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VOL. 128.
SATURDAY, MAY 25 1929.
NO.3335.
that in determining values of railway property for
purposes of recapture, the Commission "shall give
PUBLISHED WEEKLY
due consideration to all the elements of value recogTerms of Subscription—Payable In Advance
making purMos. 6 Mos nized by the law of the land for rate
12
Including Posiago—
$6.00
$10.00
Within Continental United States except Alaska
6.75 poses." He says this is an express command; and
11.50
In Dominion of Canada
7.75
Other foreign countries, U.S. Possessions and territories-- 13 50
the carrier has clear right to demand compliance
The following publications are also issued. For the Bank and Quotation Record the subscription price is $6.00 per year; for all the others is therewith. "The elements of value recognized by
$5.00 per year each.
MONTHLY PUBLICATIONS—.
the law of the land for rate-making purposes," he
COMPIIINDIUMS—
BANE AND QUOTATION RECORD
PUBLIC Untrry—(send-annually)
MONTHLY EARNINGS RECORD
asserts, "have been pointed out many times by the
-00U? year)
RAILWAY & INDUSTRIAL
STATE AND MutricrrAL--(semi-ammally)
U. S. Supreme Court," and he cites numerous cases
Terms of Advertising
45 cents in support of that statement.
matter per agate line
Transient display
On request
Contract and Card rates
Justice McReynolds quotes at length from the disOnicacio Oyszca—In charge of Fred. H. Gray, Western Representative,
see South La Salle Street. Telephone State 0613.
sent opinion of Commissioner Hall, concurred in by
LONDON Oyncis—Edwards & Smith, I Drapers' Gardens, London. E. C.
three other members of the Commerce Commission
WILLIAM B. DANA COMPANY, Publishers,
Front, Pine and Depeyster Streets, New York
in the O'Fallon case, and then proceeds as follows:
"This Court has declared the law of the land conPublished every Saturday morning by WILLIAM B.DANA COMPANY
President and Editor, Jacob Seibert; Business Manager, William D. Riggs:
Co. cerning valuations for rate-making purposes. The
Treas.. William Dana Seibert:Seg., Herbert D.Seibert. Addresses of all. Office of
Commission disregarded the approved rule and has
The Financial Situation.
thereby failed to discharge the definite duty imposed
There have been two events of large influence the by Congress. Unfortunately, proper heed was depresent week, but having widely different effects. nied the timely admonition of the minority—The
The first of these had a temporary stimulating influ- function of this Commission is not to act as an
ence on values and the other has been the occasion for arbiter in economics, but as an agency of Congress,
a very sharp decline all through the Stock Exchange to apply the law of the land to facts developed of
list. The favoring factor has been the decision of record in matters committed by Congress to our
the U. S. Supreme Court, made known Monday jurisdiction.'
afternoon, upholding the contention of the railroads "The question on which the Commission divided is
that in ascertaining the valuation of railroad prop- this: When seeking to ascertain the value of railerties for rate making purposes and for recapture road property for recapture purposes, must it give
of excess income, the Inter-State Commerce Com- consideration to current, or reproduction, costs?
mission errs when it fails to take into consideration The weight to be accorded thereto is not the matter
as one factor "present reproduction costs." The de- before us. No doubt there are some, perhaps many,
pressing agency has been the news of the day, point- railroads the ultimate value of which should be
ing to an advance in the rediscount rates of the placed far below the sum necessary for reproduction.
Federal Reserve Banks, the prospect of an advance But Congress has directed that values shall be fixed
being predicated upon the recommendation of the upon a consideration of present costs along with all
Federal Reserve Advisory Council, communicated other pertinent facts; and this mandate must be
to the Federal Reserve Board on Tuesday, May 21, obeyed."
that the Board consent to an advance in the redisProper valuation of the railroads is of importance
count rate from 5% to 6%, where a Reserve Bank because the Transportation Act of 1920 requires that
makes a request to that effect, it being well known whenever a railroad earns in excess of 6% upon such
that the Federal Reserve Bank of New York and valuation, one-half of such excess must be turned
the Federal Reserve Bank of Chicago have formally over to the Commerce Commission to constitute a
made such requests. The Federal Reserve Board fund with which to extend financial assistance to
however has declined to comply with the recom- the weaker roads. Accordingly, if the valuation is
mendation.
fixed lower than it should be, the excess will be
The decision of the U. S. Supreme Court on the correspondingly larger, or (what has happened in
question of railroad valuation was given in the most of the contested cases) an excess will appear
celebrated case of the St. Louis & O'Fallon Railway. when no excess actually exists in the contemplation
The case was a test case and the decision is to the of the statute. The Commerce Commission in all its
effect that the Commission is proceeding in disre- valuations has valued the structural properties of
gard of the law when it fails to take account of pres- the carriers on the basis of 1914 values, which were
ent reproduction cost as one of the salient factors in exceedingly low, this being the time before the outthe problem. The majority opinion, written by Jus- break of the World War with the tremendous intice McReynolds, points out that section 15a, which crease in labor and other costs that have occurred
was added to the Inter-State Commerce Act by the since then. The Commission termed these 1914
Transportation Act of 1920,directsby paragraph 4, values as the "prudent" investment cost and obvi-
financial Chronicle
3392
FINANCIAL CHRONICLE
ously with costs so much higher now these 1914
values are far from showing the "present reproduction cost." Hence if the court had sanctioned the
proceeding many roads would have suffered great injustice in having to pay over large amounts of income
which they cannot now be called upon to share with
the Commerce Commission, since they have not been
earning anywhere near 6% upon a "fair" value of
their investment, in which fair value "present reproduction costs" constitutes an important factor. In
that sense the decision is of the highest importance
and its significance in that respect can hardly be exaggerated. Not having any recapturable earnings,the
position of the roads most immediately concerned
(among which Southwestern roads stand foremost)
is vastly improved. Of this there can be no question. It removes a cloud which had been resting
upon the future of such roads.
On the other hand, as far as rates are concerned,
we share the views of President Hoover and of railroad officials themselves, that the effect is likely to
be inconsequential. To be sure, the Commerce Commission is directed under the Transportation Act,
"in the exercise of its power to prescribe just and
reasonable rates" to establish such rates as will
yield "a fair return" on the property used in the
transportation service. But whatever weight this
command may have had, when the Transportation
Act was passed, immediately after the close of the
war, it is not likely to play much, if any, part in
the rate-fixing nine years later. The rate structure is now established and considerations bearing
upon the question as to whether existing rates are
likely to yield, or are yielding, a proper return are
not likely to influence the course of the Commerce
Commission to. any extent, if at all. Besides, there
is the,Hoch-Smith resolution which is certain to act
as a deterrent upon rate advances. It is to be
noted, too, that this IS the view of the "Railway Age"
which, in its issue of this week, is moved to
say:
"In anticipating the probable effects, consideration must be given to the practical as well as the
legal aspects of the matter. The Inter-State Commerce Commission for nine years has refused to
allow the railways to charge rates high enough to
enable them to earn an average return of 5.75% even
upon its own basis of valuation, although it has held
this would be a fair return. How, then, can it be
reasonably assumed that it will in future be easily
persuaded to authorize them to charge rates high
enough to earn such a return upon a valuation much
larger?
"Furthermore, while the railways have refused
to accept the Commission's principles and methods
of valuation, they have never actually tried to get
it to use, in the regulation of rates, a basis higher
than the investment in their properties indicated by
their accounts. The railways have recognized in the
past, and they undoubtedly will recognize in future,
the fact that public sentiment and economic conditions cannot safely be ignored."
Nor are we inclined to think there is any reason
for believing that the Commerce Commission will
have to scrap all the work done thus far in the valuation of the properties of the roads. The work is
faulty only in one particular, in that the structural
values are those of 1914 instead of those of say 1928.
Everything else seems to be free from substantial
objection. We notice that W. G. Brantley, General
[VOL. 128.
Counsel of the President's Conference Committee of
Federal Valuation of Railroads, is quoted as saying
that "the opinion of the court does not require the
Commission to scrap any of its valuation work, but
only to complete the work." He also says that "The
cost of reproduction of the structural property of
each railroad as of June 30 1914 has been ascertained and reported by the Commission. The costs
reported do not purport to be the actual costs prevailing on that date, but to be the general 'level' of
costs existing then and for a period of some 5 to 10
years prior thereto. . . . Recently the Commission has fixed upon December 31 1927 as the new
date to which all valuations shall be brought. And
obviously, the cost of reproduction as of that date
must 'be determined and given consideration, and
that is what the Supreme Court decision means.
Just as there was a 'level' of prices prevailing on
June 30 1914, which the Commission ascertained and
applied, there exists a 'level' of prices prevailing on
December 31 1927, which the Commission must
likewise ascertain and apply in order that the
value of the railroads as of that date may be
known."
This would seem to furnish a ready and simple
means of bringing the valuations down to date and
yet comply with the mandate of the law and of the
Supreme Court. Of coun3e there may be cases where
this rule would not apply. Justice McReynolds has
taken pains to say: "No doubt there are some, perhaps many, railroads the ultimate value of which
should be placed far below the sum necessary for
reproduction." But such cases could obviously be
treated separately and their value fixed according
to the circumstances of the case.
As to the action of the Federal Advisory Council
in recommending to the Federal Reserve Board that
the latter assent to advances in their rediscount
rates from 5% to 6%, where the regional banks seek
permission for such an advance, such action would
obviously be a step in the right direction. The
memorandum containing the recommendation is expressed in the following significant words': "The
Council recommends to the Federal Reserve Board
that it now grant permission to raise the rediscount
rates to 6% to those Federal Reserve Banks requesting it, thus bringing the rediscount rates into closer
relation with generally prevailing commercial
money rates. The Cduncil believes that improvement in financial conditions and a consequent reduction of the rate structure will thereby be brought
about more quickly, thus best safeguarding commerce, industry and agriculture."
We do not think that raising the rate would have
the slightest effect on the credit situation, but nevertheless, the step should have been taken long ago,
and it should not escape notice that the recommendation of the Advisory Council says that the advance
proposed would bring "the rediscount rates into
closer relation with generally prevailing commercial
money rates." That has been the weakness right
along, namely, that rediscount rates have been far
below the market rates, thereby encouraging borrowing at the Reserve institutions, since there was
always a sure profit in the operation. Even an advance to 6% will not change the situation much in
that respect, inasmuch as Governor Young of the
Federal Reserve Board took occasion to say in one
of his addresses last year, that it was impossible to
MAY 25 1929]
FINANCIAL CHRONICLE
3393
past twelve months in the amounts of the loans
under the different headings it is only necessary to
compare this week's figures for May 22 with those
for May 23 last year. Such a comparison shows that
while the grand aggregate of the loans in all the
different categories is considerably over a $1,000,000,000 higher than at this date a year ago, the
amount now at $5,520,000,000 comparing with $4,456,000,000 at the corresponding date a year ago,
the loans made by the reporting member banks for
their own account are now down to $827,000,000
against $1,247,000,000 twelve months ago and the
loans for account of out-of-town banks are only a
little larger at $1,651,000,000 against $1,607,000,000.
On the other hand, the loans "for others" at $3,042,000,000 compare with only $1,602,000,000 twelve
months ago, showing an augmentation in the latter
category in the huge sum of $1,440,000,000. Nothing
could show better how serious the situation has become by reason of the growth in these outside loans.
Borrowing of the member banks at the Federal
Reserve institutions has been further reduced during the week, as seems natural in view of the contraction in the grand total of brokers' loans during
the week. The further decrease in borrowing is only
small, the amount for May 22 being $904,426,000
compared with $914,599,000 on May 15. Some very
large changes, however, are found embodied in these
totals when we examine the figures for the separate
Reserve Banks. At the Federal Reserve Bank of
New York borrowing has been very heavily reduced,
the discount holdings the present week being down
to $197,325,000 against $254,372,000 last week. Unfortunately the greater part of the large reduction
here has been offset by larger borrowing at the other
Reserve institutions. Thus at Chicago the discount
holdings have increased $10,200,000 during the
This week's changes in the Federal Reserve state- week; at Boston $8,900,000; at San Francisco $7,ments are not very striking. Such as they are, 900,000; at St. Louis $6,300,000, and at Kansas City
they are in line with expectations and the most of and at Richmond $4,800,000 each.
This change in the distribution of the discounts
them, though not by any means all, are in the right
direction. The aggregate of brokers' loans is $45,- is important as showing that it is not the New York
000,000 smaller than that of the previous week, the district that is now extending its borrowings, but
amount May 22 standing at $5,520,000,000 against the other Reserve districts. The Reserve System as
$5,565,000,000 on May 15. But this follows increases a whole has also further reduced its holdings of
for the four weeks preceding to a total of $140,- acceptances purchased in the open market, these
000,000, and considering the extensive liquidation holdings the present week. standing at $137,986,000
that has been in progress all through the week on against $146,107,000 lart week, and comparing with
the Stock Exchange the falling off must be viewed $330,562,000 a year ago. The holdings of U. S. Govas being, after all, quite small. A further feature ernment securities are also lower at $153,287,000
that can not be regarded with satisfaction is that the present week as against $155,826,000 last week,
though the grand total of the loans has been reduced and comparing with $230,481,000 on May 23 1928.
in amount of $45,000,000, the loans for account of Altogether total bill and security holdings are reindividuals and corporations, as distinct from those ported at $1,203,516,000 May 22 1929 and $1,224,made for account of the reporting member banks 349,000 May 15 1929 as against $1,409,505,000 May
themselves, and for account of the out-of-town bank 23 1928. It accordingly appears that $206,000,000
correspondents, or in brief the loans termed techni- less Reserve credit is now in use than was the case
cally "for account of others," actually show a fur- a year ago.
ther increase during the week of no less than $63,The stock market this week suffered another
000,000, bringing the aggregate of the loans in this
well above $3,000,000,000, thereby estab- revere collapse and the fluctuations in prices have
category
lishing, of course, another new high record in all been wide and extremely violent. The general trend
time. The loans made by the reporting member has been strongly downward, relieved only in the
banks in New York City for their own account last hour on Monday by the decision of the U. S.
diminished during the week from $860,000,000 to Supreme Court in the St. Louis & O'Fallon rate case
$827,000,000, and those for account of out-of-town upholding the contention of the railroads that in fixbanks from $1,725,000,000 to $1,651,000,000, but the ing the valuation of the railroads due weight must
loans for account of individual lenders ran up from be given to the present reproduction costs of the
$2,979,000,000 to $3,042,000,000. To indicate what structural properties of the carriers and declaring
an extraordinary change has occurred during the that the Inter-State Commerce Commission violated
"earmark" Federal Reserve credit when once released. It follows that by borrowing at 6% it will
still be profitable to lend the funds thus obtained
from the Federal Reserve Bank at much higher rates
on collateral loans on Stock Exchange securities.
Call loans on the Stock Exchange the present week
have been down at times to 6%, but only two weeks
ago the rate ruled for several successive days at
14%, that rate having been exacted even on renewals
of standing loans.
As a matter of fact, time loans on the Stock Exchange are still quoted at 9%. In these circumstances, it is not easy to perceive why such alarm
should be felt on the Stock Exchange over the prospects of an advance in the rediscount rate to merely
6%, and it should be noted that this alarm, or professed alarm, does not extend to •the mercantile
world, notwithstanding that.even bankers' acceptances (the highest form of commercial credit) have
7
/%
for some time been quoted at 5%,0 bid and 51 2
asked for ninety day maturities, at which figure the
cost of the money to the borrower (allowing for the
/
acceptance commission of 14 of 1%, which is at the
/
rate of 1% per year) is fully 61 2%. This week some
acceptance houses have raised their acceptance rates
even higher than those here quoted. Altogether it is
difficult to understand the reluctance of the Reserve
Board to sanction an increase in the rate, especially
as the best banking opinion in the country is so
strongly in favor of such a move, as is evident from
the fact that both the Federal Reserve Bank of New
York and the Federal Reserve Bank of Chicago have,
according to well authenticated information, the
present week renewed their application for permission to make the advance, though with no greater
success than before.
3394
FINANCIAL CHRONICLE
the plain mandate of the law when it failed to take
this factor into consideration, but insisted instead
in using the low productions costs of 1914. The
decision had long been looked for, Monday after
Monday, as the Court hands down its decisions on
that day,but in the end it came unexpectedly. It was,
too, far more favorable to the views of the carriers
than anyone had supposed would be the case. Accordingly when announcement of the decision appeared on the ticker tape at about 2 o'clock in the
• afternoon on Monday the effect was to cause a
sensational upward spurt in the stocks of the railroads, advances of 15 to 25 points being recorded,
while the downward turn in the rest of the list was
for the moment halted. The sensational advances in
the railroads list were not, however, maintained,
or at least not to their full extent, and by the close
of the last hour the railroad list suffered a relapse
almost as marked as the previous rise and the general list resumed its downward course.
On Tuesday the rate decision proved only a temporary sustaining influence and many further declines
in prices occurred, though the market was extremely
unsettled and prices moved irregularly up and down.
Evidently there was heavy selling pressure, and the
bears were making assaults on the market with great
persistency. Late in the afternoon of Tuesday there
came the news that the Federal Advisory Council
had been in session and had recommended to the
Federal Reserve Board that the latter desist in its
policy of refusing the requests of the Reserve Banks
which wanted to raise their rediscounts from 5% to
6%. It was by this time well established that both
the New York and the Chicago Reserve Banks had
not only put in such requests, but were renewing
them with great persistency. The effect of this news
was to cause an exceedingly violent break in prices
OR Wednesday, over 300 stock issues recording new
low figures for the year.
On Thursday, when it developed that the Reserve
Board was not likely to yield immediate compliance
to the recommendation of the Advisory Council, the
market experienced a brisk recovery which was in
proportion to the previous day's tremendous slump
in values. On Friday, after early strength, the market again became unsettled, and the course of prices
once more irregular, though with values again turning pretty generally downward in the last hour. As
it happened, call loans at no time during the week
went higher than 7%,and the latter part of the week
were down to 6%.
Trading has been fairly heavy. At the half day
session on Saturday the sales on the New York Stock
Exchange reached 1,249,640 shares; on Monday the
transactions aggregated 3,811,850; on Tuesday they
ran up to 4,409,520 shares, and on Wednesday to
4,844,130; on Thursday the dealings fell to 3,814,220
shares, and on Friday to 3,272,030shares. On the New
York Curb Market the sales were 882,900 shares on
Saturday; on Monday they were 1,217,800; on Tuesday 1,370,000 shares; on Wednesday 1,416,800
shares; on Thursday 1,127,800 shares, and on Friday
1,273,900.
Nearly the entire list shows heavy declines for the
week. Sears Roebuck & Co. closed yesterday at 153
/
against 1571 4 on Friday of last week; Montgomery
Ward & Co. closed at 114% against 120; Woolworth
closed at 219% against 228; Safeway Stores at 160
against 166%; Western Union Tel. at 187% against
[Vox,. 128.
192; American Tel. & Tel. at 210% against 215%;
Int. Tel. & Tel. at 246 against 264; Westinghouse
Elec. & Mfg. at 152% against 164; United Aircraft
& Transport at 123 against 141; American Can at
1311 against 144; United States Industrial Alcohol
%
/
at 15614 against 1621 Commercial Solvents at 346
%;
against 359%; Corn Products at 89% against 91%;
Shattuck Co. at 14978 against 153%, and Columbia
/
/
Graphophone at 711 2 against 74%.
Allied Chemical & Dye closed yesterday at 281
against 289 on Friday of last week; Davison Chemical at 5414 against 55; Union Carbide & Carbon new
/
stock (issued three for one of the old) at 79%
/
against 8278; E. I. du Pont de Nemours at 168%
against 174; Radio Corporation at 92 against
94%; General Electric at 273% against 289%;
National Cash Register at 111 against 119%;
Wright Aeronautical at 125 against 128; International Nickel at 47% against 51; A. M. Byers at
13778 against 1471 American & Foreign Power at
/
%;
/
1001 8 against 111; Brooklyn Union Gas at 173%
against 181; COnsol. Gas of N. Y. at 109% against
/
/
/
11614; Columbia Gas & Elec. at 7614 against 7278;
Public Service Corp. of N. J. at .84 against 89%;
Timkin Roller Bearing at 86 against 90; Warner'
Bros. Pictures at 118% against 131; Mack Trucks
at 96 against 101%; Yellow Truck & Coach at 41
against 46; National Dairy Products new at 65%
against 68; Johns-Manville at 16818 against 176%;
/
/
National Bellas Hess at 551 2 against 5218; Asso/
/
ciated Dry Goods at 455s against 52; Commonwealth Power at 160 against 157%; Lambert Co. at
135 against 1441 8; Texas Gulf Sulphur at 74
/
2
1
/
against 77; Kolster Radio at 34% against 37 .
Notwithstanding the general decline a few stocks
have this week established new high records for the
year, as follows:
STOCKS MAKING NEW HIGH FOR YEAR.
ColumbiajGas & Electric
Railroads—
Detroit Edison
Atchison Topeka & Santa Fe
Exchange Buffet
Missouri Pacific
Nashville Chattanooga & St Louis. Marlin Rockwell
McCall Corporation
Norfolk & Western
Motor Wheel
St. Louis-San Francisco
Otis Elevator
Prairie Pipe Line
Industrial dc Miscellaneous—
Atl. Gulf & West Indies S. S. Lines Southern Dairies class A
Stanley Co. of America
Burroughs Adding Machine
Stromberg Carburetor
Chesapeake Corporation
The copper stocks have been no exception to the
rule. Anaconda Copper closed yesterday at 121%
against 128 on Friday of last week; Kennecott Cop/
per at 821 8 against 88%; Greene Cananea at 14378
/
/
against 154%; Calumet & Hecla at 401 8 against
42%; Andes Copper at 48% against 51%; Inspira/
tion Copper at 4118 against 43%; Calumet & Arizona at 129% against 13018; Granby Consol. Copper
/
at 70 against 76%; American Smelting & Ref. at
97% against 102%; U. S. Smelting & Ref. at 54%
against 59%.
In the oil group Simms Petroleum closed yesterday at 29% against 29% on Friday of last week;
Skelly 011 at 41% against 42%; Atlantic Refining
%;
at 66 against 691 Pan American B at 61% against
/
64%; Phillips Petroleum at 4018 against 41%;
%
Texas Corp. at 63 against 65; Richfield Oil at 443
against 46%; Marland Oil at 36% against 38; Stan/
dard Oil of N. J. at 5778 against 60%; Standard Oil
/
of N. Y. at 40% against 41%, and Pure Oil at 281 8
against 28%.
The steel group suffered with the rest. U. S. Steel
/
closed yesterday at 17278 against 176% on Friday
/
of last week; Bethlehem Steel at 9914 against 10678;
/
Republic Iron & Steel at 90% against 95%; Ludlum
MAY 25 1929.]
FINANCIAL CHRONICLE
Steel at 84% against 90%,and Youngstown Sheet &
Tube at 127 against 129%. In the mOtor group
General Motors closed yesterday at 7378 against
/
80% on Friday of last week; Nash Motors at 881
/s
against 94%; Chrysler at 74% against 83%; Packard Motors at 141 against 14714; Hudson Motor
/
1
4
/
Car at 84 against 87, and Hupp Motor at 46 against
5214 Among the rubber stocks Goodyear Tire &
/
.
Rubber closed yesterday at 119 against 13218 on
/
Friday of last week; B. F. Goodrich at 79% against
84%,and U. S. Rubber at 521 8 against 561 8 and the
/
/
preferred at 78% against 82.
The railroad stocks constitute the one group
where some gains for the week appear, the reason
for which has already been given. Pennsylvania RR.
closed yesterday at 76 against 7614 on Friday of
/
last week; New York Central closed at 18614
/
against 182%;Del. & Hudson at 190 against 188 bid;
Baltimore & Ohio at 117 against 118; New Haven
at 97 against 99; Union Pacific at 220 against
/
1
4
217%; Canadian Pacific at 224 against 230%;
Atchison at 2071 8 against 197%; Southern Pacific
/
at 128% against 129%; Missouri Pacific at 86%
/
against 8178; Kansas City Southern at 81 against
85; St. Louis Southwestern at 90% against 93% bid;
St. Louis-San Francisco at 113 against 110%; Missouri-Kansas-Texas at 47% against 481
4; Rock
Island at 120 against 1211
4; Great Northern at
103% against 10278; Chic., Mil., St. Paul & Pac.
/
preferred at 49 against 501s and Northern Pacific
/
1
4
/,
at 101 against 100 bid.
Securities markets in the important European centers have moved irregularly this week, with the trend
In the Continental markets somewhat better than at
London.The week has been a short one, all markets
remaining closed until Tuesday because of the Whitsunday holidays. When trading was resumed Tuesday morning, London manifested a good deal of
nervousness ever the international money situation,
but in Paris and Berlin there seemed to be an impression that the Reparations experts in Paris would
shortly come to terms and the cheerfulness thus
caused was reflected in rising quotations. The improvement in the French and German markets was
doubtless aided also by a natural recovery from the
persistent downward trend of the previous week.
Trading on the London Stock Exchange was dull
Tuesday, only a small volume of orders having accumulated for execution. Gilt-edged securities were
particularly, affected by the international prospects of
higher money rates and all issues dropped to lower
levels. British rails were steady, while industrials
were almost neglected. The Anglo-American list
was more active, but prices declined steadily, in
sympathy with the Wall Street market. Several important exchanges moved steadily against sterling
Wednesday, and as a result British funds again declined in the trading of that day. The international
list also dropped further on reports of an imminent
rise in the New York rediscount rate, while British
industrials continued their irregular course in very
slow trading. Continued uncertainty regarding monetary conditions in New York and their possible effect
on London caused a further decline in gilt-edged
securities Thursday. The principal declines, however, were in the Anglo-American list, which reflected
the severe slump at New York on Wednesday. Home
rails and industrials also fell off further, with British
Celanese an outstanding exception. The tone at
3395
London finally became more cheerful yesterday with
traders more confident and business on a larger scale.
Gilt-edged securities showed improvement and the
industrial shares also were higher generally. The
international list reflected the better tone at New.
York on the previous day. Home rails, however,
remained quiet with very few changes in quotations.
The 'Paris Bourse was quiet but firm at the opening Tuesday, with banks, chemicals, electricals and
steels all advancing sharply. The optimism was
traced in great part to the United States Government's move to facilitate the success of the experts'
conference on reparations. Although the improvement was not maintained throughout the session,
prices were substantially higher at the close. The
Paris market was again firm at the start of trading
Wednesday, but less hopeful rumors regarding the
reparations meeting caused a recession both in business and in prices: General weakness followed in
Thursday's session, with the news unfavorable not
only from the experts' meeting, but also from Berlin,
London and New York. The volume of business remained small, but the list receded as a whole, almost
all groups showing weakness. A period of recovery
followed in yesterday's session, most groups showing
moderate advances in quotations. The Berlin Boerse
opened the week Tuesday with a firm tone, stimulated by a great number of domestic and foreign purchasing orders. The electrical list was the most active
of the groups, with AEG and Simens rising steadily.
Apprehensions of increased discount rates at London
and New York caused a reversal of the trend Wednesday, the level of prices declining 2 to 4 points in
moderate trading. The electricals lost only part of
their previous gains. After an uncertain and rather
weak opening Thursday, shares at Berlin resumed
their advance, notwithstanding the more dubious
reparations reports from Paris. French interests were
reported active buyers of German potash issues, and
these joined the electricals in an extensive advance.
The trading was again uncertain in yesterday's session, and prices moved irregularly.
Reparations negotiations by the Experts' Committee in Paris were carried several steps further this
week, the complication of issues involved having
finally been whittled down to only two or three on
which there is still a grave difference between the
Allied and German experts. When the various delegations assembled on Feb. 11 in the French capital
their first endeavor was to provide a new and entirely
non-political method for the transfers involved in
any revised agreement on which they might agree.
For this purpose they drafted the plan of the proposed
new International Settlement Bank. Further discussion necessarily centered around the question of
annuities and on this point the conference very
nearly broke up in the second week of April when the
Allied demands and the German counter-offer were,
put forward. The conversations have since proceeded on the basis of the compromise plan suggested
by Owen D. Young, as Chairman of the gathering.
This plan provides for payment by Germany of 37
annuities averaging 2,050,000,000 marks each, with
a further 21 annuities of lesser amounts, but sufficient to compensate the Allies for their debt payments among themselves and to the -United States.
Dr. Hjalmer Schacht accepted the new plan for Germany on May 4 but made a number of reservations
which were subsequently studied and revised by Dr.
3396
FINANCIAL CHRONICLE
Schacht and Sir Josiah Stamp of Great Britain, who
embodied their findings in a report which they submitted to the creditor delegations May 15.
Developments of the present week have related
chiefly to Allied consideration of the German conditions and to the attempt to cast the entire new
scheme into its final mold. There has, however,
been one occurrence of peculiar interest to the United
States, which receives VA% of the payments made
by Germany under the Dawes Plan to apply to Army
of Occupation costs and the claims of American citizens against the German Government. Apparently
at the request of the Experts' Committee, quick consideration was given this government's claims against
Germany at a White House conference called by
President Hoover last Sunday and attended by Secretaries Mellon and Stimson, the majority and minority
leaders of Congress and others. The result of the
conference was a slight modification of the annuities
due the United States from Germany, the change to
apply in any new agreement that the experts at Paris
may reach. The real meaning of the conference, accounts from Washington said, was to show that the
United States is prepared to make a proportionate
reduction with the Allies in the Army of Occupation
costs. The change is said to consist chiefly of a
slight scaling down of the annuities due the United
States, and the extension of these over a longer period
without any reduction in the total to be paid on claims
of American nationals. The revision of the Army of
Occupation claims might mean a reduction of 10%, it
was indicated. American claims against Germany
now being paid under the Dawes Plan amounted on
Sept. 1 1928, the beginning of the present annuity
year, to $350,759,069, of which $206,981,384 represented the balance due on American Army of Occupation costs, and $143,777,735 the balance due on
mixed claims. This offer was officially communicated to a special committee of the creditor delegates
in Paris, Monday, by Edwin C. Wilson, United
States Government observer attached to the Reparations Commission.
The Allied experts, after their long consideration
of the German conditions advanced by Dr. Schacht,
finally handed a revised reporf to Dr. Schacht on
Wednesday. This report, an Associated Press dispatch from Paris said, was really a revised draft report which needs only the assent of the German
delegates to become the conference report to the
governments concerned. It contains, it was understood, a system of annuities about equivalent to that
proposed as a compromise by Mr. Young. It acquiesced in certain of the reservations listed by Dr.
Schacht but excluded others. In addition, the new
report contained some counter-stipulations of the
Allied experts. Four cardinal points, unlikely of
acceptance by the Germans, appeared in the report,
it was said, and once again rendered a successful
conclusion to the labors of the committee a doubtful matter.
The first of the four main points at issue is the
creditor experts' refusal to agree to a total suspension of payments in case of a financial or economic
crisis within Germany, although they permit a moratorium of two years with respect to transfers. The
second is the creditors' refusal to agree to a total
liberation from control of the German railroads,
although concessions toward meeting the German
• view were made. The third chief difficulty is the
rearrangement of the proposed schedule of the annui-
[VoL. 128.
ties proposed by Mr. Young so as to increase by
degrees the. amount of the unconditional payment,
while remaining within the total average annuity
figure of 2,050,000,000 marks. The fourth principal
difficulty is the decision of the creditors not to consent that the new schedule of annuities shall run as
from April 1 1929, as Dr. Schacht stipulated, but to
insist on the completion of the present Dawes annuity
year, which ends in September next. A further point
at issue was a demand for redemption by Germany
of the German marks left in Belgium at the end of
the war.
Although the German delegation as a whole
promptly began to study the revised draft of the
report as submitted by the Allied experts, a severe
blow was struck at the chances of ultimate success
of the meeting by the sudden resignation of Dr.
Albert Voegler, the second of the two chief German
experts. Dr. Voegler left Paris apparently in some
indignation when the draft report was re-submitted
to the Germans. His own expression of his viewpoint, according to a Berlin report to the New York
"Evening Post," was that he would be unwilling to
affix his signature voluntarily to a second Paris document which would continue the regime of "veritable
vassalage" to the Entente which resulted from the
Treaty of Versailles. The news of Dr. Voegler's
resignation was confirmed Thursday, and Dr. Ludwig
Kastl, his alternate, continued as the associate of
Dr. Schacht, the conversations which had been begun
with the Allied experts on the new draft report.
Among the delegations as a whole, the desire for
compromise still prevailed, reports said, although it
might take several days before a decision could be
reached on the present situation, or a way found to
resolve the difficulties.
Informal discussions have been in progress between
Paul Claudel, French Ambassador to the United
States, and Under Secretary of the United States
Treasury Ogden L. Mills, regarding the French payment of $400,000,000 for war stocks due the United
States, Aug. 1, and the additional payment of
$7,341,145 due shortly thereafter. The understanding has prevailed that Premier Poincare of France
would seek ratification of the Mellon-Berenger agreement immediately upon final settlement of the reparations problem by the present Experts' Committee in
Paris. Ratification of this agreement by the French
Parliament and its subsequent approval by the
United States Senate would automatically make
these French payments a part of the total French
war debt to the United States. In expectation of
ultimate ratification of the Mellon-Berenger agreement, France has been paying for several years in
accordance with the schedule therein provided. With
the date for payment originally provided in the war
stocks sale now fast approaching, conjecture has been
rife regarding the means France would take for either
meeting the payment or securing its postponement.
It was indicated in Washington Wednesday, however,
that Mr. Mills had asked M. Claudel to transmit to
Paris a request that France give this Government
reasonable assurances that the Mellon-Berenger arrangement will be ratified during the present session
of the Chamber of Deputies. Should these assurances be forthcoming, a Washington dispatch to the
New York "Herald-Tribune" said, it is considered
probable that the Treasury, acting with the full
authority of President Hoover, will request Congress
MAT 25 1929.]
FINANCIAL CHRONICLE
to permit postponement of the payment. If legislation to this end is to be passed by the extra session of
Congress, it must be introduced almost immediately,
the French Ambassador was told. The French
Chamber of Deputies is now in session and is not
expected to adjourn until July 14.
Nominations for the British General Elections of
May 30 were closed last Monday, this procedure
revealing that seven candidates, four Conservatives
and three Northern Irish Nationalists, are returned
unopposed to the new Parliament which assembles in
June. The final returns showed that there were
1,725 candidates for the remaining 608 seats, the
Conservatives running 588, the Laborites 570, the
Liberals 511, the Communists 25 and other parties
31. Altogether, 68 women candidates were nominated, these including 30 Laborites, 25 Liberals,
10 Conservatives and 3 Communists. The intensity
of the fight is shown by the large number of threecornered contests, a London report to the New
York "Times" remarks. Apart from those constituencies which return more than one member, there
are only 102 divisions in which there will be fights
between only two opponents. In no fewer than 444
constituencies there will be three-cornered fights,
while in 26 other instances the new members will have
to defeat three other candidates. Premier Baldwin is
opposed in his constituency by both Liberal and
Labor candidates, while Mr. Lloyd George, the
Liberal leader, also will have a three-cornered struggle
on his hands. Ramsay MacDonald, the Labor
leader, will be opposed by three other candidates,
including a strong Communist. The final figures of
the new voting register, issued Wednesday, show
that 25,092,848 Britons are entitled fo vote in the
general election. Of this total, 13,227,690 are women,
while the number of the men is placed at 11,865,158,
giving the women a preponderance of 1,362,532
voters.
Formal announcement of the long-rumored TacnaArica settlement between Chile and Peru was made
in Washington May 17 by President Hoover, the
agreement, in substance, awarding Tacna to Peru
and Arica to Chile. In announcing the settlement
between the two countries, which terminates a
controversy extending over the last 46 years, or since
the conclusion of the war of the Pacific waged jointly
by Peru and Bolivia against Chile, the President
exercised his good offices at the request of both sides.
Direct negotiations for this settlement had been conducted at Lima since last September between Chile
and Peru, and a premature announcement of the
agreement was made early this year. The agreement now reached takes the form of an acceptance
by both countries of a proposal by Mr. Hoover for a
settlement out of respect to the position of the
President of the United States as arbitrator of the
controversy since 1922. To become effective, the
agreement must now be placed in the form of a treaty
between the two countries. This procedure is understood already to have been prepared, a Washington
dispatch to the New York "Times" remarks, with
practically the only question left being the ratification of the compact by the Parliaments of the two
countries. Once ratifications are exchanged, the
understanding is to become operative within thirty
days through delivery by Chile of the Province of
Tacna to Peru.
3397
One of the important features of the agreement
is the award of the Port of Arica to Chile, this city
having been the chief bone of contention in the negotiations of the past eight months. Under the terms
of settlement, however, Peru is to have rights of a
free port at Arica with public works erected for it
there by Chile. There are other compensating advantages for both sides in the agreement. Chile, in
part due to its receiving the Port of Arica, is to pay
Peru $6,000,000. Public works and property in
Tacna are to be given by Chile to Peru, while Chile
will maintain in Arica the franchise granted by Peru
in 1852 to the Arica-Tacna RR. Co. Private legal
rights are to be respected by the Governments in
their respective provinces, and they are to release
reciprocally any obligations or indebtedness between
them involved in the Tacna-Arica situation. Peruvian children born in Arica shall be considered
Peruvians until 21 years of age, when they may elect
their nationality, and the same right will apply to
Chilean children born in Tacna.
In conformity with a suggestion of the United
States, the two Governments will erect a peace
monument commemorating the settlement on Morro
de Arica, a promontory where the last great battle
of the war of the Pacific took place. The boundary
line between the provinces will run from a point
ten kilometers north of the bridge over the River
Lluta near the Port of Arica, and parallel the AricaLa Paz RR. to the Bolivian boundary. Its exact
location is to be determined by a Chilean and a
Peruvian engineer, and in case of disagreement by
them, the line will be fixed by a third person designated by the President of the United States. Only
one difficult point was submitted to President
Hoover, the "Times" dispatch said. This concerned the possibility of providing for the development of a port at Las Yaradas, north of Arica, for
entry into the disputed region. The point was
taken care of through the disposition made of the
Port of Arica. e
Hailed generally as a satisfactory solution of the
problem, the announcement produced one discordant
note on the part of Bolivia, which declared through
its legation in Washington that the question was far
from settled, although no indication was given of
any steps that might be taken. The displeasure of
the country over the present settlement was set forth
in a statement issued by Senor Don George de la
Barra, the Charge d'Affaires in Washington. "The
Tacna-Arica dispute has come to an end according
to the announcement made by President Hoover this
afternoon," he said. "However, the historic question of the Pacific, which includes Bolivia, Chile and
Peru, is far from settled and it will not be unless the
land-locked condition in which Bolivia has endured
national life since 1879 is changed. Commercial
interchange today and economic conditions of all
nations render it a necessity that all countries should
have an outlet to the sea. Bolivia, which has lost
extensive and rich sea coast, should have hers and
not be deprived of her inalienable right of free communication with the ocean. I trust that a spirit of
justice and constructive Pan-Americanism will lead
Bolivia's neighbors to realize that to keep Bolivia
without an access to the sea will not only hinder her
development and the commercial relations between
them, but also jeopardize her international friendship." Secretary Stimson subsequently pointed out
that the agreement left the door open for a later ad:
3398
FINANCIAL CHRONICLE
[Vol,. 128.
justment by Chile and Peru with Bolivia whereby Gil tendering his resignation, General Calles said:
the latter country could be given an outlet to the "With the rebellion now put down and the military
problem out of the way, I consider that the reasons
Pacific.
settlement which compelled me to abandon my retirement no
In his announcement of the successful
of the problem, President Hoover said he is "happy longer exist. I regard my mission as completed."
to be able to announce an agreement between the President Portes Gil accepted the resignation and in
Governments of Chile and Peru relative to the nearly the name of the nation expressed full appreciation and
half-century old question of Tacna-Arica. As a re- recognition of the services of General Calles, who persult of the high statesmanship and lofty ideals of the sonally led the Federal troops in the recent struggle.
Presidents and Governments of Chile and Peru, diplo- Following this action, General Calles issued a long
matic relations were renewed between those coun- statement to the Mexican people Tuesday, in which
tries last September at the suggestion of the Secre- he bade them farewell as a public official. The retary of State, and rapid progress toward a settlement cently suppressed revolt is described in the statement
satisfactory to both was made. However, when the as utterly futile and as nothing more than "an adPresident, as President-elect, visited Peru and Chile venture of certain ambitious army chiefs." Frelast December he was advised of the difficulties of a quently throughout his statement, General Calles
definitive settlement and gladly consented to lend draws attention to Mexico's needs, among them
any proper assistance, upon assuming office, with a "ballots instead of bullets, with a strictly instituview, to bring about, if happily it might be, a final tional form of government which will function scrupuagreement between the parties. Accordingly, on May lously from a high plane of social and economic
14, the President, not as arbitrator, but in the exer- justice." Correspondents in the Mexican capital
cise of good offices at the request of the parties, tried to secure a statement from General Calles re' transmitted to the Presidents of Peru and Chile, garding his further intentions, but were unsuccessful.
through the American Ambassadors at Lima and The impression prevails in Mexican political circles,
Santiago, a proposal suggesting the final bases of a however, that General Calles will now retire comsettlement. This proposal was presented to the two pletely from public life. In the meantime evidence is
governments on May 15, and was immediately ac- coming to light of the heavy material cost of the
rebellion. Officials of the National Railways of
cepted by them."
The congratulations that were exchanged when the Mexico admitted last Saturday that $15,000,000 will
settlement was announced gave unstinted praise to be needed to replace torn up tracks, dynamited
former Secretary of State Kellogg for his success in bridges and other damaged property. The damage on
bringing the two countries together, first through other accounts is believed to total a further $15,leading them to re-establish diplomatic relations last 000,000, a dispatch to the New York "Times" said.
July after a lapse of seventeen years, and then through
General Gerardo Machalo y Morales took the oath
encouraging them to undertake direct negotiations last
September. This was recognized in a message sent of office as President of Cuba, Monday,for his second
to Mr. Kellogg by Secretary Stimson in which con- term, the "farmer-statesman" having been acclaimed
gratulations were offered for the "successful termina- President in an uncontested election six months ago.
tion of these negotiations which you so ably initiated The term of executive service of Senor Machado that
and carried on." The settlement was praised in state- ended Monday was for four years, but the present
ments issued by Senor Don Carlos Davila, the term will be for six years. He was sworn into office
Chilean Ambassador, and Dr. Hernan Velarde, the by Secretary of Justice Jesus Maria Barraque in the
Peruvian Ambassador to the United States. "The new $16,000,000 capitol building before about 2,500
agreement at which the Governments of Presidents persons, among them the special envoys of , thirtyIbanez and Leguia have arrived," Ambassador Davila seven nations. All of Havana joined in the festivities
said, "has come in a way entirely different from all Monday, with the main thoroughfares jammed by
others that were tried before. Without giving undue thousands who had stood in position since an early
consideration to the discussion and projects of the hour to witness the impressive procession of the Presipast, they undertook to see if the two countries could dent and his party from the palace to the capitol.
be made friends, and they succeeded because the real The inauguration ceremony was exceptionally brief,
sentiment of the two countries was in that sense." the President spending but four minutes in the inAmbassador Velarde remarked that the agreement augural room. He made no inaugural speech, as he
"corresponds to the high and patriotic concepts and had previously addressed the Congress, promising to
purposes manifested by President Leguia." "When continue his program of advancing education and
this agreement is ratified and fulfilled," he added, public improvements. He also declared he would
"there will have disappeared the only cloud which continue to seek a solution of the egonomic difficulshadows the heavens of America, and there will exist ties brought about in Cuba by the low price of sugar.
as indisputable facts the co-operation and solidarity, The first official act of President Machado in his
open and effective, between all the flourishing repub- second term consisted of the reappointment of the
members of his Cabinet, who had resigned their posts
lics of the Western World."
in accordance with the tradition of leaving the way
Official announcement was made in Mexico City clear for a new President to choose his official family.
last Sunday that General Plutarco Elias Calles, Secre- Ceremonies in Cuba in connection with the inauguratary of War and former President, had resigned the tion were continued until yesterday.
portfolio which he assumed on March 3 at the outThere have been no changes this week in the redisbreak of the Escobar rebellion and would return to
private life. General Joaquin Amaro, who was re- count rates of any of the central banks of Europe.
placed as Secretary of War by General Calles because Rates continue at 732% in Germany; at 7% in Italy;
of an injury to his eye, resumed on Monday the at 532% in Great Britain, Holland, Norway and
duties he gave up. In his letter to President Portes Spain; 5% in Denmark; 432% in Sweden; 4% in
MAY 25 1929.]
FINANCIAL CHRONICLE
Belgium, and 33/2% in France and Switzerland.
London open market discounts have advanced and
rates are now 53.@5%% for short bills against
4
5@53 % on Friday of last week and 5 7-16% for
A
long bills against 5 3-16@53.% the previous Friday.
Monday on call in London yesterday was 4/% after
having been 531% on Wednesday. At Paris open
market discounts remain at 332%, and in Switzerland at 3 5-16%.
The Bank of England statement shows an increase
of £886,379 in gold holdings which, together with a
decrease of £447,000 in notes in circulation brought
about a rise of £1,333,000 in reserves. Gold holdings
now aggregate £162,747,297 as compared with £162,187,482 a year ago. Loans on government securities
showed an increase of £670,000 while those on other
securities showed a decrease of £297,000. "Discounts
and advances" and "securities," the subdivisions of
other securities, dropped £2,671,000 and rose £2,374,000, respectively. The proportion of reserves to
liabilities on last Wednesday was 55.84%; a week ago
it was 55.47%; a year ago it was 41.27%. Public
deposits increased £6,009,000 while other deposits
decreased £4,327,000. The constituents of other
deposits, "bankers' accounts" and "other accounts"
both fell, the former £3,563,000 and the latter
£764,000. The rate of discount remains unchanged
at 532%. Below we give the comparative figure for
the different items for the past five years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1929
1928
1927
1926
1925
May 22
May 23
May 25
May 26
May 27
Circulation b
362,363,000
Public deposits
15,299,000
Other deposits
92,821.000
Bankers' accounts_ 57,507,000
Other accounts
35,314,000
Governeft securities 38,486,855
27,034,000
Other securities
Disct. & advances... 6,915,000
20,119,000
Securities
Reserve notes & coin 60,383,000
Coln and bullion...a162,747,297
Proportion of reserve
55.84%
to liabilities
Bank rate
135,064,000 135.858,775 140,581,930 148.182,610
13.095,000 19,759.090 20,220,399 15.778,615
100,517,000 98.356,300 103,041,828 106,715,868
29.582.000 48,518,920 41.035.328 37,036,733
54,925,000 50,919,442 71,816,648 75,041,509
46,872.000 36,431,265 28,175,461 28,257.669
162,187,482 152,540,040 149,007,391 156,690,279
41.27%
%
30.85%
434%
22.87%
5%
23%
5%
a Includes, beginning with April 29 1925, £27,000,000 gold Coin and bullion
Previously held as security for currency notes issued and which was transferred to the
Bank of England on the British Government's decision to return to gold standard.
b Beginning with the statement for April 29 1925, includes 227,000.000 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.
3399
The Bank of Germany in its statement for the first
week of May shows another decrease in gold; viz.:
834,000 marks, bringing the total down to 1,764,785,000 marks, as compared with 2,040,796,000 marks'
last year and 1,849,146,000 marks in 1927. The
amount deposited abroad remained unchanged.
Notes in circulation showed another decline, this time
of 275,107,000 marks. This carries the total down
to 4,167,321,000 marks, as against 3,987,108,000
marks last year and 3,351,699,000 marks two years
ago. Reserve in foreign currency showed a gain of
3,505,000 marks, silver and other coin rose 14,046,000
marks, and other assets increased 74,741,000 marks.
Bills of exchange and checks decreased 313,030,000
marks, while notes on other German banks gained
6,269,000 marks and advances 7,798,000 marks,
whereas investments remained unchanged. There
were also increases in other daily maturing obligations
of 63,789,000 marks and in other liabilities of 2,863,000 marks. Below we show a comparison of the
various items of the Bank's return for the three
years past:
REICHSBANX'S COMPARATIVE STATEMENT.
Changes for
Week.
May 15 1929. May 15 1928: May 14 1927.
Reichsmark..
Reichmsarks. Reichsmarks. Retchsmarks.
Assets—
Dec.
834,000 1,764.785,000 2,040,796,000 1.849,146,000
Gold and bullion
163,008,000
Of which depos.abr'd_ Unchanged
85.626,000 101,249,000
57,085,000 212,913,000 106,172,000
Reeve in forn curr— -Inc. 3,505,000
Bills ofexch.& checks.Dec. 313,030,000 2,672,388,000 1,986,536.000 1.905,426,000
82,039,000 105.563,000
Silver and other coin_ _Inc. 14,046,000 141,942,000
22,511,000
23,383.000
17,207,000
Notes on oth.Ger. bks.Inc. 6,269.000
Inc. 7,798,000 216,523,000
59,741,000
16,209,000
Advances
92,899,000
Unchanged
94,004,000
92.860,000
Investments
Inc.
74,741,000 538.498,000 566,406,000 507.856,000
Other assete
.
,987,108,000 3,351,699,000
Notes in circulation__Deo.275,107,000 4,167,321,000 3
0th. daily mat. oblIg-Inc. 63,789,000 648,357,000 463441,000 625,136.000
Inc. 2,863,000 297.656,000 208,191,000 258,423,000
Other liabilities
Money rates in the New York market this week
showed little change from previous dealings, the
chief development consisting of a further tightening
of time money loans, evidently in expectation of
continued stringency in the future. Maturity funds
/
1
2
advaneed late in the week to 9 % for shorter dates
and 9% for longer terms, as against the previous
level of 834% to 9%. Demand loans were steady in
/
the first two sessions of the week at 7% on the Stock
Exchange, with outside offerings available both days
at 6%. Demand was light and withdrawals by the
banks on a small scale. On Wednesday the official
rate dropped from 7 to 6%, with outside trades reported at 5%. In the cessions of the market on
Thursday and Friday, the Stock Exchange rate for
call loans was 6% throughout, with street trades
arranged at 5%. Withdrawals were more substantial Thursday, reaching a total of about U5,000,000, but the supply of funds was sufficient to
prevent any increase in the rate. Brokers' loans
against stock and bond collateral, as reported by
the Federal Reserve Board of New York for the week
ended Wednesday night, showed a drop of $45,000,000. Movements of gold through the Port of
New York for the same period were negligible.
The Bank of France statement for the week ending
May 18, shows another gain in gold and bullion,
this time of 8,980,188 francs, which raises the total
of that item to 36,534,411,502 francs, a new high for
the year. Due to a further decline in note circulation
of 556,000,000 francs the item now amounts to 62,863,739,910 francs, as against 63,419,739,910 francs
last week and 63,827,739,910 francs the week before.
French commercial bills discounted rose 276,000,000
francs, credit current accounts gained 286,000,000
francs, while credit balances abroad dropped 45,747,261, francs. A decline of 48,000,000 francs was
shown in advances against securities and of 56,000,000 francs in current accounts and deposits, whereas
Dealing in detail with the call loan rates on the
bills bought abroad rose 13,000,000 francs. Below Stock
Exchange from day to day, all loans on both
we furnish a comparison of the various items of the Monday and Tuesday were at 7%,
including reBank's return for the past three weeks:
newals. On Wednesday the renewal charge was
FRANCE'S COMPARATIVE STATEMENT.
BANK OF
again 7%,but there was a decline to 6% by the close
Chances
Status as of
May 18 1929. Mayrl nes
F al 1829. May 4 1929,
for Week.
of the day. This latter rate continued unchanged
Francs.
Francs.
Francs.
Gold holdings. —Inc. 8,980,188 36,534,411,502 36,525,431,314 36.462,460,933 the rest of
the week, all loans on Thunsday and Friabeti_Dec. 45,747,261 7,941,968,146 7,987,715.07 8.044,770.290
Credit bale.
French commercial
276,000,000 6.114.635,646 5,838,835.646 6.476.635.646 day being at 6%, including renewals. In the time
bills discounted_Ine.
Bills bought abed.Inc. 13,000,000 18,343,852.994 18,330.852,994 18,315.852.994 loan branch of the collateral loan
market, rates
Adv.agst.securs—Dec. 48.000,000 2.367,419,213 2,415,419,213 2,440,419.213
Note circulation_ .Doc.556.000.000 62,863.739,910 63,419,739,910 83,827,739,910 reached still higher figures the
present week. On
Cred. curr. accts.—Inc. 286,000,000 18,629,436,630 18,343,438,630 18.383,436,630
Curr.accrs.& dep_Dec. 56,000,000 6,453,828,111 6,509,828,111 6,743,828.111 Monday quotations were 9% for
thirty, sixty and
3400
FINANCIAL CHRONICLE
/
ninety days, and 834% for four, five and six months.
On Tuesday the quotation for thirty days advanced
/
to 914%, the rates for other dates remaining unchanged. On Wednesday the rate for 30 days moved
up to 9 %,and the rate for 60 days to 91 4%,there
2
1
/
/
being otherwise no change. On Thursday and Friday quotations were 9 % for 30 and 60 days, 914%
/
2
1
/
for ninety days, and 9% for four, five and six
months. The market for commercial paper has continued dull, with virtually nothing doing. Nominally rates for names of choice character maturing
in four to six months are 6%, while names less well
known are 614%, with New England mill paper
/
quoted at 6%.
The market for prime bank acceptances has continued quiet this week, but with the offerings somewhat greater than the demand. The posted rates of
the American Acceptance Council continued at
0
5%7 bid and 5 % asked for bills running 30 days,
2
1
/
and also for 60 and 90 days, and 534% bid and 5 %
2
1
/
/
asked for 120, 150 and 180 days. The Acceptance
Council no longer gives the rate for call loans
secured by acceptances, the rates varying widely.
Open market rates for acceptances have also continued unchanged as below, but Friday afternoon
there were reports, which could not be confirmed,
that one large acceptance dealer had advanced his
bid rate to 5%7 for 30, 60 and 90 days, and to 6%
0
for 180 days.
Prime eligible bills
SPOT DELIVERY.
-—180 Days— —150 Days— —120 Days
Bid. Asked.
Bid. Asked.
Bid. Asked.
534
534
534
554
534
554
Pre!me eligible bills
—90 Days-- —60 Days— —30 Days—
Bid. Asked.
Bid. Asked.
Bid. Aged.
534
534
544
534
534
534
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible members banks
Eligible non-member banks
534 bid
531 bid
There have been no other changes this week in
Federal Reserve Bank rates. The following is the
schedule of rates now in effect for the various classes
of paper at the different Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES
AND MATURITIES OF ELIGIBLE PAPER.
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Rate in
Effect on
May 25
5
5
5
5
5
5
5
5
5
5
5
5
Date
Established.
Previous
Rate.
July 19 1928
July 13 1928
July 26 1928
Aug. 1 1928
July 13 1928
July 14 1928
July 11 1928
July 19 1928
May 14 1929
May 6 1929
Mar. 2 1929
May 20 1929
434
434
434
434
434
434
44
434
434
434
434
414
Sterling exchange this week has been under severe
pressure and worked lower, although the market has
been dull. Owing to the Whitsuntide holiday in
London there was practically no market on Monday.
The reason for the weakness in exchange is entirely
due, as during months past, to the uncertain credit
situation on this side. The range this week has
been from 4.84 13-32 to 4.84 11-16 for bankers' sight,
compared with 4.843/i to 4.84 15-16 last week. The
range for cable transfers has been from 4.84 27-32 to
4.85 1-16, compared with 4.84 31-32 to 4.85X the
previous week. Seasonal factors which should give
firmness to sterling at this time and until the approach of autumn seem to be nowhere in evidence.
Sterling has dropped to the point at which it is profitable for New York banks to import gold from London.
Bankers on the other side are extremely concerned
[VoL. 128.
about the outlook and derive all the comfort they can
from the fact that the Bank of England succeeds in
building up its gold reserve against the autumn
drain, although this is accomplished by increasing
its purchasing price for gold in the open market.
The Bank is indirectly assisted in keeping gold in
London by the,fact that member banks of the Federal Reserve System are reluctant to buy gold in
London. Private banks, however, are at liberty to
import gold, but even here it is to be supposed that
there is reluctance on the part of American private
bankers and non-member banks to make such purchases in view of the attitude of the member banks
in the matter, which, of course, is governed by the
known wishes of the Federal Reserve authorities. '
Aside from the money situation, the increased ratio
of European indebtedness to the United States on
merchandise and security accounts is an adverse
factor in exchange. The recent statement of foreign
trade shows surplus merchandise exports for the
United States in the four completed months of 1929
to be approximately $163,000,000 above 1928. It
was estimated that American purchases of new foreign securities in the same four months were less by
about $147,000,000 than a year ago, which would
leave the balance on the two accounts $310,000,000
more favorable to us than last year. The slump in
sterling exchange this week increases the probability
of an early rise in the rediscount rate of the Bank of
England, although it is known that British industrial
interests are strongly averse to any further increase
in money rates in Great Britain if it can possibly be
avoided. London banking opinion is divided on the
matter and cable dispatches state that there is a
strong body of banking opinion on the other side
favoring an increase in the rate. However, the
hope is frequently expressed that the new policy of
the Bank of England of increasing its buying rate for
open market gold may prove so successful in building
up reserves against the autumn drain that a higher
official rate of rediscount may be averted. As
stated here last week, the Federal Reserve banks of
New York and Chicago have applications pending
before the Federal Reserve Board at Washington
for permission to increase their rediscount rate above
the present 5% rate, which applies throughout the
system. The market confidently expected that the
rate would be increased on Thursday to 6% by the
New York Federal Reserve Bank, but no change was
made. In some quarters this is taken to indicate
a hesitancy arising from fear of what a higher rate
here might do to the foreign exchanges. This week
the Bank of England shows an increase in gold holdings of £886,379, the total now standing at £162,747,297, which compares with £162,187,482 on May
24 1928. The Bank's ratio of reserves to liabilities
also shows an improvement, standing at 55.84% as
of May 23 1929, which compares with 41.27% a
year ago.
On Saturday the Bank of England received
£200,000 in sovereigns from abroad. On Tuesday
there was £775,000 bar gold available in the open
market, of which the Bank of England bought
£450,000 and Germany secured £150,000. The remainder went to trade and India demands. Next
Tuesday £660,000 gold will be offered in the open
market and the Bank of England is expected to take
the major share. On Tuesday the Bank of England
sold £27,416 in gold bars and exported £5,000 in
sovereigns. On Wednesday the Bank bought £663,_
MAY 251929.]
FINANCIAL CHRONICLE
134 in gold bars and exported 0,000 in sovereigns.
On Thursday the Bank sold £47,968 in gold bars and
on Friday it bought £26,000 in gold bars and sold
£3,411. At the Port of New York the gold movement for the week May 16
-May 22, inclusive, as
reported by the Federal Reserve Bank of New York,
consisted of imports of $20,000, of which $12,000
came from Panama and $8,000 from Latin America.
There were no gold exports and the Reserve Bank
reported no change in gold earmarked for foreign
account'. Canadian exchange continues at a discount for reasons fully covered here in recent weeks,
namely, the large demand for credit in Canada, the
high money rates in New York, attracting Canadian
funds, the unfavorable commercial trade balance of
Canada with respect to the United States, all of which
factors have been further accentuated by the recent
slump in wheat.
Referring to day-to-day rates, sterling on Saturday
last showed weakness. Bankers' sight was 4.84 9-16
@4.84 11-16; cable transfers, 4.85@4.85 1-16. On
Monday, although a holiday in London, Whitsuntide,
sterling in New York was weak. The range was
4.843/@4.84 11-16 for bankers' sight and 4.84 15-16
2
@4.85 1-16 for cable transfers. On Tuesday the
market was steady. Bankers' sight was 4.84%@
4.84 9-16 and cable transfers were 4.84 15-16@
4.85. On Wednesday sterling was under pressure.
The range was 4.84 7-16@4.84% for bankers' sight
and 4.84%@4.84 15-16 for cable transfers. On
Thursday the pressure continued. Bankers' sight
was 4.84 13-32@4.843/; cable transfers 4.84 27-32@
2
4.85 15-16. On Friday the market was fractionally
better with a range of 4.843/@4.84% for bankers'
2
sight and 4.84%@4.84 31-32 for cable transfers.
Closing quotations on Friday were 4.843/ for demand
and 4.84 15-16 for cable transfers. Commercial
sight bills finished at 4.84 7-16; 60-day bills at
4.79 11-16; 90-day bills at 4.77 8; documents for
payment (60-days) at 4.79 11-10; 7-day grain bills
at 4.83 21-32. Cotton and grain for payment closed
at 4.84 7-16.
3101
gold cover for note issue is now 43.7%, against a
legal minimum of 40%.
French francs have been under some pressure,
inclining to ease with the other major European exchanges. The franc rate on Berlin is also close to
the gold export point, but is maintained just above
the point by the Bank of France, which can easily
prevent gold exports by selling mark exchange.
Estimates for the French budget for the fiscal year
1929-1930 were received favorably here in foreign
exchange circles. In the proposed plan receipts will
total 48,727,000,000 francs and expenditures 48,666,000,000 francs, leaving a surplus of 61,000,000 francs.
Both receipts and expenditures are expected to show
an increase over a year ago despite the fact that certain taxes will be reduced, while no new.rates or increaks in old taxes are contemplated. Investors in
French stocks view with satisfaction the proposal to
cut security tax rates. Under the new schedule it is
proposed to reduce the coupon tax on French bonds
to 15% from 18% and the stamp tax on new securities
from 4% to 2%. It is believed that these changes
will make French securities more attractive in foreign markets. A recent Paris dispatch stated that
reports from London that the Bank of France was
buying dollars with sterling was denied, although it
was admitted that it is probable that the French
Government is following this course with a view to
the approaching maturity of its debt to the United
States for war supplies. The loan must be paid if
the French Chamber of Deputies and the American
Senate fail to ratify the Mellon agreement by Aug. 1.
Money remains abundant in Paris and surplus French
funds are seeking employment in other centres.
Italian lire have been showing an easier tone,
partly as a result of the generally lower basis of
other exchanges. The weakness in lire, however, as
pointed out here last week, is due rather to the
growing unfavorable export balance. Iligh money
rates in New York are of course another adverse
factor. Recent London dispatches state that a
banking group headed by the Bank of Greece has
been formed to support the market for bank shares
The Continental exchanges continue dull and ir- on the Athens bourse, which has been demoralized
regular and for the most part reflect the lower sterling following a recent bank failure. The failure, howrates and the generally complicated international ever, is regarded as without significance as regards
money situation. German marks, however, have the stability of Greek finances and exchange.
risen sharply, owing to the strenuous efforts of the
The London check rate on Paris closed at 124.10
Reichsbank to support exchange by shipping gold and on Friday of this week against 124.14 on Friday of
by buying bills. As noted above, Germany was able last week. In New York sight bills on the French
to secure £150,000 gold in the London open market centre finished at 3.903/2, against 3.90 7-16 on Friday
on Tuesday. Marks were especially strong in Tues- a week ago; cable transfers at 3.903 , against 3.
4
day's market and cable transfers were quoted as high 3.90 11-16, and commercial sight bills at 3.903,
4
as 26.813 . It appears that some of the recent against 3.90 3-16. Antwerp belgas finished at 13.88
strength in the mark is due to covering brought about for checks and 13.883 for cable transfers, against
4
by large short interests which sold marks a short time 13.88 and 13.883 on Friday of last week. Final
4
ago when the break occurred. It is'not clear yet how quotations for Berlin marks were 23.82% for checks
long the credit restriction policy of the Reichsbank and 23.833. for cable transfers, in comparison with
will continue in effect, but for a few weeks certainly 23.773/2 and 23.783/2 a week earlier. Italian lire
Germany must be considered a factor in influencing closed at 5.23% for bankers' sight bills and at 5.233
4
the course of English money rates. Its success in for cable transfers, as against 5.233 and 5.235 on
%
4
acquiring gold in the London open market on Tues- Friday of last week. Austrian schillings closed at
day shows that the Bank of England's gold is threat- 14.10 on Friday of this week, against 14.10 on Friday
ened from Berlin as well as from New York. The of last week. Exchange on Czechoslovakia finished
Reichsbank statement as of May 15 shows gold hold- at 2.96 against 2.96; on Bucharest at 0.503/2, against
ings of 1,764,785,000 marks, as compared with 0.5932; on Poland at 11.23, against 11.23, and on
1,765,600,000 marks on May 7 and with 2,040,796,- Finland at 2.513 , against 2.513 . Greek exchange
4
4
000 marks on May 16 1928. The statement of the closed at 1293.i and at 1293/i for cable transfers,
Reichsbank reflects its credit restriction policy by a against 1.293 and 1.293/2.
reduction of 275,100,000 marks in circulation. Its
3402
The exchanges on the countries neutral during the
was have been dull and show general weakness.
This is especially true of the Scandinavian currencies, excepting Swedish, Holland guilders were
especially strong a few weeks ago, owing to heavy
payments in Amsterdam for tobacco and other
products of the Dutch tropical settlements. These
payments are no longer a special factor assisting the
guilder, so that the Dutch rate is strongly inclined
to keep pace with the trend of sterling. Spanish
pesetas continue to drop off, though on the whole
they have been less subject to fluctuation than in
recent weeks. It is asserted that more than $50,000,000 have been thrown on the market by the Government to stay the fall of exchange. The weakness
in pesetas reflects the disturbed position of the country from every point of view, commercial, financial,
political and social. The widespread spirit of commercial nervousness in Spain has much to do with the
weakness and fluctuation in the peseta.
Bankers' sight on Amsterdam finished on Friday
at 40.173/2, against 40.183/ on Friday of last week;
/
cable transfers at 40.191 2, against 40.203/2; and commercial sight bills at 40.14, against 40.15. Swiss
francs closed at 19.241 for bankers' sight bills and at
A
19.253/ for cable transfers, in comparison with
19.253.I and 19.263 a week earlier. Copenhagen
checks finished at 26.63 and cable transfers at
26.643/, against 26.64 and 26.653. Checks on
2
Sweden closed at 26.71% and cable transfers at 26.73,
against 26.703/ and 26.72, while checks on Norway
2
finished at 26.64 and cable transfers at 26.653/2,
against 26.65 and 26.663/2. Spanish pesetas closed
at 14.19 for checks and 14.20 for cable transfers, which compares with 14.24 and 14.25 a week
earlier.
South American exchanges are dull. Brazilian
milreis have been ruling steadier and on balance
closed fractionally firmer than a week ago. Argentine paper pesos have been ruling lower and have
sold down to 42.02, their low for the year. At this
rate further gold imports may be expected, although
none have been announced as being now en route for
New York. A shipment of $2,000,000 gold was
received during the week by Louis Dreyfus & Co. in
Paris from Argentina, the first to have been sent there
for several months. It would appear that Argentina has lost approximately $20,000,000 gold since
the first of the year, of which $16,675,000 has been
received in New York, $2,000,000 in Paris, and approximately $2,000,000 in Rio de Janeiro. Lack of
foreign financing in Argentina, due to the high money
rates abroad, especially in New York, has been felt
in the exchange market. An illustration of this condition is found in a recent $7,120,000 6% loan issued
by the municipality of Buenos Aires, which was secured by Ernesto Tronquist & Cia., Ltda., of Buenos
Aires. There were no foreign bids, as compared with
previous loans in which several New York houses
were interested. Argentine paper pesos closed on
Friday at 41.97 for checks, as compared with 42.02
on Friday of last week; and at 42.02 for cable transfers, against 42.08. Brazilian milreis finished at
11.86 for checks and 11.89 for cable transfers, against
11.85 and 11.88. Chilean exchange closed at 12.10
for checks and 12.15 for cable transfers, against
12.10 and 12.15; and Peru at 3.99 for checks and at
4.00 for cable transfers, against 3.99 and 4.00.
[VoL. 128.
FINANCIAL CHRONICLE
The Far Eastern exchanges are showing a weaker
tone, due largely to the lower prices of silver, but
also to the increasing uncertainties with respect to
the Chinese political and social affairs. Vague
rumors of unrest and possible trouble in India,
coupled with secret movements of troops, have had
a depressing effect upon rupees and also upon the
other Far Eastern exchanges. Japanese yen showed
the effect of the generally pessimistic tone of press
reports on the Chinese situation. Closing quotations for yen checks Friday were 44 7-16@44%,
against 44 11-16@44% on Friday of last week.
Hong Kong closed at 48%@49 9-16, against 483'@
48 11-16; Shanghai at 593., against 59 13-16@60;
Manila at 50, against 50; Singapore at 563.@
56 5-16, against 56 3-16@563.; Bombay at 363 ,
%
against 36%, and Calcutta at 36%, against 363 .
%
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to the Secretary of the Treasury the
buying rate for cable transfers in the different countries of the world. We give below a record for the
week just past:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
MAY 18 1929 TO MAY 24 1929, INCLUSIVE.
Country and Monetary
Untt.
Noon Buying Rate for Cable Transfers to New York,
Value In United States Money.
May 18. May 20. May 21. May 22. May 23. May 24.
EUROPE$
Austria,schiltIng
140487
Belgium belga
.138819
Bulgaria, lev
.007213
Czechoslovakia, krone .029597
Denmark, krone
.266391
England, pound sterling
4 849895
Finland, markka
.025161
France. franc
039066
Germany, reichsmark. 237770
Greece. drachma
012927
Holland, guilder
401986
174259
HtuzliarT. Peng°
Italy. lira
052345
Norway, krone
.266535
Poland. zloty
.111830
Portugal, escudo
.044735
Rumania,leu
.005955
142190
Spain, Peseta
Sweden,krona
287120
Switzerland, franc__ - .192577
Yugoslavia, dinar------017577
ASIAChinaCbefoo tael
.616041
Hankow tael
.607031
.593125
Shanghai tael
Tientsin tadl
.626458
Hong Kong dollar
.482946
Mexican dollar__ - _ .431250
'Tientsin or Pely
dollar
.429583
Yuan dollar
.426250
India, rupee
361818
Japan. yen
.447333
SIngaPore(8.81.)dollar. .560000
NORTH AMER.Canada, dollar
.993646
Cubs. Peso
1.000153
Mexico, peso
478375
Newfoundland, dollar. .990981
SOUTH AMER.Argentina, peso (gold) .954901
Bras% milrels
.118472
Chile, peso
.120391
Uruguay, Peso
.979487
Colombia. peso
963900
$
.140522
.138813
.007234
.029594
.266413
$
.140490
.138811
.007215
.02906
.266395
$
.140488
.128801
.007209
.029598
.266375
4.849843
.025161
.039065
.237778
.012926
.401986
.174255
.052342
.268533
.112350
.044860
.005952
.142222
.267104
.192583
.017568
4.849625
.025155
.039066
.238049
.012924
.402019
.174237
.052339
.266482
.111840
.044830
.005945
.142169
.267116
.192580
.017573
4.849159
.025158
.039061
.238061
.012926
.401982
.174275
.052332
.266467
.111915
.044830
.005955
.142136
.267129
.192518
.017566
.618458
.609843
.592946
.626458
.482787
.431250
.616250 .617291
.613958 .610156
.593482 .593571
.626875 .627500
.483214 .483250
.430000 .431562
.429583 .428750
.426250 .425416
.361887 .362064
.446666 .445847
.560000 .561875
$
$
.140485 .140488
.138798 .138821
.007218 .007229
.029602 .029601
.266378 .266346
848416
.025157
.039061
.237907
.012924
.401736
.174268
.052322
.266457
.111950
.044730
.005950
.142058
.267140
.192484
.017576
4.848937
.025158
.039066
.238120
.012922
.401885
.174246
.052321
.266422
.111695
.044730
.005935
.141864
.267164
.192496
.017570
.613750 .612916
.607187 .605312
.590714 .589589
.624166 .624791
.482678 .482000
.430312 .430000
.429166 .427916
.425833 .424583
.361746 .361589
.445469 .445180
.559916 .559783
.426666
.423333
.361185
.445277
.558750
.993349 .993523 .993152 .992725 .992142
1.000153 1.000256 1.000091 1.000193 1.000225
.477750 .477625 .478266 .477575 .477750
.990682 .990887 .990793 .990156 .989400
.955214 .954976
.118513 .118540
.120599 .120389
.982705 .985075
.963900 .963900
.954681
.118659
.120385
.983588
.963900
.954299 '.954552
.118481 .118545
.120349 .120353
.983375 .982075
.963900 .963900
Owing to a marked disinclination on the part of
two or three leading institutions among the New
York Clearing House banks to keep up compiling
the figures for us, we find ourselves obliged to discontinue the publication of the table we have been
giving for so many years showing the shipments and
receipts of currency to and from the interior.
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is also no longer
possible to show the effect of Government operations
in the Clearing House institutions. The Federal
Reserve Bank of New York was creditor at the Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANE
AT CLEARING HOUSE.
Saturday. Monday.
May 18. May 20.
Tuesday. Wednesday Thursd'y,
May 21. May 22. May 23.
Friday.
May 24.
Agriglatil
for Week.
$
3
$
$
$
$
$
137.001.100 116.000.000 117,000.000 135mo.noc 121.000.00 145 000.000 Cr 772.000.000
checks which come
Nose
.-The foregoing heavy credits reflect the huge mass of
to the New York Reserve Bank from all parta of the country In the operation of
Hey 25 1929.]
FINANCIAL CHRONICLE
the Federal Reserve System's par collection scheme. These large credit balances,
however, reflect only a part of the Reserve Bank's operations with the Clearing
House institutions, as only the items payable In New York City are represented in
the daily balances. The large volume of checks on institutions located outside of
New 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
Bank for collection for the account of the local Clearing House banks.
The following table indicates the amount of bullion in -the principal European banks:
May 28 1929.
May 24 1928.
Banks of
Gold.
I
Silver.
I
Total.
Gold.
Silver.
Total.
S
S
£
I
England_ 162,747,297
.
162,747,297 82,187,482,
162,187,482
France s__ 92,275,292
d
292,275,292 47,137,683, 13,717,826 160,855,509
Germany b 80,088,850 c994,6
81,033,450 97.758,500
994,690 98,753,100
Spain
102,401,000 28,543.000130,944,000 04,317,000, 28,021.000132,338.000
Italy
56,520.000
56,520,000 51,203,000,
Nether!'de 38,420,000 1,696,000 38,116,000 38.262,000 2,077,000 51,203,000
Nat. Selig_ 27,491,000 1,270.000 28,781,000 22,033,000 1,244.000 38.339,000
23,277,000
Switzer'
'd 19,843,000 1,632,000 21,475,000 17,503,000 2,377.000 19,880,000
Sweden___ 13,031,000
' 13,031,000 12,880,000
12,880,800
Denmark _ 9,594,000
443,000 10,037,000 10,105,000
623.000 10,728,000
Norway — 8,156,000
1 8,156.000 8,175,000
8,175,000
Total week 808,567,439 34,578,600843.146,039 669,561,665 49.054.426718.616,091
Prey. week 751,861,865 34,701,600786,563,465671,510,518 48,976,632 720.487,150
a These are the gold holdings of the Bank of France as reported in the new form
of statement. b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year is £8,150,400. C AS of Oct. 7 1924.
d Silver is now reported at only a trifling sum.
The Issues at Paris and Mr. Hoover's Proposal.
The announcement on Sunday that Mr. Hoover,
in conference with Secretary Stimson, Secretary
Mellon, and representatives of the majority and
minority in Congress, had agreed to modify somewhat the claims of the United States against Germany, has been hailed in various quarters, both in
this country and in Europe, as likely to give a welcome impetus to the reparations settlement which
the experts at .Paris have been struggling for more
than three months to arrange. Precisely what
the Administration proposed to do, with the approval
of Congress, was not officially made known. The
statement issued by Secretary Stimson after the
conference merely said that the conference had been
called "for the purpose of acquainting the leaders
of the two houses of Congress and the appropriate
committees with the progress of the experts' committee," and "for the purpose of ascertaining the
views of Congress on matters which may be the
subject" of the report of the committee, "in order
that whatever action the President is required to
take he may have the benefit of their views." Press
dispatches from Washington, on the other hand,
stated that it had been agreed to "scale down slightly
the annuities due to the United States" from Germany,"and extend the payments over a longer period
without any reduction in the total." The UnderSecretary of the Treasury, Ogden L. Mills, was
quoted as saying, in substance, that "there would be
some slight reduction in the total payment by reason
of a loss of interest, but in no other way." To this
the New York "Times" correspondent added that
"no objection was raised by any of those present"
at the conference "when the statement was made
that there would be no appreciable reduction in
total payments Germany must make."
A further specific piece of information regarding
the matter came from Paris the next day. The
Paris correspondent of the New York "Times,"
cabling on Monday, reported that in "actual value
the new arrangement will, it is understood, amount to
about $30,000,000, or 10% of the arrears on the cost
of the American army of occupation. That total is
about the same as France and England are giving up
on the same item. It will represent about 5% of
the total American claim, and will make in the
reduction of the German annuities about 5,000,000
marks (about $1,200,000) a year." The Washington
3403
correspondent of the same paper, writing on Monday,
stated, on what was claimed to be authority, that
President Hoover "has acted on the principle that
whatever the Allied Powers were prepared to do
in readjustment of the claims for the costs of the
armies of occupation, this country would also be
willing to do. He does not propose to be held responsible for any breakdown of the reparation negotiations through refusing to accept a proposition satisfactory to the others." Secretary Stimson was also
reported as saying that the changes which were
under consideration at Paris "would not reduce the
amount of the receipts which American nationals
would obtain under the War Settlement Act for
adjustment of their claims against Germany," that
"the most that would result would be a comparatively
slight postponement in the payment of some of the
claims, due to an extension of the payments from
Germany over a longer term of years than was previously provided for," and that "a reduction of
American claims on account of arrears on costs of the
army of occupation, it is estimated, would amount
to not more than 10%."
There are obvious reasons why the American
proposal, assuming that it eontemplated some
reduetion in the German annuities joined to an
extension of the period over which the total German
indebtedness to the United States should be paid,
should have been greeted with satisfaction at Paris.
The persistent refusal of the American Government
to mix the questions of reparations and allied debts,
and its insistence upon receiving from Germany, no
matter how the German payments to other Powers
were arranged, the full amounts necessary to meet
the costs of the American army of occupation and.
the claims of American nationals against Germany,
have naturally been disturbing to the other creditor
Governments, and have fostered the impression at
Paris that no amount of concession by the other
Powers would induce the United States to concede
anything on its own account.
It may well be questioned, however, whether the
Administration's proposal, conciliatory as it appears
to be on its face, would bring altogether happy
results. To begin with, it is more than doubtful
whether anything good would be gained by extending
the period over which the German payments to the
United States shall be made. The Paris experts,
apparently, are more or less agreed in insisting that
Germany shall undertake to make certain payments
over a period of 37 years,and certain other payments
for 21 years thereafter,the total period being approximately the same as that for which the war debt settlements with the United States have yet to run.
Fifty-eight years of continuous financial obligation
is a long time, overlapping both the present generation and the next one, and fruitful of bitterness and
resentment as men and women yet unborn find
themselves bound to continued payments oxi an
ancient debt. To prolong the period of payment, in
return for some slight reduction of the early annuities
and a small abatement of the aggregate amount,
hardly seems wise or worth while. The best thing
that could happen to all the parties concerned in the
reparations business is that reparations should be
paid as quickly as possible, and the incident closed.
To defer the date of final settlement would be only
to keep the controversy alive longer than might
otherwise be the case, and thereby invite further
discussion and appeal.
3404
FINANCIAL CHRONICLE
A second objection seems even more weighty.
Whether or not the United States may properly
waive 5%, or 10%, or some other per cent of its
claims against Germany is a matter to be determined,
not by looking merely at the amount that is relinquished, but by considering all the bearings of the
case. Once the United States begins to yield to the
importunities of Europe, it puts itself in a position
where it may fairly be asked to yield more. The
United States, by washing its hands of responsibility
for a reparations agreement, has thus far left Europe
to settle that question for itself. The Paris experts,
on the other hand, acting unofficially, to be sure,
but with the expectation, it must be assumed, that
the Governments concerned will approve their recommendations, appear to be busying themselves with
an arrangement which ties together reparations and
war debts, and puts the administration of both, as
far as Europe is concerned, under the more or less
direct supervision of an international bank whose
profits, it is calmly announced, are expected to be
sufficient to take care of the reparations payments
for the final period of twenty-one years. If the
, United States, by waiving something of its own
claims because the European Powers waive something
of theirs, becomes a party to this plan, there would
seem to be no reason why the whole war debt question may not in due time be reopened, and American
foreign policy in this respect substantially modified.
The realization of such a possibility would greatly
strengthen the propaganda which still goes on actively in this country for the complete cancellation
of the war debts, and the assumption by American
taxpayers of the huge part of the cost of the war
which the debts represent. We are far from urging
that a foreign policy, if by mischance it has been unwisely adopted, should not be modified and set right;
but believing, as we do, that the debt agreements are
not only generous and practical but also just, we
cannot contemplate without concern any action which
may before long bring the whole debt issue once more
into controversy.
There is ground for thinking that Dr. Schacht,
head of the German delegation at Paris, has all along
had exactly this possibility in mind. As far back
as April 19, when the rejection by the German delegates of the proposals then submitted to them seemed
to threaten a rupture of the negotiations, the Paris
correspondent of the New York "Times" reported
that "on the allied side an examination of the (German) offer has tended to reveal that Dr. Schacht's
real intention was to prevent any commercialization
of the German debt. Ever since the conference began
Dr. Schacht has insisted in his private conversations
that Germany could not accept a commercial debt
of any large amount, for while a political debt is
Always open to discussion, a commercial debt is in a
different category. He suggested, therefore, that
Germany should pay only enough to meet the demands of the allies' creditors, that is to say, an
Amount which might be reduced any time if a reduction was accorded to the Allies by America." It is
not easy, in the welter of unofficial and often contradictory reports of what the experts have or have
not agreed to, to say exactly how Dr. Schacht's program stands today, but it at least seems clear that,
in all the discussion which has taken place about the
payments which Germany is to be asked to make
After thirty-seven years, Dr. Schacht has kept steadily in •mind the possibility that American policy in
[VOL. 128.
regard to the debts may be substantially changed.
There is the more reason, accordingly, for guarding
against any action which either Germany or its European creditors may plausibly seize upon after a time
in an effort to force the hand of the United States.
It is to be hoped that the, experts may soon be
able to reach an agreement, and that the agreement
may be satisfactory. They have had a long and
laborious task, and commendation should not be
withheld for the good temper in which they have
carried on their work, and for the willingness which
the delegates from the allied countries have shown
to make substantial concessions. Even if an early
agreement is reached, however, the issue itself will
not have been disposed of, for the recommendations
of the committee will still have to be acted upon by
the Governments concerned, and there are already
intimations that several Governments, notably Great
Britain and those of the Little Entente, may demur.
Pending this stage of the matter, the publication of
the experts' report will of itself do a good deal to
clear the air, for we shall then know exactly what it
is that is proposed, and to what future obligations or
contingencies the creditor Governments may be committed if they approve the recommendations.
Society and Unemployment.
Discussing the problem of the "unemployed," in
an address at a dinner of the National Institute of
Social Sciences, May 2nd, at the Waldorf-Astoria,
Daniel Willard, President of the Baltimore & Ohio
RR. Co., said in the course of his remarks: "Recently, at a conference attended largely by men
representing certain branches of the railroad service,
it was resolved that . . . efforts should be made
to bring about a six-hour working day and a five-day
working week, instead of a day of eight hours, with
five and a half or a six-day week as at present. I am
entirely sympathetic with the desire so indicated to
find a solution for the problem of unemployment,
but I am wholly unsympathetic with the manner in
which it is proposed to deal with it." . . . "It
certainly seems uneconomic, unwise and wasteful
for workmen in the prime of their lives to employ
in a useful, constructive and gainful manner less
than one-half of the daylight time. To me such a
waste of time—the most valuable of all our gifts—is
most repugnant, possibly due in part to my early
New England training and perhaps to a trace of the
so-called New England conscience. . . . The
idea of the eight-hour working day seems to be rather
generally accepted. I do not think it can be seriously urged that in ordinary occupations eight hours
of work, with a suitable break for luncheon, is too
long a period for a man to be usefully employed during a twenty-four-hour day. Unless it can be shown
that an eight-hour working day is detrimental to the
health of the workers, and I refer to all who are
gainfully employed, then I am unable to think of
any other proper reason for shortening it." . . .
"The way to solve the unemployment problem is not
to be found by encouraging men to remain idle when
they ought to be usefully employed, and I repeat
that such a course,in my opinion, would be wasteful,
unwise and uneconomic."
Mr. Willard holds that the responsibility for unemployment lies with society as well as industry.
He offers suggestions as helpful; he knows no absolute cure. Some of his suggestions are: A greater
sense of responsibility on the part of society in
MAY 25 1929.]
FINANCIAL CHRONICLE
3405
return for the benefits it receives from our industrial of articles of luxury rather than the production of
system; encouragement to young men to take advan- more essentials. Tall tower-buildings in the metroptage of the independence and security of the farm olis are consuming energies that should go to the
life; governmental information as to the number of making of homes in the countryside. We cannot
unemployed and the cause of their unemployment; eat our cake and have it. There is disordered disdevelopment of foreign trade to increase demand for tribution of primal and normal labor. Men are
our products; public works as a reserve against un- therefore adrift (unemployed),and this will increase
employment in times of depression; the responsi- when there comes a turn in the processes and purbility of private industry to stabilize employment poses of life. We may not be able to fix the responsiwithin itself. To our, mind the President of the bility upon society, but we cannot deny that it rests
Baltimore & Ohio RR. Co. has brought before the somewhere outside of business itself. For business
people an impressive reason for a closer study of responds to every call. It is an impartial response.
unemployment, and at a most opportune time. We It works for man, as man demands its service. Uncan all reason better in prosperity then in the pangs employment is a hiatus in orderly progress caused
of adversity. And at a time when there is compara- by abnormil conditions of supply and demand.
tively small unemployment (Mr. Willard thinks it When all men work together to produce all things
is greater than we are aware of) we can better pre- human life needs there is little unemployment.
We can touch but for a moment on mass-producpare to avert it if and when it comes.
But the great feature of the address is the joint tion and machinery in their relation to unemployresponsibility of society with industry. Have we ment. But it is obvious that they have a direct influas a people ever given this proper thought? Do not ence that must sooner or later appear in a prowe as a social community accept the blessings of all nounced fashion. Manufacture, the production of
business without pausing to consider the recom- articles of use, prosper apace; agriculture, the propense we owe it in right living? Are we not enjoy- duction of foods for sustenance, lags behind. The
ing the fruits of all industry in a careless and even increase through machinery in manufacture is unhilarious spirit, thinking of little else than our "pros- limited; the increase through machinery in agriperity" and the pleasures and fleshpots it brings culture is limited. Machines can never make more
acres or make the acres it harvests produce more,
to us?
It is not only that the individual owes it to society save by the slight dvantage of greater distribution
to do his share of the world's work, but society owes of fertilizer. We already produce more by machinit to the individual, by its method of living, that he ery in manufacture than the workers therein, than
be given an opportunity to work. If we may we all workers, can consume. Not so in agriculture,
would like to amplify Mr. Willard's thought in our which is the ultimate of the "farm problem." Of
own way. There are many erroneous impressions course for the present there is the disparity of an
as to the causes of our industrialism. To take a com- area that oversupplies the population, but that will
mon example—the rich by their mode of life offer disappear in time. The machine must and does diswork to the poor, they put "money in circulation." place the man, though new machines and new maManifestly, if we divide work into the production of chine-luxuries make this fact unperceivable. Talk
luxuries and necessities, normally the necessities of eating more bread to help the farmer is superflucome first. But it follows that extravagant living ous. It were better to talk of reducing luxuries to
• through
the consumption of luxuries does not give necessities. On the contrary, we are talking of
to the unemployed a chance to live that is balanced. luxuries becoming by use necessities. Where lies
These cannot consume the luxuries and do not pro- the cause of these conditions if it does not lie in the
duce their share of the necessities. Carried to an tastes and desires of the people—a people avid for
extreme employment of the many in the production pleasure and profit irrespective of a sense of the real
of luxuries makes a shortage of men employed in purpose and intent of right living?
the necessities and a shortage in the necessities that
The time may arrive when unemployment in the
must sustain them. This may seem to be a paradox, United States will again become an urgent problem,
since demand for workers in the necessities seems and the way to prepare for it is not by reducing
to be increased and opportunity be thus enhanced. working hours and days. Our employment is unbalBut it does not work out that way. There must be anced. To repeat, only our vast territory susceptible
demand for the products of necessity in order to to the production of foodstuffs—greater than our
employ the largest number of men in this division population needs—prevents the disordered balance
of industry. And when all men, or a majority of of labor from becoming serious at present. But
men, are employed in the production of luxuries, if we are approaching the saturation point in the profor any reason there comes a lull in this division, duction of luxuries. Will those thrown adrift, when
the unemployed cannot readily be absorbed in the that time comes, seek the farms, or will they walk
,
the streets of crowded cities, the prey of demagoguef
production of the common necessities.
on capital? What folly
To some extent we are in this condition to-day. calling down maledictions
We need not mention any articles of furious con- to imagine that shortening the hours of labor can
sumption in our industrial life; they will readily offset the idleness, the non-employment, brought
occur to everyone. So great is this consumption that about by machinery and mass-production! In this
we do not realize that it is draining men from the behalf it is but a temporary makeshift, if it is that.
production of necessities, but is also preparing to Hours of labor reduced, with no compensating hours
set them adrift in alarming numbers should there of production in aid of the normal life—hours given
come a slump in our overpraised "prosperity." So- over to the enjoyment of articles and institutions of
ciety is living on the high tide. Factories are de- luxury, only aggravate the problem of unemploystroying the farms. Cities are absorbing the larger ment. There is a responsibility upon society—the
part of the population. High wages of mechanics responsibility of living a frugal, a serious and purare luring the oncoming generation into the making poseful life—a life conscious that it is a great gift,
3406
FINANCIAL CHRONICLE
that it owes something to coming generations, so
that labor may be more evenly distributed and thus
more constantly employed. But what can control
society save society itself?
[VoL. 128.
The law that protects the liberty of the citizen is
far and away greater than the petty pack-threads
of innumerable statutes written upon the ponderous
books the common man never sees or reads. Ignorance of the law, while it is no excuse for crime,
Respect for the Law.
may swell the number of infractions. And again,
President Hoover, in his address before the Asso- if there be a law so radical in its nature as to conciated Press last month, called upon the people to trovert a personal right theretofore sanctioned, it
show a greater respect for the law by a closer ob- may have an effect upon the commission of crime, not
servance of the laws, and new interest is given the revealed by statistics of convictions, and indepenmatter by his announcement the present week of dent of its own observance—in a word, it may have
the names of the members of the National Law En- a hidden tendency to prepare the mind for a reforcement Commission which at his request is to sistance to law.
make a searching inquiry into the subject. In his
Much study by various commissions and organizaAssociated Press address he contended that:"What- tions has been given to the causes of crime in an
ever the value of any law may be, the enforcement attempt to lessen its prevalence. The criminal may
of that law written in plain terms upon our statute be a diseased member of society; he may be the
books is not, in my mind, a debatable question. Law victim of circumstances or the product of environshould be observed and must be enforced until it is ment; he may be the ward of the nation or the object
repealed by the proper processes of our democracy. of its corrective power through punishment; he may
The duty to enforce the law rests upon every public be the beneficiary of the law's delay, and of techniofficial, and the duty to obey it rests upon every calities of enforcement and administration; he may
citizen." . . . "No individual has the right to be the false hero of a maudlin sympathy; he may be
determine what law shall be obeyed and what law the victim of heredity; and he may, at least, in some
shall not be enforced. If a law is wrong its rigid instances, be the result of the unconscious tyranny
enforcement is the surest guarantee of its repeal. of the law. But whatever the cause, or more propIf it is right, its enforcement is the quickest method erly the causes, for these are many, of his criminal
of compelling respect for it."
tendencies there is much more to be considered in
The President cited some appalling figures show- his eventual eradication than the rigid enforcement
ing disregard for our laws. "More than 9,000 human of the punitive laws against him. And the citizen
beings are lawlessly killed in the United States each whose plain duty it is to observe the law for himself
year. Little more than hall as many arrests follow. has a far greater problem than mere enforcement
.
Less than one-sixth of these slayers are convicted, against the evil doer. He is to some extent the
and but a scandalously small percentage are ade- keeper of the causes that contribute to the commisquately punished.. Twenty times as many people in sion of crime by the criminal.
proportion to population are lawlessly killed in the
If, as charged in a thousand ways, we have a
United States as in Great Britain. In many of our society living beyond its means; if, as also charged,
great cities murder can apparently be committed we have a society bent upon a life of pleasure; if we
with impunity. At least fifty times as many rob- have one that is motivated by the acquisition of
beries in proportion to population are committed in wealth with its attendant extravagances; then,
the United States as in the United Kingdom, and though all the statutes be observed by the great
three times as many burglaries." . . . "Bven in majority,—is there not a moral law of frugal living
such premeditated crimes as embezzlement and that must be observed in order that temptation to
forgery our record stands no comparison with other disregard the common laws of the rights of propstable nations. No part of the country, rural or erty and persons be removed as far as possible?
urban, is immune. Life and property are relatively This, of course, was outside the scope of the Presimore unsafe than in any other civilized country in dent's address. But it is quite inside the view of
the world. In spite of all this we have reason to the duty of every man to observe the written laws
pride ourselves on our institutions and the high and to respect them. One of the most potent influmoral instincts of the great majority of our people. ences upon the mind of the thief is what is called
No one will assert, however, that such crime would "rascality in high places." A large proportion of
be committed if we had even a normal respect for embezzlements is due to the effort to follow the
law and if the laws of our country were properly dictates of some social center and to cover up what
enforced." . . . "I have purposely cited the ex- is said to be "living beyond his means." The point
tent of murder, burglary, robbery, forgery and em- is that while these hidden causes operate there canbezzlement, because only a small percentage of these not ensue a recession simply through "enforcement."
can be attributed to the Eighteenth Amendment. In
Society is not a stern avenger alone through the
fact, of the total number of convictions for felony rigidity of law enforcement. There is no question of
last year, less than 8% came from that source. That the solemn duty to banish misplaced sympathy from
is, therefore, but a sector of the invasion of lawless- administration and enforcement. There is no
ness."
shadow of a doubt that circumlocution and techniThe first thought in regard to this address as a cality are the bane of our trial courts. There is
whole naturally is that it is the utterance of the even in some instances a desire to prosecute that
Chief Executive Officer of the nation sworn to en- eventuates in persecution. But this exercise of the
force the laws (not to make them), and in this sense power of law enforcement may and does to some
indicates a high regard for the peculiar duty en- extent breed a hatred of society that is a prolific
trusted to a separate division of the Government. cause of crime. And while we are all bound to sancBut it should have a distinct repercussion on the law- tion enforcement we must hold ourselves aloof from
making division. Law to be respected should respect persecution and give the criminal his chance. We
the rights of the citizens under the Constitution. are bound to reduce our statutes to a reasonable
MAT 25 1929.]
FINANCIAL CHRONICLE
3407
rather than their form, the results of a Constitution
rather than its scheme of government. This is little
appreciated. Democracy needs guidance, and the
"man in the street" who stands back of the State
needs to speak for an "informed public opinion,"
otherwise we may justify the fear expressed long
ago, that this country may be "too democratic to be
free."
The book before us is a solid study to reach and
impress the truth of the present situation. It reviews in detail the existing internal forces and the
lines of change that impend; and in the second part
takes up the methods and direction of a true application and development of the nation's life. In this,
for the general reader, lies the immediate value of
the book. We have first to recognize that the principle of control is essentially a structural part of
modern democracy. The Colonies were fully possessed of ideas of liberty and democracy embraced
in "natural rights;" but Control as a true feature
of modern democracy is best to be studied here where
its progress has been the most complete. With us it
is basic, essential, circulatory through the whole
system. We may not go to the limit, but we are
committed to the principle. Its justification is that
no other system is now possible. It survives through
a great variety of adjustment, and is the only system
that,the people of the "Western," or "New World,"
will accept. Whatever temporary alternatives are
America's Form of Democracy.
presented as substitutes, government by the people
The conception of representative government that will in some form return.
Democracy, as committed to us, it is evidently oar
was adopted in the Constitution of the United States
may be termed American because it has remained task to make effective. It can always be improved,
unchanged, and whether formally adopted or not, as De Tocqueville saw. He gave half his book on
prevails on this continent. It is what is so under- America to suggestions of this in many directions,
stood in all the reorganization of states required in from our taste in art and leders to our philosophy
Europe by the war. That in some instances it was and aristocracy as influenced by our manufactures.
definitely set aside and preference given to that of Socialism with us has small chance. We are constantly moving in the line of State control of propEngland does not alter the fact.
in the structure of erty and even of the mind, as in laws about teaching
That Democracy as embodied
the United States and for 150 years the governing evolution, and in requiring education of all in the
principle of the nation's life has proved adequate schools. We can hardly have State ownership of
for the requirements of its wide and continuous de- things without broad control of action and even of
velopment, justifies the term given it in the title of life itself, and we make frequent appeal for that in
his new book, "The Western Way," by F. J. Stim- some form. We do well to keep in mind De Tocqueson, the well known publicist and professor in the ville's warning, "Democracy desires equality in libHarvard Law School, just published by Scribner. erty. Socialism seeks equality in compulsion and
It is a subject he has dealt with in the past and in servitude."
connection with Bryce, who in conference with him
But in rejecting Socialism we must recognize that
it had been "too vast" for his work on our immense reservoirs of capital in private hands
in 1920 said
American Democracy; and for obvious reasons it has and independent organizations may require State
not attracted foreign writers who are estopped by supervision in the interest of all. Rejection of
the more specific features of our national life. Mr. Socialism, our author says, "does not indicate that
Stimson served at one time as Ambassador to Argen- we should not consider every proposition of State
tina and has long been in touch with our Govern- operation, or even ownership, on its merits as it
ment.
occurs."
In Economics progress is evidenced both in disThe time has come to point out that such developtnent as has occurred -has not changed the structure carding certain old theories and in substantiating
of our form of government, or altered the stream of new ones. Overproduction, the Wages Fund, Reour democracy, but that with us the law-making as striction of Immigration, and the Iron Law of
well as the executing power in the hands of the Wages, all are in turn examined. Emphasis topeople has created a self-conscious democracy dis- day laid upon the value of extended organization,
tinctly modern. We dropped the rule of a king, but extension of the use of machinery, direction of miretained that of the State with no thought of the gration of population, control of liquor as by proindividual as free from the law. The whole concep- hibition, and of trade by a protective tariff, furnish
tion of government was that with it men should occasions in present conditions for continual study.
attain their truest freedom. Liberty was to be The present confusion of Congress over Agriculsecured by law. The first task therefore in apprais- tural legislation is evidence of the need. All will
ing democracy must be examination of its laws, their be constant subjects of interpretation by actual exquality rather than their quantity, their content perience and will illustrate "America's way."
interpretation of liberty and right, and again it
may be said that law to be respected must command
respect. It is only recently that petty bootlegging
has been made a felony. If this law had been in
effect before it might have changed the statistics
due to the Eighteenth Amendment. But no such
tyrannical law can be commended. And much is to
be done, as well as enforce the laws.
One of the most important questions is:"Will the
rigid enforcement of bad laws cause their repeal?"
Unfortunately, possibly, as the President clearly
sets forth, we have no alternative. We must enforce
the law, whatever it is, if it can be enforced. But
at the same time if we know and feel that it is a
bad law, are we not equally bound to work for its
repeal, the while we stand fast for its enforcement?
To continue to enforce a bad law, and punish its
infraction, without trying to set it aside by proper
means is clearly only a part of our duty and surely
an unpleasant part. To continue to enact statutes
so shambling and false as to invite disregard, that
is not "proper respect for law." And then, after
all is said, and when we reach our courts, there is
something more than a rigid and unfeeling enforcement. There is, though it palliates no wrong doing,
a respect for the criminal as well as for the law—
that the law will be right and just and that the lawbreaker be seen as a human being.
3408
FINANCIAL CHRONICLE
[VOL. 128.
