 Wheeling & Lake Erie—
11712 100
Ext'n & impt gold 5e
1930 F A _100 100 Sept'28
8312 884
Refunding 414s series A 1966 M El 8
/
4 1614
8538
4 "Aii1
90
8538
8334 8912
Refunding 58 series B
1966 M 11
102 102
102 102 Feb'29
9334 1014
RR 1st coypu)! 45.
8434 89,
1949 M 5 34414
4
85 May'29
Wilk & East 1st gu g 58
114423 I) 6858 6-1;7 67 May'29
6512 74
WM& El F 1st gold 5a
1938J 0 10018 99 100/
1
4
99 Apr'29
-091s
9914
8934
10212
10212
98
8412
7312
90/
1
4
9614
3321
New York Bond Record-Continued-Page 5
B ON DS
V. STOCK EXCHANGE
Week Ended May 17.
•
Price
Friday
May 17.
Week's
Range or
Last Sale
144,7453
Range
Since
tan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 17.
•
z2
t
Price
Friday
May 17.
Week's
Range or
Last Said.
,53
Range
Since
Jan. 1.
High
High No Low
Ask Low
Bid
Ask Low
Ind
High
High No Low
60
7912
6312 23
Cuba Cane Sugar cony 75___1930'.7 60 Sale 60
94
92 June'28
Winston-Salem El 13 lot 4s___1960 J J
5912 80
J J 5912 Sale 5912
63
64
8%_1930
7713
stamped
deben
Cony
2
14
14
_1949
.7
-79
7914
79
48_
_
79
50-yr
1st
gen
Cent
Wis
MS
994
1033
4
73
10018
10112
Sale
10014
88_1931
colt
Sugar
1st
8412 May'29
8412 9112 Cuban Am
Sup & Dul div & term 1st 48'36 M N 8414 88
84
9772
8818 28
Cuban Dom Bug 1st 7318_ _1944 MN 84 Sale 84
924 Dec'28
Wor & Con East let 4Hs__ _1943 J J
8 10112 103
Cumb T & T lat & gen 5s__ _1937 J J 10034 10112 10112 10112
INDUSTRIALS
98 102
1
98
99 98
Cuyamel Fruit 1st s 168 A _ __1940 AO 98
Abraham & Straus deb 534s_1943
76 Dec'27..-A 0 10534 Sale 105
Denver Cons Tramw 1st 5s__1933 AO
10738 60 105 120
With warrants
MN
-67- Tor
100
Sale"
9934
100
3
fa
'51
lst
&
ref
s
f
g
Gas&
E
L
Den
94
98
97
12
Adriatic Elec Co mai 7s._ _1952 A 0 97 Sale 94
2
97 101
1951 MN 9914 Sale 9914 100
Stamped as to Pa tax
8314 8854
8778 84
84
3
Adams Express coll tr g 48_ _ J948 M S 84
65
73
6912 65 Apr'29 -3 10014 10714 Dery Corp(D G) late f 781942 MS .64
Max Rubber 1st 15-yr 8 I 88_1936 J D 10058 10212 10014, 10038
10
62
70
64
63
65
64
Second stamped
314
4
412 4 Feb'29
4
Alaska Gold M deb 68 A_ _ __1925 M S
9978 102
9978 Sale 9978 10018 47
Detroit Edison 1st coil tr 58_1933.1"
1926 M
312 __-- 3 Apr'29
8
3
Cony deb (is series B
_
10238 13 101 10454
let & ref 58 series A_July 1940 MS 102 Sale 102
92
Albany Peter Wrap Pap 14_1948 A 0 9212 Sale 92
92.2 24
9854
1949 A0 10212 Sale 10084 10212 18 10018 10414
Gen & ref 5s series A
A 998 Sale 9912 102,8 943
9812 11012
Allegheny Corp cell tr 58_ _ _ _1944
10712 24 10512 10852
107 Sale 106
let & ref Os series B_ _July 1940 M
1949.7 D 100 Sale 100
Coll & cony 58
10034 441 100 10034
6 10014 10452
10218
1955 J D 10112 10214 10218
Gen & ref 5,3 ser B
Allis-Chalmers Mfg deb 5s 1937 M N 9938 Sale 988
97 101
097
39
1962 FA 101 10258 10258 May'29 -- 10258 1051e
Series C
Alpine-Mouton Steel 1st 78_ _1955 M
9212 9312 9212
9112 96
93
2
91112 98
Am Agrie Chem 1st ref at 770'41 F A 104 Sale 10312 10414 39 10312 10611 Del United lot cons g 4 Hs_ _1932 J J 9658 9712 9658 May'29 -97 10572
10318 423
1940 MN 102 Sale 102
Dodge Bros deb Os
Amer Beet Bug cony deb 68_1935 F A 90
90
80
9074 90 May'29
8634 88
8718 10
Dold (Jacob)Pack 1st Os.._ _1942 SIN 8718 8734 87
American Chain deb s f(is
1933 A 0 96 Sale 9512
9512 99
9738 26
99 97 Dec'28 _
Am Cot Oil debenture 5s..1931
98
N 9812 99
9914 Dominion Iron & Steel 53__ -1939 M S 90
9812
99
6
9834 101
1942 ii 101 10114 101 May'29 ---1942 A 0 9558 96
Am Cynamid deb 55
9354 9012 Donner Steel 1st ref 7s
9512
9534 17
Amer Ice f deb 58
1953.1
8738 921, Duke-Price Pow 1st 135 tier A '66 MN 10258 Sale 10258 10312 35 1025s 10512
8712 Sale 8738
89
21
963
2 1007g
AO
55
9914
Sale
965
8
9814
A
_
_1967
Duquesne Light 151 4345
Amer I G Chem cony 5Hs_ _1949 SIN 10158 Sale 10112 103
979 10112 103
78
97
8158 28
East Cuba Bug 15-yr a f g 734s'37 MS 79 Sale 78
Amer Internet Corp cony 570'49 J J 10412 Sale 10412 106
331 101 111
12
945
4
97
'.7
954
943
4
9412
957
8
1939
48
g
Ed
El
III
con
Bkn
1st
Am Mach & Fdy 5 f 65
1939 A 0 10334 10414 10334 10384
10334 10412
10818 10978 10814 May'29 -- 1084 1107g
Ed Elec Ill let cons g 55
1995 J
American Natural Gas Corp-__
90
96
16
92
90
91
Deb 6345 (with purch warr)'42 A 0 76 Sale 75
3512 984 Elec Pow Corp(Germany)6340.50 MS
7614 31
90
951s
9314
Elk Horn Coal 1st& ref 6745.1931 J O 9212 93 93
Am Sm & R 1st 30-yr 68 ser A '47 A 0 100 Sale 9934 1001
9934 102
56
77
814
77 May'29 ---Deb 7% notes(with warets)'31 J O 7818 77
Amer Sugar Ref 16-yr(is__ 1937 1 J 10312 Sale 103
10334 39 1014 10478
M
994 10012
---- 9914 9914 Apr'29 - Am Telep & Teleg coil tr 4s 1929 .7 1 994 Sale 9938
99
9912 130
99% Equit Gas Light let con 5s 1932
9214 9634
4
9478
91% 9712 Federal Light & Tr let 5,3_1942 MS 9478 9612 9454
Convertible 48
1936 M 13 9458 ____ 9512 May'29 __ - _
9214 97
11
94
94 Sale 9378
let lien s f 58 stamped_ _.,1942 M
9058 101
20-year cony 4748
27
9834 Sale 9834
99
1933 M
4 10112 104
104 Sale 10214 104
1942 M
1st lien Os stamped