Our author, following the Encyclopedia Britan- share of things, is not a task ignored among us, or
nica,"an excellent authority," holds that capitalism unheeded.
and individual ownership have gained new acceptIt is safe to assume that our business world is
ance, that there is no such thing as a set-apart wages awake to the teachings of a true economics. In
fund; that wages are almost at the will of the work- external relations we certainly desire peace, however
ers; and that the theories of restricted farming and slow we are in uniting in guarantees to secure it.
workshops, exclusion of immigrants, feminism re- America's actual accomplishment, as well as her
sulting in a decreasing birth-rate, and the Iron Law social life, our author takes up in turn, and shows
of non-increasable natural resources, have all gone that despite its failures American democracy has
by the board.
much to teach the world. Light, and Joy, and Life,
"Overproduction" still has a footing, but is in fact with the Word which is God, are the final teaching,
"nonsense." There is no such thing as overproduc- we believe, for all.
tion of things,worth while. The proper answer is:
Make better things, things for a higher taste, a
The New York Central Annual Report.
deeper mind. Even in necessities, food, fuel, textiles
The annual report of the New York Central Railand the like, overproduction is only temporary. To road Company for the calendar year 1928 has been
say that any people do not want more, or, at least, issued the present week, and is of the same
favorable
more kinds of things, is to belittle human nature. character as the reports of other recent years except
Every higher and non-material want protests against that the amount earned for the stock is smaller. Yet
the theory. The cultivation of the gift of life and this last follows entirely from the fact that some
the distribution of what makes for the elevation of very exceptional items of income which appeared in
the mind and heart remains for the world as still the results for 1927 were not repeated in the calenunreached.
dar year 1928. After allowing 8% dividends on the
Democracy demands above all enlargement of the company's capital stock (on 4,213,008 shares in the
conception of value. This is more than money, or first quarter, 4,215,798 shares in the second quarter,
even idleness; it is that which leads to life-giving and 4,619,288 shares and 4,635,558 shares
in the third
things and makes possible a higher manhood. Po- and fourth quarters, respectively)
a surplus relitical economy, in a word, has now become quali- mained on the operations for 1928 of $15,303,754
tative rather than quantitative. It concerns the against a surplus of $27,942,658
on the operations
things which have "an intrinsic worth developed by for 1927 after 7%% dividends on
the share capital
a vital power," things usable by man for his best before the recent increase, $41,975,900
of new stock
good. The moral element is the economic right. having been issued during the year to provide for
What one may accumulate to use only for one's self, taking up of $50,000,000 of Lake Shore &
Michigan
administration over others, ostentation, or distrac- Southern Railway bonds which matured on Septemtion, is sternly limited and may be wholly unworthy. ber 1 1928.
Low wages may be injuriods to the employer; as to
The report tells us that the business handled in
his laborers may be the demand for too much. Every 1928, compared favorably with that for 1927. Trafman has to learn and then to respect what is just fic during the first six months, it is stated, was
and right. This in the last analysis is the better substantially less than during the same period in the
judgment of the individual, and the judgment of the previous year, but a sharp recovery occurred during
individuals in a democracy becomes the judgment the last six months. However, neither 1928 nor
of the community.
1927 can be said to have been more than ordinarily
Europe accuses us with the worship, if not of favorable. The year 1926 was a much better period.
Power, with the Germans, of material things, our This is evident from the fact that while the
gross
growth, our wealth, our prosperity. Our ciatus, in revenues for 1928 were $381,733,244 and for 1927
their eyes, is of quantity, not of quality; and we are $383,377,311,for 1926 they were $399, 537,748,
and to
debasing European, rather ,than learning from it. get.a really exceptionally favorable year it would be
Ferrero, the Italian historical authority, calls on necessary to go back to 1923, when the gross revenues
us to desist from Americanizing Europe by devotion were no less than $421,034,783, or nearly $40,000,000
to wealth, to the machine, to falsified conceptions of in excess of the amount for 1928. But experience has
success, and all that produces it.
shown that the New York Central is able to give a
Our author reviews all the criticisms, accepts good account of itself in good years and bad years
some, rejects more, and says that we believe in light alike.
and joy, and beauty, and are ready to value and seek
The report refers to the improvement in the capithe best. We would not forget our ethics in our tal structure of the company effected during the year
aesthetics. We may believe that the best of good by the issue of $41,975,900 additional stock and the
works, "the most intelligent of all charities is to retirement of the $50,000,000 of funded debt to which
banish poverty, making material charities unneces- mention has already been made. That was certainly
sary." We may hold that American democracy is a noticeable feature of the year's affairs. It makes
privileged to teach the world this truth, but it has the ratio of capital stock to total capitalization
much higher and better things to teach its citizens, 42.74% as compared with 38.34% at the end of 1927.
the making of men and women, as well as of public Only five years before, on December 31 1923, the
utilities. To make by one's material success the ratio was no higher than 25.84%. But growing
higher life possible for all, is America's lesson to the operating efficiency is an equally distinctive feature
world.
of the road's operations. This appears from the
To secure acceptance of this as a home truth, to fact that while railway operating revenues in 1928 s
get over our general distrust of the "high-brow," and decreased $1,644,066 from those of 1927, the net
his attainments, and to free the laboring classes of revenues from railway operations actually increased
the false doctrine that the less the value they render $3,505,566, due to a reduction in operating expenses
in return for their wages the greater will be their of $5,149,633. The ratio of expenses to revenues
MAY 25 1929.]
FINANCIAL CHRONICLE
3409
indifferent stocks that
was only 75.51% in 1928 as against 76.53% in 1927. known and unknown, good, bad or
are traded in on the exchange?
Final net income for the year, however, was $8,On any modern stock exchange some security values will
230,660 less than in 1927. The report explains that be declining while others are advancing. The New York
this decrease is attributable to the reduced receipts Stock Exchange has been listing many new and untried
reprekenting dividends upon the company stock issues in addition to handling the securities of industrial
holdings. The principal factor in the lessened divi- groups that are in a state of more or less chronic depresto respond to inflationary
dend income was the receipt for 1927 of an extra sion. Nobody expects such shares
activities even in the most pronounced "bull" markets, as
dividend of more than $9,000,000 upon the company's do the issues of the industrial leaders of those companies
holdings of stock in the Michigan Central Railroad about whose future the public feels optimistic. For that
Co., while no extra dividend was paid by that com- reason stock indices that include a picked number of socalled "representative" issues are better adapted to testing
pany in 1928.
We notice that there was also an increase in the the state of the speculative temper and alterations in the
speculative demand than any sort of comprerailway tax accruals of $3,943,123 as compared with strength of the can possibly be.
hensive average
1927. The report tells us that Federal income taxes
The fact is that any and all averages of stock prices are
on net profits of $26,953,000 from the sale of 'Securi- misleading, and the more elaborate they are the less light
ties in 1928 accounts for $3,077,000 of this increase. they are likely to throw upon what Mr. Simmons calls
In another part of the report we find that the com- "realities." Averages have nothing to do with the fact
tested by investment
pany sold its holdings of the stock of the Mohawk that many stocks are overvalued when reasonable expectastandards of current earnings or even
Valley Co. and also its holdings of the,stock of the tions of future profits. Averages throw little or no light
New York State railways and that the total consid- upon the question whether a disproportionate amount of
eration received from the sale of these stocks was credit has been assigned to speculation at the expense of
$41,758,325. The cost of these holdings, acquired commercial demand
Statistical data used by Mr. Simmons to explain the credit
back in 1905-1910, was $16,447,408, showing a profit
absorbing capacity of the Stock Exchange also need to be
of over 25 million dollars. Some other sales of
analyzed In order to ascertain whether some of the cited
security holdings which likewise yielded a profit, causes of the great increase in collateral loans may not
though on a much smaller scale, are also enumer- themselves be effects of previous price rises in certain
ated. The point however to which we wish to direct "representative" share issues Whose upward movement has
particular attention is that after 'setting out the been facilitated by the utilization of abundant credits and
conviction that more of the
sales of these various securities during the year the supported by the comfortable had. Thus the aggregate
same kind of credit coul dbe
report goes on to say that "the Federal Tax of over market value of all listed stocks is said to have advanced
$3,000,000 on the profits from these transactions $17,700,000,000 during 1928—a sum far in excess of the
was charged against 1928 income, while the profits increases in earlier years. Is this increase to be taken for
were credited directly to the company's surplus granted as evidence of growing prosperity and abundant
to do
through profit and loss account." This last state- Investment resources? Or has credit policy something
with the showing? As listings increase, too, it is asserted
ment, saying that the tax was charged against in- that a corresponding growth in volume of sales on the
come, while no account was taken of the profits on exchange and In the borrowings on security collateral • by
which the additional tax was based is worth noting members must be expected to occur. Might it not be as
as showing the conservative way in which the income justifiable to reverse the statement and say that since loans
for borrowing on collateral have been available in large
account has been drawn up.
amounts increased listings and active sales have been
greatly stimulated?
Stock Exchange Averages.
[Editorial in New York "Journal of Commerce," May 16.]
"An ingenious statistician," says the President of the
Stock Exchange in his annual report, "employing only ten
or, twenty listed share issues as representative of all listed
stocks, could by selecting particular issues quite readily
prove either that the whole share market had recently
experienced an enormous rise or that it had suffered a huge
decline, or that It had failed to show any real change at all."
Mr. Simmons asserts, therefore, that the index of the exchange, which is an average of all listed shares weighted
according to the outstanding number of shares of each issue,
reveals percentages of price increase that are "obviously
more in accord with the realities.of the situation than the
colossal percentages of price appreciation frequently shown
by share averages based upon only a few share issues."
According to the exchange index, the advance in share
prices averaged only 18% during the past year, while the
rise over a period of four years to January 1929 amounted
to 00%. Although even this is an imposing record considering the relative stability of commodity prices during the
years in question, it is a small matter contrasted with the
rise shown by some of the "representative" indices to which
the President of the Stock Exchange objects. For example,
the "Annalist" average for 25 industiial stocks, including
leading industrials, has risen since the beginning of 1927
from less than 180 to about 370, although the stocks included
were evidently selected for no reason except their very
evident "representative" character as investment and speculative offerings. Is a picked list of this or similar sort less
In accord with "realities" than a composite average that
represents nothing at all except a conglomerate mass of
Bureau of Standards Announces Change in Printing
the "Commercial Standards Monthly."
For the past four years the "Commercial Standards
Monthly," has been the medium through which the Division
of Simplified Practice, of the Bureau of Standards, United
States Department of Commerce, has kept American
industry advised of the progress being made in the elimination of waste through simplification and standardization.
This mimeographed bulletin summarizes the projects under
consideration by industry in co-operation with the Bureau of
Standards; meetings held, and wherever possible, the work
being done by individual concerns and non-governmental
groups in the movement to eliminate waste in industry.
According to an announcement of Ray M. Hudson,
Assistant Director of the Bureau of Standards, in charge
of the Commercial Standardization Group, the monthly
bulletin, starting with the July 15 1929 issue, will hereafter
appear as a standard size printed magazine and will be on a
subscription basis. The yearly subscription price will be
one dollar ($1.00), payable in advance to the Superintendent
of Documents, Government Printing Office, Washington,
D. C.
In his announcement of this change Mr. Hudson stated
that S. F. Tillman, associated with the Division of Simplified
Practice for several years has been appointed as the Editor
of the "Commercial Standards Monthly." Prior to becoming connected with the Bureau of Standards, Mr. Tillman
was on the Press information staff of the U. S. Veterans
Bureau.
In 1925 he was a member of the news staff of the Army
and Navy "Journal," leaving to organize the Army and Navy
News Service. In addition to working on Washingtoa and
Texas newspapers, Mr. Tillman was one-time managing
editor of the Army and Navy Magazine.
3410
FINANCIAL CHRONICLE
[VOL. 128.
Methods Employed in Valuing Railroads Held to be Improper by United States
Supreme Court—Decision Rendered in St. Louis & O'Fallon Case—Commission Declared to Have Failed to Follow Statutory Direction—Decree of District Court Upholding Commission Reversed.
Methods adopted by the Commission for ascertaining the substantive law prescribed by Congress and reached its
value of the railroads of the country for rate-making pur- findings of actual value by the exercise of its judgment upon
poses were held to be improper in a decision rendered by all the evidence, including enhanced construction costs."
the United States Supreme Court on May 20 in the test case He says the main question for consideration is one of statuinvolving the application of the Commission's methods to tory construction. "The Commission undertook," Justice
the valuation of the St. Louis & O'Fallon, a 9
-mile coal- Brandeis says, "as will be shown, to find present actual
carrying road in Illinois. Holding that the Commission had value and, in so doing, both to follow the direction of
failed to give effective weight to the consideration of Congress and to apply the rule declared in the Southwestern
"present reproduction costs" in estimating the value of the Bell case. It is true that the court there declared that
carrier's property, the Court says that the Commission has current reconstruction cost is an elernent of actual value;
"disregarded the approved rule and has thereby failed to and that Congress directed the Commission to give due condischarge the definite duty imposed by Congress."
sideration to all the elements of value recognized by the
The decision reversed the judgment of the District Court law of the land for rate-making purposes. But, while the
for the Eastern Division of the Eastern District of Mis- Act required the Commission to consider all such evidence,
souri, which had denied the petition of the St. Louis & neither Congress nor this Court required it to give to eviO'Fallon and the Manufacturers' for an injunction to re- dence of reconstruction cost a mechanical effect or artificial
strain the enforcement of an order of the Commission fixing weight. They left untrammeled its duty to give to all
the valuation of the O'Fallon property and directing it to relevant evidence such probative force, as, in its ,judgment,
pay to the Commission one-half of its net railway operating the evidence inherently possesses."
income in excess of 6% on the valuation found, with interest.
Justice Stone, in his dissenting opinion, claims that the
The case came before the Supreme Court on cross-appeals Commission has "given consideration" to the element of
filed by the two railroads and by the United States.
reproduction cost and states that if "full weight" were to
While the case involved directly only the order as to the be accorded to that element in all cases, "then, as the ComO'Fallon, the Commission in its report in the case had stated mission points out in its report, the railroads of the country
that the methods employed in the test case, the first case having in 1919 a reproduction cost or value of $19,000,000,000
which it had attempted to "recapture" excess earnings of would now have a value of $40,000,000,000 and we would
the carrier under section 15a of the Inter-State Commerce arrive at the economic paradox that the present value of
Act, were those applied to all the railroads of the United the railroads is far in excess of any amount on which they
States. [The decision of the Commission in the St. Louis & could earn a return."
O'Fallon Ry. case was given in the "Chronicle" of April 2
The O'Fallon case has attracted nation-made attention
1927, page 1898.] The opinion of the Court was rendered because of the issues involved, the popular view of it being
by Justice McReynolds. Justices Brandeis, Holmes and that the decision of the Supreme Court would establish
Stone dissented and joined in an opinion by Justice Brandeis definitely whether the Commission should value all railwhich took the position that the Commission had given all road properties on the basis of reproduction cost new or by
the consideration required by law to cost of reproduction its present procedure, which takes into consideration a
of the railroad property. Justice Stone also wrote a dis- multitude of factors having to do with construction costs of
senting opinion. Justice Butler took no part in the con- the carriers over a long period of years, their physical
sideration or determination of the case.
assets and the capital invested. On the basis of its present
The majority opinion, by Justice McReynolds, says that method it was forecast that the Commission would arrive
the Inter-State Commerce Act requires that the Commission at a valuation for all railroads for rate-making and recapin determining values, "shall give due consideration to all ture purposes, of approximately $20,000,000,000 and that a
the elements of value recognized by the law of the land for decision by the Court compelling the Commission to make
rate-making purposes," that the elements of value have its value
solely on the basis of reproduction costs would
been pointed out many times by the Court, but that the add at least $11,000,000,000 to that total.
Commission in its report "carefully refrains from stating
First reports of the decision intimated that the victory
that any consideration whatever was given to present or in this case placed the Supreme Court in the
position of
reproduction costs in estimating the value of the carrier's establishing a principle of valuation of railroads
which
property." The Weight to be given to current or reproduc- would make necessary the scrapping
of the preliminary
tion costs, as distinguished from investment, "Is not the work done by the Commission
in connection with the
matter before us." The opinion says: "No doubt there are valuation of all carriers;
a mandatory increase of many
some, perhaps many, railroads the ultimate value of which billions in the final valuations
to be set up and a correshould be placed far below the sum necessary for reproduc- sponding increase in the level of rate structures. Such a
tion. But Congress has directed that values shall be based view of the decision,
however, was not taken by members
upon a consideration of present costs along with all other of the Commission, who,
according to Washington dispertinent facts; and this mandate must be obeyed."
patches, pointed out that the Court had not ruled that valuaThe Court accepted the conclusions of both the Commis- tion should be fixed solely upon
the basis of present reprosion and the District Court that the O'Fallon and the duction cost, but merely
that this principle should be given
Manufacturers' railways had not been shown to constitute due weight as among other factors in arriving at conclua single system within the meaning of the provision of the sions. While in the O'Fallon
case the Court held that
law that permits the accounts of roads constituting a single consideration had
not been given by the Commission to the
system under common control and management to be com- principle of reproduction cost it was asserted by members
bined for the purpose of ascertaining whether there is of the Commission that quite a different finding might
recapturable income. The two roads had claimed that they result if facts in regard to the procedure by which properties
were a single system and that any excess on the O'Fallon of other railroads have been valued were to come before it.
would be offset by a deficit on the Manufacturers'. The The dispatches further stated informally, in fact, that far
Commission held that the Manufacturers' had no recap- from scrapping all the preliminary work it has done on
turable excess but that the O'Fallon had earned more than valuations the Commission
probably would decide to pro6% on Its value as ascertained for each of the years 1920, ceed with its task of bringing valuations up to date on the
1921, 1922 and 1923.
basis of the primary valuation work already done, giving
Justice Brandeis, in his dissenting opinion in which Jus- due heed to the points
made in the Court's decision. Should
tice Holmes and Justice Stone joined, expressed the opinion the railroads of the country then find themselves dissatisthat the conclusions of the Commission were well founded, fied with the final conclusions reached by the Commission
and that it had given sufficient weight to reconstruction it was forecast that the whole matter would again find its
cost. "This court," he says, has no concern with the correct- way into courts for further clarification.
ness of the Commission's reasoning as to the evidence in
The full text of the Court's opinion, delivered by Mr. Jusmaking its findings of fact, since it applied the rules of tice McReynolds, follows:
MAY 25 1929.]
FINANCIAL CHRONICLE
These are cross appeals from the final decree of the District Court,
Eastern Missouri-three judges sitting-in a suit to annul an Inter-State
Commerce Commission order, dated February 15 1927, which directed
St. Louis and O'Fallon Railway Company to place in a reserve fund
one-half of its determined excess income for the years 1920 (10 months),
1921, 1922 and 1923 (that is half of the sum by which the net railway
operating income for each of those years exceeded 6% of the ascertained
value of property devoted to public service); and to pay to the Commission the remaining one-half with 6% interest beginning four months after
termination of the year, i.e., May 1 1921, 1922, 1923 and 1924.
Section 15a, added to the Inter-State Commerce Act by Transportation
Act, 1920, contains 19 paragraphs. Of those specially important here, 1,
2, 3, 4, 5, 6, 7 and 8 follow:
(1) [This defines the terms employed.]
(2) In the exercise of its power to prescribe just and reasonable rates
the Commission shall initiate, modify, establish or adjust such rates so
that carriers as a whole (or as a whole in each of such rate groups or
territories as the Commission may from time to time designate) will, under
honest, efficient and economical management and reasonable expenditures
4for maintenance of way, structures and equipment,
earn an aggregate
annual net railway operating income equal, as nearly as may be, to a
fair return upon the aggregate value of the railway property of such
carriers held for and used in the service of transportation: Provided, That
the Commission shall have reasonable latitude to modify or adjust any
particular rate which it may find to be unjust or unreasonable, and to
prescribe different rates for different sections of the country.
(3) The Commission shall from time to time determine and make public
what percentage of such aggregate property value constitutes a fair return
thereon, and such percentage shall be uniform for all rate groups or territories which may be designated by the Commission. In making such
determination it shall give due consideration, among other things, to the
transportation needs of the country and the necessity (under honest,
efficient and economical management of existing transportation facilities)
of enlarging such facilities in order to provide the people of the United
States with adequate transportation: Provided, That during the two
years beginning March 1 1920 the Commission shall take as such fair
return a sum equal to 51 % of such ag6.egate value, but may, in its
discretion, add thereto a sum not exceeding one-half of 1% of such aggrregate value to make provision in whole or in part for improvements, betterments or equipment, which, according to the accounting system prescribed
by the Commission, are chargeable to capital accounts.
(4) For the purpose of this section, such aggregate value of the property of the carriers shall be determined by the Commission from time to
time and as often as may be necessary. The Commission may utilize the
results of its investigation under section 19a of this act, in so far as
deemed by it available, and shall give due consideration to all the elements
of value recognized by the law of the land for rate-making purposes, and
shall give to the property investment account of the carriers only that
consideration which under such law it is entitled to in establishing values
for rate-making purposes. Whenever pursuant to section 19a of this act
the value of the railway property of any carrier held for and used in the
service of transportation has been finally ascertained, the value so ascertained shall he deemed by the Commission to be the value thereof for the
purpose of determining such aggregate value.
(5) Inasmuch as it is impossible (without regulation and control in
the interest of commerce of the United States considered as a whole) to
establish uniform rates upon competitive traffic which will adequately
sustain all the carriers which are engaged in such traffic and which are
indispensable to the communities to which they render the service of transportation, without enabling some of such carriers to receive a net railway
operating income substantially and unreasonably in excess of a fair return
upon the value of their railway property held for and used in the service
of transportation, it is hereby declared that any carrier which receives such
an income so in excess of a fair return, shall hold such part of the excess,
as hereinafter prescribed, as trustee for, and shall pay it to, the United
States.
(6) If, under the provisions of this section, any carrier receives for
any year a net railway operating income in excess of 6% of the value of
the railway property held for and used by it in the service of tranaportation, one-half of such excess shall be placed in a reserve fund established
and maintained by such carrier, and the remaining one-half thereof shall,
within the first four months following the close of the period for which
such computation is made, be recoverable by and paid to the Commission
for the purpose of establishing and maintaining a general railroad contingent fund as hereinafter described. For the purposes of this paragraph
the value of the railway property and the net railway operating income of a
group of carriers which the Commission finds are under common control and
management and are operated as a single system, shall be computed for the
system as a whole Irrespective of the separate ownership and accounting
returns of the various parts of such system. In the case of any carrier
which has accepted the provisions of section 209 of this amendatory act
the provisions of this paragraph shall not be applicable to the income for
any period prior to September 1 1920. The value of such railway
property
shall be determined by the Commission in the manner provided in paragraph (4).
(7) For the purpose of paying dividends or interest on its stocks,
bonds
or other securities, or rent for leased roads, a carrier may draw from the
reserve fund established and maintained by it under the provisions of this
section to the extent that its net railway operating income for any year is
less than a sum equal to 6% of the value of the railway property held
for and used by it in the service of transportation, determined as provided in paragraph (6); but such fund shall not be drawn upon for any
other purpose.
(8) Such reserve fund need not be accumulated and maintained by any
carrier beyond a sum equal to 5% of the value of its railway property
determined as herein provided, and when such fund is so accumulated and
maintained the portion of its excess income which the carrier is permitted
to retain under paragraph (6) may be used by it for any lawful purpose.
Not Single System Commerce Commission Pound.
After an investigation instituted under section 15a, May 15 1924, for
the purpose of determining incomes received by St. Louis & O'Fallon Railway Company (The O'Fallon) and Manufacturers' RailWay Company (The
Manufacturers'), asserted to be parts of one system, for the years 1920-1923,
the Commission found: (1) Although the stock of both corporations was
mostly owned by the Adolph Busch Estate and their principal officers were
the same, they were not carriers operated under common control and management as a single system within paragraph 6. (2) The Manufacturers'
had received no excess operating income. (3) The value of The O'Fallon's
property devoted to public service in 1920 (10 months) was $856,065; in
1921, $875,360; in 1922, $978,874; in 1923, $997,236; and during each of
those years it received net operative income exceeding 6% upon the stated
valuation.
3411
The above-described recapture order followed.
The cause is properly here under the Judicial Code, as amended by act of
February 13 1925 (U. S. C., Title 28, Sec. 345):
Sec. 238. A direct review by the Supreme Court of an interlocutory or
final judgment or decree of a district court may be had where it Is so
provided in the following acts or parts of acts, and not otherwise: . . .
(4) So much of "An act making appropriations for the fiscal year 1913,
and for other purposes," approved October 22 1913, as relates to the review
of interlocutory and final, judgments and decrees in suite to enforce, suspend, or set aside orders of the Inter-State Commerce Commission other
than for tEe payment of money. . . .
The act of October 22 1913 (38 Stat. 219, 220) transferred to District
Courts the jurisdiction granted to the Commerce Court by act of June 18
1910 (36 Stat. 539); and provided for review by this Court of causes
embraced therein. The jurisdiction of the Commerce Court included:
First: All cases for the enforcement, otherwise than by adjudication
and collection of a forfeiture or penalty or by infliction of criminal punishment, of any order of the Inter-State Commerce Commission other than
for the payment of money.
Second: Cases brought to enjoin, set aside, annul, or suspend in whole
or in part any order of the Inter-State Commerce Commission. . . .
Paragraph (4), section 238, applies to all those causes formerly cognizable
by the Commerce Court and reviewable here. The words "other than for
the payment of money" were taken from clause First, Act of 1910, above
quoted, and, as there, they delimit the trials court's jurisdiction. They
do not inhibit review here of any cause formerly cognizable by the Commerce Court. Moreover, the order under consideration was not merely
for payment of money; and the proceeding below was to set aside, not to
enforce it.
Wisconsin Railroad Commission v. Chicago, Burlington & Quincy RR. Co.,
257 U. S. 563, and Dayton-Goose Creek Railway Co. v. The United States,
263 U. S. 456, point out the general purpoee of the Transportation Act,
1920, and uphold the validity of section 15a.
O'Fallon Road 18 Coal Carrier.
The Manufacturers' is a switching road with 30 miles of track within
St. Louis, Missouri. The O'Fallon-a coal-carrying road-has nine miles
of main line, all in Illinois, and this connects with The Terminal Railroad
at East St. Louis. Through the latter deliveries are made to sundry points
in St. Louis, some of which are on The Manufacturers' line. "The distance
between the railroad of the O'Fallon and the railroad of the Manufacturers'
is about 12 miles, and all communication by rail between the two properties is effected over the tracks of the Terminal, including a bridge over
the Mississippi River." Both the Commission and the District Court held
that the record failed to show these two roads were under common control
and management and operated as a single system within the meaning of'
paragraph 6. We accept their conclusion.
The Commission directed The O'Fallon to pay 8% interest on the
recaptured one-half of its ascertained excess net railway operating income
beginning four months from the end of the year during which the excess
accrued (Sec. 6). The District Court rightly ruled that as the carrier
made bona fide denial of any excess under circumstances sufficient to
justify a contest, no interest should have been imposed for any time prior
to the final order. Not until then could the carrier know what, if anything, it should pay.
Also, we think the District Court rightly rejected the claim that excess
earnings were not recapturable unless and until the Commission had fixed a
general level of rates intended to yield fair return upon the aggregate
value of carrier property either as a whole, or in some prescribed rate or
territorial group. Congress, of course, realized that final valuations would
require prodigious expenditure of time and effort; but the language concerning recapture indicates that prompt action was expected. Practical
application of paragraphs 5 and 6 does not necessarily depend upoa prior
compliance with paragraphs 2 and 3. The act should be construed so as
to carry out the legislative purpose. The proviso ef paragraph 3 prescribing
action to be taken during two years beginning March 1 1920, and the
clause of paragraph 6 excepting the income of certain roads prior to Septemher 1 1920, are hardly compatible with this claim by the carrier.
Paragraph 4, section 151, directs that in determining values of railway
property for purposes of recapture the Commission "shall give due consideration to all the elements of value recognized by the law of the land for
rate-making purposes, and shall give to the property investment account
of the carriers only that consideration which under such law it is entitled
to in establishing values for rate-making purposes." This is an express
command; and the carrier has clear right to demand sompliance therewith. United States ex rel. Kansas City Southern Railway Co. v. InterState Commerce Commission, 252 U. S. 178.
Elements of Value Recognized by Law.
"The elements of value recognized by the law of the land for ratemaking purposes" have been pointed out many times by this Court. Smyth
v. Ames, 169 U. S. 466; Wilcox v. Consolidated Gas Co., 212 U. S. 19;
Minnesota Rate Cases, 230 U. S. 352; Southwestern Bell Telephone Co. v.
Public Service Commission, 262 U. S. 276; Bluefield Water Works & Improvement Co. v. Public Service Commission, 262 U. S. 679; licOardle v.
Indianapolis Water Co., 272 U. S. 400. Among them is the present cost of
construction or reproduction.
Thirty years ago, Smyth v. Ames announced (546):
"We hold, however, that the basis of all calculations as to the reasonableness of rates to be charged by a corporation maintaining a highway
under legislative sanction must be the fair value of the property being used
by it for the convenience of the public. And in order to ascertain that
value, the original cost of construction, the amount expended in permanent
improvements, the amount and market value of its bonds and stock, the
present as compared with the original cost of construction, the probable
earning capacity of the property under particular rates prescribed by
statute, and the sum required to meet operating expenses, are all matters
for consideration, and are to be given such weight as may be just and right
in each case. We do not say that there may not be other matters to be
regarded in estimating the value of the property. What the company is
entitled to ask is a fair return upon the value of that which it employs
for the public convenience. On the other hand, what the public is entitled
to demand is that no more be exacted from it for the use of a public
highway than the services rendered by it are reasonably worth."
Present Costs Essential In Estimate of Fair Return.
In Southwestern Bell Telephone Co. v. Public Service Commission (287)
we said: "It is impossible to ascertain what will amount to a fair return
upon properties devoted to public service without giving consideration to
the cost of labor, supplies, etc., at the time the investigation is made. An
honest and intelligent forecast of the probable future values made upon a
view of all the relevant circumstances, is essential. If the highly important
element of present toots is wholly disregarded such a forecast becomes
impossible. Estimates for to-morrow cannot ignore prices of to-day."
3412
FINANCIAL CHRONICLE
The doctrine above stated has been consistently adhered to by this
-Court.
The report of the Commission is long and argumentative. Much of it is
devoted to general observations relative to the method and purposes of
making valuations; many objections are urged to doctrine approved by us;
and the superiority of another view is stoutly asserted. It carefully
refrains from stating that any consideration whatever was given to present
or reproduction costs in estimating the value of the carrier's property.
Four dissenting Commissioners declare that reproduction costs were not
considered; and the report itself confirms their view. Two of the majority
avow a like understanding of the course pursued.
The following from the dissenting opinion of Commissioner Hall, concurred in by three others, accurately describes the action of the Commission:
"In order to determine the value of the O'Fallon property devoted to
'carrier service during the recapture periods, 10 months in the year 1920
and the years 1921, 1922, and 1923, we start with a valuation of inventory
date of June 30 1919. The units in existence on that date are known.
Original cost of the entire property can not be ascertained. As to the
man-made units we estimate the cost of reproducing them in their condition on that date and in so doing apply to the units installed prior to
June 30 1914 the unit prices of 1914, representing a fairly consistent
price level for the preceding 5 or 10 years. To like units, installed after
June 30 1914, and prior to June 30 1919, we apply the same prices, but
add a sum representing price increases on those units during that period.
For the third pericd, from June 30 1919 down to each recapture date, we
abandon estimate and turn to recorded net cost of additions less retirements. On this composite, made up of estimated value for two periods
and ascertained net cost for the third period, the majority base a conclusion as to value at recapture date of the roan-made items. Land goes
in at its current value as measured by that of neighboring lands.
"Without summarizing the other processes, all clearly stated in the
majority report, it will be observed that the rate-making value arrived
at for the successive recapture periods, as for example the year 1928, rests
upon 1923 market value of lands; costs of other property installed since
June 30 1919; unit prices of 1914, enhanced by allowance for increased
coat of units installed during June 30 1914-1919; and, for the units installed
prior to June 30 1914, constituting by far the major part of the property,
unit prices of 1914 without any enhancement whatever. As to this major
part of the carrier's property devoted to carrier purposes in 1923 no
consideration is given to costs and prices then obtaining or to increase
therein since 1914."
In the exercise of its proper function this Court has declared the law of
the land concerning valuations for rate-snaking purposes. The Commission
disregarded the approved rule and has thereby failed to discharge the
definite duty imposed by Congress. Unfortunately, proper heed WRS
denied the timely admonition of the minority—"The function of this emu.
mission is not to act as an arbiter in economics, but as an agency of
Congress, to apply the law of the land to facts developed of record in
matters committed by Congress to our jurisdiction."
The question on which the Commission divided is this: When seeking to
ascertain the value of railroad property for recapture purposes, must it give
consideration to current, or reproduction, costs 1' The weight to be accorded
thereto is not the matter before us. No doubt there are some, perhaps
many, railroads the ultimate value of which should be placed far below
the sum necessary for reproduction. But Congress has directed that values
shall be fixed upon a consideration of present costs along with all other
pertinent facts; and this mandate must be obeyed.
It was deemed unnecessary by the Court below to determine whether
the Commission obeyed the statutory direction touching valuations since
the order permitted the O'Fallon to retain an income great enough to
negative any suggestion of actual confiscation. With this we cannot agree.
Whether the Commission acted as directed by Congress was the fundamental question presented. If it did not, the action taken, being beyond
the authority granted, was invalid. The only power to make any recapture
order arose from the statute.
The judgment of the Court below must be reversed. A decree will be
entered here annulling the challenged order. Reversed.
Mr. Justice Butler took no part in the consideration or
determination of this cause.
DISSENTING OPINION OF JUSTIOE STONE.
The dissenting opinion of Justice Stone was as follows:
I agree with what Mr. Justice Brandeis has said and add a word only by
way of emphasis of those aspects of the case which appear to me sufficient, apart from all other considerations, to sustain the finding of the
Commission.
The report of the Inter-State Commerce Commission is rejected and its
order set aside oa the sole ground that in a recapture proceeding under
Section 15 (a) of the Inter-State Commerce Act, it has failed to consider
present reproduction cost or value of appellant's property and so to "give
due consideration to all the elements of value recognized by the law of the
land for rate making purposes." No constitutional question is involved.
The Commission Was called upon to value a railroad, with less than
nine miles of main line track, which had been constructed prior to 1900.
Much of its equipment was purchased before 1908, a considerable part
.being second hand. Its traffic was very largely dependent on the output
of a single coal mine which it served.
In performing its task the Commission had before it the cost of reproduction new of appellant's structural property, estimated on the basis of
1914 unit prices, "with the knowledge that the costs of reproduction so
arrived at were not greatly different from the original costs." It had
evidence of the actual cost of later additions and replacements, of the
physical condition of the railroad and equipment, of the character, volume
and sources of its traffic, of its working capital and revenues and expenses.
It possessed, through its valuation department, special knowledge of the
property of this carrier. Through its own experience it had the benefit of
an expert knowledge of all the factors affecting value of railway property
growing out of changes in methods of transportation, of improvement in
transportation appliances and the consequent obsolescence of existing equipment, of improvement in methods of railroad construction and consequent
reductions in cost. Although it had estimates of present construction costs
In the form of index figures based on the comparative general price levels
of labor and materials for 1914 and each of the recapture years, which it
considered and discussed in its report, there was no evidence before it of
the actual present cost of construction of this or any other railroad or any
affirmative showing that, if appellant's road was to be built and equipped
anew, competent railroad engineers would deem the present structure and
-equipment suitable for or adaptable to the economical and efficient management contemplated by the statute.
The Commission, with all this data before it, stated that "it considered
-and weighed carefully, in the light of its own knowledge, each fact, dr.
[Vol.. 128.
cumstance and condition called to its attention on behalf of the carrier."
"From this accumulation of information," it added, "we have formed our
judgment as to the fair basic single sum values, not by the use of any
formula, but after consideration of all relevant facts." That the Commission gave consideration to present reproduction costs appears not only
from its own statement, but from the fact that it gave full effect to
increased current market values in determining the value of land and to
additions and betterments since June 30 1914, taken at their cost less
depreciation. In the light of those considerations which affect the present
value of appellant's structural property which Mr. Justice Brandeis has
mentioned, I cannot say that the Commission did not have before it the
requisite data for forming a trustworthy judgment of the value of appellant's road or that it failed to give proof of reproduction cost all the
weight to which it was entitled on its merits. Had the Commission not
turned aside to point out in its report the economic fallacies of the use of
reproduction cost as a standard of value for rate making purposes, which
it nevertheless considered and to some extent applied, I suppose it would
not have occurred to anyone to question the validity of its order.
I cannot avoid the conclusion that in substance the objection, now upheld, to the order of the Commission is not that it failed to consider or%
give appropriate weight to evidence of present reproduction cost of appellant's road, but that it attached less weight to present construction costs
than to other factors before it affecting adversely the present value of
the structural property. That this was the real nature of the objection
voiced by the dissenting Commissioners seems to me apparent from their
opinion. They seem to assume that as a result of Southwestern Tel. Co. v.
Public Service Comm., 262 U. S. 276, and other cases in this Court, the
Commission as a matter of law may never, under any circumstances, find
that the value of the structural part of a railroad does not exceed its fair
value of an earlier date, if the Commission has before it evidence of later
increased construction costs. They say "under the law of the land," in
valuing a railroad under section 15a "we must accord weight in the legal
sense to the greatly enhanced cost of material, labor and supplies" during
the recapture periods. Weight in the legal sense is evidently taken to be
not that accorded by an informed judgment but imposed by some positive
rule of law.
Without discussion of the evidence and other data which received the
consideration of the Commission, the opinion of this Court seems to proceed
on the broad assumption that the evidence relied on, mere synthetic estimates of costs of reproduction, must so certainly and necessarily outweigh
all other considerations affecting values as to require the order of the Commission to be set aside. In effect the Commission is required to give to
such index figures an evidential value to which it points out they are not
entitled when applied to railroad properties in general or, to this one in
particular, and this, so far as appears, without investigation of the soundness of the reasons of the Commission for rejecting them
This Court has said that present reproduction costs must be considered
In ascertaining value far rate making purposes. But it has not said that
such evidence, when fairly considered, may not be outweighed by other
considerations affecting value, or that any evidence of present reproduction
costs, when compared with all the other factors affecting value, must be
given a weight to which it is not entitled in the judgment of the tribunal
"Informed by experience" and "appointed by law" to deal with the very
problem now presented. Illinois Central, &c. RR. v. Inter-State Corn.
merce Commission, 206 U. S. 441, 454. But if "weight in the legal
sense" must be given to evidence of present construction costs, by the
judgment now given we do not lay down any legal rule which will inform
the Commission how much weight, short of its full effect, to the exclusion
of all considerations, is to be given to the evidence of synthetic costa of
construction in valuing a railroad property. If full effect were to be
given to it in all cases then, as the Commission points out in its report,
the railroads of the country having in 1919 a reproduction cost or value
of $19,000,000,000 would now have a value of $40,000,000,000 and we
would arrive at the economic paradox that the present value of the railroads is far in excess of any amount on which they could earn a return.
If less than full effect may be given, it is difficult for me to see how,
without departure from established principles, the Commission could be
asked to do more than it has already done—to weigh the evidence guided
by all the proper considerations—or how, if there is evidence upon which
its findings may rest, we can substitute our judgment for that of the
Commission. Such, I believe, is the "due consideration" which the statute
requires of "all the elements Of value recognized by the law of the land
for rate making purposes."
As I cannot say a priori that increased construction costs may not be
more than offset by other elements affecting adversely the present value
of appellant's property, and as there was evidence before the Commission
to support its findings, I can only conclude that the judgment below
should be affirmed. In any case, in view of the statement of the Commission that it considered all the elements of value brought to its attention by the carrier, I should not have supposed that we could rightly set
aside the present order without some consideration of the probative value
of the evidence of present reproduction coats which the Commission discussed at length in its report.
Justice Holmes and Justice Brandeis concur in this
opinion.
TEXT OF THE DISSENTING-,OPINION OF JUSTICE
BRANDEIS.
The following is the text of the dissenting opinion of
Justice Brandeis:
The main question for consideration is that of statutory construction. By
Transportation Act, 1920, Feb. 28 1920, c. 91, section 15a, 41 Stat. 456,
488, Congress delegated to the I.
-S. C. Commission the duty to establish
and maintain rates which will yield "a fair return upon the aggregate
value of the railway property" of the United States. BY paragraph 4
thereof, it directs that in ascertaining value the Commission shall "give
due consideration to all the elements of value recognized by the law of the
land for rate-making purposes," and shall "give to the property investment account only that consideration which under such law it is entitled
to in establishing values for rate-making purposes."
The report of the'Commtssion, which accompanies the order challenged,
declares: "In the methods of valuation which we have followed in this
proceeding we have endeavored to give heed to this direction [that contained
In paragraph 4]. . ." Excess Income of St. Louis & O'Fallon Ry. Co., 124
I. C. C. 3, 19.
Speaking for the dissenting members, Mr. Commissioner Hall said: "If
the law needs change, let those who made it change it. Our duty is to
apply the law as it stands." (PP.63,64.) And Mr. Commissioner Aitchison
added: "If we anticipate grave results will follow, our responsibility will be
fully met if we suggest to the Congress, under our statutory powers to
recommend new legislation to that body, the enactment of a rule for rate-
MAY
25 1929.]
FINANCIAL CHRONICLE
making under the commerce clause which will have no such untamable
effects." (p. 64.)
Section 15a makes no specific reference either to the original cost of the
Property, or to prudent investment, or to current reproduction cost, or to
the then existing price level. Section 19 (a) (the valuation provisions of the
Act of 1913), to which section 15a refers, directs the Commission to report,
among other things,"in detail as to each piece of property' . . .the original
cost to date, the cost of reproduction new, the cost of reproduction less
depreciation";and also "other values,and elements of value."
After the enactment of section 15a and before entry of the order challenged, it was held in Southwestern Bell Telephone Co. v. Public Service
Commission, 262 U. S. 276, a case arising under a State law, that the ratebase on which a public utility is constitutionally entitled to earn a fair
return is the then actual value of the property used and useful in the business,
not the original cost or the amount prudently invested In the enterprise.
Reproduction Cost Admissible as Evidence.
The Government concedes that current reproduction cost is admissible as
evidence to show present value under section 15a. The carrier concedes
now that neither Congress, nor the common law, made current reproduction
cost the measure of value. The question on which the Commission divided
111 this: Did Congress require the Commission when acting under section 15a
to give, in all cases and in respect to all property, some, if not controlling,
effect to evidence establishing the estimated current cost of reproduction?
Or did Congress intend to leave to the Commission the authority to determine, as in passing upon other controverted issues of fact, what weight,
if any, it should give to that evidence?
The O'Fallon contends, among other things, that the order is confiscatory.
The claim is that the order left to the company a return of only 4.35%
upon the value ascertained in accordance with the rule declared in the
Southwestern Bell case and McCardle v. Indianapolis Water Co., 272
U. S. 400.
If this were true, it would be immaterial whether Congress purported to
authorize the course pursued by the Commission. But the fact is that, in
each of the recapture periods, the earnings were so large as to leave, after
making the required payments to the Commission, about 8% on what the
carrier alleged was the fair value of the property.
The O'Fallon argues that, since the statute and the order required it to
hold as a reserve one-half of the excess over 6% it is deprived of that property. This is not true. The requirement that one-half of the earnings in
excess of 6% shall be retained by the carrier until the reserve equals 5%
of the value of the railroad does not deprive the carrier of any property.
It merely regulates the use thereof. Compare Kansas City Southern RY.
Co. v. United tates, 231 U. S. 423, 453. The provision is one designed to
secure financial stability; and is similar to those prescribing sinking funds,
depreciation, and other appropriate accounts.
Congress may regulate the use of railroad property so as to ensure financial
as well as physical stability. Both are essential to the safety and the service
of the public. In Dayton-Goose Creek Ry. Co. v. United States, 263 U. S.
456, 486, where the facts were in this respect identical with those in the case
at bar, the constitutional validity of the order was sustained. If the
failure to give to the evidence of current reproduction costs the effect claimed
for it by the O'Fallon was error, it is not because the carrier's constitutional
rights have been invaded, but because the Commission failed to observe a
rule prescribed by Congress for determining the amounts to be recaptured
and reserved.
Says Claim is Based on Prevailing Costs.
The claim of the O'Fallon is in substance that, since construction costs
were higher during the recapture periods than in 1914, the order should be
set aside, because the Commission failed to find that the existing structural
property and equipment which had been acquired before June 30 1914, was
worth more than it had been then. The Commission undertook, as will be
shown, to find present actual value and, in so doing, both to follow the
direction of Congress and to apply the rule declared in the Southwestern
Bell case. It is true that this Court there declared that current reconstruction cost is an element of actual value; and that Congress directed the
Commission "to give due consideration to all the elements of value recognized by the law of the land for rate making purposes." But. while the act
required the Commission to consider all such evidence, neither Congress
nor this Court required it to give to evidence of reconstruction cost a mechanical effect or artificial weight. They left untrammeled its duty to
give to all relevant evidence such probative force as, in its judgment, the
evidence inherently possesses. The Commission concluded that in respect
to the evidence of reproduction costs the differences between the Southwestern Bell case and that at bar were such as to lead to different results
in the two cases. It did so mainly because "in the administration of the
valuation and recapture provisions," ascertainment of value "is affected
by a vast variety of considerations that either do not enter into, or are less
easily perceived in, problems incident to the regulation of local public
utilities." (p. 27). In my opinion the conclusions of the Commission are
well founded. To make clear the reasons, requires consideration of the
function of the Commission in applying section 15a and of the problems
with which it is confronted.
Calls Commission Qualified to Decide.
First. The Commission is a fact-finding body. The question whether
it must give to confessedly relevant facts evidential effect is solely one of
adjective law. Statutes have sometimes limited the weight or effect of
evidence. They have often created rebuttable presumptions and have
shifted the burden of proof. But no instance has been found where under
our law a fact-finding body has been required to give to evidence an effect
which it does not inherently possess. Proof implies persuasion. To compel
the human mind to infer in any respect that which observation and logic
tells us is not true intereferes with the process of reasoning of the factfinding body. It would be a departure from the unbroken practice to
require an artificial legal conviction where no real conviction exists.
An arbitrary disregard by the Commission of the probative effect of
evidence would, of course, be ground for setting aside an order, as this
would be an abuse of discretion. Orders have been set aside because
entered without evidence; or because matters of fact had been considered
which were not in the record; or because the Commission excluded from
consideration facts and circumstances which ought to have been considered;
or because it took into consideration facts which could not legally influence
its judgment. But no case has been found in which this Court has set
aside an order on the ground that the Commission failed to give effect to
evidence which seemed to the Court to be of probative force, or on the
ground that the Commission had drawn from the evidence an inference or
conclusion deemed by the Court, to be erroneous. On the contrary, findings of the Commission involving the appreciation or effect of evidence have
been treated with the deference due to those of a tribunal "informed by
experience" and "appointed by law" to deal with an intricate subject.
Illinois Central RR. Co. v. Inter-State Commerce Commission, 206 U. S.
441, 454. Unless, therefore, Congress required the Commission, not only
to consider evidence of reconstruction cost in ascertaining values for rate
making purposes under section 15a, but also to give.in all ca ;as aria in
3413
respect to all property,some weight to evidence of enhanced reconstruction
cost, even if that evidence was not inherently persuasive, the Commission
was clearly authorized to determine for itself to what extent, if any, weight
should be given to the evidence; and its findings should net be disturbed
by the Court, unless it appears that there was an abuse of discretion.
-War Jobs Termed Too Costly,
Many Pre
Second. While current reproduction cost may be said to be an element
in the present value of the property, in the sense that It is "evidence properly to be considered in the ascertainment of value," Standard Oil Co. v.
Southern Pacific Co., 268 U. S. 146, 156, it is clear that current cost of reproduction higher than the original cost does not necessarily tend to prove
a present higher value. Often the fact of higher reconstruction cost is
without any influence on present values. It is common knowledge that
the current market value of many office buildings and residences constructed prior to the World War, have failed to reflect the greatly increased
building costs of recent years, although the need of new buildings of like
character was being demonstrated by the large volume of construction at
.
the higher price level. Many railroads, built before the World War have
never been worth as much as their original cost, because high construction
operating conditions and limited traffic, have
cost, combined with adverse
at all times prevented their earning, despite reasonable rates, a fair return
on the original cost. The Puget Sound extension of the Chicago Milwaukee
& St. Paul is a noteable example. Many branches, and indeed whole lines
of railroad, have been scrapped since 1920. Abandonment of 2,439 miles
of railroad was authorized under paragraph 18 of section 1 of the Inter
State Commerce Act between 1920 and 1925; and in the three following
,
years 2.010 miles more. These properties had,in the main become valueless
for transportation, either because traffic ceased to be available or because
of transportation precluded the establishment of recompetitive means
munerative rail rates. Obviously, no one would contend that their actual
value just before abandonment was what it originally cost to construct
them or what it would then have cost to reconstruct them.
Commission Permitted to Exercise Discretion.
Third. The terms of section 15a and its legislative history preclude the
assumption that Congress intended by paragraph 4 to deny to the Commission In respect to evidence of reconstruction cost the discretion commonly
exercised in determining what weight, if any,shall be given to an evidential
fact. In 1920, no fact was more prominent in the mind of the public and
of Congress than that the cost of living was far greater than that prevailing
when the existing railroads were built. But, neither in Transportation Act.
1920, nor in any Committee report, is there even a suggestion that the
Conunission would be required to give to that fact any effect in ascertaining values for rate making purposes under section 15a.
If it had been the intention of Congress to compel the Commission to
increase values for rate making purposes because the price level had risen,
it would naturally have incorporated such a direction in the paragraph.
On the other hand, the Committee reports and the debates show that the
opinion was quite commonly held that the actual values were less than
the property investment account appearing on the books of the carriers:
and the proposal made by the railroads- that the investment account be
accepted as the measure of value was resisted as being excessive.
The property Investment account in 1920 was about 19 billions of dollars.
to estiThe then reproduction cost of the railroads, applying index figures
Conmated actual cost, was over 40 billions. It is inconceivable that
gress, after rejecting property investment account as excessive, intended
by section 15A to make mandatory on the Commission the consideration,
of elements which would give a valuation double that which had been
rejected.
,
The insertion in section 15a of the provision that the Commission "shall
give to the property investment account of the carriers only that considerafor rate
tion which under the law it is entitled to in establishing values
making purposes" and the rejection of other proposed measures of value
show that Congress intended not to impose restrictions upon the discretion of the Commission.
Congress did intend to provide a return on the existing railroad property
which should be only slightly more than that which had been enjoyed
during the six preceding years. To have required that the then price
level be reflected in the values to be fixed under section 15a would have
resulted in a rate-base of double the property investment account of the
carriers. For the cost of living was then about double prevar prices.
The prescribed fair return applied to such a rate base would have produced more than double the average net earnings from operation of the.
several properties during the three years preceding Federal control; more
than double the amount which the carriers agreed to accept under the
Federal Control Act, March 21 1918, c. 25, Section 1, 40 Stat. 451, as fair
compensation for the use of their property; more than double the guaranteeprovided by Transportation Act, 1920. section 209. for the six months'
railroads had
Period after the surrender of control. The sum which the
thus earned net in those six years equalled 5.2% on the property investment account, as carried on their books.
was not to.
In making provision for a fair return, the main purpose
attract
increase the earnings of capital already invested in railroads, but to
the new capital needed for improvement or extension of facilities.
rate of return from 5.2% to
This was to be accomplished by raising the
5.5% (Senate Reports, Vol. 1, Na. 304, 66th Congress, 1st Session):
than
The basis adopted by the committee is three-tenth of 1% higher
the basis of the test period (the three years preceding June 30 1917); and
assuming, though not conceding that the value of the property is equal to
railways a net
the property investment accounts, it will yield for all thethe test period.
operating income of $54,000,000 in excess of the income of the committee
There were two considerations which led the majority of
to believe that this increase is not only warranted but necessary:
First. The railways are being returned to their owners when everything
is unsettled and abnormal; when there is suspicion and distrust everywhere.
Just what rate of return will enable the carriers to finance themselves under
such conditions can not, with certainty be determined. It was felt, therefore, that some increase over the pre-war period was justificable. is much
Second. As compared with all kinds of commodities, money
less valuable than it was a few years ago, and it would seem to be only fair
that the returns from railway investments should be reasonably advanced!
The means by which the bill was to accomplish the desired end are thus
stated in the report:
First. By prescribing a basis of return upon the value of the railway
Property to give such assurance to investors as will incline them to look
vrith favor upon railway securities; that is to say, by making a moderatereturn reasonably certain to establish credit for the carriers.
Second. In making the return fairly certain to secure for the public
a lower capital charge than would otherwise be necessary.
Third. In requiring some carriers, which under any given body of
rates will earn more than a fair return, to pay the excess to the Government and in so using this excess that transportation facilities or credit can
be furnished to the weaker carriers, and thus help to maintain the general
system of transportation.
Either increase in the rate of return or increase of the base on which
that return is measured would have served to adjust compensation to
higher price levels. The adoption by Congress of the increase in the
return, as the means of compensating for the decreased purchasing power
of the dollar, precludes the assumption that it intended that the valuation
3414
FINANCIAL CHRONICLE
should reflect that lessened purchasing Power. By explicitly choosing the
former Congress implicitly rejected the latter. For to have allowed an
Increase in both would have gone beyond adjusting earnings to increased
costs and have made this increase a mere pretext for allowing unwarranted
profits to the railroads. The proceedings which led to the passage of the
act makes it clear that Congress intended no such result.
Fourth. The declared purpose of Congress in enacting section 15a was
the maintenance of an adequate national system of railway transportation,
capable of providing the best possible service to the public; at the lowest
cost consistent with full justice to the private owners. Following the
course consistently pursued by this Court in applying other provisions of
the Interstate Commerce Act, Texas & Pacific By. Co. v. Interstate
Commerce Commission, 162 U. S. 197, 211, 219; New England Divisions
Case, 261 U. S. 184, 189-190; Dayton-Goose Creek Ry. Co. v. United
States 263, U. S. 456, 478, the Commission construed section 15a in the
light of the declared purpose of Congress and of the economic factors involved. From its wide knowledge of actual conditions and its practical
experience in rate making, it concluded that to give effect to enhanced
reproduction costs would defeat that purpose.
w that the value for rate-making purposes could not be more than
that sum on which a fair return could be earned by legal rates; and that
the earnings were limited both by the commercial prohibition of rates
higher than the traffic would bear and the legal prohibition of rates higher
than are just and reasonable. It knew that a rate-base fluctuating with
changes in the level of general prices would imperil industry and commerce.
It knew that the adoption of a fluctuating rate-base would not, as is claimed,
do justice to those pre-war investors in railroad securities who were suffering from the lessened value of the dollar, since the great majority of the
railroad securities are represented by long-term bonds or the guaranteed
stocks of leased lines which bear a fixed return; and that only the stockholders could gain through the greater earnings required to satisfy the
higher rate base. It recognized that an adequate national system of railways, so long as it is privately owned, cannot be provided and maintained
without a continuous inflow of capital; that "obviously, also, such an
Inflow of capital can only be assured by treatment of capital already invested which will invite and encourage further investment"; and that as
Was said in Dayton-Goose Creek Ry. Co. v. United States, 263 U. S. 456.
481: "By investment in a business dedicated to the public service the
owner must recognize that as compared with investment in private business, he cannot expect either high or speculative dividends but that his
obligation limits him to only fair or reasonable profit."
The conviction that there would in time be a fall in the price level was
generally held. As a fluctuating rate base would thus directly imperil
industry and commerce and investments made at relatively high-price
levels during and since the World War; would tend to increase the cost of
new money required to supply adequate service to the public; and would
discourage such investment, the Commission concluded that Congress
could not have intended to reqi: c it to measure tho value or rate base
by reproduction cost, since this would produce a result contrary to its
declared purpose. And as confirming its construction of section 15a the
Commission showed that, with the stable rate base which it had accepted
as the basis for administering the Act, the aim of Congress to establish
an adequate national system had been attained. It pointed our that:
"During the period 1920-26 inclusive, the investment in railroad property
Increased by 84,000.000,000. A substantial part of this money was
derived from income, but much of it was obtained by the sale of new
securities. The market for railroad securities since the passage of the
Transportation Act, 1920, has steadily improved and the general trend
of interest rates has been downward. The credit of the railroads in general
is now excellent. . . ."
Fifth. Other considerations confirm the construction given by the
Commission to the phrase "value for rate making purposes," as used in
section 15a. In condemnation proceedings, the owner recovers what
he has lost by the taking of the property, Boston Chamber of Commerce
v. Boston, 217 U. S. 189, 195; and such loss must be determined "not
merely with reference to the uses to which it is at the time applied, but
.with reference to the uses to which it is plainly adapted." Boom Co. v.
Patterson, 98 U. S. 403, 408. Compare Louisville & Nashville RR. Co.
v. Barber Asphalt Co., 197 U. S. 430. 435. But the actual value of a
railroad—its value for rate making purposes under section 15a—may be
less than its condemnation value. As was said in Southern By. Co. v.
Kentucky, 274 U. S. 76, 81-82, a case involving state taxation: "The
value of the physical elements of a railroad—whether that value be deemed
actual cost, cost of reproduction less depreciation or some other figure—
is not the sole measure of or guide to its value in operation. Smyth v.
Ames, 169 U. S. 466, 557. Much weight is to be given to present and
prospective earning capacity at rates that are reasonable, having regard
to traffic available and competitive and other conditions prevailing in
the territory served."
Value has been defined as the ability to command the price. Railroad
property is valuable as such only if, and so far as, used. If rates are too
high, the traffic will not move. Hence, the value or rate-base is necessarily dependent, in the first place, upon the commercial ability of the
property to command the rates which will yield a return in excess of operating expenses and taxes; and such value cannot be higher than the sum
on which, with the available traffic, the fair return fixed under section 15a
can be earned. Persistent depression of rates or lessening volume of
traffic, from whatever cause arising, ordinarily tends to lower actual
values of railroad properties. It follows, that since the Commission is
required by the rule of Smyth v. Ames, re-affirmed in the Southwestern
Bell case, to determine the rate-base under section 15a by actual value
as distinguished from prudent investment, it must in making the finding
consider the effect upon value of both the commercial and the legal limitations upon rates and, among other things, the effect of competition upon
the volume of traffic.
Recent experience affords striking examples of commercial limitations
upon rates. In Ex parte 74, Increased Rates, 1920, 58 I. C. C. 220, the
commission sought to establish rates which would yield 6% upon the
aggregate values of the railroads in the several groups. The carriers
claimed as the aggregate value of 820,040.572,611—that amount being
carried on their books as the cost of road and equipment. The Commission fixed the value about 5% lower at 818,900,000,000. In order
to produce on that sum net earnings equal to 6%, it increased freight
rates,in the Eastern group,40% over the then existing rates;in the Southern
group 25%; in the Western group 35%; and in the Mountain-Pacific
group 25%. As a result of these increases, the average gross revenue per
tonlmile in 1921 was in the Eastern district 96.1% greater than for the
floral year ended June 30 1914; in the Southern, 61.4; in the Western,
59.3; and in the United States as a whole, 76.2. Reduced Rates, 1922,
68, I. b. C. 676, 702. Passenger rates were subjected by the order in
Ex parte 74, to a flat increase of 20% and surcharges were added.
[VOL. 128.
would bear. Reductions became imperative. Within a year after the entry
of that order, many applications for reductions were made to the Commission, not only by shippers but also by the carriers themselves. It was
estimated that the reductions in freight rates made by the carriers prior
to March 15 1922, would aggregate for that year $186,700.000; and would
lower the general rate level nearly 5%. On some important articles of
traffic the entire increase made by Ex parte 74 was cancelled. Further
reductions were then ordered by Reduced Rates, 1922, 68 I. C. C. 676.
the Commission saying (pp. 732-3): "High rates do not necessarily mean
high revenues, for, if the public cannot or will not ship in normal volume,
less revenue may result than from lower rates. Shippers almost unanimously
contend, and many representatives of the carriers agree, that 'freight rates
are too high and must come down.' This indicates that transportation
charges have mounted to a point where they are impending the free flow
of commerce and thus tending to defeat the purpose for which they were
established, that of producing revenues which would enable the carriers
"to provide the people of the United States with adequate transportation.'"
Further reductions made in the year, 1923, are said to have again lowered
freight rates 5%. The effect of the several reductions made in the rates
authorized by Ex parte 74 is said to have lowered by $800,000,000 the
freight charges otherwise payable on the traffic carried during the 18 months
ending Dec. 31 1923. Each year since has witnessed a further lowering
in the revenue per ton mile and per passenger mile.
This constant lowering of the weighted average of rates since 1920 must
have been due to causes other than desire on the part of the Commission.
Its aim was to adjust rates so that they would yield the prescribed return.
But for the period from 1920 to 1927 incl., there was only one year in which
the railroads of the United States as a whole, despite general prosperity and
greater efficiency, earned on the value found in Ex parte 74 brought down
to date, the full average return prescribed as fair under section 15a. The
Commission repeatedly refused to permit carriers to make reductions, because the reduction would lower the revenues sought to be provided under
section 15a. On the other hand, carriers, although earning less than the fair
return prescribed under section 15a, have often voluntarily reduced rates.
The lowering of rates was probably due in large measure to the influence of
competing means of transportation.
Water and Highway Competition Appeared,
Sixth, Since 1914, the railroads have been obliged, to an ever increasing
extent, to compete with water lines and with motors. This competition
has been fostered by the Government through the Panama Canal Act,
through the intracostal waterways acts; through the inland waterways acts;
through the development of coastwise shipping by means of harbor improvemerits, and through federal aid in the construction of highways. There has
also been increased competition by pipe lines. Competition from other
means of transportation has tended to arrest the normal increase in the
volume of rail traffic; and as to some traffic it has actually produced a reduction in both the volume and the rates. It has resulted in a general shrinkage
in the passenger business, in some regions, in a lessening of the carload
freight, and in many, in a reduction of the volume of the less than carload
freight.
The influence of water competition on rates is strikingly illustrated by the
effect of the Panama Canal on transcontinental freight rates. In order to
meet this water competition carriers have repeatedly asked leave to make
sweeping reductions. Rates voluntarily established by the rail carriers are
lower now, on some articles of traffic, than they were in 1914. On others
they are only a little higher. The influence of competition by the inland
waterways on the volume of rail traffic is illustrated in the effect which
Improvement of the Ohio River and its tributaries has had in the Pittsburgh
district. The rail tonnage in 1927 was materially less than in 1914, while
the water tonnage more than doubled. The influence of barge lines in reducing or holding down rail rates is illustrated by the rail rates in competition with those of the barge lines on the Ohio,the Mississippi and the Warrior
Rivers. The widespread effect of coemetition by motor truck in lowering
both the rates and volume of rail traffic is obvious. Not obvious, but
indisputa le, has been the effect of the potential competition of pipe-lines
shown by reductions in oil rates caused by the threat of competing pipelines.
Provisions of Law Lower Rates.
Moreover, rates which are not so high as to prevent commercially the
movement of traffic are often required to be lowered because they conflict
with some statutory provision. Thus, Congress compels reduction of rates
which discriminate unjustly against individuals, localities, articles of traffic
or other carriers. Perhaps the most striking instance of the limitation by
law of rates which the traffic would bear commercially is furnished by cases
under the long and short haul clause. By that clause, a rail carrier is often
obliged (unless relieved by order of the Commission) to elect between
suffering practically a total loss of existing traffic between competitive
points or suffering a loss in existing revenues by reducing rates at both the
competitive points and intermediate non-competitive points. The effect
of this limitation upon rates, and hence upon the actual value of railroads,
has become very great. Its influence has grown steadily with the growth of
competition by water and motor, with the growth in the size of the individual
railroad system, with the growth in the dependence of railroads for their
revenues upon long-haul freight traffic and with the growing length of
the average haul. It has become so important for rail carriers to hold a
share of the long-haul freight traffic at competitive points, that the long
and short haul clause, if not relieved from, results in the carriers' giving,
in large measure, to the intermediate non-competitive points which otherwise would be subject to monopoly exactions, the full benefit of that lowering
of rates required to meet the competition. The many applications for
reductions made in petitions for relief from the operation of the long and
short haul clause illustrate the influence of rail, as well as of water and motor,
competition in thus depressing rates. Congress has by that clause limited
values for rate making purposes under section 15a, almost as effectively
as by its promotion of competitive means of transportation.
Seventh. In requiring that the value be ascertained for rate making
purposes,Congress imposed upon the rate-basis as defined in Smyth v. Ames,
still another limitation which is far-reaching in its operation. By declaring
in section 15a that the Commission shall. "in the exercise of its power
to prescribe just and reasonable rates" so adjust them that upon the value
a fair return may be earned "under honest, efficient and economical management" Congress made efficiency of the plant an element or test of value.
Efficiency and economy imply employment of the right instrument and
material as well as their use in the right manner. To use a machine after
a much better and more economical one has become available,is as inefficient
as to use two men to operate an efficient machine, when the work could be
performed equally well by one, at half the labor cost. Such an instrument
of transportation, although originally well conceived and remunerative,
should,like, machines used in manufacturing, be scrapped when it becomes
wasteful.
Independently of any statute, it is now recognized that, when in confisca; Carriers Wanted Reduced Rates.
tion cases it is sought to prove actual value by evidence of reproduction
must be directed to the present cost of installing such a
On a large number of basic commodities, which were among the most ii cost, the evidence
higher than the traffic plant as would be required to supply the same service. For valuation of
ant articles of commerce, the rates proved to be
bier 25 1920 '
FINANCIAL CHRONICLE
3415
by recent progress in the art is of common knowledge. That this is true even
to-day of many of the railroads will not be denied. To the extent that there
is inefficiency in plant, there was and is functional depreciation,lessening actual value. That this functional depreciation, arising through external
changes, through competitive means of transportation, and through progress in the art of transportation, may, in respect to a particular railroad,
become so large as to more than counterbalance that increase in its actual
value which would otherwise flow from the rise in the price level since 1914,
seems clear.
It may be urged that the continued use of the inefficient plant and the repairing rather than replacement of its antiquated parts, has been due to
lack of capital and insufficient revenues. Such an excuse for failing to install the improved plant might have been conclusive if prudent investment
been accepted as the measure of value. But the fact that the management
may have been wholly free from blame in continuing to use the inefficient
parts obviously does not add to their actual value. The actual value of an
existing plant, and the difference between its value and the present cost
of constructing a modern efficient plant which will render the service,
is precisely the same whether the continued use of the obsolete part was
due to lack of capital, or to lack of good judgment, or to somnolence on the
part of the management. As was said in Board of Commissioners v. New
York Telephone Co., 271 U. S. 23, 32 "Customers pay for the service,
not for the property used to render it." Only the then service value of the
property is of legal significance under the rule of Smyth v. Ames.
Causes for Lessening of Service Value.
It may also be urged that such functional depreciation of the railroad
estimated
The physical deterioration of a railroad plant through wear and tear plant since 1914 is allowed for in the depreciation customarily
depreciation prior
may be very small as compared with a plant new, while its functional de- by the Commission. But this is not true. Functional
of that date the then propterioration may be very large as compared with a modern efficient plant. to June 30 1914 was included when valuing'as
provided
This lessening of service value may be due to any of several causes. It erty of the railroads. But the instructions of the Commission
that date should not be conmay,in the first place, be due to causes wholly external. Freight termin- that functional depreciation arising after
of a sidered unless "imminent." And the Commission made clear that it did
als, originally well conceived and wisely located in the heart
of the character
city, may have become valueless for rate making purposes under section 15a, not intend by the term to include functional depreciation
causes, from the competition of new
because through growth of the city the expense of operating therein has described above arising from external
urban growth,from the
become so high, or the inescapable cost of eliminating grade crossings so methods of transportation, from the extraordinary
increased labor and fuel
large, that efficient management requires immediate abandonment of the need of new economies arising from the largely
post-war developments In
terminals. And,even if the cost of continuing operation there is not so high costs, and from other incidents of the war and
Midland RR., 75 I. C. C. 1, 47-53;
as to require abandonment,the property may have for rate making purposes industry and transportation. Texas
Steam Railroads, 118 I.
a value far below its market value. Compare Minneapolis & St. Louis RR. 124-130. Compare. Depreciation Charges on
Co. v. Minnesota, 186 U. S. 257, 268; Wilcox v. Consolidated Gas Co.. C. 0. 285.
If weight is to be given to reproduction cost in making the valuation of
212 U. S. 19, 52.
.
and section 151‘,
The lessening of the service value of a part of the railroad plant may flow any railroad for rate making purposes under section 19a
the indifrom changes in the volume or character of its traffic. For economy and there must be a determination of the functional depreciation of
efficient plant adequate to perefficiency are obviously to be determined with reference to the business vidual plant as compared with a modern,
of the carrier then being done and about to be done. A station warehouse form the same service. To make such a determination for any railroad
all those
for less-than-carload freight may have become valueless for rate making involves a detailed enquiry into the character and condition of
purposes, because, through motor competition, the railroad had lost sub- parts of the plant which may have reduced functional value because of the
referred to, and also into
stantially all its less-than-carload business at that point. Large reductions post-war changes affecting transportation above
in the value of passenger stations and equipment may have resulted from the character and the volume of the carrier's business. For the efficient
decline in the passenger traffic. Branch lines may lose all their service plant means that plant which is economical and efficient for the particular
its own
value so that they shoul be abandoned because motor transportation has be- carrier in view of the peculiar requirements and possibilities of
come more efficient. On the other hand, the traffic may have grown so business. To make such a determination justly, the Commission meat
and vigilant management would WOW
much as to render inefficient a part of a line originally wisely constructed have the data on which a competent
with heav grades or curves. In that event economy and efficiency will when required to pass upon the advisability of making capital expenditures.
demand elimination of the grades and curves and may even require the And the Commission would be obliged to give them the same careful
building of tunnels or a cut-off. In so far as such a condition exists, the consideration. The determination of the extent of functional depredation
of determining
railroad would obviously not be reconstructed with the heavy grades is thus a very serious task: a task far more serious than that
and curves; and when considering the reconstruction cost of the whole merely physical depreciation.
property that part of the line must be given merely scrap value. Compare
Determinations Declared to be Costly Task.
Kansas City Southern Ry. Co. v. United States, 231 U. S. 423.
annually for
To make such a determination of functional depreciation
each of the railroads of the United States would be a stupendous task,
Progress in Art of Rail Transportation.
the necessary decisions
prohibitive expense. To make
Perhaps the most common cause of the lessening of service value of parts involving perhaps
impossible, among other reasons, because railroad
of railroad plants originally well conceived and still in good physical condi- promptly would seem
small part of the many duties of the Commission. On
tion is the progress in the art of rail transportation. Science and invention valuation is but a
to adjust rates so as to render a fair return, and to provide
have wrought since June 30 1914, such extraordinary improvements in the the other hand,
the recapture provision funds in aid of the weaker railroad, are
types of automobiles and aeroplanes that no one would contend that the through
Congress deemed urgent; and which must be promptly perpresent service value of such machines should be ascertained by enquiring tasks which
purpose is to be achieved. Obviously Congress intended that
what their original cost was or what their reproduction cost would be. The formed if its
necessary valuations under section 15a a method should be
progress since June 30 1914, in the art of transportation by railroad has in making the
which the task which it imposed upon the Commission could
been less spectacular; but the art has been far from stagnant. In railroading. pursued by
New England Divisions Case, 261 U. S. 184, 197.
as in other fields of business,the great rise in the cost of labor and ofsupplies be performed. Compare
construed section 15a as it had paragraph
and the need of better service, have stimulated not only inventions but also Recognizing this, the Commission
permitting the Commission to make a basic
their utilization. Through technological advances instruments of trans- (f) of section 19a. That is, as
(June 30 1914, was selected); and to find
portation with largely increased efficiency and economy have been de- valuation as of some general date
by adding to or subtracting from the
veloped. The price of lower operating costs is the scrapping of those parts the value for any year thereafter
in the investment in property
of the plant which progress in the art render obsolete. The present greatly 1914 value the net increases or decreases
determined from the carrier's annual
increased efficiency of the railroads as compared with 1920, their greatly devoted to transportation service as
of depreciation.
improved credit, and their present prosperity are, in large measure, due to returns with due regard to the element
Eighth. The significance, in connection with current reproduction costs;
the advances made toward introducing the improved instruments of rail
value be ascertained "for rate making
transportation which have become available. Obviously much remains of the requirement in section 15a that
of
Purposes" as there defined becomes apparent when the position railroads,
o be done.
that of most local utilities enjoying a
The extent of this technological progress may be illustrated by the modern in this respect, is compared with
fundamental question in the Southlocomotive. The development of the superheater, the mechanical stoker, monopoly of a necessary of life. The
of substantive constitutional law, namely: Is
the booster,and other devices,the increase in the size of the boiler, and other western Bell case was one Constitution guarantees to a public utility the
radical changes in size, weight,and design have resulted in the production of the rate-base on which the
actual value of the property at the time of
engines which are recognized by railway experts as having setsuch an entirely right to earn a fair return the
or capital prudently invested in the enterprise?
new standard of efficiency in fuel consumption, in tractive power, and in the hearing or is it the cost
rate-base is the actual value at the time of the
speed as to render wasteful, under many conditions, the use of older loco- The Court decided that the
of substantive law the Commission undermotives, no matter how good their condition. Statistics as to actual per- rate hearing. That proposition
presented in the case at bar. Recognizing that
formances of the locomotive of to-day as compared with that built but a took to apply to the facts
of
evidence of increased reconstruction costs is admissible for the purpose
few years ago graphically illustrate this great advance in efficiency.
than the original cost or the prudent inIts economies are compelling. But important changes in roadway and showing an actual value greater
property that the evito some of the carrier's
equipment are conditions of its effective use. Heavier locomotives make vestment, it found in respect
cost was persuasive of higher present value.
greater demands on the road structure which carry them. To obviate large dence of enhanced reconstruction
As to the rest of the property, it held that the evidence was neither adequate
maintenance expenses attendant upon frequent repair and replacement
the roadway must be made more durable. To this end rails of heavier nor persuasive.
Excessive Rates Curtail Capital.
section, and of increased length are adopted. Anti-creepers are freely used
Of both railroads and the local utility it is true, under the rule of subto prevent rail movement. Larger ties are selected; and they are treated
case, that value is the sum
to prevent deterioration. Ballast is made deeper and heavier; and of gravel stantive law adopted in the Southwestern Bell
of stronger construction. on which a fair return can be earned consistently with the laws of trade and
or stone rather than of cinders. Bridges are
railroads of the limitations
And to facilitate the movement of traffic, watering stations and automatic legal enactments. But the operative scope upon
is much greater than in
signals of improved design are introduced. Moreover, the effective em- SO imposed upon the rates, and hence upon values,
constantly curbed by the
ployment of the modern locomotive involves ordinarily the use of larger the case of local utilities. Rail rates are being
car of small capacity with competition of markets and of rival means of transportation. Rail rates
cars of steel construction, displacing the wooden
desires of individuals.
which so many of the railroads were equipped in 1914. Engine terminals are curbed also by the influence of high rates upon the
service. If the
and carshops built prior to 1914, are, in many cases, inadequate for the The public can, to a considerable extent, do without rail
rates are too high
efficient economical handling, housing and repairing of the modern loco- rates are excessive traffic falls off. Thus, when passenger
of transportation.
motives and cars, and must be replaced to prevent curtailment of the pro- travel is either curtailed or people employ other means
a populous city is
ductive capacity of the rolling-stock by needless idle hours while awaiting But the service rendered by a local water company in
incident to shop-tools and machinery practically indispensable to every inhabitant. There can be no substitute
service or repair. And the waste
for water and to escape taking the service is practically impossible; for an
long since rendered obsolete by progress in the art must be stopped.
Even the common business
Thus, the efficient post-war railroad plant differs widely even from the alternative means of supply is rarely available.
prices in order to induce an enlarged volume of
efficient one of 1914. That during the recapture period herein question the incentive of establishing low
United States built before the war sales is absent; since the volume of the business done by a water company
plants of most of the railroads of the
affected by a raising or lowering of the rates, excel)
were lacking in improved instruments of transportation made available will not be appreciably
public utilities by reproduction cost implies that "the rates permitted should
be high enough to allow a reasonable per cent, of return on the money that
would now be required to construct a plant capable of rendering the desired
service:" and does not mean "that the plant should be valued at what would
now be needed to duplicate the plant yrecisely." Proof of value by evidence
of reproduction cost presupposes that a plant like that being valued would
then be constructed. To the extent that a railroad employs instruments
which are inconsistent with efficiency the plant would not be constructed;
and because of the inefficient part, the railroad is obviously not then worth
the cost of reconstructing the identical plant. While a part often has some
service value, although not efficient according to the existing standard, its
use may involve such heavy, unnecessary operating expense as to render
it valueless for rate-making purposes under section 15a. The Commission
when requested to consider evidence of reproduction cost must, therefore,
examine the value of every part of the plant, and that of the whole plant, as
compared with the value f a modern, efficient plant. Upon such consideration the Commission may conclude that the railroad is so largely obsolete
in construction and equipment as to render evidence of the reproduction
cost of the identical plant of no probative force whatsoever. The duty
so to deal with the evidence seems to flow necessarily from the rejection
by the Court of prudent investment as the measure of value and the adoption
instead, of the actual value of the property at the time of the rate hearing
as the governing rule ofsubstantive law.
3416
FINANCIAL CHRONICLE
in so far as water in quantity is used for manufacturing purposes. In other
words, the commercial limitation upon rates—what the traffic will bear—
is to a large extent absent in the case of such a local monopoly. The city
water user must submit to such rates as the utility chooses to impose, unless
they are curbed by legislative enactment.
The legal limitations upon rates (so potent in the case of railroads) are,
in the main, inoperative in the case of such a water company. Rail rates
are sometimes held illegal because the exaction is greater than the value of
the service to the shipper. There is in fact no corresponding limitation
• upon water rates. The charge is so small, as compared with the inconvenience which would be suffered in doing without the service, that the
worth to the water taker could rarely be doubted. The prohibition of
discrimination against persons, places or articles of commerce, which so
frequently interferes to prevent railroads from charging higher rates,
although the traffic would easily bear them, affords no protection to city
water users; and seldom causes a loss of revenue to the water company.
There is in respect to the water rates no prohibition comparable to that
embodied in the long and short haul clause, which has an important effect
in limiting rail rates. Hence, under the rule of substantive law declared
In the Southwestern Bell case, practically the only limitation imposed
upon water rates is the denial to the utility of rates which will yield an excessive return upon the actual value of the pronerty. In annivina that rule
of substantive law, the then actual oast of reproducing the plant wonitt
(assuming it to be efficient) commonly be persuasive evidence of its actual
value, as the current cost of reproducing the vessel was held to be in Standard Oil Co. v. Southern Pacific Co., 268 U. S., 146, 156.
It is true that in the Southwestern Bell case the Court passed also upon a
subsidiary question—the weight and effect of the evidence of reconstruction
cost. But the question of adjective law arose upon a record very different
from that in the case at bar; and the action of the Commission here is
entirely consistent with that decision. In the Southwestern Bell case direct
testimony as to the then value of the property was introduced. The
efficiency of the plantwas unquestioned. Witnesses had testified both to the
actual cost of constructing identical property at that time: and that the
specific property under consideration was worth at least 25% more than
the estimate of the State commission. The Court believed those witnesses.
Concluding that this direct and uncontradicted evidence had been ignored
by the State commission because of error as to the governing rule of substantive law, this Court set aside the rate order as confiscatory, saying:
"We think the proof shows that for the purposes of the present case the
valuation should be at least $25,000,000." (262 U. S. 276. 288).
Recapture Provision of Law Considered.
The action of the Commission in the case at bar was consistent also with
McCardle v. Indianapolis Water Co., 272 U. S. 400, and Bluefield Water
Works Co. v. Public Service Commission, 262 U. S. 679. Each of these
water companies enjoyed a local monopoly of an indispensable service. In
order to provide a substitute, the community would have either to take
the utility's property by eminent domain; or, if it was free to do so, build
a competing plant. There was practically no commercial limitation upon
the earning power of these water companies except the extent of the local
market; and practically no legal limitation except the requirement that the
rates charged should not be so high as to yield an excessive return upon the
actual value of the utility's property. The current cost of constructing then
a plant substantially like the utility's (assuming it to be efficient) would be
persuasive evidence of its actual value. For upon that issue, concerning a
local water monopoly, the enquiry would natura ..37 be: How much would it
cost the community to substitute for the private monopoly a publicly-owned
Plant. But evidence of the cost of reconstructing a railroad built before
1914 might, for the reasons stated above, be no indication whatever of its
post-war value for rate-making purposes under section 15a. And where, as
in the case at bar, the probative force of the evidence may be considered
free from any question of confiscation, the rule declared in Ohio Valley
Water Co. v. Ben Avon. 253 U. S. 287, which requires in confiscation cases
a judicial determination on the weight of the evidence, does not apply.
Ninth.—A further question of construction requires consideration. It is
suggested that, even if the Commission is not required to give effect to the
higher price level when finding values for rate making purposes under
section 15a, it must do so when fixing the amount of the excess income to be
recaptured from a particular railroad under paragraphs 6 to 18. The
language of the section affords a short answer to that contention.
The valuation prescribed in paragraph 4 is declared to be "for the purpose
of this section"—that is, for recapture purposes as well as for rate making.
And paragraph 6, which provides for the recapture, declares:
"The value of such railway property shall be determined by the Commission in the manner provided in paragraph (4)."
The recapture of excess earnings and the establishment of reserves as a
part of the process of establishing such rates.
"That carriers as a whole (or as a whole in each of such rates groups or
territories as the Commission may from time to time designate) will, under
honest, efficient and economical management . . . earn an aggregate
annual net railway operating income equal, as nearly as may be, to a fair
return upon the aggregate value of the railway property of such carriers held
for and used in the service of transportation." (par. 2).
The recapture and reserve are the readjustment made necessary:
Inasmuch as it is impossible (without regulation and control in the interest
of the commerce of the United States considered as a whole) to establish uniform rates upon competitive traffic which will adequately sustain all the
carriers who are engaged in such traffic and which are Indispensable to the
communities to which they render the service of transportation, without enabling some of such carriers to receive a net railway operating income sub,
tantially and unreasonably in excess of a fair return upon the value of
their railway property held for and used in the service of transportation, it
is hereby declared that any carrier which receives such an income so in excess of a fair return, shall hold such part of the excess, as hereinafter prescribed, as trustee for, and shall pay it to. the United States. (Par. 5.)
Thus, the direction in the order here challenged to pay or reserve the
excess over 6% of the amounts earned from 1920 to 1923 by rates established
pursuant to ex parte 74, Increased Rates, 1920,58 I. C. C.220. is merely a
readjustment of those rates.
Prudent Investment as Basis of Value.
Tenth.—The question remains whether the Commission, in valuing
the structural property acquired before June 30. 1914, abused its discretion
by declining to give effect to the evidence of enhanced reconstruction cost.
The O'Fallon insists that the Commission,in fact,adopted a mathematical
formula; that it declined to determine the present value of the carrier's
property in accordance with "the flexible and rational rule of Smyth v.
Ames, under which value is a matter of judgment to be determined by a
consideration of all relevant facts and circumstances:" that it erected "an
arbitrary standard of its own based on no relevant facts:" that if it had given
consideration to all relevant facts and circumstances,including as one its
cost of reproduction at current prices, "the value found must have been
substantially higher:" and that its primary purpose was to determine the
amount of the investment in the carriers' property. In short, the O'Fallon
asserts that the Commission reused to find actual value; and instead, found
the prudent investment.
[VOL. 128.
In support of this assertion, the O'Fallon points to the statement in the
report that "the value of the property of railroads for rate-making purposes . . . approaches more nearly the reasonable and necessary investment in the property than the cost of reproducing it at a particular time."
(P• 41.) The statement just quoted does not mean that the Commission
accepted prudent investment as a measure of value. It means merely
that the Commission deemed the estimated original cost a better indication
of actual value than the estimated reconstruction cost.
While this Court declared in the Southwestern Bell case that prudent
investment is not to be taken as the measure of value, it has never held
that prudent investment may not be accepted as evidence of value, or
that a finding of value is necessarily erroneous if it happens to be more
nearly coincident with what may be supposed to have been the cost of the
property than with its estimated reproduction cost. The single-sum values
found by the Commission do not coincide either with the estimated prudent
Investment or with the estimated reconstruction cost.
They are much nearer the estimated original cost of the property than
they are to its estimate reproduction cost. But the values found do not
conform to any formula.
Methods Pursued by Commission Explained.
The general method pursued by the Commission in reaching its conclaaba cissal.rrassaables that approved by the court in Georgia Ry. &
Power Co. v. Railroad Commission, 262 U. S. 625, 629-630. It appeared
thatithe O'Fallon Railroad had been constructed long prior to June 30 1914.
The Commission had before it "the cost of reproduction new of the structural portion of this property estimated on the basis of our 1914 unit prices,
coupled with the knowledge that costs of reproduction so arrived at were
not greatly different from the original costs."
As bearing upon the value of those parts of the railroad's property which
were added or replaced later the Commission had the actual cost. As
bearing on the then value of the railroad land it had current values of
adjacent lands. It had evidence concerning the railroad and the character
and volume of its traffic, the working capital, revenues and expenses. It
had evidence of increased price levels after 1914 and estimates of current
reproduction costs during the recapture periods.
The carrier insisted that physically the property had appreciated more
than it had depreciated; and urged the Commission to take as the basic
measure of value the "cost ofreproduction new at current prices to the exclusion of everything else, or at least of everything that might tend to a lower
value." (124 I. C. C.28). This the Commission declined to do.
It gave full effect to increased current market values in determining the
value of the land. It gave to the additions and betterments made after
June 30 1914, a value approximating their cost less physical depreciation:
But, in respect to structural property and equipment acquired before June
30 1914, it declined to give weight to the evidence introduced to show
current reproduction costs greater than those of 1914.
It concluded, despite the estimates of higher reconstruction costs, that,
except for the additions, the actual value of this part of the O'Fallon Railroad had not increased; and it found the single sum value for rate making
purposes in 1920 to be $856,065; in 1921, $875,360: in 1922, $978,874; in
1923, $978,246.
Determination of Value not Reached by Formula.
The Commission recognized, as stated in Minnesota Rate Cases. 230
U.8. 352,434,that the determination of value is "not a matter of formulas,
but there must be a reasonable judgment having its basis in a proper consideration of all relevant facts." Georgia Ry. & Power Co. v. Railroad
Commission, 262 U. S. 625, 630. It states that "it considered and weighed
carefully, in the light of its own knowledge and experience, each fact,
circumstance and condition called to its attention on behalf of the carrier"
as well as the evidence otherwise introduced: and that "from this accumulation of information we have formed our judgments as to the fair basic
single-sum values, not by the use of any formula but after consideration of
all relevant facts."
The report makes clear that its finding was the result of an exercise of judgment upon all the evidence: that the Commission accorded to the evidence
of reconstruction all the probative force to which it deemed that evidence
entitled on the issue of actual value; and that it considered, as bearing upon
value, not only the probable cost and the estimated reproduction cost, but
also "descriptions of the carrier, of its traffic, of the territory in which it
operates, its history, and summaries of the results of its operation." (p. 25).
The difficulties by which the Commission was confronted when requested
to apply the evidence of reproduction cost can hardly be exaggerated.
In the first place, the evidence was of such a character that it did not
satisfactorily establish what would have been the current cost of reproduction during the recapture periods. During the years here in question there
was practically no construction of new lines.
Cost Estimate Based on Index Numbers.
Thus, the current cost of reproduction for those years had to be obtained
by using index figures as the basis for a guess as to what it would cost to
build then the identical railroad. To give to such figures effect as proving
what it would then have cost to reproduce the O'Fallon Railroad, it must
be assumed that there had not been introduced since June 30 1914, new
cost
-saving methods of construction which would overcome, in whole or in
part, the effect of the higher price level upon the cost of reproducing the
Identical property. This,in view of its experience, the Commission properly
declined to do.
In the second place there was a lack of evidence to show to what extent.
If any, higher reconstruction cost, in the several recapture periods, implied
a value higher than that theretofore prevailing. The Commission believed
that it could act only on proof; that it was not required or permitted to base
findings on conjecture; and that to assign, under the circumstances, any
weight to the evidence of reconstruction cost would be merely conjecture.
Moreover, the Commission had, through its valuation department,
special knowledge of the property of this carrier. It had acquired necessarily
in the performance of its many duties the general knowledge,already referred
to, concerning changes in transportation conditions and of the advances in
the art; and it knew how great was their effect upon the actual values of
raikaod property. The value of the O'Fallon Railway not having been
finally ascertained under section 19a, it was obliged by paragraph 4 to
utilize "the results of its investigation under section 19a of this act in so far
as deemed by it available."
The evidence introduced in the recapture proceedings showed, among
other things, that of the five locomotives in the O'Fallon service, Dec. 31
1920, one had been built as early as 1874, and that their average age was
20.8 years; also that the aggregate outlays for additions and betterments in
the railroad, less small retirements, had in 11 Years been only $98,148.25.
The O'Fallon did not introduce any evidence bearing upon functional depreciation of the property.
The Commission may reasonably have concluded that, even if there
had been introduced persuasive evidence that the cost, during the recapture
Periods, of reproduction new the identical plant approximated the rise in
the general price level, still the actual value of the O'Fallon Railway, as it
existed June 30 1914, had not increased, because the functional depreciation
MAY 25 1929.]
FINANCIAL CHRONICLE
plus the physical depreciation since that date counterbalanced fully what
istherwise might have been the higher value of the plant.
Earning Declared to Prove Higher Value.
The O'Fallon urged that its large net earnings during the recapture
periods and earlier fully established a higher value,independently of the evidence of reproduction cost. This contention ignores the peculiar character
of the property. The railroad, which is owned by the Adolphus Busch
estate and family and lies wholly in Illinois, operates about 9 miles of main
line from two coal mines also owned by the Busch estate and family, to
the tracks of the Terminal Company in East St. Louis.
There are 12 miles of yardage tracks, located largely at the Busch mines.
While the railroad is legally a common carrier, it is actually an industrial
railroad. Ninety-nine per cent of its revenues are derived directly from
the carriage of coal; and of the remaining 1%. about half appears to come
from a payment of $300 a month made by the Busch coal company for
carrying its miners to and from its mines. Besides the coal from the
Busch mines there is a substantial, but diminishing amount carried under
a long-time contract, from two mines located on an electric road, the East
St. Louis and Suburban Railway, which crosses the O'Fallon. This coal
it carries from the junction to East St. Louis. See St. Louis & O'Fallon
By. Co. v. East St. Louis & Suburban Ry. Co., 81 I. C. C. 538. Obviously the value of this railroad property is wholly dependent upon the
operation of the mines.
How long the four mines will continue to be operated was and still is
entirely uncertain. Their product is subject to the competition of 221
other bituminous coal mines in Illinois. These, which are all located on
other railroads, enjoy low rates to St. Louis. See Perry Coal Co. v. Alton
& Southern RR., 5 Illinois Commerce Commission 461.
The vicissitudes of coal mining, the diminishing use of coal since the
war because of increased fuel efficiency, the competition of oil as fuel, and
the growing use of hydroelectric power are matters of common knowledge;
as are the diminishing operations during recent years of the Illinois coal
mines as compared with the mines in non-union territory. Moreover, the
decline in the volume of traffic, the reduction in coal rates made by Reduced
Rates, 1922, 68 I. C. C.676, and the growing expenses of the carrier due
to increased pay roll, were put in evidence by it.
In view of these facts, the Commission was clearly justified in refusing
to find that the railroad had a higher value than in 1914, although the
net earning as reported showed a return for the earlier period averaging
73 % upon the amount claimed as reproduction cost.
This Court has no concern with the correctness of the Commission's
reasoning on the evidence in making its findings of fact, since it applied
the rules of substantive law prescribed by Congress, and reached its findings of actual value by the exercise of its judgment upon all the evidence,
including enhanced construction costs. Virginia Ry. Co. v. United States,
272 U. S. 658, 665, 666; Assigned Car Cases, 274 U. S. 564, 580. We
must bear in mind that here we are not dealing with a question of confiscation; that we are dealing as was pointed out in Smyth v. Ames, 169.
U. S. 466, 527, with a legislative question which can "be more easily determined by a commission composed of persons whose special skill, observation and experience qualifies them to so handle great problems of transportation as to do justice both to the public and to those whose money
has been used to construct and maintain highways for the convenience
and benefit of the people."
Mr. Justice Holmes and Mr. Justice Stone join in this opinion.
3417
1927 the company showed above $24 a share earned. Earnings totally
exempt from recapture on present investment would thus be about $11 a
share, but 1928 earnings Which the company might retain, including the
company's half of the excess over 6% on investment, would approximate
$17.50 a share.
Norfolk & Western's accumulated liability on the Commission basis may
be tentatively estimated at $28,000,000. For 1926 the recapture would
have apparently been $10,000,000; for 1927 upwards of $6,000,000, and
for 1928 a little less than $6,000,000. For 1928 the company reported
$21 a share on its $140,000,000 common stock; for the same year earnings totally exempt from recapture would have been around $12.50 and
retainable earnings, including one-half of the excess, $16.75.
St. Louis-San Francisco.
Next to these two, St. Louis-San Francisco was probably most seriously
affected by the Commission's valuation theory; considering the size of the
road and its general financial position it might be regarded as the most
seriously affected of all. Such roads, as C. & 0., Norfolk, Atchison and
New York Central were seriously affected by the Commission's recapture
method because of their high earning power; the 'Frisco and some others
were affected because of the low valuations given them in proportion to
capitalization. 'Frisco appears to have been liable on the L-S. C. C.
basis to an accumulation of $21,000,000, and to the seizure of $2,250,000
out of its 1928 earnings, equal to nearly $3.50 a share on its $65,400,000
common stock. For 1928 it reported share earnings of $11.06; totally
exempt earnings would therefore have been $7.50 a share and total retainable earnings $9.25 a share. The fact that the stock, paying $8 in dividends, was recently selling around 110 and had sold no higher than 123
-this year, reflects the recapture uncertainty.
'Frisco is only one of a group of southwestern carriers which were given
conspicuously low valuations. Among the others were Kansas City Southern, Missiuso-Kansas-Texas and St. Louis Southwestern. Kansas City
Southern, on the Inter-State Commerce Commission basis, appears to owe
upwards of $2,000,000 accumulated to the end of 1928 and to be subject
to a deduction of $400,000 to $500,000 annually on current operations, or
well over $1 a share on its $30,000,000 common stock.
St. Louis Southwestern appears to have cramped recapture liability for
the past three years, but material expansion in its earning power would
have brought it within recapture territory as outlined by the Commission. Position of Missouri-Kansas-Texas was roughly similar. Wabash
Railway's accumulated liability would have been $4,000,000 or more and
it would have been subject to forfeiture of some $500,000 annually, judging from 1928 results, or something less than $1 a common share.
Atchi.Son's Position.
So far as one may now calculate, Atchison's liability on recapture
account would probably come to $25,000,000, with annual liability running around $2,500,000 to $3,000,000. This would mean forfeiture of $1 a
share or a little more out of earnings which in 1928 amounted to $18
a share of $242,000,000 common stock. The impression is fairly general
among students of railroad finance that the Atchison management's attitude
toward distribution of earnings in dividends has been to some degree
governed by the recapture clause. The company's liability in this respect
would naturally increase with any material expansion of its earnings,
except as offset by additional investment. Recent purchase of the Orient
line will raise Atchison's earnings exemption by $1,500,000.
New York Central Lines.
New York Central's recapture liability must presumably be considered
Effects of O'Fallon Decision—Recapture Position of
Individual Carriers on Inter-State Commerce Com- on a system basis, but on account of the small proportion of stock of the
larger subsidiaries outside the parent company's treasury, the Central
mission Basis.
itself would feel the full force of the process. For the past two calendar
years system earnings were within the exemption, but 1926 earnings would
have been reduced about $7,600,000, while the recapturable half of the
Now that the Supreme Court has held that the Commerce excess of that and earlier years totals not less than $28,000,000, except
as it might have been affected by the necessary reappraisal of urban lands
Commission must give real consideration to reproduction or inclusion of more or less affiliated lines. Central's earnings and equities
cost of all of a railroad's property in making up its valua- in undivided earnings of other companies totaled $15 a share for 1928;
tions, the effect of the recapture clause of the Transporta- apparently these might have risen to $16.50 a share before recapture
applied.
tion Act on individual companies is substantially modified
Atlantic Coast Line's recapture liability would have been affected by
as compared with what it would have been had the Commis- inclusion or exclusion of controlled lines, as the Commission might rule.
Independently of the Louisville & Nashville, it would appear to have an
sion's theory of "prudent investment" been upheld. Theoaccumulators of roughly $14,000,000 for 1926
retically at least, the carriers benefit in proportion to the inclusion of L. & N. would reduce this somewhat.and earlier good years;
For the past two years
amount of their earnings recapturable on the Commission's earnings of neither Coast Line nor L. & N. have been in recapture terribasis of calculation. To what extent they have been relieved tory. As Coast Line could earn around $16 a share on present investment
before incurring recapture liability, the question would not have become
of potential liabilities depends on the Commission's further a pertinent one until the road returned to something like its former
interpretation and application of the Supreme Court de- earning power.
New York, Chicago & St. Louis' accumulated recapture liability on
cision, but the relief is evidently substantial.
Inter-State Commerce Commission basis may be estimated at between
It is likely that a great deal of litigation will intervene $5,000,000 and $6,000,000. On 1928 operations it would have had to
before important amounts of money are recaptured and give up about $500,000, or $1.50 a share on its $33,700,000 common stock,
turned into the general contingent fund in the hands of out of reported earnings of $12.51; for 1927 the recapture would have
taken $2.80 out of $15.41 a share.
[From the "Wall Street Journal," Monday Evening, May 20 1929.1
the Commission. In numerous cases a question will arise,
for the Commission to rule on in the first instance, concerning what properties may be combined for recapture purposes
as constituting a "system" in ownership and operation.
Such a question was answered in the O'Fallon case, but different circumstances may be found to control this question
in other cases. Nevertheless, some idea of the comparative
position of railroad companies may be gained from approximations of their recapture liabilities, calculated upon the
Commission's valuations and subsequent investments as disclosed by the company balance sheets. It should be remembered that all these calculations are tentative and the sums
Indicated are by no means recognized as liabilities by the
companies concerned.
C. & 0. and Norfolk tf- Western.
Among the larger carriers most seriously affected are Chesapeake & Ohio
and Norfolk & Western. Both are actually and relatively prosperous and
have been for years, but the participation of their stockholders in their
prosperity has been held in check by the obscurities of valuation and
recapture. On the Commission basis of value, Chesapeake & Ohio would
have appeared to owe the government something like $36,000,000. It
would have been called on to surrender approximately $8,000,000 of its 1928
earnings, equal to $6.77 a share on $118,115,000 stock. In both 1928 and
Northwest Roads in Good Position.
Of the principal northwestern railroads the Great Northern alone appeared to have crossed the recapture line and that only to a slight extent.
Chicago & North Western, Northern Pacific and St. Paul had Still some
distance to go before reaching it. Because the generally low level of rates
in their territory has been more or less recognized by the Commission,
however, these roads had a considerable stake in the valuation ruling.
Any raising of the scale of valuation would naturally strengthen their case
for upward revisions of their rate tariffs. Chicago, Rock Island & Pacific
and Illinois Central, because of the relatively high valuation of their
Properties, have so far been under the line of recapture; both might
expect to benefit considerably from readjustment of urban land values.
Erie shows no recapturable earnings on the tentative calculations. It
could apparently earn as much as $7 a share of common before doing so.
B. & 0. Near Recapture Zone.
B. & 0.'s recapture liability appeared only in its best years, notably
1928, 1926 and 1923. In this as in other cases the amount of forfeiture
might have been reduced or eliminated by post-valuation rise in land
values, or possible in.Ausion of less profitable subsidiaries in the accounting. But the B. & 0. was interested in increasing its exemption as well
as in possible effect of a valuation decision on the general ra!te level.
With present investment B. & 0. could have earned $10.50 a share before
recapture began; 1928 earnings as reported were $12.43 a share, which
would have become $11.53 after deduction of recapture of I.S. C. C. basis.
New Haven, despite the high valuation it received from the Commission,
which was almost $100,000 greater than its road and equipment account,
3418
FINANCIAL CHRONICLE
had had a small amount of recapturable earnings in 1928, unless reappraisal of its large urban land holdings expands its apparent exemption.
Unification of New Haven with the Boston & Maine, in which it holds a
minority interest, would have relieved the former of recapture for some
years to come because the former still had a wide margin of exemption.
By itself, New Haven's recapture for 1928 could not have exceeded 35c.
a share. Any shift in the valuation process toward reproduction cost
doubtless favors the New England roads more than the general run of
carriers.
Pennsylvania RR. has so far had no recapturable earnings and apparently the system could increase its net railway operating income by
$15,000,000 to $20,000,000 annually, possibly more, before crossing the
line. A closer unification with it of Norfolk & Western presents obvious
advantages, but at present Pennsylvania is a minority stockholder in the
Norfolk and it is unlikely that the commission would regard them as one
system for recapture purposes.
Southern on Border Line.
Southern Ry. gives no indication of recapturable income the past two
years and its apparent earlier accrual of about $5,000,000 is subject to
modification by possible inclusion of controlled or affiliated properties.
In its two best years, 1925 and 1926, Southern would have had to surrender about $2 a common share on the Commission calculation; any
decided recovery in its net earnings would have given the company a
direct interest in valuation and recapture.
Union Pacific ran over the tentative recapture line in 1928 to the extent
of about 70c. a share; its estimated total liability of $4,400,000 was not a
serious matter for a carrier with $222,000,000 common stock on which it
earned $18.30 a share in 1928 and $16.05 in 1927. Its equities in other
companies, but hardly its present income therefrom, are subject to the
effect of recapture on other railroads.
Southern Pacific apparently had 'not been subject to recapture since
1923; it earned $10.90 a share in 1928, and could have earned up to $13.60
a share before recapture on the Commission basis began.
Missouri Pacific System.
Missouri Pacific's position in relation to recapture depended on what and
how many other roads in which it had an interest were included with the
Commission's approval for system accounting. Assuming that Texas &
Pacific, Gulf Coast Lines and International-Great Northern were so Included, the system appeared to have come into recapture territory for the
first time in 1928, and then for a comparatively insignificant amount.
Pere Marquette was seriously involved in recapture, according to the
Commission's valuation theory. For 1928, it would have had to give up
more than $3.50 a common share, out of reported earnings of $16.17 a
share on its $45,000,000 common stock. Here, again, the reappraisal of
urban lands in the rapidly developing industrial sections which the road
serves would have been an uncertain factor of considerable importance.
The O'Fallon Decision and Recapture Sums on InterState Commerce Commission Basis—Estimated Liabilities of Individual Carriers.
The following table presents estimates made by Dow,
Jones & Co. of the sums which individual railroad companies
would have had to pay over to the Government on account
of "excess earnings" had the Supreme Court decision in the
O'Fallon case fully sustained the Interstate Commerce Commission's valuation methods. The first three columns contain estimates of the recapturable half of the excess earnings
for the years 1928, 1927 and 1926; last column gives the
accumulation of recapture liability, as estimated on the
Commission basis, for the entire period 1921-28. Where
blanks appear in all columns the company, it is pointed out,
has apparently incurred no recapture liability.
[Vor.. 128.
It is possible, also, that the railroads will challenge the accuracy of the
commission's determination of the actual prices and wages of the 1934
period, used by it in making its valuations Studies which have been made
on behalf of the carriers are said to show that the commission's average
prices are 10% or 15% to low. It is apparent that any calculation of the
recapture line as applied to any individual railroad on the commission basis
is subject to a number of uncertainties.
President Hoover Confident That No Rise in Rail Rates
Will Result from Decision of Supreme Court in
St. Louis & O'Fallon Railway Valuation Case—
Railway Heads Express Similar View—Reintroduction of Consolidation Bill.
Following the decision handed down by the United States
Supreme Court on May 20 in the St. Louis & O'Fallon Railway Valuation proceedings, President Hoover on May 21
was quoted as saying:
"I am confident there will be no increase in railway rates as a result
of the O'Fallon decision."
The New York "Journal of Commerce" in referring to the
President's comments, in a Washington dispatch May 21
stated:
President Hoover gave that assurance to-day as the Inter-State Commerce
Commission served notice that it will continue with renewed vigor its
efforts to recapture excess earnings of railroads under provisions of the
Transportation Act following the Supreme Court dicision yesterday upholding the St. Louis & O'Fallon RR. in its test attack on the methods employed
by the commission in valuing its property.
Prospects that further litigation and new legislation would be sought to
clarify the situation also came to-day as members of Congress and the Commission and railroad experts continued their study of the decision.
Consolidation BIB Reintroduced.
Especial significance bearing upon the possibility of a Congressional
Investigation of rate making and controverted provisions of the valuation
section of the Transportation Act was attached to the reintroduction of the
proposed railway consolidation plan in the House to-day by Representative
James S. Parker (Rep.) of New York, Chairman of the Committee on Inter.
State and Foreign Commerce. A similar unification measure was presented
in the Senate early this session by Senator Simeon D. Fees (Rep.) of Ohio.
Chairman Parker was disinclined to divulge plans of his Committee
with regard to the proposed legislation, the consideration of which would
necessitate extensive hearings. But Representative Sam Rayburn of Texas,
ranking Democratic member of the Committee on Inter-State and Foreign
Commerce, in a long statement in which he discussed the O'Fallon decision,
disclosed that he had consulted some of his colleagues on the question of
conducting an inquiry of rate making and controverted provisions of the
valuation provision at an early date with "a view of eliminating arbitrary
and uneconomic features of the Inter-State Commerce Act."
Senator James A. Couzens (Rep.) of Michigan, Chairman of the Senate
Inter-State Commerce Committee, said to-day that he would want more
time to study the situation and pointed out that the House had not organized
the Committees necessary to deal with the valuation legislation. At the
time he succeeded Senator Watson, majority floor leader, as head of the
Committee, Senator Couzens let it be known that he desired the House
Committee to hold hearings on the proposed railroad legislation before the
Senate body takes up the matter.
Defines Facts to be Considered.
"The decision," Chairman Parker said, in commenting on the Supreme
Court's ruling, "simply defines for the first time what the Inter-State Commerce Commission must consider in the way of values. The Commission
must take into consideration an elements, not merely of reproduction of
cost."
"This decision," be added, "will, of course, have a material effect upon
Total Arrears the recapture clause, but not one atom of effect on the rate structure. I
1921-1928. doubt if any great
increases in rates will be asked based on this decision."
$25.500,000
14,000.000
The "Herald Tribune" of May 22 stated that one of the
7,100,000
1928.
1927.
1926.
Atchison
$2,800,000 83.000.000 $9,600,000
Atlantic Coast Line*
3,000,000
2,000.000
Baltimore dr Ohio
3.500.000
Boston & Maine
8,600,000 8,800,000 9.200,000 36,200,000
Chesapeake & Ohio
Chicago & North Western
Chicago Rock Island & Pacific_
Chicago Milwaukee St Paul& Pac
400,000
1,500,000
Delaware & Hudson
2,200,000
500,000 1,750,000
Delaware Lackawanna & Western 100.000
2,750,000
Erie
1,200,000
500.000
1.700,000
Great Northern
Illinois Central
400,000
500.000
425,000
Kansas City Southern
2,175,000
Lehigh valley
000
Louisville & Nashville
600,000
300,000 1. 001
0
6
.1;4 50: 00
0
Missouri-Kansas-Texas
322,000
322,000
Missouri Pacific System
7,600,000 28,000,000
New York Central Lines
5,500.000
850.000 1.000.000
New York Chicago & St Louis— 500,000
500,000
New York New Haven at Hartf-- 500,000
5,800,000 6,100,000 10,000,000 28,000,000
Norfolk & Western
Northern Pacific
Pennsylvania System
1,650,000 1,100,000 1,500.000
5,800,000
Pere Marquette
300.000
300,000
Pittsburgh & West Virginia
1,250,000
8,750,000
Reading
2,250,000 3,200,000 4.100,000 21,000,000
St Louis-San Francisco
1,600,000
St Louts Southwestern
400,000
750,000
Seaboard Air Line
4,500,000
Southern Pacific
2,000,000
5,100,000
Southern Railway
1,265,000
4,400,000
1,500,000
Union Pacific
6,000,000
Virginian
600,000 1,600,000 2,000,000
1,450,000
4,775.000
Wabash
575,000
500,000
1,250,000
500,000
Western Maryland
250,000
Western Pacific
-S. C. Commission would
*Inclusion of Louisville & Nashville if allowed by I.
reduce recapture liability except for 1926 and 1925.
outstanding benefits the railroads of the United States will
receive from the decision rendered by the Supreme Court in
the St. Louis & O'Fallon valuation case is that the constant
chipping away of the rate structure of the country, in progress for years, is ended. The railroads can now proceed to
make further expenditures without facing the hazard of rate
reductions. The paper indicated also said:
While it was contended by the Government that a decision in favor of the
railroads would result in substantial advances in freight rates, this point
was vigorously denied by the carriers. Railroad executives do not expect
any appreciable advance in rates and point to the fact that such procedure
would be inadvisable and unnecessary, as the present rates are about all the
traffic will stand.
Recupfsre Liability Diminished.
Another advantage of the decision is that the recapture liability under
the transportation act of 1920 is limited and deferred. The way is now left
open for the carriers which have been under heavy recapture liability to
reduce their maintenance, and relieved from the danger of heavy recapture,
may increase disbursements to stockholders.
The decision appears to have been a compromise intended to govern the
Inter-State Commerce Commission in fixing a value for the roads somewhere between the amount claimed by the carriers on the basis of reproduction coat and the amount fixed by the Commission under its own method.
It is not generally expected that when final valuations are placed they
will reach the figures now claimed by the carriers. Prolonged litigation is
probable before final values are placed. However, the ruling of the
Supreme Court is likely to be tested.
Dow, Jones & Co. also say:
Patrick E. Crowley, President of the New York Central Lines, when asked
As has previously been pointed out the valuation act requires that land
values entering into railroad valuation shall appear as of "present" value. as to the bearing of the O'Fallon decision on the question of increases in
Hence any basis for figuring recapturable earnings for a given year must railroad rates, made the following statement:
"The decision of the Supreme Court in the O'Fallon case does not appear
be adjusted to whatever change has taken place since valuation date in land
prices. The commission has asked certain railroads to stipulate that no to provide the occasion for any program at this time looking to general
change has taken place in the value of rural lands and some carriers are increases in railroad rates, which must always be largely influenced by
considering making such a stipulation. City and town lands are a different commercial conditions."
Daniel Willard, President of the Baltimore & Ohio RR. Co., said that, in
proposition`and in some cases their reappraisal would substantially reduce
his opinion, the decision would have no immediate effect whatever on rates.
the recapturable sums calculated above.
MAY 25 1929.)
FINANCIAL CHRONICLE
"It would, however," he added, "afford a guide to the Inter-State Commerce Commission in its efforts to fix lawful valuation of the railroads as a
basis for the calculation of so-called excess earnings as provided in the
transportation act."
The Pennsylvania RR. has no thought of requesting any general increase
in rates," said General W. W. Atterbury, President of the system, in
reference to the decision.
"As I understand the decision of the United States Supreme Court in the
O'Fallon case," said General Atterbury in a formal statement, "the Court
has merely reaffirmed its many times expressed conclusion that reproduction
cost is one of the elements which must be taken in consideration in determining the value of a public utility property, and undoubtedly it will be
used in arguments before the Inter-State Commerce Commission.
"Aside from the Eastern class rate investigation, which has been pending
for several years before the Inter-State Commerce Commission, the Pennsylvania RR. has not thought of requesting any general increase in rates
and I see nothing in this decision to cause any change in its policy."
James A. Gorman, President of the Rock Island, said the decision reaffirmed established principles rather than announced new ones. The same
view was expressed by H. A. Scandrett, President of the Chicago, Milwaukee, St. Paul & Pacific.
The O'Fallon Case—W. G. Brantley on Extent of
Revaluation Required.
A denial that the decision in the O'Fallon case would
unduly raise freight rates and bear oppressively on the
public was made at Washington by W. G. Brantley, general
counsel of the President's Conference Committee of Federal
Valuation of Railroads. Judge Brantley insisted that only a
small increase in rates would result from the readjustment
of rates that would be necessitated by the decision. He
said:
"The opinion of the Court does not require the Commission to wrap any
of its valuation work, but only to complete the work. Following the
passage of the valuation act in 1913 the Commission organized its force to
execute the act. They invited the co-operation of the railroads, as
required by the act.
"The Commission concluded, and the railroads at the time acquiesced
therein, that for purposes of uniformity all railroads, although they could
not be so inventoried, should be so priced, and June SO 1914 was selected
as. the common date. Thus the Commission made what it calls 'primary
valuations.'
"The cost of reproduction of the structural property of each railroad
as of June 30 1914 has been ascertained and reported by the Commission.
The costa reported do not purport to be the actual costs prevailing on
that date, but to be the general 'level' of costs existing then and for a
period of some five to ten years prior thereto.
"In the case of all railroads inventoried subsequent to June 30 1914
the Commission has reported its estimate of the value of the lands as of
the inventory date, but as to the structural properties it has reported their
cost of reproduction as of June 30 1914, and in the determination of the
'final value' of each of these roads dominant and controlling consideration
has been given to the cost of reproduction as thus reported.
Acted Under Transportation Act.
"The St. Louis dc O'Fallon RR. is the only railroad for which the Commission has undertaken to make a current valuation, and the current valuation for it was made, as the report of the commission shows, under the
transportation act and not under the valuation act
"This valuation uses the 1914 valuation as a base, subsequent additions
to the property being added at cost, and subsequent deletions deducted.
The result was called the value in the recapture years of 1920-1923. No
attempt was made to ascertain or consider the cost of reproduction as of
these years.
"Recently the Commission has fixed upon December 31 1927 as the
new date to which all valuations shall be brought. And obviously the cost
of reproduction as of that date must be determined and given consideration,
and that is what the Supreme Court decision means.
"Just as there was a 'level' of prices prevailing on June 30 1914, which
the Commission ascertained and applied, there exists a 'level' of prices
prevailing on December 31 1927, which the Commission must likewise
ascertain and apply in order that the value of the railroads as of that date
may be known.
Rate-Making and Valuation.
"The problem of rate-making is one thing and the problem of valuation
is another, and the two things should not be confused.
"The making of rates involves a recognition of two entirely separate
and independent rights each of which is contradictory of and a limitation
on the other, to wit, the right of the public to regulate, and the right of
private property. The Supreme Court has many times declared the coexistence of these two rights and that the one does not destroy the other.
"The view has been advanced that because the power of regulation may
operate at times to reduce the earnings of a public utility, and therefore
the value of its property determined on the basis of earnings, there does
not exist a full and complete constitutional protection of the value of such
property, but this view has no support in either law or reason.
"The Supreme Court has many times declared that the power to regulate
is not the power to destroy, and that limitation of the right of private
property caused by the power to regulate is not the equivalent of centittcation.
"The problem of rate-making does not require for its solution, nor can
it be solved by, 'juggling' with value, fixing it up or down so as to arrive
at what in the opinion of the regulatory body is a fair amount upon which
to permit the public utility owner to earn.
"The value of his property must'be known in order to protect hia right
of private property, but this right is only one of two rights to be considered, the other being the right of the public to regulate, and the
problem of rate-making can only be solved by a proper adjustment of these
two rights."
3419
eliminated, the only other known equivalent of the property must be its
replacement or reproduction cost.
"If a railroad owned no property other than steel rails, locomotives and
cars, there could be but little controversy over their value because these
classes of property are bought and sold in the market and have a market
value always capable of being established.
"There are many classes of railroad property, however, such as structures, bridges, tunnels, embankments and cuts and fills for which large
costs of construction are incurred but which have no market value. Such
properties, however, possess a real value and their cost of replacement is
not only the nearest approach which can be found to a reasonable market
value for them but is a fair measure of an 'equivalent for them.'
"Those objecting to the cost of reproduction method generally speak of
it as 'speculative,' but it is infinitely less 'speculative' than would be the
attempt to find the original cost of the 'prudent investment.'
"Present-day prices of money, labor and material can be determined
without the element of speculation entering therein, but the prices of long
ago are unknown, and at best but a rough estimate as to what they were
can be made.
"The most strenuous argument - made against the use of the cost-ofreproduction method for determining the value of a railroad is that the
employment of such method in the present era of high prices would
produce such enormous values that rates based thereon, in order to produce
a fair return, would unduly burden and oppress shippers and be unreasonable as to them. This argument, of course, is one of expediency and not of
principle, and ignores entirely the right of private property.
"In addition, it overlooks the requirement of both the common law and
the statute that rates must be 'just and reasonable' to the public as well as
to the railroads. It overlooks the right to regulate which co-exists with the
right of private property. It overlooks the economic fact that the great
majority of railroad rates are competitive in one form or another and that
the concern of every railroad is for rates that will enable traffic to move
over its lines in the largest volume possible. The argumnt, furthermore,
is nothing but an assertion and does not rest upon any basis of fact."
Recalls Taylor's Opinion.
Judge Grantley recalled the dissenting opinion of Commissioner Taylor
in the O'Fallon case, the Commissioner stating that the existing higher
prices for money, labor and material were at that time being reflected in
the operation costs of the railroad and that recognition had to be and was
being given to the fact of increased operating expenses.
"He pointed out that from the last statistics available the burden of
operation represented approximately 82% of the disbursements out of
operating revenue, leaving only 18% of operating revenues to be affected
in the way of an increase in rates due to the higher price 'level.'
"An examination of the report of the Bureau of Statistics of the InterState Commerce Commission for the year ended December 31 1927 furnishes
ample corroboration of the views expressed by Commissioner Taylor.
"This report discloses that for the year ended December 31 1927 the
Class I railroads, excluding switching and terminal roads, had total operating revenues of $6,136,300,000; total operating expenses of $4,574,178,000;
total net railway operating income, $1,087,985,000, and total investment
in road and equipment, $22,873,060,000.
"Total items for material and supplies, cash and depreciation reserves
are shown, and by deducting the total of them there is produced what is
called a 'net book value' of $21,998,854,000. A very simple calculation will
show that a large increase in the 'investment' would require but a small
increase in service rates to afford a fair return thereon.
"As illustrative of this, assume an increase of 50% in the 'investment,'
making the amount of same $33,000,000,000. On this assumption it will be
seen that a return of 6% of the increased 'investment' would be $1,980,000,000, which, added to the total of the operating expense item, would
make $6,554,178,000 as the total revenue required, and this amount of
revenue compared with the actual revenue in 1927 of $6,136,300,000 shows
that an increase of revenue of only approximately 8.81% would be required,
and it is manifest that to provide this small increase by a proper adjustment of existing rates could not be oppressive to any one."
Significance of the O'Fallon Railroad Valuation
Decision.
The following is from an editorial to be published in
to-day's issue of the "Railway Age."
Estimates being disseminated ofthe difference between the total valuation
of the railroads that would be made in accordance with the method favored
by the Inter-State Commerce Commission in the O'Fallon railroad case.
and that upheld by the Supreme Court, and ranging from $10,000.000,000
to $21,000,000,000, are greatly exaggerated. The same thing is true
of a widely published estimate that there are involved "potential differences
in freight rates of $2,000,000,000 a year."
Such estimates are made upon the assumption that the Supreme Court
has held that the valuation must be based entirely upon what it would
cost to reproduce the railways at present wages and prices. The railways
never asked the Court to make any such decision, and the Court has not
done so. In its opinion the Court said, "No doubt there are some, perhaps many, railroads, the ultimate value of which should be placed far
below the sum necessary for reproduction." Its statement that cost of
reproduction must be considered "along with all other pertinent facts,"
and that the valuation of some railways may be less than their cost of
reproduction, shows conclusively that it has not held that cost of reproduction alone must be considered, and that all estimates of the probable
valuation which are based upon the assumption that it has so held are
wildly erroneous.
There were important issues, both legal and economic, involved in
the case. About 30 years ago, during a period of depression, when cost
of reproduction was less than the railways had cost, the Supreme Court
first held as a constitutional principle that in the valuation of a railroad
all the elements must be considered that must be given weight in the
valuation of any other property held in private ownership, including the
cost of reproduction. The railroads for years opposed a valuation of
their properties as a basis for the regulation of rates. It was advocated
by Senator La Follette and others who believed it would be less than
the capitalization of the railways. It was also advocated by the Inter
State Commerce Commission. The valuation law passed in 1913, of
said that "a railroad is private property, which Senator La Follette was the author, specifically provided for the
Judge Brantley
as has always been held, and the Constitution prohibits the ascertainment of the cost of reproduction, as well as other elements of
value.
taking of private property without the payment of 'just
There subsequently occurred, owing to the great war, large increases
In the cost of reproduction. The Inter-State Commerce Commission,
compensation.' He continued:
when confronted with the necessity of making final valuations, tried to
"The Supreme Court has held that 'Nat compensation means a full and
that weight should be given to the cost of reproperfect equivalent for the property taken,' and if the value of property, evade the requirement
duction, and plainly endeavored to get the Supreme Court to reverse all
based upon earnings which are derived from rates under controversy be its previous decisions in valuation cases. This the Court has refused
11111
3420
FINANCIAL CHRONICLE
to do. It has held, as it always has held, that cost of reproduction must
be considered.
That the valuation must be made larger than it would be if made in
accordance with the method favored by the Commission is obvious, but
how much larger is entirely conjectural. It necessarily follows that all
estimates of the increase in net return that the railways will be legally
entitled to earn, and the advances in rates which they will be legally
entitled to make, are matters of pure conjecture.
In anticipating the probable effects consideration must be given to
the practical as well as legal aspects of the matter. The Inter-State
Commerce Commission for nine years has refused to allow the railways
to charge rates high enough to enable them to earn an average return
of 5.75% even upon its own basis of valuation, although it has held this
would be a fair return. How, then, can it be reasonably assumed that
It will in future be easily persuaded to authorize them to charge rates
high enough to earn such a return upon a valuation much larger?
Furthermore, while the railways have refused to accept the Commission's principles and methods of valuation, they have never actually
tried to get it to use, in the regulation of rates, a basis higher than the
investment in their properties indicated by their accounts. The railways have recognized in the past, and they undoubtedly will recognize
in future, the fact that public sentiment and economic conditions cannot
safely be ignored. They will undoubtedly seek opportunity to earn a
net return sufficient to enable them to pay reasonable dividends and to
.
raise capital adequate to the development and improvement of their
facilities. They always have recognized, however, that rates must be
based upon "what the traffic will bear." Rates must not be made high
enough to interfere with the development and movement of traffic, and
they are and always will be largely influenced by competition between
the railways themselves and between the railways and other carriers by
water and highway. No decision of the Supreme Court can make it
possible for the railways to afford to ignore public sentiment or competitive and other economic conditions.
The decision will be far from as advantageous to the railways as many
persons believe. On the other hand, it should afford a much better assurance than they have had heretofore that they will be allowed, under
good management, to earn reasonable dividends for their stockholders
and enabled to raise enough capital to furnish the public the kind of transportation service that the public demands and needs.
[VOL. 128.
originators of the principle sustained by the Supreme Court in the O'Fallon
case. It was originally sponsored by individuals who were attempting to
secure low valuations as a basis for the reduction of railroad rates at a time
when general price levels had been declining.
Nebraska Rate Case.
The Nebraska rate case (Smyth vs. Ames), decided in 1898, was the first
Important case in which the Supreme Court reviewed the problem of railroad
valuation. Wages and prices had been on the down grade for many years
and were low at the time this case came to trial. The late William Jennings
Bryan,as an attorney for the State, claimed that "present value of the roads
as measured by the cost of reproduction is the basis upon which the profits
should be computed."
Influenced by these same conditions, counsel for the railroads contended
that the proper basis for valuation was actual investment. In its decision,
the Supreme Court held that investment was not the only matter to be considered:
Present Value Upheld.
In a long series of decisions since 1898 the Supreme Court has always
upheld "present value" as the basis on which public utilities and railways
are entitled to earn a fair return.
The logic back of this principle appears obvious. Although the railroads
are subjected to regulation on account of the character of service performed,
their holdings are as strictly private property as the property of any other
corporate entity or individual. Therefore, owners of railroad property
are entitled to receive no more protection from loss growing out of a decline
in property value than owners of other property:and,conversely,they should
be entitled to benefit by increases in value the same as owners of other
property.
Immediate Benefits to Individual Stocks.
Consequently, the most important immediate effect of the decision on
Individual railroad stocks is the relief from liability for payment of past
excess earnings to the Government. Generally speaking, stocks of companies with high earning power and low capitalization obtain the largest
benefits on this score, while stocks whose earnings have not been running
above the limitation formerly placed by the Commission's valuation methods
are little affected.
The Commission has never published its valuation figures for individual
roads brought down to date, the data made public being confined to basic
amounts as of some date 13 or 14 years ago. Therefore, exact computation
of the liability of each road is impossible. However, through building up
Excess Earnings in Past Voided by O'Fallon Ruling— the figures year by year,starting with the original valuations of the I.-S. C.
Railroads with High Earning Power and Low Commission and adding subsequent additional property investment and
allowing for
accurate estimates of former recapturable
Capitalization to Benefit Most—Decision Upholds earnings per depreciation, fairly
share are possible.
The following table shows for leading railroads the estimated amounts of
Bryan's Contention in 1898.
last year's share earnings which would have been owed to the Government
The New York "Evening Post" is publishing a series of but for the O'Fallon decision:
Estimated 1928 Rearticles bearing on the' Supreme Court decision in the
capturable Earns.
per Sh. on I.-S.C.C. Basis.
St. Louis & O'Fallon Rwy. case. The articles are by El. Stock—
$8.50
Dwight Comer, Editor Standard Service on Railroads and *Chesapeake & Ohio
Texas & Pacific
4.50
Norfolk & Western
4.00
we reproduce herewith the one:appearing in last night's issue Pere Marquette
4.00
St. Louis-San Francisco
8.50
(May 24) of the "Post:"
Colorado & Southern
3.40
went to the lower court, the Wheeling & Lake Erie
Up to the time the St. Louis & O'Fallon case
8.30
2.60
recaputre clause of the transportation act gave little concern to railroad Kansas City Southern
Virginian
2.40
Investors. However, that case brought into the limelight the whole question Bangor
& Aroostook
2.10
of railroad valuation and the conflict between the carriers' claims and the Alabama Great Southern
1.70
I. C. C. methods of determining property value.
Missouri-Kansas-Texas
1 20
1.00
In Dec. 1927, three special judges in the Federal District Court for the Atchison Topeka & Santa Fe
Southern Railway
0.70
Eastern District of Missouri, at St. Louis, decided against the St. Louis & Pittsburgh & West
0.65
Virginia
O'Fallon Railway Company (a nine-mile coal line owned by the estate of *Baltimore & Ohio
0.85
0.50
Adolphus Busch) in its attempt to restrain the I. C. C. permanently from New York Chicago & Bt. Louis
0.45
enforcing its order of March 31 1927. This order directed payment to the Gulf Mobile & Northern
0.45
New Orleans
& Mexico
Government of $226,878 excess earnings from March 1 1920, to Dec. 31 Pittsburgh &Texas Erie
0.40
Lake
1923, under Section 15a of the transportation act.
0.20
Delaware Lackawanna & Western
0.15
Early in Feb. 1928, the O'Fallon filed an appeal in the District Court Wabash
0.05
at St. Louis to the United States Supreme Court, In making its appeal, Great Northern
the railroad alleged that 40 errors were allowed by the lower court. The
*Without giving consideration to subsequent increases in number of shares outchief contention was that the lower court refused to give consideration to standing.
all the elements of value recognized by the law of the land for rate-making
While the above table covers only the earnings of 1928, many of the roads
purposes, referring to reproduction costs.
owed excess earnings in prior years, the law being effective back to 1920.
Argument of the case before the Supreme Court took place the first week
Stocks of Frisco, Chesapeake & Ohio, Norfolk & Western, Atchison, New
In January this year, culminating in last Monday's decision favoring the York
Central and Texas & Pacific obtain the largest relief on this account
railroads.
under the O'Fallon case. It will be remembered these were the issues that
Isue an Old One.
scored the largest price advances after the court's decision was announced.
The issue in the present case was whether valuation should be based on
Whether or not all the companies mentioned above will escape ultimate
the number of dollars that have been invested in the railways, or should be recapture of past excess earnings under valuations revised in accordance
an ascertainment of their present value determined by a consideration of all with thc principle now laid down by the court, that cost of reproduction
factors entering into the matter, including such elements as probable re- must be given consideration, cannot be definitely decided at this time.
Careful computations, however, indicate that all of them will be relieved
production cost.
This is by no means a new issue; nor did the railroads themselves start at least partly,-while most of them will escape entirely from excess earnings
the struggle. It was forced upon them. Moreover, the roads were not the of last year.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, May 24, 1929.
The weather has still been a drawback in American trade
this week. It has been especially unfavorable to the clothing trade. Conditions have been too cool and wet over much
of the country not excepting the South. There the nights
have been so cold as to retard the growth of the cotton crop
and much replanting will have to be done. That is also the
case in some parts of the corn belt. In the main the weather
conditions have not been bad in the wheat area although in
Canada it has been too warm and dry. Spring wheat,
planting however is rather late and the same is true of corn.
A fear of floods and actual high water in some of the rivers
and streams in the lower Mississippi Valley has militated
against business there in various lines. Latterly it has been
reported that a break in the Mississippi River levee was
imminent at Mounds Landing, 38 miles northwest of Greenville, Miss., where there was a very serious break two years
ago followed by dire consequences.
General trade in the United States for its best development awaits seasonable weather, after a long period of
abnormally cold and wet conditions. One of the effects
of such weather is the marked retarding of the trade in
straw hats, and taking the country over, of course, this is a
very important item. In the agricultural section of the
country,lower prices for the last crops present an unpleasant
condition for farmers. Looking backward some of the
returns which have come to hand during the week show that
industry thrived better in March and April than it did in
the same months last year. The indications point to further
slight gains in May in spite of all drawbacks, as compared
with last year. The factory production is still large.
MAY 25 1929.]
FINANCIAL CHRONICLE
3421
Threatened strikes or lockouts in the building trades have power. There is no rubbing out the fact that coffee is an
been averted. The workers get a shorter day and higher article of very large consumption in the United States and
wages in New York and St. Louis. Spring hardware, Europe. The talk is persistent about the competition of
agricultural implements, glass and paints are in excellent I mild coffee with Brazilian. Both seem to be needed,judging
demand. A fair business is under way in the manu- by the action of prices, which seems no bad criterion. The
facturing furniture trade partly as a result of recent shows. Defense Committee is said to be negotiating with American
There is an active trade in radio goods. It is not surprising, bankers for a large loan for the purpose of making advances
however, to note that trade in jewelry is irregular at best to growers and get their support to the plan to restrict
and that there is a noticeable tendency towards a falling shipments to market. All of which is, of course, artificial
off as compared with more favorable periods. One draw- and will sooner or later have its Nemesis. Sugar, as a rule
back is noticeable in different industries. That is over- has been rather quiet, despite spells of brief activity. At
production. It applies to grain, sugar, coffee and rubber the South, it is said, importers and refiners have recently
to mention the items which come most readily to mind. As been buying freely in order to forestall the proposed rise in
to legislative nostrums designed to help the American the duty of 2.40c. per pound. But in general the trading
farmer, very many reflective people have very little con- here has been slow and prices have declined some 4 to 16
fidence in them. It is interesting moreover that France points, the latter for May delivery, which touched 1.65c.
and Italy have just raised their duties on wheat sharply to at one time to-day, the lowest price in the history of the
head off the dumping of foreign wheat in the Markets of Exchange. The cardinal trouble is too much sugar.
Rubber has been plentiful on the one hand and dull
those countries to the palpable detriment of their own
enough on the other to cause lower prices at home and abroad
farmers. Naturally it will be thrust and parry.
Crude petroleum and gasoline have advanced. There is a despite the estimates of unprecedented consumption. On
better business in rayon goods than at this time last year. the surface it looks as though demand was hardly keeping
In clothing, woolen goods and worsteds the sales are smaller pace with supplies, though it is true that prices are about
than then. Woolens and worsteds are quiet. Broad silks 2 cents higher than a year ago. Steel has been in fair demand
for the summer and fall were in rather better demand this and output keeps up and steel scrap is lower. Pig iron is
week with the weather at New York somewhat better. Raw quiet and largely nominal in the East. The Central West is
silk at lower prices has met with a readier market. Coarse doing most of the business and pricesare generally unchanged.
Stocks were excited and higher on the 20th inst. when it
yarn cotton cloths have been in only moderate demand and
the sales of sheetings have been small. A fair trade has been was announced that the St. Louis and O'Fallon Railroad
done in fine and fancy cotton cloths. Finished cotton goods succeeded in the U. S. Supreme Court in upsetting the
and other seasonable lines, notably printed cottons, have valuation which the Government officials had placed upon
sold well. The largest manufacturers of denims will curtail it for rate making and other regulatory purposes. The law
their production in June, July and August, 25%. Similar requires the Inter-State Commerce Commission to give conaction will be taken by producers of sheets and some other sideration to reproduction values. The methods used by the
lines of cotton goods.
Inter-State Commerce Commission in valuing the 9 miles
Cotton has had a moderate decline as there has been less long St. Louis and O'Fallon were condemned by the Court.
• rain at the South. Liverpool prices have fallen and goods The court overturned the valuations used by the Comhave been quiet. Where sales of print cloths have increased mission for rate making and other purposes. Railroad stocks
in one case the larger business is said by the sellers to have in wild trading rose $2 to $23 a share on the news of the
been done at unsatisfactory prices. After a wet May the O'Fallon decision only to break from 2 to 13 points from their
rains have largely ceased, though to-day there were general high prices in a later decline. Chesapeake & Ohio advanced
rains in Texas not always it would appear to the advantage 23 points and St. Louis & San Francisco 15 but profit taking
of the crop. Texas crop advices from the effects of recent caused a break later of 2 to 20 points in industrials. Stocks
bad conditions have been unfavorable. Moreover through- on the 22nd inst. broke 2 to 18 points on transactions of
out the belt the nights have been too cold. All this with a 4,800,000 shares. The active issues led the decline. The
better technical position has prevented any marked decline. decline was due to fears of an increase in the rediscount rate
What the belt in its entirety needs is not merely dry weather of the New York Federal Reserve Bank to 6%. The ticker
but higher temperatures. The soil seems to be in good, at the close was 33 minutes late. •More than 300 stocks made
condition for rapid germination and growth if the requisite' new lows for the year. The decline was led by such stocks as
temperatures can be had and naturally they will come to United States Steel, General Electric, General Motors,
pass as we near June.
Case Threshing, Allied Chemical & Dye, Commercial
Wheat has not latterly fluctuated as widely as it did re- Solvents, Union Pacific, Woolworth;Atchinson and Baldwin.
cently and has on the whole been pretty steady, with tech- Almost the entire list broke precipitately late in the trading.
nical position better after the recent very heavy liquidation.
On the 23rd inst. stocks advanced in active trading 2 to
In Canada the weather has been too dry and some unfavora- 10 points as the rediscount rate remained at 5%. The reble crop reports have come from Kansas and Iowa. Argen- discount rise is postponed. To-day stocks advanced for a
tina, however, continues to undersell other exporting coun- time, but reacted later when short covering died out. The
tries. It may turn out that dry weather in Canada will call money rate was 6% all day, but funds outside could be
neutralize the increase in acreage there, especially if it is true, had at 5%. In London the tone seemed to be rather more
as is now reported, that European wheat crops will be 25 to cheerful without being at all aggressive. Reparation nego30% smaller than last year. On the other hand, American tiations are not in satisfactory shape.
supplies are large and the carryover will be so large that it is
Manchester, N. H., wired that a $3,000,000 order for
one of the principal arguments in favor of lower prices later bathing suits and sweaters from New York purchasers was
in the year. Italy has raised the duty on wheat from 57 announced by C. B. Potter, President of the local company.
cents a bushel to 733/i cents, and France from 38 cents a This will mean doubling the present force of employees.
bushel to 54 cents, of course to protect the home growers in Additional machinery also will be required. At Newmarket,
those countries from the dumping of foreign wheat. Corn N. H., the wage dispute between operatives and officials
advanced slightly as the weather at times has not been favor- of the Newmarket Mfg. Co. is now in its thirteenth week
able for seeding and corn has been steadied by the relative and threatens to injure the business interests of the town.
firmness of wheat. Seeding has been delayed and cold wet So far as surface indications go, the meeting in Newmarket,
weather has retarded germination and much replanting will arranged by Governor Tobey, which was attended by the
be necessary. Corn is still considered relatively too high representatives of the Newmarket Mfg. Co. and the striking
compared with wheat. May gained on July and the cash employees, has small prospects of an early settlement.
demand has been excellent. Other grain has developed no One group of mills at Greenville, S. C., which has been
striking features. Rye does not move for export, despite closed for the past seven weeks on account of a strike has
the fact that it is comparatively cheap. Provisions have settled its differences with the operatives and resumed
been in the main quite well sustained, though stocks of lard operations this week. These mills use about 5,000 bales
are so very large that foreign buyers are purchasing only each month so this will increase local consumption considerably. At Spartanburg, S. C., the strike of the 1,250
small lots at a time awaiting a possible decline in prices.
Coffee has somehow advanced noticeably as usual just operatives of the Brandon Mill, which started on March 27,
when the Defense Committee was supposed to be on its ended Monday afternoon, when all operatives returned to
last legs or something of the sort. Short selling here tends work. It was taken as pointing to an early end of the
to keep the committee to the fore. The dilatory tactics strikes at the Poinsett Mills and the Woodruff Mill near
of consumers may also contribute to its continuance in Spartanburg.
3422
FINANCIAL CHRONICLE
[Vol,. 128.
Charlotte, N. C. wired that with a settlement of the srike to some extent by the cool, wet weather." In part, Mr.
at the Monarch and Ottray Mills in South Carolina, it is Putnam also says:,
While it Is quite probable that some major lines will soon slacken their
believed that the epidemic of walkouts which developed in
pace, and that
down as the
that state some time ago, is almost over. At Gastonia, Present rapidthere is nothingother lines will slow present time hot weather
approaches,
that would
discernible at the
N. C. the Loray Mills, where a strike has been in progress indicate an extraordinary change in the business trend in the near future.
The stringent credit situation still continues to be the principal obstacle
for the past seven weeks, reports nearly normal production
blurring the outlook for the latter half of 1929.
unfavorable
last week, despite the fact that some of the employes are factor is the decline that has been taking place in the Anotherlevel of comgeneral
modity prices.
still on strike. The Bradon Mill operatives will return to
After showing
work on the 27th. The Proximity, White Oak and Revolu- sponding monthsfor eight months unfavorable comparisons with the correof a year ago, the building
experiencing
tion cotton mills of the Cone chain, at Greensboro, N. C., exceptional activity. Building constructionindustry is again work conand engineering
tracted for in April in 37 states east of the Rocky Mountains, according to
it is stated, will operate on a curtailed schedule beginning
the F.
$642,060,500. This figure was almost
June 1. Continued general depression in the textile in- equal toW. Dodge Corp., totaled in April last year
the amount contracted for
when new construction
dustry and inability to sell the company's products has made established a new high record for that month.
General business in Michigan, according to reports received from 109
this step necessary. Under the new plan operatives will
on a high
not work on Saturday morning, but will work 10 hours each bankers and business executives, continuedleading alllevel during the past
month. The automobile industry Is still
other lines. Metal
day for five days a week. This means a reduction of working plants generally are doing a large volume of business-gray iron
working time during a week from 55 to 50 hours. The foundries and machine shops being exceptionally busy. Chemical plants
are more active than at any time in their history. Electrical refrigeration
night shift will be affected virtually in the same manner. factories are running at capacity. A high rate of activity prevails in radio.
Indications now are that this schedule will prevail during stove, farm implement and machinery, cereal, adding machine, electrical
plants. A
June, July and August. Approximately 3,500 employes appliance, and pharmaceutical a result of healthy state of business prevails in the Upper Peninsula as
expanding operations at the iron
in the three mills are affected by the change.
and copper mines. Paper manufacturers report some improvement. A
London cabled May 19 that the Oldham Mill dispute had better tone is noticeable in the furniture industry, particularly at Grand
Rapids where the May market has brightened the outlook for the next 60
been settled and operatives would return to work at once at days. There are indications, however, that seasonal slackening will soon
reduced wages. The masters yesterday withdrew the notices take place in several lines of manufacturing.
April production of American cars and truths, as estimated by the
of a lockout at 560 plants. The situation is being examined
National Automobile Chamber
units.
and if it is decided the old rate of wages should be restored a new high record. Thirty perof Commerce, amounted to 633,424by the
cent of this number was produced
differences will be made good to the operatives. London Ford Motor Co. and 35% by the General Motors Corp. Total production
also cabled that operatives of the woolen mills of Calder for the first four months of this year amounted to 2,178,957 vehicles, also a
will show
new
While it
Valley decided to strike against the proposed 10% reduction somehigh record. the Aprilis expected that the output in May
decline from
figure, schedules now in effect indicate that
in wages. They are said to be supported by the Executive more units will be manufactured this month than In any previous May.
Committee of the National Association of unions in the Parts and accessories plants are maintaining the record-breaking schedules
established early this year.
textile trade. Breslau, Germany cabled an announcement
Workmen, skilled and unskilled, in Michigan are well employed. There
is a marked shortage of machinists and molders. Road construction,farm,
of a general lockout affecting 50,000 workers by Union of
and other outdoor work have absorbed a large number af workers. EmSilesian in Textile Industrialists to take effect Saturday. ment in the manufacturing
industries of Detroit is highly satisfactory.
On the 19th inst. the Mississippi River rose two feet at Ford employment is not far from the peak reached last February.
Electrical energy consumed by Michigan manufacturing plants In April
St. Louis. Government flood warnings were issued last
totaled 232.894,000 k.w.h., a gain of
Sunday night to communities along the Mississippi and rail- the preceding month, and more than approximately 4%,as compared with
33% above the amount consumed in
roads entering St. Louis reported crippled service from tor- April last year.
Navigation on the Great Lakes is now in full swing and anticipations of a
rential rains, which caused washouts and a landslide and
record year in shipping are high.
Traffic passing
carried away a bridge. A Stage of 36 feet on the 22d inst. at in the latter half of April totaled 4,405,916 tons. through the Sault canals
St. Louis was forecast six feet above the flood mark. The
Building permits issued in 22 of the principal cities in Michigan In the
river reached 32.1. Two years ago the Mississippi reached month of April had a total value of $26,269,680, as compared with $17,113,614 In March and $18,824,021 in April, 1928.
36.1, but there is no expectation of a flood in the lower valley
Weather conditions during the past few weeks have retarded farm work
such as claimed many lives and damaged much property. In most Parts of the State. Frosts have injured strawberries, cherries and
At Hermann the Missouri River stood at 2534 feet on Sun- other fruits in some sections but not to any serious extent. As a whole, the
agricultural outlook is fair to good.
day night, a rise of 4feet9inches in 24 hours. Dallas,Texas,
Retail and wholesale distribution have been holding up well despite the
reported that the swollen Red River indicated a flood men- unseasonable weather. Most lines are enjoying a larger volume of business
with
Collections
ace over extreme northeastern Texas and Southwestern Ar- compared year.this time a year ago. builders' andare also better than they
were last
general hardware, elecDry goods, paper,
kansas.
trical supplies, shoes, drugs, and bakers' and confectioners' supplies are
Memphis wired the Associated Press on May 21 that making the best showing, while men's wear continues to lag. Trade prospects
swollen streams had spread anxiety over low-lying sections resortin Michigan are brightened by the outlook for a large tourist and
business.
of several States, but hundreds of men working at dangerous
points in the levee system had succeeded in preventing any
Annalist's Weekly Index of Wholesale
fresh breaks. The most desperate fights were along the
Commodity Prices.
Mississippi River. Ten miles south of Hickman, Ky., the
The Annalist Weekly Index for Wholesale Commodity
Old Reelfoot levee was crumbling and engineers sought a Prices is
143.2, a drop of 0.4 points from last week (143.6)
way to let the water flow through it gradually and against a and a drop of
7.8 points from last year at this time (151.0).
new dyke a quarter of a mile to the east. If this can be
In presenting its index the "Annalist" also says:
accomplished it is believed a crevasse can be averted in that
The farm products group again leads the decline with a drop of 0.7 points
stretch of the embankment which portects a large acreage and every commodity group with the exception of the miscellaneous group
is either lower or the same as last week. Declines in corn, rye, wheat,
in Lake County, Tenn. A break at Mounds Landing would steers, hogs, lambs,
potatoes and
a disastrous price week for
mean the flooding of great areas in fertile Yazoo Valley. the farmers; sympathetic declines wool made itproducts group through dein the food
clines In pork loins, veal, lemons, lard and potatoes, followed moderately
It was a break at this point that devastated the valley in
1927. Only two Mississippi Valley floods after May 15 the same downward trend. A drop in gasoline prices from 19.60 cents to
19.40 cents was the important price movement in the remaining groups.
have been recorded, General Jadwin, Chief of Army Engi- THE ANNALIST WEEKLY
INDEX OF WHOLESALE COMMODITY PRICES
neers, said.
(1913 Equals 1003
To-day was clear until the evening when a sudden rain
May 211929. May 14 1929. May 22 1928.
Farm products
138.5
156.6
137.8
squall struck the town. Temperatures were 54 to 70. The Food products
144.4
153.5
144.3
154.6
149.6
148.9
storm was brief and the total rainfall small. There were Textile products
Fuels
159.2
101.5
161.1
Metals
128.4
120.7
128.3
heavy rains in parts of Texas, but in general the weather at Building materials
154.8
153.6
153.6
the South was clear. Temperatures overnight were 50 to Chemicals
135.2
135.2
135.2
Miscellaneous
115.5
131.2
131.5
64 at Boston, 48 to 68 at Chicago, 64 to 76 at Cincinnati, All commodities
151.0
143.6
143.2
60 to 72 at Cleveland, 64 to 80 at Kansas City, 54 to 72 at
Philadelphia,50 to 72 at Seattle, 62 to 80 at St. Louis and 48 Index of Retail Food Prices
-April Figures Slightly
to 66 at St. Paul.
Below Those of Previous Month.
The retail food index issued by the Bureau of Labor
W. W.
Putnam of Union Trust Co., Detroit, Finds Busi- Statistics of the United States Department of Labor as we
ness Proceeding at Good Rate-Business Condi- indicated in our issue of May 18, page 3266, shows for April
tions in Michigan.
15 1929 a decrease of a little less than 1% since March 15
"The general business of country is proceeding at a good 1929; a decrease of about 1-3 of 1% since April 15 1928,
rate," observes Wayne W.Putnam, Asst. Vice-President of and an increase of approximately 55% since April 15 1913.
the Union Trust Co., of Detroit, who adds that "industry is The index number (1913 equals 100) was 152.1 in April 1928,
taking the lead and is being followed closely by trade, though 153 in March 1929 and 151.6 in April 1929. The index
its normal movement for the past month has been retarded numbers back to 1907, follow:
MAY 25 1929.]
INDEX NUMBERS OF RETAIL PRICES OF THE PRINCIPAL ARTICLES
OF FOOD IN THE UNITED STATES (1913=.100.0).
-and of the hydro-electric
Power Co. and Saint John River Power Co.
plants of the International Paper Co. group.
International Hydro-Electric System.
180.8
178.8
179.3
183.3
k.iD
MOZSOVOCWOOO-4
....
............. tVWW WOO
sno
o
oowwwwo5
wow.oa4.00
i'imiebiDET.C.WOboiDOW..i.EoioWimbaok.b
The production of electric energy in April of this year of International
Hydro-Electric System-controlling Canadian Hydro-Electric Corp., Ltd.,
78.1
-was 44% greater than that of the system
---- 74.3 74.4 76.7 81.4 87.2 86.3 -- and New England Power Assn.
78.1
---- 78.1 76.9 77.6 83.0 89.6 85.5 -- In April, 1928; and for the first four months of this year it was 50% over
81.3
-- 82.7 82.9 82.0 88.5 91.3 90.1
_--- 91.6 94.5 91.4 93.6 94.6 93.8 -- that of the same period of last year. International Hydro-Electric System
84.6
---- 85.1 91.3 89.3 91.0 95.5 87.9 -- Is the new company recently formed as a subsidiary of International Paper
84.8
93.691.2 90.5 90.6 93.5 97.4 97.7
and Power Co. to control New England Power Assn., serving the heart
0
10 :6 100.0 Imo 100.0 100.0 100.0 look 10 :6 of industrial New England, and Canadian Hydro-Electric Corp., Ltd.,
0
100.0
104.1 104.6 101.8 101.7 102.2 100.5 94.4 103.6
103.0
operating in a thriving and rapidly growing section in Quebec and the
101.4
100.0 96.4 99.8 97.2 97.5 99.2 93.4 105.0
107.4
106.0 108.3 108.4 109.2 110.7 102.2 103.0 116.7 eastern part of Ontario between Ottawa and Montreal, and also in the
125.5
129.8 151.7 151.0 142.2 134.5 125.4 127.2 150.4 Province of New Brunswick.
155.1
170.2 185.7 195.9 178.1 177.0 156.2 150.7 162.4
104.1
New England Power Association.
166.9 201.4 205.2 198.5 193.0 174.2 177.0 192.8
167.7
151.2 201.4 193.7 206.3 209.9 187.6 183.0 188.2
New England Power Assn. produced 125,188,000 kilowatt hours of
147.0
118.2 166.2 158.2 181.4 186.4 164.0 135.0 153.9
139.4
105.8 157.1 147.4 181.4 169.0 147.2 125.1 148.9 electric energy in April. an increase of 20% over the output of the Associa143.4
106.6 144.8 144.8 169.1 164.3 155.1 144.7 167.0 tion in April, 1928, and 41% over that of April, 1927. In the first four
145.5
109.1146.7 139.6 168.4 165.7 155.1 135.0 159.7 months of this year, the production of New England Power Assn. was
149.5
114.1 174.3 173.0 195.5 171.8 157.3 143.1 168.1
153.0
120.7 148.1 186.3 213.4 182.2 157.3 138.6 165.6 502,112,000 kilowatt hours, 16% greater than in the corresponding period
158.1
127.3 175.2 174.8 204.5 173.2 158.4 145.2 170.1 of 1928 and 43% greater than in the first three months of 1927.
176.8
157.0 165.7 163.0 196.7 175.6 159.6 147.5 174.2
165.2
142.1149.0 165.2 192.2 172.8 160.7 150.9 177.4
Canadian Hydro-Electire Corporation, Ltd.
187.2
144.6 140.5 161.9 190.3 174.6 160.7 147.0 177.4
146.3 136.2 159.3 187.7 174.6 159.6 149.6 174.2
Canadian Hydro-Electric Corp., Ltd., produced 165,345,000 kilowatt
187.2
147.9 149.0 158.9 188.1 177.0 158.4 143.9 172.9 hours of electric energy in April, an increase of 70% over the output of the
168.7
172.2
150.4 168.6 159.6 190.3 177.0 158.4 142.6 172.4 Corporation in April, 1928. In the first four months, the Corporation
152.9 165.7 160.0 192.2 174.2 157.3 140.7 172.4
175.3
157.9 177.6 162.6 198.5 172.3 158.4 141.8 173.3 generated 661.384,000 kilowatt hours, practically double its output in
181.8
162.0 190.0 165.9 204.5 172.8 158.4 144.7 173.8 the corresponding period of last Year.
184.8
188.9
170.2 211.0 168.1 208.2 177.9 159.6 150.4 175.1
185.9
171.9 179.0 167.8206.7 177.9 159.6 150.1 175.6
171.9 170.0 164.8 203.0 178.4 160.7 152.2 174.2
183.3
168.6 149.0 160.4 198.5 177.9 160.7 154.8 174.2 Life Insurance Sales in United States Gain 12% in
180.3
WW -4W
A.OW.
..mmo
000m.a.4.2.4o
owoo 0000ovocomov.oepro^a.4vow0mouoom.4c....co
.0..oc.woo..4o..w0000m.o.s.ao
;-,
eaki4O balsb4.6b666W4, 64.00OL:boiabtobtab
SirButYear and loin Rou'd Rib Ch'k Plate Pork BaMonth. steak steak roast roast beef chops con Ham Hens Milk ter Clete
71.5
1907
1908
73.8
78.8
1909
80.3
1910
1911
80.13
91.0
1912
100.0
1913
102.0
1916
101.1
1915
107.5
1916
124.0
1917
153.2
1918
1919
184.2
172.1
1920
1921
152.8
1932
147.2
1923
153.9
1924
155.9
1925
159.8
1926
162.6
1927
167.7
1928
188.2
Jan
174.8
Feb.... 176.4
March-. 176.8
ADM-.178.3
181.5
May
June
186.6
July
195.7
Aug_.._ 200.8
Sept
203.9
Oct
198.0
Nov
193.3
Dee.- 189.8
1929
Jan
190.6
Feb-- 188.2
March_ 188.6
AprIl
192.9
3423
FINANCIAL CHRONICLE
170.2 153.8 159.3 200.0 184.0 180.7 150.7 173.8
167.8 157.1 158.2 199.6 188.4 160.7 152.7 172.9
167.8 167.6 158.9 201.9 190.1 160.7 152.2 172.9
170.2 177.1 160.4 203.3 196.2 159.6 145.4 172.4
INDEX NUMBERS OF RETAIL PRICES OF THE PRINCIPAt
ARTICLES OF FOOD IN THE UNITED STATES.
Weighted
Food
Index
April.
In making public on May 22 its figures of life insurance
sales in April, the Life Insurance Sales Research Bureau of
Hartford states that a period of general prosperity is being
Life insurance is
experienced throughout the country.
sharing the general increase and sales of ordinary life insur-
ance increased 9% during the first 4 months of 1929 over the
same period in 1928. The Bureau further says:
1007
80.7 84.1 -- 95.0 87.6
82.0
It is predicted that the peak of the general prosperity will be reached soon
1908
80.5 86.1 --- 101.5 92.2
84.3
1900
90.1 92.6 -109.4 93.9
and that the later months of 1929 will see a gradual decline. Life insurance,
88.7
1916
103.8 97.7 --__ 108.2 94.9
93.0
---- ---however, is not a commodity that is influenced by the decline of prosperity
1911
92.0
88.4 98.5 ---- 101.6 94.8
---- ---as are other industries. It is sold to meet the human needs and furnishes
1012
93.5 98.9105.2 101.6
97.6
the policyholder with a safe investment and a means of insuring his business
1913
loos 100.0 loos 100.0
iiiiii
100.0 100.0
100.0
1014
98.6 102.3 112.5 103.9 105.1
102.4
100.4 99.7
against future reverses.
1915
03.4 98.7 125.0 125.8 108.4
101.3
100.2 100.6
Sales of ordinary life insurance during April show a 12% increase over
1918
111.0 108.8 130.4 134.8 112.6
113.7
100.4 100.3
thesame month oflast year. 71% ofthe reporting companies show increased
1917
174.9 139.4 164.3 211.2 192.2
146.4
106.9 101.4
sales in this month and all sections of the country report gains of at least
1918
210.8 184.9 175.0 203.0 226.7
168.3
119.1 102.4
ordin1919
233.5 182.0 178.6 218.2 213.3
185.9
128.9 145.3
4% over April 1928. For the first four months of 1929 the volume of
1920
186.7 197.4 205.4 245.5 216.7
134.7 157.7 203.4
ary life insurance sold in the United States was 9% greater than sales in the
1921
113.9 147.5 176.8 175.8 150.0
153.3
128.1 121.8
same period in 1928. Every section also gained during this period.
1922
107.6 128.7 155.4 154.5 130.0
141.6
125.2 121.1
country has
1923
112.0 134.8 155.4 142.4 136.7
146.2
The 12 month period ending April 30 1929 shows that the
127.8 126.5
1924
145.9
131.4 145.3
120.3 138.6 157.1 148.5 166.7
purchased 7% more insurance in the past year than in the preceding 12
1925
147.5 161.0 167.9 184.8 180.0
157.4
138.8 172.8
are issued by the Life Insurance Sales Research
month period. These figures
141.0 171.1
160.6
1926
138.6 140.6 187.9 181.8 170.0
Bureau and are made possible through the co-operation of companies having
142.5 162.1
155.4
1927
122.2 131.0 166.1 166.7 173.3
164.3
142.3 185.1
1928
117.7 134.5 162.5 163.6 176.7
in force 88% of the total ordinary life insurance outstanding in the United
142.3 162.8
155.1
Jan ___ 119.6 162.0 164.3 160.6 173.3
States.
142.1 163.1
151.6
Feb-.115.8 124.9 164.3 160.6 173.3
-The New England States increased their sales 4% in
New England.
151.4
142.3 163.8
March__ 112.7 107.2 162.5 160.6 173.3
141.9 184.1
152.1
April over April 1928. The largest increase, 10%, was made in MassaApril
112.7 103.8 182.5 183.6 176.7
141.9 164.4
153.8
May ___ 114.6 106.7 162.5 189.7 178.7
chusetts. Massachusetts pays for over half the business sold in New Eng1,42.1 165.1
152.8
June ___ 115.2 112.5 164.3 172.7 176.7
land. A section gain of 6% was made in the first four months of 1929
142.3 165.1
152.8
July__ 118.5 120.6 164.3 169.7 176.7
over the same period in 1928. Rhode Island shows the largest increase,
142.3 185.8
154.2
-118.4 130.4 164.3 163.6 176.7
Aug142.3 168.1
Sept --- 122.2 1413.1 162.5 160.6 176.7
157.8
10%,for this period and also the largest increase,8%,for the twelve-month
142.5 166.4
Oct -_-. 123.4 157.4 162.5 167.6 178.7
156.8
period ending April 30 1929.
Nov -.120.9 171.9 102.5 154.5 176.7
142.3 166.8
157.3
-The Middle Atlantic States pay for over one-third of
Middle Atlantic.
Dec..-- 118.4 169.3 160.7 154.5 178.7
142.1 166.8
15,5.8
increase
1929
the total new business sold in the country. This section shows an
Jan L 117.1 146.7 180.7 154.5 176.7
142.8 166.1
164.6
of 16% for the month over April 1928. Every State in this section shows
Fab-.118.5 142.3 160.7 114.5 176.7
142.8 166.1
164.4
first four months and the last
substantial increases for tho month, the
March_ 116.5 122.0 160.7 154.5 178.7
142.8 166.4
153.0
twelve-month period over the same periods in the preceding year.
Apr11- 117.1 108.7 160.7 154.5 176.7
142.6 186.4
151.6
-The East North Central States show the large
East North Central.
monthly increase of 16%,the same monthly increase made by the Middle
the
Atlantic States. For the first four months of 1929 this section leads
New England Power Association Output in April 1929 country with a 14% increase over the same months in 1928. This section
Exceeds That of April Last Year By 20%.
gained 11% in the twelve-month period which ended April 30 1929, and led
all sections in this period also. Next to the Middle Atlantic States this
The New England Power Assn., controlled by International
section pays for the largest volume of insurance of any section in the
Power Co., produced 125,188,000 kilowatt hours of country.
Paper
-The West North Central States show a4% increase
West North Central.
electric energy in April, an increase of 20% over the output
over sales in April 1928. The greatest monthly gain of this section was
of the Association in April, 1928, and 41% over that of made by Nebraska with a 14% increase. For the first four months sales
April, 1927. Under date of May 21 the International in this section increased 2% over the same period in 1928. For the twelvemonth period ending April 30 1929 sales in this section increased 3% over
Paper & Power Co. also says:
period.
In the first four months of this year,the production of New England Power the preceding twelve-month
South Atlanttc.-This section gained 4% in April over April 1928. For
Association was 502,112.000 kilowatt hours, 16% greater than in the
States gained 2%. Maryland shows
corresponding period of 1928 and 43% greater than in the first three months the first four months of 1929 these
the largest gain in this section for both the month and the year to date.
of 1927.
peril:id just ended this section fell slightly below the
General industrial conditions in the New England States in the first For the twelve-month
twelve-month period.
four months of this year were considered highly satisfactory. The reports of volume sold in the preceding
-The East South Central States gained 4% in April
East South Central.
over one hundred industrial organizations issued thus far show an increase
Alabama share this monthly increase. DurIn combined net income for the first quarter of nearly 30% above the same over April last year. All but
this section increased its production 1%
period of last year. This favorable showing Is the result of record production ing the first four months of 1929
over the same period in 1928. For the twelve-month period just ended
On a large number of industries as well as the maintenance of firm and rising
the section increased 2% over the preceding twelve months.
prices.
IVest South Central.
-This section recorded a monthly increase of 8%
over April 1928. The production in the first four months of 1929 just
Output of Electric Energy of International Paper equalled sales in the same period of 1928. For the twelve-month period
April
just ended the section shows slightly increased sales over the precorling
and Power Co. Increased 36% Over April, 1928.
twelve-month period.
International Paper and Power Co. system produced
The
-The Mountain States gained 14% in April over April 1928.
Mountain.
366,602,000 kilowatt hours of electric energy in April, an Utah and Arizona with monthly increases of.54% and 38%, respectively,
show the largest increases of all States. The Mountain section increased
increase of 36% over the output of the system in April, 1928. its sales 10% during the first four months of 1929. Every State recorded
In the first four months of this year, the company generated Increased sales during this period. For the twelve-month period just ended
preceding twelve-month period.
1,453,588,000 kilowatt hours, 37% greater than in the sales in this section increased 7% over the
Pacific.-Thie section shows an average monthly increase of 15% in
of last year. The Association advices April over April 1928. 'For the first four months of 1929 this section
corresponding period
gained 11% over the same period in 1928. For the twelve-month period
May 24 add:
Included in the output figures are those of New England Power Associa- just ended the Pacific States gained 7% over the preceding twelve-month
Corp., Ltd.
-controlling Gatineau periad.
tion, of Canadian Hydro-Electric
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3424
FINANCIAL CHRONICLE
$1.768,446,000
359,758,100
8784,493,900
983,952,100
$282,379,800
206,749,000
108,786.300
39,753,200
26,061,700
38,248,900
82,515,000
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$928,892,800
721,246,900
0 000 Or.
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$322,215,300
243,267,800
107,704,900
29,564,700
49,124,500
28,106,400
48,909,20(1
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Month of April.
Classification.
.i4 ca'
81.339,103,900
1,361.044,700
272,863,700
2,946,100
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70.264 153.417,229,800 I 76,987 153,567,783.800
$1,304,226,100
1,478,774,200
$413,036,400
430,866,400
163,191,500
77,451.700
114,329,900
59.658,900
80,569,100
W
00
Al...
52,783,000,300
784,783,500
$433,249,000
293,725,300
187,880,600
93,126,700
94,907,500
75.877,600
125,459,400
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$656,536,800
174,959,600
$831,496,400
N
.
an
023(0el
$768,545,100
171,704,000
8940.249,100
d 4
870,552,500
69,761.400
56,477,700
21,256,900
26.654,700
17,559,600
19,429.200
1$t
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8281.692.000
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18,228,772 17.512,987
.1:
.
t3
$297,665,900
358,870,900
$107,327,500
50.811,300
58.473,500
23,829,200
20,807,900 12,906,900
23,509,600
.4
122,838,000
150,025,700
MsciEa.
i 2UR ngloi a.a
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56,583,300
31,882.500
17,344,100
3,456,200
4,198,000
3,287,100
84,519,000
462,200
84,981,200
32,787,800
51,731,200
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Coal loading totaled 159,155 cars, a decrease of 558 cars below the same
week in 1928 and 3,866 cars under the same period two years ago.
Livestock loading amounted to 26,305 cars, a decrease of 759 cars below
the same week in 1928 and 2.851. cars below the same week in 1927. In
the Western districts alone, livestock loading totaled 21,221 cars, a decrease of 155 cars below the same week in 1928.
Grain and grain products loading amounted to 36,955 cars, a decrease
of 5,168 cars under the same week in 1928 and 3,270 cars below the same
week in 1927. In the Western districts alone grain and grain products
loading totaled 24.199 cars, a decrease of 3,951 cars below the same week
in 1928.
Loading of merchandise less-than-carload-lot freight totaled 264,028
cars, an increase of 2,830 cars above the same week in 1928 and 1.893
cars over the same week in 1927.
Forest products loading amounted to 69,409 cars, 2,235 cars above the
same week in 1928 but 1,585 cars under the same week in 1927.
Ore loading amounted to 71,595 cars, 33,344 cars above the same week
Iii 1928 and 13,211 cars over the same week two years ago.
Coke loading totaled 12,475 cars, 2,228 cars above the same week last
year and 1,567 cars over the corresponding week two years ago.
All districts except the Southern reported increases in the total loading
of all commodities compared with the same week in 1928, while all except
the Pocahontas and Southern districts reported increases compared with
the same week in 1927.
Loading of revenue freight in 1929 compared with the two previous
years follows:
1929.
1928.
1927.
Four weeks in January
3,570,978
3,448,895 3,756,660
Four weeks in February
3,767,758
3,590,742
3,801,918
Five weeks in March
4,807,944
4,752,559
4,982,547
Four weeks in April
3,983,978
3,740,307
3,875,589
Week ended May 4
1,050,192
978,053
1,024,761
Week ended May 11
1,047.922
1,002,411
1,029,424
April Automobile Production the Heaviest on Record.
April production (factory sales) of motor vehicles in the
United States, as reported to the Department of Commerce,
was 620,656 or the heaviest on record for any month. Of
this 537,225 were passenger cars, 81,977 trucks, and 1,454
taxicabs. In April last year the output was only 410,104.
For the four months to April 30 there has been an expansion of over 50% as compared with the corresponding period
last year, the make of vehicles in the four months of 1929
having been 2,072,941 against only 1,378,942 in the four
months of 1928.
The table below is based on figures received from 151
manufacturers in the United States for recent months,47
making passenger cars and 118 making trucks (14 making
both passenger cars and trucks). Figures for passenger cars
included taxicabs (until the end of 1928) and those for trucks
include ambulances, funeral cars, fire apparatus, street
sweepers and busses. Canadian figures have been supplied
by the Dominion Bureau of Statistics, since January 1926.
AUTOMOBILE PRODUCTION.
(Number of Machines.)
United States.
Total.
1928.
Yanuary
February
March
April
231,728
323,796
413,314
410,104
Passenger
Cars.
Trucks.
205,646
291,151
371.821
364,877
25.082
32,645
41.493
45,227
Loading of Railroad Revenue Freight Continues in
Excess of 1,000,000 Cars a Week.
Loading of revenue freight for the week ended May 11
totaled 1,047,922 cars, the Car Service Division of the
American Railway Association announced on May 21.
This was a decrease of 2,270 cars under the preceding week
this' year, with coal, coke, forest products, and ore showing
increases, but livestock, grain and grain products, merchandise, less-than-carload-lot freight and miscellaneous
freight reporting decreases. Compared with the corresponding week last year, loading of revenue freight for the
week was an increase of 45,511 cars and an increase of 18,498
cars above the corresponding week of 1927. Additional
details follow:
Miscellaneous freight loading for the week totaled 408.000 cars, an
Increase of 11,359 cars above the corresponding week last year and 13,399
cars over the same week In 1927.
Canada.
Taztcabs.a
PattenTotal. ger Cars. Trucks.
b
b
b
b
8,483
12,504
17,469
24,211
6,705
10,315
15,227
20,517
1,758
2,189
2,242
3,694
Tot.(4mos.) 1.378,942 1,233.495 145.447
May
425,783
375.863 49,920
rune
3913,796
356.622 40,174
ruly
392,086
338,792 53,294
August
461.298
400.593 60,705
3epteraber
415,314
358,891 56,423
3ctober
397,284
340,146 57,138
govember.-_
257,140
217,454 39,686
December.._
234,115
205,993 28,123
_-__
b
b
b
b
b
b
Ia
b
62,847
33,942
28,399
25,228
31,245
21,193
18,536
11,789
9.425
52,784
29,764
25,341
20,122
24,274
18,572
13,016
8.154
8,734
9,883
4,178
3,058
5.104
6.971
4,621
5,520
3.615
2,691
rota'(year). 4,358.759 3,827,849 *530,910
---- 242,382 106,741
45,641
1929.
ranuary
February-___
garch
April
*401,030
•466,348
*584,907
620,656
*347,352 *51.584
*405,708 *58,532
513,266 *69,733
537,225 81,977
Tnt.(4 mos.) 2.072.941 1.803.381 281.825
18,470,899
0
55,831 1275,809.800 51,897,889,800 I
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Contemplated Projects.
0
.
0 0;4;
Total construction
_
•
1 151
.D.,
_
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4
$489,933,600
152,126,900
$642,060,500
1
z
$233,153,900
256,779,700
.
.N
ft•
877.988,400
68,229,500
29,857,100
6,976,600
24,807,100
10,687,600
14,607,600
i
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116,920,300
197,117,400
47,936,000
29,408,600
17,216,300
5,253,500
3,541.900
4,635,200
Contracts Awarded.
i .r..
,. 1$1 8828888 88
§- !idlidtr,dd rig'
OKI 0.0.elv..0.1'0. cslcm
I 94,267,400
213,100
94,480.500
•
I
.6
$525,736,100
117,401,000
$643,137,100
in
m
$249,149,900
$82,757,700
85.093,400
32,885,400
10,436;200
5,846,500
12,170,700
19,960,000
Construction Contracts Awarded in April Close to 1928.
Total construction contracts awarded during April in the
37 Eastern States amounted to $642,060,500, according to
statistics compiled by the F. W. Dodge Corp. In April 1928
these construction contracts aggregated $643,137,100. For
the four months of 1929 the contracts awarded foot up
$1,897,889,800, as compared with $2,128,204,100 in the
corresponding four months of 1928.
We give below tables showing the details of projects contemplated in April and for the four months of this year, as
compared with the corresponding periods a year ago, following which we give other tables showing the contracts awarded
for the same periods. These figures, it is stated, cover 91%
of the total United States construction.
[Vol,. 128.
2,084
2,108
1,908
1,454
21,501
31,287
49,621
41,901
17,164
25,584
32,833
34,392
4,337
5,703
7,788
7.509
7.534 125 210
Ina 072
95 227
• Revised.
a Includes only factory-built taxicabs, and not private passenger cars converted
Into vehicles for hire. b Included with passenger cars.
Lumber Movement in Slight Decline.
Lumber orders reported for the week ended May 18 by
537 softwood mills totaled 338,553,000 feet, as compared
with a report of 354,542,000 from 546 mills the week earlier,
according to the National Lumber Manufacturers Assn.
Shipments, as reported for the two weeks were, respectively,
359,809,000feet and 362,543,000;and production 356,919,000
and 370,653,000.
Reports from 240 hardwood mills, as against 320 units
reporting the week before, give new business as 48,799,000,
compared with 46,243,000 the previous week. Shipments,
as reported for the two weeks were, respectively, 47,230,000
feet and 47,797,000; and production 47,027,000 and 46,596,000. The Association statement continues:
MAY 25 1929.]
FINANCIAL CHRONICLE
3425
Unfilled Orders.
abundant Winter wheat harvest which is now almost in sight. The opinion
Reports from 413 softwood mills give unfilled orders of 1,227,751,000 is expressed that this surplus had been accumulated on the chance that
feet, on May 18, or the equivalent of 24.7 days' production. This is based large Winter killing in the United States would have reduced the prospects
upon production of latest calendar year-300
-day year—and may be com- of the new crop. Since the Government's report has shown last Winter's
pared with unfilled orders of 518 mills for the week ending May 11, of abandonment of acreage to have been much below the average,the surplus
has become extremely burdensome.
1,434,549,000 feet, the equivalent of 25.6 days' production.
There seems, according to Beerbohm, to be no eager desire of consumers
Under a new system of reporting lumber statistics now going into effect,
reports published will include hereafter certain statistics from a number of to acquire it. Yet on the other hand there are no heavy offers on this
Identical mills in each region.
side of the water, because shippers do not yet feel able to compete in the
Two hundred and forty-six such identical softwood mills report unfilled exnort market with Canada and Argentine supplies.
orders as 793,494,000 feet, as compared with 814,622,000 for the same week
Thus far it does not appear to the British market that the farm relief
a year ago. Last week's production of 287 identical mills was 238,068,000 bill could in any real way help American growers to obtain better prices
feet, and a year ago it was 229,529,000; shipments were respectively. 237,- for their grain on international markets. The feeling is that discussion
770,000 feet and 249.031,000; and orders 213,241,000 and 256,531,000. In of such a measure had encouraged growers to hold their grain this season,
the case of hardwoods, 225 identical mills reported production last week in accordance with what seems to be the underlying principle of the bill,
and a year ago, 43,253,000 feet and 42,051,000; shipments 44,621,000 and and that they certainly have not been benefited by so doing. The increase
40.500.000; and orders 46,998.000 and 39,619,000.
of some 16,000,000 bushels officially foreshadowed for the American Winter
wheat yield this year over last year's actual harvest is a further depressing
West Coast Movement.
influence on prices.
The West Coast Lumbermen's Association wires from Seattle that new
Crops in Europe are making slow progress, but on the whole their conbusiness for the 203 mills reporting for the week ended May 18 totaled dition is not unsatisfactory, and it is believed that warm weather will soon
197,456,000 feet, of which 66,854,000 feet was for domestic cargo delivery, bring the crops up to about the average condition. The world's wheat
and 37,022,000 feet export. New business by rail amounted to 81,913,000 surplus for the year ending next July is estimated at 147 million quarters
feet. Shipments totaled 207,163,000 feet, of which 75,496,000 feet moved of eight bushels, the world's requirements at 106 millions, whereas shipcoastwise and intercoastal, and 35,788,000 feet export. Rail shipments ments to date aggregate 83 1-3 millions, leaving the quantity still to be
totaled 84,212,000 feet, and local deliveries 11.667,000 feet. Unshipped disposed of at 22% millions.
orders totaled 780,409,000 feet of which domestic cargo orders totaled 309.Beerbohm's estimate of the probable surplus to remain in hand at the
270,000 feet, foreign 235,180.000 feet and rail trade 235,959,000 feet. end of July is 41 million quarters: the Agricultural Institute at Rome puts
Weekly capacity of these mills is 233,149,000 feet. For the 19 weeks ended it at 4631 millions.
May 11, 139 identical mills reported orders 9% over production. The
same mills show a decrease in inventories of 5.3% on May 11, as compared
with Jan. 1.
Enormous World Trade in Wheat—Study by Food
Southern Pine Reports.
Research Institute of Stanford University, Calif.
The Southern Pine Association reports from New Orleans that for 145
International wheat prices remained at the lowest level
mills reporting new business taken during the week amounted to 61,861,000
feet, (previous week 61.970,000); shipments 61,097,000 feet (previous week since 1923-24, between the months of December 1928 and
68.702,000); and production 63,724,000 feet. (previous week 66,844,000).
The Western Pine Manufacturers Association of Portland, Ore., reports April 1929, according to a study recently issued by the Food
production from 37 mills as 37.281,000 feet. Thirty-four mills the week Research Institute of Stanford University, Calif.
In anearlier reported production as 35,090.000 feet: Shipments were about the nouncing this the Institute says:
same last week. with a considerable decrease in new business.
The prevailing wide margin between exportable wheat surpluses and imThe California White & Sugar Pine Manufacturers Assn. of San Francisco,
reports production from 20 mills as 27,432,000 feet. Eighteen mills the port requirements changed only a little. Nevertheless there were fairly
Wide fluctations in prices. An extraordinarily cold winter throughout
previous week reported production as 22,723,000 feet. Shipments showed
some increase last week, while new business was about the same as for the the Northern Hemisphere seemed likely at the time to have damaged
winter wheat sowings, and this situation led to an increase of prices from
week before.
The Northern Pine Manufacturers Assn. of Minneapolis, Minn., reports early January to mid-February. The advance was considerably greater
production from 9 mills as 10,584,000 feet, and for the week earlier 10,475,- in Chicago and Winnipeg than in Liverpool and Buenos Aires. After mid.000. Shipments were slightly less last week, and new business showed a mid-February a sharp decline occurred and continued through the first
third of May. It was nearly as great in Liverpool as in Chicago, but was
notable increase.
The Northern Hemlock and Hardwood Manufacturers Assn. of Oshkosh smaller in Winnipeg. The decline seems to have been due not to a change
Wis., (in its softwood production) reports production from 31 mills as in conditions of demand and supply for the present crop year, but rather
4,004,000 feet. Twenty-five mills the preceding week reported production to an accumulation of evidence tending to show that winter wheat had
as 2,099,000 feet. Shipments were somewhat larger last week, with new not suffered unusual damage from the cold winter. Other factors were
important in the decline; the most noteworthy of these was the pressure of
business about the same as that reported for the previous week.
The North Carolina Pine Assn. of Norfolk, Va., reports production from extraordinarily heavy stocks in exporting countries. This pressure began
75 mills as 11,589,000 feet. Seventy mills the previous week reported to be felt especially when the new Argentine crop began to move in large
production as 9,780,000 feet. Shipments showed more than a 50% in- volume in late February.
International trade in wheat and flour was of record volume, as it had
crease last week, and new business a slight decrease.
The California Redwood Assn. of San Francisco, reports production from been in earlier months. Prevailing low prices encouraged importation and
13 mills as 8,078,000 feet, and for the preceding week 8,382,000. Ship- consumption, especially in ex-European countries. These imported much
more wheat and flour than ever before. But in spite of the record shipments and new business showed noticeable decreases last week.
ments, the accumulation of stocks in exporting countries remained extraHardwood Reports.
ordinarily large. The prices of representative wheats in the United
The Hardwood Manufacturers Institute of Memphis, Tenn., reports States were relatively too high to permit exportation in a volume conproduction from 209 mills as 38,517.000 feet. For the previous week 254 sistent with the available supplies, and here the accumulation of stocks in
units reported production as 34,656,000 feet. Shipments and new business commercial channels was particularly striking.
were larger last week.
The volume of world trade for the crop year now seems likely to prove
The Northern Hemlock and Hardwood Manufacturers Assn. of Oshkosh, by far the largest in history. Net exports will probably approximate 950
Wis., reports production from 31 mills as 8,510,000 feet. Thirty-seven million bushels, around 100 million bushels more than ever before. Yearunits the week earlier reported production as 7,675,000 feet. There were end stocks also seem likely to be of record size, with the greatest accumulanotable increases in shipments and new business last week.
tion in the major exporting countries. Increased wheat consumption
Detailed softwood and hardwood statistics for reporting mills of the for food and feed in 1928-29 seems not to have caught up with increased
comparably reporting regional associations will be found below;
production.
LUMBER MOVEMENT FOR 20 WEEKS AND FOR WEEK ENDED
MAY 18 1929.
Production.
Shipments.
Orders.
Association—
Feet.
Feet.
Feet.
Southern Pine (20 weeks)
1,310,177,000 1,363.810,000 1,394,321,000
Week (145 mills)
63,724,000
61,097,000
61,881,000
West Coast Lumbermens(20 weeks)-- _3,432,155,000 3,462.816,000 3,595,948.000
Week (207 mills)
194,227,000 208,740,0(X) 203,501,000
Western Pine Manufacturers(20 weeks). 598,003,000 655,148,000 686,042,000
Week (37 mills)
37,281,000
36,140,000
28,808,000
California White & Sugar Pine(20 weeks) 407,062,000 530,460,000 541,801,000
Week (20 mills)
27,432,000
19,851,000
17,264,000
Pine Manufacturers(20 weeks) 112,752,000 162.557,000 168,413,000
Northern
Week (9 mills)
10,584,000
8,802,000
7,511,000
Northern Hemlock <lc Hardwood (softwoods) (20 weeks)
90,931,000
74,375,000
82,697.000
Week (31 mills)
4,004,000
3,765,000
2,332,000
North Carolina Pine (20 weeks)
204,627,000 196,542,000 181,434,000
Week (75 mills)
11,589,000
13,280,000
8,562.000
California Redwood (20 weeks)
148,816,000 144,313,000 162,731,000
Week (13 mills)
8,078,000
8,154,000
8,694,000
Softwoods total (20 weeks)
6,304,523,000 6,590,021,000 6,811,387.000
Week (537 mills)
356,919,000 359,809,000 338,533,000
Hardwood Mfrs.' Institute (20 weeks).- 783,802,000 867,847,000 888,133,000
Week (209 mills)
38,517,000
41,246,000
44,225,000
Northern Hemlock & Hardwood (hard263,152,000 186,211.000 180,104,000
woods) (20 weeks)
Week (31 mills)
8,510,000
5,984,000
4,574,000
1,046,954,000 1,054,058,000 1,068,237,000
Hardwoods total (20 weeks)
47,027,000
(240 mills)
Week
47,230,000
48,799,000
Fall in Wheat Held World Phenomenon—Unsold
Accumulations in America Main Cause of Low
Prices—Europe Has No Faith in Farm Relief
Legislation as a Support to Prices.
Special_advices to the New York "Times" from London
on May 17 stated:
The continued fall in wheat is recognized here as a world-wide phenomenon, peculiarly affecting, however, the American market. Beerbohm
points out this week that the American market has evidently become
frightened at the quantity of the old crop still on hand in the face of an
Cotton Ginned from the Crop of 1928.
Department of Commerce will shortly distribute the
The
annual bulletin on cotton production in the United States
from the crop of 1928. The statistics were compiled by the
Bureau of the Census from the individual returns collected
from 14,974 active ginneries located in 947 counties in 19
States. The final figures of cotton ginned are 14,296,549
running bales, counting round as half bales, equivalent to
14,477,874 bales of 500 pounds each.
The total as shown in the bulletin is 27,236 running bales
in excess of the preliminary figure issued on March 2.0. At.
the March canvass the ginners reported the number of bales
ginned and furnished an estimate of the number, if any,
that they expected to gin thereafter. These estimates
totaled 71,869 bales, for some ginneries amounting to as
much as 400 bales. In order that the final figures of cotton
ginned might represent the actual condition, the Bureau made
an additional canvass of the ginneries showing considerable
quantities remaining to be ginned. While in some instances
the ginners fell short of their expected ginnings, in most
eases they reported a larger number of bales.
The bulletin shows the ginnings by States and by counties. It also shows the ginnings to specified dates throughout the season by counties. These detailed figures are of
local interest and permit of a closer analysis of the statistics.
The following tabular statement shows the final figures of
cotton ginned by States for the last three crops. The quantities are given in both running bales, counting round as
half bales, and in equivalent 500-pound bales.
3426
FINANCIAL CHRONICLE
COTTON GINNED FROM THE CROPS OF 1926, 1927 AND 1928 (LINTERS
ARE NOT INCLUDED).
Equivalent
-Pound Bales.
500
Running Bales (Counting Round
as Half Bales).
State.
1928.
Alabama
Arizona
Arkansas
California
Florida
Georgia
Louisiana
Mississippi
Missouri
New Mexico
North Carolina
Oklahoma
South Carolina
Tennessee
Texas
Virginia
Ano1herStates*
1927.
1926.
1,096,624
145,731
1,216,241
171,042
20,053
1,053,205
685,868
1,462,021
146,921
82.177
869,248
1,187,042
744.390
423,471
4,941,545
44,764
6.206
1,173,430
90,281
979,481
89,998
17,361
1,111,399
543,153
1,346,489
116,024
64,920
879,077
1,009,626
738,550
355,975
4,229,367
30,705
6,676
1,470,404
120,089
1,513,382
128,835
33,231
1.498,473
826,179
1,857,525
215,769
70,206
1,246,754
1,760,644
1,026,991
442,062
5,477,788
51,891
15,857
1926.
1927.
1928.
1.109,126
149,458
1,245,982
172,230
19,203
1,029,499
690,958
1,474,875
146,909
83,544
836,474
1,204,625
726,039
429,284
5,109,939
43,711
6.018
1,192,392
91,656
999.983
91,177
16,496
1,100,040
548,026
1,355,252
114,584
65,294
861,468
1,037,141
730,013
359,059
4,356,277
30,609
6.576
1,497,821
122,902
1,547,932
131,211
31,954
1,496,105
829,407
1,887,787
217,859
71,000
1,212,819
1,772,784
1,008,068
461,533
5,630,831
51,329
16.032
United States_ 14,296,549 12,783,112 17,755.070 14.477,874 12,956,043 17,977,374
*Includes Illinois, Kansas and Kentucky.
Activity in the Cotton Spinning Industry for April 1929.
The Department of Commerce announced on May 20
that, according to preliminary figures compiled by the
Bureau of the Census, 35,258,490 cotton spinning spindles
were in place in the United States on April 30 1929, of which
30,924,184 were operated at some time during the month,
compared with 31,103,998 for March, 31,007,936 for February, 30,757,552 for January, 30,622,172 for December, 30
596,840 for November and 30,950,340 for April 1928. The
aggregate number of active spindle hours reported for the
month was 8,861,202,997. During April the'normal time
of operation was 25 2-3 days (allowance being made for the
observance of Patriot's Day in some localities), compared
with 26 for March, 23 2-3 for February, 263 for January,
25 for December and 253 for November. Based on an
activity of 8.88 hours per day, the average number of spindles operated during April was 38,878,567, or at 110.3%
capacity on a single shift basis. This percentage compares
with 109.3 for March, 110.7 for February, 111.6 for January,
99.1 for December, 108.1 for November and 94.8 for April
1928. The average number of active spindle hours per
spindle in place for the month was 251. The total number
of cotton spinning spindles in place, the number active, the
number of active spindle hours and the average hours per
spindle in place, by States, are shown in the following
statement:
Spinning
Spindles.
State.
Cotton-growing States
New England States
All other States
Alabama
Connecticut
Georgia
Maine
Massachusetts
Mississippi
New Hampshire
New Jersey
New York
North Carolina
Rhode Island
South Carolina
Tennessee
Texas
Virginia
All other States
United
'tett
In
Place
April 30.
Active
During
Spindle Hours
for April.
ACHO6
Total.
Average per
Spindle
in Place.
18.784.230 17,941,948 6,006,048,590
15,008.764 11,680,946 2,595,186,669
1,465.496 1,301,290 259,967,738
320
173
177
1,699,768 545,389,431
1,060,670 245.670,453
2,990,434 1,004.429,861
849,848 186,242,640
6.672,412 1,453,171,508
50,806,968
147,450
1,062,452 218,410,024
59,884,550
368,420
618,788 129,463,659
5,914,596 1,968,625,933
1,919,052 466,534,414
5,373,702 1,914,313,272
580.814 209,262,015
71,600,464
246.944
679,254 147,485,862
739,580 189,911,943
309
220
325
175
161
286
155
158
179
317'
203
342
341
254
208
230
35,258,490 30,924,184 8,861,202,997
251
1,765,276
1.118,588
3,092,298
1,061,716
9,003,282
177,386
1,410,438
378,936
723,092
6,210,118
2,297,836
5,589,374
613,668
281,908
709,056
825,518
[Vol,. 128.
program. President Hoover made it plain that this meeting
will discuss the possibility of creating such an inter-State
compact with the co-operation of the Government for
better control of drilling and elimination of waste in the
oil industry. If the Governors concerned agree to such a
meeting with that objective in view, the Federal Government will have as its representative present Secretary of
the Interior Wilbur, who is the Chairman of the Federal
Oil Conservation Board.
This important move on the part of President Hoover
appears to be the Government's first step in what amounts
to aiding the oil industry in achieving their aims without
transgressing existing Federal anti-trust laws. It was the
opinion of Attorney General Mitchell, who ruled that the
conservation plan as proposed by the American Petroleum
Institute, would be probably considered a violation of the
anti-trust laws, that brought the whole matter to an issue
and made possible this interesting proposal by the President.
At that recent time Secretary Wilbur followed the Attorney
General's decision with the suggestion that the principal
oil producing states by agreement and through legislation
could prepare the way for bringing about the desired conservation. He than added the significant statement that
the Federal Government would in turn become a party to
such a compact and would take such action as might be
necessary to see that tile compact was properly observed by
the interested states. Following the agreement of the
American Petroleum Institute to promulgate such a compact, the Federal Oil Conservation Board dispatched an
expert, Dr. George Otis Smith, to interview the Governors
of Texas, Oklahoma,and California regarding their attitude.
In view of this demonstration of the Federal Government's
interest in the matter, it is reported that the Institute, at
next Tuesday's meeting, might feel that it would serve the
best interests of all if the Institute as an organization abandoned its own conservation activities in favor of aiding in
every way the Federal and State regulatory movement.
The rising prices of the past week have tended to lessen
the fears previously expressed in some quarters that the
oil industry was headed for ruin if immediate national conservation did not become effective. However, it is conceded that such improvement as has been noted has been of
a seasonal nature, and that for the permanent good of the
industry and the country as a whole the conservation plan
must be worked out satisfactorily.
Price changes in crude oil were made during the week as
-Standard Oil of Louisiana announced
follows: May 22
new prices in North Louisiana and Arkansas fields ranging
from $1 a barrel below 28 gravity to $1.85 a barrel for 44
gravity and above. Humble Oil & Refining posted new
prices for West Texas quoting 70c. a barrel for below 25
gravity, plus 4e. for each degree, with top price of $1.18 a
barrel for 36 degrees and above. Texas company met advances in Mideontinent, North Texas, West Texas and Gulf
Coastal fields.
Prices of Typical Crudes per Barrel at Wells.
(All gravities, where A. P. I. degrees are not shown.)
Bradford, Pa
$4.10 Smackover, Ark., 24 and over
Corning, Ohio
1.75 Smackover, Ark., below 24
Cabell, W. Va
1.35 El Dorado, Ark.. 34
Illinois
1 45 Urania, La
Western Kentucky
1.53 Salt Creek. Wyo., 37
Midcontinent, Oklahoma, 37
1.23 Sunburst. Mont
Corsicana, Tex., heavy
.80 Artesia, N. Max
Hutchinson, Tex.. 35
.87 Santa Fe Springs, Calif.. 33
Luling. Tex
1.00 Midway-Sunset, Calif., 22
Spindietop. Tex., grade A
1.20 Huntington, Calif., 26
1.05 Ventura, Calif.. 30
SpindietoP. Tex., below 25
Winkler, Tex
.65 Petrolia, Canada
5.90
.75
1.14
.90
1.23
1.65
1.08
1.35
.80
1.09
1.18
1.90
Sugar at Record Low Price.
REFINED PRODUCTS
-U.S. MOTOR GASOLINE REACHES 10c. AS
Sugar delivered in store sold on the New York Coffee &
-NEW EXPORT
INCREASED CONSUMPTION CONTINUES
history
Sugar Exchange on May 23 at the lowest price in the
FIELD.
of the Exchange-1.68c. per pound. The duty proposed on
Much of interest has developed in the refined products
this sugar is 2.40c. per pound.
field during the week. One important development is the
completion of operation plans by the Petroleum Export
- Association, composed of the leading producers. The handProducts-Crude Prices Advance
Petroleum and Its
Hoover Calls for Meeting of Governors on Con- ling of this source of distribution is bound to become of the
important divisions of the oil industry. U.S. Motor Gasoline,
servation.
is rolling
The note of optimism reported in these columns regarding under the impetus of the great consumption which
have been well substantiated up new records for this time of the year, has reached 10o.,
the oil industry is shown to
constantly
by the developments of the past week both in the crude as predicted in this column some time ago. The
and the refined divisions. Paramount in interest is the increasing demand coupled with what conservation is
invitation issued by President Herbert Hoover to the already being practised at the source, could lead to no other
Governors of oil-producing States to attend a preliminary development, it was felt.
The greatly improved tone in the crude oil market has
conference at Colorado Springs June 10 to consider the
industry. The rising prices
creation of an inter-State conservation agreement so as spread optimism throughout the
oil industry's insistent demand for concentrated for crudes will, of course, in due time be reflected in the
to answer the
the near future are
conservation of the nation's oil resources, and at the same refined products, and further increases in
other refined
carry out President Hoover's announced conservation not unexpected. In line with this condition,
time
MAY 25 1929.1
FINANCIAL CHRONTeLE
3427
products are showing improvement. Heating oil exhibited oil, was 1,505,750 barrels, as compared with 1,479,700 barrels,
an increase
new activity this week with a heavy contract movement and of 26,050 barrels.
The production figures of certain pools in the various districts for the
a noticeable spurt in fresh buying.
current week, compared with the previous week, in barrels of 42 gallons,
Kerosene trading is holding its own very well. Bunker follow:
fuel oil in spot lots is moving freely. Diesel continues under
-Week Ended-Week Ended
OklahomaMay18. May 11.
North Louisiana-May18.May 11.
firm demand with prices steady. Solvent and Naptha in Allen Dome
24,800 24,800 Haynesville
5,300 5,350
35,650 33,600 Urania
tank ear lots were advanced Wednesday 340. to 12.c by the Bowlegs
5,950 6,050
Bristow-Slick
19,350 19,650
ArkansasSinclair Refining Co.
Burbank
20,550 20,750 Champagnolle
8,200 8,100
May 21.
-Standard Oil Co. of New Jersey advances U. S. Motor Gasoline Mc. to 10c.
May 23.
-Sinclair Refining Co. advances prices for gasoline in tank
ear lots Mc. to 10e. at New York, Philadelphia, Portsmouth,
and Charleston. Also solvent and naptha in tank car lots Mc. to
12c. at New York
and Philadelphia.
Gasoline, U. S. Motor, Tankcar Lots, F.O.B. Refinery.
New York (Bayonne) .10 Arkansas
0634 North Louisiana- - .07Si
West Texas
.0634 California
08)( North Texas
.0634
Chkage.
0734 Los Angeles, export- 0734 Oklahoma
07
New Orleans
0734 Gulf Coast, export-- .0834 Pennsylvania
.0934
Gasoline, Service Station, Tax Included.
New York
.19 Cincinnati
Minneapolis
.182
Atlanta
21 Denver
.16 New Orleans
.195
Baltimore
22 Detroit
188 Philadelphia
.21
Boston
20 Houston
18 San Francisco
.215
Buffalo
15 JacksonvMe
.24 Spokane
.205
Chicago
15 Kansas City
.179 St. Louis
169
Kerosene, 41.43 Water White, Tankcar Lots, F.O.B. Refinery.
New York (Bayonne) .0834 'Chicago
.0544 New Orleans
.0734
North Texas
.05 MILes Angeles, export .0534 Tulsa
.0634
Fuel 011, 18-23 Degree, F.O.B. Refinery or Terminal.
New York (Bayonne) 1.051 Lets Angeles
.851 Gulf Coast
.75
Diesel
2.001 New Orleans
951 Chicago
.55
Gas oil. 33.36 Degree, F.O.B. Refinery or Terminal.
New York (Bayonne) .05341 Chicago
.031 Tulsa
.03
Gross Crude Oil Stock Changes for April 1929.
Pipe line and tank farm gross domestic crude oil stocks
east of Rocky Mountains decreased 91,000 barrels in the
month of April, according to returns compiled by the
American Petroleum Institute from reports made to it by
representative companies. The net change shown by the
reporting companies accounts for the increases and decreases
in general crude oil stocks, including crude oil in transit,
but not producers'stocks at the wells.
Changes in Stocks at Refineries East of California for
April 1929.
The following is the American Petroleum Institute's
summary for the month of April of the increases and decreases
in stocks at refineries covering approximately 90% of the
operating capacity east of California.
(Barrels 01 42 Gallons.)Domestic crude ell
Foreign crude oil
Gasoline
Kerosene
Gas and fuel oils
Lubricating oll
Miscellaneous
Increase.
389,000
214,000
Total
Deduct
4,336,000
2,215,000
Net Increase
3,733,000
Decrease.
1,477,000
244,000
235,000
259,000
2,215,000
2,121,000
Crude Output in United States Continues Higher.
The American Petroleum Institute estimates that the
daily average gross crude oil production in the United States,
for the week ended May 18 1929, was 2,643,550 barrels, as
compared with 2,624,750 barrels for the preceding week, an
increase of 18,800 barrels. Compared with the output for
the week ended May 19 1928, of 2,339,000 barrels per day,
the current figure shows an increase of 304,550 barrels daily,
The daily average production east of California for the week
ended May 18 1929 was 1,888,350 barrels, as compared with
1,865,950 barrels, for the preceding week, an increase of
22,400 barrels. The following estimates of daily average
gross production, by districts, are for the weeks shown below:
Cromwell
8,150 7.950 Smackover (light)
Earlsboro
60,100 61,600 Smackover(heavy)
Little River
74,650 75,950
Coastal Texas
Logan County
12,000 11,000 Hull
Maud
26,600 27,150 Pierce Junction
Mission
38,350 37.300 Spindletop
St. Louis
91,800 95,500 West Columbia
&aright
12,350 11,800
Seminole
34,300 32,850
Coastal Louisiana
Tonkawa
10,250 10,450 East Hackberry
KansasOld Hackberry
Sedgwick County
30,250 30,000 Sulphur Dome
Panhandle Texas
Sweet Lake
Carson County
6,850 6.350 Vinton
Gray County
27,900 24,350
Hutchinson County_ --. 24,800 25,150
Wyoming
North Texas
Salt Creek
Archer County
16,500 16,250
Wilbarger County
27,300 27,000
Montana
West Central Texas
Sunburst
Brown County
7,900 8.100
Shackelford County _ --- 13,050 12,900
California
West Texas
Dominguez
Crane & Upton Counties 47,550 46,800 Elwood-Goleta
Howard County
43,600 44,100 Huntington Beach
Pecos County
97,400 89,950 Inglewood
Reagan County
18,400 18,500 Kettleman Hills
Winkler County
145,600 139,750 Long Beach
East Central TexasMidway-Sunset
Corslcana-Towell
8,150 7,900 Rosecrane
Southwest Texas
Santa Fe Springs
Laredo District
11.750 11,650 Seal Beach
Luling
11,950 11,800 Torrance
Salt Flat
47,550 43,300 Ventura Avenue
6,150 6,200
48.600 48,850
8,750 9,050
19,700 20,800
27,750 28,750
6,400 6,300
2.500
2.900
2,400
500
4,050
2,700
3,300
2,000
400
4,250
30,000 30,450
6,500
6,500
10.000 10,000
29,000 29,000
42,000 42,000
23,500 23,500
8,500 3,500
177,000 177,000
64,000 65,000
6,200 6,800
167,000 170,000
41,000 41,000
13,000 13,000
56.000 55,000
Trading in, Copper Slow at 18 Cent Leve!-Foreign
Buyers Show Little Interest.
Business in non-ferrous metals was exceedingly quiet in
the past week. Prices for the major items were fairly steady,
"Engineering and Mining Journal" reports. Among the
minor metals antimony was somewhat easier and the tension
on the market for tungsten concentrates relaxed somewhat.
The "Journal" also goes on to say:
Sales of copper continue to be made by the custom smelters at 18 cents a
pound, delivered Connecticut Valley basis. Primary producers, generally
speaking, are out of the market. Announcement of the Kennecott-Chase
Brass Co. merger is construed by some factors as a bullish factor, the Contention being advanced that this further step in the integration of the copper
industry will tend to stabilize the market and smooth off the peak and
trough of buying. Foreign business in copper is quiet. The delay in settlement of the reparations question is closely linked with the lack of interest
by foreign buyers.
With the excelition of the withdrawal of some of the cheaper offerings of
Chemical lead in the Middle West,there is little change in the lead situation.
The volume of sales has been a little larger than last week, but the important consumers have, almost without exception, remained out of the
market.
Zinc is offered at prices ranging from 6.55 to 6.80 cents a pound, East St.
Louis, with business rather quiet.
Neither dealers nor consumers took much interest in tin and the prices
moved within narrow limits.
Steel Output Maintained at High Rate-Prices
Unchanged.
Steel output is undiminished and signs of a decline in
mill bookings are by no means marked, says the "Iron Age"
in its summary of iron and steel markets this week. A further tapering of specifications from the automobile industry
is offset, at least in part, by fresh demands from other
sources, continues the "Age," adding:
Orders for ships, railroad equipment, fabricated steel and line pipe are
conspicuous for the large tonnages that they will add to mill books. Contracts for nine ocean vessels, calling for 60,000 tons of steel, have been
Plated with Eastern shipbuilders subject to approval by the Shipping
Board. An equal tonnage will be required for 4,000 freight cars bought
by the Baltimore & Ohio. Structural steel lettings reached the high total
of 53.000 tons, of which 22,500 tons was for an elevated highway in New
York, Following closely the placing of 130,000 tons of pipe for a gas line
a week ago, an order for 20,000 tons for a line from Monroe to Shreveport.
La., has been divided between the Milwaukee fabricator and a Youngstown
DAILY AVERAGE PRODUCTION (Figures in barrels.)
mill.
Weeks EndedMay 1829. May 11 '29. May 4 '29. May 19'28.
Farm equipment makers continue to take steel to support capacity operOklahoma
672,150
071,600676,100
610.050 ations,
115,150
Kansas
with the likelihood that there will be virtually no curtailment for
114,050
111,650
108,150
Panhandle Texas
62,300
59,450
60,350
66,200 mid-summer inventories. The unfavorable turn of the grain market,
84,800
North Texas
83,500
84,150
74,800 although a source ofconcern,has not yet affected the demand for agricultural
51,300
50,450
West Central Texas
51,350
54,800 machinery.
363,900
350,950
West Texas
353,100
294,100
19,400
18,050
Among the smaller steel-consuming groups, the radio industry commands
East Central Texas
18,400
22,650
78,800
Southwest Texas
73,900
71,800
23,400 attention because of its growing seasonal needs in sheets. Larger radio
35,350
35,350
North Louisiana
35,450
43,800 makers have full operating schedules extending through the summer into
71,200
Arkansas
71,250
72,550
86.600 the fall.
130,150
135,350
Coastal Texas
139,850
111,750
18,750
Coastal Louisiana
19,350
Curtailment in the automotive industry is not general and will not ma20,700
18,250
114.250
113,000
Eastern
112,000
112,500 terially affect output until June. Reductions in schedules are limited to
49,900
Wyoming
50,500
52,900
59,750 companies that have large stocks of cars in dealers' hands or are
preparing
11,050
Montana
10,950
10,450
11,500 to bring
out new models. The latter are expected to reenter the market
7,450
Colorado
6,550
6,300
6,300
2,450
New Mexico
1.700
1,550
2,600 for steel for July production schedules.
755,200
758,800
California
751,200
632,000
Chicago and Pittsburgh, in contrast with some other centers, report little
2,043,550 2.624,750 2,629,850 2,339,000 let-up in the flow of steel business. In the Western district, mills have been
Total
unable to improve their deliveries,which average 14 weeks for bars and plates
The estimated daily average gross production for the Mid-Continent and 10 weeks for structural material. Scarcity of semi
-finished steel also
field, including Oklahoma, Kansas, Panhandle, North, West Central, remains a factor there, forcing integrated producers to allocate material
West, East Central and Southwest Texas, North Louisiana and Arkansas, among their various departments and restricting the operations of nonfor the week ending May 18, was 1,554,350 barrels, as compared with integrated companies to 85% of capacity. At Pittsburgh, specifications
1,528.550 barrels for the preceding week, an increase of 25,800 barrels. for bars and plates are still ahead of shipments, and the backlogs of sheet
The Mid-Continent production, excluding Smackover, (Arkansas) heavy mills are showing almost no reduction.
3428
FINANCIAL CHRONICLE
A relaxation in the demand for sheets would have no immediate effect on
mill operations. Unfilled orders of independent sheet producers on May 1
were 44,000 tons larger than one month previous, despite a substantial gain
in production. Output in the first third of the year was greater by 116,000
tons than in the corresponding period in 1928, the previous four-month
record.