30-year coil tr 58
75 101 1044
1946 .1 O 10278 Sale 10258 103
964 102
1
9812
9812 9812
1954 J o 97
30-year deb Os eer B
101 101
.1 D --------101
Feb'29
Registered
9872 106
1939 JD 100 10034 984 10012 14
35-yr f deb 58
10278 Sale 10234 10314 132 10114 10532 Federated Metals s f 75
1960 J
6 137 171
1946 1J 141 Sale 13912 143
20-year a 1 53,1s
1943 M N 106 Sale 1054 10614 136 10412 1074 Fiat deb 7,1 (with Fan)
94 103
9478 29
94 Sale 94
Without stock purch warrants_
Cony deb 4Hs
13431 1287 130 13454
1939 J J 130 Sale 130
19 111 11472
112
1941 MS 111 Sale 111
10254 10514 Fisk Rubber 1st s f 88
1940 A 0 10114 10232 10318 May'29
Am Type Found deb (Is
10478 Sale 10438 10478 41 1014 10612
974 99/
98
19
Am Wat Wke & El col 058._1934 A 0 98 Sale 9712
1
4 Framerth Ind & Deb 20-yr 73,0'42
4 100 109
10018
10314 28 101 10554 Francisco Sugar 1sts f73.18_ _1942 MN 100 Sale 100
Deb g Os see A
1976 MN 10314 10334 103
42 1004 19234
8512 French Nat Mall SS Lines 75 1949 J O 101 10154 10112 102
80
8212 Sale 80
82,8 16
1947 J
Am Writ Pap 1st g 58
92
95
1943 FA
Anaconda Cop Min let 615_ _1953 F A 10414 Sale 10414 104,2 132 10354 10554 Gannett Co deb Os
106 106
r.229
4 _9_2_7_
8 10
96
2 Ma9
Gas &El of Berg Co Cons g 581949 J D 99378
102 103
_ 103 Apr'29
Registered
5 103 19912
106
1939 AO 106 Sale 105
Gen Asphalt cony 56
1938 F A 165 Sale 160
178
25 160 288
15-year cony deb 75
98 100
14
99
1947 J J 9812 Sale 9814
Gen Cable lit 5!534s A
196 200
200
Jan'29
Registered
9458 96
1942 FA 9434 ____ 9434 May'29
Gen Electric deb g 3348
Dec'28
Aides Cop Min cony deb 78_1943 J .1 --------235
10212 36 100 10414
102 10212 102
l4 ae 96
Anglo-Chilean f deb 78.. _1945 M N
"9412 166" Gen Elea(Germany)75 Jan 15'45'.7
9734 --117
1 1114 123
Antilla(Comp Aauc)7SO_ _1939 1 J 61
f deb6Hs with Warr _ _ _1940 ID 118 Sale 117
75
67
71
654 7978
18
9272 9914
9
97
98
Ark & Mem Bridge & Ter 55_1964 M 13 97
97 10312
98
97 May'29 _ _ -Without waren' attach'd '40 J o
88
944
89
3
884 88
1948 MN 88
1939 .7 D 90 Bale 8958
20-year 5 f deb 65
Armour dt Co 1st 434.
9018 45 1 8958 9278
FA
10014
10334
193
1017
8
Sale
10112
1015
8
1937
Armour & Co of Del 5;45.-1943 J .1 9012 Sale 894
91
55 ti 9018 9212 Gen Mot Accept deb 68
9914 102
1940 FA 10014 Sale 10018 10014 25
Associated 0118% gold notes 1935 M S 101 102 10112 10112 25 '10112 10318 Genl Petrol islet 58
10332 10712
10712 Apr'29
1952 P A
Atlanta Gas L 1st be
1947 J D 10154
Gen Refr lst f 6sser A
.10312 Dec'28
95 10072
904
J D 1258 ...... 15 Nov'28
Atlantic Fruit 78 ctfs dep.,
Good Hope Steel & I see 7s 1945 AO -554 If- 9638
_
51 1064 1084
.7 D
1258 _ _ 15 July'28
AtStamped ctfs of deposit
Goodrich(B F)Co 114670-1947 .1 J 10634 Sale 10658 107
N
95
91
125
934
Sale
9212
4
All Gulf de W I SS L col Cr 58_1959 .1 .1 70 Sale 70
923
181
58.1957
Goodyear Tire & Rub
727
23 "if 77
J O
98 100
9812
9834 22
Atlantic Refg deb 5s
1937 .7 J 100 Sale 100
10134 33 100 10212 Gotham Silk Hosiery deb 63_1936 FA 9814 100
687$ 81
77
3
7714
Baldw Loco Works 1st 56_1940 M N 101312 10712 10612 10012
1940
7612 78
Gould Coupler 1st s!es
1 108 107
96
9912
9812 19
Baragua(Comp As) 771s
1937 J 1 8714 Sale 8678
Gt Cons El Power(Japan)70.1944 P A 9818 Sale 984
864 99
8714
8
9052 9512
41
93
Barnsdall Corp Os with warr_1940 .1 D _____ ______ 130
1950.7, 93 Sale 92
Jan'29 ____ 12918 142
lst&gensfO4s
MN
10454
107
Apr'29
_
10612
____
Deb Os (without warrant).1940 J D
10412
__
53._1940
Great
Falls
1st
s
f
Power
_
9978 Feb'29 __ _ _
9858 100
J D
96
99
21
98
Batavian Pete gen deb 4;0_1942 J J 9012 5ale 9012
90
9214 34
9312 Gulf States Steel deb 5Ms_ 1942.7, 9712 Sale 97
84
874
4
8618
Bolding-Hemingway Os
1936 J J 9018 Sale 90
8618 Sale 8438
Hackensack Water lot 4s._1952
884 92
9014 17
MS
Nov'28
9618
98
1930
Bell Telep of Pa 5s series B.._1948 J J 10318 Sale 103
9614
10378 17 103 10512 Hartford St By 1st 48
80
87
___ 85 82 Apr'29
1952 FA
1st & ref 5a series C
1960 A 0 10538 Sale 1054 10512 20 104 1081.4 Havana Elea consol g 5s
761$
69
Berlin City Elec Co deb Hs 1951 .7 D 92 Sale 9134
68 May'29
71
9012 05
Deb 534o series of 192O,,.1961 M S -69
9212 43
83
9012
Berlin Elec El & Undg 6748_1956 A 0 92 Sale 9134
9012 14
Hoe(R)& Co let 634s ser A.1934 A0 9012 Sale 8412
9212 80
89
94
1 10054 19331
Beth Steel let & ref 58 guar A '42 M N 10012 Sale 100
Holland-Amer Line 135 U100_1947 MN 10034 Sale 10034 10034
9912 104
10012 14
7411 85
21
76
30-yr p m & imp s f 5a__1930 J i 10018 Sale 9914
Hudson Coal 1st s f 5.9 ser A_1962 J D 754 Sale 75
99 102
10018 29
1 100 NIS
100
Cons 30-year (is series A._1948 F A 10338 Sale 10318
1940 MN 100 10212 100
10438 87 1024 10534 Hudson Co Gas 1st g 63
Cons 30-year 571s ser B
1953 F A 10258 Sale 10212 10312 60 10034 10414 Humble 011 & Refining 5)45_1932 J J 1004 Sale 10078 10112 77 10014 10218
9912 10112
10014 128
1937 AO 100 Sale 100
Deb gold 58
1950 M 5 95
Bing & Bing deb 63411
94 100
9712 9434
98
5
27 10112 10474
Botany Cons Mills 034.