.
Both of"The Iron Age"composite prices are unchanged,Pig iron at $18 71
a ton and finished steel at 2.412c. a lb., as the following table shows:
Pig Iron.
Finished Steel.
May 211929. 518.71 a Gross Ton.
May 211929, 2.412o. a Lb.
518.71
2 412o. One week ago
One week ago
18.54
2.412e. One month ago
One month ago
17.34
One year ago
2.3480.
One year ago
15.72
1.689e. 10-year pre-war average
10
-year pre-war average
Based on average of basic iron at Valley
Based on steel bars, beams,tank plates.
irons at Chicago,
wire nails, black pipe and black sheets. furnace and foundry
These products make 87% of the United Philadelphia, Buffalo, Valley and Birmingham.
States output of finished steel.
Low.
High.
Low.
High.
Mar. 19
1929__2.412c. Apr. 2 2.391c, Jan. S 1929_518.71 May 14 518.29 July 24
18.59 Nov. 27 17.04
1928_2.391c. Dec. 11 2.3140. Jan. 3 1928...
17.54 Nov. 1
1927..2.453o. Jan. 4 2.293c. Oct. 25 1927_ 19.71 Jan, 4 19.46 July 13
1926_2.453c, Jan. 5 2.4030. May 18 1926... 21.54 Jan. 5
1925_2.560e, Jan. 6 2.3960. Aug. 18 1925_ 22.50 Jan. 13 18.96 July 7
[Vol.. 128.
pendent group which did not have large unfilled contracts on hand have
been showing the sharpest reductions recently.
At this time last year the Steel Corporation was running at about 86;1%.
with Independents at 78% and the average for the industry around 82%.
It has been necessary for most of the larger steel companies to maintain
a high rate of activities because of the old contracts on hand against which
deliveries are being made. Some of the makers are still somewhat behind
on shipments and under the circumstances they have naturally kept mills
operating at a high rate to catch up.
In new buying there has been a let-up. This is reported by all the big
interests. Consumers are well covered for their second quarter deliveries
and are not yet showing any tendency to take third quarter space in the mills,
probably because of the price uncertainty on such deliveries.
As a result of this smaller demand it is probable that most steel concerns
at present have smaller unfilled orders than at the beginning of the month.
There may be some exceptions, but leading companies are shipping actively
and the logical prospect is tilt they have made inroads on the bookings
which have been larger than seasonal in recent months.
The "American Metal Market" this week says:
Steel continues in its anomalous position of showing more activity than
the time of year would suggest. Each week by which summer is approached
adds to the abnormality. Admitting that there is some decrease in buying, the decrease is less than usual.
For the long range future it cannot be doubted that less steel activity
the
is presaged, but this does not mean summer dulness, for invariably
summer dulness of steel, in a generally active year, has begun yielding
regularly the heavier month in probefore the end of July, August being
duction.
Structural steel requirements are beginning to command
seasonal attention, reports the "Iron Trade Review" this
week. While not spectacular, the aggregate of recent
'lettings has been substantial, and it appears that credit
restrictions have not seriously hindered construction work
involving steel in quantity. In the West, especially, railOutput Higher
road and highway bridge programs are maturing, and for Bituminous Coal and Beehive Coke
Anthracite Production Lower.
a whole structural mills now are better
the country as
According to the United States Bureau of Mines, Departbooked than one month ago and on year ago. Reinforcing
sales also are expanding, also states the "Review," ment of Commerce, the output of bituminous coal for the
steel
week ended May 111929, amounted to 9,138,000 net tons,
which goes on to say:
Other major outlets for finished steel still display an appetite which as compared with 8,392,000 tons in the corresponding period
even mill operations averaging over 95% find difficult to appease. Contons in the week ended May 4 1929.
sidering all products, shipments top specifications by a narrow margin, last year and 8,781,000
11 last
but deliveries are not perceptibly easier. In fact, bar and plate deliveries Production of beehive coke for the week ended May
have tightened at Pittsburgh and a flare-back in buying at Chicago has totaled 124,800 net tons, as against 87,200 tons in the same
restored a 14-week promise on some products.
in the week ended May 4,
Automotive production thus far in May has equaled the rate of April, week a year ago and 120,800 tons
prowhen 620,656 cars and trucks, or 6% more than in record March, were 1929. During the week ended May 111929, there were
assembled. Forecasts of a summer letdown in this industry now name duced 1,252,000 net tons of Pennsylvania anthracite as comJuly. Freight car builders have been reinforced by the Baltimore &
previous week and 1,890,000
Ohio distribution of 3,070 cars, requiring upward of 70,000 tons of steel. pared with 1,633,000 tons in the
The initial order of steel pipe for the Louisiana-Atlanta line is for 100,000 tons in the week ended May 12 1928. The Bureau's statetons, with more to come, while 20,000 tons was bought for a pipe line
ment follows:
In Arkansas.
Sheet producers are reaffirming for the third quarter their official prices
for the current quarter, namely, 3.70c. Pittsburgh, on galvanizde, 2.95c.
on black, and 4.10c. on autobody. Provided the full prices on black and
galvanized sheets are obtained, this will represent an advance of several
dollars over sales to some users. Practically all makers have gone to the
new method of quoting blue annealed and are asking 2.20c. Pittsburgh
for No. 10 blue annealed plates and 2.35c. for No. 13 blue annealed sheets.
Sheet specifications are substantially as brisk as 30 days ago. April
sheet shipments by independent producers, at 377,324 tons, set a new
high record. Sales, however, declined slightly from March.
On bars, plates and shapes third quarter books are expected to be opened
In a fortnight. At both Pittsburgh and Chicago plates are making a
good showing. Pittsburgh and Eastern mills will benefit almost exclusively from the heavy buying for the Baltimore & Ohio cars. New business
In all heavy steel lines spurted at Chicago the past week and practically
cancelled recent gains on backlogs. Specifications for bars and plates
at Pittsburgh exceeded the rate of April. On heavy steel 1.95c. Pittsburgh
is firm.
Semi-finished steel continues in a sellers' market, though a test of recent
price advances is coming shortly with third quarter contracting. Iron
and steel scrap prices generally are sagging under the weight of heavy
supplies. Coke prices are steady and unchanged. With the Frick interest firing additional ovens, output by furnace interests reaches the
highest level of the year.
Chicago leads in pig iron interest, it being estimated that half of the
district's production for third quarter already has been sold. Spot selling
there also is good. In other districts third quarter business has not been
undertaken seriously. Production of merchant iron may be curtailed at
Birmingham, as the surplus of producers increases. Continued heavy
steelmaking operations lend strength to the merchant iron market in the
valley district. The merchant stack on Neville Island, Pittsburgh, goes
Into blast the last week of May, with books opened on a basis of 50c.
above the valley market for shipments in the.greater Pittsburgh district,
including Allegheny County,and on a regular valley basis for other tonnage.
Steel corporation subsidiaries are operating this week at capacity, and
with independents just under 95%, the industry's average approximates
97%. Chicago mills hold to a 98% rate despite some repair work, while
the Pittsburgh district averages 95%. Forty-nine out of 51 independent
open hearth furnaces are active in the Mahoning Valley, and 32 out of
37 at Buffalo.
The United States Steel Corp. has joined the issue with independent
producers on Great Lakes shipments of steel. The Illinois Steel Co.,
a subsidiary, will shortly begin moving sheet bars and structural steel
by water from the Chicago district to Detroit. Other units of the corporation may also turn to water delivery, which independent producers at
Lake Erie ports have been developing.
The "Iron Trade Review" composite of 14 leading iron and steel products
stands unchanged this week at 837.13,its highest point in over 28 months.
Steel ingot production is now estimated to be at the rate
of about 96% of the rated capacity of the industry, compared with 97
in the preceding week and 97% two
weeks ago, the "Wall Street Journal" May 21 says. Decreases are shown by most of the steel companies, although
the operations are still high for this time of the year, and
considerably above the rate in the corresponding period
of 1928, adds the "Journal," which further states:
This
For the U. S. Steel Corporation the rate is around rated capacity.
was established
Is somewhat below the high record of better than 103% which
toward the end of last week and also two weeks ago.
Independent companies are down to 93% of their capacity, against 94%
units in the indelast week and 95% two weeks ago. Some of the smaller
BITUMINOUS COAL.
The total production of soft coal during the week ended May 11 1929,
Including lignite and coal coked at the mines, is estimated at 9,138,000
this shows
net tons. Compared with the output in the preceding week,
in 1928
an increase of 357,000 tons, or 4.1%. Production during the week
tons.
corresponding with that of May 11 amounted to 8,392,000 net
Estimated United States Produdion of Bituminous Coal (Net Tons).
1928
1929-Cal. Year
Cal. Year
to Date..
Week.
to Date.
Week.
158,396,000
8.192,000
171,730.000
9,118,000
April 27
1,586,000
1,365,000
1,717,000
1,520.000
Daily average
166,570,000
8,174,000
180,611,000
8,781,000
May 4
1,573,000
1,703.0001.362.'"
1,464,000
Daily averages
174.902,000
8,392,000
189,649,000
9 138,000
May 11.6
1,563,000
1,399,000
1,693,000
1,523,000
Daily average
week in January to equalize number of days
a Minus one day's production first
in the two years. b Subject to revision.
year to
The total production of soft coal during the present calendar
net tons.
May 11 approximately 112 working days) amounts to 189,649,000
given below:
Figures for correspsnding periods in other recent years are
197 801,000 net tons
174,962,000 net tons 11926
1928
176,054,000 net tons
215,861,000 net tons 1925
1927
the
As shown by the figures above, the total production of soft coal for
country as a whole during the week ended May 11 amounted to 8,781,000
output
net tons. This is a decrease of 337,001) tons, or 3.7% from the
tonnage by
in the preceding week. The following table apportions the
States and gives comparable flguers for other recent years.
Estimated Weekly Production of Coat by States (Net Tons).
Week Ended
May 7
May 5
April 27
May 4
1927.
1928.
1929.
1929.
State
349.000
355,000
335,000
335,000
Alabama
16,000
21,000
16.000
14,000
Arkansas
110,000
132,000
166,000
144,000
Colorado
56,000
532,000
912,000
892,000
Illinois
113,000
212,000
291,000
269,000
Indiana
19,000
55,000
60,000
59,000
Iowa
14,000
24,000
31,000
Kansas
29.000
941,000
899,000
819.000
834.000
Kentucky-Eastern
409,000
252,000
219,000
202,000
Western
40,000
42,000
47,000
42,000
Maryland
11,000
12,000
12,000
13,000
Michigan
17,000
40,000
52,000
Missouri
56.000
41,000
35,000
50.000
Montana
46,000
51,000
54,000
50,000
New Mexico
47,000
12,000
16,000
21,000
North Dakota
22,000
129,000
208,000
422,000
Ohio
380,000
56.000
47,000
38,000
Oklahoma
Pennsylvania (bitum.).... 2,465,000 2,552,000 2,268,000 2,279,000
103,000
108,000
Tennessee
22,000
14,000
15,000
Texas
17,000
57,000
60,000
66.000
Utah
64.000
269,000
210,000
240,000
Virginia
232,000
41,000
36,000
37,000
36,000
Washington
West Va.--Southern_b_ 1,735,000 1,811,000 1,801,000 2,121,000
802,000
654,000
657,000
632,000
Northern_c
71,000
84,000
Wyoming
103,000
107,000
4,000
3,000
1,000
Other States
1,000
May
1923
Average.*
398,000
20,000
168,000
1,292.000
394,000
89,000
75,000
679,000
183,000
47,000
12,000
56,000
42,000
57,000
14,000
860,000
46.000
3,578,000
121,000
22,009
74.000
250,000
44,000
1,419,000
823,000
110,000
5,000
10,878,000
Total bituminous coal.. 8,781.000 9,118,000 8,174,000 8,153,000 1,932.000
Pennsylvania anthracite.. 1,633,000 1.885.000 1,826,000 1,854,000
Total all coal
10,414,000 11,003,000 10,000,000 10,007,000 12,810,000
a Average weekly, rate for entire month. b Includes operations on the N.& W.
C. & 0.: Virginian; K. & M.. and Charleston division of the B. & 0. c Rest of
State, including Panhandle.
PENNSYLVANIA ANTHRACITE.
The total production of Pennsylvania anthracite during the week ended
May 11 is estimated at 1.252,000 net tons. Compared with the output
in the preceding week, this shows a decrease of 381,000 tons, or 23.3%.
MAY 25 1929.]
3429
FINANCIAL CHRONICLE
Production during the week in 1928 corresponding with that of May 11
amounted to 1.890.000 tons.
Estimated Production of Pennsylvania Anthracite (Net Tons).
1929-1928
Cal. Year
Cal. Year
Week.
to Date.
to DcUe.a
Week EndedWeek.
1,885,000
24,831,000
1,889,000
23,105,000
April 27
1 633,000
26,464,000
24,931,000
May 4
1.826,000
1,252,000
27,716,000
26,821,000
May 11_b
1.890,000
a Minus one day's production first week In January to equalize number of days In
the two years. b Subject to revision.
BEEHIVE COKE.
The total production of beehive coke during the week ended May 11 is
estimated at 124,800 net tons, as against 120,800 tons in the preceding
week. The following table apportions the tonnage, by States:
Estimated Production of Beehive Coke (Net Tons).
Week Ended
1929
May 11
May 4
May 12
to
1929.b
1929.
Date.
1928.
Pennsylvania and Ohio... 101,000
101,900
65,100 1,706,500
West Virginia
10,500
9,700
10,500
188.200
Georgia, Ky.and Tenn.._
3,200
31,200
3.000
Virginia
5,400
5,000
4,400
94,200
Colo., Utah and Wash.__
4,200
4.700
4,200
105,500
Monthly Production of Coal in April.
The total production of soft coal during the month of
April amounted to 36,888,000 net tons, as against 39,347,000
tons in March, according to the U. S. Bureau of Mines.
The average daily rate of output in April was 1,441,000
tons, a decrease of 72,000 tons, or 4.8%, from the average
rate for the month of March.
The production of Pennsylvania anthracite increased from
5,044,000 net tons in March to 6,441,000 tons in April.
The average daily rate of output in April was 258,000 tons,
an increase of 64,000 tons, or 33% over the average rate for
the month of March. The Bureau also shows:
Monthly Production of Bituminous Coal and Anthracite in April (Net Tons).
1928
to
Date.a
1,253,000
233,300
84,600
88,400
83,900
Month.
United States
124,800
87,200 2,125,600 1,743,200
120,800
Daily average
20,800
20,133
14,533
18,811
15,427
a Minus one day's production first week in January to equalize number of days
In the two years. b Subject to revision.
Feb. 1929
Mar. 1929
Apr. 1929 a
Apr. 1928
a Revised.
Anthracite.
Bituminous.
Average
per
Working
Day.
No. of
Total.
WorkProduction.
fog
Days.
47,271,000
39,347,000
36,888,000
32,188.000
1,970,000
1,513,000
1,441,000
1.303.000
24
26
25.6
24.7
No. of Average
Total
Workper
Working
Production. ing
Days.
Day. 6,670,000
5,044,000
6,441,000
6,909,000
23.5
26
25
24
284,000
194,000
258,000
288.000
Current Events and Discussions
The Week With the Federal Reserve[Banks.
The consolidated statement of condition of the Federal
Reserve banks on May 22, 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
$10,200,000 in holdings of discounted bills, of $8,100,000 in
bills bought in open market and of $2,500,000 in Government securities. Member bank reserve deposits decreased
$44,100,000, while Government deposits increased $5,600,000
and cash reserves and Federal Reserve notes declined $3,400,000 and $7,100,000 respectively. Total bills and securities
were $20,800,000 below the amount held on May 15. After
noting these facts, the Federal Reserve Board proceeds as
follows:
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 decreased $45,000,000.
This follows an increase of $140,000,000 in the four previous
weeks. The total of these loans on May 22 at $5,520,000,000
compares with the high record of $5,793,000,000 made on
March 20 1929 and with $4,456,000,000 on March 23 1928.
Loans and investments-total
7,120,000,000 7.194.000,000 7,249,000.000
Holdings of discounted bills declined 857,000,000 at the Federal Reserve
Bank of New York. All of the other Federal Reserve banks report increased holdings of discounted bills, the principal increases being $10,200,000
at Chicago, $8,900,000 at Boston. $7,900,000 at San Francisco, $6,300,000
at St. Louis and $4,800,000 each at Richmond and Kansas City. The
System's holdings of bills bought in open market decreased $8,100,000 and
of Treasury certificates $3,800,000 while holdings of Treasury notes increased $1,200,000.
Federal Reserve note circulation declined $3,100,000 at Cleveland,
$2,900,000 at New York, $1,600,000 at Philadelphia and 87,100,000 at
all Federal Reserve banks.
Loans-total
5,294,000,000 5,337,000,000 5,363.000,000
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 3472 and 3473. A
summary of the principal assets and liabilities of the Reserve
banks, together with changes during the week and the year
ended May 22, is as follows:
May 22 1929.
Increase (+) or Decrease (-)
During
Week.
Year.
Total reserves
Gold reserves
3 008.131,000
2,841,902,000
-3,392,000
+3.779,000
+212,746.000
+207,610.000
Total bills and securities
1 203,516,000 -20,833,000
+56,954,000
--84.661,000
+141,615,000
On securities
All other
Investments-total
U.S. Government securities
Other securities
Bills bought hi open market
137,986.000
-8.121,000
-192,576,000
U. S. Government securities, total 153,287,000
Bonds
50,386,000
Treasury notes
91,839,000
Certificates of Indebtedness
11,062,000
-2,539,000
-14,000
+1.229,000
-3,754,000
-77,194,000
-6,142,000
+6,679,000
-77.731,000
Federal Reserve notes in clrculation
1,639,554,000
-7.104,000
+60,171.000
Total deposits
Members' reserve deposits
Government deposits
2,324,511,01)0 -40,997,000
2,275,752,000 -44,135,000
19.291,000
+5.613,000
-92,024,000
-93,896,000
-2,214,000
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
2,614,000,000 2,641,000,000 2,726,000,000
2,680.000,000 2,696,000,000 2,637,000,000
1 825,000,000 1,857,000,000 1,886,000,000
1 038,000,000 1,062,000,000 1,077,000,000
788,000,000 795,000,000 809,000,000
Reserve with Federal Reserve Bank.,.- 701,000,000
55,000,000
Cash in vault
Net demand deposits
Time deposits
Government deposits
726,000,000
54,000,000
759,000.000
52,000,000
5,070,000,000 5,167.000.000 5,494,000,000
1 169,000,000 1,181.000,000 1,210,000,000
10,000,000
44,000,000
42,000,000
92,000,000
764,000,000
100,000,000
824,000,000
112,000,000
976.000,000
Borrowings from Federal Reserve Bank_ 111.000,000
166,000,000
230,000.000
Due from banks
Due to banks
Loans on securities to brokers and dealers
827,000,000 860,000,000 1,247,000.000
For own account
1,651.000,000 1,725,000,000 1,607,000.000
Fe account of out-of-town banks
3,042,000.000 2,979,000.000 1,602,000,000
For account of others
5,520,000,000 5,565,000,000 4,456,000,000
Total
-205,989,000
904.426,000 -10,173,000
Bills discounted, total
Secured by U. S. Govt. obliga'ns 489,928.000 -22,909,000
Other bills discounted
414,498,000 +12,736,000
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
May 22 1929. May 15 1929. May 23 1928.
On demand
On time
Loans and investments-total
Loans-total
5 187,000,000 5,213,000,000 3,397.000,000
333,000,000 352.000,000 1.059,000,000
Chicago.
2,009,000,000 2,017,000,000 2,070,000,000
1,593,000,000 1.594,000,000 1,549,000,000
896.000,000
697,000,000
895,000,000
699,000.000
858,000.000
691,000,000
416,000,000
423,000,000
521,000.000
172,000,000
244,000.000
177,000,000
246,000,000
229,000,000
292,000,000
Reserve with Federal Reserve Bank... 166,000,000
15.000,000
Cash in vault
167,000,000
15,000,000
182,000,000
16.000,000
On securit no
All other
Investments-total
U.S. Government securities
Other securities
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from Federal Reserve Bonk_
1,184,000.000 1,207,000.000 1,282,000.000
642,000,000 643,000.000 714,000,000
4.000,000
11,000.000
11,000,000
134,000,000
295,000,000
151,000.000
311,000,000
171,000,000
346,000,000
33,000,000
24.000,000
41,000,000
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, cannotibe got ready.
3430
FINANCIAL CHRONICLE
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 15:
The Federal Reserve Board's condition statement of weekly reporting
member banks in 101 leading cities on May 15 shows increases for the week
of $64,000,000 in loans and investments, of $154,000,000 in net demand
deposits and of $24,000,000 in time deposits, and a reduction of $58,000,000
in borrowings from Federal Reserve banks.
Loans on securities declined $18,000,000 at all reporting banks, $10,000,000 in the Philadelphia district, $8,000,000 in the New York district,
and $7,000,000 each in the Boston and Cleveland district, and increased
$10,000,000 in the Chicago district. "All other" loans increased 633,000,000 in the New York district, $12,000,000 in the Chicago district,
$6,000,000 in the Boston district and $63,000,000 at all reporting banks.
Holdings of U. S. Government securities declined $13,000,000 in the
New York district and $7,000,000 at all reporting banks, while holdings of
other securities increased $18,000,000 in the New York district, $6,000,000
in the Chicago district, and $25,000,000 at all reporting banks.
Net demand deposits, which at all reporting banks were $154,006 above
the May 8 total, increased in all districts except Minneapolis which shows
a small decline, the principal increases by districts being: New York
$51,000,000, Chicago and San Francisco $31.000,000 each, Boston $11,000,000, and Kansas City $6,000,000. Time deposits increased $24,000.000 at all reporting banks, $24,000,000 in the New York district,
$8,000,000 in the Chicago district, and $7,000,000 in the Atlanta district,
and declined $9,000,000 in the Cleveland district.
The principal changes in borrowings from Federal Reserve banks for
the week comprise declines of $26,000.000 at the Federal Reserve Bank
of New York, $16,000,000 at San Francisco and $8,000,000 each at Philadelphia and St. Louis, and an increase of $6,000,000 at Boston.
A summary of the principal assets and liabilities of weekly reporting
member banks, together with changes during the week and the year ending
May 15 1929, follows:
Increase (+) or Decrease (—)
Since
May 16 1928.
May 15 1929. May 8 1929.
LOSDEI
•+64,000,000
—15,000,000
16.301.000,000
+45,000,000
+311.000,000
7,223,000,000
9.078.000.000
—18,000.000
+63,000.000
+117,000,000
+193,000,000
and Investments—total____22.156,000,000
Loans—total
On securities
All other
Investments—total
5.855,000.000
*-19.000,000
—326,000,000
2.972,000,000
2,883,000,000
—7,000,000
*+25,000,000
—42.000,000
—284,000.000
Reserve with Federal Res've banks 1,682,000,000
227,000,000
Cash in vault
—10,000,000
—72,000,000
—8,000.000
13,139,000.000
6,795,000,000
105.000,000
+154,000,000
+24.000,000
—3,000,000
—701,000,000
—103,000,000
+55,000.000
1,099,000,000
2,594,000,000
+61,000,000
+12,000.000
—89,000.000
—495.000,000
626.000,000
—58,000.000
—3.000,000
V.S. Government securities
Other securities
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from Fed. Res. banks•May 8 figures revised.
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 25 the following summary of market conditions abroad, based on advices by cable and radio:
ARGENTINA.
The economic condition and business of the country are satisfactory.
The retail trades, and especially the textiles trade have been stimulated by
the advent of the first cold weather. It is rumored locally that American
capital is becoming increasingly interested in railways, oil, power and gas
companies. Reports are current that an American syndicate has offered
to develop a lapsed railway concession from Rosario to Mendoza at a cost
of one hundred million dollars. Wheat prices continue to be low but the
weather is favorable to the crops.
AUSTRALIA.
The Australian lumber strike has entered its 15th week and building
trades have practically ceased operations. Manufacturers of building
supplies are also closing down as a result of the prolonged strike. The coal
strike has tied up a total of 60 vessels, thus adding to unemployment. No
settlement of these difficulties is in sight. Favorable rains have improved
the seasonal outlook, but reduction in wood and wheat prices is causing some
uneasiness. Trade generally is dull.
BELGIUM.
Industrial conditions in Belgium are still generally favorable, although
slightly weaker tendencies are noted in the textile and metallurgical lines.
There is a shortage of labor, particularly in the building and coal industries,
which is causing concern but is not at present serious. The general elections
on May 26 are causing very little disturbance to business and few changes in
[VoL. 128.
the political situation are expected. The coal market continues active, with
prices tending upwards. The plate glass and window glass industries are
are prosperous, with a strong export demand and the cement markets are
working at full capacity, though price competition between Belgian and
British mills is keen in export markets. General activity in the building
industry is foreseen in connection with the construction program for the
International Exposition to be held in 1930. Falling prices tend to reduee
the textile output. Production continues at a high level in the various
branches of the c emical industry. The leather business is dull and the production has been reduced. Sales of automobile; continue excellent and the
outlook for American cars is very satisfactory. The foreign trade balance for
the first quarter of the year was less favorable than that for the corresponding period of last year. However, car loadings during April showed a good
Increase over those of the preceding month. The low temperature during
April has retarded vegetation and it is anticipated that there will be a
deficit in the production of winter wheat, with less serious damage to oats.
flax and spring wheat. Pasture lands are in poor condition and there is a
lack of fodder.
BRAZIL.
Business is slow as a res dt of the credit situation which is showing no
improvement. Exchange and the coffee market have both been quiet
and unchanged. Santos spot coffee quotations are weak, and July futures
are down to 35 milreis per 10 kilos or about 19 cents per pound. A decline
in imports during February resulted in a favorable trade balance for the
first two months of 1929 of £1,130,000 for the corresponding 1928 period.
BRITISH MALAYA.
Recent increases in rubber prices had a very favorable effect on general
conditions. The feeling is growing locally that product on of Malayan
rubber has been under-estimated that, May exports are expected to be
very heavy. Conditions in the automotive trade have improved, most
dealers reporting increased sales. Business in certain American cars has
been benefitted by the arrival in Singapore of factory representatives. A
new British automobile firm has opened in Singapore and a new flying club
has beei organized in the Federated Malay States. The textile market
continues quiet. Increased interest however,is shown in American linoleum
and duck. April foreign trade continued on the increase and was 25%
above the same month last year.
CANADA.
Retail trade, although affected by cool weather in some districts as
respects the marketing of spring hardware lines, is receiving continued support from the employment outlook, which is unusually good as the result
of manufacturing activity. A more active demand in wash goods and
other seasonal fabrics was registered during the past week, and wholesale
grocers are understood to be enjoying a satisfactory turnover with some
substantial orders from summer resorts. Trade developments include a
reported scarcity of supplies in canned tomatoes, green beans, fruit and
salmon. Collections are considered fair. April imports, as measured by
value, were 24% heavier than a year ago, and exports 11% higher in the
same comparison. The grain congestion at Montreal and Lake points has
been relieved only slightly by the export movement in the past week, and
prices continue low. Following the recent reductions on United States
roads, the Canadian National and Canadian Pacific railways reduced their
export rates on bulk wheat on May 13 to 11.01 cents per hundred pounds
from Georgian Bay ports to Montreal and Quebec. and 11.84 cents to the
North Atlantic seaboard. The new rates are equivalent to a reduction of
abut 2 cents per bushel. In Saskatchewan, about 90% of the spring
wheat and 25% of the coarse grain acreage had been seeded to May 11.
and moisture conditions were satisfactory. The Alberta Provincial Department of Agriculture anticipates an increase of from 5 to 10% in the wheat
acreage of the Province as compared with last year.
COLOMBIA.
Landslides on the highway recently opened between Armenia, the present
terminus of the Pacific Railroad,and lbague,the railhead leading to Bogota.
have seriously interfered with travel over that route. The opening of the
Armenia-Ibague highway on December 5 marked an outstanding event in
the transportation system of Colombia in that it made it possible to reach
Bogota through the Pacific port of Buenaventura in three days by train
and auto travel in comparative comfort in lieu of the uncomfortable trip
of not less than nine days from the Carribbean coast by river boat and train.
INDIA.
The low tone of general economic conditions in the past four weeks in
India has been accentuated by the usual seasonal dullness of foreign trade
and aggravated by continuance of labor difficulties. The outcome of the
tin plate strike at Jamshedpur is problematic, while the Bombay mill situation is still unimproved. Military police have been called out at the latter
place to quell rioting. Stagnation in most of India's markets has caused
the Government to virtually suspend further treasury bills. Due to trade
slackness the call rate for funds has declined to 3Y6 % from 5, with money
plentiful, and effective from May 9 the Imperial Bank rate was reduced
from 7% to 6. Exchange is reacting in sympathy with monetary conditions, with inquiry for remittances restricted.
INDO-CHINA.
Business conditions are quiet, as the result of an unusual condition in the
rice market. Consuming countries, principally China and India,are buying
cautiously and Java is not expected to he a heavy buyer until June or July.
It is only because of slow arrivals of paddy at the mills that rice prices
remain firm. White rice was quoted on the last day of April at 10.36
piasters per 100 kilos ($4.82 per 220 pounds) at ship's side in gunnies.
Exports of rice from Saigon in April totaled 153,000 metric tons, of which
47,000 where shipped to Hongkong.
IRISH FREE STATE.
There was seasonably dull business in the first quarter of the year in the
Cork district but the outlook is apparently favorable for continued improvement in the general economic position for the remainder of the year.
April weather conditions were extremely favorable to tillage farms and the
agricultural year has opened with promise. Dairy produce prices are
steady, although production has fallen off from the high levels of last year.
The highly important cattle trade shows a fair gain for the quarter and
there has been an excellent demand for Irish bacon in the British market
which has reacted favorably on local prices for pigs. Labor conditions
have been generally quiet but the volume of unemployed has been substantially relieved by the increase schedule of operations at the new tractor
plant and somewhat greater activity in the Rushbrooke shipyards. It is
the general impression that power from the Shannon Hydroelectric Works
will be available in September.
NETHERLAND EAST INDIES.
Seasonal export dullness continued throughout April, especially in East
Java. Improvement in retail trade in West Java Is expected to follow the
rice harvest now under way. About 20% of the sugar mills have commenced
grinding. A recent survey showed 93% of the present crop area planted in
MAY 25 1929.]
FINANCIAL CHRONICLE
a high-yielding cane variety, as compared with 67% last year. No improvement is expected locally in the textile trade until June or July.
NETHERLANDS.
During the past month there has been a continuation of the quiet but
steady development characteristic of Netherlands trade and industry during
the past few years. Retail trade was hampered by unseasonable weather,
but early improvement is expected as industrial activities remained at a
good level and employment has improved sharply with the slight tise in
the general wage level. Wholesale prices show a slight decline. A scarcity
of skilled workers is hampering production in certain industries. The
shipbuilding, textile, building, furniture, paper, margarine, electrical, and
radio industries are active and some of them are very flourishing, while
conditions in the shoe and leather industries are dull. Automotive sales
are increasing despite the adverse weather. Money rates are higher and
the stock exchange has been calm. There was a heavy drop in the volume
of capital issues made during April. The condition of winter crops at the
end of April was only fair with wheat and barley the principal sufferers.
PERU.
The general business and economic situation is a source of general satisfaction to merchants and bankers as a result of exceptionally brisk sales
in what is normally a season of restricted sales, and the highly favorable
crop reports being received from the cotton areas. The attention of the
public has been focused on the signing of the treaty between Chile and Peru
settling the long disputed Tacna-Africa question. The first Pan American
through air mail despatch is scheduled to occur on May 18.
UNITED KINGDOM.
A continuation of British trade improvement is indicated by the latest
Industrial indexes. Unemployment, as revealed by labor returns, is now
lower than at any time since last May; the total of workpeople registered
at unemployment exchanges in Great Britain and Northern Ireland was
1.167,000 on May 6, as compared with 1,216,000 a month previous and
1.144,000 a year ago. The coal trade is irregular. Large coal is in plentiful
supply but owing to restricted output smaller sizes are scarcer with firmer
prices ruling. The minimum prices of large coal in Wales were increased by
6d. a ton effective May 13. As, however, current quotations are already
above the new minimum rates, the change has had no effect on the trade
so far. Renewed efforts are being made to bring into operation as soon as
possible the Welch coal production quota scheme.
3431
any other persons claiming any part of such surplus should be restrained
and enjoined."
Gold and Silver Imported into and Exported from the
United States by Countries in April.
The Bureau of Foreign and Domestic Commerce of the
Department of Commerce at Washington has made public
its monthly report showing the imports and exports of gold
and silver into and from the United States during the month
of April 1929. The gold exports were only $1,593,889.
The imports were $24,687,379, of which $14,579,587 came
from Germany, $6,425,000 came from Argentina and
$2,586,329 came from Canada. Of the exports of the metal,
$1,301,000 went to Hong Kong and $200,000 to Venezuela.
GOLD AND SILVER EXPORTED FROM AND IMPORTED INTO THE
UNITED STATES, BY COUNTRIES.
GOLD.
Total.
SILVER.
Refined Bullion.
Total(BW. Coin).
Exports. Imports. Exports. Imports. Exports. Imports.
8
Ounces. Ounces.
$
Courarles8
i
10,030
1,293
France
14,579,587 221,004
124,038
5,439
Germany
810
1,929
Italy
135
378
Netherlands
100,283
56,100
2,123
United Kingdom_
42,889 2,586,329 173,560 151,098 207,853 342,713
Canada
3,874
186
101
Costa Rica
22,817
14.500
Guatemala
24,644
258,823
2,000 149,956
Honduras
15,216
2,347'
1,397
Nicaragua
273,227
2,482,337 546,097 2,443,840
Mexico
50,050
1,130
Trinidad and Tobago
325
100
144
Other Brit. NV. Indies
60
6,214
Cuba
6,425,000
8,410
4,900
Argentina
37,155
158,370
Chile
The Department's summary also includes the following Colombia
113,821
251
151
93,342
3.119
Ecuador
with regard to the Island Possessions of the United States:
62,565
737,252
Peru
17,808
72,513
200,000
Venezuela
858,002
1,529.457
Hawaiian basic industries have continued active during the past month. British India
6,959,881
3,879,549
China
The current sugar crop is 60% harvested, and pineapple canners are pre- Java and Madura-96,341
36,667
50.000
63,728
paring for the summer pack. Operations are expected to begin about Hong KO=
1,301,000
252,893
4.070
July 1. Canning of the old crop, ended about May 15, was slightly below Philippine Lsiands_
so
11
10,670
that for the same period a year ago. Weather conditions to date have been New Zealand
4.521
47.618
Belgian Congo
favorable. A survey by the Honolulu Chamber of Commerce reports no Mozambique
156
6,159
unemployment in basic industries, but states there is an over-supply of
1,593,859 24,687,379 8,992,595 2,958.790 5.752.262 3,957,446
Total
office and other help, both men and women,in the city of Honolulu. Banks
report a steady increase in savings deposits. Important bank consolidations
in Honolulu are anticipated. All lines of trade are progressing in an orderly
manner. Retail and jobbing business throughout the Islands is reported President Hoover's Proposal To Modify Annuity Claims
as quiet but steady. Collections are slow. There is apparent decline in
Against Germany for American Army Occupation
money circulation, due it is said, to diversion of funds to the mainland.
of Rhineland-Plan Submitted to American MemPHILIPPINE ISLANDS.
bers of Reparations Committee.
Some lines of business, especially textiles, continued slow in April but
general conditions showed improvement over March and were above the
A suggestion for a revision of the time schedule for
usual April level. Indications are that the April improvement will conannuity payments on the American Army of
tinue throughout May. The textile market is overstocked and recent German
trading has been dull. Automotive business is considered more active Occupation costs, contemplating a spreading out over a
showing increased sales in all classes of cars and trucks, especially small longer period of these payments and also proposing a slight
units. The outlook, however, is not favorable on account of low prices
amount, has been made in a note,
for export products. A few sugar centrals are still grinding and production paring down of the
for the 1928-29 season is estimated to be larger than last year's output, which, it was announced on May 17, had been sent at
despite the typhoon damage and unfavorable weather. Abaca and copra
the instance of President Hoover to the American members
markets continue weak.
of the International Committee of Experts to Consider
PORTO RICO.
Trade and economic conditions have shown no improvement during German Reparations. Details of the President's proposal
May and in most sections of the island sales are declining. Collections are
contained in a dispatch from Washington May 17 to
unsatisfactory and payments slower than at any time since the hurricane were
of last September. Shipments of pineapples have been very heavy,amount- the "Times," which we quote as follows:
ing to 81,461 crates in the preceding week. The movement has broken
At a conference at the White House called by President Hoover late
all records for any similar period. Several tobacco buyers have arrived this afternoon and attended by Secretaries Mellon and Stimson. the
from the mainland, but no transactions have been reported to date. May majority and minority leaders of Congress, and others, it was agreed to
registration of automobiles to the 18th were 115, as compared with 251 modify this Government's claims against Germany, scale down slightly
In the full month last year. San Juan bank clearings in May through the the annuities due to the United States and extend the payments over a
17th were $11,572,000,or $2,414,000 less than in the same period of 1928.
longer period without any reduction in the total.
The terms of the new agreement, which must be submitted to Conin a note to Norman A. Armour, Charge d'Affaires
To Pay 100% on American Claims in Liquidation of gress, were sent to-night to the American members of,the Reparations
at Paris, for submission
Pre-War Business of Russian Insurance Companies.
Committee, Owen D. Young and J. P. Morgan, so that the American
can be presented to the meeting of the committee now approaching
It was stated in the "Times" of May 23 that Albert Position sessions.
its final
Conway, New York State Superintendent of Insurance
Balances on Army and Claims.
announced on May 22 that he. had signed reports of the
The American claims against Germany, now being paid in annuities
liquidation of the affairs of Russian insurance companies that under the Dawes Plan, amounted on Sept. 1 1928, the beginning of the
present annuity year, to $350,759,069.76, of which $206,981,384.92 repredid business in this State before the war. The "Times" sented the balance due on the American Army of Occupation costs, and
$143.775,734.84 the balance due mixed claims.
continuing stated:
Germany paid the United States last year $20,293.535.94 through the
The reports, he said, would be filed soon in the State Supreme Court
and would show that all American creditors and policyholders would receive Dawes Plan annuities, of which $13.101,216.70 was for army costs and
100% of their claims with interest, and that he then would have a surplus $7,192,319.24 for mixed claims.
President Hoover called the conference for 5 o'clock and promptly
of $4,850,384. The settlement of the affairs has been in the hands of
at that time, 10 minutes after his return from his trip to his Virginia fishing
Clarence C. Fowler, special deputy.
According to the laws of the State of New York, under ordinary condi- camp, the first arrivals appeared.
Secretary Stimson and Assistant Secretary of State William R. Castle
tions, this surplus of $4.850,384 would be transmitted by Mr. Conway to
the parent insurance corporations in Russia, but by reason of our non- were the first to arrive. They were followed by Secretary Mellon and
recognition of the Soviet Government it cannot be sent there. Refugee Ogden Mills, Under Secretary of the Treasury. Others came in quick sucdirectors in Paris seek control of the surplus. The reports show an income cession: Senator Borah, Chairman of the Senate Committee on Foreign
of $743,399 on the assets, and expenses of $175,613 for liquidation, resulting Relations; Senator Simmons, acting Democratic leader; Senator Watson,
Republican leader; Senator Smoot, Chairman of the Senate Finance ComIn an addition of $567,786 to the assets.
mittee; Speaker Longworth, Representative John Q. Tllson, the Republican
The superintendent's plan of disposing of the surplus is as follows:
"If. after the liquidation of the domesticated United States branch is House leader, and Representative, John N. Garner. Democratic House
concluded and when a surplus arises in this proceeding, the government leader.
Great Secrecy Observed.
in power in Russia is still unrecognized by the United States, then the
surplus should be disposed of by the Supreme Court of the State of New
The utmost secrecy was observed by the Senators and others as they
York, decreeing that the Superintendent of Insurance of the State of New hurried through the rain to the White House.
York hold such surplus until a government of Russia having power to
Some of them appeared at the executive offices and were told that
exercise its authority in Russia is recognized by the Government of the the conference was at the White House mansion, to which they tripped
United States. Pending the recognition of such a government in Russia through the rain. The conference lasted an hour and a half, and Secretary
by the United States, all suits or proceedings for the distribution of such Mellon and Mr. Mills explained in detail the present agreement and read th
surplus to the second and third class creditors, stockholders, directors or reports from Paris which suggested that the payments should be modifiee
3432
FINANCIAL CHRONICLE
and extended overla longer period which, the American representatives at
Paris Intimated, might lead to a solution of the reparations questions.
The present agreement under which the payments are made in annuities
Is known as the Paris Agreement,signed at Paris in Jan. 14 1925,and which
provided for the distribution of the Dawes plan annuities.
President Hoover, who is most familiar with this question, frequently
interrupted the conference to give his views. The new terms, which had
been put in the form of a note, were read to the assembled Congressional
leaders who,it is etpresented, made no objection to the modification.
In the course of the conference, it was explained that the new agreement
would not affect in any way the claims of American citizens against Ger
many. The terms, it was said, would not deal with the allotments on ac
count of general claims against Germany.
[VoL. 128.
Payments Received.
Under the army cost agreement of May 25 1923, which
was superseded by agreement of Jan. 14 1925
$14,725,154.40
Under Paris agreement of Jan. 14 1925
26,159,156.17
Total of payments
Balance due as of Sept. 1 1928
$440.884,310.57
$206,981,334.92
Share Available for Claims.
Pursuant to the agreement of Jan. 14 1925, the United States is also entitled to receive out of the Dawes annuities paid by Germany for the Purpose
of satisfying the awards of the Mixed Claims Commission, established in
pursuance of the agreement of Aug. 10 1922, between the United States
and Germany,2( of that part of the annuities available for distribution
%
Terms Called Complicated.
as reparations provided that the sum payable shall not in any year exceed
The terms, as read to the assembled Senators and others, were declared 45.000,000 hold marks.
During the third and fourth annuity years an arrangement has been in
to be rather complicated. Mr. Mills explained that the proposed agreement actually meant no reduction in the total payment, but would extend effect with the Government of Germany substantially analagous to an agreethe time of payments over a longer period and, he said, that this would ment for the financing of deliveries in kind, which has enabled the United
reduce the annuities. It might work out, it was said, that there would be States to realize more currently on its 2 yi% share.
In view of th.3 satisfactory manner in which it has operated, according
some slight reduction in the total payment by reason of a loss of interest,
to Secretary Mellon, a similar arrangement was made for the fifth annuity
but in no other way.
No objection was raised by any of those present when the statement year which began on Sept. 1 1928.
During the fourth annuity year, which ended on Aug.31 1928,the United
was made that there would be no appreciable reduction in total payments
States received on this account 30,163.566.83 gold marks, or the equivalent
Germany must make.
of $7,192,319.24, making total receipts to Aug. 31 1928, of 88,799,715.65
Some of those present thought that the plan would bring about some
sort of reduction, but that if a reduction resulted. they said, it would gold marks, or the equivalent of $21,112.452.90.
be small and could not be objected to by Congress.
Statement in Liability.
Senator Borah was the first to leave the conference. He declined
The following statement shows as of Aug. 31 1928, the liability of the
even to discuss the import of the meeting, except to say that it was
Government of Germany on account of the awards entered by the Mixed
Important.
The fact that he left fifteen minutes before the others was interpreted Claims Commission which have been certified to the Treasury:
by some as suggesting that he might not approve of the new proposal. Principal of awards certified to the Treasury
$111,820,063.49
Be refused later to divulge the effect of the conference or even to discuss Interest at the rates specified in the awards up to Aug. 31 .
1928
53,070,124.25
the terms of the agreement.
As the other senators left to hurry to belated dinner engagements they
Total
$164,890,187.74
maintained the utmost secrecy. Secretary Mellon and Mr. Mills were Received from Germany up to Aug. 31 1928 under Paris
agreement of Jan. 14 1925
21,112,452.90
the last to depart, with Secretary Stimson and Mr. Castle. Mr. Mills
Balance due Sept. 1 1928
143.777.734.84
carried an armful of documents.
The interest has been computed at the rates specified in the awards,
Next Move Up to Experts.
and in order to show the liability of Germany up to the end of the Dawes
He and Secretary Mellon drove to the Treasury Department, where year, the interest has been computed Co Aug. 311928.
they were joined by Secretary Stimson and Mr. Castle. There the note
which was sent to the embassy at Paris for the information of Messrs.
Young and Morgan was framed. Secretary Samson returned to the
State Department, and it is understood that the note was dispatched Reason for London's High Reserve Ratio—Influence
forthwith.
of "Note Amalgamation" on Rise of Percentage to
If the Reparations Committee accepts the latest settlement plan proHighest Since 1914.
posed, iniwhich the American agreement for an extension of the payments period and reduction in the annuities will figure, it is understood
From the New York "Times" we take the following cablethat the Administration will sponsor a resolution in Congress for a modigram from London, May 17:
fication of the terms of payment by Germany.
It was explained by one of the participants that the note sent tonight
The cash reserve in the Bank of England's banking department, which
merely agreed, in general terms, to the suggestion from Paris for a modi- consists mainly of notes obtained from the issue department, stood this
fication. According to this informant, no action will be sought i ConAress week at £59,000,000, which exceeds the figure of a year ago by £12,000,000.
until the Reparations Committee has acted on it.
The ratio of reserve to note liabilities, at the present figure of 55%%,is
not only the highest since the outbreak of the war but is 145i% above that
Stimson Issues Statement.
of a year ago and 11% above even that of May, 1914. In comparing the
Secretary Stimson made the following statement to-night:
present-day ratios with prevar figures, however, allowance must be made
"The meeting at the White House this afternoon was called by the for last Autumn's fusion of the war time currency note issue with the Bank
Houses of of England's own notes. That operation resulted in a very large addition
President for the purpose of acquainting the leaders of the two
Congress and the appropriate committees with the progress of the experts' to notes held in the reserve, which notes have represented the margin
committee on reparations, which has been meeting at Paris.
"That committee is now apparently approaching the end of its labors, of unissued circulation below the new fiduciary maximum.
Further explanation of the present high level of the bank's reserve and
and it is probable that a report may now be made which may require
action by the Executive.
of *its ratio to deposits is to be found in the marked decline which has
"This meeting was for the purpose of ascertaining the views of Congress occurred during recent months in the bank's active circulation. This
on matters which may be the subject of such report in order that whatever is now
approximately £10,000,000 below the combined amount of Bank
action the President is required to take he may have the benefit of their
of England and currency notes which were in circulation a year ago. That
views."
decline has been partly due to withdrawal of British notes from circulaDistribution of Annuities.
tion in Ireland, and partly to other causes connected with trade fluctuaUnder the terms of the agreement providing for the distribution of the tions.
Dawes Plan annuities, which was signed at Paris on Jan. 14 1925. the
United States is entitled to receive annually from Germany certain payments on account of the reimbursement of the costs of the United States
London Bank's Bid for Gold Prevents Export to
Army of Occupation and the awards of the Mixed Claims Commission
America.
established in pursuance of the agreement of Aug. 10 1922, between the
United States and Germany.
Under date of May 17 a London cablegram to the "Times"
Under this agreement the United States is entitled to receive out of
the Dawes Plan annuities paid by Germany the sum of 55,000,000 gold said:
That the Bank of England continues to get the new gold arriving from
marks (about $13,100,000) a year as reimbursement of the costs of the
South Africa, notwithstanding exchange on New York is virtually at the
Army of Occupation.
This annual payment constitutes a first charge on cash made avail- gold export point, is again explained by the fact that.the Bank's bid for
able for transfer by the transfer committee out of the Dawes annuities Incoming gold has been much above the statutory price. It is commonly
after the provision of the sums necessary for the service of the 800,000,000 said that most of the gold secured by the Bank since it raised its rate in
gold marks external loan, 1924, and the costs of certain commissions February has been obtained only in this way, and it is not doubted that
gold arriving in London from the Cape during recent weeks would have
specified in the agreement.
been exported to New York but for the Bank's action in bidding higher than
Our Costs Enjoy a Priority.
Under this agreement no other charges can take precedence over the American buyers were prepared to or could afford to pay.
This week the Bank had to make a slightly better offer than last week's
States without the consent of the United States
army costs of the United
In order to secure the small amount of Transvaal gold which came in.
Government.
The arrangement heretofore made for receiving the share of the United Unless the sterling rate improves between now and next Tuesday it is
States on this account in monthly installments has operated to the entire expected that the Bank will have to bid an even higher price to obtain the
satisfaiction of the Treasury, according to Secretary Mellon, and an Incoming African gold, which will amount to £1,775.000.
arrangement similar thereto has been made for the current fifth annuity
year.
During the fourth annuity year, which ended on Aug. 31 1928, the France May Pay August Loan with Credit Now in
United States received on this account the 55,000,000 gold marks proAmerica.
vided for in the agreement of Jan. 14 1925, or the equivalent of $13,101,216.70, making a total received to that time of 110,000.000 gold marks,
The following London advices, May 17, are from the
or $26.159.156.17.
New York "Times:"
Army Cost Account.
The Army cost account, as of Sept. 1 1928, stood as follows:
Total army cost charges (gross), including expenses of
Inter-Allied Rhineland High Commission (American
$292.883.435.79
Department)
Credits to Germany.
Armistice funds (cash requisition on German Govern$37,509,605.97
ment)
159,033.64
Provost fines
5.240,759.29
Abandoned enemy war material
1,532,088.34
Armistice trucks
355,546.73
Spare parts for armistice trucks
756.33
Coal acquired by Army of Occupation
Total of credits
Balance
$44.797,790.30
$247,865,645.49
Privatiaadvices received here from the Paris market draw attention to the
fact that, if a new reparations settlement is not reached, France will have
to provide for payment of its commercial debt of £80.000,000 to the United
States, which matures on the 1st of next August. The question has been
discussed somewhat uneasily whether France has sufficient credits in
America to effect this payment and whether, if she has not, the Bank of
France will be obliged to draw on its London balances in the form of gold
and ship the gold to America.
From reliable estimates which I have been able to obtain it is calculated
that the total foreign balances at present employed in America probably
amount to about £400,000,000. Of these France is believed to hold much
the larger part, and would in all probability have sufficient New York funds
at hand next August to repay the commercial debt to the United States if
necessary, without seriously disturbing its funds at other foreign centers.
MAY 25 1929.]
FINANCIAL CHRONICLE
J. A. Robb, Canada's Minister of Finance Before House
of Commons Reports on Gold Reserve—No Interference With Gold Exports.
The Dominion Treasury has $78,231,160 in gold in the
central gold reserves, while according to the last bank statement the banks of Canada hold in their own vaults an
additional $40,000,000. Canadian Press advices from Ottawa May 16, noted that this was the reply given by James A.
Robb, Minister of Finance, to questions asked in the House
of Commons on May 16, by J. S. Woodsworth, Labor
member from Winnipeg North Centre. Mr. Robb also
stated that the ratio of gold to notes issued against gold
deposits on March 31 was 55.3%. The Toronto "Globe"
indicated in an Ottawa dispatch May 16, that Mr. Robb
tabled a statement in the House on that day (in reply to
Mr. Woodsworth) denying that he had refused to permit
the banks of Canada to ship gold to the United States. Other
questions and the answers says the account in the "Globe"
were as follows:
Question—Would it take $60,000,000 to bring the Canadian exchange
back to parity?
Answer—To determine any definite amount is impossible, as exchange
rates vary according to demand and supply, the extent of which is not
known In advance by any financial institution.
Question—Is there $60,000,000 in gold in the central gold reserve?
Answer—The bominion Treasury holds S61,600,304 in gold, the banks
have $16,630,866 of gold in the central gold reserves, and, according to last
bank statement, hold in addition, in their own vaults in Canada. some
$40,000,000 in gold.
Question—Why did the Department change its form of statement of"Circulation and Specie" as of the date of Dec. 31 1928?
Answer—The change was ono of arrangement only to show separately
notes issued under the Dominion Notes Act against gold reserves and
notes issued under other authority against securities. In practice, notes
outstanding against securities under the Finance Act are not utilized as a call
for gold.
Question—Was the reserve rade 55.3 or 28,4 as of March 31 1929?
Answer—The ratio of gold to notes issued against gold deposits was
55.3% at March 31 1929.
Question—Can Dominion notes including "legals" be redeemed in gold?
Answer—Yes.
A brief statement with respect to the powers of the Dominion Government to ameliorate exchanges rates by the export of gold, was made by Mr. Robb, in the House of Commons on May 13, said a Canadian Press dispatch from
Ottawa to the Montreal "Gazette," this dispatch adding:
"The Dominion has not parliamenary authority to deal in the buying
and selling of gold for commercial purposes," said Mr. Robb. "If commercial business transacted by the people through the banks requires a
shipment of gold, it becomes the duty of the banks to export or import
gold to meet such requirements as their business transactions with the
public demand.
"The banks have gold supplies in their own vaults not under control
the Treasury, except such gold as they may from time to time deposit
in the central gold reserves towards protecting any surplus issue of their
own banks notes over and above the amount allowed them under the provisions of the Bank Act," the Minister informed the House. The banks,
he proceeded, were free to export their gold holdings without regerence
to the Dominion Treasury, together with as much gold as they where
able to obtain from the Treasury by taking out of circulation and handing
back to the Treasury Dominion notes previously obtained by them on
deposit of gold.
Mr. Robb pointed out Canada has large commitments from time to
time In Now York and Loudon, England. When exchange is against
Canada to an extent over and above the cost of shipping gold, if our supply
of this free gold permits,shipment will take place; but scuh shipments, being
for Government account in Now York and not for sale in New York, of
Canadian funds, would have no affect on exchange rates other than perhaps what might be designated as a light sentimental effect."
The minister had previously explained that the Treasury had from
time to time bought from Canadian mines gold consigned to the Royal
Mint for refining purposes. All such gold has been paid for out of current
revenues received from taxation and other Government services. This
gold is available for use on Government business only, he stated, and is
utilized when required for such purposes.
The Quebec Statistical Year Book 1928.
The Quebec Bureau of Statistics announces the publication of the Quebec Statistical Year Book for 1928.
This volume contains the latest available data concerning
the economics development of the Province. The major
modifications to be noted in the new edition can be summarized as follows: a new text explains the agricultural
development of the Province up to the present time and
briefly describes the various services of the provincial Department of Agriculture; the chapters dealing with dairy,
forest and mineral industries, water powers and manufactures have also been modified; numerous charts and
diagrams illustrate the economic situation of the most important industries. The divisions of this work are as follows:
(1) Chronology: a summary of the main historical facts of French and
Blueish regimes from 1492 to date.
(2) Physiography: containing a sketch of the geography and the geology
of the Province.
(3) Climatology: temperatures, rain, snowfall and sunshine.
(4) Population: a brief study of the various elements composing our
population, based on the Federal Census of 1921, vital statistics, sanitry
conditions and immigration.
3133
(5) Education: schools, pupils, teachers, normal schools, classical colleges, universities, development of public instruction, cost of education
and school buildings.
(6) Administration: constitution of the Government, crown 'ands,
colonization, justice, coroners, prisons and benevolent institutions.
(7) Finances: provincial, municipal and school finances, loans authorized
by the Government.
(8) Production: agricultural development,live stock and animal products,
dairy industry, mineral industry, value of fisheries, water powers, central
electric stations, fur bearing animals and pelts, manufactures, survey of
production and national wealth.
(9) Communication and Transportation: roads railway, automobiles„
post offices, telephones, telegraphs and canals.
(10) Economic Activity: exportations and importations, clearing houses,
construction, incorporations of companies, la nkruptcles, prices, price,
indexes and cost of living.
(11) Organized Labor: labor organizations, strikes, unemployment,
labor inspection and employment bureaus.
(12) Insurance and Savings: insurance companies, mutual benefit associations, saving banks and co-operative people's banks.
The Quebec Year Book is distributed free of charge to government
officials, newspapers, publicity associations, public men, teachers, public
and school libraries, industrial and commercial concerns, banks, religious
Institutions, professional men and, in general, to persons who, as a result
of their situation, are called upon to serve public interest. Requests for
the same should be addressed to the Bureau of Statistics, Parliament
Buildings, Quebec, Que. The 1928 edition which is presented to the
Hon. Athanase David, Provincial Secretary, by G. E. Marquis, Chief of
the Bureau of Statistics, has been edited by Lucien Viau, L.S.C.
Guaranty Trust Co. of New York Ships Bronze Coins
to Central Bank of Ecuador.
The Guaranty Trust Co. of New York shipped on May 22
on the S. S. "Almagro" 144 boxes containing 2,016,000
one-centavo bronze coins to the Banco Central del Ecuador,
Guayaquil. The announcement by the trust company says:
The coins constitute one of the final shipments under a contract arranged
two years ago when the National Bank of Commerce in New York, which
Is now merged with the Guaranty Trust Co., was appointed agent for the
Government of Ecuador to supply new subsidiary coins to be minted
by the United States Mint at Philadelphia for the Republic of Ecuador.
The total coinage order was for 31,500,000 Mews, and the present shipment leaves an undelivered balance of only about 3.000,000 of the One
Centavo coins.
The United States Mint at Philadelphia has minted the coins at their
convenience, and as the coinage has proceeded shipment has been made
from time to time to the Banco Central del Ecuador. In all, 12 different
shipments have been made to date. The balance of the order will probably
not be filled until late in the summer, as the Philadelphia Mint Is at present
busy minting United States coins and will be closed between June 15 and
July 15. The total coinage order for Ecuador consists of the following:
500,000 silver 2 Sucres pieces, 3,000,000 silver 1 Sucre pieces, 1,000,000
silver 3,6 Sucre pieces, 5,000,000 nickel 10 Centavo pie-., 16,000,000 nickel
five Centavo pieces, 4,000.000 nickel 214 Centavo nieces, and 5,000.000
bronze one Centavo pieces.
Bulgaria's Receipts iniFiscal Year Ended March 31
Over $51,000,000—Surplus for Year Over $8,000,000.
Advices fromiSpeyer & Co. state:
The total receipts of the Kingdom of Bulgaria for the fires year ended
March 311920 were (at 138 leva to theldollar) about 551,313,000, and the
total ordinary expenditures about 843,087,000, leaving a surplus for the
Year of $8,226,000. After deducting $6,570,000 the total of amounts
applied to deficits of previous budgets, other extraordinary expenditures
and outstanding bills, the surplus was about $1,656,000.
For the first three months of 1929 the receipts from the revenues pledged
for the Bulgarian 73 % stabilization loan of 192S were equal to about
$2,317,000, as against 82.167,000 for the corresponding period of 1928.
The quarterly service requirements for the loan are only $533,000.
Semi-Annual:Redemption of Bonds of Republic
of Poland.
Dillon, Read & Co. as sinking fund trustee for the Repub-year 8% loan issued in 1925, have issued a
lic of Poland 25
notice of the semi-annual redemption of 8700,000 of these
bonds for the sinking fund at a price of 105 and accrued
interest. The bonds have been designated by lot for redemption July 1. Payment will be made at the office of
Dillon, Read & Co. in New]York.
Bonds of Republic of Peru in Definitive Form Available.
J. & W. Seligman & Co. and The National City Bank of
New York, as fiscal agents, announce that definitive bonds
for 825,000,000 Republic of Peru, Peruvian National Loan
external sinking fund gold 6s, second series due Oct. 1 1961,
are now ready for delivery at the office of J. & W.Seligman
& Co., 54 Wall Street, New York, in exchange for and upon
surrender of interim certificates.
Annual Report of President Simmons of New York
Stock Exchange—Market Value of Listings Increased Over $28,000,000 In 1928 to $114,851,081,802
—New Records of Daily Sales—Brokers' Loans
Declared Safest Form of Loans.
The heavy volume of trading in 1928 on the New York
Stock Exchange which developed into"6,000,000 share days"
(the record has been exceeded the present year) is dealt
with in the annual report of President E. H. H. Simmons,
3434
FINANCIAL CHRONICLE
presented to the Governing Committee of the Exchange on
May 13. In discussing the activity of dealings, President
Simmons said:
[VoL. 128.
percentage of total loans in June 1921—immediately prior to the end of the
declining market which terminated in Aug. 1921.
In reality, the proportionate employment of call and time loans seems
to be determined more by the conditions in the menet than in the stock
Volume of Sales.
market. When lenders anticipate rising interest rates they will prefer call
Attention has frequently been called to the fact that the Nevi York to time loans to obtain the fullest benefit from the rise, and conversely
Stock Exchange has never attempted to compile official statistics as to the when they anticipate falling interest rates they will prefer time to call rates
total volume of securities sold upon it. It is therefore necessary, in dealing in order to secure high interest returns as long as possible. That stock
with this aspect of Stock Exchange activity, to employ the totals of "Stock market stability is more assured in proportion as more time loans are used
Exchange sales" daily published by the principal metropolitan journals. to finance it, is an assumption not only unsupported but directly contraThese statistics of sales, although undoubtedly subject to errors and omis- dicted by the stock market loan statistics of the recent past.
The nature and function of stock market loans have so frequently been
sions, and in any case based only upon open-market transactions (to the
exclusion of such frequent species of dealings as "odd-lot" or "stopped misunderstood and misconceived, that a few words on this aspect of the
stock" transactions), nevertheless possess a general "barometric" value. question seem justified. The New York Stock Exchange is not and never
These reported sales of stock on the Exchange in 1928 amounted to has been any advocate of "inflation" or excessive speculation, if for no
920,550,032 shares, which compares with 576,990,875 shares in 1927, other reason than because—as it knows from over a century of practical
with 449,103,253 shares in 1926, and with 452,211,399 shares in 1925. experience—the dangerous effects of "inflation" always are felt soonest in
Similar reported sales of bonds on the Exchange were as follows: $2,939,- the stock market and most heavily by stockbrokers and their customers.
627,750 nominal value in 1928, $3,321,527,600 nominal value in 1927, Nevertheless, the function of the Stock Exchange as a capital market
$3,029,684,699 nominal value in 1926, and $3,398,346,045 nominal value makes particularly apparent there the great economic importance of stock
market loans to American business prosperity, particularly at the present
in 1925.
The Stock Exchange bond market during 1928 was unusually inactive; time. It is idle to declare stock market loans "illegitimate" when they
as the above statistics show, total annual sales ran considerably below are indispensable in the work of providing additional capital for industry
Previous years. But the activity of the stock market on the Exchange and commerce by distributing securities to investors; the funds represented
was sa great during the year as to attract universal attention; according by brokers' loans are not withdrawn from productive use, but are actually
to the figures given above, aggregate share sales more than doubled over involved directly or indirectly in increasing national facilities for produceven the active years of 1925 and 1926, and showed a huge advance over tion and sometimes even in financing the flow of goods in transit. Stock
even 1927. This intense activity in the share market during 1928 naturally market loans often subserve a speculative motive, but they do not have
established new records of daily sales. Previous to 1928 there had been any relation with gambling or wagering. The experience of the New York
only a dozen days in the history of the New York Stock Exchange when the money market over many years has conclusively established the fact that
reported stock sales had exceeded 3,000,000 shares, and the "record day" stock market loans are, from the lenders' standpoint, the safest form of
was still March 3 1926 when 3,786,111 shares were reported sold. The loan known to American banking, even though they are denied the redisYear of 1928, however, ushered in a great succession, not only of "4,000,000 count privilege at Federal Reserve banks. In economic function, it is
share days" but even "5.000,000 share days" and "6,000,000 share days". proper to recognize the prior claim to credit of short loans used to finance
The record day during 1928 proved to be Nov. 23 when 6,954,020 shares goods in transit, for without the free flow of goods obviously all national
were reported sold. But even this record has since been in turn superseded enterprise would break down. But by no means all so-called "commercial
loans" are actually employed to finance shipments of goods—many are
by March 26 1929 when 8,246,740 shares were reported sold.
Naturally, volume of sales figures should be considered in relation to employed to finance production and even consumption. Moreover to an
the amount of securities currently listed, since the larger the listings the appreciable extent stock market loans today indirectly represent even the
financing of goods in transit. Furthermore, in economic theory, at least,
larger also the volume of sales will normally be. * * *
The percentages of bond sales show that 1928 started as a quite active it is also difficult to see why the function of stock market loans in facilitatYear in bond trading, but that during its latter half activity fell away to ing the flotation of new capital securities is less legitimate in banking than
abnormally low levels. In complete contrast are the percentages of stock the outright purchase of securities themselves by the banks. Finally, it Is
sales. During the period 1925-1928, the percentage of monthly stock one of the regular economic functions of the capital market on the Stock
sales to shares listed had exceeded 10% in only three months (11.27% Exchange and the stock market loans which finance it, to act as a reserin October 1925, 10.19% in November 1925, and 10.07% in March 1926). voir for surplus funds; it is this function of the stock market which, in the
But in 1928, the percentage rose above 10% in seven out of twelve months, presence of a national surplus of funds, prevents the artificial injection of
and in November 1928 it even reached 15.71%. Statistics are not avail- capital and credit into commodity and real estate speculation, with the
able over a sufficient number of years to justify the statement that the attendant universally dangerous price-appreciation in' commodities and
activity in the share market during 1928 was "excessive," but undoubtedly rents and the inflation of our national standards of living.
The recent rise in stock market loans can be analyzed from two different
it was unusually intense.
The increased velocity of share turnover last year has been ascribed to points of view—either from the supply side of the funds employed, or
many different causes, and some times to the increased facilities for share the demand side relating to the nature and need of their employment.
dealings recently provided by the New York Stock Exchange. This latter Since the Stock Exchange members are in the main borrowers, naturally
explanation, however, seems in general to mistake an effect for a cause. the information available here is rather on the latter than the former aspect
The administration of the Exchange has been as much surprised as anyone of the question.
In general, it may be said that the increased demand for stock market
else at the unusual volume of share business developed on its floor, and has
indeed been hard put to it to provide facilities for its proper handling. It is loans has been due to: (1) Changes in securities listed on the New York
Stock Exchange and thus made generally available as collateral for stock
also worthy of note that practically every other legitimate stock exchange
in the United States has also recently experienced an unprecedented volume market loans; (2) changes in the prices of listed securities, particularly
of share dealings, and in some of these other exchanges the percentages shares; (3) changes in the proportionate amount of outstanding listed
increases in recent years have apparently been in excess of that seen on the issues carried in the market "floating supply" by means of borrowed
funds, as compared with the amount held outright by security investors;
New York Stock Exchange.
and (4) changes in
The factors incident to the increased demand for brokers' on the New York the foregoing respects in regard to securities not listed
Stock Exchange, but on the New York Curb Market
President Simmons who says and other American and foreign stock exchanges, or in regard to unlisted
loans are likewise discussed by
"the experience of the New York Money Market over many securities dealt in "over-the-counter," or lastly in regard to new security
and flotations in their
years has conclusively established the fact that stock market underwritings information that can beinitial stages of distribution. The
more definite
on these various factors
safest form of in the demand for stock market loans, obtained clearly their real nature
loans are, from the lenders' standpoint, the
the more
loan known to American banking, even though they are and functions can of course be seen.
There is no doubt that increased listings on
New York Stock Ex• denied the rediscount privilege of the Federal Reserve change have proved in 1928 an important cause theincreased stock market
of
Banks." President Simmons' comments on this point loans. Statistics previously cited in more detail have shown that listed
stock issues last year increased from 1,097 to 1,177, that the number of
follows:
listed shares increased from 654,999,126 shares to 757,301,677 shares,
Stock Exchange Member Borrowings.
"broker' loans" became prac- and that the market value of all listed shares increased from $449,736,350,946
During 1928 the subject of the so-called
tically a topic of national conversation, and sometimes of wide divergencies to $67,472.053,300. This comparison is confined to stocks because there
of expert opinion. It is of course impossible in this place to attempt an is reason to believe that bonds afford a comparatively small proportion
analysis of this whole subject in its many aspects and ramifications. Never-. of the collateral behind stock market loans, and because in the classes
theless, in the light of the considerable public interest in the question, it of bonds ordinarily so employed, changes in listings last year were commay prove useful to include here a brief resume of certain of its more impor- paratively unimportant.
In respect to the factor of changing security prices, a previous section
tant features.
From Jan. 1 1928 to Jan. 1 1929, according to the statistics compiled of this report has already shown that the average of all listed shares (correspecting aggregate rected for "split-ups," stock dividends, &c.), rose in 1928 from $87.51
and issued monthly by the New York Stock Exchange
net borrowings on security collateral by its members, the loans rose from per share to $103.74 per share—a rise of about 18%. Undoubtedly this
$4,432,907,321 to 56,439,740,511—an increase for the calendar year of rise in average share prices furnished another important cuase for the
$2,006,833,190. This compares with an annual increase of $1,140,047,066 increase in stock market loans, since as a rule the more a stock is worth,
during 1927, and a decrease of $220,313,899 from Feb. 1 1926 to Jan .1 the more one can borrow upon it. In practice, however, this general
trend is affected by the increased tendency of lenders to reduce the price
1927.
The Stock Exchange statistics, being obtained from borrowers rather of shares for collateral purposes as their market prices rise.
Thirdly, there is the factor of the comparative size of the "floating
than leaders, naturally cannot show the ultimate source of the funds, except
as they have been initially obtained from New York banks and trust com- supply." Stock market experience, as well as occasional but convincing
bankers, brokers, statistics, go to show that as share prices rise there is a tendency for outpanies on the one hand, or on the other from private
foreign bank agencies and others in New York City. The accompanying right holders to sell to marginal holders, and as they decline for outright
chart [this we omit—Ed.] gives the percentage of loans obtained from New holders to buy from marginal holders. For this reason the "floating
York banks and trust companies during 1926-1928. It will be noted that supply" of securities which serves as collateral for stock market loans
this percentage declined slightly in 1926, rose slightly in 1927, and fluetu- tends proportionately to increase as prices rise, and decrease as they fall.
It is precisely this alternate expansion and contraction of the "floating
ated downward to a moderate extent in 1928. No very striking conclusion
can be drawn from this exhibit, except that during the second half of last supply" of securities which gives the stock market its ability to readjust
year, when pressure was being put on commercial banks to reduce their itself; a top-heavy "floating supply" coupled with high prices will of its
security loans, private banks, &c., tended to lend more in proportion as own accord bring about falling prices and a decreased "floating supply,"
while a relatively light "floating supply" will of its own accord lead to
loans from the former source were relatively curtailed.
More interesting is the other line on the chart, which represents the per- an increase accompanied by rising prices. The constant alternation of
centage of demand or call loans to total loans. It will be noticed that these sources of pressure in their continual search for equilibrium is comthrough 1926-1927 and the first half of 1928, call loans composed on the monly referred to as the "technical conditions of the market." In all
average about 75% of total loans, and on one occasion even less than 70%. this, there is nothing so very peculiar to the stock market, since in varying
But during the latter half of 1928, the proportion of call to total loans rose degrees the markets for all other commodities and forms of property are
rapidly to almost 90%. Some authorities have argued that this develop- subject to the same internal readjusting forces.
There is no way of knowing at any given time exactly how great the
ment was dangerous, because of the greater extent to which funds might
suddenly be withdrawn from the security loan market. Whatever theoreti- "floating supply" of stock market securities really is, but the Statistical
interesting to note that over Department of the Exchange has devised an index which seems to have
cal justification for such a view may mast,it is
the period of 1919-1922 the percentage of Stock Exchange member time distinct bearing on the subject. This index consists in the proportion
loans to total loans was greatest in Oct. 1919—on the very verge of the which total security collateral borrowings of Stock Exchange members
liquidating market of 1919-1921, and that call loans composed the highest bears each month to total market values of all listed securities, and par-
MAY 25 1929.]
,
FINANCIAL CRP077TCT,E
ticularly to that of all listed shares. For, since stock market loans are
contracted on the market "floating supply." of securities as collateral,
it is reasonable to assume that if loans advance relatively faster than
listings, the "floating supply" of securities is increasing, and vice versa.
A final casual factor in the demand for stock market loans arises from the
operations of other stock exchanges, and from the "over-the-counter"
market, and from new underwritings and flotations. It must be recalled
that member-firms of the New York Stock Exchange are frequently also
members of other American stack exchanges, that they often engage in
transactions in unlisted and foreign securities, and that in some cases they
act as originating issue houses for securities, or as distributing houses for
new flotations. Inevitably securities arising from all these types of nonNew York Stock Exchange transactions tra Included along with issues listed
on this Exchange as collateral for loans. To attempt to segregate each
month such issues out of the constantly changing mass of security loan
collateral amounting in the aggregate to perhaps $8,000 or $9,000 millions,
would constitute a statistical undertaking of tremendous magnitude.
Moreover, such statistics even if obtainable would not in the nature of
things be conclusive, since Stock Exchange issues are sometimes borrowed
upon to carry these other issues outright, and since Stock Exchange firms
often employ their own extensive firm capital for such purposes—practices
which would not be revealed in the loan statistics. Just how large a proportion of loan collateral may be attributed to these non-New York Stock Exchange transactions is therefore a matter of opinion and conjecture, but
there is reason to believe that it has been frequently exaggerated. Nevertheless the rapid growth of stock exchanges in America other than the New
York Stock Exchange during recent years, the large recent underwritings
and flotations of both stocks and bonds, the extensive dealings in foreign
securities listed only abroad and the freiuently great activity in bank stocks
and other American unlisted issues, provides adequate grounds for belief
that this final source of demand for stock market loans must by no means be
overlooked.
The other basic aspect of stock market loans—namely, the amounts and
sources of the funds employed in them—relates to banking rather than to
the Stock Exchange business, and must inevitably be subject to banking
opinion and action. If too much bank credit is flowing into stock market
loans, very obviously it must be the lenders rather than the borrowers
who must accept and exercise the responsibility of correcting the situation.
The New York Stock Exchange has all along maintained an entirely correct
attitude in refusing to intrude itself in the field of banking and credit
wherein its members appear as borrowers.
It seems worth remarking here, however,that the increase in stock market
loans during 1928 has been accomplished with funds not arising from the
manufacture of credit by banks so much as from capital saved and accumulated by individuals and business institutions. Bank deposits are credited
in two quite different ways—by the acceptance for deposit of funds owned
outright by the depositors, and by the granting of loans by banks in the form
of deposit-credits. In the first instance it is capital, and in the second it
is credit, which is involved—two quite different considerations. Banks
must naturally be deeply concerned with the hazards of creating or employing too much credit, and it is properly the function of our central banking
system to supervise such operations critically and continually. But the
flow of capital on its way into national industry is not of similar concern
to our banking system, nor in the last analysis can it be similarly controlled.
This has been clearly seen in the steady increase in the loans reported in the
Federal Reserve statistics as from "other lenders," which represent capital
rather than credit.
The truth of the situation seems to be that there are to-day ample credit
facilities in this country available for all necessary uses, and in addition an
unaccustomed surplus of capital for which there is no sound or safe use
save in the securities market. No one is so foolish as deliberately to advocate the destruction or the "freezing" of this capital by producing a serious
Interruption of national prosperity. On the other hand, if the capital now
invested in stock market loans is violently and artificially forced therefrom,
there is always the serious danger that it may in consequence be artificially
forced into commodity and real estate loans and speculation, with the
attendant result of inflating the prices of goods and rents and seriously
affecting the national standards of living.
It may perhaps be argued that the place for capital is not in bank deposits
but In securities themselves, and indeed if our business prosperity continues
it is not unlikely that it will gradually make this shift itself. But high
Interest rates,for the time being at least, only increase the uncertainty of the
owners of capital, and on the score of safety as well as greater interest return
Induce them to keep it in the form of loans on securities rather than in
securities themselves.
In indicating the increase in the market value of listings
on the Exchange during 1928 President Simmons said:
3435
Curb Exchange activities, particularly during the past fiscal
year, the Board of Governors of that institution plan to
adopt several amendments to the constitution which if not
disapproved within two weeks by a majority vote of the
regular membership shall stand as the law of the Exchange
and further help supervision of its affairs. The amendments
have to do with an increase in the personnel of the Board
of Governors from 24 to 36 regular members and call for
segregation of the new members among the various standing
committees. In a notice approved by President William
S. Muller and signed by Eugene R. Tappen, Secretary,
sent to members under date of May 10, the newly formulated
amendments to the constitution were made known. The
letter follows:
NEW YORK CURB MARKET.
113-123 Greenwich Street, New York.
May 10 1929.
To the Members;
At a regular meeting of the Board of Governors held May 8 1929, the
following amendments to the Constituti n were adopted:
That Articles II, III and VIII of the Constitution be amended by striking
out Paragraph 1 of Article II, Section 1 of Article III, and Section 1 of
Article VIII as follows:
ARTICLE II.
The Government of the Exchange shall be vested in a Board of Governors
composed of twenty-four regular members elected in the manner hereinafter
provided.
ARTICLE III.
Sec. 1. The members of the Board of Governors shall be divided into
three classes, each class to consist of eight members to be elected annually.
to serve three years.
ARTICLE VIII.
Sec. 1. The annual election of the Exchange shall be held on the second
Monday in February, at which time there shall be elected by ballot eight
members of the Board of Governors for the term of three years, Trustees or as
the case may be,a Trustee of the Gratuity Fund for the term of three years,
and also members to fill vacancies which may have occurred during the
preceding year either among the Trustees of the Gratuity Fund or in the
Board of Governors.
and inserting, in lieu thereof, the following:
ARTICLE II.
The Government of the Exchange shall be vested in a Board of Governors composed of thirty-six regular members elected in the manner hereinafter provided.
ARTICLE III.
Sec. 1. The members of the Board of Governors shall be divided into
three classes, each class to consist of twelve members to be elected annually.
to serve three years.
The twelve additional Governors authorized by the amendment of
May 1929 shall be apointed and classified by the majority vote of the
Board of Governors so that the term of office of four of such additional
Governors shall expire on the second Monday of February in the years
1930. 1931 and 1932, respectively. The successors of such additional
Governors shall be elected in the manner hereinafter provided.
ARTICLE VIII.
Sec. 1: The annual election of the Exchange shall be held on the second
in February, at which time there shall be elected by ballot twelve
Monday
members of the Board of Governors for the term of three years, Trustees
or as the case may be, a Trustee of the Gratuity Fund for the term of
three years, and also members to fill vacancies which may have occurred
during the preceding year either among the Trustees of the Gratuity Fund
or in the Board of Governors.
That Article III, Section 14 of the Constitution be amended by,striking
out the words "five members" in the secon line, and i serting, in lieu t ereof, the words "eight members", so that the said Section 14 shall read as
follows:
"Sec. 14. In the absence of both the President and Vice-President, any
eight members of the Board of Governors may call a meeting thereof."
That Article X, Section 1, Subdivision Fourth of the Oorstitution be
amended by striking out the words "ten members" in the second line, and
inserting, in lieu thereof, the words "twenty members." so that the first
three lines of said Subdivision Fourth shall read as follows:
"Fourth. A committee on Listing, to consist of twenty members, which
Committee shall have the following powers:"
That Article XXI, Section 6 of the Constitution be amended by striking
out the words "fifteen members" in the seventh line, and inserting, in lieu
thereof, the words "twenty-four members." so that the said Section 6
shall read as follows:
"Sec. 6. A member of the Exchange, who is a general partner in a firm
represented thereon, Is liable to the same discipline and penalties for any
act or omission of such firm as for his own personal act or omission; but
the Board of Governors may in its discussion by a vote of not less than
twenty-four members relieve him from the penalty therefor."
Total Market Value of Listings.
The aggregate market value of all stocks and bonds listed on the New
Stock Exchange increased $28,240,013,398 during 1928. from $86,York
611.068,404 ,on Jan. 1 1928 to $114,851,081,802 on Jan. 1 1929. This
compares with similar increases of $11,067,298,798 in 1927, $5,545,331,023
In 1926. and $9,314,299,045 in 1925.
The marked increase during 1928 was largely due to the listing during the
If not disapproved within two weeks from May 8 1929. by a majority
spring of 1928 of two large British Government sterling war bonds issues, vote of the entire regular membership, the said amendments shall stand
whose nominal value amounted approximately to $12,000,000,000. The as the law of the Exchange, in accordance with Article XXVII of the
listing of these two issues in itself more than accounts for the increase in Constitution.
EUGENE R.TAPPEN. sr:reran/.
the aggregate market value of listed bonds during 1928 of $10.504,311,044—
from $36.874,717,458 on Jan. 1 1928 to $47.379,028,502 on Jan. 1 1929.
Had it not been for the listing ofthe two British Government sterling issues
the market value of listed bonds would during 1928 have actually declined
Its Ticker Service to
by approximately $2,000,000.000. The change in aggregate market value Chicago Stock Exchange Extends
of listed bands during previous years was as follows: a decline of $292,890.Additional Cities—Montana Legislature Exempts
010 in 1927, an increase of $1,658.396,010 in 1926, an increase of $1,897,Securities on Chicago Exchange from "Blue Sky"
394,112 in 1925.
Examination.
The aggregate market value of all listed stocks increased in 1928 by
$17,735,702,354—from $49,736,350,946 on Jan. 1 1928 to $67,472,053,300
The Chicago Stock Exchange this week extended its
1929. The similar increases in previous years in the aggregate
on Jan. 1
market value of listed stocks were as follows: $11,360,188,808 in 1927. Western Union Quotation Ticker Service into a number of
$3.886,935,013 in 1926, and $7,416,901,933 in 1925.
additional cities. These cities are South Bend, Indiana; and
The foregoing statistics as relating to the expansion of listings on the
Stock Exchange possesses of course a very vital relationship to Kalamazoo, Battle Creek, Grand Rapids and Muskegon,
New York
practically all other statistics of Stock Exchange operation. It is obvious Michigan. We were also advised on May 21 that within a
that as listings increase, a corresponding growth in volume of sales on the few days the service would also be extended to include
Exchange, in borrowings on security collateral by Stock Exchange members,
Jackson, Lansing and Flint, Michigan. This will put the
and in other such matters may be expected to occur.
Activities of New York Curb Market Prompt Action
Toward Increase in Membership of Governing
Committee.
As a result of the vast amount of detailed work handled by
its Executive Committees, as a result of the expansion in
Chicago tickers in 26 cities throughout the United States.
Further advices state that the Montana State Legislature
this week passed an amendment to its Securities Act exempting Chicago Stock Exchange listed securities from examination by its "Blue Sky" Department. Our informant also
says:
3436
FINANCIAL CHRONICLE
This means that 34 of the 48 States in the Union permit the sale of Chicago
Stock Exchange securities either specifically or by implication. Twentythree of these States specifically exempt Chicago listed securities from examination, while in the other 11 they may be sold by qualified registered
dealers.
New York Curb Exchange Inaugurates Ticker Service
in Richmond, Va.
Announcement was made on May 22 by the New York
Curb Exchange that its ticker service was inaugurated in
Richmond, Va., that day. The system, it is stated, now
covers approximately 60 cities throughout the United States
extending from the Atlantic to the Pacific Coast.
Bill Passed by Illinois House Permitting Chicago Board
of Trade to Deal in Stocks Without "Blue Sky"
Law Qualifications.
A group of Chicago bankers appeared before a sub-committee of the Illinois Senate on May 17 and gave support to a
measure now before the Senate to exempt securities listed
by the Chicago Board of Trade from qualification under the
blue sky act. The bill was passed by the State House of
Representatives on May 7 by a vote of 91 to 23. Regarding
the presentations made to the Senate Committee by the
bankers on May 17 we quote the following from the Chicago
"Journal of Commerce."
The opening of the Board's security market, it was declared by William
R. Dawes, Vice-President of the Central Trust Co. of Illinois, will be a
great move in advancing the financial prestige "not only of Chicago and
Illinois, but of the entire west."
Appearing with him in behalf of the Board were H. A..Wheeler, ViceChairman of the First National Bank; Lawrence H.Whiting,President ofthe
Boulevard Bridge Bank, and John J. °icicles, representing Eugene M.Stevens, President of the Continental Illinois Bank and Trust Co.
Aids City Dawes Says.
"Any added facility that can be devised to promote legitimate business
Is a good thing for the city, State and entire west," Mr. Dawes said.
The move to add trading in stocks and bonds at the commodity market
was described by Mr. Wheeler as in line with the trend in every other type
of business to increase its facilities.
The outlying banker, the committee was told by Mr. Whiting, must be
a securities banker to-day, because of the stock that is offered'continually
as collateral.
Members of the board of trade are of character and ability to measure
up fully to the requirements of a body that should stand between the
buying public and the firms which issuo securities, it was assorted by Mr.
°irides.
Many Brokers Attend.
President Samuel P. Arnot of the Board headed a group of Chicago
brokers who attended the session of the sub-committee, composed of
Senator James J. Barbour, Chairman; Senator Harry W.Starr and Senator
Arthur Huebsch.
Among the prominent brokers present were A. F. Lindley, A. W. Mansfield, Jos. P. Griffin, W. C. Jackson, Parker M. Paine, R. H. Smart,
Barnett Faroll, James W. McCulloh, T. E. Cunningham, Wm, J. Fitzsimmons, George H. Tanner, Allen S. Noyes, H. H. Lobdell, K. V. It.
Nicol, George A. Seaverns, F. E. Alstrin, Matthew J. Doyle, Jr., A. E.
Cross, J. W. Badenoch, Henry I. Monheimer, Otto Antonsen, E. D.
Norton, T. Y. Wickham,and Geo. A. Koehl.
We also quote from the same paper May 8 the following
relative to the passage of the bill by the House.
By a vote of 91 to 23 the House of Representatives late to-day passed
the Sullivan Bill giving the Chicago Board of Trade the right to list seentities without qualifying them under the blue sky law. For a time the
fate of the bill was in doubt.
Upon completion of the roll call the bill had 65 votes, 12 short of the constitutional majorities. The absentees were recalled, resulting in 3 more
votes. Then Representative T. J. Sullivan, sponsor of the bill, moved
that further consideration be postponed.
Before the motion could be put to a vote 23 members came to life and
cast their ballots, passing the bill with fourteen votes to spare.
Representatives Michael L. Igoe, minority floor leader, and Elmer J.
Schnackenberg led the fight for the passage of the proposal.
[Vol,. 128.
Cocoa Exchange, and National Raw Silk Exchange, have
recently held a series of conferences with a view to uniting
in the construction of an office building which would be a
commodity exchange centre and furnish offices for the
various trades affected, it was announced on May 17.
The proposed commodity exchange centre, according to
present plans, will be on the present site of the Coffee &
Sugar Exchange, and possibly a plot of ground adjoining the
Coffee Exchange Bldg. In. furtherance of the commodity
centre idea, Frank C. Lowry, President of the Coffee &
Sugar Exchange, called a meeting of members for May 23
for the purpose of taking action on the following proposal:
To authorize the Board of Managers, in its discretion, on such terms
as the Board shall approve, to join with the New York Rubber Exchange,
National Raw Silk Exchange, New York Cocoa Exchange, and such other
exchanges as the Board of Managers shall approve,in the purchase through
a realty company, of which the New York Coffee & Sugar Exchange, Inc..
shall be a substantial stockholder, of a suitable plot consisting of the
present site of the New York Coffee & Sugar Exchange, and the whole
or a part of the adjoining properties in the same block to the east, and
the erection thereon of an office building containing offices for public
letting, and also suitable quarters for the use of the said exchanges.
In the alternative, if in the opinion of the Board of Managers, it be
unwise or impracticable to arrange for the purchase of the land and the
erection of such building jointly with some or all of the other exchanges,
to authorize the Board of Managers in its discretion to sell for cash the
present property of the Exchange to some purchaser who will agree to
erect on such property or on such property together with adjoining property,
an office building containing offices for public letting and also suitable
quarters for the use of the New York Coffee & Sugar Exchange, to be
rented to said Exchange for a term of years at a rental to be approved
by the Board of Managers.
At their meeting on May 23 members of the Coffee &
Sugar Exchange voted to authorize the Board of Managers
of the Exchange to join with other commodity exchanges in
the underwriting of such an exchange building. The vote
of the Coffee Exchange members was 114 in favor of the
plan, against 22 opposed. Executives of several other
commodity exchanges, including the National Silk, Rubber
Exchange, and Cocoa Exchanges, are said to have signified
their willingness to participate with the Coffee Exchange
in the erection of a commodity exchange building to house
a number of exchanges. The proposed new commodity
exchange centre, besides providing trading quarters for the
various exchanges, will also have sufficient office space for
the executive offices of the various exchanges, and offices
for public letting.
Resolutions on Credit Situation, Agriculture, &c.,
Adopted at Annual Meeting of U. S. Chamber of •
Commerce—Officers Elected.
The board of directors of the Chamber of Commerce of
the United States, at the conclusion of the Chamber's
Seventeenth Annual Meeting in Washington May 3, elected
the following officers for the coming year:
Chairman: Julius H. Barnes, of New York City.
President: William Butterworth, of Moline, Ill. (re-elected).
Vice-Presidents: North Eastern States, Alfred J. Brosseau, of New York
(re-elected): South Eastern States, Robert R. Ellis, Memphis (re-elected):
North Central States, W.Rufus Abbott, of Chicago; North Western States,
postponed; South Western States, Charles W. Lonsdale, Kansas City;
Western Division, Paul Shoup, San Francisco (re-elected).
Treasurer: John Joy Edson, Washington, D. C. (re-elected).
,
Mr. Barnes, the new Chairman, is a former President of
the Chamber. He was named Chairman to succeed Joseph
H. Defrees, of Chicago, who died during the year.
At its final session on May 3, the annual meeting (which
was in session from April 29 to May 3) adopted a series of
resolutions and heard addresses by John H.Fahey, publisher
of the Worcester, Mass.,"Post," and C. F. Kettering of the
General Motors Research Laboratories, Detroit. The resolutions adopted covered a number of subjects, and we make
room for the following:
Upholds Board's Integrity.
"The blue sky law was passed several years ago, to protect investors
from unscrupulous dealers in securities," Schnackenberg said. "I ask you
members of the house if you are going to put the Board of Trade in the
same class as the New York, Chicago and Boston Stock Exchanges, or in
the same class as fellows who ran around stealing the savings of widows
of the state?"
He went on to point to the record of the Board of Trade, demanding
Credit Situation.
that it be given the same rights and privileges as the Chicago Exchange.
The Chamber of Commerce of the United States recognizes the new
"I repeat again today, what I said last week: that there is too much problem of finance and credit, and the difficulty of preserving an orderly
politics in business now." Representative Igoe said. "This bill is fostered balance under these new conditions.
by the best people of Chicago. If you refuse to pass it, you tell them
Stable currencies abroad are desirable for industry, labor and agriculture
that the Board of Trade is not entitled to the same consideration as the here. Corporate financing has developed recent trends toward common
Chicago, New York and Boston Stock Exchanges."
stock issues. Large security trading naturally results from the increasing
number of our people with new margins of savings seeking investment,
Now Goes to Senate.
but the capacity of the country to quickly absorb new security issues should
The bill permits the Board of Trade to list securities without having
be carefully weighed.
them approved by the Securities Department of the Secretary of State's
Basic industries, especially the smaller units of manufacture, distribution,
Office. The Chicago, New York and Boston Stock Exchanges now have
and agriculture, should not be burdened with unusually high interest rates
that privilege. The measure now goes to the Senate for concurrence.
resulting from security excesses.
A bill granting the same privilege to the Curb exchange is still on second
The Chamber has confidence in the Federal Reserve System and its
reading in the House.
adaptability to new conditions, and holds that the System is entitled to
the utmost cooperation.
For more than a year the Chamber has had a committee for the study
Executive of New York Coffee & Sugar Exchange and
and credit. The convention is gratified to barn that this report
Other Commodity Exchanges Confer on Plans for of finance be in form for presentation to the board of directors and asks
will soon
Housing of All in one Building.
that as soon as possible the board place the report before the membership
vote.
As part of the movement to make New York the com- for its discussion, understanding and
Agriculture.
modity centre of the world, executives of the New York
The Chamber's policies relating to agricultural problems have been
Coffee & Sugar Exchange, Rubber Exchange of New York, adopted through the Chamber's representative procedure and they are
MAY 25 1929.]
FINANCIAL CHRONICLE
being actively supported. These policies include advocacy of equality in
tariff protection with other forms of American industry. For this purpose
a tariff bill will soon come before Congress for debate. In the Chamber's
policies there is also a recommendation for a new and important agency of
t e Federal government to deal comprehensively with agricultural problems.
The enactment of a great project of legislation in the interest of agriculture
appears imminent.
It is in the national interest that such a project should have beneficial
results of widespread importance. This Chamber and its membership
should contribute in every way within their power toward the success of
such an undertaking.
To this end we believe the Chamber should have a committee to follow
the development of the plans of the Federal government, to suggest ways
in which the Chamber and its members may lend their assistance, and to
bring forward any questions upon which the Chamber should reach further
policies.
For such a committee there are tasks to which it could at once turn its
attention,in cooperation with other appropriate committees of the Chamber,
such as the field of research in which the Federal government should operate by reason of the national interest in agriculture, and the utilization of
its products and by-products, and the opportunities for improved facilities
through extension service for getting wide adoption of the results of research.
3437
examination will develop a national demand for capable management of
public finances.
This examination should extend to administrative organization. Diffusion of administrative responsibility is apparent in many fields of governmental management. These are opportunities for simplification in the
organization of state governments. Various cities have already demonstrated the possibilities of reorganization and coordination in their administrative services. A defective local government is frequently apgarent
in the number of overlapping taxing and spending jurisdictions. Concerted and sustained attention to these problems from business men's
organizations in all parts of the country will go far toward the assurance
that the public will get proper benefits from each dollar collected in taxation, and that taxation will not be used for improper and unnecessary
purposes.
Tariff Commission.
This Chamber has by early referendum approved the principle of maintenance and encouragement of our export trade in tariff legislation so far
as consistent with reasonable protection for American industry. In recent
years there has developed a great appreciation of the necessity for maintaining fair and just protection for America's higher wage scales and living
standards yet coupled with an appreciation that international trade under
proper conditions benefits America as well as other countries and that
there should be no unnecessary trade barriers. In the determination of a
Railroad Rate-Making.
fair and just protective tariff schedule accurately reflecting these consideraThe power given to Congress in the Constitution to regulate interstate
commerce includes the power to regulate railway rates. Congress can tions and flexible enough to meet changing economic conditions, adminiseither exercise the rate-making power directly or delegate it to the Inter- trative authority is required to act promptly after investigation and within
state Commerce Commission or some other agency to exercise. The Power legislative limits. This Chamber has consistently supported, from an
of Congress could, of course, be used to abolish the Interstate Commerce early date, the legislative permission for adjustment of tariff rates by
administrative authority within the limits prescribed by Congress. While •
Commission, if Congress deemed this desirable.
We believe, however, that Congress acted with wisdom and statesman- the Chamber does not now specifically recall its earlier recommendation
ship when it created the Interstate Commerce Commission and delegated for both a fact-finding Tariff Conanaission and a separate Tariff Adjustto it, as an impartial and expert body which would be informed by investi- ment Board, this Chamber expresses a desire that the established Tariff
gation, study and experience, the function and duty of regulating railway Commission should be strengthened by the necessary authority for expeditious determination of these questions with full responsibility und& the
rates.
Congress having created such a body for such a purpose, and having President of the United States.
defined in the Interstate Commerce Act the broad principles that shall be
applied by the Commission in using its power of rate-making, we regard
it as unwise and contrary to sound public policy for Congress to fix rates U. S. Supreme Court in Decision Affecting Worcester
Itself, to give to the Commission detailed instructions as to the way in
County (Mass.) National Bank Holds State Law as
which the Commission shall apply the rate-making principles defined in
to Administrators of Estates Shall Prevail in Conthe law, or to impose requirements for such elaborate investigations as
solidations of State and National Institutions—
unduly postpone rate adjustments which the Commission could otherwise
make more promptly in accordance with the procedure and law already
McFadden Branch Banking Act Quoted.
established. The Commission should be permitted to continue to regulate
A decision handed down May 13 by the Supreme Court of
rates in accordance with its own expert knowledge and judgment as to the
way in which the rate-making principles defined in the law should be the United States upholds the provisions of the Massachusetts
applied in each particular case, and as to the relations that should be
established between the rates paid by different sections of the country State law stipulating that a National bank, acquiring the
and different branches of industry and commerce.
business of a State bank named as administrator of estates,
It is a long established principle of rate-making that consideration cannot assume such functions as administrator unless specific
should be given to the condition of the various industries, including agriculture, so that rates may be fair and not discriminatory and that goods authority be granted the National bank by the Probate Court.
may move freely in commerce. This principle of rate-making should be
The "United States Daily" of May 14 in giving the text of
so applied as to give reasonable stability in the rate structure, since conthe Supreme Court decision said:
stant change and uncertainty would necessarily damage business and
Congress intended that consolidation of State and National banks into
retard development, to the detriment of the national welfare.
succeeding National banks under Section 3ofthe Act of Feb.25 1927,known
Federal Taxation.
as the McFadden Branch Banking Act, should be in accordance with State
With the national debt reduced nearly ten billion dollars since the close law, the Supreme Court of the United States held on May 13.
of the war, with the activities of the government now brought more nearly
"Even to the point of repetition," the court stated, "Congress wished to
to the orderly routine of normal times, and with large surpluses accruing in avoid any provision in contravention of the law of the State in which the
recent years in the national treasury, it seems obvious that Federal taxes State bank or trust company and the National bank to be consolidated were
should now be levied with the economic welfare of the country steadily in located."
view, and all proposals for new expenditures by the Federal government
Intent of Congress Construed.
should be carefully scrutinized, in order that none may be granted unless
In construing this to be the intention of Congress, the Supreme Court
their justification is clearly apparent.
held that Section 3of the act,in providing that the succeeding National bank
The present rate of Federal income tax on corporations, at 12%, is shall
hold all interest of the State bank,including the right to succession as
burdensome on productive enterprise. It handicaps business development
and, by reducing earnings that might be available for dividends, it curtails trustee executor, or in any other fiduciary capacity, should not be held
unconsitutional where it runs counter to State laws providing that executors
the amount of other taxable income. The rate is a discrimination against
shall be appointed only by the Probate Court,but should be so construed as
the corporate form of business enterprise. In theory and in equity the tax
should correspond more nearly with the normal rate on individual incomes. to Provide that the consolidation does not transfer with it the office of
Every opportunity permitted by the financial situation of the Federal executor from the State bank to the succeeding National bank.
As construed by the Supreme Judicial Court of Massachusetts, the
government should be utilized for the reduction of the corporate rate to a
opinion of Chief Justice Taft. explains, the law of Massachusetts provides
more equitable level.
that an executor can only be appointed by the Probate Court. That court.
Tax Liability.
therefore, held in the particular proceeding that the succeeding National
Prompt settlement of liability for Federal taxes is in the interest of both bank had not
succeeded the State Bank & Trust Co. as an executor.of a
government and taxpayers. While some unnecessary delays are attributa- certain will
and, therefore, was not entitled to render an account of the
ble to taxpayers, the seriousness of the problem in the main has been due estate as such executor.
to congestion in the Bureau of Internal Revenue. Heretofore changes in
Purpose Termed Manifest.
administrative organization for the purposp of expediting tax settlements
The Supreme Court of the United States, however, held the Federal act
have resulted largely in transferring congestion from one point to another
with little relief to taxpayers. Some improvements have resulted from did not controvene the State law, stating:
"So strongly manifest in this purpose," referring to the intention of
current efforts to develop means of speeding up tax settlements. We coinCongress in
we do not hesitate
mend such efforts and urge that long delayed cases now be rapidly disposed to construe enacting Section 3 of the Federal law, 'that be only to transfer
the effect of Section 3 in Massachusetts to
of and that there be prompt final determination of tax liability in the future. the property and estate from the trust company to the national bank to
be managed and preserved as the State law provides, for administration
State and Local Taxation.
of estates, and not to transfer the office of executor from the State trust
Business men's organizations, both commercial organizations and trade company to the succeeding National bank."
associations, have been turning their attention effectively to the problems
The order of the State Probate Court in the case in question, that of
of State and local taxation and of governmental activities which have results Ex parte Worcester County National Bank of Worcester, No. 469, was
in taxation. These efforts have already contributed signally to the cause affirmed so far as dismissing the petition of the National bank in seeking to
render an account of the State bank and its own account as executor. The
of good government.
Such progress has now been made in reducing the earlier chaos as to case, however, was remanded to the Probate Court for a proceeding by the
taxation of intangible personal property under inheritance tax laws that a National bank as executor de san tort, and for such further proceedings as
majority of the states have enacted the statute for reciprocity in exemption it may be advised and as are permissible by the laws of Massachusetts and
of intangible personalty of non-resident decedents, or have given entire the statutes of the United States.
exemption for such property. It is especially timely for organizations in
The decision is taken as follows from the "United States
other states to urge the adoption of the statute for reciprocity.