1956 J D 10212 Sale 10212 103
1934 A 0 644 Sale 6212
6418 16
6012 744 Illinois Bell Telephone 5s
AO
934
9912
13
Sale
985
8
9912
1940
Bowman-Bill Hotels 78
MS
Illinois Steel deb 431s
98 100
9912
1934
98
4
98
99 98
_ 103 10312
1946 AG ____ 10274 103 Mar'29
B'way & 7th Av let cons 5s_ _1943 .1 D 7012 74
70
71
72
21
774 Baader Steel Corp sf 78
83
9214
8412 34
1948 FA 8314 Sale 83
Brooklyn City RR let 5s
9212
Mtge 68
1941 .7 J 84
85
80
85 May'29 ____
92
90
3
90
Bklyn Edison Inc gen tes A_ 1949 1 J 10314 Sale 10318
9012 90
10378 23 10212 10512 Indiana Limestone 1st f 68_1941 MN 90
9712 102
102
5
1936 MN 10012_ 102
Ind Nat Gas & 01156
Registered
1 J --------10538 Dec'28
MN
10114
105
103
1034
38
1952
General()Beetles B
1
1- Indiana Steel let 58
1930
.1 10012 Sale 100
103 0314
101
23 loo 103
Bklyn-Man T sec Os
___ 102 Sept'28 _ _
1968 J J 95 Sale 9412
95
186
9312 9854 Ingersoll-Rand 1st 58 Dec 31 1935 J J 100
9034 93
Bkiyn Qu Co & Sub con gtd 55'41 MN 69
9112 34
1978 A0 9154 Sale 9114
63
70
74
74
4
7812 Inland Steel let 448
M
let Ea stamped
1941 J 1 74
Jan'29._ .._
Inspiration Con Copper 6345 1931
80
83
10118 10114 10014 10158 13 10034 1024
80
83
6912 794
Brooklyn It Tr let cony g 45_2002 J J
7018 116
Interboro Rap Tran lit bs_ _1966'.7 6912 Sale 6912
8814 Nov'27 _.__
J J 6958 Sale 6958
69
7912
3-yr 7% secured not t,,,1921 .1 J 105 ____ 13614 Nov'28 _ _ _ _
7014 146
Stamped
7612
76
Bklyn tin El 1st g 4-5s
1950 F A 8712 Sale 9712
8934
5
85
76 Mar'29
Registered
9212
84
62
Stamped guar 4-58
17
1950 F A 88 Sale 87
65
1932 -A8978 26
86
93
62 Sale 62
10-year 68
91
9954
Bklyn Uh Gas 1st cons g 5s__1945 M N 10312 Sale 10312 104
9 10212 10614
9414 52
10-year cony 7% notes_.j932 M 5 94 Sale 9354
1st lien et ref 68 series A __ _1947 MN 115 116 115
9054 95
Int Agrio Corp let 20-yr 55_1932 M N 9012 95 91 May'29
11512 16 115 118
_
Cony deb 574s
765
8
8112
1936 J J 350 370 354 May'29 ___ _ 354 400
78
8112
7
Stamped extended to 1942_ - Sale
78
Buff & Susq Iron 1st a f Ife
1932 J D 9258 100
9412 May'29 ____
89 102 1184
9412 Ms hat Cement cony deb 5s
107
1948
106 Sale 105
Bush Terminal let 4s
1952 A 0 8558 Sale 8558
934 99
86
85
88
Internal Match deb 58
7
9712 91
1947 151 1.5 97 Sale 9678
Conrail 58
9912 102
1955 1 J 91
95
93
9412 16
93
10012 86
994 Inter Mercan Marines f Os_ _1941 A 0 10014 Sale 100
Bush Term Ridge 58 gu tax-ex '60 A 0 101 Sale 10053 10112 13 100 10458 Internet Paper 56 ser A &B _1947
89
9658
9158 28
904 9238 9012
By-Prod Coke 1st 534s A _ _ 1945 M N 100 Sale 100
MS
9054 97
100
9212
34
Ref a f 6sser A
13 100 102
903
4
Bale
92
1955
Cal & E Corp unit & ref58.1937 M N 10012 Sale 10012 1004
9214 964
Int Telep & Teleg deb g 434s 1952I, 924 Sale 9214
9
994 103
934 38
Cal Petroleum cony debs f 58 1939 F A 98 6912 95
9878
9584, 102
Cony deb 445
3
1939 J J 124 Sale 12354 1294 1479 1094 131
1938 M N 10012 10034 1004 101
Cony deb 8 f 570
9954 1034 Kansas City Pow & Lt 58_1952 MS 1024 Sale 10258 10314 14 1011$ 10514
30
1942 AO 87 Sale 87
98 10018
Camaguey Bug 1st st 7s
88
lot gold 474s series B
12
87
10112 98 Mar'29
9712
1957 J
Canada SS L let & gen Os_ 1941 A 0 9912 10014 9912
105
14 103 106
9912 50
9811 10112 Kansas Gas de Electric 6,3_ _1952 M
1034 10414 104
128 141
Cent Dist Tel 1st 30-yr 5s._ _1943 J D 102 104 102 May'29 __
132 Jan'29
102 10414 Kayser (Julius) & Co deb 5345'47 M
92
97
Coat Foundry 1st f 136 May 1931 F A ___ 977 974 Apr'29
9612 9812 Keith (B F) Corp 1st (18_ _ _ _1946 MS 92 13- 92 May'29
1941 MN 12212 123
Central Steel lat g f8s
2214 May'29 _ _ _ _ 122 12412 Kelly-Springf Tire8% notes_1931 MN
110
1 110 11014
110
A _ _ _1948 M 8 7812 Sale 744
92
7612 41
Certain-teed Prod
1658
934 11
Kendall Co 5345 with warr 1948 M S 9312 Sale 9234
68
83
894 91
Ceopedes Sugar Co let f 730'39 MS 91
9512 94
96
4
904
7
Keystone Telep Co 1st 58
114 100
1935 J J 9012 Sale 9012
10214 10412
.Chic City & Conn Rya 5s Jan 1927 A 0 78
8112 7214 Apr'29
2
65
7214 Kings County El & P g 5s
1937 AO 1014 ____ 10412 Apr'29
CY L & Coke 1st gU g 5s-1937 .1 J 10112 Sale 10112
10112
7 1284 130
_ 129
129
100 103
Purchase money 69
1997 A0 12812
1927 F A 8234 Sale 8214
80
85
Chicago Rye 1st.15
_
834 47
Kings County Elev 1st g 4s 1949 FA 80
774 83
_85 81 May'29
1947 J J 9554 Sale 9512
71)