Business is not limited territorially by state boundary lines. If any one Daily":
state imposes excessive or annoying tax burdens the normal development Ex parts Worcester County National Bank of Worcester, Appellant, No. 469,
of business and industry is hampered. Through various forms of fees, tax
Supreme Court of the United States.
levies, and special imposts upon business enterprises incorporated in other
Under section 3 of the Act of Feb. 25 1927 a consolidation of a State
states, there have thus been created undue handicaps upon the interstate bank with a National bank in Massachusetts does not transfer with it the
movement of capital and goods. It is urged that in the coming year trade office of executor from the State bank to the succeeding National bank, it
associations give special study to aspects of this problem pertinent to their was held by Ow Supreme Court in this proceeding.
special fields and that chambers of commerce consider the matter from the
Congress, in enacting section 3, relating to the consolidation of State and
point of view of conditions in their states. Removal of excessive burdens National banks and providing that the National bank shall hold all interupon firms and individuals doing an interstate business will prove to be ests of the State bank, including the right of succession as trustee, executor,
not only in the general interest of the country but also of the levying states. &c., in the same manner and to the same extent as was held and enjoyed
The methods by which public funds are raised and expended in every by the State bank, so strongly manifested its intention that such consolistate and locality should have thorough examination by business men's dated and its legal results be in accordance with State laws that the effect
organizations. This should embrace the planning and budgeting for a of section 3, under the laws of Massachusetts providing that an executor
period of years of expenditures of a capital nature, including their proper to act as such must be appointed by the Probate Court,should be construed
financing whether through current receipts or borrowings. Out of such so as to permit the transfer of property and estates from the State bank t
3438
FINANCIAL CHRONICLE
he succeeding National bank only in accordance,with State law, it was
ruled, and not held unconstitutional.
Appeal from the Probate Court for Worcester County, State of Massachusetts.
The full text of the court's opinion, delivered by Mr. Chief Justice Taft,
follows:
The Worcester Pounty National Bank is a consolidated banking corporation formed by uniting, on June 27 1927, the Fitchburg Bank & Trust Co.,
a State institution of Massachusetts, and the Merchants National Bank of
Worcester, a National bank of Worcester County, Massachusetts, under the
Act of Congress of Feb. 25 1927, c. 91, 44 Stat. 1224, amending the Act of
Nov. 7 1918, c. 209, 40 Stat. 1044. The amendment added a new section,
3, and this case turns chiefly on the construction, effect and validity of that
new section.
Probate Account Prepared by Succeeding Bank.
The consolidated bank filed in the Probate Court of Worcester County a
first and final account of the Fitchburg Bank & Trust Co., executor of the
last will and testament of Julia A. Legnard, late of Fitchburg in the county
of Worcester. The account was for the period beginning April 21 1926,and
ending Feb. 9 1928. The account was rendered by the Worcester County
National Bank for the Fitchburg Bank & Trust Co. to June 27 1927, and
•
thereafter as its own account.
The Fitchburg Bank & Trust Co. had been appointed by the Probate
Court, executor of the will of Julia A. Legnard on April 21 1926, and
qualified by giving bond approved on that day.
The consolidated bank claimed that in view of the proceedings, its right
and duty was to render the account presented for allowance, and as all the
parties interested had assented to it, that it should be allowed by the Court.
The Probate Court found that the account was in proper form for allowance and should be allowed as rendered, if the said Worcester County
National Bank, as successor or otherwise, was executor of said will or had
the right to render as account.
The Probate Judge reported a certificate from the Comptroller of the Currency that the two banks had complied with all the provisions of the acts of
Congress and had been consolidated under the charter of the Merchants
National Bank with the capital stock of $1,875,000; that the consolidation
had been approved, and that pursuant to the Federal Reserve Act, enacted
Dec.23 1913, Sec. 11(k), c. 6.38 Stat. 251, 262, the consolidated bank had
permission to act as executor.
He further reported that many estates were being administered by the
consolidated bank under a claim of right where the Fitchburg Bank had been
appointed administrator, executor, or in some other fiduciary capacity, and
no new appointment of the consolidated bank in place of the Fitchburg
Bank had been made by decree of the Probate Court.
Right of New Bank to Act is Denied.
He concluded the report as follows:
"Without action upon said account, I report the above facts and the
question of law involved, for the consideration and determination of the
,
full court, as to whether the petitioner is entitled to render said account.
Frank H. Chamberlain, Judge of Probate Court."
After a hearing on the report, a rescript of the Supreme Judicial Court
was as follows:
"Ordered that the register of probate and insolvency in said county
make the following entry under said case in the docket of said court, viz.;
The question reported, namely, 'Whether the petitioner is entitled to
render said account,' is answered in the negative. Probate court instructed
accordingly.'
Following the rescript,the Probate Court made the following entry:
"The foregoing account having been presented for allowance, after rescript from the Supreme Judicial Court (full court) and pursuant to the
terms of said rescript, It appearing that the Worcester County National
Bank of Worcester, the accountant and petitioner in this case, has not
succeeded the Fitchburg Bank and Trust Co. as executor of the will of
said testatrix and is not entitled to render this account, this petition for
the allowance of the same is hereby dismissed."
A petition for appeal to this Court, with an assignment of errors, was filed,
and an appeal allowed under Section 237 (a) of the Judicial Code, as
amended by the Act of Feb. 13 1925, c. 229, 43 Stat. 936,937.
The Supreme Judicial Court stated its reasons for the conclusion reached
In an elaborate opinion. 162 N. E.217.
The Court began with a statement of the substance of section 3 of the
Act of Feb. 25 1927, c. 91, 44 Stat. 1224, 1225, providing that any bank,
including a trust company incorporated under the laws of any State, may
be consolidated with a national bank located in the same county under the
charter of the national bank, on such terms and conditions as may lawfully
be agreed upon in the manner specified; that all the rights, franchises, and
interest of the State bank in and to every species of property, real, personal
and mixed, and choses in action thereto belonging, shall be deemed to be
transferred to and vested in such national bank into which it is consolidated,
without any deed or transfer; and that the national bank shall hold and enjoy all this property, franchises and interests, including the right of succession as trustee, executor, or in any other fiduciary capacity, in the same
manner and to the same extent as was held and enjoyed by the State bank.
Supreme Judicial Court Explains Its Decision.
The section closes with the limitation:
"No such consolidation shall be in contravention of the law of the State
under which such bank is incorporated."
The court examined the question whether there was any statue of Massachusetts or any policy declared in its statutes which prevented or forbade
such consolidation, and found that there was none, but pointed out that
there was a provision in the General Laws. c. 172, Sec. 44, as amended by
Stat. 1922, c. 292, which should be regarded as a limitation upon such
consolidatien, as follows
"The charter of a trust company, the business of which shall, on or
before July 1 1922, be consolidated or merged with,or absorbed by,another
bank or trust company,shall be void except for the purpose of discharging
existing obligations and liabilities."
With this qualification, the court found the field to be left open, under
Massachusetts law, to the exercise by Congress of whatever power it possessed over the subject. The court then considered the Congressional power
and cited the case of Casey v. Galli,96 U.8.673, to show that under section
44 of the banking act of Congress, c. 106. 13 Stat. 99, 112. a State bank
could change its organization into that of a National bank without any
authority given by the State in its charter or otherwise to make the change.
The Supreme Judicial Court could not find any distinction between the
power of Congress to authorize the conversion of a State bank into a National bank and its power to authorize the consolidation of a State bank
with a National bank under the charter of the National bank,and concluded
that if no State legislature was necessary to accomplish the conversion,
there was no legislation secessary to accomplish the consolidation, and that
the consolidation of a Massachusetts trust company with a National bank
sunder the sealer'3 of the act of Congress of Feb. 25 1927, was permissible
and valid.
Identity Extinguished by Terms of Consolidation.
The court then considered what was the legal effect of the consolidation
on the Trust Company and the National Bank, and emphasized the explicit
[vol.,. 128.
provision of Section 3 that the consolidation was to be under the charter of
the National Bank. It referred again to the provision of the State law that
upon the consolidation, the charter of the Trust Company should be "void
except for the purpose of discharging existing obligations and liabilities."
It held that the word "franchises" directed to be transferred to the
National Bank by virtue of Section 3 did not mean its charter or its right to
be a corporation, for that would be in contravention of the law of the
Commonwealth; that it was only the National Bank that retained its corporate identity; that the certificate of the Comptroller did not constitute
a charter, but only his approval of the consolidation; that the Trust Company had gone out of existence and all its property had become the property
of the consolidated bank;and that the latter was not a newly-created organization, but an enlargement of the continuously existing National Bank.
Thus the court found that the identity of the Trust Company had not
been continued in a National Bank, but had been extinguished.
The court distinguished this case from cases of union where contract
obligations had been hold to pass from one of the uniting corporations to the
other. Such cases were held not to be applicable to sustain the view that
positions of trust like executor, administrator and other fiduciaries could be
transferred to the National Bank by the mere consolidation under Massachusetts law.
The court then set out at some length the reasons why under the Constitution and practice of Massachusetts the appointment of an executor was a
judicial act and that in the case before the court no one could succeed to
the void and defunct State Trust Company as executor by appointment by
the Probate Court. The trust involved was highly personal.
The court said:
"To treat the national banking association into which the State trust
company has been consolidated as preserving the identity of the trust
company in this particular would be contrary to the juridical conception
and practice touching the appointment of such fiduciaries under the law
of this Commonwealth."
The third question the Court discussed and decided was the validity and
binding effect on courts of Massachusetts of the declaration in Section 3 of
the Act of Congress that the right of succession as trustee, executor or in
any other fiduciary capacity, would follow to the same extent as it was
held and enjoyed by such State Bank.
It first inquired what was its meaning and held that it meant that the
original appointment of the State bank was to continue wholly unaffected by
the fact that the State bank had ceased to be, and that another and different corporation, whose credit, standing and competency had never been
the subject of judicial inquiry for this purpose must be subsituted by virtue
of Section 3. The court found that this result was in contravention of
the law of the Commonwealth and contrary to the State and Federal Constitutions.
The court found, however, that this provision was not the dominant part
of Section 3, that the clause was separable and distinct, that the rest of the
section could stand independently and there was no such connection between the two as to indicate that Congress would not have enacted the
valid part without the other.
The court, therefore, held that the Worcester County National Bank of
Worcester, the accountant and petitioner in the case at bar, had not succeeded the Fitchburg Bank & Trust Company as ex-executor of the will
of the Testatrix and was not entitled to render an account as such executor.
that it could only account as executor de son tort, and that the question
of the Probate Court must be answered in the negative.
In passing on this appeal, we must observe that in determining the policy
of a State from its statutes and their construction, we of course follow the
opinion of the State court except as it may be affected by the Federal
Constitution. When, therefore, the State court holds that an executor to
act as such in the State, must be appointed by the Probate Court, this
Court must respect that conclusion and act accordingly. But when the
question arises as to what is the proper interpretation and construction
of Federal legislation, this Court adopts its own view.
Bank Without Right To Take Over Estate.
It is very clear to us that Congress in the enactment of Section 3 of the Act
of February 25 1927, was anxious even to the point ofrepetition to show that
It wished to avoid any provision in contravention of the law of the State in
which the State Trust company and the national bank to be consolidated
were located. So strongly manifest is this purpose that we do not hesitate
to construe the effect of Section 3in Massachusetts to be only to transfer the
property and estate from the trust company to the National bank to be
managed and preserved as the State law provides, for administration of
estates, and not to transfer the office of executor from the State Trust
Company to the succeeding National bank.
As this requires another judicial appointment by a probate court, it would
become the duty of a consolidated National bank, after the union, immediately to apply for the appointment of itself as executor, subject to the
examination and approval of the proper Probate Court. Because of the
Interest of the National Bank in all of the assets of the Trust Company,
including the estate at bar, transferred to its custody, the ;lank would
seem to have a right to make such an application to the Probate Court and
await the action of that court.
If,on the other hand,it assumed improperly that it was made an executor
by the mere consolidation, and held the transferred property as such, it
must be held to have become an executor de son tort and should bring the
assets before the Probate Court and proceed by proper application to secure
the appointment of a legal executor by the court, as pointed out by the
Supreme Judicial Court in this case and in Commonwealth-Atlantic National Bank, 261 Mass. 217, and Commonwealth-Atlantic National Bank,
249 Mass. 440.
These views lead us to agree with the conclusions of the Supreme Judicial
Court in respect to the legality of the consolidation of the Trust Company
and the National Bank and only to differ from it in its construction of
Section 3, by which it would hold that Section unconstitutional under the
Constitution of Massachusetts, and also under the Constitution of the
United States.
Conformity With State Law Enjoined By Section Three.
We think Section 3,enjoins upon the National Bank complete conformity
with the Massachusetts law in its conduct of estates of deceased persons
when acting as trustee or administrator thereof.
The Supreme Judicial Court refers to its opinion in this case to that of
Commonwealth-Atlantic National Bank of Boston, 261 Mass. 217, as
showing that the consolidated bank in this case could not act as executor.
In that case a State trust company was appointed by the probate court as
trustee under wills in two cases and as conservator of property in a third.
It qualified by giving bond and for some time held and administered the
property as fiduciary. Thereafter it was converted into a National bank.
which still later was consolidated with another National bank. No new
appointment as trustee was made by the Probate Court.
The consolidated National bank petitioned for allowance of accounts as
fiduciary. The court held that while the accounts were accurate and complete, the consolidated bank was not a duly appointed fiduciary merely by
virtue of the original appointment of the State trust company, and could
only account de son tort.
MAY 25 1929.]
FINANCIAL CHRONICLE
The court relied on Commonwealth-Atlantic National Bank of Boston,
249 Mass. 440. There a State trust company was named as executor in a
will. Thereafter it became converted into a National bank, which still
later was consolidated with another National Bank.
The testator having died, the consolidated National bank petitioned for
the issuance of letters testamentary to it as the executor named in the will.
the court held that it was not the executor named therein, and that the
designation of the State trust company as executor did not confer on it a
property right passing to its successor, the consolidated National bank.
The Court in both Commonwealth-Atlantic Bank cases accepted the
effect of the decisions in First National Bank of Bay City v. Fellows, 244
U.S.416,and Burnes National Bank of St. Joseph v. Duncan,265 U.S. 17.
the latter holding that national banks may act as executors in a State where
State trust companies have that privilege. The Court in 249 Mass. said.
"We accept, as we are bound to accept, that principle in all its amplitude
and with all its implications," but said, that "that principle does not reach
to the facts here presented."
There was similar language in 261 Mass. The Supreme Judicial Court
did not then hold, and has not held, that a probate court of Massachusetts
may not appoint a National bank, otherwise qualified, to be executor,
administrator or trustee, if it approves one as such.
In construing section 3, we think it to be in conformity therewith for the
National bank, after consolidation, to apply to the Massachusetts probate
court for appointment as a succeeding fiduciary to carry on the duties.
In the present case, no such appointment has been made by the probate
court.
Under the Massachusetts authorities as already cited the Bank in attempting in this case to act as executor has become an executor de son tort, and
that situation must be disposed of in accordance with the laws applicable
in Massachusetts to such a situation. Clabborn v. Phillips, 245 Mass. 47.
When the executor de son tort has been released, it would seem that application might be made to the Probate Court for appointment of the National
Bank as executor to close the estate.
It seems to us that our construction of Section 3 of the Act of 1927 in
differing from that of the Supreme Judicial Court of Massachusetts makes it
possible by the appointment of the Probate Judge,if he approves, to enforce
the requirements which the laws of that State impose in the execution of
such trusts, and still preserve the constitutional effectiveness of Section 3.
This result requires us to affirm the dismissal of the petition of the Worcester County National Bank in seeking to render the first and final account
of the Fitchburg Bank & Trust Co. as executor of the last will and testament of Julia A. Legnard, deceased, and its own account as executor of her
will, but to remand the cause to the Probate Court for a proceeding by the
Petitioner as executor de son tort, and for such further proceedings as it
may be advised and as are permissible by the laws of Massachusetts and
the statutes of the United States not inconsistent with this opinion.
And it is so ordered.
May 13 1929.
Mississippi Bankers Association Votes for Repeal of
Bank Deposit Guaranty Law.
The Mississippi Bankers' Association, at its annual convention in Biloxi, Miss., on May 15 unanimously voted in
favor of the repeal of the Mississippi guarantee and deposits
law, according to the Jackson (Miss.) "News" of May 16,
vvilich said:
0. B. Taylor, Jackson, rendered a full report of the law and offered a
resolution looking to the repeal of it.. Mr. Taylor'b report showed that
the law has proved a failure with most disastrous results in Texas, Oklahoma, Kansas, Washington, Nebraska, North and South Dakota, and with
one exception has been repealed. The law has been in operation 14 years
and has proved unsuccessful, showing a deficit of $3,074,288.71, which will
require 15 years in which to retire outstanding guaranty certificates,
without further bank failures, Mr. Taylor submitted in his resolution.
Mr. Taylor suggested that a committee of nine be selected by the executive committee of the association, consisting of a chairman from the State
and a member from each group in the State, to have charge of a program
looking to the law's repeal, and to be empowered, in co-operation with the
superintendent of Mississippi banks, to work out such terms and conditions
for such repeal as will meet the approval of the Mississippi Legislature.
Mr. Taylor pointed out that the 306 State banks, 238 favor the repeal of
the law, 10 are against repeal, 24 gave no answer and 34 have not reported.
Officers of the American Banking Association in Mississippi were
elected as follows:
A. L. Jagee, Gulfport, member of the Executive Committee; Thad B.
Lampton, Jackson, member of Nomination Committee; Dr. A. Gaston, Columbus, State Vice-President from Mississippi; E. C. Tansmeire, Biloxi,
Vice-President National Bank Division; H. J. Landry, Friars Point, VicePresident Savings Bank Division; A. H. Cable, Sumner Vce-President State
Banks; E. D. Kenna, Jackson, Vice•President Trust Company Division.
Under Ruling of New York State Bank Department,
Applications for Bank Charters Not to Be Considered Until Formally Made.
surpass anything accomplished by it in the past as a constructive factor in the nation's progress, Craig B. Hazlewood, President American Bankers' Association, Vice-President First National Bank of Chicago, told the annual convention of the Ohio Bankers' Association at Columbus, Ohio,
on May 22. "In these days of swift interchange of ideas and
methods, business and banking progress has become visible
and tangible," Mr. Hazelwood said. In part he also stated:
"There was a time when business seemed without leadership and without
direction. Progress consisted in a mere groping towards the light. To-day,
the reverse is true. A better method is discovered, the news is broadcast,
the idea is promptly accepted, and the various industries and units of
business march forward with greater assurance and increased rapidity.
"He looks at banking, which is a cross section of all businesses, the
profession which has undertaken the responsibility for financial advice to
alL What does he see? Let us examine the banking record of the last
secured
ten years. In 1919 there was inflation, over-banking, and bath
and unsecured loans based on land held at prices which could never show a
manufacturers having
proper investment return. There were loans to
swollen inventories, and there was a great desire to build more plants
to take care of ever-increasing sales quotas. Everybody was making
money, and no one felt the need to study costs or loaning policies.
and
"Then came the realization that things had gone too tar; deflation
liquidation followed rapidly. In many cases the withdrawal of deposits
came faster than liquidation. There resulted loss of confidence and
failures in large numbers. Some form of bad management was discovered
in 95% of these failures; not much dishonesty was found, but a world of
incompetence was evident.
"The widest publicity was given to the failures, but none to the banks
enough
that came through the difficulties successfully. There was not
recognition of the twenty odd thousand banks in the country which stood
the test, and which are operating to-day, many of them in districts where
to the
conditions were of the worst. Clearly not enough credit was given
great majority of our unit bankers who demonstrated character, capacity,
and resourcefulness, under very trying conditions.
"Out of all this there developed the period of investigation and survey,
of inquiry into the causes of failures and methods of preventing them in
the future. Frequently changes for the better are obtained only after
disaster. So it was with this problem. The fate of those bankers who
had not employed proper methods brought a realization of the imperative
need for standards and policies that would be adequate to meet any
of our
situation. With the remarkable prosperity of the country, some
bankers had fallen into careless ways, and it was obvious even to the most
casual student of banking that more exact and scientific methods were
needed.
"Management, profits, liquidity—these to-day are the great key words.
scientific
An outstanding indication of the eagerness to place banks on a
operating basis with adequate management knowledge and cost control
was the Mississippi Valley Bank Management Conference recently convened
at Chicago by the American Bankers' Association. It was this eagerness
States
which brought there 1,200 bankers from twenty Mississippi Valley
to study management. South Dakota, 1,000 miles away, sent a larger
before attended a banking meeting
delegation to this meeting than had ever
in the
outside the State. Many bankers from the smallest communities
Middle West came hundreds of miles. And these bankers sat continuously
from 10 A. M. to 10 P. M., discussing the practical management of a bank.
Con"Consider these evidences of the changes that are taking place.
sider these new forces that are actively at work. Consider thes momentous
facts rgarding the new thinking that is going on. It is upon just such
evidence, such forces, such facts as these that I see a banking system
-I
whose achievements in the next five years, believe, will far surpass any
of our accomplishments in the past and will bring the banking system
into the forefront of those constructive factors which build American
progress.
"It is high time that bankers awakened to the fact that the ultimate
objective in running a bank is to make a profit and that this requires
skilled management. That may seem like a cold philosophy. It may seem
to displace the human side of banking. It may seem to forsake the idea
that a banker's principal function is to serve his conununity and the men
and women in it. It does none of these things. Let me emphasize that
no banker properly serves his community and its citizens unless the bank
makes a profit, for profit in banking is inseparable from safety. And a
hank must be safe if it is to contribute its proper share to the upbuilding
and development of its community."
$9,000,0001000 Represented by New York City Bank
Mergers in 1929, According to Ralph B. Leonard
& Co.
Total resources of the more than thirty New York City
banks that have either merged in 1929 or are about to merge
nearly reach the tremendous sum of $9,000,000,000, according to an analysis prepared by Ralph B. Leonard & Co.,
specialists in bank and insurance stocks. Among the old
institutions whose identity has been partly or completely
submerged, together with their dates of founding, are:
The State Banking Department has issued a statement
announcing that from now on all applications for charters
under the State Banking Law must be made formally. The
Farmers'Loan & Trust(1822)
"Times" of May 21, from which we quote, adds:
Heretofore it has been the custom for organizers to make informal application in order to save time. With the informal application in hand, the
Banking Department has gone ahead with its investigations, which, if
favorable, have been followed by the making of formal application.
The ruling issued by the Superintendent of Banks is as follows:
for charters
"In future no applications of any article for new institutions to be
of the banking law will be
organized under the provisions
given consideration until the formal papers required by statute have been
e.
actually filed.
"All branch applications will be treated as formal and will, in accordSection
ance with the provisions of Subdivision 9 of Friday 82 of the banking law,
immediately succeeding
appear upon the weekly bulletin on the
the date upon which such applications are filed."
C. B. Hazlewood, President of American Bankers Association, Predicts Greater Future for Banking.
Changes taking place in America's banking system indicate that in the next five years its achievements will far
3439
Hanover National (1851)
Nassau National (1859)
Garfield National (1881)
State Bank & Trust (1890)
National Bank of Commerce(1839)
Mechanics Bank (1852)
U. S. Mortgage & Trust (1871)
Seaboard National (1883)
Colonial Bank (1892)
"It is interesting to note," Leonard & Co. add, "that in
the great majority of cases trust or State charters have been
retained in preference to national charters. This has often
been the case even where the principal bank in the merger
has been national, as with the Chemical National-U. S.
Mortgage & Trust combine. While Chemical is the principal here, it is giving up its national charter and becoming
the Chemical Bank & Trust." They further state:
While the number of banks in the city is being depleted by mergers, there
Is a considerable number of new banks being formed, the majority of which
are members of the national banking system. Their total resources, however, are of course very small as compared with the resources of the merged
banks.
3440
FINANCIAL CHRONICLE
[Vol.. 128.
In addition to the usual advantages of
mergers in any line—greater size
and strength, reduction of expenses, &c.—the
growing number of industrial
companies of immense size has called for increased
size in banks to handle
their accounts.
the largest surplus and undivided profits—$111,246,500.
Banks and trust companies bettering the $500,000,000 mark
for deposits were National Bank of Commerce,$576,775,000;
Unfavorable Effect on European Industry Seen by Bankers Trust, $500,872,300; and Guaranty Trust, $634,Vice-President Heckscher of Irving Trust as Result 373,600. Of Brooklyn banks and trust companies, Brooklyn Trust showed the largest deposits, of $117,839,000, while
of High Money Rates in United States.
Kings County Trust earned most per share—$155.32.
The high money rates in the United States have had
an
unfavorable effect upon industry in Europe, according
to Stock of Chicago
Banks Held by 35,000 Owners
James Hecksher, Vice-President in charge of the
Foreign
Analysis of "Stockholders' Equity in Chicago
Office of the Irving Trust Company, who has just returned
Banks" by Bureau of Business Research University
from a two months' business trip abroad. "The whole
of
of Illinois.
Europe has been affected by the situation here," said Mr.
An analysis by the Bureau of Business Research of the
Hecksher on May 10. "High money in the United States
University of Illinois shows that the capital stock of Chicago
depletes European capital for business and industry,
and
makes the money that is available there more expensive to banks, amounting to more than 178 millions par value, is
the borrower. If it were possible to reduce money rates and widely distributed as between stockholders. There are
speculation here simultaneously, our international commer- close to 35,000 owners of Chicago bank stock. More than
four-fifths of the total stock is owned by individuals; apcial relations would be benefited. Europeans generally
are
astounded by the continued prosperity in the United States." proximately 10% is in the hands of individuals and institutions acting as trustees or administrators; and the
Mr. Hecksher, who visited England, France, Switzerlan
d, balance is owned
by investment trusts, insurance comGermany and Poland while abroad, also said:
panies and educational institutions. An analysis of two
"There has been a slight improvement in business in England,
although
uncertainty over the coming elections has had a deterrent
effect Com- bulletins issued by the Bureau, one covering "Stockholders'
mercial and financial interests are apprehensive that the Labor Party
will Equity in Chicago Banks" and the other "Capital Stook,
be returned with a much increased representation in the House of Commons, although, it is doubtful that they will have controlling power. Surplus and Undivided Profits of Chicago"Banks" follows:
The situation is complicated by the fact that the election will be the first
in which all women over 21 will be entitled to vote."
Mr. Hecksher said conditions in both France and Switzerland were satisfactory and the people prosperous. Germany's foreign trade has been gaining gradually. The long
duration of the conference on reparations has retarded German business generally. A definite settlement will be very
helpful to renewed activity. Poland was hard hit by the cold
Winter. The country is making progress, but has suffered
from lack of capital.
Stocks of New Banking Institutions Record Marked
Gains During Recent Months—Survey by Gilbert
Eliott & Co.
While New York City bank stocks in general have recorded
phenomenal gains in recent months the shares of five of the
new banking institutions established within the past year
have in some instances more than doubled the original offering prices, according to a, survey made by Gilbert
Eliott &
Co., members of the New York Stock Exchange and specialists in this class of securities. The advances range
from 75
to 585 points since the original offering. The firm
notes
that:
Shares of the Commercial National Bank & Trust
Co., one of the new
Wall Street banks, were offered at $235 per share
last August. When the
bank opened its doors for business early in the
year, the stock advanced
to $500, and it is now quoted at $820. Hibernia Trust,
another new Wall
Street bank, was offered at $200 a share and is now quoted
at $345.
Sterling National, a new uptown bank, was originally offered
at $65 per
share. It moved up gradually to $120, and when the bank opened
its
doors for business a few days ago, it jumped from $120 to $190. Lefcourt
Nortnandie, which started a few months ago, offered its stock at $170. It
I, sow quoted at $355. Brooklyn National, offered at $115, is now quoted
around $190.
If one goes back a few years, even more spectacular gains are recorded.
County Trust Company stock heads the list. This stock, offered in 1926 at
$155, is now selling for the equivalent of $1,500.
The following table gives the advance in the respective stocks since their
original offering:
Offering
Current
Net
Market
Price.
Advance.
Commercial National
$235
$820
$585
Hibernia Trust
200
345
145
Sterling National
190
65
125
Lefeourt Normandie
170
355
185
Brooklyn National
115
190
75
Another extremely profitable bank stock was that of Commercial Exchange
Bank, which was merged with the Bank of America about a year ago.
This stock was offered in 1926 at $200 per share. Prior to the merger it
was quoted at $1,700 per share.
By far the greater number of stockholders of Chicago banks live in Chicago. Of the National banks, almost Bo% of them show at least 90%
of
their stock to be held by residents of the city; two-thirds of the State banks
have at least 90% of their capital stock In the hands of Chicago people.
Considering Chicago and suburbs as Greater Chicago, it is found that in
this larger area is owned from 90% to 100% of the outstanding capital of
more than four-fifths of Chicago banks.
There is a tendency among the small banks for liberal portions of the
shares to be owned by the bank directors. As for the State institutions
as a whole, it is found that nearly one-third of the stock is held by the
directors. Not more than 18% of the National bank stock is owned by
the directorates.
A study of the degree of concentration of bank stock ownership shows
that in but a comparatively few instances of small banks closely owned,
is a large proportion of the stock lodged ha the hands of a single shareholder.
The larger banks have relatively less of their stock thus owned than the
small institutions. There is somewhat less concentration of stock in the
hands of any one shareholder In the case of the national banks than in
those with State charters.
An analysis of net worth ratios of Chicago banks reveals that there is
a marked tendency for the older banks to show a larger position for surplus
and undivided profits relative to capital stock. For example, the average
ratio of surplus and profits, that Is accumulated earnings to outstanding
capital in the case of State banks less than 10 years old is about 31%; for
banks more than 25 years of age the average position is approximately 92%.
The National banks show a somewhat greater tendency for the older banks
to report relatively large surplus and undivided profits.
When total net worth (capital, surplus and undivided profits) is compared with resources, it Is found that until the typical bank reaches 25
years of age the resources expand more rapidly than the net worth; after this
latter age is attained, however, there is a masked tendency for proprietorship and assets to very closely parallel each other in movement.
The aggregate net worth of Chicago banks is approximately 385 Millions:
since 1900 an increase of almost sixfold has taken place. Of the three
Items composing the proprietorship, surplus has made the largest.gain.
In 1900 accumulated earnings averaged 43% of the proprietorship; in 1927
they constituted 53%—more than one-half of the net worth. While Chicago banks show their total resources to have taken much the same movement as their capital stock and accumulated earnings, there has been a
tendency for resources to expand somewhat more rapidly. Particularly
has this been true since 1916. In 1900. resources averaged
$8.04 for every
dollar of net worth; in 1927, they averaged $8.92 per dollar of net worth.
During periods of rapid business expansion, proprietorship moves more
slowly than earnings assets.
Marked Appreciation in Value of Fire Insurance Company Stocks Noted by W. Wallace Lyon & Co.
Fire insurance company stocks, which have shown exceptionally marked appreciation in value in recent years, have
come into general favor with that class of the investing
public specializing in "long pull" securities, according to
W. Wallace Lyon & Co., 51 E. 42d St., Now York. The
average annual gain to stockholders of ten of the leading
fire insurance companies was equal to approximately 66%
per year for the ten-year period 1918-28, data compiled by
First National Leads New York Banks with $213 Share the company shows. The figures covering these ton comEarnings in 1928—Shown iniSurvey of Clinton panies are reported as follows:
Atve. Annual
Gilbert.
Return in
Dividends
Two of New York's oldest banks—First National and
and Market
Company—
Appreciation.
Fifth Avenue Bank—which have withstood the extensive Alliance Insurance
35.9
Co
merging activity of the past year, showed the highest earn- Boston Insurance Co
34.9
Continental Insurance Co
46.5
ings of all New York and Brooklyn banks during 1928, ac- Fidelity-Phenix Insurance Co
67.7
Globe Rutgers Fire Insurance
195.8
cording to a comprehensive:survey of banks, trust companies, Hanover Fire Insurance Co Co
36.6
Insurance Co. of North America
47.5
title and mortgage and surety companies prepared by Clin- Niagara Fire
Insurance Co
53.2
ton Gilbert, bank stock specialist. First National reported Providence-Washington Insurance Co
99.2
Security Insurance Co
42.5
$213.44 earned per share and Fifth Avenue $159. The
Average
66.0%
United States Trust Co. wasIhighest among the trust comIt is pointed out that an important factor in the growth
panies with $159.03. The National City Bank led in de- of the business of fire insurance companies during this
posits with a total of $1,311,641,010, followed by Chase period has been the enormous increase in the sale of autoNational with $1,033,494,400. National City also showed mobiles on the time-payment plan. Fire insurance on alt
3441
FINANCIAL CHRONICLE
MAY 25 19291
cars sold on the deferred payment plan is made mandatory
by the finance companies handling this business.
Outstanding Bankers' Acceptances Reduced $94,138,171 in Month—Total Now $1,110,841,482—High
Rates Cause Movement of Business to London.
The volume of bankers' acceptances outstanding as of
April 30, as reported .lay 20, by the American Acceptance
Council, was $1,110,841,482. This is a reduction of $94,138,171 from the total of March 30 and is the largest contraction in acceptance volume for a single month since these
records have been compiled. Robert H. Bean, Executive
Secretary of the American Acceptance Council, in his report,
adds:
Approval of "Investment Guaranteed" Bond Selling
Sought—Security Houses Discuss Recognition of
Practice Called Unethical.
According to the New York "Journal of Commerce" of
May 22 a movement has been set on foot among the larger
Investment houses in the city to have the "investment guaranteed market" in new' security issues get official recognition, in order to allow sales to be made freely on that
Since Dec. 31 when the record high total of acceptances was reported
basis. The sale of new offerings on an investment guaranthe volume has decreased $173,000,000, or about 13%%.a falling off that
teed basis has hitherto been regarded as a violation of the commands attention, particularly when it is compared with a reduction
syndicate agreement, and therefore as unethical, says the of only $10,000,000 for the similar four months in 1928.
There are two very natural reasons why we have had such a steady decline
Item from which we quote; it goes on to my:
dollar acceptance business since Jan. 1.
When new issues of securities are offered, members of the distribution
syndicate or selling group are expected to sell securities to dealers and
institutions. However, when the issue is not readily taken by the public,
a strong temptation exists to offer the issue at some concession provided it
-does not come back to the syndicate, which seeks to maintain the public
offering price pending distribution. When an investor takes securities
of a new issue and keeps them for a period of three or six months, they
are taken off the market and the danger of resale of these same securities
to the syndicate through the open market is removed.
Ammon Now.
The Investment Bankers' Association of America has hitherto frowned on
the investment guaranteed practice. Although it has existed for a long
time, the most active houses selling in securities on such a basis are smaller
dealers who thus take an important part in facilitating the distribution of
issues which are not readily disposed of by the regular offering syndicate.
As a matter of fact, the investment guaranteed market becomes quite active
only at a time when security distributioa is difficult, such as the present.
Several of these dealers send out entire sheets of offerings, listing prices at
which they can supply stocks and bonds at stated discounts below the
market, if retention of these securities for three to six months is assured.
Advocates of the investment guaranteed market, who wish to see it recognized by the Investment Bankers' Association of America, point out that in
the German market it has long been considered a regular and permanent feature of the security business. The big banks there, it is pointed out, often
place on their month-end offering lists two sets of prices, one referring to
ordinary sales and the other, the lower prices applying to sales on an investment guaranteed basis. This method of selling is said to prove an aid in disposing of issues at times when the security markets are in poor shape.
Those who oppose the investment guaranteed proposal have as their major
argument that it will tend to demoralize the market for new issues generally. If investors learn that some houses are offering an issue on an
investment guaranteed basis, while other houses are insisting on the full
offering price, investors will lose confidence in the price stability of the
issue, or at beet will check up the price among several houses and take the
lowest available. At the present time, a syndicate member, which sells
below the offering price, is regarded as acting in an unethical way, so
that the investment guaranteed market includes officially only to the
eraaller and less important houses.
Committee Considers Action.
The proposal to recognize the investment guaranteed market is reported
to have been discussed Informally by the Committee on Business Conduct
of the Investment Bankers' Association of America, and is expected to be
taken up this fall at the Quebec convention of the association.
It is pointed out further that these proposals in no way affect the issues,
which are successfully sold by offering syndicates within a reasonable
time, and, above all, it does not apply at all to the issue oversubscribed by
Investors, for in that case no syndicate support of the market is necessary,
and the price may advance oonsiderably above the offering figure without
syndicate interference.
Thirty-One New York Bank Stocks Have Par Value of
Less Than $100—Tabulation by Gilbert Eliott & Co.
During the past yoar and a half, 31 New York banks have
adopted the popular $10, $20,$25 or $50 par value for their
stooks. Two years ago there were only two New York
banks with a par value below $100, namely, the Bank of
the Manhattan Co. and the Mechanics Bank of Brooklyn,
both of which had stocks of $50 par value. Oddly enough,
neither of these banks are among those with stocks with par
values of less than $100 to-day, Manhattan having increased
its par from $50 to $100 in Aug. 1927, while the Mechanics
stockholders exchanged their stock for the $100 par stook of
the Brooklyn Trust Co. at the time of their recent merger.
The following tabulation, compiled by Gilbert Eliott & Co.,
lists all New York banks whose stocks have a par value of
less than $100:
New Par
Value.
25
25
20
25
10
20
050
20
20
25
10
20
25
10
20
New Par
Value.
Farmers Loan
b20
Fidelity
50
Hanover
b20
International Union
25
Irving
10
Lawyers Mortgage
20
Manufacturers Trust
25
New York Title & Mortgage
10
New York Trust
25
Park
20
Prudential
20
Public
25
Richmond Hill
20
Sterling National
a25
Title Guarantee
20
U. S. Mortgage & Trust
b10
s New bank. b Par reduced through merger.
Bank of America
Bank of Europe
Bank of Sicily
Bank of United States
Bankers
Bond and Mortgage
Brooklyn National
Central Union
Chase
Chelsea Exchange
Chemical
City
Claremont
Continental
Corn Exchange
in our
The first is that we have had a large volume of maturing seasonal credits
that have not had to be renewed and the second is the continuance of unusually high discount market rates which has resulted in some business
being taken to London and some being transferred to the commercial
departments of banks where customers have preferred to use direct borrowing for the time being.
The present level of acceptance rates, including commissions and other
unusual charges, brings the cost above that for note borrowing or for acceptance credits in foreign markets. In London, the most natural alternative
credit center, the volume of sterling credits is now believed to be higher
than for many months, which undoubtedly accounts for some of the business
that does not appear in the present survey.
We cannot agree, as claimed by the Chairman of Hambros Bank at the
annual meeting of shareholders, that "practically the whole of pre-war
acceptance business is now back in London" but undoubtedly the steady
Increase in our acceptance market rates has done just what it will always
do, namely, send a substantial amount of business to a cheaper market.
The dollar acceptance business of American banks Is just now sharing the
Penalties of a disorganized money market and we must expect the credit
system which finances such a large part of our foreign trade to continue
Paying the price of an "out of hand" situation in the general money and
credit-market of the country until the balance is once more restored.
There is strong significance in the reduction of our export acceptance
credits from $496,000.000 in December to 5376,000.000 on April 30. A
drop of $120,000,000 in the face of an increase in our national exports in
the same period, speaks for itself.
The current survey shows a reduction for the month of 336.000.000 in
import credits, $24,000,000 in domestic warehouse credits and $17,000.000
in credits to finance goods stored in or shipped between foreign countries.
Of the decrease of $94,000,000 now reported, $70,000.000 appears in the
lower totals reported by New York banks, now having outstanding a
smaller volume of bills than at any time since September 1928.
As the new season volume of acceptances does not normally appear until
late summer,a continuance of the prevailing contraction in our acceptance
business will unquestionably carry the total below the one billion mark
before Sept. 1.
The survey furnished by Mr. Bean follows:
TOTAL OF BANKERS' ACCEPTANCES OUTSTANDING FOR ENTIRE
COUNTRY BY FEDERAL RESERVE DISTRICTS.
Federal Reserve Districts—
1
2
3
4
6
6
7
8
9
10
11
12
Grand total
Decrease
Mem..
April 30 1929. March 30 1929. April 30 1928.
$132,268,537
$127,177,265
$123,240,076
813,847.466
905,706.645
835,775.806
15,488.426
17,290,405
11,049,397
15,784.835
14,831,909
14,270,274
8,470.982
11,021.832
8,466,368
11,369,793
16,442,608
13,540,595
35,914,967
53,912,044
53,100,511
1,598.617
1,589,817
849,132
1,865,862
2,855,875
1,894,742
250,920
378.745
383.343
6,957,210
6.672.456
5,191,799
26,894,387
47,100,052
43,079,439
$1,110,841,482
$1,204,979,653
$94,138,171
$1,070,712,002
$40,129,480
CLASSIFIED ACCORDING TO NATURE OF CREDIT.
,
April 30 1929. March 30 1920:April 30 1928.
Imports
Exports
Domestic shipments
Domestic warehouse credits—
Dollar exchange
Based on goods stored in or
.......—,,.. ,...—iv....,,...,...1...
$324,090,639
376.864.088
16.159,905
99,461,661
45,051,171
9d0 ors 015
5360.162.237
386,822,456
16,949,928
123,911,576
50.447,609
$333,062.132
379,436.264
19,239,621
152,676.500
25,034,077
2115 055 R47
161.263.408
AVERAGE MARKET QUOTATIONS ON PRIME BANKERS'ACCEPTANCES
APRIL 16 TO MAY 16.
Days—
30
60
oo
120
150
180
Dealers Busing Rate. Dealers Selling Rale:
5.414
6.539
5.442
5.567
5.442
5.567
5121
6.671
5.755
5.955
5.705
5.955
Federal Advisory Council Meets With Federal Reserve
Board—Council Recommends Advance in Discount
Rate When Reserve Banks Request It.
The Federal Advisory Council this week held its regular
quarterly meeting with the Federal Reserve Board at Washington, and before the adjournment of its meeting, en
May 21, the Council recommended to the Board that permission to raise the rediscount rates to 6% be granted to the
Federal Reserve Banks making application for such inIt is stated that some bankers believe that the $109 par crease. The fact that both the New York and Chicago
stock will be as much of a rarity two years from now as the Reserve Banks have sought to advance their rates to 6% is
referred to in another item in this issue.
$50 and $25 par stook was two years ago.
3442
FINANCIAL CHRONICLE
[VOL. 128.
The recommendations of the Council were made known in in another item in the current issue of our paper, the Fedthe following statement issued by the Reserve Board at eral Advisory Council has recommended to the Reserve
Board that the latter grant permission to raise the rediscount
6 P.'M. Standard Time, May 21:
The Federal Advisory Council at a regular meeting with the Federal rate to 6% to the Reserve banks requesting it. It was the
Reserve Board on Tuesday, May 21, delivered the following memo- expectation in banking circles that a 6% rate would be put
randum of its views on the credit situation, which it authorized the Federal into effect this week by
several of the Reserve banks—New
Reserve Board to release.
"The Federal Advisory Council has reviewed carefully the credit situa- York, Boston and Chicago mainly—but the Reserve Board
tion. It continues to agree with the view of the Federal Reserve Board up to the time of our going to press last night (May 24) had
expressed in its statement of Feb. 5 1929, that 'an excessive amount of the
apparently withheld approval of the advance. Regarding
country's credit has been absorbed in speculative security loans.' The
policy pursued by the Federal Reserve Board has had a beneficial effect, a meeting of the Board on May 23 we quote the following
due largely to the loyal co-operation of the banks of the country. The from Washington on that date to the New York "Journal
efforts in this direction should be continued. The Council notes, however,
Commerce":
that while the total amount of Federal Reserve credit being used has been of
Aside from the threat of an impending 6% rediscount rate, resulting
reduced, 'the amount of the country's credit absorbed in speculative sefrom a recommendation of the Federal Advisory Council, the Federal
curity loans' has not been substantially lowered.
"Therefore, the Council recommends to the Federal Reserve Board Reserve Board's policy toward speculative bank credit remained a comthat it now grant permission to raise the rediscount rates to 6% to those plete puzzle to-day.
On adjournment of the Board at 3:30 p. m.it was made known that there
Federal Reserve banks requesting it, thus bringing the rediscount rates into
closer relation with generally prevailing commercial money rates. The would be no statement. The New York Federal Reserve directors had
council believed that improvement in financial conditions and a conse- met and adjourned earlier in the afternoon without announcement as to
quent reduction of the rate structure will thereby be brought about more whether an increase in the rediscount rate had been voted.
The Board declined to say whether an application had been received from
quickly, thus best safeguarding commerce, industry and agriculture."
the New York bank for the 6% rate. The conference here yesterday of
In its reference to the Council's meeting with the Board, Gov. George L. Harrison and Gates McGarrah, Chairman of the New
York Board, had been taken to indicate that the Bank was laying the
the "Times" Washington dispatch May 21 said in part:
groundwork for an increase in the rate.
Members of both bodies discussed at length the credit situation brought
The Boston Reserve Bank held a special meeting yesterday (May 22 ,
)
about by what officials regard as an undue diversion of funds for use in and it was generally believed that they had voted the rate increase, althe speculative market. At 6 o'clock to
-night the Board gave out, without though that fact could not be substantiated either in Boston or at the
comment, the Council's memorandum urging approval of increases in Reserve
Board's offices.
rediscount rates whenever recommended by Federal Reserve Banks as a
The Chicago Bank holds its regular meeting to-morrow afternoon, and
means of bringing those rates "into closer relation with generally prevailing was
expected by officials here to make an application for an increase. Prior
commercial money rates."
to the Board meeting to-day, one official said that an application for the
Acquiescence Is Expected.
6% rate was anticipated from the New York bank, and it appeared at that
The belief prevails here that the Federal Reserve Board will act In ac- time that there was a probability that it would be approved by the Board.
cordance with the recommendations of the advisory council and that
It was made known in press advices from Chicn.go that the
rediscount rates shortly will be advanced in the New York, Chicago,
Philadelphia and Boston Reserve districts, to be followed by similar ac- Reserve Bank of Chicago had yesterday (May 24) renewed
tion In the other eight regional Reserve districts.
its application to the Reserve Board for permission to estabThe four banks named are understood to have sought repeatedly in
curtailing speculative lish a 6% rate. From last night's "Wall Street Journal" we
recent months to raise their rates, with a view to
credit, but in every instance the Federal Reserve refusal its approval. quote the following Chicago advices:
Federal Reserve Bank of Chicago has requested Federal Resrve Board
Board Members Silent.
to increase its rediscount rate to 6% from 5%, but as far as it
Members of the Federal Reserve Board declined to comment on the Permission
can be learned the increase has not been approved bY'the Federal Reserve
Board's probable action in the light of the Council's memorandum. Governor Young declined to discuss the question in any aspect, while Deputy Board. Announcement of a change in the bank rate in all probability will
Governor Platt merely smiled, and said, "You'll have to figure it out in come from Washington, according to officials here.
The bank has made request for a higher rate on previous occasions.
your own way."
The Federal Advisory Council, composed of twelve members, one from
On May 23, when officials of the New York Federal Reeach of the Federal Reserve districts, met here to-day In its second quarterly serve Bank
were in conference with the Federal Reserve
periodical sessions,
meeting of the year. Usually, the council at these
deliberates by itself for a time, and then Is joined by the Federal Reserve Board, the "Herald Tribune" in advices from its WashingBoard membership.
ton Bureau said in part:
To-day the two bodies met in joint session without preliminary discusAn impasse in the Federal Reserve Board over raising the rediscount
Reserve Banks, notsion on the part of the Council. Proposals made by
rate to 6% to curb stock speculation was indicated to-night when Edmund
ably New York and Chicago, for a raise In the rate level were discussed Platt, Vice
-Governor of the Board, took steps to make his personal position
throughout the day. All the members of the Reserve Board, among clear.
After a long session of the Board, Mr. Platt announced tersely:
them Secretary Mellon, who is understood to have advised heretofore "I think
there ought to be an increase in the rate to 6%."
that a change upward in rediscount rates would be productive of no subRoy A. Young, Governor of the Reserve Board, declined to discuss restantial results in diminishing the volume of credit for speculation, and ports that he
was of the same conviction, because it would tend to reveal,
might possibly react on business generally, were in attendance.
by process of elimination, the attitude of other members. Be said Mr.
Just what took place at the joint session was not made known. It Platt had
notified him of his intention to state his position, and Mr. Young
was said, however, that the debate was animated and that it was conducted
indicated he would not be averse to having all the Board members go on
by those on the Board and the Council favorable to the course outlined record
in the matter of common consent.
In the Council memorandum in a militant fashion. Those favorable to
Deadlock Indicated.
the change argued that brokers' loans at New York had increased since
the Board's warning of Feb. 7, and that present methods having failed of
With certain other members of the Board resenting Mr.Platt's announce
the duty of the central ment, it was inferred that a deadlock had occurred, which made it doubtful
the effect sought by the Board on that date it was
body to hearken to the wishes of Reserve Banks and to approve advances whether the Board's power to check speculative use of Federal Reserve
In rates that had been recommended by the banks.
funds could be called into play in the immediate future. The Vice-GoverThe Federal Reserve Board at its meeting last Friday gave consideration nor's action, it was pointed out, was unprecedented, as the policy of the
requests that are Board has
to proposed increased rediscount rates. It discussed
invariably been to make its announcements as a body without
said to have been made by New York and Chicago Reserve Banks. In revealing the stand of individual members.
recent months, according to gossip among Treasury officials, the Reserve
Mr. Platt's declaration came after members of the Board had been in
Board has stood four to four on the question of raising the level of redis- conference for hours with George L. Harrison, Governor, and Gates Mocount rates.
Garrah, Chairman of the New York Reserve Bank. Since the New York,
Change in Situation.
Chicago and Boston Reserve Banks have been supplying most of the presofficials
At Friday's meeting, it was said, there was a change in the Board sure for the rate increase, it was assumed that the two New York
oppose such
situation, and a motion to act favorably on the requests of the New York came down to urge their reasons upon Board members who
Attempts made action for fear of hurting business.
and Chicago banks was defeated by a margin of one vote.
It was made known that the Reserve Board took no action on yesterday's
to ascertain the exact line-up of the Board on the subject have been futile.
At Friday's meeting the Board authorized the San Francisco Reserve recommendation of the Federal Advisory Council that Reserve banks which
Bank to increase its rediscount rate from 43 to 6%,thus bringing its rate request It be permitted to raise their rediscount rates from the present uniup to the level of the 11 other Reserve institutions. George L. Harrison, form level of 5% to 6%. The Council's unprecedented move, In making
Governor of the New York Federal Reserve Bank, was present at the public Its advice to the Reserve Board, was regarded as taking on a greater
significance In the light of Mr. Platt's announcement.
meeting.
In a speech delivered at Cincinnati some months ago Governor Young
With reference to the move a week ago by the New York
of the Reserve Board stated that there would be no rate increases approved
majority took the position and Chicago Reserve banks to increase their rates, the
except as a last report. At that time the Board
a mile In the rate level might draw gold from Europe and disturb business. "Times" reported the following from Chicago May 17:
The directors of the New York and Chicago Federal Reserve Banks, the
At a meeting of the Board on May 23 (referred to further
two largest institutions
the Reserve System, received another rebuff
in our item on the application of the New York and Chicago from the Reserve Board,in was learned here to-day.
it
The directors of the Chicago Bank at their regular Friday meeting apReserve Banks to increase their rates) the Board failed
proved
from 5 8% ...Id Tact...46d authto act on these applications, although an advance had been ority ofan advance in the rediscount ratechange.toSimilar action was taken
the Reserve Board to make the
expected in banking circles.
by the directors of the New York Bank on Thursday. These requests were
presented at a meeting of the Reserve Board in Washington to-day, but In
neither case was the sanction of the Board for an advance in rate forthcoming.
Federal Reserve Board Petitioned by Federal Reserve
Past Requests Refused.
Banks of New York and Chicago to Authorize 6%
Both banks have made similar requests several times in the last two or
three months, but have always been turned down. The Boston and PhilaDiscount Rate.
delphia banks also have made similar requests with the same results. . ..
Both the Federal Reserve Banks of New York and Chicago
A Chicago banker, discussing the situation, said:
have continued to petition the Federal Reserve Board for "The attitude of the Reserve Board is that an increase in rediscount rates
serious
would
But bankers do not believe it would have
permission to increase their discount rates from 5% to 6%; effect,hurt business.business already is paying higher interest any than
rates
inasmuch as
a reference to their application a week ago appeared in these the rediscount rate and there is the minimum requirement for commercial
eolumns last week, page 3284. Since then, as we indicate credit during the Summer. But the Chicago and New York directors believe
MAY 25 1929.]
FINANCIAL CVIRONICLE
3443
These credit resources for commerce could be expanded billions more
now is the time to impose higher rates, check the use of credit in speculation,
reduce the borrowing of the member banks at the Reserve banks and so by the emission of Federal Reserve notes against eligible paper and such
assemble reserve credit for normal business expansion next Autumn. Then notes would support a greatly expanded line of commercial credit, going
into many added billions.
the rediscount rate could be lowered, if deemel advisable."
these extra facilities, but Is
Third, commerce not
On the same date (May 17) the Washington correspondent lending over two billions only does not need
in brokers' loans.
of the New York "Journal of Commerce" said:
Fourth, the alleged remedy, for the need which does not exist, has no
Federal Reserve Board officials to-day declined to comment on the report merit, because to pay the brokers' loans would retire a like amount of
that they had refused permission to the New York and Chicago Federal deposits and weaken the bank resources to the extent of such payment
and would not strengthen the Reserve Banks. The small reserves required
Reserve banks to increase discount rates above 5%.
Governor George L. Harrison of the New York Bank Was in conference against deposits are negligible under such circumstances.
The honorable Board seems confused in mind. They are realty not
with the Reserve Board to-day, but no comment was forthcoming.
It appeared that increased pressure is being brought to bear on the Board trying to enlarge their banking power to accomodate commerce and inby several of the banks to jump their rates over 5%,a level now maintained dustry as the law requires, for in at least six or more ways they have been
contracting credit.
by all with to-day's action of the San Francisco institution.
First, by refusing or failing to replace the $500,000,000 of gold, released
Reports in both New York and Chicago said that the Reserve banks of
to Europe by substituting therefor Federal Reserve notes as Governor
those districts had voted a higher rate.
The Reserve Board appeared still to be standing on its policy that rate Roy A. Young confessed March 16 at Cincinnati, Ohio.
Second, by passing out gold certificates as a circulating medium in lieu
increase would not be authorized except as a last resort, an attitude outlined
several months ago in an address by Governor Roy A. Young at Cincinnati. of Federal Reserve notes and thus diminishing their own powers of emission
From the continued passing of directors' meetings of the banks without of reserve notes (money).
Third, by retiring $214,000,000 of Reserve Bank notes, issued against
changes it seems that the Board holds that the emergen& necessitating
bonds.
rate increases has not yet come.
Fourth, by selling Government security and thus withdrawing money
from the open market, where it would be normally used for commerce.
Fifth, by selling or ceasing to buy open market paper, thus abstracting
Suit of F. G. Raichle of Buffalo Against New York
Federal Reserve Bank to Restrain Advance in money from the market.
Sixth, it is now interfering with the rights of commerce and business to
Discount Rate Brought Before Circuit Court on sell corporate stocks as a means of getting money for commerce and business. The Board is doing this by interfering with the credits required for
Appeal.
the orderly selling of stocks and bonds on the Stock Exchange.
It is learned from the "Times" of May 17 that an appeal
Seventh, they are freezing national credit by a vast publicity of the untaken from the decision of former Federal Judge Francis A. sound claim of a great stringency of credit for commerce and Industry,
is no stringency.
Winslow, dismissing the suit of Frank G. Raichle, a Buffalo when therethey raised the rate of interest on rediscounts in 1928 three
Eighth,
lawyer who sought to restrain the Federal Reserve Bank of times knowing that raising such rates of interest exercises a dominating
New York from enforcing increased rediscount rates, was influence on acceptance rates and on so-called prime commercial Paper.
Ninth, by 5% rate they contract commercial credit because member
argued before the Circuit Court in New York on May 16. banks payinga5% for the rediscount and paying an overhead of the usual
The item in the "Times" states:
cost of 1.35% cannot lend at the legal rate of 6% without loss, so they are
Mr. Reichle's complaint explained that the bank was organized to furnish denied the accomodation the law intended.
To prevent speculation on a bull market they have promoted speculation
an elastic currency, to afford means of discounting commercial paper and
on a bear market greatly injuring little people with margins unprotected
to establish a more effective supervision of banking.
It was not established, the complaint asserted, to create a money des- and helping bear operators who need no protection.
The Board seems to think it their business to suppress "speculative
potism which would control and manipulate paternalistically or otherwise
all the monetary resources of the country. In dismissing the suit Judge loans" as aginst "public policy." The Board has no right to declare such
Winslow said that at this late date the power of Congress to establish a a "public policy."
Speculative buying and selling has existed from the foundation of this
banking system would.hardly be questioned and that the necessary limitations and subjections of individual opinion incidental to the establishment government and is in accord with public policy. The Supreme Court of
and present operation of the national banking system did not run counter the United States in the Chicago Board of Trade cases, May 1905, Mr.
Justice Holmes delivering the opinion, held that speculative buying and
to the provisions of the Fifth Amendment.
In the argument yesterday it was contended that the respondent was not selling on the Board of Trade was a necessary agency of a complex civilizaan entity which was beyond reach of the courts and that its acts might be tion for the distribution of its products and was not agin.st "public policy"
subject to judicial review and control; that the activity of the defendant and that no Legislature or Judicial authority had ever held it aginst "public
was inimical to the plaintiff's interests as an investor and stock trader, and policy."
It of course is lamentable when an ignorant person buys a stock on margin.
that it was engaged in a course which had for its object the arbitrary reducin a bull market and sells such stock at a loss on a bear merket. But the
tion in the volume of collateral or brokers' loans.
It was alleged that the plaintiff sought to enjoin the defendant from wit of man has never been able to find a remedy for this evil which was
spreading propaganda concerning an alleged money shortage, from doing not worse than the disease. Society cannot afford to establish a personal
anything tending to curtail the credit resources of the country,from engag- guardianship over every individual who buys or sells. Society cannot
ing in unwarranted and excessive open market speculations, and removing afford to abolish the market place because foolish people enter it.
Every State has (with a half dozen exceptions) passed laws establishing
a large amount of cash and its incidental credit from the use of the investing
security commissions and blue sky laws to protect innocent buyers. The
public.
Counsel for the defendant contended that the bill was wholly wanting in Stock Exchange requires an infinite detail of all stocks listed in order to
any allegation of fact pointing to specific damage or loss to the plaintiff, Protect the buyers against unsound value. The Stock Exchange has
that the plaintiff associated himself with the general public and that he asked abolished "washed sales," "matched orders," "stock corners" and every
no remedy peculiarly addressed to himself or his affairs. It was argued that. unfair practice disclosed by experience. No market has higher standards
the Federal Reserve act being constitutional, the courts would not review of efficiency and integrity.
Behind these safeguards the bears in the market place assail every weak
or control the discretion vested in the board. It was contended that the
questions presented in the complaint were non-justicable,that the complaint spot. The public press, the economists and the bankers repeatedly warn
shows no right in the plaintiff to assert a public right or redress a public the public against excaosive high prices and finally comes the penalty of
wrong. It was asserted that the complaint made an unwarranted inter- a loss to those who buy and sell unwisely.
pretation of the Federal Reserve Act. Decision was reserved.
The powers of the Reserve Board are limited to supervising the reserve
The judges who heard the argument were A. N. and Learned Hand and banks and maintaining the principles of the Reserve Act. The Bank Act
Thomas W. Swan. Counsel for the plaintiff were Carlos C. Alden and Provides that the banks shall establish "rates of discount to be charged
Ethan W. Judd. The defendant was represented by Newton D. Baker, by the Federal Reserve Bank for each class of paper which shall be fixed
former Secretary ef War. When the action was filed last Aug.3 the plaintiff with a view of accomodating commerce and business." These rates are
was a law partner of Colonel William J. Donovan, then First Assistant to "subject to the review and determination of the Federal Reserve Board",
the Attorney General.
who are government officials, so that the banks can be compelled by governbusiness."
A reference to the dismissal of the action by Judge Winslow ment officials to make a rate for "accomodating commerce andrate which
when the Board
last November appeared in our issue of Nov. 10 1928, page How unfortunate for the country,for any purpose favors a and goes
whatever,
Penalizes business and commerce
2630.
outside its province to compel others to deny commerce and industry
its legal right to get money through the Stock Exchange.
The Honorable Board,for whose good intent I have the sincerest respect,
Former Senator Owen on "Credit Functions of Federal
seems to be badly advised.
Reserve Board"—Credit Powers of Banks Beyond
Very respectfully yours,
Actual Needs of Commerce.
(Signed) ROBERT L. OWEN.
In a communication addressed to S. S. Fontaine of Benjamin, Hill & Co., Members of the New York Stock Exchange, former Senator Robert L. Owen gives expression
to his views as to the policy of the Federal Reserve Board
on "Speculative Loans." Among other things Mr. Owen
says: "they [the Reserve Board]are freezing National Credit
by a vast publicity of the unsound claim of a great stringency of credit for commerce and industry when there is no
stringency." The former Senator concludes with the statement that the Board "seems to be badly advised." His
letter is given as follows in the May issue of "The Financial
diary" published by Benjamin, Hill & Co.:
My dear Mr. Fontaine:
"Answering your inquiry as to my views of the policy of the Reserve
Board on 'Speculative Loans' demanding their payment as a means of
strengthing the power of the Reserve Banks to help commerce, I respectfully reply.
First, the credit powers of the banks at present are far beyond the actual
needs of commerce, and need no such support or at such a price.
Second, the twenty-eight thousand American banks have many billions
of credit which commerce does not at present require. They have billions
of eligible paper not employed with the Reserve Board.
Plan of J. Laurence Laughlin for Sliding Scale Rates
on Loans—Advocates Discrimination Between Commerce and Investment—Thinks Federal Reserve
and Member Banks Could Co-operate in Plan.
Declaring that the crux of the credit problem as it confronts the nation to-day lies in discrimination by Federal
Reserve member banks between commercial and Investment
loans, a suggestion for a sliding scale in the rate to borrowers which would penalize excessive activities in securities,
is made by J. Laurence Laughlin, Chairman of the Executive Committee of the National Citizen's League for Promotion of Sound Banking System. Mr. Laughlin's proposal,
according to an account in Washington advices to the New
York "Times", was outlined in an interview May 4, in which
.he expressed opposition to legislation by Congress aimed at
the law under which the Federal Reserve system operates.
Such a course, he said, should "never be thought of."
3444
FINANCIAL CHRONICLE
Continuing, the account in the "Times" said:
Mr. Laughlin also argued that it would be legitimate, and within the
legal authority of Federal Reserve banks, in co-operation with the member
banks, to establish discriminating rates for rediscounting different kinds
of paper, instead of a uniform rate on all kinds of discounts throughout
their districts.
Mr. Laughlin, an internationally known authority on banking and money,
and former head of the Department of Political Economy in the University
of Chicago, was a member of the Indianapolis Monetary Commission of 1897
and prepared the report of that body. When a group of leading bankers
and business men of the country, following the report of the Aldrich Committee, organized the National Citizens' League to obtain sound banking
legislation, he was selected to head that body, and under his direction it
conducted the educational campaign which preceded the enactment of the
Federal Reserve Act.
To obtain the necessary political support to accomplish this, Mr: Laughlin drafted a plank for banking reform which was accepted by Senator
Underwood, adopted by the Alabama delegation and presented to and
accepted, with some modifications, by the Democratic National Convention
at Baltimore in 1912, which nominated Woodrow Wilson for the Presidency.
Acting under the pledge contained in this plank, the Wilson Administration
passed the Reserve Act two years later.
Mr. Laughlin, who is the author of several authoritative books on
banking and currency, is now devoting his time to the preparation of
another volume, "A New Exposition of Money."
Purpose of Original Act.
"The elusive nature of credit and the difficult task of regulating its
distribution by the Federal Reserve System has forged to the front, just
when time enough has elapsed since the creation of the system to show
that no institution is free from change," said Mr. Laughlin. "In the
original act of 1913 it was intended to provide a means of credit in an
emergency by rediscounting paper based on selected commercial assets.
Banks at that time looked askance at rediscounting as an admission of
weakness. Moreover, because of the political prejudice against Wall Street,
a reform in the organization of credit could not have been enacted then
unless it was clear that the system would not support stock speculation.
"The World War, however, brought changes in administration, and in
policy. What was an occasional medicine has become a daily food; to-day
rediscounting is no longer a resort in an emergency, but a well-established
habit by which an enormous volume of credit is constantly employed. Also,
the floating of billions of government bonds, whose purchase was urged
by our authorities by funds obtained by loans on these securities at low
rates, and their admission to the privileges of rediscount at the Reserve
Banks, added a vast amount of credit quite apart from commercial paper.
"Then rediscounting was encouraged by the ease of borrowing at these
low rates on such securities, and using the proceeds in any other operation
yielding high returns. In addition the war brought in its train a prodigious
increase in our foreign trade, our financial international relations, our
holdings of gold and our obligations to aid our Allies with capital and the
re-establishment of the stable gold standard wherever possible. All these
events had not been foreseen.
"Above all, it is to be noted that the United States never departed from
the gold standard (for which Mr. Wilson has never received sufficient
credit) during the war and at its end was in a position to outdistance any
other country in industrial recovery because it did not have the handicaps
arising from a depreciated standard, the fluctuations of prices and exchange
and fiscal burdens which weighted down our allies.
"With this advantage it is well known how amazingly American Industry,
after about 1923, entered on an unparalleled period of prosperity for years
which has been the marvel of the world. It was not due to the tariff, but
to superior resources and a genius for management which prevailed in spite
of the handicaps of the tariff.
Changes Made by Prosperity.
"This great prosperity has disclosed some distinct characteristics. It
carried away the former habit of carrying large inventories for a possible
speculation in rising prices of goods; it developed the spading in of earnings and the increase of large surpluses for industry, resulting in an unprecedented accumulation of funds which could be loaned on call; it has
drawn attention to the equities residing in stocks for investment as against
bonds, and excited a desire to share in the prosprity of industry by owning
stocks through investment trusts; consequently it has started a long bull
movement in stocks, based on these unmistakable evidences of large earnings and great advances have been made in the prices of securities.
"It goes without saying that the war and the post-war prosperity have
plunged our credit system into difficult problems. While the Fedecal
Reserve Banks cannot rediscount paper based on Wall Street securities, they
have no power to prevent member banks from loaning on them. Moreover, they rediscount on the vast volume of Government bonds; and member
banks, after lending to customers, cannot prevent them from using the
borrowed funds in the call market.
"In addition, the high rates of the call market draw out the large
surpluses of corporations, as well as floating European funds. The high
rates of the call market are a source of profit, quite independent of speculation on the changing prices of stocks.
"All in all, while the Federal Reserve Banks are bound to protect the
money market for commercial loans so far as possible, have they any legal
mandate to prevent speculation? Have they any weapon except persuasion? To them speculation and the disturbance at the rates for commercial loans are important, since the withdrawal of large amounts of
credit into the stock market affects commercial rates.
"The crux of the problem is obviously to prevent the high call rate
which acts like a magnet to draw away funds from other uses, and yet at
the same time to preserve low rates for the work of industry and trade.
But if the call rate is also kept low, will that not greatly stimulate speculation in securities?
Raising the Discount Rate.
"Under the circumstances, what can be done? Following the example of
other countries, we have placed no little reliance on raising the rate of
discount. The machinery of Europeaa central banks makes that method
more effective than with us, because the source of loanable funds is more
under control with them; while here the supply of capital is not so
easily modified by the rate of the Federal Reserve Banks.
"For instance, the vast credit capable of mobilization by the non-member
banks is out of the jurisdiction of the Federal Reserve Banks. Moreover,
the corporations with large surpluses who loan directly in the call loan
market are outside the control of the Federal Reserve Banks. It is to be
noted also that the gains from our industrial prosperity are so great that
the effect of 1 or 2% increase on the loans they obtain (even if their
working capital is not so large as to save producers from recourse to banks)
is almost immaterial. As a rule, the demand for credit comes mainly
from the relatively unsuccessful.
[VOL. 128.
"The difficulties of the Federal Reserve Banks are obviously serious,
and undoubtedly connected with circumstances which arise from the
nature of banking in this country. It has frequently been noticed that the
quantity of strictly commercial paper of high class is not sufficient to employ all of the loanable funds of our banks, hence they are forced to take
various grades of paper.
"From whatever angle one approaches the problem of banking, the
pivotal matter of soundness resides in the quality of the assets received
In return for granting present payment (either in notes or a deposit account). I have myself looked over the paper sent in from an agricultural
State to a Federal Reserve Bank for rediscount and found it would be
unliquid in any real peril because it rested ultimately on farms and farm
crops.
Difference in Paper.
"In short, our banks do not at present distinguish between short-term
commercial paper on the one hand, and investment paper on the other.
The former is the best security for credit, because goods on the way from
the producer to the consumer inevitably bring in the cash which extinguishes
the credit, but credit based on securities does not have behind it the means
of immediate liquidation in time of need.
"Yet, even is our largest as well as our smaller country banks no line
has been sufficiently drawn in practice between strictly commercial and
investment banking. Underwriting investment securities has grown
enormously as our wealth and savings hkve increased. This brings the
security market closely in connection with banking and the distribution
of credit.
"This crevasse which has appeared in the world of banking has evidently
in the end forced the separation between commercial and investment departments, which now is working itself out in recent great mergers (although
the departments for trusts lie outside of banking and tie up rather with
investment operations).
"It has always been true that after a period of great prosperity, resulting
in vast accumulations of capital, there is a tendency toward adventurous
enterprises, toward an expansion of loans and to careless scrutiny of loans.
We are evidently in just such a period. The problem of the Federal
Reserve Banks presents itself as a parodox; they must keep down the call
rate, if possible, but yet they must try to cut off speculation. What can
be done to this end?
"Congressional legislation should never be thought of. In all matters of
credit, not force, but discretion and intelligence are essential. Indeed,
wisdom and judgment as to assets receivable for loans are better than all
rules, and yet the rate of discount remains practically the main, even if
the imperfect, instrument in the hands of the banks to accomplish their
ends.
"This is true in spite of open market operations, by which funds are
added to or withdrawn from the money market by the sale or purchase of
Government bonds or acceptances. The crux of the matter lies in the
discrimination by member banks between commercial and investment loans
by making a sliding scale in the rate to borrowers, increasing the rates
for investment or security loans and lowering the rates on commercial
loans.
Suggests Sliding Scale.
"The difference in rates between loans of differing quality has long
been known. Hence, the visitorial authority of the Federal Reserve Banks
could be used to induce each member banks to insert in each note given
by the borrower a statement as to the purpose to which the proceeds are
to be put.
"That bank should supply statistics as to the proportion of commercial
and 'other loans' granted to each individual and to its total loans, and as
the 'other loans' rise in amount increase the rate progressively, making
such operations increasingly expensive to the borrower. If the proceeds
spear to be intended for the call loan market, on the private admission
of the borrower, the rate should be high; while if the loan was intended for
commercial purposes, the rata should be relatively low.
"Much, however, must depend on the judgment and honor of the banker,
but much may be done by persuasion to limit the use of credit for speculation at the expense of commercial uses. Usually the banker follows the
attitude of the public if it is speculative; but at times it is better that he
should leave profit aside and consider not only the safety of the bank and
the community but also the borrower in the end.
"Assuredly, on top of all this, it would be legitimate for the Federal
Reserve Banks, in co-operation with member banks, to establish discriminating rates for rediscounting different kinds of paper, instead of one
uniform rate on all kinds of discounts throughout their districts."
Senator Thomas in Resolution Calls upon Federal
Reserve Board to State What It Proposes to Right
Credit Conditions—Senator Seeks to Limit Interest
Rates.
On May 23 Senator Thomas of Oklahoma introduced in
the Senate a resolution asking the Federal Reserve Board
to advise the Senate "what action it has taken or proposes
to take" to remedy the credit situation. Along with his
resolution Senator Thomas introduced a bill limiting the
legal rate of interest on Inter-State loans to 0% and the
maximum contract rate of interest to 10%. The resolution
reads:
Whereas the existing unsettled conditions relating to interest rates and
credits is causing widespread criticism and great damage to the country;
therefore, be it
Resolved, That the Federal Reserve Board is hereby directed to advise
the Senate what action it has taken or proposes to take to remedy such
situation.
Regarding the 13111 introduced by the Senator we quote the
following Washington advices, May 23, to the "Times:"
The bill introduced by Senator Thomas would fix the legal rats and
maximum rates of interest on contracts between residents of different States.
Section One of the bill is as follows:
"The legal rate cf interest shall not exceed 6% per annum in the
absence of any contract as to the rate of interest, and by contract parties
may agree upon any rate not to exceed 10% per annum. Said rates of 0%
and 10% shall be respectively the legal rate and the maximum contract
rates of Interest; provided, that the provisions of this section shall apply
only to contracts made between persons, firms, associations and corporations
when residents of different States."
MAY 25 1929.]
FINANCIAL CHRONICLE
The receiving or charging of a greater rate of interest than this is, in
the second section of the bill, deemed a forfeiture of twice the amount of
interest agreed to in the debt. The person by whom an excessivee rate of
interest has been paid may recover for twice the entire amount of interest
in an action brought within two years of maturity of the contract.
Senator Brookhart Introduces Resolution Providing
for New Highways to be Financed through
$2,000,000,000 of Treasury Notes—Says Congress
has Power to Change Methods of Railroad
Valuation.
Senator Brookhart, of Iowa, introduced, on May 23, a bill
providing for a national highway network of 25,000 miles,
to be financed by a $2,000,000,000 issue of Treasury notes
which, according to a "Times" Washington dispatch, he
Indicated would simultaneously deal with both the financial
situation and possible railroad rate changes arising from
the O'Fallon decision. The "Times" account added:
Senator Brookhart declared in introducing his bill that the credit
situation and the O'Fallon decision "are ominous evente, especially
to agriculture." High rates of interest paid for credit, he said, are conclusive
proof
that there is not enough money in the country.
While not himself placing that construction on the case, Senator Brookhart said that the O'Fallon decision may mean a railroad rate increase
of
$2,000,000,000. He said that he feels Congress has the power to amend
the law so as to change the method of valuation outlined in the decision.
After quoting Henry Ford to the effect that the Government can finance
itself by issuing United States notes, or "greenbacks," Senator Brookhart
said that his bill would inaugurate a nation-wide highway system,
covering 25,000 miles, built strong enough to carry truck trains and costing
about $80,000 a mile. United States notes up to $2,000,000,000 would
be
Issued to provide funds for the program, and would be redeemed
within
twenty or thirty years by a system of licenses or tolls.
"If the railroad rates are to be increased, we especially need a system
of roads of this kind and need it now," the Iowa Senator declared.
"The bill would provide more money, which the country
needs,
tend to reduce railroad rates. Not only will it provide a competitive and
transportation system, but it will to some extent bring down
interest rates
that have been built up by the financial crowd in New York."
By the terms of the Brookhart bill the Secretary of Agriculture,
through
the Bureau of Public Roads, is authorized and directed to
establish, construct, maintain, improve and regulate national highways on
the following
routes:
1. From a point on the Great Lakes to a point on the
Pacific Ocean, in
the State of Oregon.
2. From Portland, Me., to Seattle, Wash., by way of
Chicago.
3. From Boston, Mass., to San Francisco, Cal., by way of
St. Louis, Mo.
4. From New York to Los Angeles, Cal.
5. From Washington, D. C., via Richmond, Va., through
the States
of Tennessee and Arkansas, to a point in the State of Oklahoma.
6. From New York to Jacksonville, Fla., following near
the coast of
the Atlantic Ocean so far as practicable, and from a point on
such route
near Jacksonville to Brownsville, Texas, following near the
coast of the
Gulf of Mexico as far as practicable, with a branch line south
through the
State of Florida.
7. From the Western terminal of route numbered "1" to Los
Oal., following the coast of the Pacific Ocean as far as practicable.Angeles,
8. From a point not less than ten or more than twenty miles from
the
capital of each State to the most accessible main national highway.
Numbers 2, 3, 4 and 6 would be connected with the national
capital.
Senator King Seeks Information from Federal Reserve
Board on the Operations of the Federal Reserve
System and the Part Played by Reserve Banks
in
Lending of Funds for Speculation.
In a resolution introduced in the Senate on May 23
by
Senator King (Dem.) of Utah, an investigation of the
operations of the Federal Reserve System, to be
undertaken by
the Senate Banking and Currency Committee, is
proposed.
Among other things, the Committee would be asked
to determine 'Whether the facilities of the Federal Reserve
Banks
have been utilized in loans for trading in and
carrying
securities." Also whether the banking laws
"should be
amended to restrict the use of general bank credit
for speculative purposes." Press accounts from
Washington state:
3445
"9. Whether or not chain banking and branch banking are being developed and the effect and qualities of them types of banking.
"10. The extent to which investment or security trusts are being formed
by or in connection with member banks of the Federal Reserve System,
and the extent, character and effect of their operation.
"lL The extent of the loans to such trusts by the member banks and the
loans made by them at call and otherwise, the dividends paid by such trusts,
and the effect of such trusts upon fluctuation in the market value of stocks.
"12. Whether or not the usury laws are evaded by such investment or
security trusts.
"13. Whether the member banks of the Federal Reserve System should
be prohibited from forming or being concerned with investment or security
pude
"14. The extent of the power of Congress to regulate the business of
stockholders and others engaged in issuing, negotiating or trading in
securities.
"15. Whether the effect of the direct discounting of member bank notes
by Reserve Banks has proven harmful.
"16. Whether the so-called war amendments to the Federal Reserve
Act have not outlived their object.
"17. The number of bank failures within the period of ten years prior
to the passage of this resolution and the causes of such failure.
"18. Whether the National Banking Laws should be amended to prevent
Federal charters being granted to associations having less than $100,009
capital.
"19. Whether the merger or consolidation of large financial institutions
is beneficial or whether such mergers or consolidations should be restricted.
"20. The extent of the powers of Congress to legislate with r,sge,t to
mergers and consolidations of financial institutions brought about under
State law with which the members of the Federal Reserve System are not
concerned.
"21. And whether there is any evidence of concerted action on the part
of member banks of the Federal Reserve System to discriminate between
competing business concerns in the extension of credits and the making of
loans."
The resolution provides fer an appropriation of $25,000 and makes the
Committee a Standing Committee without time limitation.
Virgil Jordan of National Industrial Conference Board
Sees No Ground for Believing United States Has
Become Mature Creditor Nation on Exceptional
Scale—Menace Seen in "Sabotage" of Federal
Reserve System in Efforts to Curb Speculation.
"There are no grounds for believing that the United
States has as yet become a mature creditor nation on any
exceptional scale, with all that this implies in the way of
radical changes in our foreign trade and tariff policies,"
Virgil Jordan, Chief Economist of the National Industrial
Conference Board told the members and guests of the
Board at its Thirteenth Annual Meeting at Hotel Astor,
New York, on May 16, in a symposium on "American Industry in the New Economic World Currents," in which
International financial and trade authorities took part. In
an account of his speech in the 'Times," Mr. Jordan is
reported as stating that the most serious menace to American business to-day "lies in the persistent sabotage and
defiance of the Federal Reserve System in its efforts to
prevent our own and the world's credit resources from being
swallowed up in a whirlpool of speculation in the New York
money market, dislocating the world's exchanges, hampering
the finUncing of our foreign trade and disturbing the stability of foreign currencies." An abstract of Mr. Jordan's
remarks follows:
"The abnormal financial and industrial conditions that have prevailed
In this country since the war and the fantastic 'new era' delusion based
Upon them have created here and abroad an extraordinary misconception
of the international financial position of the United States and its relation
to our foreign trade and trade policies. It is true that the United States
has become wihin a relatively few years a great, if not the greatest,
International money market, a gigantic pool of international purchasing
power in which long and short term capital funds are being borrowed
and loaned on an enormous scale; but despite the vast turnover of funds
that takes place here it cannot be said that we have been extending our
net creditor position since the war at any abnormal rate or dangerously
draining off our capital savings for foreign uses, when our tremendous
The resolution enumerates twenty point/ which the
Committee would be industrial growth and economic resources are considered.
required to study and directs it, in each case, to go
fully into the causes
"In fact, if we leave out the illusory and barren debts arising out of
and reasons for the action of the Reserve Board in recent
months.
the war and count only our net investment of reproductive capital, it may
The twenty points which the resolution specifically states
shall be investi- fairly be said that the net creditor position of the United States to-day is
gated are as follows:
about what it would have been if there had been no war and if the
"1. What defects, if any, have been found to exist in
the operation of tendencies evident in the fifteen years from the beginning of the century
the Federal Reserve System, and what legislation is
necessary to correct to 1914 had continued. The natural growth of our foreign investments
such defects.
during the past fifteen years would probably have been more rapid than
"2. Whether the facilities of the Federal Reserve Banks
have been in the earlier period because of our rapid industrial expansion, even
utilized in loans for trading In and carrying securities.
though, except for the war, other countries would have participated finan"3. Whether member banks have afforded unduly large
accommodations cially in this expansion on a large scale, as they had been doing for a
to brokers.
century. Their inability to do so because of the war, their financial
"4. Whether the banking laws of the United States should
be amended demands upon us, our increased ability to meet them because of the
to restrict the use of general bank credit for speculative purposes or
trans- expansion of our banking resources through the establishment of the
actions in stocks and other transactions of a speculative character.
Federal Reserve System, and the education of the American public in
"5. The classification of loans to brokers by members of the
Federal security buying were the important but circumstantial factors that speeded
Reverse Systeni and the purposes for which such loans are
used, par- up the growth of our creditor position and placed us where we are to-day
ticularly in connection with new issues.
in international financial affairs.
"6. The different types of trading on the Stock Exchanges and the
scope
"That position, however, is not so advanced as we commonly imagine,
of each as well as the extent of so-called 'short sales,' and the relative at
least in comparison with our resources and with the position of a fulldegree of concentration in 'pooled' stocks.
fledged and old creditor nation like Great Britain. We must remember
"7. The effects of the operations of the Federal Reserve System in
con- that nearly half of the sixteen billion dollars of foreign credits we hold
tributing to the high rate of interest on call money and to the drawing
of to-day represent barren and unproductive war debts, the proceeds of which
money from rural districts to financial centers for speculative purposes.
have gone up in smoke. At least two-thirds of the original nominal value
"8. The basis for the acceptance policies ef the Federal Reserve System of
these debts bas already been written off, and the task with which the
and the extent to which mergers are taking place between member banks experts in Paris
are now struggling is to ascertain not only how much
in the Federal Reserve System.
more of them to write oft, but bow to transform the remainder into a
3446
FINANCIAL CHRONICLE
[VoL. 128.
reproductive debt through an international bank which can mobilize and
convert them into productive assets.
"Apart from these, the net creditor position of this country has tended
since 1922 to settle down to a relatively stable and normal basis. We have
merely been reinvestng the sums due us in interest, dividends and principal
repayment on our outstanding credits. Excess outflows of investment
capital from year to year have been offset by net imports of short-term
capital, and in some years these have even exceeded the outgoing balances
of investment funds. In short, the country as a whole has merely permitted the long-term capital exports which took place during the war
and early post-war years to reside permanently abroad, and the excess of
new long-term capital investments has been cancelled by a varying inflow
of short-term funds. As a nation we may have done some plunging during
the war, under stress of exceptional circumstances, but we certainly have
not been recklessly piling up stakes in foreign countries in the past
seven years.
"It is equally a delusion that in the years since 1922 we have been
selling our goods abroad on the installment plan, sustaining our huge
volume of exports on credit and preventing compensating imports of commodities by our foreign investments and our high tariff wall. The fact that
the persistent export balance of merchandise which has amazed and alarmed
good
US during these years has been for the most part merely normal
business, on a quid pro quo basis. Enlarged or diminished from year to
offset
year by net gold movements our excess of exports of goods has been
or balanced fairly evenly by the excess of payments over receipts for
services, particularly the pleasures which Americans are now forced to
Import, or perhaps imbibe, abroad. In fact, in every year from 1921 to
1927 the actual balance of all frangible trade, lumping together merchandise,
gold and services, was probably against us, and we have been importing
more than we exported.
"These things do not mean that our present and prospective international
financial position involves no problems at all for American industry and
foreign trade in the future. Some of the factors in it have had a direct
and vital influence on American business conditions in recent years, and
are likely to have a still greater influence in later years. The rapid and
unprecedented expansion of bank crdit during the years since 1922, which
has been the basis of the rise of security prices and the outburst of speculative fever and new era psychology that worry so many people, is a
direct result of the unbalanced international financial situation arising
from the war, which brought us half the world's gold. -The current
controversy over the policies of the Federal Reserve System is a direct
reflection of our international financial position and lack of public understanding of its significance. The efforts of the Federal Reserve System
through co-operation with central banks abroad to soften the shock to our
industry, trade and finance of the sudden transition to an abnormal and
largely unsound creditor position, to absorb and redistribute the gold
flowing to us from our demoralized and bankrupt debtors so as to prevent
a disastrous dislocation of world prices and to aid in the restoration of
world trade—these efforts have constituted one of the great contributions
to international welfare.
"At present the United States is merely coming of age as a creditor
nation. We are by no means fully developed industrially and financially.
Despite our rapid and sudden alteration from a debtor to a creditor position,
we still stand in this respect midway between the older and more highly
industrialized nations of Europe and the undeveloped nations like Canada
and South America,- destined for long to draw capital from the former
for our own development and to lend capital to the latter for theirs. As
our creditor relations grow naturally in the course of ten or twenty years
we shall find ouselves lending more than we borrow and therefore bound
to receive in payment more goods than we sell. In such time the Reserve
System and its co-operation with the central banks of the world will be a
most important factor in minimizing the impact on our industries and
trade of our transition to a full-fledged creditor nation."
special Assistant States Attorney in prosecution of corrupt practices and
criminal activities in Chicago.
Roscoe Pound, Dean of Harvard Law School, born at Lincoln. Neb. in
1870; educated at University of Nebraska, Northwestern and other universities. Admitted to bar in 1890 and practiced at Lincoln, 1890-1907. Was
Dean of University of Nebraska Law School, Professor of Northwestern
University; Commissioner of Appeals, Supreme Court of Nebraska, and
Secretary of Nebraska Bar Association; Dean of Harvard Law School since
1916. Past President of Association of American Law Schools, member of
various committees of bar associations on judicial procedure. &c.
William I. Grubb, Federal Judge, Northern District of Alabama; was
born in Cincinnati; educated at Yale; practiced law in Birmingham, Ala.,
1884-1909; appointed Federal Judge May, 1909; is a member of the Council
of American Law Institute and member of American Bar Association.
Monte M.Lemann, born at Donnalsville; educated at Tulane University
and Harvard Law School;a member of the law faculty of Tulane University;
engaged in practice of law in New Orleans; President of Louisiana Bar Association; member of Council of American Bar Association and of American
Law Institute.
William S. Kenyon, born in Elyria, O.; educated at State University of
Iowa;practiced at Fort Dodge,Ia.; County Prosecuting Attorney five years;
Assistant Attorney General of the United States; United States Senator;
Judge of United States Circuit Court of Appeals.
Kenneth R. Mackintosh, born in Seattle. Wash., in 1875; educated at
the University of Washington, Stanford University and Columbia University; practiced law until 1905; County Prosecuting Attorney. Judge in State
courts of Washington 1912-1928 as Superior Judge, Associate Judge of Supreme Court and Chief Justice.
Paul J. McCormick, Federal District Judge, Southern District of California, was born in New York in 1879; educated in the high schools of San
Diego and St. Ignatius College at San Francisco, served as Assistant District Attorney of Los Angeles County. 1905-1910; was Judge of Superior
Cotrt of California and Associate Justice California Court of Appeals,
1910-1924; instructor of judicial procedure in University of Southern California; appointed Federal Judge, 1924; presided over and decided cases of
the United States against Pan-American Petroleum and other oil companies
Involved in oil frauds in 1924.
Henry W. Anderson, born in Dinwiddie County, Va.; educated at Washington and Lee University; practiced law at Richmond. Va., since 1898;
special assistant to Attorney General of the United States, 1922-1923;
United States member of Mexican Claims Commission, 1924-1928.
Ada L. Comstock, born in Minnesota in December, 1878; educated at
University of Minnesota and Smith College; professor and member of•
faculty of University of Minnesota; President of Radcliffe College since
1923.
George W. Wickersham, ex-Attorney General of the United States, was
born In Pittsburgh; educated at Lehigh and Harvard Universities; practiced law in Philadelphia aid New York until 1909 when appointed Attorney General; was a member of President Wilson's Industrial Conference Board, the Committee on Codification of Law, a member of the Commission on Reorganization of New York State Government, is a trustee of
the University of Pennsylvania and of Carnegie Institute.
Newton D. Baker, ex-Secretary of War, was born in West Virginia In
1871, educated at Johns Hopkins and Washington and Lee Universities,
practiced law in West Virginia until 1897; was City Solicitor of Cleveland in
1902; Mayor of Cleveland 1902-1916; Secretary of War in President Wilson's
Cabinet until 1921; Chairman of National Crime Commission.
Frank J. Loesch was born in Buffalo; educated at Northwestern University; practiced law in Chicago; Special States Attorney for Cook County
primary of 1908; is
to investigate and prosecute the frauds in the first direct
engaged as
at present Vice-President of the Crime Commission of Chicagol
To all Member Banks, State Banks, Trust Companies and
Savings Banks in the Second Federal Reserve District:—
From advices received from the Treasury Department of the United
States, this Bank is enabled to transmit to banking institutions in this
district the following information:
1. That a Treasury offering may be expected shortly.
2. That the subscription books may be closed by the Treasury without
advance notice, and therefore,
3. That each subscribing bank, upon receipt of information as to the
terms of the Treasury offering (either in the press, through the malls or
by telegram) should promptly file with the Federal Feserve Bank any
subscriptions for itself and its customers. This Is important, as no guarantee can be given as to the period the subscription books may remain
open, and subscribing banks, even before receipt of official subscription
blanks, may file their subscriptions by telegram or by mail with the Federal
Reserve Bank. Any subscriptions so filed by telegram or mail in advance
At a meeting to be held at the White House on May 28,
the organization of the new Commission will be effected;
President Hoover will address the members at that time,
and those who are to participate in the meeting will include,
it is stated, Attorney General Mitchell, Secretary of the
Treasury Mellon and Prohibition Commissioner James M.
Doran.
Committee of 25 Designated By New York State-Wide
Economic Congress to Aid Industry in State.
A permanent committee of 25 business men, educators and
economists of the State has been designated to draft a solution
of the industrial and economic problems outlined at the recent New York State-wide Economic Congress, Merwin K.
Hart, Chairman of the Congress announced on May 19,
Hoover Names National Law Enforcement according to the Associated Press. We quote the foregoing
President
from the New York "Times" of May 20, which said:
Commission.
Among the New Yorkers appointed to the committee were:
May 20 the names of
President Hoover announced on
James W. Gerard, former Ambassador to Germany; Elmer E. Brown,
those who will compose the National Law Enforcement Chancellor of New York University; Magnus W. Alexander, President of
the National Industrial Conference Board; Willis H. Booth, President of
Commission, the appointment of which he forecast in his the Merchants Association; Elon Hooker,manufacturer; James II. McGraw,
inaugural address, and in an address before the Associated publisher; Charles E. Adams, manufacturer.
Those from other cities on the committee are:
Press on April 22. Upon taking the oath of office on March
George F. Boyle, Glens
Edgar H. Betts, Troy; John L. Carlisle,
purpose to appoint "a National Watertown; II. T. Dyett,Falls; Alexander D. Feick, Elmira; Frederick
Rome;
4 the President indicated his
C. Ferry President of Hamilton College, Clinton; Merwin K. Hart. Utica;
Commission for a searching investigation of the whole struc- W. L. Hinds. Syracuse; Edward Miner, Rochester; John P. Myers, PlatteAlbany; Henry K.
burg; Allen Newel, Odgensburg; Charles S.
ture of our Federal system of jurisprudence, to include the Smith, Jamestown; Maxwell Wheeler, Buffalo;Ruffner, Williams, Buffalo;
James I.
method of enforcement of the Eighteenth Amendment and Thomas A. Wilson, Binghamton.
The committee which was authorized by the congress to "make public
the causes of abuse under it." The address was given in such proposed course of action as, in the interests of the whole people of
our issue of March 9, page 1490., In further referring to his the State, it may think fit and to take steps it may think adequate and
plans before the Associated Press (published in our April 27 proper to secure public approval thereof," will meet here within the next
two or three weeks.
issue, page 2741) the President stated that "with a view to
enlisting public understanding, public support, accurate determination of the facts, and constructive conclusions, I
Forthcoming United States Treasury Issue.
have proposed to establish a national commission to study
On May 22 the Federal Reserve Bank of New York issued
and report upon the whole of our problems involved in the following preliminary notice of a forthcoming Treasury
criminal law and its enforcement."
offering:
George W. Wickersham, formerly Attorney General has
FEDERAL RESERVE BANK OF NEW YORK.
[Circular No. 913, May 22 1929.1
been made Chairman of the Commission. The names of
those constituting the Commission with their connections,
New Treasury Issue.
Preliminary Notice of Offering and Methods of Filing Subscriptions.
as announced at Washington on May 20, follow:
MAY 25 1929.]
FINANCIAL CHRONICLE
-
of receipt by subscribing bank of subscription blanks furnished for the
particular issue should be confirmed immediately by mail, and on the
blank provided, when such blank shall have been received.
4. That if the terms of the offering when announced provide for both
cash subscriptions and subscriptions for which payment may be tendered
in other securities, the subscribing bank should prepare its subscriptions
in such manner as to indicate the method by which it proposes to make
payment and the respective par amounts of securities, if any, to be tendered
in payment.
Classification of Subscriptions, &c.
Bank Customers' Subscriptions.—With regard to issues, subscriptions
to which the Treasury determines for the purpose of allotment shall be
considered as on a cash basis irrespective of whether or not payment is
to be made in cash or in securities, the following classification will be
required of subscriptions made for account of customers,stating the number
of subscriptions in each class.
Class A—Subscriptions for $1,000 or less for any one subscriber;
Class B—Subscriptions for over
$1,000, but not exceeding
$10,000:
Class C—Subscriptions for over
$10,000, but not exceeding
$50,000;
Class D—Subscriptions for over
$50,000, but not exceeding $100,000;
Class E—Subscriptions for Over $100,000. but not exceeding $500,000;
Class F—Subscriptions for over $500,000, but not exceeding $1,000,000;
Class G—Subscriptions for over $1,000,000.
Where the maturing securities are not by the instructions accompanying
the offering given a preference they shall be treated as cash and such
subscriptions to be paid for in securities should be included in the classification.
Bank Subscriptions.—A subscription for a bank's own account should
not be included in tho above classification of subscriptions for account of
customers, but should be clearly indicated as for the bank's own account
and in addition to subscriptions for customers.
Subscriptions Not Classified.—Where under the terms of an offering
or under instructions accompanying an offering, the Treasury agrees to
allot new securities in full for any of its securities maturing on the date
of the new issue or on any later date, subscriptions to be paid for in such
securities should not be classified.
3447
by Congress on a recommendation for legislation to authorize the issuance
of Treasury bills for Government financing. If this legislation is enacted
by the special session it is anticipated bills will be issued in place of some
of the certificates to be retired.
Dwight F. Davis Chosen Governor General of Philippine
Islands.
Following the announcement at Washington on May 15,
that Dwight F. Davis formerly Secretary of War had been
offered the post of Governor General of the Philippine
Islands, it was made known by President Hoover on May
17, that Mr. Davis had accepted the offer. In referring to
his acceptance the "Herald-Tribune" in a dispatch from
Washington May 17, said in part:
Gilmore to Retain Post.
Reports were current soon after the President's announcement that
Eugene A. Gilmore, the Vice-Governor and Acting Governor was to be
replaced by Nicholas Roosevelt, of New York, but Secretary Good was
authority for the statement that the Administration contemplated no
changes in the Vice-Governorship. The reports were said to have emanated
from Filipino sources.
President Hoover, entertaining members of the Philippine Commission at
luncheon [on May 17] said the policy of his administration would be unselfishly to help the Filipinos forward in their progress toward economic
independence and democracy.
Mr. Hoover's Views.
His view is that the American Government is holding a trusteeship over
the islands, without thought of selfish gain, and has a duty to prevent exploitation of the islands. It is known that he feels the development of the
islands will be to the mutual advantage of the Philippines and continental
American.
Application Forms To Be Furnished.
Following the luncheon the Philippine Commission issued this stateWhen tho terms of the offering are announced, notice thereof, together ment:
with subscription blanks, will be mailed promptly by this bank to banking
"The appointment of former Secretary of War Dwight F. Davis as
institutions in this district. Should notice and subscription blanks for Governor General of the Philippines is an evidence of the Administration's desire to place at the head of affairs of that far distant country a
any reason be delayed in reaching such institutions this bank will neverman of national prestige and proven ability, conversant with Philippine
theless receive subscriptions either by letter or telegraph. It is suggested conditions. As Secretary of War, Mr. Davis showed sympathetic interest in
that subscriptions be promptly transmitted to this bank.
the solution of the problems confronting the Filipino people and played
If it be found necessary to telegraph subscriptions they should be con- an important part in the formulation of the liberal policies inaugurated
Governor General Henry L. Stimson.
firmed immediately either by letter or on subscription blank, setting forth in the islands by former
"These policies won the confidence of the Filipino people and brought
tho classifications indicated above and method of payment, and clearly about a normal and efficient administration, with a view to the estabstating that the confirmation is not an original subscription so that duplica- lishment of a responsible government in the Philippines. We are confident that the new Governor General will have the cordial support of
tion may be avoided.
the Filipino people."
GEORGE L. HARRISON, Governor.
Good and Stimson at Luncheon.
Treasury Preparing for Large Refunding Operations
June 15—Studying Bond Market on Coming Issue
of $545,810,700.
Studies of the bond market have been started by the
Treasury Department in view of the large refunding operation of $545,810,700 in certificates to be handled June 15,
it was learned on May 22,said the Washington correspondent
of the New York "Journal of Commerce." The advices
continued:
No determination of the rate will be made for some time owing to uncertain conditions, but the issue probably will be somewhat smaller than
the amount to be retired. On June 15 the Treasury will receive the second
installment of income and corporation taxes on profits of 1928. expected
to exceed $530,000,000. The March,or initial, collection was $601,000,000.
Also the Government will receive over $90.000,000 from foreign governments on the war debts.
Uncertainty of the bond market has prevailed for more than a year
owing to credit conditions strained by the large use of bank funds in stock
market operations. This uncertainty has been accentuated by the recommendation of the Federal Advisory Council to the Reserve Board that
rediscount rates be increased from 5 to 6%.
8100,000,000 Surplus Seen.
A check-up on available figures today indicated a surplus of possibly
over $100,000,000. although any unusual expenditures or appropriations
by Congress, expendable before June 30, such as the $ 5,000,000 due rail4
roads for increased mail pay, would affect the total.
At present rates, receipts will be over $4,000,000,000 and expenditures
around $3,900,000.000. Income and corporation taxes were expected by
experts to yield $2,280,000,000 or more, miscellaneous internal revenue
receipts $615,000,000 to 8620,000,000 and customs about $600,000,000.
All important sources of income of the recurring character will equal or
exceed those of last year. Although there were heavy losses in some
miscellaneous internal revenue receipts by reason of elimination of excise
taxes, the heavy gain in cigarette taxes virtually counterbalanced the
decreases.
Up to May 21 the big loss in revenue was in repayments from railroads
out of reconstruction borrowing. This year $15,057,543 has been collected, in comparison to $162,155,267 for the same period last year. Up
to date. receipts of $3,211.323,000 were $92,000,000 behind last year,
compared to the loss of $147,000.000 by reason of the decline of railroad
payments. That loss should be made up by an anticipated gain of $60,000.000 or more in income and corporation taxes for June.
Government Costs Increase.
The cost of Government continued to increase heavily throughout the
year. the total gain up to June 30 likely exceeding $250,000,009. Up to
May 21 the increase over last year was $221,000,000 as the result of general
expansion of activities and pay increases to Federal employees. Interest
costs, however, amounting to $580.652,000 so far, showed a $57.000,000
drop compared to the same period last year.
Indications pointed to a reduction of about $700,000.000 in the public
debt, the smallest reduction in any year since the war. This will result
from the smaller surplus, that of 1928 having been $398.800,000 and in
1927. $635,809,000.
At the close of the year the public debt will be slightly below $16,000,000,990, compared to more than $26,000,000,000 at the peak in August 1919.
Funding operations to be carried out during the remainder of the calendar year will aggregate $1,8.14,278,700, including those of .Tune 15. All
are ia Treasury certificates. Secretary Mellon hopes for favorable action
Mr. Good, who succeeded Mr. Davis as Secretary of War, and Henry L.
Stireson, who resigned the headship of the Philippine Government to become Secretary of State, were present at the luncheon, and there was an
informal discussion of Island affairs, during which Mr. Hoover said that,
while he had always been sympathetic with the aims of the Filipino people
and interested in the islands, he had never visited them.
It was apparent to the Filipinos that the President and his two Cabinet
members at the luncheon had given considerable thought to the Philippine
situation, and that Mr. Davis would continue the policies which he, as Secretary of War, and Mr. Stimson, his then subordinate, chiefly concerned
themselves.
To Aid Progress of Islands.
The purpose of the Hoover Administration, it is explained, is to give the
Filipino people every aid and encouragement in the promotion of the island
trade, the development of natural resuorces and the fostering of communication, centering native thought on economic progress as a prerequisite to
independence.
Members of the Philippine Commission told the President they were delighted with his selection and Mr. Hoover expressed appreciation for their
"counsel and advices" in the matter.
No Economic Control Desired.
This does not mean, however, that the Administration has any idea of encouraging private capital to buy up land and build up control, it is explained, but rather that it favors the establishment of common centers in
each locality, such as the sugar centrals, which would furnish to the farmers
engaged in different lines of agriculture financial help for the acquisition
of their land, education in their method of planting, machinery for their
harvesting and organization for their marketing, including the necessary
capital for all four steps.
In other words, the idea is to foster a system of contractural relations in
all lines such as now exists in the sugar industry between the mill and
the farmers, guaranteeing to the Filipinos the control of their own institutions.
Members of the Philippine Commission at luncheon with the President
were Raefel Alunan, Secretary of Agriculture; Manuel Roxas, Speaker of the
House of Representatives; Cergio Osmena, a Senator; Camila Osias and
Pedro Guevara, resident commissioners.
Homer Guck, Formerly of Union Trust Co. Detroit Becomes Publisher of Chicago Herald and Examiner.
Homer Guck,formerly Vice-President of the Union Trust
Company, Detroit, and now affiliated with the Hearst
newspaper, has been appointed publisher of the Chicago
Herald and Examiner. Mr. Guck has been interested in
newspaper work for many years. He was editor of the Daily
Mining Gazette at Houghton, Michigan, until 1920, when he
went to Detroit, to be assistant to the President of the
Detroit Life Insurance Company. He resigned from that
position to become Director of Public Relations for the
Union Trust Company, and was elected a Vice-President of
that company on Jan. 1 1928. He resigned from this office
May 15 1929, to become affiliated with the Hearst organization, serving as general manager of the San Francisco Examiner until his recent appointment as publisher of the
Chicago Herald and Examiner.
3448
FINANCIAL CHRONICLE
[vol.. 128.
of Las Yaradas, the President of the United States, summarizing the
points agreed upon, proposes to the two governments, in the exercise of
good offices, as the final bases of a solution the following stipulations:
First: The territory will be divided into two parts—Tacna for Peru
and Arica for Chile. The dividing line shall start at a point which shall
be designated with the name "Concordia," situated ten kilometers to the
north of the bridge over the River Lluta, and shall continue parallel to
the Arica-La Paz Railroad, following, as far as possible, the topographic
features which may make easier the demarcation of the line.
The sulphur deposits of Tacora shall remain in Chilean territory, and
the canals of Uchusuma and Hauri, also known as Azucarero, shall remain
the property of Peru, with the understanding, however, that wherever
In the Bureau's survey, 2,117 farm employers reported that the total these canals pass through Chilean territory they shall enjoy the most comaverage farm value of all perquisites was $30.34 per month, wages $46.44, plete servitude in perpetuity in favor of Peru. This servitude includes the
or a total of $76.78. Should the farm value of perquisites, of which food right to widen the actual canals, change their course, and appropriate all
is a large part, be expressed in terms of retail prices, the total of perquisites waters that may be collectible in their passage through Chilean territory.
and cash would compare favorably and in some cases probably exceed wages
The boundary line shall pass through the center of La Guns Blanca,
for comparable labor in industrial employment.
dividing it into two equal parts. Peru and Chile shall each designate an
By geographical divisions of the country, the survey shows the total engineer, and the necessary assistants, to proceed to the demarcation of the
monthly farm value of perquisites and wages to farm hands in the Now new frontier in accordance with the points herein agreed upon, and shall
England States at $88.15; Middle Atlantic States, $85.20; East North indicate the dividing line by means of boundary monuments.
Central States, $78.60; West North Central. $78.21; South Atlantic,
In case of disagreement, such disagreement shall be decided by a third
$59.78; East South Central, $55.72; West South Central, $63.47; Mountain person designated by the President of the United States, whose decision
States, $90.91; and Pacific States, $104.98.
shall be final.
The American method ofexpressing farm wagesis to name as wages the cash
Second: The Government of Chile will grant to the Government of Peru
amount to be paid,modified by inclusion or exclusion of Board. This does within the 1,575 meters of the Bay of Arica, a wharf (malecon), a custom
not take account of other payments in kind or privilege of value also given house and a station for the railroad from Tacna to Arica, where Peru shall
to farm hands, and which are frequently of considerable value as indicated
enjoy independence within the most ample free port. All the aforein the Bureau's survey. The English method, on the other hand, is to set a mentioned works shall be constructed by the Government of Chile.
total figure, deduct the value of various perquisites, and pay the remainder
Third: The Government of Chile will deliver to the Government of
in cash. When discussing wages the English speak in terms of the total
Peru the sum of $6,000,000.
figure which in both England and America is not much if any different
Fourth: The Government of Chile will deliver without cost of any
from the wages paid for comparable work in industry.
kind to Peru all the public works already constructed, together with all
The American method of expressing farm wages may be responsible in a
government-owned real property in the Department of Tacna.
slight degree for the undue emphasis often placed by the farm laborer on
Fifth: The Government of Chile will maintain in the Department of
the realtive superiority of city wages, expressed entirely on a cash basis,
the franchise granted by the Government of Peru in the year 1852,
as compared with farm wages that consist so largely of non-cash items. Arica
Railroad Company.
On the other hand, farmers may at times fail to appreciate the possibilities to the Arica-Tacna
Sixth: The Government of Chile shall proceed to deliver the Departof retaining capable laborers and keeping them contented by giving them
ment of Tacna thirty days after the exchange of ratifications of the treaty.
perquisites which cost the farmer little.
Seventh: The Governments of Chile and Peru will respect private
Detailed results of the Bureau's survey, made in 1925-26, of perquisites
territories that remain under their respective
and wages of hired farm hands have been published in a multigraph report rights legally acquired in the
entitled "The Perquisites and Wages of Hired Farm Hands," copies of sovereignties.
Eighth: The Governments of Chile and Peru, in order to commemorate
which may be obtained from tho Bureau of Agricultural Economics, Washthe consolidation of their friendly relations, agree to erect on the Morro de
ington, D. C.
Arica a monument, the design of which shall be the subject of agreement
between the parties.
Acceptance by Peru and
Ninth. The children of Peruvian nationals born in Arica shall be conPresident Hoover Announces
attain
Chile of Proposal for Settlement of Tacna-Arica sidered as Peruvians until theyto elect the age of twenty-one years, at which
their definitive nationality; and the
age they shall have the right
Controversy.
children of Chileans, born in Tacna, shall enjoy the same right.
Tenth: Chile and Peru will reciprocally release any obligation, engagePresident Hoover made known on May 17 the acceptance
ment or indebtedness between the two countries, whether derived or not
by Chile and Peru of a proposal made by him for the solu- from the Treaty of Ancon.
Farm Wages Compare Favorably With Industrial Rates.
A favorable comparison between wages of hired farm
hands and industrial wages for comparable work, when
allowance is made for the various perquisites such as board,
rent,food, &c., received by farm hands in addition to wages,
is disclosed in a preliminary report of a survey by the Bureau
of Agricultural Economics, United States Department of
Agriculture. An announcement in the matter May 18 says:
tion of the controversy Which had long existed between
the two Governments as to the right of possession of the
Provinces of Tacna and Arica. In announcing the agreement which has been arrived at, the territory has been
divided into two parts—Tacna for Peru and Arica for Chile.
The President's announcement follows:
Tacna-Arica.
"The President is happy to be able to announce an agreement between
the Governments of Chile and Peru relative to the nearly half-century-old
question of Tacna-Arica.
"As a result of the high statesmanship and lofty ideals of the Presidents
and Governments of Chile and Peru, diplomatic relations were renewed
between those countries last September at the suggestion of the Secretary
of State, and rapid progress toward a settlement satisfactory to both
was made.
"However, when the President, as President-elect, visited Peru and Chile
last December he was advised of the difficulties of a definitive settlement
and gladly consented to lend any proper assistance, upon assuming office,
with a view to bring about, if happily it might be, a final agreement
between the parties.
"Accordingly, on May 14, the President, not as arbitrator, but in the
exercise of good offices at the request of the parties, transmitted to the
Presidents of Peru and Chile, through the American Ambassadors at Lima
and Santiago, a proposal suggesting the final bases of a settlement. This
proposal was presented to the two Governments on May 15, and was
immediately accepted by them.
"The following are the texts of the notes of transmission of the proposal
and of the acceptances:
Text of notes of transmission delivered by American Ambassadors at Lima
and Santiago to the Peruvian and Chilean Governments, respectively, on
May 15 1929:
Excellency:
Under instructions from my government, I have the honor to present to
your Excellency with the request that you be so good as to transmit it
to his Excellency, the President of Peru (Chile) certain stipulations which
the President of the United States of America, not as arbitrator, but in the
exercise, at the request of both parties, of good offices, proposes to the
governments of Peru and Chile as the final bases of a solution of the
problem of Tacna-Arica.
In presenting this proposal to your Excellency's government, I am
directed by the Secretary of State to say that, in making it, the President
of the United States of America has been guided by agreements reached
directly between Peru and Chile on questions involved between them in
the solution of the problem of Tacna-Arica.
The proposal is, therefore, not to be interpreted as indicating that either
the President or the Government of the United States of America expresses
any opinion or view, or makes any suggestion in any way whatever regarding any future disposition by either party of that portion of the territory
in dispute which will be in its possession should the proposal enclosed herewith be accepted by the governments of Peru and Chile.
Text of the President's proposal to the governments of Chile and Peru,
May 14 1929:
Having been informed of the cordial progress of the negotiations between
the governments of Chile and of Peru, with reference to the direct agreements reached on nearly all the questions involved in the solution of the
problem of Tacna and Arica, and having also been informed of the decision
of both governments to submit to him the only difficulty that has arisen
with referenoe to the respectiee viewpoints relating to the projected port
Translation of Text of Reply of the Government of Chile,Dated May 15 1029.
To the American Ambassador at Santiago:
Excellency:
I have the honor to acknowledge the receipt of the note dated to-day
by which your Excellency, in compliance with Instructions from your
government, sends me for transmission to his Excellency the President of
the Republic the stipulations which the President of the United States of
America, in the exercise of good offices sought by the parties and guided
by the direct agreements arrived at by Chile and Peru, proposes as the
final bases of a solution of the Tacna-Arica problem.
It affords me satisfaction to declare to your Excellency that, these bases
having been transmitted to his Excellency the President of the Republic,
the Government of Chile has decided to accept them in the terms and
now have the pleasure to answer.
scope of the note which
My government believes, therefore, that the treaty which is to be concluded between Chile and Peru in accordance with those bases will wholly
and finally decide the only pending question arising from the war of the
Pacific, and with it the last of the boundary questions of the republic.
The people of Chile, placing confidence in their destiny and concentrating
their energies on work, note the utmost importance of this action which
guarantees their safety and promotes their progress.
In thanking, by direction of his Excellency the President of the Republic and through your Excellency, the President of the United States of
America for his lofty and friendly co-operation toward removing the
obstacles which for half a century has kept Chile and Peru apart, I avail
myself of the opportunity to renew to your Excellency the sentiments of
ray highest and most distinguished consideration.
CONRADO RIOS GALLARDO.
Translation of Text of Peruvian Reply to the American Ambassador at
Lima, Dated May 16 1929.
Excellency:
I have the honor to inform your Excellency that I have received your
important communication No. 88, dated yesterday, in which you were good
enough to inform me that, following instructions from your government,
you are pleased to transmit to the President of Peru certain stipulations
set forth in the enclosure which the President of the United States of
America, not in ids capacity as arbitrator but in the exercise of good
offices and at the request of both parties, proposes to the governments of
Peru and Chile as the final bases of a solution of the problem of TacnaArica.
Your Excellency states that in presenting this proposal to my government you have been instructed by the Secretary of State of the United
States of America to inform me that in making it the President of the
United States of America was guided by agreements reached directly
between Chile and Peru on questions involved between them in the solution
of the problem of Tacna-Arica.
Your Excellency adds that, nevertheless, the proposal is not to be inter.
preted as indicating that either the President or the Government of the
United States of America expressed an opinion or view, or makes a suggestion in any way whatever regarding any future disposition which either of
the parties may make of that portion of the territory in dispute which will
remain in its possession should the proposal enclosed in your note be
accepted by the governments of Peru and Chile.
Your Excellency stated that you were charged by your government to
inform me that the terms of the said proposal would not be made public
by the President of the United States of America until the replies of
Peru and Chile had been received, and, therefore, you requested that no
publicity be given to this matter for the present.
I
MAY 25 1929.1
FINANCIAL CHRONICLE
3449
is incapable of selfdependent person is under eighteen years of age or
support because mentally or physically defective.
one of this section shall,
3. The exemptions allowed by subdivision
his taxable year, be the
In case the status of the taxpayer changes during
$2,500 as the
sum of (a) an amount which bears the same ratio to [$1,500]
taxpayer was unmarried or a married
number of months during which the
twelve months, plus (b)
person not living with husband or wife bears to
$4,000 as the number of
an amount which bears the same ratio to [$3,500]
person living with husband
months during which the taxpayer was a married
to twelve months. For the puror wife or was the head of a family bears
shall be disregarded
a
poses of this subdivision a fractional part of month
month, in which case it shall be
unless it amounts to more than half a
considered as a month.
on two of this section shall be
4. The exemptions allowed by subdivisi
last day of his taxable year
determined by the status of the taxpayer on the
during the taxable year, the
5. In the case of an individual who dies
two shall be determined by
exemptions allowed by subdivisions one and
case full exemption shall
his status at the time of his death, and in such
spouse, if any, according to his or her status
be allowed to the surviving
at the close of the taxable year.
chapter 627 or the laws of
§ 2. Section 367 of such chapter as added by
laws of 1926,is hereby amended
1919.and last amended by chapter 285 of the
to read as follows:
taxpayer having a net income for
§ 367. Taxpayers' returns. Every
single or if married and not
Y GAM10.
the taxable year of [$1,500] $2,500 or over if
PEDRO JOSE RADA
or over if married and
living with husband or wife, or of [$3,5001 84,000
for the taxable year of 1E5010]
gross income
The, "Herald Tribune" Washington correspondent com- living with husband or wife, or a amount of his net income,shall make under
over, regardless of the
gross income and the
menting on May 17 on the agreement reached, had the fol- ,$6,500 or
oath a return stating specifically the items of his
If a husband and wife
lowing to say:
deductions and credits allowed by this article.
of [$3,500] $4,000 or over.
every Latin living together have an aggregate net income
An intense feeling of relief—of danger averted—prevails in
$6,500 or over,
as a result of the or an aggregate gross income for such year of l$5,000]
in
American embassy and legation in Washington tonight
every each shall make such a return, or the income of each shall be included
t, with the conviction here that similar relief is felt in
settlemen
on the agto Uncle Sam's a single joint return, in which case the tax shall be computed
capital in South America. Despite occasional references
his own return the
and despite gregate income. If the taxpayer is unable to make
record as a peacemaker made in other embassies and legations,
or by the guardian or
ce the United States in return shall be made by a duly authorized agent
the drive of some European countries to outdistan
with the care of the person or property of such taxesteem—and, incidentally, trade—in Latin America, there other person charged
prestige and
to the deas among the Latin payer. A taxpayer other than a resident shall not be entitled
was almost as much relief in other diplomatic quarters
under oath a
ductions authorized by section 360 unless he shall make
Americans.
within and without the state.
complete return of his gross income both
United Slates Proposals Quickly Accepted.
added by chapter 425 of the laws
§ 3. Section 367-a of such chapter. as
n is the speed
hereby
One of the outstanding features of the whole negotiatio
of 1922 and last amended by chapter 285 of the laws of 1926, is
final proposal was accepted by Chile and Peru. President
with which the
the amended to read as follows:
If a taxpayer during
Hoover transmitted the final proposal on May 14, and it was laid before
§ 367-a. Returns in cases of changed residence.
from that of resident to that of nontwo Governments on May 15. It was immediately accepted.
and the taxable year changed his status
of resident, he shall file two
Coming on the heels of the long drawn out fight, the bickerings
resident, or from that of non-resident to that
innuendoes which have been going on for forty-five years,
snarlings and
fraction of the year during which
c returns, one as a resident covering the
burst of speed in concluding this agreement has amazed diplomati
than a resident covering the
the
he was a resident and one as a person other
The exemptions
Washington.
fraction of the year during which he was a non-resident.
Every Pan-American Conference has been complicated by this feeling provided in section 362 of this article shall be divided ratably between the
though sometimes the feeling has worked in the
between Peru and Chile,
to time. If the aggregate of the taxpayer's
in two returns so filed, according
in which he
interest of the United States, particularly at the conference last winter
net income from all sources during the fraction of the year
States
Havana, where Peru was the outstanding champion of the United
his net income from sources within the state during
the side of this was a resident, and
on the "interventions" controversy, and Chile rallied to
he was a non-resident, shall be less than
the the fraction of the year in which
is single, or married and not
country's delegation early in the "economic barriers" flurry started b
[81,500] $2,500 in the case of a taxpayer who
in the case of a
Argentine Republic.
living with husband or wife, or under ($3,5001 $4,000
The difficulty in the stages of negotiation in recent years has centred taxpayer who is married and living with husband or wife, no return shall
country's
round the almost impossibility of obtaining a plebiscite which this
the prov- be required under this section.
by chapter 627 of the laws of
representatives thought would be fair. Chile, which had taken
§ 4. Section 369 of such chapter, as added
ng in 1883, had promised a plebiscite in ten
amended
is
inces after the war terminati
1919, and last amended by chapter 285 of the laws 1926, hereby
claims of the Peruvians that such a settlement would not
years. But the
Lassiter to read as follows:
them a fair deal were so convincing that, finally, General
Every fiduciary (except receivers appointed.
give
§ 369. Fiduciary returns.
prestige Washington
called the plebiscite off. General Pershing, whose
possession of part only of the property of a taxpayer)
April 15 1926 as by authority of law in
or trust for
thought might aid in settling the old dispute, had fixed
shall make under oath a return for the in ividual or estate
be held.
the date on which the vote should
whom he acts, as follows:
Genek•al Lassiter was hissed by mobs in Chile, and
entire income from Whatever souroe
Feeling ran high.
1. If he acts for an individual whose
Mexico and
allusions to territory "conquered by the United States" from
the net income of such individual is [$1,500]
of Deputies. derived is in his charge and
or wife.
"usurped" from Colombia were made in the Chilean Chamber
or over if single, or if married and not living with husband
angry. American prestige sagged $2,500
living with husband or wife, or
Peru was as enthusiastic as Chile was
1$3.5001 $4.000 or over if married and
or over, regardthroughout. Latin America.
year is 1$5.0001 $6,500
on his Whose gross inzome for the taxable
Secretary Kellogg refused to abandon hope. President Hoover,
the less of the amount of his net income.
good-will tour between election and inauguration, talked earnestly with
Senate, No. 1955.
officials of both countries. And the solution was attained.
person during the period of
2. If he acts (a) for an estate of a deceased
tha income of such estate
administration or settlement, whether or not
settlement is properly paid or
during such period of administration or
Text of New Income Tax Law of New York State.
y: (b) for an estate or trust
eredited to any legatee, heir or other beneficiar
benefit of unborn or
The signing on April 5, by Gov. Roosevelt of New York the income of which is accumulated in trust for the interests; (c) for an
t
ined persons, or persons with contingen
State, of the bill passed at the recent session of the State unascertatrust the income of which is held for future distribution or is disestate or
Legislature, increasing the personal exemptions in the ease tributable in the discretion of the fiduciary under the terms of the vrill
or trust is ($1,5001 $2,500 or
of the State income tax, was noted in our issue of April or trust; and the net income of such estate
13, page 2398. As indicated therein, for single persons, over.If he acts (a) for an estate or trust the income of which is to e dis3.
of an inthe exemption from the tax, previously $1,500, was raised tributed to the beneficiaries periodically, or (b) as the guardian
distributed as the court may direct; and
is tu be held
to $2,500, while for married persons and heads of families, fant whose incomesuch estate or or receives or is entitled to a distributive
trust
any beneficiary of
the exemption was fixed at $4,000, in place of $3,000, the share of the income of the estate or trust of [81,500] $2,500 or more. The
the items
previous limit. We give herewith the text of the newly return made by a fiduciary shall state specifically allowed byof the gross
this article.
bill, showing in Italics the new matter, and in income and the deductions, exemptions and credits
enacted
a return
as the tax commission may prescribe,
of the old law which have been elimi- Under such regulationsmore joint fiduciaries shall ha sufficient compliance
brackets the portions
made by one of two or
make oath that he has
shall
nated.
with the above requirement. The fiduciary
individual, estate or trust for
sufficient knowledge of the affairs of the
STATE OF NEW YORK,
•
him to make the return, and that the same
whom or which he acts to enable
Chapter 319.
and correct.
is, to the best of his knowledge and belief, true
AN ACT.
article shall be subject
Fiduciaries required to make returns under this
to taxpayers.
To Amend the Tex Law, in Relation to Personal Income Tax Exemptions.
apply
d in Senate and Assembly, to all the provisions of this article which
The People of the State of New York, Represente
immediately and shall a ply to returns
§ 5. This act shall take effect
prior to the
do Enact as Follows:
beginning on or after Jan. 1 1928. If,
Section 362 of chapter 60 of the laws of 1909, entitled "An for any taxable year
pursuant to
Section 1.
effect, any taxpayer shall haN e paid a tax
relation to taxation, constituting chapter 60 of the consolidated time this act takes
the exemptions
allowed
act in
article 16 of the tax law, without having been
laws," such section having been added by chapter 627 of the laws of 1919
act been in effect at the time
and last amended throughout by chapter 547 of the laws of 1923, and which would have been authorized had this
entitled to a refund of such excess payment,
having been last amended by chapter 208 of the laws of of such payment, he shall be
subdivision one
of the tax commission,
four and five having been added by chapter payable by the State Comptroller, upon certificate
of the tax law.
1926, and subdivisions three,
out of the fund for refunds provided for by section 382
amended to read as follows:
31 of the laws of 1928, is hereby
Approved April 5 1929.
following exemptions shag be allowed to any
§ 362, Exemption. The
taxpayer:
a personal exemption of(81,500] $2,500,
1. In the case of a single person,
or a married person living with husband New York State Law Levying Tax of Two Cents a
or in the case of the head of a family
Law.
of [$3,5001 $4,000. A husband and wife
or wife, a personal exemption
Gallon on Gasoline Effective May 1—Text of
. If such husband
living together shall receive but one personal exemption
a gallon is imposed
the personal exemption may be taken by
Effective May 1, a tax of two cents
and wife make separate returns,
either or divided between them.
gasoline and other motor fuel in New York State. The
or wife) on
(other than husband
2. Four hundred dollars for each person
tax was enacted into law at the recent
his chief support from the taxpayer, if such bill providing for the
dependent upon and receiving
that immediately
In reply I take pleasure in informing your Excellency
it to the attention
upon receipt of your important note I hastened to bring
Leguia, who has
of the President of the republic, Senor Augusto B.
the President
instructed me to inform your Excellency and, through you,
nt of Peru accepts
of the United States of America that the Governme
by the President of the United
each and every one of the bases proposed
of Tacna-Arica,
States of America for a final settlement of the question
it considers this
and that, with the acceptance of them by both parties,
question absolutely and finally settled.
asking your
I comply, likewise, with instructions from the President in
United States
Excellency to he so good as to express to the President of the
which he has
of America the most cordial thanks for the eminent service
rendered, contributing at the opportune moment, with his high authority
nal conflict
as friendly mediator, in the solution of the grave internatio
directly
whost termination is of importance not only to the countries
to the peace of the continent.
concerned in the arrangement but also
It is likewise a pleasure for me to express to your Excellency the thanks
his
of the President of the Republic, Don Augusto B. Leguia, and of
government to your good self for the notable participation which you have
had in the termination of this most important matter.
In this historic moment, which redounds so to the prestige not only of
Peru and Chile but of America, I reiterate to you, Mr. Ambassador, the
sentiments of my highest and most distinguished consideration.
3450
FINANCIAL CHRONICLE
session of the Legislature and signed by Governor Roosev
elt
on April 8. Motorists generally who are wondering how
the
new tax will affect them, or how much inconvenienc
e it will
subject them to, have no cause for alarm, accord
ing to
Thomas M. Lynch, State Commissioner of Taxation and
Finance and President of the Tax Commission. A statement made available by the Department on April 22 said:
It is the opinion of tax officials that the motoring public of this
rIror.. 128.
ARTICLE 12-A.
Tax on Gasoline and Similar Motor Fuel.
Section 282. Definitions,
Section 283. Registration of distribut
ors.
Section 284. Tax imposed.
Section 285. Special provisions as to impositi
on of tax on certain motor
fuel.
Section 286. Records to be kept by
distributors.
Section 287. Payment of tax; returns.
Section 288. Determination of tax on failure
State
has no assurance that it will pay two
to file return.
cents more for a gallon of gasoline
Section 289. Suit to recover tax.
beginning May 1, as it is thought that
because of the competition In the
Section 289-A. Tax to be paid but
motor fuel industry at least a part of
once; foreign and inter-State comthis two cents will be absorbed. merce; injunction.
Generally speaking this new tax is to be paid
at the source.
-that Is. where
Section 289-b. Penalties.
it enters the State or where it is manufac
tured or refined within the state.
Section 289-c. Refunds.
Thus there will be little or no inconven
ience to the public and the public
Section 289-d. Disposition of tax
will later benefit from it by virtue of
moneys.
all of the tax being used to defray
Section 282. Definitions.
-As used In this article, 1.
the expenses of highway construction and
"Distributor"
maintenance. In addition, resi- means any person, firm, associati
on or corporation, who or which
dents of other states who use the highway
imports
s of New York will pay their or causes to be imported into the
State, for use, distribution or sale
share of highway cost because of the
tax included when they Purchase the State, any motor fuel; and also
within
any person, firm, association
gasoline in ,his State.
or corporation who or which produces, refines,
Officials of the State Department of taxation
manufactures or compounds motor
and finance are now en- fuel within the State. Motor fuel brought
gaged in erecting the structure through which
the St to of New York will fuel tank connecting with the engine of a into the State in the ordinary
motor vehicle, aeroplane, motor
gather this gasoline tax. Commissioner Lynch
said.
boat or other conveyance propelled by the
use of motor fuel, and to
According to the law, the distributors pay the
be
two cents tax. A dis- used only in the operation thereof, shall not
be deemed imported within
tributor is any firm, corporation, association
or person who or which im- meaning of this definition, if not removed
the
from such tank except
ports or causes to be imported for use, distribut
as used
ion or sale within the State in the propulsion of such engine.
any motor fuel, or which produces, refines, manufac
tures or compounds
2. "Motor fuel" means gasoline, benzol or other
motor fuel within the State. These distribut
product, except kerosene
ors will keep records and file and crude oil, which Is suitable for use in
the operation of a motor
returns to the State, so that there is no bother
vehicle
insofar as the motoring engine.
public is concerned. The tax is paid only once
within the State.
3. "Motor vehicle" means any vehicle propelled by
"The users of the public highways are suppose
any power other
d to bear the ultimate than muscular, except boats, road rollers, tractors
burden of this tax," the Commissioner stated,
used exclusively for
"therefore any person or agricultural purposes and such vehicles
as are run only on rails or tracks.
corporation purchasing gasoline and paying the
tax, but not using the high4. "Purchaser" shall include, In addition to its usual
ways, is to be reimbursed by the State after
meaning, the disaffidavits are presented to tributor in the case of transfer of motor
fuel by a distributor from his,
this effect, and the department of taxation
is satisfied as to the authenticity their or its stock, into a motor
vehicle, or into a container from which
of these.
motor fuel is supplied by the distributor to a motor
"It is estimated that this gasoline tax will
vehicle or vehicles
bring into the Treasury of of the distributor or of others.
the State some $24.000,000 the first year
and each year thereafter it will
5. "Sale" shall include, in addition to the usual
increase several millions of dollars."
meaning, the transfer
of fuel by a distributor into a motor vehicle or into
Seventy-five per cent of the tax collected
a receptacle from which
goes to the State Treasury fuel is supplied by him or it to his or its
own or other motor vehicles.
for general highway construction and mainten
ance. Of the remainder,
Section 283. Registration of Distributors.
-The Department of Taxatio
5% goes to the City of New York. The
n
remaining 20% is apportioned and Finance, upon the applicat
ion of a distributor, shall register
among the other counties of the State on
such
the basis that the total mileage distributor in a suitable book to
be kept by the Department for
of public highways in each county outside of
that
the cities and incorporated purpose. The application shall be in
a form and contain such data
villages, not including State and County highways,
as
bears to the total mile- the Department of Taxation and Finance
shall prescribe. No distributor,
age of public highways in the State outside of
cities and incorporated vil- unless so registered, shall make any sale
of motor fuel within the State,
lages and not including State and County
highways.
except a sale, if any, as to which the State
After Jan. 1 1930 the gasoline tax moneys
due the counties are to be- by reason of the United States Constitu cannot Impose such condition
tion and of laws of the United
come part of a State aid fund for the improve
ment of construction of a States enacted pursuant thereto. The
prohibition contained in this section
county road system approved by the Board of Supervis
ors and the State as to sales shall not apply to a distributor
Commissioner of Public Works. This fund
engaged as such in the State
is made up of the counties' when this article takes effect until after
the expiration of 60 days thereshare of moneys collected through the motor
vehicle law and the gasoline from; but the tax hereby imposed shall
be due and payable, and returns
tax; moneys paid by the State to meet County
contributions and County made therefor. as hereinafter provided
.
contributions authorized by the Board of
Supervisors of each County.
Section 284. Tax Imposed.
-1. There is hereby levied and imposed
The State supplies an amount of money eqaul
an
to that contributed by the excise tax of two cents per gallon
upon motor fuel sold within the
counties except that It cannot exceed $30 mile
State
a
in any one year.
by a distributor, except when sold under circumst
ances which preclude
A further statement, issued the present week
the collection
by the of laws of the of such tax by reason of the United States Constitution and •
Department said:
United States enacted pursuant thereto.
2. Motor fuel within this State when this article takes
For the guidance of the many persons affected
effect, owned
, the Department of Taxa- by a person, firm, association or corporation who or
which has heretofore
tion and Finance points out that if any person
or firm has on hand Wednes- Imported it or caused it to be imported into the
day morning a quantity of motor fuel not
State, or has heretofore
imported or which they did not produced, refined, manufactured or compounded
it within the State, and
cause to be imported from without the State
or which they did not produce, which is held for use, distribution or sale within
the State, shall also be
refine, manufacture or compound within
this State they are not distributors subject to such tax when sold within the
State. except when sold under
because of this possession and may sell this
fuel tax free.
circumstances which preclude the collection of such
However, if any person, firm, associati
tax by reason of the
on or corporation has on hand United States Constitution and of laws
of the United States enacted
Wednesday morning a quantity of motor
fuel which they imported or caused pursuant thereto, and such person,
firm, association or corporation shall
to be imported without the State or which
they produced, manufactured, be deemed,a distributor for the purposes
of this article. If, prior to the
refined or compounded within the State the
tax is to be paid and they are taking effect of this article, a contract of sale
of motor fuel has been made,
considered distributors. Likewise after that
date if they Import or cause and delivery thereof purusuant to such contract
to be imported from without the State or
is made within the State
produce, refine, manufacture or on or after the time this article takes
effect, from a stock of motor fuel
compound within the State, or if they receive
the fuel under such cir- which is then subject to the taxing power of
cumstances as preclude the collection of the tax
the State, the vendor shall
by reason of the constitu- be deemed a distributor, for the purposes
tion or laws of the U. S. from the person from
of this article, and such motor
whom they bought, they are fuel shall be deemed to
be sold, and shall be subject to such tax,
considered distributors and must pay the tax.
at the
time of such delivery.
Retailers are considered distributors if they import
or cause to be imSection 285. Special provision as to impositi
ported from without the State any motor fuel for
on of tax on certain motor
use, distribution or sale, fuel. If a person, firm, associat
ion or corporation shall receive any motor
and even though one is a consumer as distinguished from
a retailer, never fuel in such form and under such circumst
ances as shall preclude the colthe less they are considered distributors if they importe
d or caused to be lection of such tax from a distribut
or by reason of the Constitution and
imported motor fuel from without the State. This latter
applies principally laws of the United States, and shall
thereafter sell any such fuel in such
to large bus and trucking corperations buying in tank car
lots from refineries manner and under such circumstances
as may subject the fuel sold to
In other States.
the taxing power of this State, such person,
firm, association or corporation
Dealers just outside the State who sometimes enter this
State to sell or shall be considered a distributor, with respect
deliver to filling stations in this State quantities of motor
to such sale, and shall make
fuel from tank the same reports, pay the same taxes
and be subject to all other provisions
vehicles or steel drums or other containers are considered
distributors under of this article relating to distribut
ors.
the New York law and must pay the tax if they bring or cause
Section 280. Records to Be Kept
to be brought
by Distributors.
motor fuel for sale in this State. The reverse also occurs,
-E very distributor
so that New York shall keeps complete and accurate
record of all sales of fuel, and a complete
distributors going into other States to sell are not to pay
the tax, but they and accurate record of the number
of gallons imported, produced, refined.
must report this to the State Department of Taxation and
manufactured or compounded, and the
Finance.
date of importation, production,
The State is without authority to tax the U. S. Governm
ent therefore refining, manufacturing or compounding. Such
records shall be in such
dealers can sell fuel tax free to the Government or its
agencies, and on the form and contain such other Informat
ion as the State Tax Commission shall
returns the distributors deduct this amount from their
gallonage taxable. prescribe. The Commission, by rule or regulati
on, also may require the
Sales to those having contracts with the Government
are not exempt delivery of statements, by distributors
to purchasers, with consignments
however, and the tax must be paid.
of motor fuel, and prescribe the matters
to be contained therein. Such
The State itself, nor any of its municipal subdivisions as
cities, counties, records, and any such statements, shall be preserve
towns, villages or other units or agencies are not exempt
d by such distributors
and the tax must and such purchaser, respectively, for a period
of one year and shall be offered
be paid when fuel is purchased.
for inspection at any time upon oral or written
demand by the Commissioner
The tax on sales made on and after Wednesday must be
paid by every of Taxation and Finance or his duly authorized agents.
distributor whether registered or not, and every distribu
tor must be regisSection 287. Payment of Tax Returns.
-Every distributor shall, in each
tered not later than June 30, this year.
month, file with the Department
of Taxation and Finance a return under
oath, on forms to be prescribed by the
Tax Commission and furnished by
The following is the text of the newly enacted law:
such Department, stating the number
of gallons or motor fuel sold by such
distributor in the State during the precedin
(Chapter No. 364, Laws, 1929.)
g calendar month. Such return
shall contain such further information as the
Tax Commission shall require.
AN ACT to amend the tax law, in relation to imposin
g and providing for Each such distributor shall pay to the Department with the filing of such
re.
the distribution of a tax on gasoline
turn the tax imposed by this article on each
and other motor fuel.
gallon of motor fuel sold by such
distributor in the State, as so reported, during
The People of the State of New York, represent
the calendar month covered
ed in Senate and Assembly, by such
.return, after deducting therefrom an amount equivalent to 1%
do enact as follows:
of
the amount due, which is hereby allowed the distributor on account
Section 1. Chapter 62 of the laws
of servof 1909. entitled "An Act in relation ices and expenses in
complying with the provisions of this article.
to taxation, constituting chapter 60 of the consolid
ated laws," Is hereby
Section 288. Determination of Tax on Failure to File Return.
amended by adding thereto, after article 12,a new article,
-Ifa distributor
to be article 12-a, having failed to file a return,
or having filed an incorrect or insufficient re!
to read as follows:
turn, without reasonable,excuse fails to file an original or
corrected return.
MAY 25 1929.] ,
FINANCIAL CHRONICLE
3451
shall be appropriated and used for the construction, maintenance
as the case may require, within 20 days after the giving of notice to him by division
of highways and bridges under the direction of the Superthe Department of Taxation and Finance of such delinquency, such De- and repair
intendent of Public Works.
partment shall determine the amount due, at any time within one year after
4. The Comptroller shall on the tenth day of July and quarterly therethe making of the earliest sale included In such determination, and give
on the tenth day of the month, distribute and pay the remaining
written notice of such determination to the distributor. Such a determina- after
25% of such moneys, to his credit in such bank, banking house or trust
tion may be reviewed by certiorari, at the instance of the distributor. The
close of business on the last day of the preceding month,
determination shall be final, however, at the expiration of 30 days after company at the
follows: To the Comptroller of the City of New York, 20% thereof;
the giving of notice thereof if no application shall have been made within as
to the County Treasurer of each County outside of the City of New York
such period for an order of certiorari. When the determination shall have
portion of the remainder of such 25% as the total mileage of public
become final, by the expiration of such period or by final order in such pro- such
such county, outside of cities and incorporated villages, not
ceedings by certiorari, sustaining wholly or partly such determination by highways in
including State and county highways, bears to the total mileage of public
the Department, the Department shall again give written notice to the
the State, outside of cities and incorporated village and not
distributor of the amount due, and within 30 days thereafter the distributor highways in
Including State and county highways. The Superintendent of Public
shall pay to the Department the amount of the tax as so determined.
time for the apportionment of such moneys, shall certify
Section 289. Suit to Recover Tax.—Whenever any distributor shall fail Works, in due
of Taxation and Finance such relative mileage. The
to pay, within the time limited herein, any tax which he is required to pay to the Department
Taxation and Finance, in due time for the distribution
under the provisions of this article, the Attorney-General shall enforce Pay- Department of
certify to the Comptroller the amount which such city and
ment of such tax by civil action in the Supreme Court. in the name of the thereof, shall
are severally entitled to receive hereunder, and upon
people of the State, against such distribution for the amount of such tax. each such county
and approval of such apportionment by him the Comptroller
with Interest. The proceeds of the Judgment. if any, shall be paid to the verification
shall distribute such shares in accordance with this subdivision.
Department of Taxation and Finance.
5. The amount so paid to the Comptroller of the City of New York shall
Section 289-a. Tar to Be Paid but Once; Foreign and Inter-State Commerce
General Fund of such city for the reduction of taxation
Injunction.—Nothing in this article shall be construed to require the pay- be paid into the
(a) Until Jan. 1 1930, moneys received by the County
ment to the Department of Taxation and Finance of such tax more than In such city.
any county pursuant to this section, shall be used as follows:
once on any quantity of motor fuel sold within the State. No provision of Treasurer of
permanent construction or maintenance of town highways as
this article shall apply or be construed to apply to foreign or inter-State For the
county aid under the provisions of Secs. 320 and 320-a of
commerce, except in so far as the same may be effective pursuant to the improved by
and county roads as improved by general or special law,
United States Constitution and to laws of the United States enacted pur- the highway law
permanent construction or improvement of town highways, as
suant thereto. The Supreme Court shall have jurisdiction to restrain or for the
the highway law, of a type of pavement as defined by the
the Department, by injunction, from collecting a tax under this article defined by
Supervisors and approved by the Superintendent of Public Works.
upon any sale as to which, by reason of the United States Constitution and Board of
The County Treasurer shall, upon receipt of such moneys, keep an accurate
the laws of the United States enacted pursuant thereto, such a tax cannot
record thereof, and shall furnish the Board of Supervisors of the county,
be imposed.
a certified statement of such receipts. The
-1. A distributor who or which fails to file a upon the request by it, with
Section 289-b. Penalties.
Supervisors of the county shall, at a regular or special meeting
return or corrected return required by or pursuant to this article shall Board of
allot such moneys to one or more of the towns
majority vote,
thereby forfeit to the State a penalty of 5% of the amount determined to and by a
county, and shall by resolution appropriate for the use of
be due as provided in this article and 1% of such amount for each month within such
such town or towns the money so allotted or notify the County Treasurer
of delay or fraction thereof after written notice by the Department of
amount so allotted for the cost of a county aid highway or
Taxation and Finance of such failure; but the Tax Commission, if the re- to credit the
herein provided to the county aid highway or county road
turn be filed at any time and the Commission is satisfied that the delay county road as
the county aid highway or county road fund as herein
was excusable, may remit part of such penalty. Such penalties shall be fund. If credited to
of Supervisors may use such money to continue the
paid to such Department and disposed of as hereinafter provided with provided, the Board
improvement of highways within the limits of an incorrespect to moneys derived from the tax. Unpaid penalties under this construction or
is improved pursuant to the provisions of Sec. 320.
subdivision shall be recovered by the Attorney-General by action in the porated village which
highway law, provided the improvemeiat within
name of the people, and all penalties due from the same distributor may 320-a or 329-b of the
the village shall be of the same width and type of construction as the
be sued for in one action.
the town, unless a greater width or different type
2. Any distributor who or which files or causes to be filed any return, county aid highway in
by the village. The additional expense cussed
affidavit or statement, required or permitted by this article, which is wil- of construction Is desired
by the increased width or different type, or both, if any, shall be borne
fully false shall be guilty of a felony.
Any such street or highway when completed in a village,
3. Except in the case specified in Subdivision 2 of this section. any dis- by the village.
repaired and maintained by the village wherein the
tributor, seller or purchaser of motor fuel who or which violates any pro- shall thereafter be
located, in the same manner as other village streets
visions of this article, or any reasonable rule or regulation adopted pursuant street or highway is
copy of such resolution shall be filed with the
to this article by the Department of Taxation and Finance or by the State or highways. A certified
County Treasurer of such county, with the Superintendent of Public
Tax Commission, Khali be guilty of a misdemeanor.
Comptroller and with the Town Clerk of the town
-1. The tax imposed by this article though Works, with the State
Section 289-c, Refunds.
is made. The places and the manner in which
payable by the distributor, shall be borne by the purchaser and when paid in which such allotment
expended shall be determined by the Board of Superby the distributor shall be deemed to have been so paid for the account of such moneys shall be
approval of the Superintendent of Public Works
the purchaser. No person shall sell, advertise, or offer for sale motor fuel. visors subject to the
provisions of this subdivision or of Sec. 320-b
separate from the tax herein Imposed; and the price paid by the purchaser in accordance with the
providing the money is used to pay the cost or part
for motor fuel on which the tax has been paid, if such price be not less than of the highway law,
county aid highway or county road, otherwise the money so
the amount of the tax thereon, shall be presumed for the purposes of this thereof of a
allotted shall be expended in accordance with the written agreement as
section to have Included the tax.
Sec. 105 of the highway law. Upon such approval and after
2. However, the intention of this article is to place the ultimate burden provided by
thereof has been filed with the County Treasurer, and after
resulting from such tax, so far as possible, on persons who use the public written notice
of the town to which such allotment is made has given
highways of the State for operating motor vehicles thereon, and the fol- the Supervisor
accordance with the provisions of Sec. 104 of the highway law,
lowing refunds are provided to that end, subject to the provisions or Sub- a bond in
providing the money is allotted in such manner, the County Treasurer
division 5 of this section.
Supervisor of such town or towns the amount to which
3. Any person who shall buy any motor fuel, on which the tax imposed shall pay to the
the amount to the county aid highway or county
by this article shall have been paid, and shall consume the same In any each is entitled or credit
and indicated by such resolution. A statement
manner except in the operation of a motor vehicle upon or over the high- road fund as determined
of moneys paid to a town shall be included
ways of this State, shall be reimbursed the amount of such tax in the of the receipts and expenditures
the highway law. A statement of
manner and subject to the conditions herein provided. All claims for in the report required by Sec. 107 of
moneys credited by the County Treasurer
reimbursement shall be made by affidavit In such form and containing the receipts and expenditures of
county road fund shall be printed in the
such information, and be presented within such time, as the State Tax to the county aid highway or
provisions of Sec.
Commission, by rules and regulations, shall prescribe, and the claimant annual proceedings of the Board of Supervisors. The
method of keeping accounts,
shall satisfy the Department of Taxation and Finance that he has borne 108 of the highway law shall apply as to the
and the filing of records in the town
the tax and that the motor fuel has been consumed by him in a manner the forms, blanks and orders used,
Supervisor as provided in the
other than the operation of,a motor vehicle upon or over the highways clerk's office where moneys are paid to the
shall be expended In accordance with
of this State. The Department may require such further information or highway law, otherwise the moneys
the highway law, or special law, for the
proof as it shall deem necessary for the administration of such claim. Secs. 320, 320-a, and 320-b of
Claims for reimbursement approved by the Department of Taxation and construction and improvement of county roads,
(b) On and after Jan. 11930. moneys received by the County Treasurer
Finance shall be paid from revenues collected under this article and deposited
to this section shall be placed in the State aid fund
to the credit of the Comptroller as hereinafter provided; but no such claims of any county pursuant
of the Highway Law, added by laws of the
shall be paid unless the Department of Taxation and finance is satisfied provided for by Section 320-b
used for the purposes of such section.
that the amount of the tax for which reimbursement is claimed has actually year 1929, to be
Section 2. The sum of 350.000. or so much thereof as may be necessary,
been collected by the State.
Department of Taxation and Finance for its
4. "Highway," within the meaning of this section, means a highway, is hereby appropriated to the
maintenance, in carrying out the
street, avenue, road, alley, boulevard, parkway, or other similar thorough- expenses, including personal service and
provisions of this Act, payable from the State Treasury on the audit and
fare.
certification as provided for In Section 12-a
5. If the provisions of this section providing for reimbursement of the warrant of the Comptroller, on
Taxation and Finance
amount of the tax paid be held unconstitutional by a courtof competent of the State Finance Law. The Commissioner of
Fina3ce Committee
jurisdiction, the other constitutional provisions of this article nevertheless shall file with the Governor,the Chairman of the Senate
Ways and Means Committee a tentative
shall stand, it being the express Intention of the Legislature that even and the Chairman of the Assembly
amount of such appropriation to be expended for personal
though such provision for reimbursement be held unconstitutional the segregation of the
liabilities shall be incurred for personal service
tax provided for by this article shall be imposed, collected and distributed service; and before any
hereunder such segregation shall have their certified approval, which shall
as provided in this article, regardless in that event of the manner in which
be filed with the Comptroller; and no change shall be made in such segrethe motor fuel is consumed.
-1. The amount of all taxes, gation without like approval.
Section 289-d. Dispostion of Tax Moneys.
or received by the Department
Section 3. This Act shall take effect May 1 1929. except that Section 2
and Interest thereon, if any, collected
daily with such responsible banks, hereof, making an appropriation, shall take effect immediately, and except
under this article shall be deposited
a law the Department of
banking houses or trust companies as may be designated by the Comptroller, that as soon as practicable after this Act becomes
Comptroller. Such deposits shall be kept separate Taxation and Finance and Tax Commission shall make such preparations,
and to the credit of the
moneys in the possession of the Comptroller. regarding forms, blanks, rules and regulations and otherwise, as may be
and apart from all other
The Comptroller shall require adequate security from all such depositories. necessary for the operation on May 1 1929 of the provisions of Article 12-a
by the Comptroller, he shall retain suf- of the tax law, as added by this Act.
2. Of the amount so received
ficient to provide at all times a fund of 350.000 out of which he shall pay
reimbursements under Sec. 289-c on the order of the Department of Taxa- Amending New York Banking Law—Cheney Bill
be declared unconstitutional
tion and Finance, unless such reimbursements
Governing Investments by Savings Banks Apby a court of competent jurisdiction.
such reimbursement fund, if any,
3. The Comptroller, after reserving
proved.
month pay into the State Treasury
each
shall, on or before the tenth day of
75% of the balance to his credit In such
On April 6 Gov. Roosevelt of New York signed the Cheney
to the credit of the General Fund
account of taxes collected bill as Chapter 322 of the laws of 1929, amending the bankbank, banking house or trust company, on
the last day of the preceding
under this article, at the close of business on
ing law in relation to investments by savings banks in bon&
month. Moneys paid into the State Treasury pursuant to this sub-
3452
FINANCIAL CHRONICLE
and obligations of railroad corporations. This was referred
to in our issue of April 13, page 2506. We also quote from
an Albany dispatch to the New York "Journal of Commerce" under date of April 7 as to the other measures signed
by the Governor, as follows:
The Governor also signed the Hofstadter-Lefkowitz bills, which have
for their object the enabling of credit unions to engage extensively in
the salary loan business. These include:
The Lefkowitz bill (Assembly Intro No. 1240, Print 2011), as Chapter
323, amending the banking law, in relation to the compensation of officers
and committee members of credit unions.
The Lefkowitz bill (Assembly Intro No. 1239, Print No. 2012), as
Chapter 224, Laws of 1929, amending the banking law, in relation to
loans by credit unions to officers or committee members.
The Hofstadter bill (Senate Intro No. 912, Print No. 1001), amending the
banking law, in relation to the qualification of members of credit unions.
Other banking laws amendments signed by the Governor included:
The Cheney bill (Introduction No. 1665, Print No. 1889), amending
Sections 260, 267 and 268, banking law, by prohibiting election of a
director or trustee of a bank, trust Company, national banking association
or mortgage or title company, as trustee of a savings bank if hereby a
majority of trustees become directors or trustees of such other institutions
and relative to restrictions on removals and forfeiture of office of savings
bank trustees, as Chapter 320, laws of 1929.
The Wicks bill (Senate Introduction No. 428, Print No. 445), as Chapter
321, laws of 1929, adds new Section 403-a, banking law, empowering
savings and loan association to open one or more branch offices in city
of principal place of business, each branch to have a $50,000 guaranty
fund.
The Fearon bill (Int. No. 1454, Print No. 1706), as Chapter 326, laws
of 1929, amending Section 18, stock corporation law, by authorizing any
stock corporation domestic or foreign, to purchase and dispose of bonds,
notes or choses in action and pledge them as security for payment of collateral trust bonds or notes and to sell such bonds or notes.
[VOL. 128.
enant of a lease; secondly, undoubtedly many of the large railroad mergers
and combinations now contemplated will involve such leases; thirdly,
some of these leases now in existence and those in contemplation covenant
for payment of interest only, while others provide for payment of both
interest and principal.
Guarantee by Indorsement.
As pointed out recently by George A. Young, of R. L. Day & Co., one of
the principal forces behind the new legislation, a lease covenant is
distinctly less satisfactory than a guarantee by endorsement as usually
the stockholders are the only parties to the agreement and are, therefore,
in a position to cancel the lease whenever it be- omes mutually agreeable
C
to do so. Some leases now in contemplation expire before maturity of
certain bonds which are now legal and which would eventually be affected
by such expiration. Meeting the situation with respect to leases now in
existence, the new bill admits "obligations for payment of principal and
interest of which a railroad corporation such as is described In this
paragraph is obligated under the terms of a lease made or assumed."
To meet the situation where bonds now legal are protected by a lease
covenant guaranteeing payment of interest only, the bill provides for
legality of "obligations of a railroad comporation, the railroad lines of
which have been so leased heretofore, for the payment of which the
lessee is not obligated, that are outstanding and officially listed by the
Banking Department of the State of New York as authorized investments
hereunder, * * * provided, that such railroad lines shall be in the
position of and operated by a railroad corporation such as is described
in and meets the requirements of the provisions of this subdivision,"
defining an eligible road.
Probbaly the most interesting provision affecting leasehold obligations
Is that dealing with future leases. It reads, "obligations of a railroad
corporation, the railroad lines of which shall be so leased hereafter, for
the payment of which the lessee is not obligated, that are outstanding
and authorized investments under this sub-division at the effective date
of such lease, shall be and remain authorized investments hereunder for
five years from the time of passage of this act."
Importance of Future Lease.
This clause is of immediate importance in view of the Great NorthernNorthern Pacific situation. This lease has been drawn but has not been
approved by the Interstate Commerce Commission. Had the bill been
passed without this provision several hundred million dollars of currently
legal bonds of the above roads would have been eliminated from the legal
list in the next few months because of the lessee's agreement in the lease
to pay interest only. Also, had the old law remained in effect, these
bonds would have been dropped from the legal list.
While 'it is obvious that this section of the new subdivision 7 must be
revised prior to 1934 when greater standardization in the drawing of
railroad leases is expected to prevail, the next five years will provide
ample time for study of a complicated situation and at the same time this
clause will keep a great volume of high grade securities legal under the
old law on the legal list with a minimum of risk for the banks. Railroads
will thus have ample opportunity to amend leases in such a way as to
insure continued legality of their bonds. Additional pressure toward this
end will result from the fact that only securities outstanding at the effecPointing out the significance of the State Bond Law, the tive date of the lease will be classified as legal during the five year period.
"Wall Street Journal" of April 11 commented as follows: For instance, if the Great Northern-Northern Pacific lease becomes effective
no legal bonds can be issued under the junior mortgages of these two
While some of the salient features of the revised subdivision 7 of the
roads unless such bonds are guaranteed as to principal and interest by the
New York Savings Bank Law have received wholesale comment and appear
lessee company.
reasonably familiar, a few of the most significant provisions, that is,
Another interesting feature of the new railroad law is the definition
those with far reaching immediate effect, appear to have been overlooked.
of the term "fixed charges," for which no authoritative definition hereThe basis of the new law, of course, is the principle that only such
obligations are legal as are, "issued, assumed or guaranteed as to principal tofore existed. The assistance of the Interstate Commerce Commission has
been sought in this respect and any future definition of this term proand interest by endorsement, or so guaranteed which guarantee has been
assumed" by an eligible railroad, the distinguishing characteristics of nounced by this body will take precedence over the definition contained
in the new law. It is bellei,ed, however, that the Commerce Commission's
uhich are carefully outlined in the bill. Also, an important feature of the
x,aw law is the eitablislunent of equity of fixed charges in earnings as the definition will closely approximate that involved in the new bill, which
criterion for judging the soundness of railroad bonds, rather than payment reads, "the amount of income available for fixed charges shall be .the
amount obtained from deducting from gross income all items deductible
of dividends or earnings on capital stock.
in ascertaining net income other than contingent income, interest and
On this basis the law provides that in five of the six fiscal years preceding
those constituting fixed charges. Fixed charges shall be: rent for leased
investment and in the year next before such investment, inoome available
for fixed charges shall have been equal to 1% times such charges and further roads, miscellaneous rents, fixed interest on funded debt, interest on unthat in at least five of the six years immediately preceding investment funded debt and amortization of discount of funded debt."
the railroad corporation shall have paid cash dividends on capital stock
equivalent to at least 24 of fixed charges. The dividend payment require- C. A.
/
Wilber Appointed Deputy Commissioner In
ment, however, is waived if for at least tine of the ten years immeCharge of New York Income Tax Bureau,
diately preceding investment and for the last year preceding such investment fixed charges shall have been earned not less than 11, times.
Cortland A. Wilber, of Binghamton, was on April 30
While on the surface the fixed charges earnings ratio of 1 to 1% may
appear unduly low, examination of the capital structures of strong rail- appointed Deputy Commissioner in charge of the Income
roads giving effect to the old law, would reveal that a decline in earnings Tax Bureau of the New York Department of Taxation and
to a point equivalent to 4% on capital stock would in many cases force Finance, by Thomas M.
Lynch, Commissioner of Taxation
this ratio considerably below 1 to 1%. Thus, insofar as these cases are and
Finance and President of the State Tax Commission.
concerned, the new law is decidely more exacting than its predecessor.
The appointment became effective May 1 when the new
Dividend Provision Conservative.
Director assumed his duties. He succeeds to the post
While compulsory dividends have proved extremely unsatisfactory in the
past in that dividends have been paid although not fully earned, simply to formerly held by Commissioner Lynch. The new appointee
retain a legal classification for bonds, it was considered expedient to is a lawyer in the city of
Binghamton. The new Deputy
incorporate a sonservative dividend provision in the new law. Experience
has demonstrared that railroads paying in dividends no more than half the Commissioner-was elected Corporation Counsel of Binghamamount available for such purpose from earnings have rarely met financial ton in 1910 and served two years in that capacity. He also
reverses. On the other hand the nine out of ten year earnings requirement served on the Board of Education
of that city for seven years
was introduced as an alternate to meet certain special situations where
and was twice chosen President of that body. On two
dividend payments were not regarded as expedient but where the coverage
occasions he has headed the Department of Public Safety
of fixed charges had been adequate for a number of years.
The mortgage requirements of the new law represent considerable sim- of his home city.
plification. Numerous unnecessary and complicated provisions have been
In 1927 he was a candidate for mayor of Binghamton,
eliminated, the bill legalizing "fixed" interest bearing bonds secured
by direct mortgage on railroad owned or operated by such eligible railroad being defeated by less than 200 votes, and last fall managed
corporations and meeting other provisions established in the bill.
the campaign in Broome County for Alfred E. Smith and
An interesting point in the new law is the establishment of a special
Governor Franklin D. Roosevelt.
class of eligible railroads whose earnings available for fixed charges
have been at lesat twice such charges for five of the six years including
the last year preceding investment and whose net income after such Civil Service
Board Abolished in Jersey-Governor
deductions shall have been not less than $10,000,000. These stipulations
Larson Signs Bill Ousting Men Who Refused to
admit to legal classification junior and unsecured obligations of a selected
Quit
-New Commission to Be Named.
list of the strongest railroads with years of high earning power to their
credit.
The following Trenton N. J. advices April 27 are from
A further provision is one dealing with lease-hold obligations. Far various
the New York "Times":
major reasons it' was necessary to make an exception of such bonds. First,
Governor Larson signed to-day the Civil Service "ripper" bill, abolishing
several bond issues held in large volume by savings banks and legal for
the present State Civil Service Commission and creating a new one to be
many years represent cbligatioas of eligible roads only through the covtiled by the Governor. The measure was sponsored by the Governor after
'
,
carom Bills Approved.
The Fearon bill (Senate Int. No. 1453, Print No. 1705), as Chapter 327,
Laws of 1929, amending subdivision 1, Section 293, banking law, by providing grant of powers an investment company may exercise under this
subdivision, shall not be deemed to affect right of corporation organized
under any other statute to exercise similar powers, or prevent organization
under stock corporation law of corporation for such purposes.
The intent of these two last named laws is to protect present or future
formed investment trusts, organized under the stock corporation law, in
the event of the enactment of laws bringing investment trust under the
supervision of the banking department.
The Sargent bill (Assembly Intro No. 1212, Print No. 1308), as Chapter
330, laws of 1929, amending Subdivision 1, Seciton 886, banking law, by
providing savings and loan associations may take mortgage under Paragraph
a or is of Subdivision 1, Section 384 on real estate located not more than
100 miles from its place of business instead of 50 miles as formerly.
MAI' 25 1929.]
FINANCIAL CHRONICLE
or of Newark, Harrison C. Hurley
the Commissioners, Patrick J. O'Conn
Burlington and Theodore H. Smith
Asbury Park, Richard P. Hughes of
of
r Larson is expected to name the
of Jersey City, refused to resign. Governo
five new commissioners in a week.
3453
unnecessary large stocks, which
they are saving the excess cost of carrying
capital tied up and in
would doubtless aggregate hundreds of millions in
annual interest charges.
railway industry, or the farFew persons realize the magnitude of our
that the railways Itst year handled
flung scope of its activities. When I say
that 477 billion ton-miles were
more than a billion tons of freight, and
grasp the immensity of the
produced in that operation, we find it hard to
other railway statistics within
service thus rendered. To bring these and
reduce the annual totals to an
the range of our mental vision, we may
or even per second.
average per day, per hour, per minute
day last year, the railways of
During each second of each hour of each
the Uni'ed States
Handled 15,125 ton-miles and 1.000 Passenger miles.
Earned $1,936 in operating revenues.
s, including paid as wages to
Expended $1,402 in operating expense
employees.
, State and local Governments.
Paid $12.34 in taxes to the Federal
in railway operation, when multiSo does the value of a second of time
nts, mount up into tremendous
plied by the millions of daily moveme
.
amounts of economic gain to the country
portation,
Railroads Now Offering All Forms of Trans
al Atterbury, President of PennsylSays Gener
vania, Before Bond Club—Linking Up of Motor
Bus and Airplane Service with Roads.
General W. W.Atterbury, President of the Pennsylvania
railroad
RR., speaking before a gathering of bankers and
on
executives at a luncheon of the Bond Club of New York
16, declared that the word "railroad" was no longer
May
adequate to describe the transportation service which up-tong
date railway companies now offer to the public. Carryi
of pioneering—in the form of a search for
on a new kind
new and better ways of doing things—the railroads are no Five New England Railroads Plan Expenditures of
longer railroads alone, he said, but transportation companies
$45,000,000 For Improvements in 1929.
ng almost
in the fullest sense of the term. The public, he explained,
Capital expenditures for improvements totali
deNew England railis now being offered railroad service where that is most
$45,000,000 will be made in 1929 by five
l
sirable, or bus service, or service by airplane. Genera
the New England
roads, according to a survey conducted by
Atterbury said:
-New England development organization, and
kind of trans- Council, all
the people the
My view of a railroad is that it should give
Council points out,
think they ought to have.
made public at Boston. This fact, the
portation they want—not what the railroads
ed on a comptehensive program to furnishes ample evidence both of the strong condition of
"The Pennsylvania RR, has embark
transportation with railroad
link up motor bus, motor truck and airplane
ads and of the industrial growth of the
nt phases of transportation New England's railro
train service. This is one of the most importa
nation of railroad and New England area which justifies these expenditures. These
co-ordi
progress in this country to-day. With the
and Hartford, the
we hope at least to minimize
motor vehicle transportation in our territory,
five roads, the New York, New Haven
tive competition that has grown up over a period
Arrosr
the wasteful and destruc
" Boston and Maine, Boston and Albany, Bango and
the interest of the public.
of years. That form of competition is never in
spend this year a total of
fication project be- took, and Maine Central, will
Describing the Pennsylvania's electri
ment as
5,000 for freight and passenger service better
tween New York and Wilmington, which will involve the $44,69
$20,000,000 expended by the same roads
the compared with some
added:
expenditure of $100,000,000, General Atterbury said that
vements in 1928, the survey indicates. It is
railroads must plan at least a decade ahead of general indus- for impro equipment, new buildings, new freight terminals, new rolling
Additional
trial progress in order to provide adequate facilities and stock and improved road bed and bridges are included in the improveg up of freight
service. He expressed the opinion that this huge expendi- ments to be made. The result will mean additional speedin improve still
England, and is e cpected to
fication, as well as other extensive develop- shipments into and out of New s which New England manufacturers
ture for electri
the advantageous facilitie
ments in the Philadelphia, Newark, Baltimore and Pitts- further as regards transportation to major market areas of the country.
now have
ed for the current year, the survey
Outstanding developments schedul
burgh districts, were fully warranted by the country's great
for two big freight terminals of the New
shows, include new equipment
industrial development.
d RR., one at New Haven and the other at
York New Haven & Hartfor
Executives of many leading railroads attended the luncheon Providence, entailing together an expenditure of $1,750,000. In all,
$19,000,000 for betterat the Bankers' Club as guests of the Bond Club to hear this road will spend between $18,000,000 and
ed P.E. Crowley, ments and new equipment in 1929. ement budget contemplates expendiGeneral Atterbury's address. They includ
improv
The Boston & Maine RR.'s
m—
President of the New York Central; Daniel Willard,President tures of $16,000.000 this year, and the majtr porticn of the progra
ements instiN. Brown, Chairman of the which will bring to a total of at least $71,000.000 the improv Among the
of the Baltimore & Ohio; E.
d—is under way.
the last six years by this railroa
'Frisco; John P.Polley, President of the New Haven; Charles tuted in are the expenditure of $5,350,000 on new road bed and bridges,
projects
Hayden, Chairman of the Rock Island; W. H. Truesdale, and $1,000.000 on new "superpower" locomotives. epxenditures will be
total improvement
The Boston & Albany RR.'s
m to cost $1,Chairman of the Lackawanna; M. H. Cahill, Chairman of
will include an improved road-bed rrogra
for.
s-Texas RR.; L. R. Powell, President of $4.695,000, and
ok will spend upwards of $1,000,000
the Missouri-Kansa
500,000. The Bangor & Aroosto
rolling stock and new freight coaling
the Seaboard, and Agnew T. Dice, President of the Reading. among other things, new freight spend approximately $3,000,000 in new
will
Other guests of the Bond Club were: Russell C. Leffingwell Pockets. The Maine Central
-ton box cars.
will include 1,000 new all steel 50
Clarence Dillon of Dillon, Read & road equipment, which
of J. P. Morgan & Co.,
Co. and Mortimer L. Schiff of Kuhn, Loeb & Co. Robert
of New Jersey on
E. Christie Jr., President of the Bond Club of New York, President White of Central RR.
.
ity of Changes in Railroad Regulation
Necess
presided.
ay Luncheon
Speaking at the annual dinner of the Mid-D
President R. B.
Benefit to Industry Incident to Increased Speed in Club of Springfield, Illinois, on May 15,
pointed out
ent of Freight by Rail Cited by J. H. Par- White of the Central Railroad of New Jersey
Movem
changes in present railroad regulation,
ay Economics.
melee of Bureau of Railw
the necessity for
to cover a far different railroad
"The increased speed with which freight is now moving by which ho said was designed ng. He pointed out that the
that now existi
rail, as compared with eight or nine years ago, has con- situation than
ad business requires that it be
tributed hundreds of millions of dollars annually to in- very nature of the railro
that he was
or of the Bureau of Rail- regulated so far as public interest requires, but
dustry," Dr. J. H. Parmelee Direct
point has not been exceeded in the light
way Economics, Washington, D. C., stated before the doubtful that this
ions. Mr. White stated that while
Horelogical Institute of America on May 8. "Just how of present-day condit
have been effected in railroad operation
much," Dr. Parmelee said, addressing the annual meeting large economies
l Control, and that as a result, net
of that organization, held in Washington, "can not be com- since the close of Federa
was not
to our earnings have been more satisfactory, freight traffic
puted, but it is generally recognized that the benefits
tion to the increase in population
economic activity has been almost beyond mention. In- only not growing in propor
almost stationary for the past
dustrial processes have been speeded up, delays due to as heretofore, but had been
that there had been a decrease in pasirregular transportation service have been cut to a minimum, few years. Further,
1920. The railroads, he said,
car shortages have disappeared, car congestion is a thing senger earnings of 37% since
for carrying large industrial recognize the development of the motor transports was in
of the past, and the necessity
system under which they
stocks by manufactureres, whosesalers and retailers, has keeping with the times but the
to operate on the public highways seemed unHe added:
were allowed
been much reduced."
-owned
, fair, and he also directed attention to the Government
Taking the average distance moved by a freight car in a day,for example
mile added to that daily average is equivait has been estimated that every
waterways system operating in direct competition
to the total of railway freight equipment. inland
lent to adding 100,000 freight cars
paid no taxes and were
miles per day since 1920 is thus equivalent with the railroads, which he stated
The increase of more than five
freight cars. In other words, we are handling more freight unregulated as to rates or otherwise.
to 500,000
nine years ago, principally because
t
traffic with fewer cars to-day than
Various forms of competition and nibbling at the freigh
up. Trains are moving faster, and
car movement has been speeded
reaching proportions which were
is, wastes of time—have been reduced. The virtual ad- rates, he declared, were
delays—that
ads and he underdition of 500,000 cars to the railway plant through this speeding up means likely to endanger the credit of the railro
saving of perhaps $750,000,000 in new capital, $45,000,000 in the annual
seriousness of such a situation, should
a
the
for annual depreciation charges, took to point out
cost of such capital, another $30,000,000
whole had
per year.
it occur. He repeated that the railroads as a
and $75,000,000 for repair charges
turn-around time of a freight car to-day is rrobably one- failed to earn the return, in any year since the passage of the
The average
ago, and the interest charges alone
had
third less than eight or nine years
Transportation Act, which Congress and the Commission
per year. In addition
,000
so saved to shippers must be at least $50.000
3454
. FINANCIAL CHRONICLE
said they should earn. He stated that this return was not
based upon what the railroads believed their properties to be
worth but was based upon a valuation arrived at by using
a theory formualted by the Inter-State Commerce Commission, a formula thoroughly impractical as applied to business
generally. Present at the dinner were representatives of
almost every line of business in the Middle West, as well
as many railroad executives from various sections of the
country.
Ralph Hornblower Elected Governor of Investment
Bankers Association of America.
Ralph Hornblower of Hornblower & Weeks has been
elected a governor of the Investment Bankers Association
of America to represent the New England district. He succeeds Frederick Boynton of F. S. Moseley & Co., who resigned because of his removal from Boston to New York.
[VOL. 128.
subscribed in large part by the use of the stock of The Bank of the
United
States in lieu of cash subscriptions.
Blair dz Co. was founded by John I. Blair. For a number of
years, its
earlier activities were devoted to the financing of many important
railroad
systems in the United States and Canada. Later, when industrial
concerns
began to finance publicly, the firm became a large factor in flotations
of
that character. The firm has been one of the principal issuers
of loans
placed in the American market for the governments of Canada,
Argentine,
Chile, Cuba, Rumania, Norway, Poland and Jugoslavia, besides provincial
and municipal issues, including Cologne, Rio de Janeiro,
San Paulo and
Antioquia, as well,as Italian hydro-electric issues. In
addition, it is
represented on the boards of over one hundred American
and European
corporations and is the dominating factor in the Petroleum
Corporation of
America, a $100,000,000 investment trust organized
earlier this year,
chiefly for Investment in the oil industry.
The main office of the Farmers' Loan & Trust Co.
of
New York was moved over the week-end from the William
Street location occupied for so many years to tempora
ry
quarters at 43 Exchange Place. The moving involved
the
transfer of about $2,000,000,000 in cash and securities
and
also the records and equipment of departments employing
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC. 500 people. Some of these records date back to 1822,
when
Two New York Stock Exchange memberships were re- the Farmers' Loan & Trust Co. was chartered. On the
ported posted for transfer this week; that of Arthur McCabe William Street side, between Beaver and Exchange Place,
to Joseph T. McCarthy for $525,000, with rights and that the company will erect a monumental building for which
of Samuel B. Legg to James F. Nick for $419,000 ex rights. plans have been in preparation for more than a year. DeEight new members were reported elected by transfer of molition of the existing building already has begun. The
rights this week, making a total of 185 added since the Farmers' Loan & Trust Co. first located on William Street
Exchange voted to increase the membership from 1,100 to in 1822, when it erected a 23' story building which was the
headquarters of the company until 1890. Additional pur1,375.
chases were made in successive years until 1909, when the
The New York Cotton Exchange membership of Calvin H. additional buildings erected had involved an investment
Thomas was reported sold this week to Charles W. Shepard of $1,500,000. Twice before in its history the Farmers
'
Loan & Trust Co. has been located on Exchange Place.
for $30,500. Last preceding sale was $39,000.
From 1852 to 1859 the main office was at 28 Exchange Place
A United Press despatch this week reported a St. Louis and from 1866 to 1882 at 26 Exchange Place.
The site of
Stock Exchange membership sold to Lester J. Wade, Jr., the new building of the Farmers' Loan & Trust
Co. originally
for $20,000. This is stated to be the highest on record,;the was part of the "country estates or original
Dutch settlers
last preceding sale having been at $8,500.
Burghomaster Augustyn Heermsn. and Ship Carpent
er
Tymen Jansen." Upon completion of details connect
ed
Formal announcement of the consolidation of the inter- with the consolidation of the Nationa
l City Bank of New
national investment house of Blair & 0o., Inc., of New York, York and the Farmers' Loan & Trust
Co., the trust business
with the Bancamerica Corporation, security affiliate of the of both will be amalgamated and carried
on under the
Bank of America, N. A., was announced May 20, and the name of the City Bank Farmers Trust
Co. in the new
newly merged institution started on its career as of that building at 22 William St. The propose
d union of the
date. It will be known as the Bancamerica-Blair Corpora- interests of these two institutions was
noted in our issue
tioh and will function as the investment banking affiliate of April 6, page 2213.
f_lf the Bank of America. The combined institutions, Bank
of America, N. A., and Bancamerica-Blair Corporation will
On May 21 the Corn Exchange Bank of New York ashave capital and surplus of over $127,000,000 and total
re- sumed its new title—"Corn Exchange Bank Trust Comsources of more than $500,000,000. The consolidation plans pany." The change, to which reference was made in our
were reported in these columns March 23, page 1843. This issue of April 20, page 2574, was approved by the stockweek's announcement says:
holders on May 14, at which time also they ratified the
As a result of the consolidation, which is unique
proposal to change the par value of the stock from $100 to
in international banking experience, the interests of a national bank
and its security affiliate $20 per share. Walter E. Frew, previously President
of the
are consolidated with those of a privately owned
inveatment banking house. Institution, has become
The consolidation will unite the world-wide organizati
Chairman of the Board, Dunham B.
on developed by
Elisha Walker and his associates in Blair & Co.,
Inc., together with the Sherer, who had been a Vice-President, is now Vice-Chairinternational business created by A. P. Giannini,
who as the head of the man, and Henry A. Patten, likewise heretofo
re a ViceTransamerica Corporation, directs a corporation with
resources of over President, has been
$1,000,000,000 This organization will also be
made President. The other officers are:
closely affiliated with the
new Bancamerica-Blair Corporation.
Ralph Peters, Jr., Frederick T. Martin„Richard D. Brown,
According to Mr. Walker, consolidation of interests
of the affiliated Edward S. Malmar, John R. McWilliam, John
institutions will bring substantial advantages to all. The
W. Ross,
Bank of America, Edward B.
MacKenzie, Frederick K. Lister, Theodore G.
he stated, will benefit particularly with respect to its
trust departments. The Bancamerica-Blair Corporation, depositary and Spratt and John S. Wheelan
he pointed out,
, Vice-Presidents; Mathias J.
will derive the benefit of increased capital, thus provided,
together with Fischer, Sec. & Treas.; Robert F. Crowell Asst. Sec.;
,
lienry
the combined experience of the personnel.
C. White and Charles D. Wheelock, trust officers.
'Improved facilities for the securities and banking business,"
he said,
"are thus assured."
The Corn Exchange Bank Trust Co. will continu
e to
The merging institutions supplement each other and completel
y round transact a commercial banking business
out the activities of egch. The Bank of America will
. In addition, it
have 31 banking will transact a
trust company business, acting as executor,
offices in Greater New York. The securities company will have
offices
in the following cities: Albany, Boston, Buffalo, Chicago,
trustee, and in all other trust capacities.
Cincinnati,
Cleveland, Hartford, Los Angeles,
Milwaukee, Minneapolis, Oakland, Omaha,
Philadelphia, Pittsburgh, Portland, Ore., Portland, Me., St. Louis,
St. Paul,
San Diego, San Francisco, Scranton, Seattle diti Syracuse.
In addition It
will have offices in Europe.
Pending the necessary alterations of The Bank of America, N. A.,
Building at 44 Wall Street, New York City, the operations
of Bancamerica-Blair
Corporation will be temporarily conducted at 24 Broad Street.
Under plans of consolidation, as ratified by stockholders,
Elisha Walker,
who has been President of Blair & Co., Inc.,
becomes President of the
Bancamerica-Blair Corporation. Ile will also act as Chairman
of the
Executive Committee of the Bank of America.
Dr. A. II. Giannini will
continue as Chairman of the Board of the Bank
of America and Edward C.
De'afield as its President. The respective organizati
ons of the two merging
Institutions and also of the Bank of
America will remain as before.
The Board of Directors of
Bancamerica-Blair Corporation comprises
Elisha Walker, President; George Armsby,
Roger K. Ballard, Leo V. Belden, Georges Benard, Harry Bronner, J.
field, J. Grant Forbes, A. H. Giannini, Cheever Cowdin, Edward C. Bela.
Edward F. Hayes, Clarence Lewis,
George N. Lindsay, Henry Lockhart,
Jr., Hunter S. Marston, Jean Monnet,
Henry C. Olcott, John E. Rovensky, Lewis
P. Sheldon and W. H. Snyder.
The Bank of America is one of the oldest
having been organized in 1812 by the New banks in the United States,
York directors of the First
Bank of the United States, which was
organized by Alexander Hamilton
in connection with his work as Secretary of
the Treasury. Its capital was
In response to inquiries concerning possible changes in
the capital structure of Chatham-Phenix National Bank
Trust Co. of New York or a splitting Of the valuatio &
n of
the bank's shares, Louis G. Kaufman, President, stated
that no such action could be taken except by the board of
directors, which would probably aot upon whatever recommendations its executive committee might see fit to make.
The committee has given consideration to the advisability
of proposing such action to the board.
At its weekly meeting this week the executive committee
of The National City Bank of New York appointed James
McLean a Trust Officer. Mr. McLean previously held the
title of Assistant Trust Officer and has been located at the
bank's head office.
The Central National Corporation, the securities affiliate
of the Central National Bank of New York, reports net earn-
MAY 25 1929.]
FINANCIAL CHRONICLE
ings for the month of April amounting to $140,484. Net
earnings for the first four months of 1929 amounted to
$313,666, which after allowing for Federal taxes, is at an
2
annual rate equivalent to over 5% times the preferential
$3 a year dividend on the Class A participating stock.
These figures compare with earnings of $66,514, for the
first four months of active operation, ended Oct.31 1928
The Chase National Bank of New York has opened an
American Express travel office on the main floor of its building at Pine and Nassau Streets, making available the worldwide travel facilities of the American Express organization.
Complete arrangements for travel accommodations can thus
be made through the Chase Bank. Establishment of the
travel office as one of the activities of the bank follows the
approval by stockholders of both the Chase National Bank
and the Chase Securities Corporation of the plan for affiliation with the American Express Co., reference to which
appeared in our issue of May 18, page 3291. The travel
service includes steamship bookings, itineraries, domestic
and foreign hotel reservations, private motor tours through
Europe, airplane tickets for all routes, cruise memberships
for any cruise of any company, or membership in a tour with
escort.
3455
Paul, Gerald F. Beal and John K. Simpson, Vice-Presidents;
Thomas A. Shields, Secretary and Trust Officer; Harold A.
Sutphen, Treasurer, and William A. Tucker, Assistant
Secretary and Assistant Treasurer.
Announcement was made on May 21 that the International Union Bank at 21st Street & 5th Ave. has acquired,
through an exchange in stock, control of the Community
State Bank at Avenue A and East Houston St., New York,
and the Unity State Bank at 18th Avenue and 46th Street,
Brooklyn, giving the merged institutions combined capital
and surplus of $2,250,000 and resources of over $11,000,000.
The Community State Bank and the Unity State Bank will
be maintained with their present personnel as branches of
the International Union Bank. The International Union
Bank was established in 1924 with a capital and surplus of
$500,000 by the Needle Trades Union in co-operation with
the employers in the Garment district. The Community
State Bank was founded in 1927 and at the present time has
resources of $2,500,000. The Unity State Bank was organized last spring and its resources are reported as $1,000,000.
The present officers of the International Union Bank are:
Solomon Fillin, President; S. M. Schatzkin, Chairman of
the Board; Philip Kaplowitz and Irving Rosenweig, VicePresidents, and Clifford W. Ludlow, Cashier. The merger
will be presented for ratification at stockholders' meetings
of the three institutions to be held June 5, at which time the
terms of the stock transfer will also be announced.
The annual meeting of the Bond Club of New York for the
election of officers for the ensuing year and three members of
the Board of Governors will be held June 26 at the Bankers
Club, 120 Broadway. In connection with this election, the
At the annual meeting of New York Chapter, Inc.,
Nomina-ting Committee this week submitted to members
American Institute of Banking, Section American Bankers
the following names who were unanimously nominated to
Association, held May 14 in the Chapter Rooms in the Grayhold office for one year:
bar Building, the following officers were elected to serve
For President: Pierpont V. Davis, of the National City Co.
for the ensuing year?
For Vice-President: George N. Lindsay, of Bancamerica-Blair Corp.
For Secretary: Milton S. Harrison, of Field, Glore & Co.
For Treasurer: John W. Cutler of Edward B. Smith & Co.
Members of the Board of Governors nominated to serve
for 3 years:
Harry M. Addinsell, of Harris, Forbes & Co.
Robert E. Christie, Jr., of Dillon, Read & Co.
John D. Harrison, of Guaranty Co. of New York.
The Nominating Committee which submitted the above
ticket for the consideration of members consists of E. C.
Granbery, Chairman, C. Everett Bacon, Winthrop H.
Battles, Perry E. Hall and Wm.B. Scarborough.
The formation of the J. Henry Schroder Trust Co. of New
York with authority to conduct a general banking and trust
company business is formally announced by the J. Henry
Schroder Banking Corp. The directorate contains the names
of men well known in banking circles here and in England.
The new institution is organized under the laws of the State
of New York and has been admitted as a member of the
Federal Reserve System. The British members of the board
are Baron Bruno Schroder, senior partner of the banking
firm of J. Henry Schroder & Co., and Frank C. Tiarks, also
a member of the London house of Schroder and a director of
the Bank of England. The offices of the new trust company
will be located at 46 William St. Baron Bruno Schroder,
Chairman of the Board of the J. Henry Schroder Banking
Corp., will be Chairman of the Board of the trust company,
and Prentiss N. Gray, President of the banking corporation,
will also be president of the trust company. In a statement
regarding the new trust company the J. Henry Schroder
Banking Corp. has made known its purpose as follows:
,
President, Alan G. Warner, Chatham Phenix National Ba, Ar & Trust
Co.; First Vice-Pres., Jere V. D. Stryker, Federal Reserve Bank; Second
The National Park Bank; Treasurer,Payson
Vice-Pres., Lawrence C. Freer,
G. Gates, Bankers Trust Co.; Chief Consul. Arthur Gardner, Bankers
Trust Co.
The following were elected to serve on the Board of Governors for the term ending May,1932:
William Clements, Citizens' Savings Bank; William Corcoran, The New
York Trust Co.; Herbert DeBevoise, The Chemical National Bank; Charles
W. Devoy, Bank of American National Assn.; Hobart M. McPherson,
The National City Bank; George T. Newell, Manufacturers Trust Co.;
Louis H. Ohlrogge, The National Park Bank; Willard Schenck, The Seaboard National Bank; Daniel Schmeldier, State Bank of Richmond County;
and George W. Wright, The Bowery Savings Bank.
Charles R. Stusz, Central Hanover Bank and Trust Co.,
who recently won the New York Chapter Public Speaking
contest was winner at the New Haven contest, will represent
District No. 1, which includes New York and the New
England States, at the National Convention to be held in
Tulsa, Oklahoma on June 10. The contest is an annual
affair for the prizes offered for public speaking by Mr.
Giannini of the Bank of Italy National Trust and Savings
Association, San Francisco.
The tearing which life insurance trusts are assuming in
modern banking is indicated by the fact that after June 1
Harvey Weeks, General Agent for the Buffalo branch of the
Provident Mutual Life Insurance Co., will become permanently associated with the Central Hanover Bank & Trust
Co. Mr. Weeks. has had a broad experience in insurance
matters. He is Past President of the Buffalo Life Underwriters' Association, and is its present representative on the
National Underwriters' Committee. Mr.Weeks is the author
to be pubThe J. Henry Schroder Trust Co. offers a complete domestic banking of a work on the fundamentals of insurance selling
and trust company service in addition to the facilities provided by the .1. lished by Harper & Brothers in September. Mr. Weeks'
Henry Schroder Banking Corp. For this purpose, a specially qualified
Central Hanover Bank & Trust Co.
personnel has been organized and banking quarters have been completely association with the
stated, the beginning of an era of high specializaequipped.
marks,it is
The Board of Directors,in addition to Baron Schroder and tion in the matter of co-operation between financial insituMessrs. Gray and Tiarks, is composed of Julius H. Barnes, tions and insurance companies.
President, Barnes-Ames Co., New York; Gerald F. Beal,
The Commercial National Bank & Trust Co. of New York
Vice-President, J. Henry Schroder Banking Corp., New
York; H. G. P. Deans, Vice-President and Director, Con- announces the election to its board on May 23 of William
tinental Illinois Bank & Trus,t Co., Chicago; John McHugh, H. Vanderbilt, Rhode Island State Senator, and prominent
Chairman of the Executive Committee, the Chase National in transportation lines operating in New England. Mr.
Bank of the City of New York;Stephen Paul, Vice-President, Vanderbilt, son of the late Alfred G. Vanderbilt, and a
J. Henry Schroder Banking Corp., New York; Manuel E. great-grandson of the first William H. Vanderbilt, whose
Rionda, Vice-President, Czarnikow-Rionda Co., New York; father (Cornelius Vanderbilt) founded the New York Central
John L.Simpson, Vice-President, J. Henry Schroder Banking & Hudson River RR., is President and Director of AutomoCorp., New York; Manuel E. Rionda, Vice-President tive Transportation Co., a director of Colonial Air TransCzarnikow-Rionda Co., New York; John L. Simpson, Vice- port, Inc., Equitable Office Building Corp. and Rochester
President, J. Henry Schroder Banking Corp., New York, Gas & Electric Co.
and George A Zabriskie, Pillsbury Flour Mills Co., New
The Irving Trust Co. of New York announced on May 23
York. The officers are: Baron Bruno Schroder, ChairChairman of the Finance
man of the Board; Prentiss N. Gray, President; 8tephen the election of William H. English,
3456
FINANCIAL CHRONICLE
[VoL. 128.
Committee of the Paramount Famous Lasky Corp., to its from $100 to $25 a share and four
new shares issued in exboard of directors.
change for each present share, and the capital increased from
$6,350,000 to $8,000,000 by the issuance of 66,000 additional
According to the Brooklyn "Eagle" of May 18, Banknew $25 par value shares at the price of $62.50 a share. It
ruptcy Referee Edward C. McDonald, on that day awarded
is recommended that 63,500 of the new shares be offered
the 2,100 Italians who had deposited some $750,000 in the
to the stockholders in the proportion of one share for each
defunct private bank of L. Scotto & Son, Brooklyn, of which
four shares of the new $25 par value stock held, and that the
Raphael Scotto was President, an initial dividend of 10%
remaining 2,500 shares be disposed of by the Board of Diof their original deposits and made a ruling which is believed
rectors. These sales will add $2,475,000 to the bank's surplus
will result in their eventually receiving possibly as much as
and undivided profits account, bringing it up to $7,859,526.
60 cents on the dollar. The "Eagle" went on to say:
An increase in the existing quarterly dividend rate from
The ruling was that all assets that had belonged exclusively to the bank
should be apportioned among the depositors, Scotto's real estate creditors, $2.50 to $3 a share was also recommended by the executive
to whom he owed some $250,000, not sharing therein. The ruling pro- committee, the first $3 distribution to
be payable July 1
vides further that the depositors shall share with realty creditors in moneys
to shareholders of record May 28. Dividends of $10 a share
obtained from the sale of real estate and business interests that were held
annually have been paid on the capital stock since 1924.
by Scotto.
Mr. McDonald at the same time auctioned off the properties at 238-40 In conclusion the "Transcript" said:
Columbia
St., the quarters which were occupied by the bank and the
Scotto Realty Co. The successful bidder was Jacob Scharf, proprietor
of a shoe store at 200 Columbia St. He obtained this property for $49,300.
While there was $285,566.31 cash in the possession of the Court today
prior to the sale of the Columbia St. buildings and lesser properties, it
was said by Edward Ward McMahon, counsel for the trustees, that pending liquidation litigation makes it impossible to estimate at this time the
total of Scotto moneys which will be recovered.
As noted in our issue of May 18, page 3293, Raphael Scotto,
the former President of the failed bank, was sentenced to
from four to ten years in Sing Sing on May 13. Closing
of the institution in the latter part of September 1928 was
referred to in the "Chronicle" of Oct. 6 last, page 1900,
and its affairs referred to in subsequent issues.
The Atlantic National Bank, originally incorporated in 1828, was chartered under the national bank Act in 1864 with a capital of $500,000 which
was increased in 1865 to $750,000. No change was made in the capital
from that time until 1913. when it was raised to $1,500.000. Seven
years
later it was raised to $2,000,000 and in 1923 to $4.500.000. Two years
later, in February, 1925, stockholders were offered the right to subscribe
to 5,000 shares of stock at $200 per share, raising the capital to $6,000,000.
The following year rights were issued to subscribe to 10,000 shares at $200.
raising the capital to $6,000,000,and last year the present total of$6,350,000
was attained.
Following the announcement of the capital changes, Atlantic National
Bank stock was quoted 405 bid 415 asked on the over-the-counter market,
a new high record. Local bank stock dealers estimated the rights to be
worth between $8 and $9, but reported there was no trading in them.
In 1928 Atlantic National stock ranged between $330 and $300 a share
and in 1927 sold as high as $308 and as low as $260.
Patrick J. Kennedy, President of the Columbia Trust Co.
of Boston, and a prominent politician of that city, died on
May 18 after a prolonged illness. Mr. Kennedy served in
the Massachusetts House of Representatives for five successive terms, from 1886 to 1890. In 1892 and 1893 he was a
member of the State Senate and in 1888, 1896 and 1900
was a district delegate to the Democratic National Convention. He was one of the original members o the Board
of Strategy which represented the so-called Democratic city
machine. At one time, also, the deceased banker served as
Fire and Election Commissioner.
According to the Boston "Transcript" of May 18, the First
National Corporation of. Boston, an affiliation of the First
National Bank of Boston, has notified the Commissioner of
Corporations and Taxation of a proposed increase in its
authorized and outstanding capital from 10,000 shares of
Any portion of the 24,000 shares not subscribed by present stockholders
at $62.50 will be offered for general sale at not less than that price under the pia value of $100 a share to 30,000 shares of the same
conditions described by the board of directors.
par value. The additional stock-20,000 shares—will be
William J. Simpson is President of the bank.
offered to the shareholders at $150 a share. All of the
Advices from Rochester on May 14 to the "Wall Street stock is at present owned by the First National Bank, so
Journal" stated that ground would be broken that week for a that the capital increase does not represent public financing.
new $1,000,000 building for the Genesee Valley Trust Co.
--4-A reduction of the par value of the stock of the Naumkeag
According to a dispatch from Rochester, New York, to Trust Co. of Salem, Mass.from $100 a share to $10 a
share,
the "Wall Street Journal" on May 14, the Rochester Trust together with the issuance of ten new shares in exchange for
Co. of that city proposes a five-for-one split up in the
tcom- each share of stock now outstanding, has been agreed upon
pany's shares, reducing the par value from $100 a share by the directors and will be recommended to the stockto $20 a share. The institution is erecting an additional holders, according to the Boston "Transcript" of May 21.
bank building at a cost of $500,000, which is expected to be The company's present capital is $250,000.
completed this fall.
Stockholders of the East Hampton Securities Co., the tradEffective April 27, the Liberty National Bank & Trust Co. ing unit of the East Hampton Bank & Trust Co. of East
and the Third National Bank, both of Syracuse, N. Y., and Hampton, Conn., on May 8 approved a proposed increase
capitalized, respectively, at $400,000 and $300,000, were in the authorized capital of the company from $100,000 to
placed in voluntary liquidation. Both institutions have been $200,000, according to a dispatch from East Hampton on
taken over by the First Trust & Depcsit Co. of the same city. May 8 to the Hartford "Courant." At a subsequent meeting
Reference to the proposed consolidation of the banks of the directors of the company, the issuance of the $100,000
appeared in the "Chronicle" of March 6, page 1676, and additional stock at this time was approved. The new shares,
April 6, page 2216.
par value $25 a share, are being offered to stockholders of
record May 15 in the proportion of one new share for each
In our reference last week (page 3293) to the reduction share held at the price of $30 a share, the premium of
$5 a
of the par value of the stock of the Boulevard Trust Co. of share to be applied to surplus account. The new stock
will
Brookline, Brookline, Mass., from $100 a share to $10 a be payable June 17. At the same meeting the officers of the
share, the name of the bank was erroneously given as the company were reappointed and in addition Norman N. Hill
Boulevard Trust Co. of Boston, whereas it should have was named a Vice-President and Miss Mary F. Waall,
read the Boulevard Trust Co. of Brookline.
Assistant Secretary. The advices also said:
Stockholders of the Genesee Valley Trust Co. of Rochester, N. Y., at a special meeting on May 20 ratified a proposed increase in the company's capital from $400,000 to
$1,000,000,recently recommended by the directors, according
to the Rochester "Democrat" of May 21. Under the resolution the par value of the stock will be changed from $100 a
share to V5 a share. The total amount of stock will be increased to 40,000 shares of the par value of $25 a share, of
which 16,000 shares will be exchanged for the 4,000 shares of
$100 par value at present outstanding, and 24,000 shares will
be offered to the stockholders at the price of $62.50 a share,
payable on or before June 30 1929. The proceeds of the
increased capitalization will give the company combined
surplus and undivided profits of $2,400,000 and total capital
resources of approximately $3,400,000. The paper mentioned
adds:
The T. S. Brown Insurance Agency was organized with the same directors
On Tuesday of this week(May 21) the executive committee as the security company, with the addition of Earl S. Stevens, Assistant
Treasurer
of the Atlantic National Bank of Boston:recommended to the Burnham; of the bank, and the following officers: President, Clark W.
Vice-President, Hubert C. Hodge; Treasurer, Charles E. Tordirectors a plan whereby the par value of the stock will be kleson; Secretary, Earl S. Stevens.
Statements on the operations of the company for the first year were made
reduced, the capital increased, valuable rights issued to
by Mr. Burnham and Mr. Richter.
stockholders and the existing dividend rate on the stock will
be increased, according to the Boston "Transcript" of the
Pursuant to a recommendation of the directors, the stocksame date. A special meeting of the Board has been called holders of the City Bank & Trust Co. of Hartford,
Conn., at
for May 28 to consider the proposed changes. The plan a special meeting on May 29 will take action on a proposed
provides that the par value of the bank's shares be reduced reduction of the par value of the company's shares from
MAY 25 1929.]
FINANCIAL CHRONICLE
$100 to $25 a share. If the reduction is approved by the
shareholders, the consent of the State Banking Commission will be sought, and when secured the shares will be
split and distributed on the basis of four shares of $25 par
value stock for each share of $100 par value now outstanding. In reporting the matter in its issue of May 17, the
Hartford "Courant" said in part:
repreThe present capital of the City Bank & Trust Co. is $1,000,000,
reducing
sented by 10,000 shares of a par value of $100. The action in
question was
par value does not in any way change the capital. The
contemdirected to President Campbell as to whether the directors had
plated an increase in capital at a later date as has been rumored, and
at this time."
was answered, "We have no report to make on that matter
The record of the City Bank & Trust Co. is one of the outstanding
achievements of banking in the State of Connecticut. In the past thirteen
years it has shown growth in deposits of approximately 1,200%. It has
developed a substantial trust business and has the largest savings department of any commercial bank in Connecticut.
The City Bank & Trust Co. has been a large holder of the principal
New York citk bank stocks and local insurance company shares, and aside
from large profits which it has &on( time to tine taken, it still has an
Investment account made up of bank and insurance stocks in excess of
$6,000, carried on its books at cost, the present market price of which is
several millions of dollars in excess of the cost.
One of the interesting features contained in the officers' and directors'
at
last report to stockholders shows that stock of the bank in 1916 sold
$130 a share and that those who had subscribed to all the capital increases,
years, have received a yearly
of which there have been six in the last ten
average return in dividends and market appreciation of 115%. The market
quotation for stock has increased $450 a share since January 1 this year,
and is now $1,800 bid, no stock offered.
The proposed merger of the Pennsylvania Co. for Insurances on Lives & Granting Annuities, Philadelphia, and the
Bank of North America & Trust Co. of that city, under the
title of the former, was ratified by the stockholders of the
institutions at special meetings May 22, according to the
Philadelphia "Ledger" of the following day. The consolidation plan provides for an exchange of stocks on a
share-for-share basis. It is expected that the union will
become effective June 1, "thus making the Pennsylvania
company the largest State-chartered banking institution
in Philadelphia from the point of total resources." Items
with reference to the merger appeared in our issues of April
13, April 20, and May 11, pages 2404, 2575 and 3133,
respectively.
3457
The main banking room is entered through a revolving bronze door and
inclosing vestibule, with marble and bronze walls and ceiling. It is fiftyfour feet wide by 103 feet long, with a ceiling height of twenty-six feet,
and is divided into three aisles by piers of Hauteville marble. The central
aisle is the public space forming a concourse through the bank officers'
a
spaces. This aisle widens out beyond to an octagonal space around
large central desk of ornamented bronze, monel metal, and etched glass.
The concourse part of the public space will accommodate benches for
visitors, and is separated from the bank officers by a rail of imported
lower part
Pyrenees black and white marble, with ornamental gates. The
The bank
of the bank screens around the rotunda are of this same marble.
design without
screen itself is of bronze and glass of a modern light
of imported
cornice. The floor of all the public space is in a modern design
.
marbles and different-colored terrazzo with brass lines and ornaments
Hauteville
The main banking room walls are composed of pilasters of
and white, framing large panels of
marble on a base of Pyrenees black
of marble inlays. In
imported Rose de Provence marble with a border
white Italian marble
each of these five large panels is a beautiful relief of
tion and navigation,
depicting industry, trade, agriculture, transporta
of the main
respectively—work of the sculptor, A. Bottiau. The ceiling
nts by Hauteville marble
banking room is divided into square compartme
beams from pier to pier.
basement. The mezzanine
The safe deposit department is located in the
t department
floor contains the title department and the investmen
square-headed openings
The exterior of the bank consists of ten large
part of which are panels of St.
containing bronze sash, in the lower
ornaments. The base of
Genenver gold vein imported marble with bronze
of the bank and office
the building under these windows, and the frame
emerald pearl granite.
building entrances, are of imported Swedish
ton,
of
Stockholders of the Equita- ble Trust Co. of Wilming
their annual meeting on May 20, when R. R. M.
Del., held
were elected
Carpenter, Caleb S. Layton and John B. Jessup
new members of the Board of Directors and retiring direcphia "Ledger"
tors were re-elected, according to the Philadel
ders voted to
of May 21. At a special meeting the stockhol
value of the bank's stock from $100 a share
reduced the par
of outto $25 a share, thereby increasing the number
shares from 15,000 to 60,000. Comlbined surplus
standing
to $3,090,000.
and undivided profits of the company amount
that authorizaThe Cincinnati "Enquirer" o- f May 18 says
hood of Railway
tion to double the capital of the Brother
received on May 17
Clerks National Bank, Cincinnati, was
ng to Joseph
from the Comptroller of the Currency, accordi
bank
ni, President. The existing capital of the
J. Castelli
surplus and undivided profits
is $400,000. It has $100,000
are in excess of
of more than $40,000. Total resources
ion has been in operation since 1923.
$5,600,000. The institut
At a special meeting held May 9 stockholders of the Chestnut Hill Title & Trust Co. of Philadelphia approved the
proposed increase in the bank's capital from $125,000 to
$250,000, according to the Philadelphia "Ledger" of May 10.
The plan provide for the issuance of 2,500 shares of new
stock (par value $50 a share) to stockholders of record
May 8 at the price of $100 a share in the proportion of one
new share for each share held. Reference was made to the
proposed increase in the bank's capital in our issue of May 4
page 2936.
National
Frederick A. Stacey, President of the Central
a prominent business man
Bank of Chillicothe, Ohio, and
age of 84. Among
of that place, died on May 18 at the
late banker was President of the Chillihis other interests, the
Stacey Manucothe Gas & Light Co., Vice-President of the
Cincinnati, and a director of the Red
facturing Co. of
Wing Corporation of Dayton, Ohio.
of the
Ferdinand Herbruck, President for the past 32-years
Harter Bank of Canton, Ohio, died on May 6
George D.
years of age,
after a long illness. Mr. Herbruck, who was 85
bank building of the Holmesburg Trust began his long career as a clothing clerk, entering the banking
The new Colonial
Co. of Philadelphia at the corner of Frankford Ave. and field in the early eighties.
Rhawn St. was formally opened on May 15 with a reception
of Directors of
Theodore Wentz, Chairman of the Board
to the depositors and the general public which lasted from
l Bank & Trust Co. of Ft. Wayne, Ind.,
noon until 9 p. m., according to the Philadelphia "Ledger" the Lincoln Nationa
disease of May 17. The deceased
of the following day. A committee headed by William M. died suddenly of heart
as one
was 62 years of age, was widely known
Rowland, President of the institution, received the constant banker, who
of the old German-American
stream of visitors. Other officers of the institution, besides of the organizers in 1904
In 1918, when the name of
Mr. Rowland, are Joseph H.Brown Jr. ,Vice-President, and National Bank of Ft. Wayne.
to the Lincoln National Bank &
the institution was changed
Albert E. Green, Secretary and Treasurer.
From the Philadelphia "Ledger" of May 10, it is learned
that the par value of the capital stock of the Girard Trust
Co. of that city is to be reduced from $100 a share to $10 a
share, action to that effect having been recommended by the
Board of Managers on May 9. The stockholders will vote
on the proposal at a special meeting on July 15. The
"Ledger" added:
Chairman of the Board.
Trust Co., Mr. Wentz remained as
the appointment
Announcement was made o- n May 16 of
Vice-President and a director of the
of Harold E. Wood as
newly formed in$6,000,000 Foreman Sedurities Co., the
National
t banking organization of the Foreman
vestmen
ng to the Chicago "Evening Post"
Bank of Chicago, accordi
the three active
of that date. Mr. Wood will become one of
ent concern, the other two Vice-Presiheads of the investm
The
dents being Robert B. Whiting and Edwin M. Stark. Mr.
to printed the following concerning
paper referred
Wood's career:
for his father's firm,
In announcing the action of the managers, the company said that the
price that has been commanded by the stock has made difficult a wider
distribution of it. "To bring the quotation to a figure that will allow persons
desiring to do so to acquire stock at less expenditure, and in the belief that
new associations thus formed will be to the benefit of the company, this
Mr. Wood started as a bond salesman in 1919
action has been taken," the statement continued.
investwas at auction on May 9, Kalman,Wood & Co.of St. Paul,and five years ago founded his own
The last public sale of Girard Trust stock
Thisfirm, with offices
per share. The company now has outstanding 40,000 ment house Under the name of Harold E. Wood & Co.
when it sold at 81,650
independent disnew lower par value stock is issued, it will in St. Paul and Minneapolis, is now one of the largest
shares of stock, and when the
in accepting the appointtributers of securities in the northwest, Mr. Wood, his interest in the firm
outstanding 400,000 shares.
have
sell
ment with the Foreman Securities Company, will
to his partners.