82
Chile Copper Co deb rati
2
96
80
7912
1949 FA 80
934 9612
81
Stamped guar 4s
1908 A 0 87 Sale 87
10412 10514
Cin G & E 1st M 4s A
8738 7
86
18
9
8914 Kings County Lighting 58---1954.7, 10412 _ _ _ 10412 Mar'29
Clearfield Bit Coal let 411.._1940 J J ____ 77
90 Dec'28
First & ref 6 las
1954 Ii 11414 Sale 11412 11412 _- 11412 11614
1938 F A 102 Sale 02
Colon 011 cony deb Os
104
42 102 hO's Kinney (GR.)& Co 731% notes'36 J o 1074 Sale 10514 10714
2 10518 1074
1943 J .
Colo F dr I Co gen s f fa
1 9712 98
9712 May'29 _ _ _ _
97
17 1014 104
9912 Kresge Found'n coil Cr 65. 1936 J O 10112 10234 10212 103
1934 F A 9418 9512 95 May'29 ____
9312 99
Col Indus 1st St coil 58 gu
9814 141
98 Sale 98
934 9878 Kreuger & Toll 5s with war_1959 M
1952 M N 9914 Sale 9834
99 10212
Columbia dr E deb 55
9912 74
974 10012 Lackwanna Steel let 58 A 1950 MS 100 10014 10114 10114 84
AO
10178
9778 9712 Mar.29
98
Columbus Gas let gold fis__1932 .1 1 96
56_1934
2
9,8 Sale 98
9914
97
994 Lacel Gas of 8t L ref&ext
934 93
Columbus Ry P & L 1st 430 1957 .7 1 93
93 :ii.
i
Col & ref 5348 series C_ _ _1953 FA 10312 Sale 10312 10312 16 10172 10512
904 9314
9312 9934
Commercial Cable let g 48 2397 J 1 8718 ____ 874 Feb'29
97
97
6
874 8712 Lehigh C & Nay of 448 A.1954'.7 96
97
Commercial Credits!(is_ _ _ _1934 MN 98 Sale 98
9734 101
98
94
98
2
4
9812 98
9912 Lehigh Valley Coal isle 53_1933 J J 98
'
I
1935 J J 96 Sale 96
5H% notes
Col tr
96
100
Oct'28
92
97
Registered
9254 42
CommlInvest Tr deb(is_ 1948 M S 92 Sale 92
Oct'28
let 40-yr gu int red to 4%_1933'.7
1
_
97 97
9112 9812
F
1949
A
FA
9534 Sale 9512
101 101
Cony deb (Slis
9638 250
1934
94 10514
_ 101 Apr'29
1st & ref f 5s
iOi
Computing-Tab-Rec s 6s 1941 J .1 10478 105 105 May'29
9334
80
1944 FA 88 -9-3- 91 May'29
10432 106
1st & ref a I Ea
1951 1 J 95
9812 95
88
9311
Conn Ry & L lst & ref g
1954 FA 88
95
92
88
1st & ref at 55
88
9
99
1951 i .
95
11 ---- 96
9512 11
Stamped guar 4%s
1964 FA
89 94 Nov'28 _
let & ref s f 55
95
1
99
6614 28
86
8512
9015
Consol Agricul Loan 645 -1958 J D 85
1974 FA _
--88
1st & ref.f 55
834 8712
Consolidated Hydro-Elec Works
3714 May'28
Lea Ave & P F 1st gu g 5s___1993 MS
92
9212 14
-118- -12-1-1;
of Upper Wuertemberg 76_1956 J J 8912 93
11818
8914 974 Liggett & Myers Tobacco 75_1944 AO HOT8 ffill 11818
6712 66
1951 FA 10012 Sale 100
67
99 103
C018 Coal ofMd 1st & ref 58_1950 .7 D 66
10112 11
11
451;
654 7334
Consol Gas(N Y)deb 6Hs _ _1945 F A 1044 Sale 0454
105
110
40 104 1064 Loew's Inc deb 65 with warr_1941 AO 108 10878 109
12 109 1231$
Consumers Gas of Chic gu 5a 1930 J 11 100 Sale 9912 100
97 1004
9874 28
4
9912 102
Without stock per warrants_ AO 9712 Sale 97
1952 MN 10214 sale 0218
Consumers Power 1st 5s
10214 12 101 104
9514 102
96
Lombard Elec 181 75 with war '52ID 954 Sale 954
16
ID 9312 Sale 92
1946 J D 92 Sale 91
954
Container corn 1st Os
9258 16
90
9312
91 10012
4
Without warrants
83
15-yr deb 55 with ware_ _ 1943 J D 8012 Sale 80
1944 AO 10812 Sale 107
10812 14 1064 11811
7812 914 Lorillard (P) Co 75
29
AO
107 Apr'28
Cant Pap & Bag Mills6 he_ _1944 F A --------97 Mar'29
97
Registered
97
85
1951 FA 85 Sale 84
Copenhagen Telep ext Gs__ _ _1950 A 0 9912 ____ 00 Apr'29
27 --iti99 10012
5s
N 101 Sale 101
84 ars
8612 155
1937I' 8612 Sale 8418
Corn Prod itefg 1st 25-Yr if 58'34
Deb 5348
991e 103
10114
9
97
9712 19
9 10014 104
Crown Cork & Seal f &L....1947 J D 974 98
05 100
Louisville Gas & El(Ky) 53.1952 MN 10158 Sale 10158 102
90
59
100 Sale 100
Cmwn-Willamette Pap Os.-.1951 J
09 in314 Louisville Ry 1st cons 5s_ _ _ _1930
101
9312 95 95 May'29
32
3322
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 17.
New York Bond Record-Concluded-Page 6
P.
Price
Friday
May 17.
Bid
Ask Low
Mob
Lower Austrian Hydro El Powlets/ 1348
1944 F A 83
8334
8334 83
McCrory Stores Corp deb 548'41 J D 9714 Sale 9714
98
Menai.'Sugar let 8 f 74e-1942 A 0 95 Sale 95
9512
kfanhat Ry(N Y)eons g 48_1990 A 0 60 Sale 60
6114
2d48
2013 1 D -_-- 5734 60
6034
Manila Elec Ry Lt f 5s 1953 M S 9812 103 984 10034
Marion Steam Shoves f 65_ _1947 A 0 9812 103 92 May'29
Mfrs Tr Co etre of panic in
AlNamxn&Sonlst6sJ943J D 10134 Sale 10134 10134
Market St Ry 7s ser A April 1940 Q J 86 Sale 88
88
Meridional El 1st 78
1957 A 0 9712 9768 974
974
Metr Ed 1st & ref 55 ser C
1953 J J 10012 10114 10114
101,4
Metr West Side El(Chic)48_1938 F A 7434 76
7412 May'29
Wag Mill Mach 78 with war 1956 J D 9338 95
9314 May'29
Without warrants
J D 86
89 85 Apr'29
Mid-Cont Petrol 1st 648_ -1940 M S
105 Feb'29
Midvale Steel Or0cony f 58_1936 M 83 9878 Sale 9818
9912
hillw El Ry & Lt ref & eat 44831 J J 9912 100
9958
9958
General & ref 5e series A _ _1951 J D 10134 103 10134 May'29
1st & ref 56 series B
19611 D 100 10012 100
10012
Montana Power 1st be A ___ _1943 J .1 100 1003s 100
101
Deb 56 series A
1962 J D 9834 Sale 9834 100
Montecatini Min & AgricDeb 75 with warrants_ _ 1937
J 11012 11412 11012 11234
J J 9612 Sale 9534
Without warrants
9634
Montreal Tram 1st& ref 58..1941 J J 9653 Sale 9658
9634
Gen & ref s f 58 series A_ _1955 A 0 9378 95 95 May'29
Series B
1955 A 0 9378
9514 May'29
87
Morris & Co 1st f 445_1939 J
87 Sale 8612
8112 Jan'29
Mortgage-Bond Co 4s ser 2_ _1968 A 0 7712 90
10-25-year 58 series 3
1932 J
964 964 9618 May'29
19341 D 100 10012 100
10012
MurrayBody1st65s
Mutual Fuel Gas 1st gu g 58_1947 M N 10212 10314 10212 May'29
MutljnTelgtdosextatsV 1941 MN
98 Feb'29
Namm (Al)& Son-See Mfrs Tr
Nassau Elea guar gold 46_1951 J J 55
57
56
56
Nat Acme 1st f 6e
10421 D 10114 102 101 May'29
Nat Dairy Prod deb 545_ _1948 F A 96 Sale 96
97
Nat Enam & Stampg 1st 55 1929 J D 101
Jan'29
101
Nat Radiator deb 6)45
1947 F A 7112 Sale 70
7212
Nat Starch 20-year deb Se__ _1930
J 9612 99 98 Jan'29
National Tube 151 s f 58 _ _ _1952 M N 103 104 103
1034
Newark Consol Gas cons 56_1948 I D 10114 10512 102 May'29
New England Tel & Tel be A 1952 1 D 1044 Sale 10312 10458
1st g 445 series 13
99
1961 M N 99 Sale 98
New Orl Pub Serv 1st be A1952 A 0 92
93
93 9212
First & ref 56 series B__ _1955 J D 93 Sale 93
94
NY Dock 50-year 1st g 4s..1951 F A 81
8118
83
82
Serial5% notes
1938 A 0 8012 8412 84
8512
N Y Edison lst & ref 64s A_1941 A 0 113 Sale 113
11338
let lien & ref te series B_ _ _1944 A 0 103 Sale 10278 10312
NYGesElLtH&Prg 56_1948J D 10412 Sale 104
10612
Purchase money gold 46._1949 F A 93 Sale 0118
93
NYLEdrWC&RR 548_1942 MN
10258 Oct'27
NYLE&WDock&Imp5s19431
_ 98 Mar'29
995
N Y & Q El L & P let g 56._1930 F A 98 8-9-fi 98
98
NYRys1stRE&ref4s1942J 1 504 ___ 56
Jan'29
5014 _ _ 5614 Mar'29
Certificates of deposit
80-year ad1 Inc 58._ __Jan 1942 A 0
238 Mar'29
212 10
Certificates of deposit..........
3 Jan'29
112 9
N Y Rye Corp Inc 68_ __Jan 1965 1
12
12 Sale 1158
Prior lien 65series A
1965 J J 75
78
75
78
N Y& Richm Gas 1st 66 A _1951 M N 103 105 103
103
N Y State Rye 1st cone 445_1962 MN 394 Sale 3812
41
let cons 6345 series B
1962 M N 50
50
51
55
N Y Steam 1st 25-yr Os ser A 1947 M N 10518 Sale 10518 1064
N Y Telep 1st & gen 8 f 448_1939 M N 984 Sale 9838
99
80-year deben of (le_ _Feb 1949 F A 110 11078 11012 11012
20-year refunding gold 68_1941 A 0 10534 Sale 10534 10612
N Y Trap Rock let 8e
9912
19461 D 9812 9912 9912
Niagara Falls Power 1st 58_1932 J J 101 10212 10112 10112
Ref dr gen (Se
Jan 1932 A 0
_ 10112 103
?flag Leek &0Pr 1st 5.5 A 1955 A 0 ia Sale 102
103
Norddeutsche Lloyd (Bremen)
20-year f 88
1947 M N 9212 Sale 92
9212
Nor Amer Cem deb 6He A 1940 M S 7414 Sale 72
75
No Am Edison deb 54 ser A _ _1957 M
9934
99 Sale 99
Deb 54sser B_ __Aug 15 1963 F A 10012 Sale 10012 10114
Nor Ohio Tract dr Light 6s__.1947 M
10014 Sale 10014
10012
Nor States Pow 25-yr be A 1941 A 0 9912 Sale 9918 10038
1st dr ref 5-yr (te series 13 1941 A 0 10412 Sale 10412 105
North W T 1st fd g 44e gtcl _1934 J
____ 98 974 Apr'29
Norweg Hydro-El Nit 54s_1957 MN 9012 Sale 90
905s
Ohio Public Service 748 A 1946 A 0 112 Sale 11112 11212
lat & ref 78 series B
1947 F A 11214 Sale 112
11214
Ohio River Edison 1st Mi.__ _1948 J J 10512 Sale 105
10512
1944 F A 8814 8834 8814
Old Ben Coal 1st els
8812
Ontario Power N F 1st 56_1943 F A 994 Sale 9914 100
Ontario Transmission 1st 56_1945 M N 98 100 100
1001s
Oriental Devel guar 85
1953 M S 95 Sale 9512
9531
1958 MN 8534 Sale 86
Ext1 deb 545 int etre
8714
Oslo Gas & El Wks Intl 56_1963 M 8 90 Sale 894
90
1941 M 8 100 Sale 10018 101
Otis Steel 1st M 66 ser A.