21 the Integrity Trust Co. of Philadelphia estab- which he foundedbeen President of the St. Paul association and one of the
On May
Mr. Wood has
For three years he
lished its main office in the new Integrity Building at the founders and President of the Twin City Bond Club. committee of the
and member of the executive
st corner of 16th and Walnut Streets, according to was Secretary-Treasurer Investment Bankers' Association of America and
Southea
of May 21. The new quarters Minnesota group of the committee on publications.
the Philadelphia "Ledger"
a member of Its national
the Chicago
occupy more than three-fourths of the first floor of the
With reference to Mr. Whiting and Mr.Stark,following to
had the
building, or approximately 10,350 square feet. The paper "Evening Post" in its issue of May 14
say:
mentioned describes the banking rooms as follows:
3458
FINANCIAL CHRONICLE
Mr. Whiting has been associated with the bank for nearly six years.
Prior to this he was with Stevenson Brothers & Perry, Kissel, Kinnicutt &
Co., and John Burnham & Co.in Chicago, and previously with the Equitable Trust Co. in New York.
Mr. Stark likewise is well known in the investment field. His business
abilities led him to an important connection.with the firm of Sanderson &
Porter, consulting engineers in New York City. His next affiliation was
as a general partner of the New York banking firm of Redmond & Co., members of the New York Stock Exchange, where he was head of the underwriting department. He resigned from Redmond & Co. last year and became
Vice-President of the Foreman Trust & Savings Bank.
In the same issue of the "Post" it was stated that the new
Foreman Securities Co. will occupy the entire sixth floor
of the Foreman National Bank Building at 33 North La Salle
St. The new offices will be occupied by July 1, it was said.
The new company, it was stated, will be used to greatly enlarge the scope of the investment business heretofore conducted by the Foreman Trust & Savings Bank, the affiliated
institution of the Foreman National Bank.
Ernest E. Hart, President o- f the Commonwealth Trust &
Savings Bank of Chicago, died on May 15 of pneumonia
after a short illness.
According to the Chicago "- Post" of May 3, the Citizens'
State Bank of McHenry, Ill., was closed by its directors on
May 2, who announced that they did so voluntarily for the
protection of the depositors and creditors. "Frozen assets"
was the principal cause of the bank's embarrassment. State
bank examiners who made a cursory inspection of the
Institution's books on May 3 reported that neither depositors
nor creditors would incur any substantial losses. The
"Post" continuing said:
Auditors, under Chief Bank Examiner Justin J. Jaeger of Geneva, immediately began work on the books, preparatory to a report to State
Auditor
Oscar Nelson. Upon the auditor depends the question of placing
the
institution in bankruptcy.
The Citizens State Bank was organized forty-two years ago as
the Fox
River Valley State Bank. Fremont Hoy, one-time President, was
sentenced
to prison six years ago for fraud.
The Chicago "Post" of M-ay 13 stated that Eugene I.
Burke, a Vice-President of the Citizens' State Bank of
Champaign, Ill., has been chosen as gresident of the newly
organized Upper Avenue Bank of Chicago, to be located in
the Palmolive Building, at Michigan Avenue and Walton
Place, that city, according to an announcement on that
day (May 13) by Roy C. Osgood, a Vice-President of the
First Union Trust & Savings Bank of Chicago, and a direetor
of the new bank. Mr. Osgood also announced that Edward
C. Schumann,for some twenty years in responsible positions
with the First National Bank of Chicago, has been selected
as Cashier of the new institution. According to present
plans the Upper Avenue Bank Will open late in June. Mr.
Burke, the President-elect of the new bank, is a graduate of
the University of Illinois. He has been many years with
the Champaign bank and has been active in State Banking
Association work in his area. He will also serve as a
director of the Lake Shore Trust & Savings Bank of Chicago.
On May 21 the respective directors of the Merchants'
National Bank of Detroit and the Dime Savings Bank of
that city, unanimously ratified the proposed union of the
banks to form a new institution under the title of the Bank
of Michigan, according to the Detroit "Free Press" of May
22. The consolidation will become effective May 27. The
quarters now occupied by the Dime Savings Bank and the
National Merchants' National Bank in the Dime Savings
Bank Building and Ford Building, respectively, will be
continued. From the paper mentioned we also take the
following:
At a meeting of the board of directors of the Dime Savings Bank, held
after the stockholders meeting, a dividend of $26.25 per share was declared
payable June 1 1929, to stockholders of record at the close of business
May 25 1929, and a stock dividend of 100% was likewise declared to stockholders of record at the close of business May 25, also payable June 3. The
stock transfer books of The Dime Savings Bank were ordered closed
on May 25 and remain closed until Juno 3. The board of directors of The
Merchants' National Bank of Detroit declared a dividend in the sum of
$1.67 per share, payable June 1 1929, to stockholders of record at the close
of business on May 25. The stock transfer books of the Merchants National
Bank were ordered permanently closed on May 25.
The $20 par value stock of Bank of Michigan will be issued on and after
June 3.
The "Free Press" also reported that George W. Kennedy
and Howard F. Smith were elected directors of the Dime
Savings Bank, Mr. Kennedy is President of the Kelsey
Hayes Wheel Corp., while Mr. Smith is Treasurer and a
Director of the Jefferson Park Land Co., Ltd., and alsq a
director of the Dominion Sugar Co., Ltd., and the Troy
Oak Land Co., Ltd.
As indicated in an item appearing in the "Chronicle" of
April 20,page 2577, the new Bank of Michigan will be capitalized at $5,000,000 with surplus and undivided profitsof about
$4,000,000 while total resources of the organization will
approximate $100,000,000. John Ballantyne of the Merchants' National Bank, will be Chairman of the Board of
Directors of the Bank of Michigan, while T. W. Palmer
Livingstone, President of the Dime Savings Bank, will be
Chief Executive.
Ward A. Detwiler, Preside- nt of the Bryant & Detwiler
Co., has been made a Director of the Bank of Detroit, Detroit, Mich., according to the Detroit "Free Press" of May
18, which went on to say:
Mr. Detwiler is a graduate of the Engineering School of the University of
Michigan. In 1906 he became one of the organizers of the Bryant & Detwiler Company, which is to-day one of the leading building organizations
in this part of the country.
It is learned from the Det- roit "Free Press" of May 21
that the Guardian Detroit Bank, Guardian Trust Co.,
and Guardian Detroit Co:, all of Detroit, comprising what
is now known as the Guardian Group, will be unified as the
Guardian Group., Inc., a holding company, such action
to be followed, it is understood by a reduction of the par
value of the new holding company's shares from $100 a
share to $20 a share, and the exchange of five shares for
each share outstanding, according to a re-organization plan.
The plan was declared operative by the re-organization
committee the previous night (May 20), it is said. The
holding company will take over the entire capital stock,
except directors' qualifying shares, of all three corporations
in the group. The following is taken from the paper mentioned:
Mora than 96% of the unified stock of the three Guardian institutions
has been deposited with the Guardian Trust Co., depositary, for which
interim certificates have been issued.
It is expected that the new stock will be placed on a dividend basis
beginning July 1 next.
To effect the five for one split up of the unified stock, stockholders of
each Guardian unit will receive for each $100 par share, five shares of
$20 par stock of the Guardian Group, Inc.
The new $20 par value is now permitted under the revised Michigan
banking code, which became law April 19 1929, and has been substituted
for the original basis of $50 par shares at the suggestion of the State Banking
Commissioner, who has requested, that all Detroit banks in case of reduction in par of their stock use the same unit.
Holders of interim certificates of record May 24 will be offered rights
to subscribe to the new holding company stock at $90 a share in ratio of
one share for every 10 shares held, represented by the certificates. Rights
expire July 1 1929. The additional capital paid in will be for the use of
the Guardian Detroit Company or its subsidiaries.
The reorganization plan also provides for ownership of the Highland
Park State bank and Highland Park Trust Company by Guardian Detroit
Group, Inc. For each share of stock of the Highland Park State Bank
stockholders will receive five shares of the new holding company stock,
and for every two shares of Highladn Park Trust Company held, stockholders will receive five shares of the new holding company stock. Rights
to subscribe to new stock will apply to interim certificates issued in exchange for both the Highland Park State Bank and Highland Park Trust
Company stocks.
As of the date of the last bank call (Mar. 27 1929), the aggregate deposits of the Guardian Group of banking institutions were $85,319,273.47,
and the aggregate resources, not including the Guardian Detroit Company
were reported at $105,756,621.95.
Officers of the new Guardian Group, Inc. (as given in a
dispatch from Detroit May 20 to the "Wall Street Journal")
are: Henry E. Bodman, Chairman of the Board; Robert
0. Lord, President; John C. Grier, Jr., James L. Walsh,
and Phelps Newberry (and Treasurer), Vice-Presidents,
and Lewis K. Walker, Secretary.
Formal opening of the new home of the Metropolitan
Trust Co. (heretofore of Highland Park, Mich.) at 147
Congress St., Detroit, took place on May 20, according to
the Detroit "Free Press" of the following day. The new
quarters were thronged with visitors and large quantities of
flowers were sent by friends and business associates to mark
the occasion. The new home offers more than twice the accommodation of the bank's former quarters in Highland Park
"while officers of the institution declare the change will
make the bank metropolitan in character and service as
well as in name." Harvey B. Wallace is President of the
institution and Colonel Walter C. Cole, Executive VicePresident.
The American National Bank of Grand Rapids, Mich.,
an application to organize which was approved by the
Comptroller of the Currency on Mar. 14', is scheduled a
begin business June 1. It has been organized with a capital
of $500,000 and surplus of $250,000, the stock in shares
of $100, having been offered at $150 per share. The officer
of the bank are John H. Schouten, President; Ned B.
Alsover; Vice-President, & Cashier, Fred H. Travis, Assistant Cashier.•
Advices from Flint, Mich., on May 3 to the Detroit "Free
Press" reported that the Bank of Linden, Linden, Mich., has
MAY 25 1929.]
FINANCIAL CHRONICLE
been placed in receivership at the voluntary request of its
Cashier, Frank E. Glerum, and that no attempt will be made
to re-open the institution, which had been in existence 17
years. The dispatch furthermore said:
Officials of the Union Industrial Trust Company of Flint, as receivers,
declared that the affairs of the village bank would be settled as soon as
possible. The receivers are protected by a circuit court injunction from
any embarrassing suits filed by creditors or depositors of the bank during•
the receivership.
• The financial difficulties are believed to be due exclusively to unfortunate loans.
3459
Grand Forks, N. D., has been announced. The new institution will have combined capital and surplus of $500,000
and deposits of approximately $7,000,000. Otto Bremer,
Chairman of the Board of the American National Bank
of St. Paul, and associated with a large number of banks
throughout the Northwest, will be a Vice-President of the
new organization.
On May 15 announcement was made of the conversion of
the Central State Bank of Des Moines, Iowa, to the National
system under the title of the Central National Bank &
Trust Co. of Des Moines. The institution, which began
business over thirty-four years ago, has resources of more
than $10,000,000. No change has been made in the bank's
personnel.
The Board of Directors of the Second National Bank of
Saginaw, Mich., on May 1 announced the officers of the
instilution to be as follows: George B. Morley, Chairman
of the Board; It. Perry Shorts, President; W. H. Wallace,
Albert H. Morley, Ray T. Maynard (and Cashier), and
Alfred H. Perrin, Vice-Presidents; Mervyn E. Curran,
The new Mercantile-Commerce Bank & Trust Co. of St.
Thomas M. Morley, John J. Spencer and John A. Stewart, Louis—formed by the consolidation of the Mercantile Trust
Assistant Cashiers, and Emil A. Tessin, Trust Officer.
Co. and the National Bank of Commerce—began operations
on May 20 in enlarged quarters of the former Mercantile
The arrest on May 4 of Stewart B. Gordon, President for Trust Co. at Eighth and Locust Streets, according to the
thirty years, and Rollin C. Gordon, Cashier of the failed St. Louis "Globe-Democrat" of May 21. There were no
Midland County Savings Bank of Midland, Mich.,for alleged formalities, but open house was in effect throughout the
falsifying of the report made to the State Banking Depart- day. Numerous congratulatory messages andfloral pieces,
ment, was stated In advices on that day from Midland to many of the latter bearing the names of financial institutions
the Detroit "Free Press." Each furnished bonds of $4,000 and individuals in other cities, were received. The Merand was released aft3r being bound over to the April 13 cantile-Commerce Co., the investment unit recently organterm of the Circuit Court. The arrests followed a conference ized as a subsidiary of the enlarged bank, is located, it is
between Chief Examiner M. C. Taylor, Prosecutor C. E. said, in the extension on the second floor of the enlarged
quarters. This company, in addition to taking over the
Morris and the Gordons. The dispatch went on to say:
Prosecutor Morris announced that the bank cashier had estimated losses operations of the bond department of the former Maneanat $175,000. This will be offset, it is stated, by $25,000 capital stock, tile Trust Co., it is understood, also supersedes the Federal
$50,000 surplus and $25,000 assessment against stockholders. The bank had
Commerce Trust Co., a subsidiary of the former National
total resources of $816,000, according to the March 27 statement.
Prosecutor Morris said over $59,000 in notes were admitted by Cashier Bank of Commerce. With combined capital, surplus and
Gordon to be fakes made up to cover dwindling assets. Heavy losses had undivided profits of $17,500,000, the new bank is said to be
been suffered by the bank through carrying large amounts on paper and
in St. Louis. George W. Wilson, former
failing to make collections, the bankers explained. It was learned today the second largest
of the
that friends of the Gordons put up $15,000 last week in an attempt to President of the Mercantile Trust Co., is Chairman
cover a loss and stave off failure. An attempt to merge the bank was Board of the enlarged bank, and John G. Lonsdale, former
given up when the allegedly fraudulent paper and heavy losses were found.
the National Bank of Commerce, is Chief
There were several mortgages, $17,700 of which were recorded on April 17, President of
Other officers of the new institution, as named
running to the bank from S. B. and R. C. Gordon and L. D. Madill, and Executive.
the county records reveal that the land is on the assessment rolls for only in the "Globe
-Democrat" of May 19, are as follows:
a small part ot the mortgage. The Madill mortgage and several others
were given with the idea of bolstering assets, and no money changed hands,
the cashier explained, according to the prosecutor.
The Gordon,' bank had been operated for over forty-three years.
•
Failure of the Midland County Savings Bank on May 1
was noted in the "Chronicle" of May 4, page 2937.
Acquisition of three Jamestown, N. D. banks by the First
Bank Stock Investment Co. of St. Paul and Minneapolis
(an organization formed recently by the First National
Bank of St.Paul and the First National Bank of Minneapolis)
was reported in a dispatch from St. Paul to the "Wall Street
News" on May 10. The acquired banks are the Farmers'
& Merchants' National Bank, the Security Savings Bank
and the Citizens' National Bank. The three institutions
will be consolidated into one large bank. The purchase
brings the number of banks acquired by the holding company
in North Dakota to five. The Merchants' National Bank of
Fargo has resources of $3,000,000, the First & Security
National Bank of Valley City, $1,500,000, while the three
Jamestown institution have resources of $1,500,000.
Later advices from St. Paul to the same paper (May 22)
stated that the Aberdeen National Bank and the First
State Savings Bank of Aberdeen, S. Dak., have also been
acquired by the holding company. The former is said
to be the largest bank in northern South Dakota with
resources of $3,557,000. The resources of the First State
Savings Bank of Aberdeen are approximately $1,000,000.
The resources of the member banks of the First Bank Stock
Investment Co. are now said to exceed $275,000,000.
,
F. Barnes, Davis Biggs
Vice-Presidents: W. L. Hemingway, Arthur
C. Hennings, G. N.
W.M.Chandler, W.B. Cowen, F. E.Eaton, Thomas
Mudd,
Hitchcock, L. D. Kelly, William Maffitt, C. H. McMillan, E. J. A. W.
H. Richards,
F. J. Paro, J. Hugh Powers, H. H. Reinhard, Oliver
Secretary; C. B.
Thias, J. C. Walker and A. L. Weissenborn; J. J. Freell,
Nest, Asst. Secretaries:
Jolley, 0. E. Kaiser, J. A. Nconan and A. A. Van
F. W. Heuermann, Irving L.
Guy R. Alexander, Treasurer.; E. L. Black,
Kruse, R. J.
Jones, E. F. Kallemeier, G. H. Kleinschmidt, Joseph‘J. H.
B. SulliKunz, J. M. Murphy, W. L. Behfeld, W. H. H.Schafer, Arthur
Trust Officer:
van and E. T. Williams, Asst. Treasurers; Joseph W. White,
0.Sachse
William H. Lawrence, J. A. McCarthy,John P. Newell, Douglas
and George F. Torrey, Asst. Trust Officers.
Cox, Pierce J.
Mrs. L. D. Sultzer, Manager Savings Dept.; Edwin G.
J. Reynolds,
Dooley and L.E.Donahue, Asst. Mgrs. Savings Dept.; Joseph Asst. Mgrs.
Mgr. Safe Deposit Dept.; Arthur Smith and Clarence Schaeffer, Samuel A.
Dept.;
Safe Deposit Dept.; Philip H. ZepP, Mgr. Real Estate
Schalk.
Mitchell, Counsel; Edgar H. McCullough, Asst. Counsel; Oscar G.
Comptroller, and E. G. Kehde, Asst. Comptroller.
Announcement of the organization of the MercantileCommerce Co., referred to above, was made on May 16,
according to the "Globe-Democrat." The new company,
it was stated, would have branch offices at New York (14
Wall Street) and at Houston, Tex. Sidney Maestro, heretofore a Vice-President of the Mercantile Trust Co., is
President of the new company. Other officers of the company, named in the paper mentioned, are:John G.Lonsdale,
Chairman of the Board; George W.Wilson, Chairman of the
Exec. Comm.'; W. W. Ainsworth and Thomas Rielley, VicePresidents; Festus J. Krebs, Treasurer; Thomas I. Glannon,
Secretary; Alphonse Schneiderhahn, Asst. Secretary; W. A.
Bell and F. Roessler, Asst. Treasurers, and R. C. Obermann,
Sales Manager. A. W. Snyder, a resident Vice-President,
it was said, will be in charge of the Houston office.
A dispatch by the Associated Press from Charlotte, N. C.
on May 21, printed in the Baltimore "Sun" of the next day,
reported that the Continental Trust Co. of Charlotte, a
State institution, failed to open its doors on May 21 and was
turned over to John A. Campbell, Jr., Assistant State Bank
Examiner. A formal notice posted on the door, signed by
John Mitchell, Chief Bank Examiner, stated that the bank's
affairs had been placed under the control of the North
Carolina Banking Commission, and explained that the action
had been taken to protect the interests of the depositors.
The dispatch furthermore stated that a formal notice filed
with the Clerk of the Court for Mechlenburg County said
A dispatch to the "Wall Street News" on May 9 from St. the bank had voluntarily suspended business after a meeting
Paul, Minn., reported that a proposed consolidation of the of its directors and officers.
First National Bank and the Northwestern National Bank,
The First National Bank of St. Paul will erect a 21-story
building of the tower type, adjoining and harmonizing with
its present 16-story building, at a cost of approximately
$2,500,000, according to advices from St. Paul to the "Wall
Street News"on May 17. The first three floors of both buildings will house the bank. The portion of the new structure
above the banking floors will adjoin but not open into the
old building. The new banking quarters will be the home of
the enlarged First National Bank which resulted when the
First National Bank and the Merchants National Bank of
St. Paul were united recently.
3460
FINANCIAL CHRONICLE
A press dispatch from Gastonia, N. C., on May 17 to the
Raleigh "News and Observer" reported that the Commercial
Bank & Trust Co. of Gastonia (the failure of which on
April 6, last, was noted in the "Chronicle" of April 20,
page 2578) on May 16 opened its doors for the purpose of
liquidation with G. N. Henson of the State Corporation
Commission in charge. The dispatch continuing went on
to say:
Payments on assessments will be received, and payment on notes and
paper due the bank will also be taken in.
Thursday was the final day for the payment of stock assessments by
stockholders of the bank. lithe full amount is not paid in by the close
of the day, judgments will be recorded against the property of the defaulting stockholders, it was stated by Mr. Henson. Some stockholders have
already paid in their full assessment and others have not. Announcement
is made that the liquidation process of the bank will be along the regular
channels, that is, through the State Corporation Commission.
Directors of the Atlanta & Lowry National Bank, Atlanti,
Ga., on May 14 approved a reduction in the par value of the
bank's shares from $100 a share to $10 a share, increasing
the number of shares from 40,000 to 400,000, according to
the Atlanta "Constitution" of May 16. The directors also
surplus account. Under this transfer, the capital itructure
of the institution will include $4,000,000 capital, $3,500,000
approved a transfer of $1,000,000 from undivided profits to
surplus, and about $600,000 in undivided profits. Deposits
of the institution aggregate approximately $50,000,000. The
proposed reduction in the par value of the bank's shares
and the increase in the surplus will be submitted to the
stockholders within the next thirty days.
Following the meeting of the directors of the Atlanta &
Lowry National Bank, the directors of its affiliated institution, the Trust Company of Georgia, approved a transfer
of $1,000,000 to the company's surplus account from undivided profits, in order that the capital structure shall
comprise $2,000,000 capital, $2,000,000 surplus, and $750,000
In undivided profits. At the same meeting the directors
organized the Trusco Securities Co. with 100,000 shares of
no par value capital stock. The new company will operate
as a subsidiary of the Trusco Investment Co. Assets of the
Trusco Investment Co. and the new Trusco Securities Co.,
It is stated, are about $4,000,000. Combined resources of all
the institutions approximate $75,000,000.
From the Avon Park (Fla.) "Highlands County Pilot" of
May 15 it is learned that a new banking institution, the
People's Bank, has been organized and will open for business
some time between May 25 and June 1. J. A. Caldwell was
appointed President of the new bank on May 13 and was
authorized by the directors to state that the institution would
open for business some time between May 25 and June 1.
W. C. Carter of Winter Haven, Fla., is to be Executive
Vice-President and Cashier, while S. J. Pendleton of Avon
Park is to be a Vice-President. Mr. Carter and associates,
will own 49% of the $25,000 capital of the new institution,
it was said.
From the Los Angeles "Times" of May 15 it is learned
that G. R. Dexter, President of the Guaranty Building &
Loan Association of Hollywood, Cal., has been appointed
President of the Bank of Hollywood, succeeding Gilbert H.
Beesemyer, who becomes ChairmaA of the Board. Samuel
Kress, who, with Mr.'Dexter, owns the new Bank of Hollywood Building, was appointed a Vice-President, and other
changes in the bank's personnel were the naming of Oharles
E. Hammel, Maurice DeMond, Clifford Gillespie and Kurt
J. Koenig, Vice-Presidents and Charles Lurnpkin, Cashier.
Through the Los Angeles headquarters of the Bank of
Italy purchase was announced on May, 3 of the John D.
Spreckels Building in San Diego, Cal., the largest commercial structure in the city, for the sum of $3,000,000, according to the Los Angeles "Times" of May 4, which furthermore said:
The bank will take possession on July 1, and will completely remodel
the ground floor for its banking operations in San Diego.
In the new quarters will be consolidated, according to the announcement,
the three Bank of Italy branches in San Diego. These include the San
Diego office, the Southern Trust office, and the Union Bank office.
When the bank takes possession, the name of the building will be
changed to the Bank of Italy Building.
From the San Francisco "Chronicle" of May 18 it is
learned that the approval of the Comptroller of the Currency
was obtained the previous day to a consolidation of the Bank
of Bishop & Co. at Honolulu and the First Natiormi Panic
of Honolulu, two of the pioneer banking institutiohs of the
Hawaiian Islands. The new name for the merged banks,
IVot. 12R.
it was said, would be the Bishop First National Bank of Honolulu. The paper mentioned went on to say:
Further carrying out of the plans of those active in the consolidation.
as previously announced, it was stated further to the "Chronicle" in a
cable from its special correspondent,that the merger of Bishop with the Baldwin Bank of Maul was nearing completion, an official announcement being
expected shortly.
A new bank is being organized in Seattle, Wash.,according
to the Seattle "Port-Intelligencer" of May 7 which states
that application had been made to the State Banking Department Supervisor of Banking at Olympia for a charter.
The prime movers in the enterprise are Joshua Green, Albert
Brygger, Hugh C. Gruwell, and Charles H. Gaches, all
officers of the People's Bank & Trust Co., and Lawrence
J. Coleman, owner of the Coleman Building and identified
with many prominent business undertakings in Seattle.
Control of the new bank will be owned by Mr. Coleman and
Mr. Green. None of the other directors of the People's
Bank & Trust Co. except Mr. Green will be members of the
Board of the new bank, which is to be known as the People's
First Avenue Bank. Capital and surplus will be $200,000.
The new bank will be located in the Coleman Building at the
corner of First Ave. and Columbia St.
In order to obtain a wider distribution of the stock of the
United States National Bank of Portland, Ore., the directors
on May 17 approved a reduction of the par value of the bank's
shares from $100 a share to $20, thereby increasing the
number of shares from 30,000 ($3,000,000) to 150,000 shares,
according to the Portland "Oregonian" of May 18. Stockholders of the bank will meet on June 21 to vote on the
proposed change. The bank at present has a capital structure in excess of $7,000,000, made up :is follows: Capital
$3,000,000,000, surplus $2,000,000, and undivided profits
and reserves $2,366,131. The Portland paper goes on to say
in part:
United States National stock is now selling at from $585 to MO on the
exchange and it is anticipated by the directors that 520 par value shares
will stand at $120. How far the 500 stockholders will go in releasing their
shares to buyers is problematical, but the directors anticipate some
selling.
especially should the stock show a tendency to rise.
We are informed that the San Francisco branch of the
Canadian Bank of Commerce (head office Toronto) recently
has been incorporated as a State bank under the laws of
California with the title of the Canadian Bank of Commerce (California). The capital authorized is $5,000,000;
capital paid-up $1,300,000 and surplus $3325,000.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The stock market has been depressed the present week,and
periods of unsettlement and irregularity have characterized
the daily trading, with only an occasional manifestation of
strength in some special issues. On Wednesday the market
literally went to pieces, following the announcement from
Washington late on Tuesday that the Federal Advisory
Council had recommended to the Federal Reserve Board
that it permit any of the Reserve Banks to raise their rediscount rates to 6% if they desired to do so. Other noteworthy features of the week were the advance of the rediscount rate at San Francisco to 5% and the favorable Supreme
Court decision in the St. Louis and O'Fallon Railway valuation case. The weekly report of the Federal Reserve Bank
made public after the close of business on Thursday showed
a decrease of $45,000,000 in brokers' loans in this district,
the first reduction since the early part of April. This week's
reduction was due entirely to the curtailment of loans by
local banks. The borrowings from other than banking
lenders having increased $63,000,000. Call money renewed
at 7% on Monday continued at that rate until Wednesday
afternoon when it dropped to 6% for the rest of the week.
On Saturday the market was weak with general declines,
though a few standard issues like United States Steel, and
General Motors were moderately higher at the close. Aeroplane stocks also moved against the trend, Curtiss at one
time being up about 6 points, while Wright closed with a net
gain of 3% points. Burroughs' Adding Machine also was
conspicuous on the upside as it forged ahead to another new
top with a gain of 7 points at 325. American Commercial
Alcohol went over the top into new high ground with an
advance of 3% points to 52 and Chemical & Dye closed
with a gain of 4 or more points. General Electric made
a net gain of 23. points on the day.
The outstanding topic of interest on Monday was the decision of the Supreme Court in the O'Fallon Valuation Case
and as a result sweeping advances were recorded into in the
MAY 25 1929.]
FINANCIAL CHRONICLE
3461
afternoon all through the railroad list. At the height of 16134. General Electric was strong in the early trading and
%
the upward swing St. Louis & San Francisco was up over 24 sold up to 2821 at its top for the day but receded to 2733.
points, Chesapeake & Ohio 22 points, New York Central where it was off over 4 points. Motor stocks were represented
over 12 points and there were many other substantial ad- on the upside by Chrysler which crossed 78 but dropped to
vances among the lesser lights. Motor shares, on the other 743 with a net gain of 134 points. United States Steel,
hand were extremely weak, Packard leading the downward was off 234 points at 169, Bethlehem Steel 134 points to
rush with a decline of eight points to 1373. Chrysler 9934. Toward the end of the session considerable selling
slipped to a new low at 77% with a loss of five points and pressure developed, realizing being particularly heavy in
General Motors had yielded nearly three points at its final the final hour.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
price of 783. General Electric dipped about 11 points,
DAILY. WEEKLY AND YEARLY.
American Can slumped nearly seven points, Case Threshing
State,
Noshed
Machine 18 points and Curtiss Aero about 12 points. AnaRailroad,
Stocks,
Stases
Municipal &
&e..
Number of
Week Ended May 24.
conda also dropped about nine points and Montgomery Ward,
Bonds.
Foreign Bonds
Bonds.
Shares.
and a long list of other stocks suffered similar recessions
$66,000
81,033,000
$2,888,000
1,249.640
308,000
1,592.000
10,248,000
Advance Rumley again turned acutely weak. On Tuesday Saturday
3,811.850
Monday
619,000
2,265,000
8,361,000
4.409,520
the market was somewhat confused and uncertain during the Tuesday
2,021,000
792,000
8,445,000
4,844,130
Wednesday
607,000
2.055,000
6,710,000
3,814,220
early trading but the brisk rally late in the day brought Thursday
375,000
1,519.000
7,039,000
3,272,030
Friday
some improvement in the copper shares and in a number of --to 7R7 11110
., an, son ci.2 noi non tin tea nnn
individual issues, though the general list displayed considerJan. 1 to May 24.
Week Ended May 24.
Sales at
able heaviness and most of the stocks closed below the levels
New York Stock
1928.
1929.
1929.
1928.
day. The weakness was most conspicuous
of the previous
Exchange.
in the motor stocks and steel shares, United States Steel, Stocks-No.of shares. 21,401.390 14,739,060 452.545,920 331,209,872
Bonds.
common sinking below 173 on a new low for the movement Government bonds.-. 82.767,000 83.739,000 851.885,050 $75,523,250
362,789.265
10,485.000 13.776.000
followed by Bethlehem Steel which sagged below 103. New State and foreign bonds 43,691,000 37,927,000 249,754,150 1.200.125,325
722,865.500
misc. bonds
low prices for the year were recorded by Hupp, Chrysler Railroad di
856.943,000 855,442.000 81.024,504,700 81.638.437.840
and also by General Motors. General Electric was one of Total bonds
TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
the outstanding strong stocks and bounded forward about DAILY
BALTIMORE EXCHANGES.
nine points to 281. The railroad issues were represented
York Central which gained about 10
on the upside by New
Baltimore.
Philadelphia.
8011tOn.
Week Ended
points to 190, New Haven which closed with a gain of 2
Shares. Bond Sales. Shares. Bold Sales Shares. Bond Sates.
Mai, 24 1929.
points at 101%, Norfolk Western which advanced 43' points
$17,000
$13,000
53,341
823,000 a40,643
.23,074
16.000
b3,499
8,000
to 2043/ and Northern Pacific which improved about three Saturday
21,000 a62,368
*51,506
Monday
37,000
11,100
53,559
67,000 a48,418
*58,553
points. Radio Corporation was especially conspicuous Tuesday
26,000
25,000
54,022
17.000 a66,429
*58,148
Wednesday
28,600
b5,590
28,100
23,000 a82,647
*66,171
for its advance to 94 with a gain of nearly four points in Thursday
21,000
53,233
15.000 a59,500
*45,751
Friday
spite of all efforts to drive it downward.
23,244 8145,600
885,200
303,203 $168,000 360,005
Total
The storm of selling orders that engulfed the market on
Wednesday carried prices sharply downward with losses to Prey, week revised1 304,827 8251,500 391.190 $132,700 19,961 $121.000
25,261; Tuesday,
• In
many of the active leaders ranging from 3 to 8 or more points 35,826;addition, sales of rights were: Saturday, 8 785; Monday,
Wednesday, 54,987; Thursday, 42,375.
more spectacular speculative issues regis- a In addition, sales of rights were: Saturday. 12 300; Monday, 37,300; Tuesday,
while some of the
Thursday, 31,300; Friday, 3,000.
Wednesday,
tered losses considerably higher. The break came as a 29,300;addition sales35,900:
of rights were: -Saturday 118: Monday, 144; Tuesday,
b In
result of the overnight news that the Advisory Council had 23; Wednesday, 70; Thursday, 27; Friday, 95. Warrants-Tuesday. 100; ThursFriday, 2. Scrip-Thursday. 10-20.
recommended to the Federal Reserve Board that it approve day, 6534:
raising of rediscount rates to 6% by such Federal Reserve
COURSE OF BANK CLEARINGS.
Banks as requested that privilege. Motor shares were
clearings will again show a small increase the present
Bank
especially weak,General Motors slipping below 74 with a loss
by us, based upon teleof nearly 5 points followed by similar losses in such issues as week. Preliminary figures compiled
graphic adviees from the chief cities of the country, indicate
Chrysler, Hupp, Packard and Hudson. General Electric
May 25) bank
suffered a loss of 7 points, Westinghouse Electric moved that for the week ended to-day (Saturday,
exchanges for all the cities of the United States from which
down over 4% ppints and New York Central 3%. In the
be 2.7% larger
rally later in the day oil shares moved to the front, Pan it is possible to obtain weekly returns will
taken in large blocks at a point or two than for the corresponding week last year. The total stands
American "B" being
higher and Sinclair and General Asphalt were also in strong at $12,135,019,976, against $11,817,240,226 for the same
week in 1928. At this centre there is a gain for the five
demand at higher prices.
the trend of the market days ended Friday of 3.1%. Our comparative summary of
Contrary to the general expectation
was generally upward on Thursday though here and there the week follows:
throughout the list there were stocks that failed to respond
Per
Cleartngs--Relurns by Telegraph.
Cent.
1928.
1929.
Week Ended May 25.
to the forward swing. One of the noteworthy features of
+3.1
the day was the sensational run-up of General Electric which New York
86,454,000,000 86,260,000,000
571,139.889 -10.5
511,019,070
Chicago
sold as high as 27834 with a gain of more than 9 points. Philadelphia
-1.5
455,000,000
448,000,000
-1.1
376,000,000
366,000,000
Allied Chemical & Dye forged ahead 8 points to 285,followed Boston
101,843,354 -29.7
112,314,486
Kansas City
-4.1
111,700,000
107,100,000
American Can with a gain of nearly 5 points. Public St. Louis
by
201,140,000 -15.5
169,885,000
Francisco
+0.5
173,467,000
utilities were particularly active and forged ahead under the San Angeles
174,290,000
Los
171,524,368
-2.8
166,704.318
leadership of American and Foreign Power which scored a Pittsburgh
168,544,038 +36.7
230,436,464
Detroit
108,821,716 +16.9
126,122,900
%
gain of 6 points to 1033 . Radio Corp. closed at 953/i with Cleveland
82,405,192 -10.0
74,159,225
-7.6
50,642,522
46,799,089
a gain of 4 points, Westinghouse Electric improved over 2 Baltimore
New Orleans
points and United States Steel common closed at 17134, Thirteen cities, 5 days
+1.7
$8,986,830,552 38,832,228.079
972,614,035 +15.7
1,125,686,095
with a gain of more than 4 points on the day. Motor shares Other cities,5 daYn
+3.1
810,112,516,647 89,804.842,114
came back with a rush under the guidance of Packard Motor
Total all cities,5 days
+0.5
2,012,398,112
2,022,503,329
par which bounded forward more than 7 points to 1423 . All cities, 1 day
4
4.2.7
el0 Igx n10 GSA ell 017 941122R
Chrysler moved up to 7334 with a gain of about 3 points,
both Hudson and Hupp improved a point or more.
the week covered by the
and
Complete and exact details for
Railroad shares were firm throughout the morning and moved foregoing will appear in our issue of next week. We cannot
briskly forward with New York Central in the van with a furnish them to-day, inasmuch as the week ends to-day
gain of 434 points to 18734. Columbia Graphophone was a (Saturday) and the Saturday figures will not be available
noteworthy feature of the afternoon trading as it surged until noon to-day. Accordingly, in the above the last day
forward nearly 8 points to 753/2. Case Threshing Machine, of the week has in all cases had to be estimated. •
In the elaborate detailed statement, however, which we
on the other hand, had a sinking spell and dipped more than
present further below, we are able to give final and complete
16 points to close at 334.
-the week ended May 18. For
The market was without definite trend on Friday, ad- results for the week previous
vances and declines alternating during most of the session, that week there is a decrease of 3.4%, the 1929 aggregate
though on the whole, the tendency was toward lower levels. of clearings for the- whole country being $13,159,921,010,
Railraod shares attracted the most attention as Atchison against $13,619,773,114 in the same week of 1928. Outside
climbed upward to 209 as compared with the previous close of this city the decrease is 3.4%, the bank exchanges at
at 202 and Pere Marquette surged forward 734 points to this centre recording a loss of 3.4%. We group the cities
FINANCIAL CHRONICLE
SUMMARY OF BANK CLEARINGS.
Week Ended May 181929.
1929.
1928.
Week Ended May 18.
Clearings at
-
Inc. or
Dec.
1928.
$
s
$
%
Seventh Feder al Reserve D istrict-Chi cagoMich.
-Adrian __
300,010
255,102
331,377 -9.5
Ann Arbor.. ___
994,206
934,125 +6.4
1,224,150
Detroit
241,036,628 221,618,027 +8.8 185,059,005
Grand Rapids7,624,151
9,649,286 -20.0
8,130,696
Lansing
4,258,000
3,642,000 +16.9
2,670,554
Ind.
-Ft. Wayne
4,556,411
3.552,630 +28.3
3,377,811
Indianapolis__
. 29.670,000
27,306,000 +8.7
22,956.000
South Bend _ _
3,387,032
3,847,000 -12.0
3,513.300
Terre Haute_ _
.
6,168,254
5,901,597 +4.5
6,134,201
Wis.-Milwaukee
39,011,929
47,659.021 -18.1
43,496,996
Ia.-Ced. Rapids
3,232,137
2,777,755 +16.4
2,899,375
Des Moines__ _
10,957,486
10,907.461
+0.5
9,863,810
Sioux City_..,...
7,286,684
7,062,638 +3.1
5,883.859
Waterloo
1,958,408
1,559.994 +25.6
1,449.901
Ill.-Bloomingt'n
2,054,998
1,900,829 +8.1
1,712,386
Chicago
710,562.387 779,592,948 -8.9 721,963,369
Decatur
1.447,278
1.335,523 +8.4
1,507,407
Peoria
6,757.311
5,977,987 +13.0
5,554,555
Rockford
4,580,593
4.213,746 +8.7
4,142,921
Springfield_
2,876,412
3,086,471 -6.8
2,887,904
Total 120 cities) 1,088,718.315 1,142,856,415
Inc.or
Dec.
1927.
1926.
Federal Reserve DIsts.
let Boston_ _ _ _12 cities
2nd New York_11 "
3rd Philade]la_10 "
4th Cleveland_- 8 "
5th Richmond _ 6 "
6th Atlanta__.._ 13 "
7th Chicago ___20 "
8th St. Louis_ _ _ 8 "
lith Minneapolis 7 "
10th Kansa8City'12 "
11th Dallas
6 "
12111 San Fran_ _17 '
1926.
1927.
,
1929.
- - --
now according to the Federal Reserve districts in which
they are located, and from this it appears that in the New
York Reserve district (including this city) there is a loss
of 3.4%, in the Boston Reserve District of 9.4% and in the
Philadelphia Reserve District of 4.4%. In the Cleveland
Reserve District there is an increase of 12.5%, but in the
Richmond Reserve District the clearings are smaller by 2.3%
and in the Atlanta Reserve District by 0.8%. The Chicago
Reserve District registers a decline of 4.7%, the St. Louis
Reserve District of 6.1% and the Minneapolis Reserve District of 5.1%. In the Kansas City Reserve District there is
a gain of 3.3% and in the Dallas Reserve District of 5.8%.
The San Francisco Reserve District suffers a loss of 8.3%.
In the following we furnish a summary by Federal Reserve
districts:
128.
. .
4.
w
0
towo..c.,..00bonatmwcAwn200
boi:DOWW14.17-...,,PW-4W0to an
0.0.00'0w0t.c0.t.00-4wv..mcr.
00.4-0wmm.w.-.4.w00.t....w
I
1:4."000W;-.41.b.Vol.z.0
a,
n
0-0 0.0000'0.000,..004-wo.
, ,
.
wwc.ow-44.to—Iwtomocoor
,
3462
-4.7 1,034,653,305 1.060,676,480
Eighth Federa I Reserve Dis trict-St. Lo ulsInd.-Evansville.
6,676,298 -4.3
6.426,200
Mo.-St. Louis
144.100,000 156,300,000 -7.8
43,666,923 -11.1
Ky.-Louisville_
38,814,667
Owensboro__
355,440 +7.8
383,251
21,206.085 +8.0
Tenn.- Memphis
22,897.486
14,280,672
+4.8
14,979.989
Ark.
-Little Rock
312,774 +32.3
Ill.-Jacksonville
413.816
Quincy
1,524,879
1.630.644 -6.5
6,252,453
$
5
$
$
%
571,287,039
142,900,000
630,906,154 -9.4
603,119,360
567,096.319
37,699,670
8,638.031,091 8,937,658,506 -3.4 6,281.874,115 5.444.264
,039
270,560
618,580,805
631.012,550
647,040.876 -4.4
683,711,665
24.187,376
513,683,829
434,909,818
456,737.595 +12.5
400.054,049
13,137,932
193,303,607
187,199.727
209,496,773
191,581,825 -2.3
380,337
193,668,107
193.669.291
194,181,125 -0.8
216.945,786
1,459.491
1,088,718,315 1,142,856,415 -4.7 1.034.653,305 1,060,676,480
229,540,288
244,428,836 -6.1
226,304,819
227,848,419
Total(8 cities). 229,540,288 244,428,836 -6.1 226,304,819
127,867,763
134,747,820 -5.1
116,575.823
122,606,907
245,556,389
237,960,216
237,714,303 +3.3
223,843,429
Ninth Federal Reserve Dis trict-Minn eapolls78,449,410
75,143,515
74,134,944 +6.8
73,143,603
8,151,701
8,704,119 -6.3
-Duluth
667,338,248
8,196,547
567,695,549
727,784,712 -8.3
526,006,103 Minn.
86.798,205 -1.6
Minneapolis...
85.393,572
72,902,191
31.832.169 -16.5
Total
129 cities 13,159,921,01. 13,619,773,114 -3.4 10,596,241,968 9,655,692,572
St. Paul
26,579,982
29.382,628
.1,988,424
+9.0
-Fargo
Outside N. Y. City
2,166,746
1,867.708
4,673,987,269 4,837,527,706 -3.4 4,440,792,728 4,333,123,005 N. D.
1,425,650 -6.4
1,331,170
S D -Aberdeen_
1,188,707
681,253 +2.1
Canada
Mont.
31 cities
-Billings _
695.592
640,042
505.184.414
387.576.838
541.818.820 -6.2
345,337,998
3,318,000 +7.0
Helena
3,549,000
2,518.000
227.848,419
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
116,575,823
122,606.907
Tenth Federal Reserve Dis trict-ICans as City389,776 -3.9
Neb.-Fremont...
374.621
446,439
Hastings
487,950 +29.9
633.929
408,358
4,763.113 -0.1
Lincoln
4.746,940
4,776,999
45.888.090 -0.4
Omaha
45.677.134
40,348,039
3,329,088 -4.5
Ran -Topeka.3,180,609
2,995,139
Wichita
8,563,850 -2.8
8,323,434
8.637,874
Mo.-Kan. City_ 142,711.525 138,017,372 +5.0 143,148,203
7.157.530 +2.1
St. Joseph...
7,310,000
.
8,289,606
28,524,215 +2.9
29,356,551
Okla.-Okla.City
28,539,601
1,162,999 +20.2
1,397,526
-Col. Spgs.
Colo.
1,087,541
1.450.320 +27.2
Pueblo
1,844,119
1,302,617
347,328
442.578
4,230,371
40,592,831
3,321,906
7.457.865
130,922.449
7,618,607
26.678,571
1,052,076
1,278,848
Week Ended May 18.
Clearings at
1929.
First Federal
Maine- Bangor_
Portland
Mass.-Boston
Fall River_ Lowell
New Bedford
Springfield _
Worcester
Conn.- Hartford
New Haven._
15,1.
-Providence
N.11.-Manche'r
Total(12 cities)
1928.
inc. or
Dec.
1927.
571,287,039
630,906,154
-9.4
1926.
$
756,014
3,573,713
545,000.000
2.191,228
1,305,213
1,279,188
6,038,224
3.625.274
16,486,979
7,212.190
14,840,200
811,137
5
691,217
3,659,100
510.000.000
2,116.029
1,065,778
1,547,741
5,955,403
3,696,063
15.322.698
6.995.979
15,353.200
693,111
603,119,360
$
3
%
Reserve Dist act
-Boston635,952
623,367 +2.0
4,200.705
4,291,849 -2.1
500,564,313 555,000,000 -9.8
1,634,325
2.779,948 -41.2
1,436,200
1,264,679 +13.6
1,537,619
1,189.145 +29.3
6.266.704
6,596,705 -5.0
4,164,007
3,732,968 +11.6
19,831,417
23.618,168 -16.0
8.890,695
10,059.877 -11.6
21,329,800
20,989.200 +1.6
795,302
760,248 +4.6
667,096,319
Second Feder al Reserve D istrict-New
-Albany..
7,132,519
N. Y.
9,664,434
Binghamton....
1.470.889
1,322,093
Buffalo
64,663,494
64,492.090
1,346.891
Elmira
1,277.705
Jamestown
1,350,777
1.333,021
.
New York_ _ _ 8,485,933,741 8.782.245,408
Rochester
15.923,636
15,684,198
7,809.108
Syracuse
7.093,494
-Stamford
4,580,686
Conn.
4,894,881
-Montclair
937.895
N. J.
1.198,664
46.881,455
Northern N. J.
48.472,520
York.
7,725,419
-26.2
6,085,351
+11.2
1,134,502
1,170,100
54.295,411
+0.3
51,256.057
+5.4
1,182.879
1.059.000
+1.3
1,438,492
1,495.258
-3.4 6,155.449,240 5,322,569.567
+1.7
13,418,229
13.703.860
+10.1
6,502,551
6,109,253
-6.4
4,189,960
4,205,118
-21.7
963.797
769,352
-3.3
35.573,635
35,861.123
Total(11 cities) 8,1338,031,091 8,937,658,506
-3.4 6,281,874,115 5,444,264,039
Third Federal Reserve Dist rict-Philad elphia1,546,013
1.787,086 -13.5
Pa.- Altoona_1.687,724
4,973.962
Bethlehem _ _
4.904,003 +1.4
4.210,305
1,393,460
Chester
1,287.501
+8.3
1.356.063
2,007,778
1.995,852 +6.0
Lancaster
2,017,066
Philadelphia
584,000,000 608,000,000 -3.9 597,000,000
5,354,425
Reading
5.099,657 +5.0
4,651,608
6,821,517
Scranton
6,717,984 +1.5
6,173.408
Wilkes-Barre_
3,924,307
4,600,004 -14.7
4.985,771
2,350,724
2,294,735 +2.5
York
1,763,454
6,208,619
10,354,054 -40.0
N.J,
-Trenton.
7,166,951
Total(10 cities)
618,580,805
847,040,876
1,696,901
4,154,535
1.341.220
2.355.501
550,000,000
4,589,533
6,314.605
4.353.208
2,023.806
6.882,356
-4.4
631,012,550
583,711,865
Fourth Feder al Reserve D strict-Clev eland.
Dhlo-Akron
8.343,000
7.145,000 +16.8
6,014.900
4.455,022 +35.0
Canton
81,833.219
83,001,361 -1.4
Cincinnati _ _ _ _
185.137.482 144,471,807 +28.1
Cleveland
17,786,300
18.141,600 -1.1
Columbus
2.514351
2,236,541 +12.4
Mansfield
7,309.590
6.487,125 +12.7
Youngstown __
Pa.
-Pittsburgh _ 204.745.187 190,799,139 +7.3
7.584.000
4,316.682
80,389.096
131,346,001
17,963,300
2.392,512
5,487,142
185.431,085
13.458.000
3,939.263
74,188,424
114.217.425
15,545.700
2,223,251
4,231.882
179,252,104
456,737,595 +12.5
434,909,818
400,054,049
Fifth Federal Reserve Dist riot-Richm ond1V.Va.-Hunt'g'ia
1.214.013
1,330,007 -8.7
ira.-Norfolk__. 5,073,569
5,946,571 -14.7
Richmond ____
46.411.000 -4.2
44,459,000
3. C.-Charieston
2,510,000
2,100.000 +19.5
1d.-Ba1timore_ 103.372,128 106.309.942 -2.8
3.C.-Washing'n
30,571,017
29.484,305 +3.7
1.259.078
5,367.078
46,164.000
2,104,171
110,533.454
27,875.826
1,506.422
7.754,324
48,382.000
2,032.565
121.852.904
27,967.558
-2.3
193,303,607
209,495,773
Sixth Federal Reserve Dist act-Atlant arena-Knoxville
*3.500,000
3,448.238 +1.5
Nashville
24.169,100
22,794,064 +6.0
la.
-Atlanta____
62.005,039
53,636.894 +15.6
Augusta
1,816.547
1,759,922 +3.2
Macon
1.621.647
2.344.764 -30.8
'la.-Jack'nville
17.633.648
17.361.378 +1.6
Miami
2,946.000
3,164.000 -6.9
de. Birm lng'm
25.872,021
25.365,348 +2.0
Mobile
2,205,386
1,884.090 +17.1
4iss.-Jackson._
2,066,000
2,138,000 -3.4
Vicksburg
308.880
334,120 -7.6
.a.-NewOrleans
48,523,839
59,950,307 -19.1
*3.300,000
24,043,793
53,134,630
1,810.197
1.806.395
21,898,270
5,952 967
25.429,447
1,974.775
1,510,446
329.879
52,478,492
3,074.896
21.981.443
59.655.812
1.723.116
1.814.760
30.535,155
14.006,469
26.136.456
1.970.812
1.558.000
309.173
54.179,694
Total(8 cities)_
Total(6 cities)-
Total(13 cities)
513,683,829
187,199,727
192,688,107
191,581,825
194,181,125
-0.8
193,669.291
216,945,786
Total(7 cities).
Total(12 cities)
127,867,763
134,747,820
237,714,303
-5.1
5,881,941
150.200,000
35.386,607
293.961
20,919,475
13,212,695
458,382
1,495,558
8,284.933
76.146,160
31.599,739
1,847.427
1,476.662
482.738
2,769,248
+3.3
237,980,216
223,843,429
-Da IlasEleventh Fade ral Reserve District
ex
,Au
stin _ _
1,976,969
1,529,669 +29.2
48,674,243 +7.4
T Dallas
52,256,943
13,897.152 +3.9
Forth Worth
14,432,892
4,834.000 -3.4
Galveston
4,671,000
La.
5.199.880 -1.7
5,111.606
-Shreveport-
1.641.196
48,440,831
13,682,313
7,002,000
4,377,175
1,447,629
45.565,434
12,3132.567
8,968.000
4,800,073
75,143,515
73,143,603
Franc'Iwo
46,720.204
+6.8
+3.9
12,46'2,000
+14.5
1,433.358
+31.0
45,391.990
+12.2
17,512.580
3,239,098
+1.2
+12.5
7,718.288
-2.5 197.201,000
18,645.128
-11.9
-1.5
7,415.708
+12.9
7.085,522
+22.8
4.808.009
-25.5 189,372,000
+10.0
2.213.708
+5.6
1,398.013
+0.5
2,164,543
-4.1
2,924,400
45.122.998
12,373.000
1.251.444
39,991,831
17.717.468
4,010.073
7,041,559
167.978,000
20,974,888
6,673,708
8.143371
6.667.934
179,924.000
2,554.135
1,325,424
2,501.070
2,745,400
Total(5 cities).
245,556,388
78,449,410
74,134,944
Twelfth Feder al Reserve D Istrict-San
Wash.
51,680,930
--Seattle
55.180.772
13,300,000
Spokane
13,814.000
Yakima
1,257,353
1,439,754
38.333,207
)re.
-Portland
50,208,660
Ptah-S. L. City
17.579.703
19.728,955
.741.-Fresno..
3.449,779
3,492.199
Long Beach...
8.657,765
9.742,395
Los Angeles_ _
. 244,408,000 250,658,000
Oakland
24,158.360
21,286,533
Pasadena
8.644,292
8.510.588
7,101,304
Sacramento_ _ 8.020.207
San Diego
5,710,740
7.018.336
San Francisco _ 214.002,467 287.091,000
San Jose
3,213,904
3.536,103
Santa Barbara
1,899.957
1.798,817
Santa Monica.
2,411.052
2.424,022
Stockton
2,738,500
2,627,000
+5.8
Total(17 cities) 667,338,248 727,784,712
;rand total (128
cities)
13159921,010 13619 773.114
-3.4 10596 241,968 9,655,692,572
)utside New York 4.673.987,289 4,837.527,706
--3.4 4,440,792,728 4,333323.005
1929.
'meal(31 elt1944
567,695,549
526,006,103
May 16 1929.
C7earings al
-
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William....
New Westminster
Medicine Rat...
Peterborough__ _ _
Sherbrooke
Kitchener
Windsor
Prince Albert.....
Moncton
Kingston
'-:hatham
3arnia
-8.3
$
169.112.047
155,978,858
68,497.321
25.716.367
8,567.536
99
7 107.3
.
3.603,782
7.033,140
13,352.497
2.928.981
3,028,194
3,304,760
7,723,453
5.560355
629,810
688.352
2,591,898
1,332,244
1,410,908
1,040,080
1,051,027
420,839
936,062
1.250,066
1,290,626
7,202.682
481.028
907.360
841,827
768,024
755,091
1928.
$
206.540,396
154,321,231
76,442.247
20,211,165
9,265,156
6,013.763
3,513.317
6,568,947
11.963,967
3,010.927
3,682.085
3,899.453
6,950.030
4,489.967
616.882
863.830
2,415,011
1,037,114
1,333,864
980.057
845,437
471.436
856,974
940,242
1,242,033
5,595.917
386,692
952,544
831,590
835,608
730.738
nns 14d Aid' 011 ale 590
a No longer reports clearings. *Estimated.
•
Inc. or
Dec.
%
-18.1
+1.1
-10.4
+27.2
-7.5
+18.2
+2.6
+7.1
+11.6
-2.7
-17.8
-15.2
+11.1
+25.8
+2.1
-20.3
+7.3
+28,5
+5.8
+6.1
+24.3
-10.7
+9.2
+32.9
+3.9
+28.7
+24.4
-5.7
+1.2
-8.1
+3.3
-at 9
1927.
$
125,281,355
131.570,241
44,1395,375
17.704.370
8.324,125
6.252,129
2,999,106
5,733,088
6,649.731
2,863.837
2,478,451
3,344,296
5,408.456
4,288,522
628,012
564.850
1,948.950
1.123,982
1371.025
1,000.659
826,324
32.1801
887,531
1,018.472
1335.289
5,686.733
377.077
815,982
866,289
878,604
732.162
967 57R 3311
1926.
$
107,871,184
105.024.000
53.810,860
16.191,511
7.385,074
6,293.908
2,857.694
5,183.547
6304,324
2,579.992
2,469,676
3,125.882
4,624,454
4,456.155
640.024
537,624
1,830.716
1,056,912
1,038,768
1,197,855
692.908
288.755
802.476
1,010.907
1.021,429
4,937,046
403,611
885,061
705.643
345 337.096
MAY 25 1929.]
3463
FINANCIAL CHRONICLE
-The statement of condition of the national banks under the CompCondition of National Banks March 27 1929.
-For purposes of comparison, like details for preis summarized below.
troller's call of March 27 1929 has been issued and
vious calls back to and including Dec. 31 1927 are included.
DEC. 31 1927 AND FEB. 28, JUNE 30,
ABSTRACT OF REPORTS OF CONDITION OF NATIONAL BANKS IN THE UNITED STATES ON
OCT. 3 AND DEC. 31 1928 AND MAR. 27 1929 (in Thousands of Dollars).
Dec. 31 '27 Feb. 28 '28. June 30'28. Oct. 3 '28. Dec. 31 '28. Afar.27'29.
7.765 banks 7,734 banks. 7.691 banks. 7.676 banks. 7,635 banks. 7.575 banks.
Figures are given in thousands of dollars.
$
$
$
$
-Resources
a14,831,259 a14.399.447 a15,144,995 a15,116.869 15,279.631 514,849.926
Loans and discounts (including rediscounts)
12.257
11.638
15.606
10.138
12.156
10,313
Overdrafts
2,747,854 2.900,896 2,891,167 3,012.584 3,008.723 3.096.760
United States Government securities owned
4,151,944 4,180.004 4,256.281 4,104.022 4,118.595 3,97:3.995
Other bonds, stocks. securities, &c owned
472.486
531.305
429.034
414.573
375.185
369.855
Customers' liability account of acceptances
726.267
730.182
732.455
721.229
712,278
700.337
L'anking house, furniture and fixtures
126,903
123,050
122.773
125.680
123,653
122,885
Other real estate owned
1,509,253 1.457.431 1.453.383 1,467.535 1,496.316 1,404.528
Reserve with Federal Reserve banks
567.942
448,182
454.166
520,399
items with Federal Reserve banks in process of collection
363.491
388.129
364.281
315.113
370,228
361,376
Cash in vault
1,177,334 1.058.531 1,020.320 1.556.235 4,184,693 3,385.661
Amount due from national banks
417.465
427,247
473,881
Amount due from other banks, bankers and trust companies
989.920
756.176
645.738
675,661
Exchanges for clearing house
106.789
70.286
106.281
Checks on other banks in the same place
72.290
116.187
99.213
100.367
76.918
106,363
Outside cheeks and other cash items
32.786
33.426
33,261
33.050
32,849
33,306
Redemption fund and clue from United States Treasurer
247.867
329.764
Acceptances of other banks and bills of exchange or drafts sold with endorsement
35,425
20.472
18,545
17.877 1
13.979
20,743
United States Government securities borrowed
3,358 I
3.810
3,550
Bonds and securities, other than United States, borrowed
221.270
217,045
295.205
272.096
258,885
241,625
Other assets
29.021.912
28.164,219 27.573,687 28,508.239 28.925,480 30,589.156
Total
_
Liabilities
1.633.271
1.528.509 1,537,214 1.593.856 1.615.744 1,616,476 1,528.326
Capital stock paid in
1,314.438 1,330.096 1.419.695 1,450.499 1,490,146
Surplus fund
538.744
491.681
549.624
557,437
558.647
530,753
-net
Undivided profits
67.271
85.360
58.055
Reserves for dividends, contingencies, R:c
80.700
66.609
81.464
83.753
73,625
76.451
Reserves for interest, taxes and other expenses accrued and unpaid
647,848
650.405
648.548
649,095
646,656
650,373
outstanding
National bank notes
49.745 I
35,618
33.732
39,381
Due to Federal Reserve banks
885.197 2,843,472 I
1,045.133 1.008.175
Amount due to national banks
. 4.073,551 3,498.397
2,110.933 1,900,773 1.817.202
Amount due to other banks, bankers and trust companies
78,943
209.079
68.569
Certified checks outstanding
602,326
307.624
244,182
358.410
°ashlers' checks outstanding
28.404
1.192
29.620
Dividend checks outstanding
12.389
Letters of credit and travelers' checks outstanding
11.780,721 10.934.994
11,230,047 10,826.357 11.003,795 11.073.155 8.306.938 8.166.596
Demand deposits
7,992.213 8.296.638 8.310.891
7.808,437
Thne deposits (including postal savings)
272.893
186.170
113.333
185.916
63.379
169.473
United States deposits
22,872,880
22,860,003 22,279,082 22,639,337 23,005,311 24,347,380
rotal deposits.a
35.425
20,472
18.545
17,877 }
13,979
20.967
United States Government securities borrowed
3.358
3,810
3.550
Bonds and securities (other than United States) borrowed
53,451
75,165
35,591
7.217
12.524
12.843
Agreements to repurchase United States Government or other securities sold..
Bills payable (including all obligations representing borrowed money other than
703,812
785.309
707,581
622,108
302,199
410.149
rediscounts)
179,077
92,499
71,233
Notes and bills rediscounted
Acceptances of other banks and foreign bills of exchange or drafts sold with
247.867
329.764
222,508
227.745
208.867
194.530
endorsement
17,934
12.156
9.220
Letters of credit and travelers checks outstanding
473.509
524.725
420.754
411,763
375,075
374,852
A •ceptances executed for customers
20,918
23.248
26.133
19.173
17.121
14,506
Acceptances executed by other banks
117.890
82,416
85.123
58.814
110,137
91.842
Liabilities other than those stated above
30,589.156 29.021.912
28.164.219 27.573.687 28,508.239 28,925.480
Total
1
Details of Cash in Vault
Gold coin
Gold certificates
Clearing house certificates based on gold and gold certificates
Clearing house certificates based on other specie and lawful money
Standard silver dollars
Subsidiary silver and minor coin
Silver certificates
Legal tender notes
National bank notes
Federal Reserve and Federal Reserve Bank notes
Details of Demand Deposits
Individual subject to check
Certificates due in less than 30 days
State and municipal
. Deposits subject to less than 30 days' notice
Dividends unpaid
Other demand deposits
Details of Time Deposits
Certificates due on or about 30 days
Other time deposits
State ann municipal
Postal savings
Percentages of Reserve
Central Reserve cities
Other Reserve cities
All Reserve cities
Country banks
Total United States
16,997
17,216
39,283
38,3821
305,096
314,630
10,260,782
210,788
582,553
12,436
9.830.883
187,143
648.359
9.261
163,488
150,711
7.499,109
7,680,178
230.698
78.630
231.416
80.669
12.80%
10.25%
11.37%
7.61%
9.72%
11 42%
7.46%
8.96%
4.93%
7.05%
116,637
139,766
10
44
5.798
28,291
25.013
21.730
58.181
119,643
9.926.692
181.166
698.202
8,814
I
16,877
39,277
11,691
25.502
18,105
30.159
308.127
215.919
308,227
9,851.699 10.505,598
175,363
167,691
948,302
914,749
9,615.080
153.454
1.015,157
151.458
151.303
7.969,152 )7,325.703
620.685
275.064
244,475
89,439
83,011
7,373,441
549.369
292.958
91.170
7,735.472
52.066
287.971
91.087
11.21%
7.39%
8.84%
4.92%
6.96%
11.33%
7.40%
8.97%
4.9:3%
7.06%
17.43%
7.37%
8.86%
4.88%
6.92%
188,921
11.26%
7.33%
8.86%
4.90%
6.99%
139.01
of exchange or drafts sold with indorsea Includes customers' liability under letters of credit. b Excludes "acceptances of other banks and bills
checks sold for cash and outment," now shown separately. c Included in aggregate amount of duo from banks. d Letters of credit and travelers'
standing have not been Included with total deposits for calls prior to Oct. 3 1928.
Public Debt of United States-Completed Returns
Showing Net Debt as of Mar. 31 1929.
The statement of the public debt and Treasury cash holdings of the United States, as officially issued Mar. 31 1929,
delayed in publication, has now been received, and as
interest attaches to the details of available cash and the
gross and net debt on that date, we append a summary
thereof, making comparisons with the same date in 1928:
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
Mar. 31 1929. Afar. 311928.
Balance end of month by daily statement, ea
Add or Deduct-Excess or deficiency of receipts over
or under disbursements on belated Items
Total
Balance, deficit(-)or surplus(+1
444,816,761
-7,183,466
425,481,244
Deduct outstanding obligations:
Matured interest obligations
Disbursing officers' checks
Discount accrued on War Savings Certificates_
Settlement warrant checks
427.807.235
2.325,991
437,633,295
24.452,689
74,693,516
5,858,690
3.523,156
36.154,603
75,406,651
6,720,025
2,773,952
108,528,051
121,055.231
+316.953.193 +316,578,064
INTEREST-BEARING DEBT OUTSTANDING.
InterestMar.111929. Afar. 31 1928
Payable.
$
Title of Loan599,724,050
-J. 599.724.050
Q.
2s Consols of 1930
48.954,180
48,954,180
-F.
Q.
2s of 1916-1936
25.947,400
25.947,400
-F.
Q.
2s of 1918-1938
49,800.000
49,800,000
-M.
Q.
38 of 1961
28.894.500
28,894,500
-J.
Q.
1946-1947
3s conversion bonds of
-J. 1.840,739,700 1,255,750,700
J.
Certificates of indebtedness
J -J 1,397.685.200 1,397.686.700
Liberty Loan, 1932-1947
31.4s First
5,155.650
5,155.450
.7 -D.
ds First Liberty Loan, converted, 1932-47
532.820.200
-D. 532,816,600
4s First Liberty Loan, converted, 1932-47_ __J.
3.492.150
3,492,150
-D,
Loan, 2d converted. 1932-47,.J.
4Si s First Liberty
1.462.683,150
51.-5.
448 Third Liberty Loan of 1928
A.-0. 6,284.034.100 6.294.047.100
Fourth Liberty Loan of 1933-1938
4)
-is
762.320.300
758,984,300
4)45 Treasury bonds of 1947-1952
1.036.834.500 1.042,401,500
4s Treasury bonds of 1944-1954
491,212,100
489.087.100
bonds of 1946-1956
3%s Treasury
494,704.750
493.037,750
35ds Treasury bonds of 1943-1947
359.042.950
354s Treasury bonds of 1940-1943
162,698,397
33.984,498
Stamps
4s War Savings and Thrift
14,812,380
16.887,180
J -J
2 ids Postal Savings bonds
J -D. 2,941.563,800 2,960,009.600
Treasury notes
5;0 to 504s
16,946,665.408 17,633,114.807
Aggregate of interest-bearing debt
237.424,445
236.808.555
Bearing no Interest
66.322.205
53.041,590
Matured, interest ceased
017.236,515.553 17,936,881.457
Total debt
4-316.953.193 4-316.578.064
Deduct Treasury surplus or add Treasury deficit
116,919,562,360 17,620.283.393
Net debt
Treasury statements
a The total gross debt Mar. 31 1929 on the basis of daily redemption and rewas $17,236.518.507.36, and the net amount of public debt
ceipts In transit. Ac., was $2,953.75.
governments or other
I No reduction is made on account of obligations of foreign
investments,
3464
FINANCIAL CHRONICLE
[VoL. 128.
Imports.
Exports.
THE CURB MARKET.
Mexico
£141,670 Egypt
£22,797
British
31,602 Persia
The recommendation of the Advisory Council of the Canada West Africa
46.100
13,000 British India
8,449
Federal Reserve Board that re-discount rates be raised to Other countries
25,535 Other countries
3,145
6% caused a sharp drop in Curb stocks in nearly all issues.
£211,807
£80,491
on Wednesday of this week. Thereafter uncertainty was
INDIAN CURRENCY RETURNS.
the chief characteristic though to-day's market showed a
(/n lace of rupees.)
April 30.
April 22.
April 15.
better tone. In the utility group Allied Power & Light Notes in circulation
18366
18472
18579
Silver
corn. fell from 55% to 50 and recovered to 54. Amer. Gas Silver coin and bullion in India
9939
9944
9952
coin and bullion out of India
& Elec. corn. declined from 1643 to 150. Amer. Super- Gold coin and bullion in India
%
3221
3222
3222
Gold coin and bullion out of India
power, coin. A broke from 161 to 145% sold back to 165
Indian Government)
4323
4323
4323
and closed to-day at 16234. The com. B slumped from SecuritiesI
Securities British Government)
883
883
882
ange
15334 to 14534 and recovered to 16534. Buff.
-Niagara & Bi of exchange
100
200
The stock in Shanghai on the 4th inst. consisted of about
East Pow, sold down from 8434 to 6034. Electric Bond & ounces
78,500.000
in sycee, 126,000.000 dollars and 10.400 silver bars, as compared
Share com, dropped from 10134 to 91% and ends the week with about 78.500.000 ounces in sycee, 125,000,000 dollars
and 9,180
at 923/i. Electric Investors broke from 1573/8 to 1363/2, silver bars on the 27th ult.
Quotations during the week:
but recovered finally to 151%. Southeastern Power &
-Bar Silver per Oz. Std.Bar Gold per
Light,com, was off from 939.. to 85%,the close to-day being
Cash.
2 Mos,
Oz. Fine.
at 9034. Among miscellaneous issues Aviation Corp. of May 2
2534d.
253jd.
84s. 11)4d.
May 3
253-16d.
2531d.
845. 1134d.
Amer. dropped from 715 to 6434 and sold finally at 66. May 4
%
255-16d.
2550.
84s. 11 d.
Bendix Aviation, corn. lost 14 points to 8534 and finished May 6
255-16d.25)4d.
84s .11 d.
May 7
25,3.0
25 9-16d.
84.. 10d.
to-day at 8734. Consol. Aircraft sold down from 435% to May 8
255-16d.
25 5-16d.
84s. 11%el.
38 with a final recovery to 41%. Consol. Instrument was Average
25.312d.
25.354d.
845. 11.33d
The silver quotations to-day for cash and two months' delivery are each
off from 337% to 2834. Deere & Co. was down over 38
points to 3603/2. Fokker Aircraft declined from 627 to the same as those fixed a week ago.
%
5
54% and closed to-day at 55. Goldman Sachs Trading
ENGLISH FINANCIAL MARKET
fell from 10634 to 9934 and rested finally at 100%. Grigsby-PER CABLE.
Gunow corn. lost 18 points to 138,recovering finally to 14434.
The daily closing quotations for securities, &c., at London,
Oil stocks in comparison with the rest of the market show as
reported by cable, have been as follows the past week:
only slight losses.
Sat.,
Mon.,
TUGS.,
Wed.,
Thurs.,
Frt.,
A complete record of Curb Market transactions for the
May 18. May 20. Mar, 21. May 22. May 23. May 24.
week will be found on page 3493.
Silver, p. oz.d. 25
Holiday 2554
25 1-16
24 13-16 24 13-16
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
Bonds (Par Value).
Wek Ended
May 24
Stocks
(No. Shares)
Rights
Domestic
Foreign
Government,
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
882,000
1,217,800
1,370,000
1,416,800
1,127,680
1,273,900
28,740
51,000
73,670
113,670
98,440
101,390
$779,000
1,271,000
1,246,000
1,408,000
1,219,000
1,414,000
$120,000
191,000
215,000
383,000
226,000
126,000
Total •
7,289.080
487,810
37,337,000
Gold. p.line oz. 84.1134
Consols, 2348._
British, 5s___
British, 430._ ___
French Rentes
(in
---French War L'n
(in Paris)..fr.
Holiday 84.1134
Holiday 54S
Holiday 10034
Holiday 98H
Holiday
75
84.11S
5451
1003£
9634
84.1134
54
10034
96
84.1134
5434
100S
96s
74.90
74.25
74.60
101.55
101.35
101.30
51.261,000
050
85
175
101
300
337
WI Prices dollars per share.)
4.5
Bid Ask
Bid
100 Lawyers Weet-1
N. Y 1nv't'rs
.
185
chest M & T 325 385
let Prez-- 98
Aitse Bond.- 175 185
2d pre ---- 97
105 N Y Title &
Westchester
875
Mortgage... 72 73 Title & Ti _ 1160
345
S Casually.. 450 470
410New w L._ 108 112
101.45
The price of silver in New York on the same days has been:
Silver In N.Y., per oz.(eta.):
Foreign
53%
5354
53S
5334
53%
53%
gontrarrciat and rntscUaneoucwe
New Yolk City Realty and Surety Companies.
Alliance WIty
ArnSurety new
Bond & M O.
New($20par0
Home Title Ins
Lawyers Mtge
Lawyers Title
& Guarantee
Holiday
Ask
180
National Banks.
-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED
WITH TITLES REQUESTED.
Capital.
May 15
-The First National Bank of Trenton,Mich
1650,000
Correspondent, E. P. Dirmeyer, 2600 Union Trust
Building, Detroit, Michigan.
May 15
-The Central National Bank of Paterson, N.J
500,000
Correspondent, Raphael Jordan, 80 Market St.,
THE ENGLISH GOLD AND SILVER MARKETS.
Paterson, N. J.
Avenue
We reprint the following from the weekly circular of May 15-Ninth N. Y National Bank & Trust Co. of New
York,
500,000
Samuel Montagu & Co. of London, written under date of
Correspondent, Maurice M. Wyckoff, 1320 Madison
Ave., New York, N. Y.
May 8 1929:
APPLICATION TO ORGANIZE APPROVED.
GOLD.
The Bank of England gold reserve against notes amounted to £158,216,669 May 17
-The First National Bank of Sayreville, N. J
100,000 •
on the let instant (as compared with £156,043,567 on the previous WednesCorrespondent, Fred S. Davis,394 Main St., Sayreville,
day), and represents an increase of £4,310,354 since April 29 1925
N.J.
-when
an effective gold standard was resumed.
APPLICATION TO CONVERT APPROVED.
The bulk-about £720.000
-of the £804000 bar gold available in the
-Union Planters' National Bank & Trust Co. of Memopen market this week was secured by the sank of England, as shown in May 16
phis, Tenn
the figures below, and the balance was disposed of as follows: £34,000
3,500,000
Conversion of Union Planters Bank & Trust Co. of
for the home trade, £35,000 for the Continental trade and £15.000for India.
Memphis, Tenn.
The following movements of gold to and from the Bank of England have
been announced, showing a net influx of £1991,901 during the week
CHARTERS ISSUED.
under review:
May 14
-The First National Bank in Brooksville, Fla
50,000
May 2. May 3. May 4.
May 6. May 7. may 8.
President, F. B. Coogler: Cashier, B. H. Robison.
Received
£5,666
Nil
Nil £1,200,532 £813,394
Nil May 15
-Central National Bank & Trust Co. of Des Moines,Ia
250,000
Withdrawn
3.437 £2,000 £5,000
5,000
Nil £12,254
Conversion of Central State Bank of Des Moines, Iowa.
Of the receipt on the 6th instant, £1,000,000 was in sovereigns from AusPresident, Grant McPherrin; Cashier, Lynn Fuller.
tralia. The amount received yesterday was in bar gold of which about May 15
-The Nebraska National Bank of Minden, Neb
40.000
£720,000 was from South Africa, but the source of the balance-£93.394
Conversion of the Minden State Bank, Minden, Neb.
and the £200,532 bar gold received on the 6th instant is not known. The
President, Andrew Jensen; Cashier, Val Jensen.
withdrawals consisted of £13,691 in bar gold and £14,000 in sovereigns.
May 15
-The Merchants National Bank & Trust Co. of Fargo,
The following were the United Kingdom imports and exports of gold
N. Dak
250,000
registered from mid-day on the 29th ult. to mid-day on the 6th inst.:
President, H. W. Gearey: Cashier, E. E. Simonson.
Imports.
May 15
Exports.
-The National Bank of Valley City, N.flak
100,000
Germany
£643,700 Germany
E170,140
President, John 0, Hanchett: Cashier, Erie L. Fouks.
British West Africa
37,404 Netherlands
32,723 May 16
-The North Broad National Bank of Philadelphia, Pa
250,000
British South Africa
604,203 France
14,979
Presidenb, Herbert Hope: Cashier, R. M. Flood.
Other countries
7,059 Switzerland
25,600
Austria
CHANGE OF TITLES.
10,250
Egypt
35,753 May 15
-Brotherhood National Bank of San Francisco, Calif., to "City
British India
28,185
National Bank of San Francisco."
Other countries
4.303 May 15
-The Palisades Park National Bank, Palisades Park, N. J., to
Company..
"The Palisades Park National Bank & Trust
'
£1,292.366
£321,933 May 16
-The First National Bank of Huntington, N. Y., to "First NaSILVER.
tional Bank & Trust Company of Huntington."
Sellers have been inclined to hesitate following the decline in the market, May 17
-The First National Bank of New Canaan, Conn., to "The First
and more steadiness has been maintained during the past week. China has
National Bank & Trust Company of New Canaan."
worked both ways, but support from this quarter caused a hardening of
prices, culminating yesterday in a rise of 3-16d. for both positions, thus
VOLUNTARY LIQUIDATIONS.
carrying the quotatiions to 2.
Capital.
)4d. and 25 9-16d.for cash and two months'
delivery respectively. The upward movements have corresponded to some May 16
-The Louisville National Bank & Trust Co., Louisville,
•
setback in the Japanese exchange, and It is thought therefore that the silver
Ky
$750,000
Operations formed the counterpart of operations in yen. Indications that
Effective close of business May 15 1929. Liq. Corn,,
the market was overstrained proved well-founded, as following the advance.
board of directors of the liquidating bank. Succeeded
holders of silver on China account were willing sellers and to-day prices
by new State bank. The liquidating bank has six
re-acted sharply, a fall of 3-16d. and
branches in Louisville, Ky.
respective deliveries bringing quotations down to 25 5-164. ;id. in the
May 16
-The First National Bank of Big Sandy,Tenn
25,000
Until yesterday. when American operators were keen to take advantage
Effective May 16 1929. Liq. Agent, Peoples Union
of the rising market, offerings from America had been more restricted, but
Bank & Trust Co. of Camden, Tenn. Absorbed by
the Indian Bazaars have made forward sales besides small purchases for
Peoples Union Bank & Trust Co. of Camden, Tenn.
prompt shipment.
May 16
-The Planters National Bank of Detroit, Texas
25,000
The 3d inst. saw the cash quotation once more at a discount as compared
Effective May 13 1929. Liq. Agent, W. E. Holloway,
with that for two months' delivery-a premium of 1-16d. on the latter
Detroit, Texas. Absorbed by Citizens State Bank of
being then established; to-day, however, rates were again quoted even at
Detroit, Texas,
25 5-16d.
BRANCH AUTHORIZED UNDER AM' OF FEB. 25 1927.
The following were the United Kingdom imports and exports of silver May 16
-The Second National Bank of Boston, Mass. Location of
registered from mid-day on the 29th ult. to mid-day on the 6th inst.:
branch, in the Park Square district, Boston.
400
MAY 25 1929.]
FINANCIAL CHRONICLE
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 A. J. Wright & Co., Buffalo:
Shares. Stocks.
Bonds- ,
$ Per ali.
1,000 Corona Mines, par 51
lc: 51,000 Minn.& St. Louts ref. & ext.
5 Keitor Qualitol, Inc.. par $20-75c. lot
5s, series A, 1962 (Aug. 1923
1,000 Chaput Hughes, par $1
Sc.
coupon attached)
$17 lot
100 Boston & Montana Devel. Co.,
Boston,temp. ctf., par $5____$1.50 lot
By Adrian H. Muller & Son, New York:
3465
By R. L. Day & Co., Boston:
Shares. Stocks.
$ per Sh.
7 Federal Nat. Ban (unden.)
300
12 Ludlow Mfg. Associates
1754
3 Appleton Co., preferred
19
12 Stafford Mills; 1 Troy Cotton &
Woolen Mfg. Co., par $500:
10 Weetamoe Mills
$26 lot
80 Associated Textile Co
37
10 Connecticut Mills, corn, A,
850
Par $10
7 Ware River RR
130,
13 Algonquin Printing Co
325
50 Oliber Building Trust
45
6 units First Peoples Trust
40
40
2 units First Peoples Trust
2 units First Peoples Trust
40
26 units First Peoples Trust
40
39 Old Colony Trust Associates
55
2 Mass. Ltt. Co.8% pref.(undep.)-129%
Shares. Stocks.
$ Per Sh.
260 Beacon Participations, Inc.,
preferred A
zo
100 Beacon Participations, Inc.,
preferred A
20%
14 special units First Peoples Trust_ 3
486 Beacon Participations, Inc.,
preferred A
203.1
2 New England Power Co., pref
108
50 Merrimac Chem. Co., par $.5068-70%
2 units First Peoples Trust
40
10 Boston Insurance Co
935
2 New Hampshire Fire Ins. Co_ __ _700
Rights.
$ per Right.
1,000 First National Bank, when,
as, it issued
VIII
Bonds,
Per Cent.
5500 Belmont Spring Trust ref.
mtge. (is. May 1936
85 & int.
100 Cotura Pictures Corp. (Del.) corn.,
Jordan Valley Irrig. Dist., Ore., 6s,
no par;20 Brewster Film Corp.(N.Y.).
Jan. 1 1938, July 1929 and sub, coup.
par $10:400 Barnes King Develop. Co. attached:$10,000 Kenshire Apartments
(Mont.). par 55; 300 Burknett Van (Kengyle Bldg. Corp., Chicago), 1st
Cleave 011 Co. (Del.), Par $1; 25 Co- 64s, Oct. 15 1941, Oct. 1929 and sub.
lumbia Graphophone Mfg. Co. (Del.)
coupons attached
$3,000 lot
pref.; 210 Continental Oil dr Ref. Co.
By Barnes & Lofland, Philadelphia:
(Del.) par $1, bonus ctt. for 105 shs. $186,000 Wakenva Coal Co., Inc., cony,
Shares. Stocks.
$ per sh.
Continental Oil & Ref. Co. corn. Each
$ Perth
coll. tr. sink. fund 634s, Aug. 1 1947, Shares. Stocks.
5 Broad St. Tr. Co., par $50
subject to subscrip. being taken up of
76
Feb. 1929 and sub, coup. attached or 15 Northeast National Bank of
Holmesburg, par 850
35 Plaza Trust Co.. par 510
21 she, of the 8% pref., and subscrip.
25
available
$26,000lot 14 Northeast National Bank of 91
5 Glenside(Pa.)Trust Co., par 550_ 60
allotment ctf. for 21 shs. Continental
90
7 Glassboro(N. J.) Title & 'Pr. Co.136
Holmesburg. Par $5
Oil & Ref. Co. 8% pref.; 75-100 011 $3.000 Jordan Valley Irrig. Dist.. Ore,
0
185
25 Constitution Indemnity Co..
Lease Devel. Co.stock held In trust by
6s, Jan. 1 1940, July 1929 and sub, 5 Overbrook National Bank
par $10
Middle States Oil Corp.; 14 Nat.Arenas
304
coup. attached; $3,000 Jordan Valley 25 Drovers & Merchants National
Bank, par $10
16
50 Bankers Bond & Mtge. Guaranty
Syndicate (Del.), cl. A corn., no par:
Irrig. Dist., Ore., 6s, Jan. 1 1941, July
Co. of America, no par
10 Nat. Arenas Syndicate, prof.; 5 Per30
1929 and sub, coup. attached: $3,000 12 Drovers & Merchants National
Bank, par 510
15% 50 Edgemont Bldg. & Loan Assn.,
fection Tire & Rubber Co.(Del.), coin..
Jordan Valley kris. Dist., Ore., 6s,
205
Chester, Pa.(26th series)
$125 lot
no par; 10 Real Estate Exchange &
Jan. 1 1942, July 1929 and sub, coup. 10 National Bank of Olney
245 Phila. Co. for Guar. Mtges..
Publishing Co. (N. J.), par $20: 50
attached: $17,000 Island Develop. Co. 2 City National Bank 6:, Trust Co_ _245
Par $20
60
San Geronimo Mines & Metals Corp, 3-yr. 6s, Feb. 15 1930, Aug. 1929 and 80 Bank of Phila.& Tr. Co., par $10 50
63
(Maine) corn., par $10; 21 Unlon Dissub, coup. attached; $15,000 Kenshire 25 Bk.of N.Am.& Tr. Co., par $251444 2Susquehanna Trust
4 Second & Third Streets Pass. RY.,
count Co., Inc.(N. Y.), cons., no par:
Apartments (Kengyle Bldg. Corp., 8 Woodland Bk. dr Tr. Co., par $50. 85
ctf. of deposit
149
42 Union Discount Co., Inc., pref.; 3
Chicago) let 63.45. Oct. 15 1940, Oct. 80 U. S. 13k. & Tr. Co., par 310- 1234
100 Phila, Life Ins. Co
Oil Lease Devel. Co. (Del.), no par;
2634
1929 and sub. coup. attached: $19,000 20 U. S. Bk. & Tr. Co., par $10.- 12
17 Mitten Men & Management
5 Union Bank & Trust
48
50 Waterbury Co., let prof.: 70 WilKenshire Apartments (Kengyle Bldg.
Bank dr Trust Co. (stPd.)
984
Rights.
$ per Mai.
liamburgh Trust Co.; $10,000 Astoria
Corp., Chicago) let 64s, Oct. 15 1941,
17 Liberty Title & Trust Co.,
Steel Co. deb. 68 reg., June 1 1923:
Oct. 1929 and sub, coup. attached; 9 Northern Central Tr. Co., par $50 172
at $132.50
115
$2,000 The Berkeley School 6% mtge.
$1,000 79 Madison Ave. Corp., N. Y. 50 Metropolitan Tr. Co., par 550..115
50 North City Tr. Co., at $100... 30
bonds, due May 1 1906. Nov. 1903 and
City, let Os, Mar. 15 1939. Sept. 1929 100 Real Estate-Land Title & Trust
Co., par $10
Bonds.
70
Per Cent,
sub, coup, attached; also 2 coupons
and sub, coup. attached; $5,000 N. Y.
Lives, &c.,
$500 Elks 6s
$175 lot
$30 each, dated May 1901; 52,200 Dry
United Hotels, Inc. (The Roosevelt), 50 Pa. Co. for Ins. on
14434
Dock Broadway & Battery RR. Co.,
20-yr. sink. fund 6s, Feb. 1 1947. Aug. 'par $10
reg. ref. mtge. Inc. bond, ear. C. due
1929 and sub, coup. attached: 51,000
Jan. 1 1960 and $45.80 scrip; $15,000
Lords Court Exchange Place Corp.,
DIVIDENDS.
Waterbury Rope Co. 6% note dated
Lords Court Bldg. Ctt representing a
Oct. 29 1901, reduced to $5,000, int.
share or part in Lords Court Exchange
Dividends are grouped in two separate tables. In the ,
paid to Oct. 1 1902; 200 Astoria Steel
Place Corp. 1st sink. fund 548, due
Co.; 100 Denison (Tex.) Land & Invest.
Dec. 1 1942, June 1929 and sub, coup. first we bring together all the dividends announced the
Co.; 14 Magnolia Park Co.: 276 N. Y. attached; $1,000 J. C. Penney Bldg. &
current week. Then we follow with a' second table, in
Bagging Co., par $50: $10 Ohio Cities
Realty Corp. let serial 54s, May 1
Gas Co., fractional warrant; 16 Port
1941, Nov. 1929 and sub, coup. at- which we show the dividends previously announced, but
Houston Land Impt. Co., Houston, tached:$57,000 Home Mtge. Co., Dur- which have not yet been paid.
Tex.: 100 Waterbury Co., pref--888 lot
ham, No. Caro., 54s bonds, ser. 1,
The dividends announced this week are:
Nov. 1929 and sub, coup. attached.
125,000 Portland Mining Co., par $1;
Maturities as follows: $11,000 May 1
10,200 Goleta Consol. Mining Co. (as1932, $15,000 Nov. 1 1932, 59,000
Per
When
Books Closed
sessments 1, 2 and 3 paid), par $1: 78
Nov. 1 1935, $20,000 May 1 1936,
Cent. Payable.
Days Inclusive.
Name of Company.
Electric Ry. Co. of U. S.; 500 El Ta$1,000 May 1 1933,81,000 Nov. 11938;
lento Gold Mining Co., Par $2; 175
$17,782.39 Los Angeles, Cal., St. Impt.
Railroads (Steam).
Exporters Locked Shell Oyster Co.. Dar
Installment 7s, Jan. 2 1935. coupons Atlantic Coast Line Co.(Conn.)(quar.). *$2.50 June 10 *Holders of rec. May 31
550; 12 Mountain City Mfg. Co.; 5,100
covering prin. payment due Jan.2 1930 Boston & Albany (quar.)
234 June 29 Holders of rec. May 31
New Iron Hill Mining Co., par El: 200
and sub, coup, attached; coup, cover- Boston dr Providence (quar.)
*2% July 1 *Holders of rec. June 20
Phoenix Lead Co., par $1; 125 Rowe
ing int. payment due July 2 1929 and Cin. N.0. dr Tex. Pacific corn
June 24 Holders of rec. June 7
4
Alaska Co., par $5; 56 Sonora Milling
sub, coup. attached; unpaid coupons Great Northern preferred
2% Aug. 1 Holders of rec. June 25a
Mining Co. gold devel. 6% bond, due
totalling $484.77, covering prin. and Gulf Mobile & Northern pref.(quar.)... •144 July 1 *Holders of rec. June 15
Jan. 11920; 5 U. S. Automatic Vendint, payments due Jan. 2 1929, attach. Mobile dr Birmingham pref
2
July 1 June 2 to June 30
ing Co.; 74 Western Car Co. ($12 per
or available
$35,000 lot Pittsb. Youngs. dr Ashtab. pref.(quar.). 1%, June 1 Holders of rec. May 20a
sh. of stk., represented by this at. has
*50e. July 11 *Holders of rec. June 20
Reading Co., 2d pref.(quar.)
been paid), par $25; 1 receipt of Juarez 58,697.01 spec, tax bills, St. Impt,
Mines Co., dated Apr. 19 1906, for 106
Tulsa, Okla., 7s, due Dec. 1 1935, inPublic Utilities,
shs. Sonora Milling & Min. Co_..85 lot
stallment coupons covering prin. and Amer. Elec. Power $6 pref. (quar.)
$1.50 June 1 Holders of rec. May 22
int. due Dec. 1 1929 and sub, coup.
$1.75 June 15 Holders of rec. June 1
$7 preferred (quar.)
$1.000 Equitable Office Bldg. Corp.sink.
attached; also install, coupons covering Bell Telephone Co. of Canada (guar.)-- *2
July 15 *Holders of rec. June
fund deb. 5s. May 11952. Nov. 1 1929
unpaid prin. and Int. totalling 3132.85, Birmingham Water Works pref.(quar.)- •134 June 15 *Holders of rec. June 22
1
and sub, coup. attached; 51,000 Kendue Dec. 1 1928, attached or available; Boston Elevated common (guar.)
•51.50 July 1 *Holders of rec. June 9
shire Apartments (Chicago, Ill.), let
$1,526.24 (duplicates) install, bonds for
*4
July 1 *Holders of rec. June 9
First preferred
6%a, Oct. 15 1941, Oct. 1929 and sub.
street assessment, City and Co. of San
Preferred
*Holders
July
rec. June 9
coup. attached: 59,000 N. Y. United
Francisco, Calif., D.F.Roberta to A.J. Chic, North Shore & Milw, pr. lien (qu.) *334 July 1 *Holders of rec. June 15
*154
1
of
Hotels,Inc.(The Roosevelt),sink.fund
Ralsch 75, due July 10 1934.
Preferred (quar.)
' July 1 *Holders of rec. June 15
1%
deb. Os bonds, due Feb. 1 1947. Aug. stallments paid on bond No.Four in3186 of Chic. Rap. Transit pr. pf. A (mthly.)
•
65e. July 1 *Holders of roc, June 18
.
'29 and sub,coup. attached_ _54,000 lot
$105.40 each, balance amount unpaid
Prior preferred class A (mthly.)
65c. Aug. 1 *Holders of rec. July 16
*
$632.47; three installments paid on
Prior preferred class A (mthly.)
•65e. Sept. 1 *Holders of rec. Aug. 20
5182,500 Wakenva Coal Co. coll, trust
bond No. 3185 of $127.75 each, balance
Prior preferred class B (mthly.)
•60c. July 1 *Holders of rec. June 18
cony, sink. fund 6s, Aug. 1 1947, Aug.
unpaid 5893.77: $552.94 St. Impt, InPrior preferred class B (mthly.)
*600. Aug. 1 *Holders of rec. July 16
'29 and sub. coup.attached _525,000 lot
stallment 7s, Long Beach. Calif., due
Prior preferred class B (mthly.)
•600. Sept. 1 *Holders of rec. Aug. 20
Jan. 2 1935: prim coup.
•
134 July 1 *Holders of rec. June 12
$137,500 Central Hudson Steamboat Co. and sub, coup. attached:due Jan. 1930 Cleveland Railway (quar.)
Int. coup. due Coast Counties Gas dr Elec.Co. 1st 58, 1933
$500 lot
July 1929 and sub. coup. attached;
6% first preferred (quar.)
134 June 15 Holders of rec. May 25
51,728.84 St. Impt. install. 75, Los
6% second preferred (quar.)
14 June 15 Holders of rec. May 25
525,000 Newburgh City Sub. Ry. gen.
Angeles, Calif., due Jan. 2 1935; prin.
*623ic June 1 *Holders of rec. May 20
mtge. deb. 68, 1949
550 lot
coup. due Jan 1930 and sub, coup. Connecticut Power common (quar.)
Preferred (quar.)
'13.4 June 1 *Holders of reel May 20
attached; int. coup. due July 1929 and
Consol. G. El. L. dr Pr., Bait., com.(qu.) *750. July 1 *Holders of rec. June 15
52.000 Lake Irrigation Dist., Valley Co., sub, coup, attached; unpaid int,
and
*14 July 1 *Holders of rec. June 16
5% Preferred series A (quar.)
Ida., Water Impt. Os, July 1 1945, July
prin. coup. due Jan. 1929, $30.70. at6% preferred series D (guar.)
*13.4 July 1 *Holders of rec. June 15
1929 and sub. coup. attached; $1,000
tached or available
$3,000 lot
*1% July 1 *Holders of rec. June 15
% preferred series E (quar.)
By Wise, Hobbs & Arnold, Boston:
Continental Passenger Ry., Phila
*53 June 30 *Holders of rec. May 31
•14 July 15 *Holders of rec. June 15
Duquesne Light 5% 1st prof.(quar.)$ per Sh. Shares. Stocks.
Snares. Stocks.
$ per Sh.
5% first pref.(quar.)
•14 Oct. 15 *Holders of rec. Sept. 14
3924-393
10 Saco-Lowell Shops let pref
82 Nat. Shawmut Bank
10 No. Bost. Ltg. Prop, corn. un- 573.4 Eastern Texas Electric Co., pref.(qu.) - 1% July 1 Holders of rec. June 5
75 Nat. Rockland Bank (new,
Electric Power & Light Corp., prfe.(qu.) $1.75 July 1 Holders of rec. June 13
116
when issued), par $20
deposited
69% Illinois Bell Telen.
*2
June 29 *Holders of rec. June 28
500
units First Peoples Trust
20 U.S. Trust Co
Mari
40
K.C. Pow.& Lt. 1st pt. sec. B (quar.).- •51.50 July 1 *Holders of rec. June 14
200
90 Old Colony Gas Co. common,
10 Boston National Bank
Kansas City Public Serv. prof. A (qu.).. •$1
July 1 *Holders of rec. June 20
par $25
8 Federal National Bank (as is) - -295
604-63
Laclede Gas Light common (quar,)
24 June 15 Holders of rec. June 1
48
30 Suffolk Real Estate Trust
25 Newmarket Mfg. Co
2% June 15 Holders of rec. June 1
Preferred
48- Dartmouth Mfg. Corp.com _80 ex-div. 10 Hood Rubber Co. 74% Prof... 424
Minnesota Power & Light,7% pref.(qu.) 1% July 1 Holders of rec. June 15
55
20 Beacon Participations, Inc., Cl. A 55
25 Moose° Cotton Mills prof
S6
$1.50 July 1 Holders of rec. June 15
pref
25 Boston RR. Holding Co. prof... 8034
214 ex-div. New preferred (quar.)
England Power Assn., corn.(qu.).. *50c. July 15 *Holders of rec. June 29
35 Great Northern Paper Co., par
15 Union St. Ry. of New Bedford
Preferred (quar.)
common
39
*$1.50 July 1 *Holders of rec. June 14
$25
604 New England Telep. dr Teleg.(quar.)
35 No. Bost. Ltg. Prop, com2
June 29 Holders of rec. June 10
19 Johnson Educator Biscuit Co.
New Rochelle Water, pref. (quar.)
class A
mon V. 1. e
17
'1% June 1 *Holders of rec. May 20
1.84-84
New York Steam Co.. 56 prof.(quar.)_ _ *51.50 July 1 *Holders of rec. June 15
16 No. Bost. Ltg. Prop, common
52 Johnson Educator Biscuit Co.
$7 Preferred (quar.)
class B
74
undeposited
•$1.75 July 1 *Holders of rec. June 15
69
11 units First Peoples Trust
Northern Ohio Pr. de Lt..6% Pref.(qu.) 14 July 1 Holders of rec. June 15
106
10 Boston Wharf Co
40
7% Preferred (quar.)
13,4 July 1 Holders of rec. June 15
135 units Thompson s Spa. Inc.-100 3 Lamson dr Hubbar Corp. corn.-- 8%
Pacific Tel. & Tel. common
50 New England Pub.Ser. Co.corn. 60
324 Wickwire Spencer Steel Corp.
'1% June 29 *Holders of rec. June 20
(guar.)
Preferred (quar.)
common V. t. o
$16 lot 40 Jones, McDuffee & Stratton
*14 July 15 *Holders of rec. June 29
Peoples Lt. & Pow.Corp., corn. A (au.)_ y(10c. July 1 Holders of rec. June 8
Corp. class A
21 Advance Bag dr Paper Co., Inc.,
50 Beacon Participations Inc. Cl, A 3H Philadelphia Co. common (guar.)
common
41
*31
Common (extra)
preferred
•75c.
9 Salem Gas Light Co. par $25.... 40
21 ex-d1v. Power
Corp. of Canada partic. pt.(qu.). 750. July 15 Holders of rec. June 29
2 Amer. Mfg.Co. common
75 New Bedford Gas & Edison Light
48
Shawinigan Water & Power (quar,)
100% 5 Amer. Mtg. Co. pref
50c. July 10 Holders of rec. June 14
Co. V. t. o.. par $25
64
Southern
8% 300 Atlantic Pub. CUL Inc. of I/04 22
10 Craton & Knight Co. common
2234
-H Standard California Gas, pref.(quar.) _• 1.6234 June 1 *Holders of rec. May 10
Gas& Electric,$4 pref.(quar.) 51 June 15 Holders of rec. May 31
class A
5 Bankstocks Corp. of Md. class B
common. par $10
8% 1,220 Beacon Participations, Inc.,
Trust Companies.
class A prof
5 Springfield G. L. Co. undeP.,
204-214 ex-div.
Equitable lunar.)
3
June 29 Holders of rec. June 15
25 Saco-Lowell Shops 2d met
55
par $25
284 Fulton (quar.)
3
July 1 Holders of rec. May 31
5 Hood Rubber Co. 714% pref._
4 Bankstocks Corp. of Md. 64%
55
U.S. Mtge. Sr Trust (two months)
$2.67 June 1 Holders of rec. May 28
21 Merrimac Chemical Co. par 550,
45
preferred. par $50
2 Bankstocks Corp. of Md. class A
883i-70%
17
Rightscommon
$ per Right Importers Fire Insurance.
*
51 June 1 *Holders of rec. May 18
dr Exporters (quar.)
100 Nat.Shawmut Bank, when ined
49
5 University Associates
Bonds.
10 Jones, McDuffee & Stratton
Per Cent.
Miscellaneous.
812,000 1st mtge. & note given by
Corp. class A
Adams Express (quar,)
*114 June 29 *Holders of rec. June 15
Charles H. Hemenway to Henry
47 Old Colony Trust Associates.... 55
Preferred (quar.)
June 29 *Holders of rec. June 15
75
If. Senders and Everett J. Holmes
25 Plymout Cordage Co
Agnew Surpass Shoe Stores, pref.(qu.)._
1
July 2 Holders of rec. June 15
dated Oct. 17 1927, on 20 acres
40
4 units First Peoples Trust
Aldred Investment Trust
*50c. June 1 *Holders of rec. May 31
66
of land on West St., Weymouth,
15 Draper Corp
Aluminum Industries (quar.)(No,
*37qc June 151M:folders of rec. June 1
$2,000 lot
3466
Name of Company.
[VOL. 128.
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
•
Name of Company.
When
Per
Cent. Payable
Books Closed
Days inclustee.
Miscellaneous (Concluded).
Miscellaneous (Continued).
25c. June 1 Holders of rec. May 27
Homestead Funds Corp., com
Allegheny Steel, common (monthly).- *150. June 18 *Holders of rec. May 31
$1.75 June 1 Holders of rec. May 21
Preferred (guar.)
*15c. July 18 *Holders of rec. June 30
Common (monthly)
*51.25 July 1 *Holders of rec. June 11
Hudson Motor Car (guar.)
*25c. July 18 *Holders of rec. June 30
•
(extra)
Common
Hydro-Electric Securities (au.) (No. 1). 250. June 14 Holders of rec. June 5
*15c. Aug. 17 *Holders of rec. July 31
Common (monthly)
Imperial Royalties, common
Sic May 30 Holders of rec. May 25
*15c. Sept. 18 *Holders of rec. Aug. 31
Common (monthly)
7%c May 30 Holders of rec. May 25
Common, class A
*Holders of rec. May 21
*750. June 1
American Arch common (guar.)