Pacific Gas dr El gen & ref be 1942 .1
10114
10078 Sale 100
lst & ref 20-yr 56'30 F A 9834 99 9834
Pao Pow &
99
J 101 Sale 101
1937
Pacific Tel & Tel let re
10112
1952 M N 10212 Sale 10212 10314
Befmtge5eserlesA
Pan-Amer P & T cony s I 88_1934 M N 10812 Sale 107
10812
1930 F A 10412 10434 10412 10412
let lien cony 10-yr 75
Pan-Am Pet Co(of Cal)conv 68'40 .1 D 97 Sale 9614
97
Paramount-B'waY 1st 545-1981
10012 Sale 10012 101
Paramount-Fam's-Lasky 60.1947 J
9814
9814 Sale 9714
Park-Lea lit leasehold 648_1953 J J 8512 91
90
894
Pat & Passaic & El eons 66 1949 M
10012 10178 10112 10112
Paths Exch deb 78 with warr 1937 M N 78 Sale 7734
7934
S
_1941
M
Penn-Dixie Cement 66 A
93
92 Sale 92
Poop Gas & C lst cons g es_ _1943 A 0 11212 Sale 11212 11212
1947 M S 10334 Sale 10258 10334
Refunding gold 55
Philadelphia Co sec 56 ser A_1967 J D 98 Sale 9712
9812
1967 M N 9712 Sale 9712
Phil& Eleo Co let 44s
9834
Pbila&ReadlngC&IrefSt.l9131 J 904 91
92
9012
1949 M
Cony deb 68 w I
10012
10018 Sale 100
1939 .1 D 90 Sale 90
91
Phillips Petrol deb 51de
Pierce-Arrow Mot Car deb 851943 M
1064 Sale ingi4 107
Pierce Oil deb f 88_ -Dee 15 1931 1 D 10512 Sale 10514 10512
Pillsbury Fl Mille 20-yr 681943 A 0 104 10412 10412 106
134
Pirelli Co(Italy) cony 78_ _ 1952151 N 133 136 134
Potash Con Collieries 1st s f 561957 J
9458
9412
-- 9412
Port Arthur Can & Dk 66 A-1953 F A 103 104
10212 10212
_1953 F A 103 10512 10112 May'29
lst M 68 series B
Portland Elea Pow 1st 66 B1947 M N 9912 10012 9912 1004
Portland Gen Elec 1st 55_ -1935 J J 9958-- 99 May'29
Portland Ry let & ref 58_ _1930 M N 9712 die
9712
97
Portland RY L & P let ref 5e.1942 F A 9714 100
9712
97
let lien & ref 68 Series B1947 M N ow, 997s 9912 10012
let Ben & ref 74s series A.1946 M N 107 10712 107
107
Porto Rican Am Tob cony 68 19421 J 99 Sale 99
101
Postal Teleg de Cable coll 56_1953 J J 9358 Sale 9314
94
Pressed Steel Car cony g be_ _1933
J 9218 94 93
9312
Prod de Ref f Ss(with war)_1931
D 11114 --- 111 Mar'29
Without warranta attached__ J D 1094 Sale 10912 10912
Pub f3erv Corp N J deb 4 He_1948 F A 197 Sale 196
204
Pub fiery El & Gas let& ref 56'65 J D 10238 10278 1024 103
lilA ref 43.45
99
19671 D 98
9814 98
Punta Alegre Sugar deb 78_1937 J J 77
80
80
80
P014801161 5H% notes
9812
1937F A 9814 Sale 98
Purity Bakeries 5 f deb 56
1948 J J 92 Sale 9112
9314
Remington Arms 68
1937 IS N 98
9912
99'2 98
Range
Since
Jan. 1.
Week's
Range or
Last Sale.
No, Lots
3
10
20
54
10
2
15
6
1
123
2
18
5
29
22
42
5
_
28
3
4
81
9714
9334
5978
5834
9718
92
High
877s
9933
10012
88
6034
10412
9912
10112 105
80
975s
93
9712
9934 103
72
8014
9212 9832
85
9412
104 10514
97 1001g
974 9932
100 103
9734 10158
9912 104
97 101
11112 127
93
9634
94
9938
9375 9854
9514 9814
861, 881,
8112 8112
9534 9712
9814 102
10212 104
98
98
11
11
6
23
24
5
26
25
17
36
55
64
101 1024
9313 977a
101 101
8214
70
98
98
10058 10458
10012 10312
10312 107
97 10014
9158 9684
004 0611
81
8734
80
90
1123s 11534
102 105
10312 10712
9112 94
_
5
17
2
19
12
8
46
9
96
1
1
7
9
98
98
98 10018
56
58
56
58
25s 25s
2
3
1112 2412
75
87
10112 108
3812 54
4914 70
10414 10734
9734 101
110 11132
10514 10812
9812 101
100 103
101 10318
101 1041a
157
35
15
31
60
69
75
6
24
6
_
34
6
6
35
9
3
11
9
29
7
37
33
1
13
32
64
6
17
11
37
10
3
23
8
2
8
86
10
8
49
124
31
11
10
1
3
1
_
37
_
5
14
5
10
58
74
9
1
57
20
38
2
48
18
9
90
94
68
80
99 102
99 10178
10014 10314
9834 10154
104 10612
9734 10534
9212
89
11012 11312
10978 11512
105 107
884 91
99 102
9914 103
95
99
8534 90
8922 9314
100 10312
99 10212
9814 10014
100 10314
10114 1053*
1024 109
10268 10434
92
9814
10012 103
9634 10034
8912 9512
10112 105
7734 84
91
9714
11112 113
10132 10534
9612 100
9712 10012
88
94
100 101
8912 94
108 108
10514 107
102 106
119 15412
941: 95
100 10534
10112 10532
9912 10314
98 102
96
99
96
9914
9912 10212
107 10718
99 107
89
95
93
99
111 111
109 11218
172 20814
101 1054
9718 9976
RA
76
9634 10014
8934 95
9714 101
BONDS
N. Y. STOCK EXCHANUE
Week Ended May 17.
tE
Price
Friday
May 17.
Week's
Range or
Last Sale.
Bid
Ask Low
110) Na,
Rem Rand deb 54s with war'47 M N 9314 Sale 9314
9334 78
Republic Brass 6s
July 1948 M S 10212 Sale 10258 10234
6
Repub I & 8 10-30-yr 1565 f__1940 A 0 102 Sale 10134 102
3
Ref & gen 5349 series A...1953 J J 102 Sale 10112 102
16
Reinelbe Union 78 with war_1946 J J 10034 10134 10058 101
11
Without stk porch war.,,1946i J 9214 Sale 9212
9312 32
Rhine-Main-Danube 78 A __ _1950 M
101 102 10078 10112 28
Rhine-Westphalia Elea Pow 75'60 M N 10012 Sale 10012 10112 10
Direct mtge 65
1152 MN 8912 Sale 8812
8912 26
Cons m 68 of 1928
1953
55 F
r A 91 Sale 9014
9112 11
Rim,s Steel 1st f 76
9312 Sale 9312
9312
5
Rochester Gas & El 76 ser B _1946 M
10712 Sale 10712 10734
5
Gen mtge 54s series C
1948 M S
106
0514 May'29
Gen mtge 44s series D__.1977 M S
10014 9978 Apr'29
Roch & Pitts C&Ipm 5e__ _1946
N id
r_ 90 Dec'28 _
St Joe Ry Lt dr Pr lst 5e _ _ 1937 MN 9454 -9-612 95
96
3
St Joseph Stk Yds 1st 448_ _1930 J J
99 Feb'29
St L Rock Mt& P bs stmad_1955 J
68
70 69
69
1
St Paul City Cable cons 56_1937 .1 J
91
92 Apr'29
San Antonto Pub Serv 1st 88_1952 J J 107 10712 107
10714
8
Saxon Pub Wks(Germany) 76'45 F A 9518 Sale 95
9632 18
Gen ref guar 64e
1951 MN 9012 Sale 90
9034 23
Schulco Co guar 6
1946 1 .1 944 Sale 9314
95
5
1946 A 0 9312 Sale 9138
Guarefo3.4eserleeB
9312 11
Sharon Steel Hoop s f 545_1948 MN 945s Sale 943g
9614 11
N
Shell Pipe Lines f deb Es_ _1952 M
9434 Sale 9432
95
47
Shell Union Oils f deb 58_ _1947 M N 9638 Sale 96
9714 39
Shinyetau El Pow 1st 64s 1952 J D 86 Sale 86
Ms 44
Shubert Theatre 6s_June 15 19421 D 8218 83 83
8312
8
1935 J J 1024 10234 10232 10232
Siemens & Halske s f 75
1
1951 M
Debst645
101 Sale 101
102
27
f 64e allot ctfe 50% 0-'51 M S
103 Apr'29
Sierra & San Fran Power 56_1949 F A "id
9812
984 981s
2
Silesia Elec Corp s f 8He_ _ 1946 F A 8334 8812 8412 May'29
Silesian-Am Exp coil tr 75_ 1941 F A 9612 Sale 9612
9634 55
1929 M N 99 100
Simms Petrol 8% notes
_
99 Apr'29
Sinclair Cons 01115-year 75-1937 M
10258 76
10212 Sale 102
lst lien colt 6s series L.._ _1930 M S 9858 Sale 9858
109
99
19381 D 9934 Sale 9914 10012 56
1st lien 645series D
9512 50
Sincalir Crude01154e ser A.1938 J J 954 Sale 9412
Sinclair Pipe Lines I bs
63
1942 A 0 9334 Sale 9334
94
Skelly Oil deb 548
1939M 8 934 Sale 9312
94 I 20
Smith (A 0)Corp 1st 6Hs 1933 M N 10112 Sale 10034
South Porto Rico Sugar 7e_ _1941 1 D 9612 9634
South Bell Tel & Tot 1St Of 58 1941.5 J 10134 Sale 2734 1E12
2 1i
Southern Cob Power 68 A 1947 .1
10238 18
101 Sale 101
S'weet Bell Tel 18t & ref 5e 1954 F A 10234 Sale 10234 10318 38
Spring Val Water let g 52_1943121 N 9734 100
9734
9734
1
Standard Milling 1st ta
1930 M N 984 Sale 9858
984
9
1st & ref 545
1945 M S 101 10214 9858
985s
1
Stand 011 of N J deb 56 Dec 15'46 F A 10112 Sale 10112 10212 43
Stand Oil of NY deb 448_1951 J
9878 138
9612 Sale 96
Stevens Hotel 1st 65series A_1945 1 J 9578 Sale 954
5
9712
Sugar Estates (Oriente) 78_1942 M S 87 Sale 87
7
8814
Syracuse Lighting 1st g 56._ _1951 J D 964 9678 10412 10412
1
Tenn Coal Iron & RR gen 56_1951 J .1 1025s Sale 10258 1025s
3
Tenn Cop & Chem deb 68 A.1941 A 0 106 10978 109 May'29 _ _
Cony deb 6s ser B
1944M S 103 Sale 10212 10312 14
Tennessee Elec Pow 1st 65..1947 J D 10434 Sale 10434 10512 32
Third Ave let ref 4s
19601 J 554 5612 55
5712 56
Adj ino 56 tax-ex N Y Jan 1960A 0
4412 139
4312
44
Third Ave Ry let g 58
19371 J 9114 95 92
5
92
Toho Elec Pow 1st 7e
1955 M S 98 Sale 97
22
98
6% gold notes_ _ _ _July 15 1929 J J 9912 Sale 9914
9912 23
Tokyo Elec Light Co.
-.
1st es dollar series
8972 111
8914 Sale 89
Toledo Tr L & P 54% notes 19
1 D 09 Sale 99
93
50
31J
9914 27
Transcont 0116 He with war 1938 J J 99 Sale 99
10214 67
Trenton G & El lst g 58.-1949 M
10078 10312 10012 Apr'29 Truax-Traer Coal cony 6345_1943 M N 9412 Sale 94
20
96
Trumbull Steel 1st at Os_ _1940 M N 10218 10234 10134 10218 16
Twenty-third St Ry ref 155_ _1962 I J
57
58 Mar'29
Tyrol Hydro-Elec Pow 745_1955 M N 98 Sale 98
9
98
1952 F A 8818 8912 90 May'29
Guar see f 78
1945 M
U1Igawa El Pow of 75
13
99
97
98 99
UnRe
ion
lit
Eleec
uL
!
5 & Pr(Mo)58_1932 M S 9912 100 994 May'29
9914 16
99
9914 99
Un E L&P(III) 1st g5
/ N
J 10058 102 101
'
M
3 .M
ser A1
_93
102
18
1945 A 0 83 Sale 83
Union Elev Ry(Chic) 56
_
83
Union Oil 1st lien sf55
1931 .11 J 10114
1
- 10114 10114
30-yr (le series A ____May 1942 F A 10612 108 1064 10612
2
let lien s f 55 series C_Feb 1935 A 0
6
9778
4
__ 9778 973
9614
0614
United Biscuit of Am deb 66_1942 M N 96
1
98
United Drug 25-yr 55
1953 M
96
88
954 Sale 9514
United Rye St L 1st g 4a
1934 J
827s 10
9212 93 8234
United SS Co 15-yr 6e
1937 PA N 9834 99 9812
3
984
Un Steel Works Corp 646 A_1951 J D 86 Sale 86
88
39
With stock put warrants
J D 8612 Sale 8612
87
8
Series C without warrants J D 87
9354 87 May'29
With stock put warrants_ .1 D 86
8759
8812 8738
United Steel Wks of Burbach
Esch-Dudelange of 78._ _ _1951 A 0 103 10434 10412 10455 14
U Rubber let & ref 56 set A 19471 J 894 Sale 894
9112 105
10-yr 734% secured notes_1930 F A 1004 Sale 10012 1004 43
11 S Steel Corp(Coupon Apr 1963 MN 1084 Sale 1084 10859 334
sf 10-60-yr 56 Reale_ _ A pr 1983 MN
1
10712 10712
Universal Pipe & Rad deb 68 19381 1 D 8512 8612 874 Apr'29
Unterelbe Pr & Lt 68
1953 A 0 90
2
91
91
90
Utah Lt& Trac lst& ref 56_ _1944 A 0 9212 Sale 9112
9212 53
Utah Power & Lt 1st be
1944 F A 9734 Sale 9758
9918 20
Utica Elea L & P let f 58_1950 J J 10258
10238 Apr'29 Utica Gas& Etat ref & ext be 19571
1
1064 108 1064 10618
Utilities Power & Light 534s-1947 J D 9112 9178 9112
20
92
Vertientes Sugar let ref 78..1942
D 86 Sale 88
894 25
Victor Fuel 1st f Ps
19531 1 354 3814 35 Apr'29
Va Iron Coal & Coke 1st g 58 1949 M S 75
7412 May'29
76
Va Ry & Pow let & ref 5&. 1934 I 1 984 984 9812
9834 15
Walwortb deb 648(with war)'35 A 0 97 Sale 97
9778 15
1st sink fund 86 series A
1945 A 0 8712 Sale 8512
88
16
Warner Sugar Refin let 78_1941 J D 1064 Sale 106
31
107
Warner Sugar Corp let 78_1939 J 1 7212 77
3
775a
7712
Warner-Quinlan deb 66
1939 M S 97 Sale 97
9759 27
Wash Water Power s f 5e_ _..1939 I
6
97
9712 10112 102
Wenches Lta g 56 stmpd gtd 1950 J D 102 10312 10314
4
10314
West Penn Power ser A 58_ _19411 M
10112 10158 10112 10214 18
1st 58 series E
1983M 8
10318
2
10318
1034
1st 645 serfes F
,
-1953 A 0
5
_ 104 10358 1034
lst see 58 series
19561 D 102 10234 1014 10214
4
West Va C &C 1st 688
1950
J 25
1
2518
2518
26
Western Electric deb 56___1944 A 0 101 Hale 101
102
67
Western Union coil IT cur 56_1938 J
10112 17
10112 Sale 101
Fund & real eel g
M N 9612 Sale 9612
9712 15
15-year 6346
F D
A 10812 Sale 10812 109
1193
956
11
11
25-year gold 55
10134 Sale 10012 10134 26
West'h'se E & M 20-yr g 58..1948 M
10434 Feb'29
_
Westphalia Un El Pow (4_1953 .1 .1 8134 Sale 8135
8175 31
Wheeling Steel Corp lot 545 19481
9912 18
9912 Sale 98
1st & ref 4342 series B
1953 A 0 8714 Sale 8812
8714 51
White Eagle Oil A Ref deb 548'37
With stock purch warrants_
20
M 8 101 Sale 101
102
White Sew Mach (03(with war)16 I J
7
102
__ 100 102
Without warrants
2
90
877 90
Parties f deb 68
891 90 May'29
89
Wickwire Span St'l let 75...1
35 JIJ
N 55
194°M
577 57 May'29
Wickwire 8p 80 Co 7s_Jan 1935 MN 53
57's 16
55 '5
56
Willys-Overland s f 646_ _1933 M S 10112 Sale 10012'7 1011
4
Wilson & Co let 25-yr s f 86_ _1941 A 0 10012 Sale 10012 101
30
Winchester Repeat Arms 748'41 A 0 1074 Sale 107'
6
1 1071
Youngstown Sheet & Tube 551978
J 1001 Sale 100113'10034 135
Ranee
Since
Joss. 1,
Low
HISS
9212 9518
102 10313
10012 10314
101 104
100 10412
9212 98
971, 10214
100 103
9316
87
90
981s
91
96
107 110
10312 107
9518 1004
-TA- -WA
99
99
8678 77
94
92
1014 1071,
95 1004
90
9442
90 101
90 101
944 974
935s 97
9412 9871
94
85
8112 9112
9912 105
10012 108
101 108
9852 101
8314 89
9814 99
99 100
10132 10321
9812 100
99 10144
9412 9734
93
95
92
951s
9972 10252
102 107
101 10414
101 10412
10112 10514
9712 100
9812 102
9858 106
10034 108%
9512 98
9578 100
98
87
10412 107
10152 10312
102 115
10038 107
1041, 107
88
51
4314 8434
92
9714
98
9952
9813 9932
9112
89
99 10012
98 10412
10012 10012
94 10312
10112 10312
82
58
97
9912
8812 9212
95 100
9918 10014
99 10138
10018 104
83
874
98 10155
10614 10918
97 1011a
96 10014
944 9Th
82
8212
9774 100
84
9011
84
92
83
9014
8515 8984
103 108
9234
88
100 10232
107 10912
10634 1074
8534 90
91
90
9111 gals
9732 101
10218 10434
10432 107
90
98
9732
88
3472 40
82
74
071, 1004
91 103
8512 93
10534 107
8834
75
97
9914
100 10212
10282 10532
loola lot
10112 105
102 1054
10152 10414
5314
25
101 10314
100 10414
9914
95
107 111
9914 10511
10414 105
81
90
98 102
8612 874
994 10572
102 130
90
994
90 1001,
61
42
4035 8034
10012 10216
100 1084
107 ION
99% 101
MAY 1S 1929.]
3323
CHTIONTCLE
FTNANCTA
Outside Stock Exchanges
Boston Stock Exchange.-Record of transactions at
the Boston Stock Exchange, May 11 to May 17, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par Pries. Low. High. Shares.
Railroad100
Boston & Albany
100
Boston Elevated
100
Preferred
100
let preferred
100
2d preferred
Boston & Maine
Common unstamped _100
Ser A 1st pref unstpd_100
Ser B 1st pref unstpd_100
Bar C 1st pf unstpd.._100
Prior preferred!And_ _100
Bar A let pfd stpd ._.10e
Ser"B" lst pfdstpd-100
Bar C let prat stpd 100
Bar D let pfd stpd _100
Boston & Providence_ _100
Chic Jet Ry & U S Y_.100
Chic Jet & U BY pfd_ _100
East Mass St Ry
100
1st Preferred
100
Adjustment
100
NYNH dr Hartford._ 100
Norwich & Worcester 01100
Old Colony
100
50
Pennsylvania RR
Rights
100
Vermont-Mass
115
104
90c
Low.
170 174
329 82
58 96
79 110
617 100
High.
Apr
Apr
May
Jan
Mar
182
8851
101
115
108
Jan
Jan
Jan
Apr
Jan
Jan
Feb
Mar
Feb
Jan
Jan
Jan
Jan
Feb
Jan
May
Feb
Feb
Jan
Jan
Apr
Jan
Feb
Apr
May
Feb
10
50
5
51
77
36
5
16
10
72
28
65
477
110
30
1,111
5
33
9
@FedFRASER