134 May 30 Holders of rec. May 25
Preferred (monthly)
American Art Works,corn.& pref.(gu.). 1H July 15 Holders of rec. June 30
18c May 30 Holders of rec. May 25
Preferred, class A (monthly)
American Bank Note,common (guar.).- *50c. July 1 *Holders of rec. June 10
July 1 *Holders of rec. June 5
*3
Ingersoll-Rand
preferred
*75c. July 1 *Holders of rec. June 10
Preferred (guar.)
July 1 Holders of rec. June 13
Co..
Inspiration Consol. Copper Co. (guar.). $1
American-Canadian Properties
51 June 15 Holders of rec. June 1
International Cement, common (guar.). .$1 June 28 *Holders of rec. June 11
*Holders of rec. June 12
.60c. June 29
American Colortype (quar.)
Internat. Equities Corp.. class A (guar.) 87540 July 1 Holders of rec. June 20
American Commercial Alcohol•100. June 14 *Holders of rec. June 5
Internat. Holding dr Dev., common
*40e. July 15 *Holders of rec. June 20
Common (guar.)(No. 1)
International Milling. 1st pref. (guar.).- *1% June 1 *Holders of rec. May 22
of rec. June 20
July 15 *Holders
Common (payable In corn. stock). __ _ rf3
Internat. Proprietaries, Ltd.,(Montreal)
June 1 *Holders of rec. May 21
*2
American Dock, pref. (guar.)
65e. June 15 Holders of rec. May 25
Class A (quar.)
*e100 Subj, to stkholds. meeting May 27
American Eagle Aircraft (stock div.)•$1.50 July 1 *Holders of rec. June 15
International Salt
*Holders of rec. June 3
Amer.European Sec. corn.(in corn. stk.) *J100
30e. July 1 Holders of rec. June 14a Int. Sleeping Car & European Express
Amer. Home Products Corp.(monthly).
Trains Co., Amer. dep. recta. ord.
*50c. June 1 *Holders of rec. May 14
American Hosiery (guar.)
(q) May 21 Holders of rec. May 18
bearer shares
•400. June 1 *Holders of rec. May 24
American Radio & Television
July 1 Holders of rec. June 15
$2
(qu.). •75e. July 1 *Holders of rec. June 11 Intertype Corp.. 1st pref. (quar.)
Amer. Solvents & Chem., par. pf.
July 1 Holders of rec. June 15
$3
Second preferred (guar.)
rec. May 31a
1214c July 1 Holders of
American Thread, preferred
.75c.
Irving Oil Co., Ltd., pref.(No. 1)
American Zinc, Lead & Smelting, pref_ $1.50 July 1 Holders of rec. June 14
6234c. June 1 Holders of rec. May 23
Jaeger Machine, common (guar.)
5
Anglo-American Oil, ordinary (final)._ *734 June
$1.25 July 1 Holders of rec. May 31
Kennecott Copper Corp.(guar.)
Arnold Print Works (guar.)(No. 1
)
"373r5o
June 15 *Holders of reo. May 31
*$1.
Kilburn Mfg.(guar.)
1K June 1 Holders of rec. May 20
Mich. Ltd.(Montreal), pref.(quar.)
Kraft-Phenix Cheese Corp., corn. (au.). *37Hc July 1 *Holders of rec. June 10
of rec. July 13
Associated Dry Goods common (guar.).- *63c. Aug. 1 *Holders
*5 1.6234 July 1 *Holders of rec. June 10
Preferred (quar.)
First preferred (guar.)
'134 Sept. 1 *Holders of rec. Aug. 10
.51.34 July 1 *Holders of rec. June 7
Kreuger dr Toll. American shares
•1% Setp. 2 *Holders of rec. Aug. 10
Second preferred (guar.)
Lamson & Sessions Co., corn. (guar.)... 6234c June 15 Holders of rec. June 5
Assoc. Royalty Corp.,com.A.(monthly) 134 May 16
1214c June 15 Holders of rec. June 5
Common (extra)
134 June 15 Holders of rec. June 5
Atlantic Terra Colts, prior pref.(qu.)
50c. July 1 Holders of rec. June 15
Lane Drug Stores, Inc., cony. pf.(qu.)
June 25 Holders of rec. May 22
1
Preferred (guar.)
90c. June 29 June 13 to June 29
Lehigh Valley Coal Sales (guar.)
*50c. June 1 *Holders of rec. May 17
Atlas Portland Cement, corn.(quar.)-750. July 1 Holders of rec. June 12
Lehigh Valley Coal Corp. pref. (guar.)
prof.
Automotive Gear Works. cony.
150. July, 1 Holders of rec. June 11
May 20
Leasing's, Inc.(guar.)
*41 Sic June 1 *Holders of rec.
(guar.) (No. 1)
10e. July 1 Holders of rec. June 11
Extra
75c. July 1 Holders of rec. June 10
AutoStrop Safety Razor, cony. A (qu.)50c. June 29 Holders of rec. June 14
Loew's, Inc., common (guar.)
July 1 *Holders of rec. June 8
Baldwin Locomotive Works,com.& of_ '334
234 July 1 Holders of rec. June 15a
Lord 5: Taylor, common (guar.)
Bancroft (Joseph) & Sons Co. coal.(qu.) 6234c June 29 Holders of rec. June 15
•134 June 1 *Holders of rec. May 17
First preferred (guar.)
75c. July 10 Holders of ree. June 25
Beech-Nut Packing, common (guar.).June 5 Holders of rec. May 23
Lyall(P.) dr Sons Constr.(com.(stk.div.) 12
of rec. June 1
June 15 *Holders
Berkey & Gay Furniture, pref. (guar.)._ *2
$1 July 1 Holders of rec. June 14
Macy (R. H.) dr Co., Inc., com.(extra)
30c. July 1 Holders of rec. June 20
Berry Motor (guar.)
*734
Malacca Rubber Planations,-com
(guar.) 1% July 1 Holders of rec. June 15
Blumenthal(Sidney) dr Co.. pref.
Mathieson Alkali Wks., com.(guar.) _ •50c. July 1 *Holders of rec. June 7
Preferred (acct. accumulated divs.).- h5K July 1 Holders of rec. June 15
•1% July 1 *Holders of rec. June 7
Preferred (guar.)
*52 June 15 *Holders of rec. May 31
Bohm Chia: Oil class A (guar.)
of rec. July 15
McCahan (W. J.) Sugar Refg. & Mo*$1 July 30 *Holders
Bon Aml Co., class A (guar.)
13.( June 1 Holders of rec. May 23a
lasses Co., pref. (quar.)
'Si July 30 *Holders of rec. July 15
Class A (extra)
*.500. July 1 *Holders of rec. June 20
McGraw-Hill Publishing, com. (qu.)
•50c. July 1 *Holders of rec. June 24
Class B (guar.)
June 15
Melchers Distillers. Ltd.(Montreal)
July 1 *Holders of rec.
'St
Borg Warren Corp., corn. (guar.)
50e. June 15 Holders of rec. May 31
Class A
July 1 *Holders of rec. June 15
Common (Payable in cbmmon stock) In
$1.25 June 29 Holders of rec. June 50
Mergenthaler Linotype (guar.)
Common'payable in common stock)._ *150 Aug. 15 *Holders of rec. Aug. 1
500. June 29 Holders of rec. June 50
Extra
*1).4 July 1 *Holders of rec. June 15
Preferred (guar.)
*75c. June 1 *Holders of rec. May 20
Merit Hosiery, pref.(No. 1)
*500. June 1 *Holders of rec. May 20
Bradley Knitting, common (guar.)
750. July 1 Holders of rec. June 15
rec. May 20
Midvale Company (guar.)
•134 June 1 *Holders of
First and second pref. (guar.)
*8734c July 1 *Holders of rec. June 15
British-American Tobacco,ord.(interim) (o) June 29 Holders of coup. No. 130 Miller de Hart, pref. (guar.)
55 June 6 Holders of rec. June 1
Motor Products Corp.. corn. (extra)
Brockway Motor Truck. cony. pt. (qu.) 1i( July 1 Holders of rec. June 10
*50c. June 20 *Holders of rec. June 10
Motor Wheel Co. (guar.)
*50c. Aug. 1 *Holders of rec. June 28
Bush Terminal Co.. com. (quar.)
30c. June 1 Holders of rec. May 22
Murphy (G. C.) Co.. corn. (guar.)
in commonstock)- '11(4 Aug. 1 *Holders of rec. June 28
Common (payable
*75e. July 15 *Holders of rat. July 1
Murry Corporation (qu.)(No. 1)
*1% July 15 *Holders of rec. June 28
Preferred (quar.)
*154 July 15 *Holders of rec. JULY 1
Corn.(payable in com. stock)
•1K July 1 *Holders of rec. June 14
Bush Terminal DIcies., pref. (quar.)
e12
Muskegon Piston Ring (in Stock)
*e300 June 15 *Holders of rec. June 15
By-Products Coke (in stock)
Muskogee co
June 15 *Holders of reo. June 6
•54
•50c July 1 *Holders of rec. June 20
Dalifornia Ink (quar.)
National Brick of La Prairie3734c June 15 Holders of rec. May 31
Co., Ltd. (quar.)
Danada Malting
I% June 15 Holders of reo. May 31
Holders of rec. May 15
Preferred (guar.)
40e. June 1
Danada Vinegars, Ltd., corn
July 1 *Holders of rec. June 15
National Grocers (Toronto), 1st Pf.(qu )*52
:lase (J. I.) Threshing Mach.,corn,(qu.) '134 July 1 *Holders of rec. June 12
National Mfg.& Stores, 7%1st M(qu.) •lli July 1 *Holders of reo. June 15
*1).4 July 1 *Holders of rec. June 12
Preferred (guar.)
1l4 June 29 Holders of rec. June 19
National Supply of Del.. pref.(qu.)
:latent Macaroni Products (Montreal)•250. June 1 *Holders of rec. May 31
National Transit
500. June 1 Holders of reg. May 22
52 panic. cony. class A pref.(guar.)..51.31 July 1 *Holders of rec. June 15
134 July 1 Holders of rec. June 154 Nehl Corporation, 1st pref. (qu.)
Dentury Electric. common (guar.)
50c. June 15 Holders of rec. June 1
Neptune Meter, class A & B (guar.) --•750. July I *Holders of rec. June 10
Dhicasha Cotton 011 (guar.)
New Bedford Cotton Mills, pref.(qu.)-- *$1.50 July 1 *Holders of rec. June 10
Dity Stores Co., com.(guar.)(No. 1)... sue. July 1 *Holders of rec. June 14
Corp.
New Jersey Bond & Shareholding
oats (J. & P.), Ltd.250. June 1 Holders of rec. May 16
Investors corn.stock (No. 1)
Amer. dep. reels, for ord.reg.shares_ ml! July 6 Holders of reo. MAY 23
•43)4c July 1 *Holders of rec. June 20
Nichols Copper, class A (guar.)
July 1 *Holders of rec. June 12
*E2
Doca Cola Internat.. corn.(guar.)
*10c .June 1•Holders of re. May 20
North Amer. Oil Cons.(monthly)
July 1 *Holders of rec. June 12
*S3
Class A
North Central Texas Oil, pf. (guar.) _ 516234 July 1 Holders of rec. June 10
•3734e Aug. 1 *Holders of rec. July 15
Dockshutt Plow (quar.)
51 July 1 Holders of rec. June 15
Owens Illinois Glass, con). (guar.)
Dolt's Patent Fire Arms Mfg.(quar.).- •500. June 29 *Holders of rec. June 12
of rec. June 15
(covering
)
two
83.50 July 1 'Holders of rec. June 20
5aextra quarters) - 53 July 1 Holders of rec. July 12
Dolumbia Steel, preferred
*51.50 July 31 *Holders
ckar Prein
PaNevid M
$I July 1 Holders of rec. June
Trust, corn. (qu.)
veri
Motor Car
Dommercial Invest.
)
*51 June 27 *Holders of rec. June 17
5a parainne companies (rim.
July 1 Holders of rec. June
Common (payable in common stock).- 11
•e2 June 27 *Holders of rec. June 17
1,4 July 1 Holders of rec. June 50
Stock dividend
7% first preferred (quar.)
'1(4 June 15 *Holders of rec. May 31
1% July 1 Holders of rec. June 5a Penn Dixie Cement, pref. (quar.)
634% first preferred (guar.)
•250. July 1 *Holders of rec. June 8
peoples Drug Stores (guar.)
$2 July 1 Holders of rec. June 15
Dommercial Solvents Corp.(guar.)
•1% June 15 *Holders of rec. June 1
Preferred (guar.)
Dongoleura-Nairn Corp., Pref. (guar.).- 4,1% June 1 *Holders of rec. May 15
3734c July I Holders of rec. June 10
Pet Milk Co., corn. (guar.)
Donsol. Automatic Merchandising Corp.
1K July 1 Holders of rec. June 10
8734c June 15 Holders of ree. June 5
Preferred (guar.)
Preferred (quar.)
*750. July 1 *Holders of rec. June 4
Phelps-Dodge Corp. new stk. (guar.)
Donsolidated Service. Pref.(qu.)(No. 1) 6214c June 1 Holders of rec. May 25
3734o. July 1 Holders of rec. June 14
Phillips Petroleum (guar.)
Dontainer Corp. of Amer.,com. A & B.._ Divld ends om Itted.
1
*1).4 July 1
Port Alfred Pulp & Paper, pref.(guar.). 1% June 15 Holders of rec. June 14
Preferred (guar.)
*75e. July 1 *Holders of re0. June
Reliance Mfg., corn. (guar.)
Dontinental-Diamond Fibre (No. 1)....: *50e. June 28 *Holders of rec. June 14
15
June 15 Holders of rec. May 31
Reynolds Metals, panic. pref. (guar.)._ •81 June 1 *Holders of rec. May 31
Dooksville Co., Ltd.(Montreal). Pf. an.) 1
4351c June 15 Holders of rec. June 1
250. June 15 Holders of roe. May
Schiff Company, corn. (guar.)(No. 1)._
Drane Co., common ((luar.)
134 June 15 Holders of rec. June 1
134 June 15 Holders of rec. May 31
Preferred (guar.)
Preferred (quan)
•8734c May 31 *Holders of rec. May 20
• 112 50 June 15 *Holders of rec. May 31
Schettler Drug, class A (monthly)
pref.(guar.)
Drosse & Blackwell.
of
July 1 *Holders of rec. June 20
•51
Scovill Mfg.(guar.)
Drown Willamette Paper 1st pref. (qu.). *51.75 July 1 *Holders of rec. June 13
rec. June 13
Ream steel. Prof. (quar.)
•$1.50 July 1 *Holders
750. July 15 Holders of rec. June 29
2d preferred Mar.)
(guar.).- 12340. June 15 Holders of rec. May 24
*250. July 15 *Holders of rec. June 30
Segal Lock & Hardware, corn.
Drown 2ellerbach Corp.. corn. (guar.)
.1(4 June 1 *Holders of rec. May 20
July 1 Holders of rec. June 10
$1
Separate Units, Inc. (guar.)
3aniels & Fisher Stores, Pf.(qu.)(No. 1) 4
•20e. June 15 *Holders of rec. May 29
250. July 1 Holders of rec. June 10
Extra
)etrolt Motor Elts
July 1 *Holders of reo. June 20
*50c. July 1 Holders of rec. June 8
Sheffield Steel. corn. (guar.)
)oehler Die-Casting, 7% pref.(guar.).- '8734t
*51.75 July 1 *Holders of rec. June 20
'ft
Corn. (payable In corn, stock)
July 1 Holders of rec. June 8
7% preference (guar.)
•15 July 5
Shell Transport & Trading, ord
Jr pref. (guar.).- 1(4 July 2 Holders of rec. June 15
)0minion Glass, corn.
*750. June 1 *Holders of rec. May 21
Simmons
-Boardman Publishing
)resser Mfg. class A (guar.)
*3734c June 1 *Holders of rec. May 21
•75c. June 1 *Holders of rec. May 18
Preferred (guar.)
Class B
*Holders of rec. May
Sloss-Sheffield Steel & Iron, common-D ividen d omitt ed
)u Pont(E.I.)de Nemours Co.,com.(qu.) 'Si June 15 *Holders of rec. May 29
29
*50c. July 3
•1K July 1 *Holders of rec. June 20
Preferred (guar.)
Common (extra)
June 25 Holders of rec. May 25
•134 July 25 *Holders of rec. July 10
$1
Standard Chemical, Ltd.(Toronto)
Debenture stock (guar.)
*Holders of rec.
June 25 Holders of rec. May 25
51
Bonus
)urham Duplex Razor. $4 pr. 1)1. (an.). *El June 1 *Holders of rec. May 20
may 21
*1% May 31
134 June 29 Holders of rec. June 18
Standard Milling. corn.(guar.)
Co.. pref. (guar.)
tagle(C. K.)&
134 June 29 Holders of rec. June 18
Preferred (guar.)
:astern Utilities Investing Corp.$1.25 July 1 Holders of rec. May 31
•6234c July 1 Holders of rec. June 7
Standard Oil (Ohio), corn. (guar.)
$5 prior pref. (guar.)
*250. June 1 *Holders of rec. May 15
Tele.Mfg.com.(qu.)
pt. (qu.). $1.25 July 1 Holders of rec. June 8
Stromberg-Carlson
lectric Btor. Battery. COM.&
of rec. May 21
•10
Swedish Match. corn. (final)
ly-Walker Dry Goods, corn. (guar.)... 3734c June 1 Holders
.1.5
Common (interim)
quitable Investing Corp.June 15 Holders of rec. May 31
750. July 1 Holders of rec. June 70
Texas Corporation (guar.)
Corn. A (payable in common A stock). 14
*51
*51 June 1 *Holders of rec. May 20
Thomson Elec. Welding (extra)
'aber Co.& Gregg
6
11 June 20 *Holders of rec. June 29
4
Todd Shipyards (guar.)
(extra).- *150. June 1 *Holders of rec. May 20
'ederal Mogul Corp., common
$1 July 15 Holders of reo. June 29
500. July 1 Holders of rec. June 15
Tucketts Tobacco, com.(quar.)
'erry Cap & Set Screw (quar.)
1K July 15 Holders of rec. June
34 July I Holders of rec. June 15
Preferred (guar.)
Co. of N.Y.,com.(qu.)
'than. Investing
Holders of rec. June 15
65c. July 1 Holders of rec. May 31
Union Carbide & Carbon (guar.)
'hit Trust Bankstock Corp.(In stock) el0
May 11
United Realties, prior pref. (qu.)(No.1) •6234c June 1 *Holders of roe. June 21
*S1 June 1 'May 22 to June 2
lorence Stove, common (guar.)
134 July 2 Holders of reo. June 11
•134 June 1 *May 22 to June 2
United Securities, pref. (guar.)
Preferred (guar.)
1 *Holders of reo.
of reo. June 4
*33.50 July
41.25 June 15 *Holders
U. S. Distributing, old preferred
lamewell Corp. (quar.)
11
*53.50 July 1 *Holders of rec. June 10
New Preferred
leneral Public Service Corp.June
1 June 29 Holders of rec. June 3
U. S. Leather, prior preference (on.).... $1.75 July 1 Holders of rec. June 10
Corn. (3-10ths share corn. stock)
Holders of reo.
Vick Chemical
$1.50 Aug. 1 Holders of rec. July 10
(5)
$6 preferred (guar.)
*500. July 1 *Holders of rec. June 15
• 1.3734 Aug. 1 Holders of rec. July 10
Vogt Mfg. Co.(guar.)
55H preferred (guar.)
V.0. C. Holding Co., Ltd.
leneral Railway Signal, com.(quar.).,.. $1.25 July 1 Holders of rec. June 10
•re22% June 5 *Holders of reo. May 18
E ea retsp for
1H July 1 Holders of rec. June 10
Wagner. dlep ric..ret ord, .she
.
.
Preferred (guar.)
May 16
41/22)4 June 5 *Holders of reo. June 20
•37Hc July 1 *Holders of rec. June 18
Amer. dep. rcts. for pf. reg. she
Ilidden Co.. common (guar.)
131 July 1 Holders of rec.
•12Hc July 1 *Holders of rec. June 18
(quar.)
Common (extra)
374e. July 1 Holders of rec. June 20
Waldorf System. com.(quar.)
(qu.) $1.75 June 15 Holders of rec. June 1
loldberg (S. M.) Stores, Inc., pf.
20o. July 1 Holders of roc. June 20
Preferred (guar.)
loodyear Tire & Rubber. corn.(guar.).- •51.25 Aug. 1 *Holders of rec. July 1
May 31
Western Canada Flour Mills. com.(qu.) •350. June 15 *Holders of rec. May 31
:orlon ar Pew Fisheries, com.(guar.)._ •750. July 1 *Holders of rec. June 20
•154 June 15 *Holders of reo. June 150
1 Holders of rec. June 12
Preferred (guar.)
lotham Silk Hosiery. common (guar.)._ 6234c July
Holders of rec.
Western Reserve Investing. pt. WO.... 134 July 1
40c. June 21 Holders of rec. June 6
iranger Trading Corp.(guar.)(No. 1)_
134 July 1 Holders of rec. June 150
Panic. pref. (guar.)
ireat Western Sugar, common (guar.).- •700. July 2 *Holders of rec. June 15
June 19
Weston Electrical Instrumentel.A(qu.).. *50o. July 1 *Holders of rec. June 12
*1K July 2 *Holders of rec. June 15
Preferred (guar.)
rec.
Wilson & Co pref.(met swum.div.) *MK July 1 *Holders of rec. May 15
July 1 Holders of rec. June 6
$2
ireene Cananea Copper (guar.)
•154 June 1 *Holders of
Wolverine 'rube, pref. (guar.)
1 *Holders of rec. June 15
July
•51
Full States Steel. nom.(guar.)
rec. June 15
young (L. A.) Spring & Wire (guar.) __ •500. July 1 *Holders of rec. June 15
tamilton Dairies, Ltd..eom.(gu.)(No.1) *250. June 1 *Holders of rec. May 20
•250. July 1 *Holders of
Extra
Fauna(M.A.)Co.,list pref.(guar.).- •1% June 30 *Holders of reo. June 5
MAY 251929.]
FINANCIAL CHRONICLE
Below we give the dividends announced in previous week
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
I Per When
Books Closed
Name of Company.
Cent. Payable.
Days Inclusive.
Railroads (Steam).
$2
June 28 Holders of rem May 24
Alabama Great Southern. ordinary
$1.50 June 28 Holders of rec. May 24
Ordinary (extra)
Aug. 15 Holders of rec. July 11
$2
Preferred
$1.50 Aug. 15 Holders of rec. July 11
Preferred (extra)
•1
Androscoggin & Kennebec. pre!
„Tune 1 *Holders of rec. May 15
234 June 1 Holders of rec. May 30
Atch. Top. & Santa Fe corn.(guar.)
334 July 10 Holders of rec. June 126
Atlantic Coast Line RR.,corn
134 July 10 Holders of roe. June 120
Common (extra)
,
Baltimore & Ohio, corn.(guar.)
134 June 1 Holders of rec. Apr. 133
Preferred (guar.)
1
June 1 Holders of rem Apr. 133
Bangor & Aroostook. cons.(guar.)
87c. July 1 Holders of rec. May 313
Preferred (guar.)
131 July 1 Holders of rec. May 31a
Canadian Pacific, corn.(guar.)
234 June 29 Holders of rec. May 310
Catawissa. preferred
$1.15 May 22 Holders of rec. May 110
Chesapeake Corporation (In stock)_-_fl 331-3 July 1 Holders of rec. June 27a
Chesapeake & Ohio, preferred
33( July 1 Holders of rec. June 8a
Chestnut Hill (guar.)
75e June 4 May 21 to June 3
Chicago Burlington & Quincy
5
June 25 Holders of rec. June 18
Chicago & North Western, corn
*2
June 29 *Holders of rec. June 3
Preferred
•314 Juno 29 *Holders of rec. June 3
Chic. R. I. & Pacific, corn.(guar.)
13( June 29 Holders of rec. May 31a
3
6% Preferred
June 29 Holders of rec. May 31a
7% preferred
334 June 29 Holders of rec. May 31a
CM. N.0.& Texas Paz., pref.(guar.)
•131 June 1 *Holders of rec. May 15
Cleve.& Pittsburgh,guar.(guar.)
87)40.June 1 Holders of rec. May 10
Special guar.stock (guar.)
50c June 1 Holders of rec. May 10
Colorado & Southern. let pref
2
July 1 Holders of rem June 18a
Consolidated RRs. of Cuba pref. (qu.)_ _ 134 July 1 Holders of rec. June 10a
Cuba RR. common
$1.2 June 28 Holders of rec. June 28a
Preferred
3
Aug. 1 Holders of rec. July 150
Preferred
Febl'30 Holders of rec. Jan. 153
3
Delaware & Hudson Co.(guar.)
234 June 20 Holders of rec. May 280
Hudson & Manhattan,common
13( June 1 Holders of rec. May lea
9
June 1 Holders of rec. May 20
Kansas Oklahoma Ss Gulf pref. A
Illinois Central, corn. (guar.)
IM June 1 Holders of rec. May I00
July 1 Holders of rec. June 15
1
Maine Central, common (guar.)
IK June 1 Holders of rec. May 15
Preferred (guar.)
Midland Valley pref
$1.25 June 1 Holders of rec. May 24a
pref. A (guar.) •154 June 29 *Holders of rec. June 15
Mo.-Kansas-Texas
•e80 Subj. to stockholders' meet. July 9
RR.,
Nash. Chat.& St. Louis(In stock)
13‘ June 1 Holders of rec. May 15a
New Orlean.s.Texas& Mexico(guar.)_
134 July 1 Holders of rec. May 154
N. Y. Chic. & St. Louis, com.&
July 1 Holders of rem May 31a
N.Y. N. II. & Hartford, corn.(guar.)._ 1
1.34 July 1 Holders of roe. May 3Ia
Preferred (guar-)
Norfolk & Western. corn,(guar.)
2
June 19 Holders of rec. May 310
434 July 10 June 22 to July 10
Northern Securities Co
North Pennsylvania RR.(guar.)
$1
May 25 Holders of rec. May 20a
Ontario & Quebec capital stock
3
June 1 May 2 to June 2
2M June 1 May 2 to June 2
Debenture stock (guar.)
Pennsylvania RR.(guar.)
$1
May 31 Holders of reo. May la
Phila. Germantown & Norristown (qu.). 51.50 June 4 May 21 to June 3
Pittsb. Bessemer & Lake Erie, pref
$1.50 June 1 Holders of rec. May 15
Reading Co. let pref. (guar.)
50c. June 13 Holders of rec. May 233
St. Louts-San Francisco, corn.(guar.) -- 2
July 1 Holders of rec. June 16
Preferred (guar.)
134 Aug. 1 Holders of rec. JulY is
Preferred (guar.)
134 Nov. 1 Holders of tee. Oct. le
Southern Pacific Co.(guar.)
134 July I Holders of rec. May 24a
Union Pacific.com.(guar.)
236 July 1 Holders of roe. June la
Wabash RY.; prof. A (guar)
1M May 25 Apr. 21 to May 20
Public Utilities.
Amer. Gas & Elec., corn.(guar.)
25e. July 1 Holders of rec. June 11
Common (1-50th share common stock) (l) July 1 Holders of roe. June 11
Preferred (guar.)
$1.50 Aug. 1 Holders of rec. July 8
Amer.Power & Light,corn.(guar.)
25e. June 1 Holders of roe. May 154
Corn.(I-50th share corn,stook)
(J) June 1 Holders of roe. May 15a
Amer. Teleg. & Cable(guar.)
134 June 1 Holders of rec. May 310
Amer. Telep. & Teleg. (guar.)
2% July 15 Holders of rec. June 20a
Amer. Water Wks & Else., 1st M.(rilL)- 51.50 July 1 Holders of rec. June 120
Associated Gas & Elec. $6 prof.(Quar.) , $1.60 June 1 Holders of rec. Apr. 30
$13.50 preferred (guar.)
1.62M June 1 Holders of rec. Apr. 30
51.25 June 15 Holders of rec. May 15
55 preferred (guar.)
41.75 July 1 *Holders of rec. May 31
$7 prefcrre (Quar.)
Original preferred (guar.)
'
87)4e July 1 *Holders of rec. May 31
Atlantic Pub. UM.. corn. A (guar.).
- 50c. June 1 Holders of roe. May 20
57 cum. pref.. ser. A (guar.)
$1.75 June 1 Holders of ree. May 20
Baton Rouge Elec. Co., pref. A (guar.)
13‘ June 1 Holders of rec. May 15a
Blackstone Val. Gas & Elec.. prat
$3 June 1 Holders of roe. May 15a
Brazilian Tr., Lt.& Pow., corn.(guar.). 50c. June 1 Holders of fee. Apr. so
Brooklyn City RR.(guar.)
10e. June 28 Holders of roe.,June lba
Brooklyn Edison Co. (qua?.)
June 1 Holders of reo. May 10a
2
Brooklyn Union Gas (guar.)
51.25 July 1 Holders of roe. June la
Buff. Niag. & East. Pow., corn. (en.).. *30c. July 1 *Holders of rec. June 15
Common (extra)
•30c. July 1 *Holders of rec. June 15
Class A (guar.)
•30c. July 1 *Holders of rec. June 15
Class A (extra)
•30c. July 1 *Holders of rec. June 15
Preferred (guar.)
•
40c. July 1 *Holders of roe. June 15
First preferred (guar.)
*51.25 Aug. 1 *Holders of rec. July 15
Cent. Arkansas Pub.Secy., pfd.(guar.)- 134 June 1 Holders of rec. May 15a
Central Gas & Else. Co., Prof. (querjok 1.6234 June 1 *Holders of rec. May le
*51.50 July 15 *Holders of ree. June 30
Central Ill. Public Serv., pfd.(qu.)
Central Indiana Power. prof. (guar.)
*1% June 1 *Holders of rec. May 20
*43 Me June 15 *Holders of rec. May 27
Central Public Eery.,cl. A (quar.)
. June 1 *Holdersrof roe. May 21
Chicago Rapid Transit. pr. pf. A MO
*60o. June 1 *Holders of rec. May 21
Prior pref.. aeries B (guar.)
Chic South Shore & South Bend RR
134 June 1 Holders of rec. May 15
Preferred. class A (guar.)
Cleveland Electric Mum., pref. (guar.). 134 June
Holders of reo. May 15
Community Water Service, Prof. (gu.). *$1.75 June 1 *Holders of reo. May 20
.3
June 1 *Holders of rec. May 15
Connecticut River Power, pref
750. June 1 Holders Of roe. May 100
Consul. Gas of N. Y., com.(guar.).Consumers Power. $5 pref.(guar.)
$1.25 July
Holders of reo. June 15
1% July 1 Holders of reo. June 15
6% preferred (guar.)
$1.65 July
6.6% preferred (guar.)
Holders of rec. June 15
13.4 July
7% preferred (guar.)
Holders of roe. June 15
50o. June
6% preferred (monthly)
Holders of roe. May 15
50o. July
6% preferred (monthly)
Holders of rec. June 15
520. June
Holders of reo. May 15
6.5% preferred (monthly)
550. July
Holders of roe. June 15
5.5% preferred (monthly)
2
July I Holders of reo. June 20a
Detrolt Edison (guar.)
*Holders of roe. May 15
Empire Gas & Fuel, 13% pref.(mthly.)._ *500. June
*6414 c June
*Holders of rec. May 15
% preferred (mthly.)
*5811 c June
*Holders of rec. May 15
7% preferred (mthly.)
56618 c June
*Holders of ree. May 15
8% preferred (mthly.)
25e. July 1 Holders of reo. June 4
Engineers Public Service, corn.(guar.).$1.25 July 1 Holders of Foe.
$5 preferred (guar.)
$ 1.37)4 July 1 Holders of roe. June 40
$5.50 preferred (ow.)
June 4a
*75e. July 1 *Holders of roe. May 15
Fall River Electric Light (guar.)
373.40. July 1 Holders of rec. June 13a
Federal Light & Tract., corn.
July 1 Holders of ree. June 13a
Common (payable in corn. stock).- 1 1
134 June I Holders of rec. May 15a
Preferred (guar.)
Wederal Water Service, class A (guar.). 50e. June 1 Holders of rec. May 2
$1.80 June 1 Holders of me May 20
Gary Rya., class A (guar.)
Gulf States Utilities, $5.50 pref. (qu.)-5 1.37)4 June 15 Holders of rec. June 5a
$1.50 June 15 Holders of rec. June 5a
$6 preferred (guar.)
75c. June 1 Holders of rec. May 14a
Hackensack Water, COM
8734c June 1 Holders of roe. May 146
Preferred
51.50 June 1 Holders of roe. May 100
Havana Electric fly.. pref. Mara
Ilouston Gulf Gas, pref. A & B (guar.).- *51.75 June 1 *Holders of rec. May 15
1M July 1 Holders of reo. June 15
Ninon Power.6% pref.(guar.)",
Seven per cent preferred(quaint134 July 1 Holders of reo. June 15
Indianapolis Water. 6% pref. A (guar.). lg July 1 Holders of rec. June 12a
134 June 1 Holders of rec. May 15
Indiana Service Corp.. 7% pref.(guar.)_
1% June 1 Holders of rec. May 15
6% Preferred (guar.)
$1 June I Holders of rec. May 20
Keystone Telephone. prof.(guar.)
Louisville Oas & Electric Co.(Del.)
433.(c June 25 Holders of rec. May 816
Common A and B (guar.)
Name of Company.
3467
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Public Utilities (Concluded).
Massachusetts Gas Cos., pref
June 1 May le to June 3
$2
Montreal Tramways(guar.)
234 Julyd15 Holders of rec. July 15
Middle West UM,7% Pr. lien (guar.)
2
June 15 Holders of rec. May 31
$1.50 June 15 Holders of rec. May 31
Se ['nor lien stock (guar.)
Monongahela West Penn Public Service
433.je. July 1 Holders of rec. June 48
Seven per cent pref.(guar.)
25c. JUbe 1 Holders of rec. May lla
Nat Power & Light, COM.(guar.)
$1.75 July 1 Holders of rec. June 15
$7 preferred (guar.)
40c. June 15 Holders of rec. May 27
Nat. Public Serv. Corp., corn. A (qtr.).
134 June 1 Holders of rec. May 15
Nebraska Power. pref.(guar.)
45e. June 30 *Holders of roe. June 15
New England Pub. Serv., COM.(quar.)- .
*$1.75 June 15 *Holders of rec. May 31
Prior lien pref.(guar.)
North Amer. Co.,corn.(in corn.stock)._ ./234 July 1 Holders of rec. June 50
75c. July 1 Holders of rec. June 5a
Preferred (guar.)
North American Edison, pref. (guar.)_ _ $1.50 June 1 Holders of rec. May 15a
North Amer. Utility Sec., 1st pref. (gu.) $IM June 15 Holders of rec. May 31
First pref. allot. certificates (guar.).- $1.50 June 15 Holders of rec. May 31
Northern States Pow.(Wisc.) Pt. (gu.)- 13.4 June 1 Holders of rec. May 20
1% June 1 Holders of rec. May 15
Oblo Edison Co.6% prof.(guar.)
1.65 June 1 Holders of reo. May 15
6.5% preferred (guar.)
154 June 1 Holders of rec. May 15
7% Preferred (guar.)
134 June 1 Holders of rec. May 15
5% Preferred (guar-)
50c. June 1 Holders of roe. May 15
6% preferred (monthly)
520. June 1 Holders of rem May 15
13.6% preferred 'monthly/
Ohio Power Co.,6% prof.(guar.)
'13,4 June 1 *Holders of rec. May 10
Oklahoma Gas & Elec., pref.(guar.)
134 June 15 Holders of rec. May 31
Pennsylvania G. Ss E. Corp., Cl. A (en.).. 373.4c June 1 Holders of rec. May 20
1M July 1 Holders of rec. June 20
7% preferred (guar.)
$1.75 July 1 Holders of rec. June 20
$7 preferred (qua?.)
134 June 1 Holders of rec. May 15
Penn-Ohio Edison 7% prior prof. OW
Pa.
-Ohio Pow.& Lt.,$5 pref.(guar)
$1.50 Aug. 1 Holders of rec. July 20 .
7% preferred (guar.)
134 Aug. 1 Holders of rec. July 20
60c. June 1 Holders of rec. May 20
7.2% preferred (monthly)
60c. July 1 Holders of rec. June 20
7.2% preferred (monthly)
60c. Aug. 1 Holders of rec. July 20
7.2% preferred (monthly)
520. June 1 Holders of rec. May 20
6.6% preferred (monthly)
55e. July 1 Holders of rec. June 20
6.5% preferred (monthly)
520. Aug. 1 Holders of rec. July 20
6.6% preferred (monthly)
3
July 1 Holders of rec. June 126
Peoples Gas Co. preferred
50c. June 15 Holders of rec. May 31a
Philadelphia Electric Co (guar-)
Phila. Suburban Water, pref. (guar.).
- 134 June 1 Holders of rec. May lla
134 June 1 Holders of rec. May 15
Portland Electric Power,2d pref.(gu.)
Pub. Service Corp. of N.J., p1. (rattily.)
50c. May 31 Holders of rec. May 3a
Radio Corp. of Amer.. pref. A (coal.).... 873,4e. July 1 Holders of rec. June la
Prof. B(No. 1)(per'd Mar.I5-June 30) 51.46 July 1 Holders of rec. June la
Seaboard Public Service. $6 pref. (gu.)- $1.50 June 1 Holders of rec. May 15
Southern Calif. Edison prof. ser. A ((AL) 433.jc June 15 Holders of rec. May 20
373.4c June 15 Holders of rec. May 20
Preferred series B,(guar.)
Southern Cities Util., $6 pr. pref.(guar.) $1.50 June 1 Holders of rec. May 11
60c May 25 Holders of rec. Apr. 30
Southern Colorado Pow.,corn. A (gu.)
134 June.15 Holders of roe. May 31
Preferred (guar.)
Southwestern Power & Light, pref.(gu.) 134 June 1 Holders of rec. May 15
1)4 July 1 Holders of rec. June 15
Tennessee Pow is Lt..5% 1st pf.
134 July 1 Holders of rem June 15
6% 1st pref. (guar.)
134 July 1 Holders of roe. June 15
7% 1st preferred (guar.)
1.80 July 1 Holders of reo. June 15
7.2% let preferred (guar.)
50c June 1 Holders of rec. May 15
6% 1st preferred (monthly)
600 July 1 Holders of rec. June 15
6% 1st preferred (monthly)
ooc June I Holders of rec. May 15
7.2% 1st preferred (monthly)
60c July 1 Holders of rec. June 15
7.2% 1st preferred (monthly)
750 July 1 Holders of rec. June Si
United Corporation,$3 pref.(quit.)
United Gas Co., $7 pt., ser. A (guar.)-- $1.75 June 1 Holders of rec. May 16
81.12)4 June 29 Holders of rec. May 31a
United Gas Improvement (guar.)
Utah Power & Light,$7 prof.(guar.)--- $1.75 July 1 Holders of rec. June 5
$1.50 July 1 Holders of roe. June 5
Se preferred (guar.)
•,f100 Subj. to stkhIrs. meeting May 22
Utilities Power & Light, corn,B
Va. Elec.& Power.7% prof.((Mar.).
- 134 June 20 Holders of roe May 310
134 June 20 Holders of rec. May Sla
Six per cent pref.(guar.)
*3234c June 1 *Holders of rec. May 17
Western Continent Utilities(guar.)
134 July 15 Holders of roe. Julyl 1
Western Power. pref. (guar.)
West Ohio Gas Co., pref., el. A Maj.., 134 June 1 Holders of rec. May 15
West Penn Rya Co., pref. (guar.)
134 June 15 Holders of rec. May 25
WiSC00910 Public Service. 7% pfd (gu.)- 154 June 20 Holders of rec. May 21
1% June 20 Holders of rec. May 21
6)4% Preferred (guar.)
134 June 20 Holders of rec. May 21
6% preferred (guar.)
Banks.
2
June 1 Holders of rec. May 17
American Colonial (guar.)
$3.75 June 15 Holders of reo. may les
Continental(interim)
Trust Companies.
$1.25 June 1 Holders of rec. May 17
Interstate (guar.)
25c. June 1 Holders of rec. May 17
Interstate Corporation (guar.)
Miscellaneous.
Abbott Laboratories, corn.(No. 1)
50o. July 1 Holders of reo. June 20
Abbotta Dairies. corn. (guar-)
June 1 *Holders of roe. May 15
*51
*IA JUDO 1 *Holders of reo. May 16
First and second preferred (quar.)
Affiliated Investors, Inc. (stock div.)- ell) July I Holders of rec. June 10
Ainsworth Mfg.(No. 1)
•6234c June 1 *Holders of ree. May 20
Alabama Cash Credit, corn. (guar.).
- 150 May 25 Holders of rec. May 13
15c May 25 Holders of rec. May 13
Preferred (guar.)
15c May 25 Holders of rec. May 13
Preferred (extra)
Allegheny Steel. pref. ((guar.)
+134 June 1 *Holders of reo. May 15
5134 Sept. 1 *Holders of rec. Aug. 16
Preferred(guar.)
•1M floe. 1 *Holders of roe. Nov. 15
Preferred(guar.)
Allen Industries. pref. (guar.)
750 June 1 Holders of rec. May 20
Alliance Invest., corn. (in coin. stock)... Viz July 1 *Holders of rec. June 14
Alliance Realty. pref.(quar.)
134 June 1 Holders of rec. May 27
Aluminum Mfrs., ann. (guar.)
*50o June 30 *Holders of rec. June 16
•600 Sept. 30 *Holders of roe. Sept.15
Common (guar.)
*600 Dee. 31 *Holders of roe. Des. 15
Common (guar.)
Preferred (guar.)
*13.4 June 30 *Holders of roe. June 15
•144 Sept. 30 *Holders of ree. Sept. 15
Preferred (guar.)
*194 Dec. 31 *Holders of roe. Dec. 15
Preferred (guar.)
American Arch (guar.)
•750 June 1 *Holders of rec. May 21
Amer. British & Continental Corn.
$1.50 June 1 Holders of rec. May 15
First preferred (guar.)
' June 1 *Holders of rec. May 6
American Candy, pref. (guar.)
194
American Capital Corp.. corn. A (No. 1) *50c June 1 *Holders of rec. May 15
•
50c June 1 *Holders of rec. May 15
Common A (special)
Prior preferred (guar.)
• $1.375 June 1 *Holders of reo. May 15
American Chain, pref. (guar.)
134 June 29 Holders of rec. June 19a
American Chicle, common (guar.)
50c July 1 Holders of rec. June 126
American Founders Corp.
Corn.(1-10th entire corn. stook)
(1) June 10 Holders of ree. May $1
Amer.& General Securities, let pref.(gu) 75c June 1 Holders Of rec. May 15
Amer. Home Products (monthly)
30c June 1 Holders of ree. May 140
Amer. Internat. Core.
Common (stock dividend)
42
Oct. 1
Amer. Laundry Mach., corn.(quit.)
June 1 *Holders of reo. May 200
oil
Quarterly
*al
June 1 *Holders of tee. May 20
American Locomotive common (guar.).- $2
June 29 Holders of rec. June 136
Preferred (guar.)
134 June 29 Holders of rec. June 136
American Manufacturing
Common (quiz.)
75e July 1 Holders of rec. June 15
Common (guar.)
75o Oct. 1 Holders of roe. Sept. 15
Common (guar.)
750 Deo, 31 Holders of rec. Dec. 15
Preferred (guar.)
134 Mar,31 Holders of rec. Mar. 15
Preferred (guar.)
13.4 July 1 Holders of rec. June 15
Preferred (guar.)
134 Oct. 1 Holders of ree. Sept. 15
Preferred (guar.)
13.( Dec. 31 Holders of rec. Dec. 15
American Metal, common (guar.)
750 June 1 Holders of roe. May 21a
Preferred (guar.)
134 June 1 Holders of roe. May 210
Amer. Multigreph, corn. (guar.)
62)40June 1 Holders of rec. May 15
American Radiator. corn.(guar.)
51.50 June 29 Holders of tee. June Ill
Amer. Radiator & Stand. Sanitary Corp
373.40 June 29 Holders of roe. June lla
Common (guar.)
Preferred (guar.)
$1.87 June 1 Holders Of ree. May 15a
American Rolling Mill. corn. (quiz.).... *50c July 15 *Holders of tee. July 1
Common (Payablein common stock)... 15
July 30 Holders of roe. Jul/ la
American Seating. corn.(quar.)
*75c July 1 *Holders of rec. June 20
Amer. Smelt. & Rebt. pref.(guar.)
IN June 1 Holders of rec. May 34
3468
Name of Company.
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
50e. July I Holders of rec. June 15a
American Stores, corn. (guar)
American Sugar Refining, corn. (quar.)_
14 July 2 Holders of rec. June 5et
14 July 2 Holders of rec. June 5a
Preferred (quar.)
June 1 Holders of rec. May 10o
Amer. Tobacco. corn. & coin. B (quar.)_ $2
Amer. Utilities de Gen. Corp. A (No. 1). 324e June 1 Holders of rec. May 15
Amer. Writing Paper, peel. (quar.)
75e. July 1 Holders of rec. June laa
Amrad Corp., corn. (quar.) (No. 1)
"25c. July 1 *Holders of rec. June 20
Anticosti (The) Corp., preference (qu.)
June 1 Holders of rec. May 16
Armour & Co. (III.), Pref. (guar.)
July I *Holders of rec. June 10
Armour de Co. of Del., pref. (quar.)
July 1 *Holders of rec. June 10
Armstrong Cork (guar.)
3734e July 1 "Holders of rec. June 15
Extra
'1234c July 1 *Holder, of rec. June 16
Artloom Corp., corn. (quar.)
50c. July 1 Holders of rec. June 15a
Preferred (guar.)
51.75 June 1 Holders of rec. May 15a
Associated Apparel Industries
Common (monthly)
33Iac. June 1 Holders of rec. May 21a
Common (monthly)
33Iec. July 1 Holders of rec. June 20o
Assoc'd Breweries (Canada), corn. (qu.)_
50c. June 30
1% June 30
Preferred (guar.)
June 1 Holders of rec. May 15
Associated Co. (Newark)
4
Associated Dry Goods 1st pref.
134 June 1 Holders of rec. May 110
Second preferred (guar.)
1% June 1 Holders of rec. May I la
500. June 29 Holders of roe. June 170
Associated Oil (quar.)
*40c. June 1 *Holders of rec. May 10
Atlantic Coast Fisheries (quar.)
Atlantic Gulf & west Indies S.S. Lines,
June 29 Holders of roe. June 100
$1
Preferred (quar.)
Sept. 30 Holders of rec. Sept. 104
Preferred (quer.)
$1
Dec. 31 Holders of rec. Dec. 1 la
$1
Preferred (quar.)
25c. June 15 Holders of rec. May 21a
Atlantic Refining, corn. (quar.)
25e. June 15 Holders of rec. May 21a
Common (extra)
Atlantic Secur. Corp., pf. (qu.)(No. 1)_ "75c. June I *Holders of rec. May 15
*50c. June 1 'Holders of rec. Slay 20
Atlas Imperial Diesel Engine (Quar.)
June 10 Holders of rec. May 31e
Atlas Powder, common (guar.)
El
Atlas Stores Corp., common (quar.)___ *624c June 1 *Holders of rec. May 16
•134 July 1 'Holders of rec. June 20
Babcock & Wilcox Co.(quar.)
be. May 25 Holders of rec. May 13
Badger State Cash Credit, corn. (quar.)_
May 25 Holders of rec. May 13
Common (1-100th share pref. stock)_ _
CH
20c. May 25 Holders of rec. May 13
Preferred (quar.)
10c. May 25 Holders of rec. May 13
Preferred (extra)
(I) May 25 Holders of rec. May 13
Prof. (1-100th share pref. stock)
Bakers Share Corp., corn. (qu.)
134 July 1 Holders of rec. May 1
134 Oct. 1 Holders of rec. Aug. 1
Common (quar.)
Common (quar.)
134 Jan 1'30 Holders of rec. Nov. 1
*25c. June 1 *Holders of rec. May 20
Balaban de Katz, corn. (monthly)
.25c. July 1 *Holders of rec. June 20
Common (monthly)
Bomberger (L.) & Co..64% Of.(alt.).134 June 1 Holders of rec. May 13o
6 % preferred (quar.)
134 Sept. 2 Holders of rec. Aug. 120
84% preferred (quar.)
134 Dec. 2 Holders of rec. Nov. lie
July 15 *Holders of rec. July 1
Bankers Capital Corp., pref.(guar.). "52
Oct. 16 *Holders of rec. Sept. 30
*52
Preferred (quar.)
Jan15'30 *Holders of rec. Dec. 31
Preferred (quar.)
*52
50c. July 1 Holders of rec. June 146
Barker Bros. Corp., corn. (pear.)
134 July I Holders of rec. June 14a
Preferred (quar.)
'6234c June 1 *Holders of rec. May 15
Bastian Blessing Co.. corn. (dual.)
'81.76 July I *Holders of rec. June 15
Preferred (quar.)
134 June 1 Holders of rec. May 15
Bawlf Grain Co., Ltd.. pref.(quar.).
250. June 1 Holders of rec. May 15
Beacon Participations Inc. class A (qua June 29 *Holders of rec. June 15
Bearings Co. of Amer., let pref.(quar,)_
45e. June 1 Holders of rec. May 20
Bently Chain Stores, corn.(quar.)
June 1 Holders of rec. May 20
Common (payable in common stock)_ f50
June I Holders of rec. May 20
$1
Preferred (quar,)
Berkshire Fine Spinning Associates
75e. June I Holders of rec. May 15
Common (guar.)
1% June I Holders of rec. May 15
Convertible preferred (guar.)
75c. June 15 Holders of rec. May 24a
Best dr Co. (quar.)
Aug. 15 Holders of rec. July 19a
$1
Bethlehem Steel common (guar.)
Holders of rec. June is
July
Preferred (quar.)
*Holders of roe. July 18
Aug.
Bigelow-Hartford Carpet. pref. (quar.)*Holders of reo. Oct. 18
Pret•eres (ouse.)
'134 Nov.
Holders of roe. May 21
250. June
Blaw-Knox CO.(guar.)
"Holders of rec. May 24
Slums, Inc., pref.(Feb. 15 to June 1)--- •$1.02 June
*Holders of rec. May 25
June
*2
Bohn Refrigerator. Pref. (guar.)
Holders of rec. May 15a
75e. June
Borden Co., corn. ($25 par)(No. 1)
Holders of rec. May 15n
51.50 June
850 par stock (guar.)
June 29 Holders of rec. June I
3
Boston Wharf
Boston Woven Hose & Rubb., com.(qu.) 81.50 June 15 Holders of rec. June I
June 15 Holders of rec. June
33
Preferred
Brach (E. J.) dr Co., common (guar.)... *50o. June 1 *Holders of rec. May 18
*14 June 1 *Holders of rec. May 17
Brill Corp., preferred (quar.)
Bristol Manufacturing-dividend omitte
June 29 *Holders of rec. June 19
.81
Bristol-Myers Co.(quar.)
"250 June 29 *Holders of rec. June 19
Extra
British-American Brewery. el. A-divide nd oml fled.
British Type Investors, Inc..
55e. June 1 Holders of roe. May I
-monthly)
Class A (hi
- 600. May 31 Holders of rec. May 15
Brown Fence & Wire, class A (guar.).
600. May 31 Holders of rec. May 15
Class B (quar.)
.624c June 1 *Holders of rec. May 10
Brown Mfg., corn. (quar.)
'134 June 1 "Holders of rec. May 15
Preferred (War.)
624e. June 1 Holders of rec. Slay 20
Brown Shoe,corn.(quar.)
June 15 Holders of rec. Apr. 22
$1
Buckeye Pipe Line (guar.)
June 15 Holders of rec. Apr. 22
$1
Extra
25c. July 1 Holders of rec. May 290
Bucyrus-Erie Co., corn. (quar.)
1M July I Holders of rec. May 290
Preferred (quar.)
6234c. July 1 Holders of rec. May 29a
Convertible preference (guar.)
40e. June 29 Holders of rec. June 18a
Bullard Company,com.(quar.)
• 8740. June I *Holders of rec. May 15
Bulova Watch. cony. pref.(quar,)
75e. June 10 Holders of rec. May 271
Burroughs Adding Mach. (guar.)
*50c. June 1 "Holders of rec. May 16
Byron Jackson Pump, corn. (guar.).June 15 liedders of rec. May 31a
SI
California Packing (quar.)
52.50 June 17 Holders of rec. May 31a
Calumet & Arizona Mining (quar.)
June 29 Holders of rec. May 310
Heels Cons. Copper Co.(qu.) $1
Calumet &
Campbell. Wyant & Cannon Fdy.(qu.)- *500. June 1 *Holders of rec. May 15
134 June 29 Holders of rec. May 31
Canada Cement pref. (guar.)
50c. June 15 Holders of rec. Mayd31
Canada Wire & Cable corn. A (No.1)8 % pref.,(No. 1) for period April 15
13-16 June 15 Holders of rec. Mayd31
31
to May
1% May 30 Holders of rec. May 15
Canadian Car & Fcly.. corn. (quar.)
Canadian General Elec., pref. (guar.).- 87 Mc July 1 Holders of rec. June 15
31.75 June 30 Holders of rec. May 20
Canfield Oil, corn.& pref.(guar.)
$1.75 Sept. 30 Holders of rec. Aug. 20
Common & preferred (quar.)
$1.75 Dec. 31 Holders of roe. Nov. 20
Common & preferred (quar.)
50c. June 1 Holders of rec. May 15
Carman & Co., class A (quar.)
134 June 15 Holders of rec. June 10
Carter (William) Co., pref. (quar.)
"75e. May 25 *Holders of rec. May 15
Caterpillar Tractor (quay.)
$1.75 June 1 Holders of rec. May 10
Celluloid Company,$7 pref. (quer.).
$1.75 June 1 Holders of reo. May 10
lst partic. pref. (quar.)
50c. July 10 Holders of rec. June 226
Central Alloy Steel, corn. (quad.)
14 July 1 Holders of rec. Juned13a
Preferred (quar.)
$1.75 June I Holders of rec. May 18a
Century Ribbon Mills. pf. ?(uar.)
$1 June 29 Holders of rec. June 8n
Chesebrough Mfg. Consol.(quar.)
50c. June 29 Holders of rec. June 8a
Extra
750. June 1 Holders of rec. May 15a
Chicago(The) Corp.,53 pref.(quar.)- - 25e. June 1 Holders of rec. May 200
Chicago Yellow Cab (monthly)
25e. July 1 Holders of rec. June 20a
Monthly
25e, Aug. 1 Holders of rec. July 19a
Monthly
25c. Sept. 2 Holders of rec. Aug. 20a
Monthly
75e. July 1 Holders of rec. June 100
Chickasha Cotton 011 (quar.)
60c. June 10 Holders of rec. May 24a
Childs Company common (quar.)
Preferred (quar.)
134 June 10 Holders of rec. May 24a
87 Mc June 28 Holders of rec. June la
Chile Copper Co.(quar.)
Chrysler Corporation (riar.)
75e. June 29 Holders of rec. May 310
Cities Service, new no par corn.(mthly.)_ 234c. June 1 Holders of rec. May 15
New, no par corn.(pay. In corn. stk.)_
f34 June I Holders of rec. May 15
Preferred and preference BB (mthly.)_
50c. June 1 Iloklers of rec. May 15
Preference B (monthly)
Sc. June 1 Holders of rec. May 15
90c, May 31 Holders of rec. May 150
City Ice Sr Fuel (Cleve.). corn.(quar.)
Preferred (quar.)
134 June 1 Holders of roc. May 15a
City Radio Stores, common (guar.).-- 37340. June 1 Holders of rec. May 15a
50c. June 1 Holders of rec. May 15
Cleveland Quarries
250. June 1 IIolders of rec. May 15
Extra
[VOL. 128.
FINANCIAL CHRONICLE
134
*134
*134
*134
14
'134
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
*Holders of roc, May 15
*50e. June
CI"veland stone, common (quar.)
*Holden of rec. Aug 16
Common (guar.)
*50c. Sept
Holders of rec. June 120
Coca-Cola Co., corn. (guar.)
51 July
Holders of rec. June 12a
Class A (No. 1)
$1.50 July
Holders of rec. June 15
y
6211i0.
Cohn-Hall-Marx, corn. ((mar.)
Holders of rec. June 8
July
Colgate Palmolive Peet Co. pref.(guar.)
Holders of rec. Sept. 7
1M Oct.
Preferred (doer.)
Preferred 'guar.)
134 Janl'30 Holders of rec. Dee. 7
14 June 1 Holders of rec. May 200
Collins de Alkman Corp., pref.(quer.)_ _
May 25 Holders of rec. May 104
2
Colorado Fuel & Iron, Pref.(dear.)
Columbia Graphophone, Amer. shares_ 29 I-10e June 1 Holders of rec. May 240
May 25 Holders of rec. May 100
Columbia Phonograph, Inc
$4
Columbia Pictures Corp., pref. (quar.)_
75c. June 1 Holders of rec. May 15
Columbus Auto Parts. pref. (guar.).
- 60c. June 1 Holders of rec. May 18
Community Motors Service Co.
*51.75 June 1 "Holders of rec. May 20
First preferred ((Mara
Community State Corp.. A & B (quar.).
14 Sept. 2 Holders of roe. Aug. 28
134 Dec. 31 Holders of roe. Dee. 20
Class A & B (quar.)
14 June 1 Holders of rec. May 23a
Consol. Cigar Corp., pref.(quar.)
Consol. Rock Products, pref. (mthly.).._ *434c June 1 *Holders of rec. May 15
'134 July 1 *Holders of rec. June 15
Consumers Co. prior pref.(quar.)
Continental Amer. Bank Shares A (qua *25c. June 1 'Holders of rec. May 20
134 July 1 Holders of rec. June 15,5
Continental Can, preferred (puar.)
Continental Food Stores class A (quara_ '374c June 1 *Holders of rec. May 11
•144 June 1 *Holders of rec. May 11
First preferred (quar.)
*51.25 June 1 *Holders of rec. May 15
Continental Securities, pref. (quar.)
.600. Nov. 1 *Holders of ree. Oct. 10
Coon (W. B.) Co., corn
.70c. Aug. 1 *Holders of rec. July 10
Common
•
134 Nov. 1 *Holders of roe. Oct. 10
P-eferred
•14 Aug. 1 "Holders of rec. July 10
Preferred
June 1 Holders of rec. May 20
2
Corno Mills (quar.)
n14 May 28 Holders of rec. May 13
Coty, Inc.. stock dividend
n1 M Aug. 27 Holders of rec. Aug. 12
Stock dividend
n134 Nov. 27 Holders of rec. Nov. 12
Stock dividend
25e. July 1 Holders of rec. June 200
Crosley Radio, corn. (quar.)
e4 Dec. 31 Holders of ree. Dee. 200
Crosley Radio (stock dividend)
Crown Cork Internat. pf. A (q11.)(No. 1) *250. July I *Holders of rec. June I
Crown Zellerbach, pref. A & B (guar.)._ .51 50 June 1 *Holders of rec. May 13
*14 June 1 *Holders of rec. May 7
Crows Nest Pass Coal (doar.)
134 June 30 Holders of rec. June 15a
Crucible Steel, pref. (guar.)
June 15 Holders of rec. May 31
$1
Cumberland Pipe Line (quar.)
•134 June 16 *Holders of rec. June 1
Cuneo Press, pref.(quar.)
(quar.)
•134 Sept. 15 'Holders of rec. Sept 1
Preferred
50c. June 2 Holders of rec. May 200
Curtis Publishing, corn. (monthly)
lishung )
(qi ar,.
$1.75 July 1 Holders of rec. June 200
June 1 Holders of rec. May 15a
$1
Cushman's Sons, Inc., corn.(quar.)
52 June 1 Holders of rec. May 150
$8 preferred (quar.)
14 June 1 Holders of rec. May 150
g
c
Dartmouth7%Pret. m .
( ufagr. )
'134 June 1 *Holders of rec. May 13
common Mar.)
Preferred ((mar.)
13-4 June 1 Holders of rec. May 13
David & Frere, Ltd. (Montreal).
570. June 15 Holders of rec. May 31
Class A (guar.)
June 22 *Holders of roe. June 8
•1
Davis Mills(guar.)
Decker (Alfred) & Cohn, corn. (guar.).- *50c. June 15 'Holders to rec. June
•14 June 1 *Holders of roe. May 22
Preferred (dual.)-'134 Sept. 1 *Holders of roe Aug. 22
Preferred (quar.)
51.50 July 1 Holders of roe. June 15
Deere & Co.. corn. (doer.)
134 June 1 Holders of rec. May 15a
Preferred (quar.)
*35e. June 1 *Holders of rec. May 20
Dexter Company (quar.)(No. 1)
June 15 Holders of rec. May 310
2
Diamond Match (quar.)
*50e. June 1 *Holders of rec. May 17
Dictaphone Corp., corn. (guar.)
•60c. June 1 *Holders of rec. May 17
Common (extra)
June 1 *Holders of rec. May 17
"2
Preferred (guar.)
Direction der DIsconto-Geselischaft (Beni in)
May 25 Holders of Coupon No.3
Amer. shs.rsublect to meeting Mar.25) 10
0
$1 June 1 Holders of rec. May 15
Drug Incorporated (quar.)
Jaly 15 Holders of rec. July la
el
Dunhill Internat. (Roca dividend)
i,5
Oct 15 Holders of ree. Oct
el
Stock dividend
5434c June 1 *Holders of rec. May 15
Durkee Thomas Co. cl. A (doer.)
.200. June 1 *Holders of rec. May 15
Class B (guar.)
*750. June 30 *Holders of rec. June 20
Early & Daniels common (quar.)
•134 June 30 *Holders of rec. June 21
Preferred (quad.)
Eastern Bankers Corp. pref.(quar.).-- $1.75 Aug. 1 Holders of rec. July 1
$1.75 Nov. 1 Holders of rec. Sept. 30
(dear.)
$1.75 Febl'30 Holders of rec. Des. 31
Preferred (quay.)
(quay.)
50o. June 1 Holders of rec. Apr. 30
Eastern Theatres, Ltd..(Toronto). corn
Eastern ULU. Investing Corr,
$1.50 June 1 Holders of roe. Apr. 30
38 preferred (guar.)
$1.75 June 1 Holders of rec. Apr. 30
$7 preferred (dual.)
$1.25 July 1 Holders of rec. May 311
Eastman Kodak,corn.(quar.)
750. July 1 Holders of rec. May 31a
Common (extra)
14 July 1 Ilolders of rec. May 31 a
Preferred (quay.)
Eitington-Schild Co , Inc., COM. (Q11.) - 6234c May 31 Holders of roe. May 15a
134 June 15 Holders of rec. June la
M% preferred (quer.)
*374c June 15 'Holders of rec. June 1
El Dorado Works (guar.)
$1.50 June 1 Holders of rec. May 10
Eleo.ShareholdingsCorp Pr (qu.)(No.
June 1 May 18 tO June 2
3
1140 Flfth Ave., Inc., pref
50e. June 24 Holders of reo. June la
Emporium Capwell, corn. (quar.)
624c July 1 Holders of rec. June 15a
Equitable Office Bldg. corn.(quar.)
13-4 July 1 Holders of rec. June 15a
Preferred (quar.)
June 1 Holders of rec. May 9
53
Essex Company
Oot. 1 *Holders of re°. Sept. 20
*S2
Evans Auto Loading,stock dividend....
'60c. Aug. 1 .Hulders of rec. July 20
Fair (The). corn. (quad.)
•134 Aug. 1 *Holders of ree. July 20
Preferred (quar.)
750. June 29 Holders of roe. June 12,9
Fairbanks. Morse & Co. corn,(quar.)-134 June 1 Holders of rec. May his
Preferred (quar.)
Fashion Park Associates, corn.(No. 1)
623-40 June 29 Holders of rec. June 170
Common (payable in corn. stock).134 June 29 Holders of roe. June 1719
*50e. July I *Holders of rec. June 15
Faultless Rubber, corn. (guar.)
•11 July 1 *Holders of rec. June 15
1
,
Preferred (guar.)
July 1 Holders of rec. June 8
Federal Bake Shops, Inc. pref.((Iowa- Federal Knitting Mills, pref. (guar.)•134 July 1 'Holders of rec. June 20
•13‘ Oct. I *Holders of reo. Sept. 20
Preferred (quar.)
Federal Mining & Smelting.Pfd.(quar.) _ *1% June 15 *Holders of rec. May 24
3740. May 31 Holders of rec. May 15
Federated Capital Corp., corn.(quar.)
f24 May 31 Holders of rec. May 15
Common (payable in corn. stock).
Preferred (quar.)
31340 May 31 Holders of reo. May 15
.
June 2
June 1 May 16 to
3
15 Park Ave., Inc., pref
*I6c. June 111 *Holders of rec. June 14
Fifth Ave. Bus Securities ((mar.)
17 Mc July 15 Holders of rec. July 5
Finance Co. of Amer.,corn. A & B (qu.)_
434c July 15 Holders of reo. July
7% pref. (guar.)
40c. June 1 Holders of rec. May 15
Finance Service (Bail.), COm.(quar.)
134 June 1 Holders of rec. May 16
Preferred (quar.)
First Trust Bank-Stock Corp.(guar.)._ 124c June 1 Holders of rec. June 1
Extra
934e June 1 Holders of rec. June 1
Fitz Simmons Dredge & Dock corn.(qu.) *500. June 1 *Holders of rec. May 21
.(f) June 1 'Holders of rec. Mayd21
Common (I-40th sh, corn,stock).-(1) Sept. 1
Corn.(1-40th share corn.stk.)
(f) Dec. 1
Corn.(1-40th share corn.stk.)
14 July 1 Holders of roe. June 150
Florshelm Shoe, pref. (guar.)
50c. June 15 IIolders of rec. May 310
Follansbee Bros. & Co. corn,(quar.).....
25o. June 15 Holders of rec. May 3I0
Common (extra)
154 June 15 Holders of roe. May 31
Preferred (quar.)
*350. July 1 *Holders of rec. June 15
Formica Insulation (war.)
*350. Oct. 1 *Holders of rec. Spot. 14
Quarterly
*35c. Jan1'30 *Ilolders of rec. Dec. 14
Q
ly
Fuller (George A) Co. partic.pr. pf.(qu.) $1.50 July I Holders of rec. June 10
Panic, prior pref.(participating diva - $2.68 July 1 Holders of rao. June 10
$1.50 July 1 Holders of rec. June 10
Panic,second pref.(quar.)
d$1.92 July 1 Holders of rec. June 10
Partly,second pref.(partly. div.)
July 1 Holders of rec. June 130
$1
General Amerlean Tank Car (guar.)
1 • July I Holders of rec. June 130
Stock dividend
13-4 June 1 Holders of me. May 16a
General Asphalt pref.(quar.)
June 1 *Holders of rec. May 20
•1
General Box Corp. pref.(duar.)
.500. June 1 *Holders of rec. May 14
General Bronze, corn.(guar.)
June 1 Holders of rec. May 100
$1
General Cable Corp., ol. A Mara
750. June 12 Ilolders of rec. May 180
General Motors Corp. corn.(guar.)
30c. July 2 Holders of rec. May 186
Common (extra)
14 Aug. 1 Holders of rec. July 80
6% debenture stock (quar.)
14 Aug. 1 Holders of rec. July 80
8% preferred (guar.)
13-4 Aug. 1 Holders of rec. July 8a
7% Preferred (quar.)
MAY 25 1929.]
Name of Company.
FINANCIAL CHRONICLE
When
Per
Cent.. Payable.
Books Closed
Days Inclusive.
Name of Company.
3469
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Miscellaneous (Continued).
15( June 1 Holders of rec. May 210 Isle Royale Copper Co
General Cigar prof.(guar.)
•50e. June 29 *Holders of roe. May 31
25c. June 29 Holders of rec. June 15
General Development
Johnson-Stephens-Shinkle Shoe(quar.)_ 6214c June 1 Holders of rec. May 15
loc. May 25 Holders of rec. May 13
Georg a Cash Credit Corp., corn.(guar.)
Joint Security Corp
Corn.(1-100th share pref. stock)
co May 25 Holders of rec. May 13
Coin.(payablein corn. stock)
11
Aug. I Holders of rec. July 20
20c May 25 Holders of rec. May 13
Preferred (guar.)
fl
Corn.(payable In corn.stook)
Nov. 1 Holders of ree.
100 May 25 Holders of rec. May 13 Jones & Laughlin Steel common (guar.).•$1.25 June 1 *Holders of rec. Oct. 20
Preferred (extra)
May 13
pref. stock)
May 25 Holders of rec. May 13
cn
Prof.(1-100th share
Common (extra)
•$1
June 1 *Holders of rec. May 13
$1.25 June 1 Holders of roe. May la
Gillette Safety Razor (guar.)
154 July 1 Holders of rec. June 130
Preferred (guar.)
Oct. 1
Glad ding.M eBean& Co..com On corn stk) *2
Kalamazoo Vegetable Parchment(qu.)
•15e. June 30 *Holders of rec. June 20
Globe-Democrat Publishing pref. (N.). 1% June 1 Holders of rec. May 20
Quarterly
•15e. Sept.30 *Holders of rec. Sept. 20
Globe Grain & Milling
Quartefly
•15e. Deo. 31 *Holders of rec. Dee 21
*2
Common (guar.).
July 1 *Holders of rec. June 20
Kaufmann Dept. Stores., pref.(guar.).- 154 July 1 Holders of ree.,June 10
•1zi July 1 *Holders of rec. June 20
First preferred (guar.)
•6234e July 15 Holders of rec. June 30
Kawnee Company(qan)
*2
Second preferred (guar.)
July 1 *Holders of roe. June 20
•6234c Oct. 15 Holders of roe. Sept. 30
Quarterly
(11. C.) Co., 1st pref
Godman
3
June 1 Holders of roe. May 20
•62%c Jan15'30 Holders of rec. Dec. 31
Quarterly
$1.75 June 10 Holders of roe. June I
Second preferred
Kaynee Co., common (extra)
•1234c July 1 Holders of roe June 20
Goldberg (S. M.)Stores Inc. pref.(qu.).•51.75 June 15 *Holders of roe. June 1
Kayser (Julius) & Co. corn
/50 July 1 Holders of rec. JuneolOa
Golden State Milk (guar.)
•40o. June 1 *Holders of rec. May 15
50e. July 1 Holders of rec. June 20a
Kelsey-Hayes Wheel, corn. (guar.)
Stock dividend
*el
Sept. *Holders of roe. Aug. 15
Kendall Co., pref.(guar.)
$1.50 June 1 Holders of rec. May 10a
Stock dividend
*el
Dec. 1. *Holders of ree. Nov. 15
Preferred (participating dividend) - 25c. June 1 Holders of rec. May 10a
.
Goodrich (B. F.) Co.. corn. (guar.)._ $1
June 1 Holders of rec. May 100 Keystone Investing Corp., Cl. A (No. 1). "3734c June 1 Holders of ree. May 20
Preferred (quar.)
1)4 July
Holders of rec. June 10
Kinney (G. R.) Co., Inc.. new com.(0111.) •25c. July 1 Holders of rec. June 17
Goodyear Tire & Rubber let Pf. MO- 1% July
Holders of rec. June la
2
June 1 Holders of rec. May 200
Preferred (guar.)
Gorham Mfg., com.(guar.)
500. June
Holders of ree. May 1
$1.75 July 1 Holders of rec. June 15a
Knox Hat, prior pref.(guar.)
Common (guar.)
50c. Sept.
Holders of rec. Aug. I
$1.75 Oct. 1 Holders of rec. Sept. 160
Prior preference ((Mar.)
Common (guar.)
500. Dec.
Holders of rec. Nov. I
75e June 1 Holders of rec. May 15a
Participating pref. (guar.)
Common (payable In common stock)- /5
June
Holders of ree. May. 1
750 Sept. 3 Holders of ree. Aug. 15a
Participating pref. (guar.)
First preferred (guar.)
1% June
Holders of rec. May 15
75o Dee. 2 Holders of ree. Nov. 16a
Participating pref.(qar.)
Grand Union Co.. $3 Prof.(guar.)
75c. June
Holders of ree. May 15a Kroger Grocery & Baking. com.(gu.)_ _
25c. June 1 Holders of rec. May 10.
Great Atlantic & Pacific Tea, corn.(qu.)•81
*Holders of rec. May 3
June
$1
Kuppenheimer (B.) & Co:, com
Holders of rec. June 22a
July
*1% June
Preferred (guar.)
*Holders of rec. May 3
134 June 1 Holders of rec. May 290
Preferred (guar.)
Great Northern Paper (guar.)
.
075c. June
*Holders of rec. May 20
Lake of the Woods Milling. corn.(guar.) *80o. June 1 *Holders of rec. May 18
•16.4 June 1 *Herders of rec. May 18
Greenfield Tap & Die Corp.6% pf (qu.) 1% July
Holders of ree. June 15
Preferred (guar.)
8% preferred (guar.)
Holders of rec. June 15
July
2
Lake Shore Mines, Ltd.(quar.)
"20e. June 15 *Holders of rec. June 1
Greenway Corp.,5% pref. (guar.)
*75e. Aug. 1 *Holders of rec. Aug. i
Lakey Foundry & Mach.stock dividend.'e234 July 30 *Holders of rec. July 16
eieio
*7513. Nov. 1 *Holders of rem Nov 1
5% Preferred (guar.)
Oct. 30 *Holders of roe. Oct. 15
Stock dividend
Gruen Watch common (guar.)
•500. June
*Holders of roe May 20
*75e' June 30 *Holders of rec. June 19
Landers. Frary & Clark (Guar.)
•500. Sept. *Holders of ree. Aug. 21
Common (guar.)
*75c. Sept. 30 *Holders of rec. Sept. 20
Quarterly
Common (guar.)
•50o. Deo.
*Holders of rec. Nov.20
•750. Dec. 31 "Holders of rec. Dec. 21
Quarterly
Common (guar.)
•50o. M'rl'30 *Hold,of rec. Feb. 18'30
Langendorf United Bakeries
*1)4 Aug.
*Holders of rec. July 21
Preferred (guar.)
•50e. July 15 *Holders of rec. June 30
Class A and B (guar.)
•13( Nov. *Holders of rec. Oct. 21
Preferred (guar.)
*50e. Oct. 15 *Holders of recs. Sept.30
Clam! A and B (guar.)
Preferred (guar.)
Febl'30 *Hold, of rec. Jan. 21 '30
•50o. Ja 15'30 *Holders of rec. Dee. 30
Class A and B (guar.)
Gulf States Steel, pref.(guar.)
1% July
Holders of rec. June 15a Lanston MonotyPe Machine (quar.)
154 May 31 Holders of rec. May 210
Preferred (guar.)
1% Oct.
Holders of rec Seot.166 Leath & Co.. pref.(guar.)
•8734c July 1 *Holders of rec. June 15
Preferred (guar.)
Jan 2'30 Holders of rec. Dec 16e
*8740 Oct. 1 *Holders of rec. Sept. 15
Preferred (guar.)
Habirshaw Cable & Wire (guar.)
25c. July
Holders of rec. June la Legare(P. T.) Co.,Ltd.(Que.). Of.((M.) 1/4 June 1 Holders of rec. May 15
Hale Bros. (guar.)
*500. June
*Holders of ree. May 15
May 31 Holders of rec. Apr. 300
$1
Lehigh Coal & Navigation (qua?.)
Hall (C. M.) Lamp Co.,(quar.)
•37%c June 1 *Holders of rec. June 1
Lehigh Portland Cement, prof.(guar.).- 134 July 1 Holders of ree. Jund 144
Extra
•12%e June 1 *Holders of rec. June 1
750. June 1 Holders of rec. May 20.
Lehn & Fink Products, Inc.. (qua?.)...
Hamilton United Theft.(Can.). Pf.((NJ 13.4 June 2 Holders of ree. May 31
Lay(Fred T.) a. Co.. Inc. (qu.)(No. 1) 75e. July 5 Holders of rec. June 15
Hamilton Watch pref. (guar.)
$1.50 June
Holders of tee. May 100 Libbey-Owens Sheet Glass, com. NUJ
*50c. June 1 *Holders of rec. May 22
Hakes(P. H.) Knitting, corn.& com.B. 150. June
Holders of rec. May 20
Libby, McNeil & Libby prof
•$3.50 July 1 *Holders of rec. June 14
Preferred (guar.)
154 July
Holders of ree. June 20
Liggett&MyersTob.com.&com. B (qu.). $1 June 1 Holders of lee. May 155
Harbison-Walker Refract., corn. (guar.) 50e. June
Holders of ree. May 210 Liimoin Interstate Holding Co __.:15e. July 1 Holders of ree June 20
Preferred (guar.)
July 2 Holders of roe. July 10a Lindsay (C.W.) Co., Ltd., com.
250 June 1 Holders of rec. May 15
.)
Hart-Carter Co.. prof.(guar.)
*500. June
*Holders of rec. May 15
154 June 1 Holders of rec. May 15
Preferred (guar.)
Hart,Schaffner & Marx,Inc.,corn.
May 3 *Holders of ree. May 16
(M.) *2
*260 June 1 *Holders of rec. May 15
Lindsay Light, corn. (guar.)
Hartman Corp., class A (guar.)
50e. June 1 Holders of ree. May 174
*154 June 1 *Holders of rec. May LS
Preferred (guar.)
Class B (quar.)
30c. June 1 Holders of rec. May 17a Link Belt Co.(guar.)
60e June 1 Holders of roe. May 15s
Hartman Tobacco let pref. (guar.)
.
01% June 1 *Holders of rec. May 15
Loblaw Grocerterias, Ltd., el. A (qum.) 1234e June 1 Holders of rec. May 15a
Hathaway Bakeries, class A (guar.)
750. June 1 Holders of roe. May 15
123.4c. June 1 Holders of rec. May 150
Class B (guar.)
Convertible prof.(guar.)
$1.75 June 1 Holders of ree. May 15
134 June 1 Holders of rec. May 15s
Prior preference (guar.)
Hathaway Mfg
June 1 *Holders of roe. May 16
*31
$2.50 June 1 Holders of rec. May 4
Ludlow Mfg. Associates (quar.)
Hawaiian Pineapple (guar.)
500. May 31 Holders of refl. May 150 Lunkenheimer Co.. COM.(guar.)
*3734e June 15 'Holders of rec. June 5
Hayes Body Corp.(guar.) (Pay. In stk ) 2
July 1 June 26 to June 30
"1% June 29 *Holders of rec. June 19
Preferred (guar.)
Quarterly (Payable In stock)
2
Oct. 1 Sept. 26 to Sept.30
•134 Sept.30 *Holders of rec. Sept.20
Preferred (guar.)
Quarterly (payable In stock)
2
Janr30 Dee. 25 to Jan. 1
,6134 Dee. 31 Holders of rec. Dec. 21
Preferred (mar.)
Hazeltine Corp. (guar.)
•254, June 1 *Holders of rec. May 15
154 July 1 Holders of rec. June 200
kfallinson (H. R.) pref.(guar.)
Hecht Mining (quar.)
*250 June 15 *Holders of rec. May 15
Mange!Stores Corp.6/4% pf (qU.)(No.1) 154 June 1 Holders of rec. May 15
Helena Rubinstein, Inc., pref. (guar.)._
750 June 1 Holders of rec. May 15
500, June 1 Holders of rec. May 160
Manhattan Shirt, common (guar.)
Hibbard. Spencer, Bartiett&Co.(mthly.) 350 May 31 Holders of rec. May 24
June I Holders of rec. May 15.
$1
Marmon Motor Car, common (qua?.)
Monthly
350 June 28 Holders of rec. June 21
Material Service Corp. (guar.)
*50e. June 1 *Holders of rec. May 15
Higbee Co.2d pref.(guar.)
2
June 1 May 21 to June 2
Si
May Department Stores. com.(qua?.)
June 1 Holders of rec. May 154
Hires (Charles E.) com. A (guar.)
9
.500 June 1 *Holders of rec. May 15
June 1 Holders of rec. May 22
$1
May Hosiery Mills, pref.(guar.)
Hobart Manufacturing (guar.)
62140 June 1 Holders of rec. May 20
McCrory Stores Corp.. com. A & B (cm.) 50e. June 1 Holders of rec. May 20a
Holland Furnace (guar.)
July I Holders of rec. June 15a McIntyre Porcupine Mines (guar.)
25e.June 1 Holders of rec. May la
Holt (Henry) & Co., Inc., class A
•45e June 1 *Holders of too. May 11
McKesson & Robbins. Inc.. prof. (qu.). 8734c. June 15 Holders of rec. June la
Home Oil Co.. Ltd.(No. I)
June 29 June 9 to June 29
20
.
Mead Pulp & Paper. prof.(guar.)
0134 June 1 *Holders of rec. May 21
Homestake Mining (monthly)-- -----500. May 25 Holders of rec. May 20a Medart (F.) Mfg.
,
-dividend omitted
Hood Rubber Products, Prof.(quar.)_._ •1% June] 1 *May 21 to June 1
134 June 1 Holders of rec. May 156
Mengel Co., Prof. (qua?.)
Horn (A. C.) Co.. 1st prof. (quar.)---June 1 *Holders of rec. May 24
June 1 Holders of rec. Apr. 29
$3
Merrimack Mfg.. com.(guar.)
Horn & Hardart. pref. (qua?.)
•1)4 June 1 *Holders of rec. May 10
Merritt-Chapm. &Scott Corp.. Com.(tIn) 400. June 1 Holders of rec. May 15
Household Products, Inc. (guar.)
87340. June 1 Holders of rec. May 15a
1% June 1 Holders of rec. May 15
Preferred series A (guar.)
Hupp Motor Car stock dly.(guar.)
62% Aug. 1 Holders of rec. July 150 Metal Textile Corp. partic. prof
.81%c June 1 *Holders of rec. May 20
Stock dividend (guar.)
82% Nov. 1 Holders of roe. Oct. 15a Meteor Motor Co. (guar.)
*50e. June 1 *Holders of rec. May 18
Huron & Erie mortgage (guar.)
July 2
*2
Metro-Goodwyn Pictures, pref. (qua?.). 4740 June 15 Holders of rec. May 11.
Quarterly
*2
Oct. 1
Metropolitan Paving Brick, corn. (qu.).
50c. June 1 May 16 to May 31
Illinois iirlek (guar.)
•60e July 1.6 *Holders of ree. July 3
Preferred (guar.)
1% July 1 June 2 to June 30
Quarterly
*60 Oct IS *Holden; of roe Oct a
Milnor. Inc. (guar.)(No. 1)
•25o. July I *Holders of ree. June 15
Illinois Cash Credit Corp., COM.(guar.).
10c. May 25 Holders of rec. May 13
Mining Corp. of Canada (interim)
12540 June 13 Holders of rec. May 30
Common (1-100th share pref. stock)... (I) May 25 Holders of rec. May 13
31.25 Aug. 15 *Holders of rec. Aug. 3
0
Minneapolia-Honeywell Reg.. com
Preferred (quar.)
20e. May 25 Holders of rec. May 13
•1)4 Aug. 15 *Holders of recs. Aug. 1
Preferred (quar.)
Preferred (extra)
May 25 Holders of rec. May 13
•
•141 Nov. 15 "Holders of ree. Nov. I
Preferred (guar.)
Preferred(1-100th share pref. stock).- (A May 25 Holders of rec. May 13
Mohawk Mining (guar.)
$1.50 June 1 Holders of rec. Apr. 30
Illinois Pipe Line
*$10 June 15 *Holders of rec. May 13
Monsanto Chemical Works (in stock)__. •1% Aug. 1 *Holders of rec. July 20
Imperial Chemical Industries
Montgomery Ward & Co.class A (au.)
•144 July 1 *Holders of rec. June 20
Amer. dep. refs. ord. reg. stalk
*5
June 7 *Holders of reo. Apr. 18
Montreal Cottons, Ltd.. common (rm.). 1% June 15 Holders of rec. May 31
Imperial Oil, reg.stk.(guar.
12%c. June 1 Holders of rec. May 31
134 June 15 Holders of rec. May 31
Preferred (qua?.)
Coupon stock (guar.)1210. June 1 Holders of coup. No. 21
Morison Electrical Supply. com.(No. 1) *25.. June 1,*Holders of rec. May 15
Indiana Limestone, pref.(quar.)
154 June 1 Holders of rec. May 20
Morrell
*900. June 15 *Holders of rec. May 31
Ingersoll-Rand Co., corn. (qua?.)
$1 June 1 Holders of ree. May lba Muncie (John) & Co.((Mar.) A (guar.) *50e. July 1 *Holders of rec. June 15
Gear Co., pref.. clans
Common (extra)
$1 25 June 1 Holders of rec. May Ila
*50c. Oct. 1 *Holders of ree. Sept. 16
Preferred, class A (guar.)
Inland Steel, com. (guar.)
8734c June 1 Holders of ree. May
"500. Jan I'30 *Holders of ree. Deo. 16
Preferred. class A (guar.)
Agric. Corp.. Prior prof. NIL/- 1% June 1 Holders of rect. May 150 klunsingwear.
Internat.
15a
Inc., common (quar.)_.. 750. June 1 Holders of rec. May 17e
Internat. Combustion Eng.,com.(quar.) 50e. May 31 Holders of reo. May 15a
Common (extra)
500. June 1 Holders of rec. May 171
1% July 1 Holders of rec. June 17a Murphy
Preferred (guar.)
July 2 *Holders of rec. June 21
*2
(0. C.) Co.. pref.(quar.)
•250. July 1
Int. Cont. Invest. Corp.corn.(puma
Oct. 2 *Holders of roe. Sept.21
"2
Preferred (quar.)
Internat. Harvester common (guar.)---.'623.4c July 15 *Holders of rec. June
Muskgeon Motor Specialties. 01. A (au.) *50e June 1 *Holders of rec. May 22
International Harvester, prof (guar.)-- 1% June 1 Holders fo rec. May 25
so National Bearing Metals, corn,(quar.)
750 June 1 Holders of rec. May 16
Internat. Nickel of Canada, com.(qu.). 20c. June 29 Holders of rec. June la Nat.
25e July 15 Adders of rec. July la
Bellas-Fless, new com.(quar.)
International Perfume. corn.(No. IL....
25c. June 1 Holders of rec. May 20
New common (mar.)
25e Oct. 15 Holders of rec. Oct. la
Internal. Safety Razor class A (qu.).... 600. June 1 Holders of rec. May 10
New common (quar.)
25e Jan. 15 Holders of rec.Jan.2 300
Class1) (guar.)
50e June 1 Holders of rec. May 10a
Stock dividend (guar.)
July 15 Holders of rec. July la
el
25e. June 1 Holders of ree. May 10a
Class II (extra)
Stock dividend (guar.)
Oct. 15 Holders of rec. Oct. la
el
International Securities Corp. of Amer
Stock dividend (guar.)
Ja.15'30 Holders of rec. Jan 2'3O4
el
Common A (quar.)
75e. June 1 Holders of rec. May 15
Preferred (guar.)
$1.75 June 1 Holders of rec. May 210
Common B (qua?.)
123.40 June 1 Holders of rec. May 15
National Biscuit, corn.(qum.)
$1 50 July 15 Holders of rect. June 230
7% preferred (guar.)
154 June 1 Holders of ree. May 15
Preferred (quar.)
144 May 3 Holders of rec. May 17a
634% preferred (qua?.)
134 June 1 Holders of rec. May 15
Nat. Dairy Products,com.(guar.)
Holders of rec. June 316
3734c July
1% June 1 Holders of rec. May 15
6% preferred (quar.)
Common (payable in common stk.).- II
Holders of rec. Ju:,e 30
July
International Shoe, pref. (monthly)
60e June 1 Holders of rec. May 15
Common (payable in common stock). fl
Holders of rec. Sept. 30
Oct.
*50c July 1 *Holders of ree. June 15
Preferred (monthly)
National Dept. Stores 2d Prof.(qua?.).. •114 June
*Holders of rec. May 15
•50e. Aug. 1 *Hoidens of reo. July 15
Preferred (monthly)
National Distillers. Prof.(qu.)(No. 1) *$1.75 Aug.
*Holders of rec. July 150
*60e. Sept. 1 *Holders of roe. Aug. 13
Preferred (monthly)
National Family Stores, Inc., com.(MO
Holders of rec. May 20
40c June
*60o Oot. 1 *fielders of tee. Sept. 15
Preferred (monthly)
Preference (guar.)
Holders of rec. May 20
50c June
Mo. Nov. 1 *Holders of ree. Oct. 15 • Nat Fireproofing,
Preferred (monthly)
pref.(guar.)
623.4c. July 1 Holders of rec. Jul) 1
Preferred (monthly)
•500. Dec. 1 *Holders of rec. Nov. 15
preferred (qua?.)
6240. Oct. l Holders of rec. Oct. 1
*50e Jan 1'30 *Holders of ree. Dee. 13
Preferred (monthly)
National Food Products
International Sliver, corn. (guar.)
$1.50 June 1 Holders of rec. May I6a
Clare B (Payable In class B stk.)
Oct. 1 Holders of rec. Oct. 5
2
Interstate•Hostery Mills (No. 1)
*45e. July 1 "Holders of rec. June
National Lead common (quar.)
1% June 2 Holders of rec. June 146
•134 June I *Holders of rec. May 15
Interstate Iron & Steel, pref. (guar.).
Preferred class A (guar.)
134 June 1 Holders of rec. May 31.
(In com. stock)._ flO June 15 Holders of rec. June 20
Intertype Corp., corn.
la
Preferred class B (quar.)
Holders of rec. July I9a
Aug.
July 1 *Holders of rec. June 20
Investors Equity Co., Inc., common_ *$1
National Lock Washer
Iron Fireman Mfg., common (guar.)._ "250. June 1 *Holders of ree. May 15
Common (payable In com. stock)--• f33 I- June
*Holders of ree. Apr. 26
*50o. July 1 Holders of rec. June 15
Irving Air Chute (No. I)
National Sugar Re's.(quar.)
Holders of rec. June 3
50e July
•75e. July 1 *Holders of rec. June 15
Jefferson Electric (guar.)
Nehl Corporation common (guar.)
•25c June 1.*Holders of rec. May 15
•75e. Oct. 1 *Holders of rec. Sept. 17
Quarterly
Neild Manufacturing (guar.)
14
•750. July 15'Holders of rec. July 3
Jewel Tea common (guar.)
New Amsterdam Casualty (In stk.) _- e50 July 15 Holders of rec. .Tune 15
Common (extra)
June 15 'Holders of rec. June 3
*Si
New Bedford Cordage common
June 1 *Holders of rec. May 17
*.175 June 20 *Holders of rec. June 3
Common (Payable in com.stock)
Preferred (guar.)
'154 June 1 'Holders of rec. May 17
I
1
3470
Name of Company
When
Per
Cent. Payable.
Books Closed
,
Days Inclusty .
Miscellaneous (Continued.
Newberry (J. J.) Co.common (quar.)___ *2744c July 1 *Holders of rec. June 14
*$1.75 June 1 *Holders of rec. May 15
Preferred (guar.)
New Haven Clock, corn. (guar.)(No. 1) *37)9e July I *Holders of rec. June 20
Newmarket Manufacturing-Dividend o mitred
The. June 1 Holders of rec. May 21a
Newport Co., cony. class A(quar.)
New Quincy Mining (guar.)(No. 1)_ _ •10o. May 27 *Holders of rec. May 15
N. Y.& London Management pref.(qu.) 75e. June 1 Holders of rec. May 20
*50c. June 28 *Holders of rec. June 13
New York Transportation (guar.)
*750. Nov. 1 *Holders of roe. Feb. 1
Nichols Copper Co.. class B
60e. July 2 Holders of rec. June la
Nickel Holdings Corp.(guar.)
*1.44 June 29 *Holders of roe. June 19
Niles-Bement
-Pond, pref. (quar.)
North Amer. Provision. pref. (qua?.)
*1)4 July I *Holders of rec. June 10
North Atlantic Oyster Farms, cl. A (qu.) *50e. June 1 *Holders of rec. May 27
15c. June I Holders of rec. May 10
North Central Texas Oil, corn.(quar.)
19c. June 1 Holders of rec. May 20
Northern Manufacturing, pref.(guar.) 19e. Sept. I
Preferred (guar.)
190. Dee. I
Preferred (guar.)
July 1 Holders of rec. June 7
$2
Northern Pipe Line
1 M June 1 Holders of rec. May 22
Ogilvie Flour Mills, pref.(guar.)
*50e. June 15 *Holders of rec. May 15
Ohio Oil (guar.)
el0 June 25 Holders of rec. June 10
011stocks, Ltd.(stock dividend)
Oliver Farm Equip., partic. stk.(quar.)_ "75e. July 1 Holders of rec. June 10
*31.50 July 1 Holders of rec. June 10
Series A prior pref. (guar.)
*3749c July 1 Holders of rec. June 20
Oliver United Filters, B (guar.)
July 1 Holders of rec. June 14a
2
Omnibus Corp., pref. (guar.)
3744e May 25 Holders of roe. May 15
Orange Crush Co., corn .(quar.)
Oshkosh Overall, pref. (qu.)(No. 1)____ *50e. June 1 Holders of rec. May 20
144 July 15 Holders of rec. June 29e
Otis Elevator. prof.(guar.)
139 Oct. 16 Holders of roe. Sept. 306
Preferred (guar.)
149 J'n15'30 Holders of roe. Dee. 316
Preferred (guar.)
Outboard Motors Corp.. class A (No. 1) *950. June 1 Holders of rec. May 17
$1.50 June 1 Holders of rec. May 15
•
Oxford Paper pref. A (guar.)
25e. June 15 Holders of rec. May 31
Pacific Coast Biscuit, common (qua..)__
25c. June 15 Holders of rec. May 31
Common (extra)
Preferred (guar.)
*87M c Aug. 1 Holders of roe. July 16
.50e. July 15 Holders of roe. June 30
Pacific Equities, Inc
*100. July 15 Holders of roe. June 30
Extra
250. May 31 Holders of roe. May lla
Packard Motor Car (monthly)
50e. May Si Holders of roe, may Ile
Extra
25c. June 29 Holders of rec. June 126
Monthly
25e. July 31 Holders of rec. July 120
Monthly
25o. Aug. 31 Holders of rec. Aug. 120
Monthly
Paramount Famous Lasky Corp. (guar.) 75e. June 29 Holders of rec. June 7a
Patino Mines & Enterprises(Interim)
- (a) June 28 Holders of roe. May 310
Patterson-Sargent Co.. corn. (No. 1)...... 500. June 1 May 16 to May 31
Ponder(D.) Grocery Co., A (guar.)._ 87490 June 1 Holders of rec. May 20
Pennsylvania Investing Co.(guar.).--- 62340 June I Holders of rec. Apr. 305
Perfection Stove (monthly)
*37490 May 31 *Holders of ree. May 17
Monthly
*3739e June 30 *Holders of ree. June 18
Monthly
*37 440 July 31 *Holders of roe. July 18
Monthly
*3739e Aug. 31 'Holders of roe. Aug. 16
Monthly
'37340 Sept.30 Holders of reo. Sept. 18
Monthly
*37340 Oct. 31 Holders of roe. Oct. 17
Monthly
*37)9e Nov.30 Holders of roe. Nov. 18
Monthly
*37)4e Dee. 31 Holders of roe. Dec. 18
June 1 Holders of rec. May 25
1
Petroleum Royalties, pref.(monthly)__
M June I Holders of roe. May 25
Preferred (extra)
75e. June 1 Holders of roe. May 200
Phillips-Jones Corp. corn. (guar.)
134 June 1 Holders of rec. May 170
Phoenix Hosiery. 1st & 2d pref.(guar.)._
134 June 1 Holders of reo. May lOn
Pierce-Arrow Motor Car, pf. (guar.) 50e. June 1 Holders of rec. May 15a
Pillsbury Flour Mills, Inc.,corn.(guar.)_
Pines Winterfront, new com.(qu.)(No. 1) *25e. June 1 Holders of rec. May 15
June 1 Holders of rec. May 15
New corn.(payable in common stock). f.2
*5003.J uly 1 Holders of rec. June 10
Pittsburgh Plate Glass (guar.)
July 1 Holders of rec. June 24
*S1
Pittsburgh Steel, com.(guar.)
Pittsburgh Steel Foundry. prof. (guar.) *31.25 July 1 Holders of roe. June 15
June 1 *Holden of rec. May 15
Poor & Co., class B (guar.)
'37340
$1.75 July 1 Holders of roe. June 14
Powdrell & Alexander, Inc.. pref.(qu.)
Prairie Pipe Line (guar.)
75e. June 29 Holders of rec. May 31a
50e. June 29 Holders of rec. May 3Ia
Extra
70e. June 1 Holders of roe. May 20
Prentice-Hall, Inc., corn.(No. 1)
Participating stock (guar.)
7543. June 1 Holders of rec. May 20
Pressed Metals of Amer.. pref.(guar.)._ *149 July 1 Holders of roe. June 12
Preferred (quar.)
'134 Om 1 Holders of rec. Sept. 12
Preferred (guar.)
'hi ani'30 Holders of roe. Dec. 12
Pressed Steel Car, pref. (guar.)
134 June 29 Holders of rec. June la
Procter & Gamble Co.5% pref.(guar.). 134 June 15 Holders of rec. May 25a
134 June 15 Holders of rec. May 31
Pro-phy-lac-tic Brush, pref. (quar.)..__
50e. June 1 Holders of roe. May 20
Popper Silk Hosiery Mills corn.(qu.)___
Pure 011 Co. common (quar.)
37 Me June 1 May 11 to June 5
75e. June 1 Holders of roe. May 156
Purity Bakeries, corn. (guar.)
July 15 Holders of rec. July 1
*31
Quaker Oats Co.,corn.(quar.)
*I% Aug. 31 Holders of roe. Aug. 1
Preferred (guar.)
Ranier Pulp & Paper, class B (guar.)... *25e. June 1 Holders of roe. May 10
•25e. June 1 Holders of rec. May 10
Class B (extra)
Rapid Electrotype (guar.)
'3734e June 15 Holders of rec. June I
June 1
*e5
Raytheon Mfg.(Stock dividend)
Reeves (Daniel) Inc. common (No. I)._ *30c. June 15'Holders of rec. May 31
$
5 1.6214 June 15 *Holders of rec. May 31
Preferred (guar.)
14( July 1 Holders of roe. June 8a
Remington-Rand Co., 1st pref.(quar.)_
July 1 Holders of roe. June 80
2
Second preferred (guar.)
Remington Typewriter common (quar.)_ •$1.25 July 1 *Holders of rec. June 8
1.34 July 1 Holders of roe. June 8a
First preferred (guar.)
July 1 Holders of rec. June 80
2
Second preferred (quar.)
$1 .June I Holders of rec. May 114
Republic Iron & Steel, corn.
IM July 1 Holders of roe. June 120
Preferred (guar.)
•$L6234 June 30 *Holders of roe. June 14
Rich's, Inc.. pref.(guar.)(No. 1)
July 25 Holders of roe. July Ss
SI
Rio Grande Oil
Hold. of rec. Jan. 5'30
(?)
$1
Rio Grande Oil
el M Oct. 25 *Holders of ree. Oct. $
dividend
?Stock
*45e. June 1 *Holders of roe. May 15
Root Refining, Prior prof.(guar.)
*75e. June 1 *Holders of roe. May 15
Cumulative pref. (quar.)
'8734o June 1
Boxy Theatres. class A (guar.)
Rubber Plantation
Amer. dep. refs. for ord. reg. shares__ *IMO May 20 *Holders of rec. May 1
50e. June 20 June 8 to June 20
8$. Joseph Lead Co.(guar.)
25e. June 20 June 8 to June 20
Extra
60e. Sept 20 Sept.10 to Sept 20
Quarterly
250. Sept 20 Sept. 10 to Sept.20
Extra
250 June 1 Helder's of roe. May 25
corn.(quar.).-St. Louis Screw &Bolt,
90e. July 1 Holders of rec. June 15
Sally Frocks, Inc., corn.(No. 1)
50c. June 1 Holders of rec. May 15a
Savage Arms, corn. (guar.)
•1 M Aug. 15 *Holders of roe. Aug. 1
Second preferred (guar.)
Schletter & Zander, Inc., corn.(No. 1)-- "50e. June 29 *Holders of roe. June 15
Schulte Retail Stores Corp., corn.-Dly. passedScott Paper
June 30
Corn.(in stk.sub). to stkhrs. apPrOv.) f2
Dee. 31
Corn.(in stk. subj. to stkhrs.'apProv.) f2
Sears-Roebuck & Co.
et Aug. I Holders of roe. July liSti
in stock)
Quarterly (payable
el Nov. I Holders of reo. Oct. 150
Quarterly (payable in stock)
Selfridge Provincial Stores, Ltd.
• w314 June 7 *Holders of rec. May 16
-Amer. deposit rcts. for ord. shares
50e. July 10 Holders of roe. June 20a
Shattuck (Frabk G.) Co.(quar.)
Sept. IV 'Holders of roe. Aug. 27
*31
Sheaffor(W A.) Pen Co. (guar.)
*504/. July 1 *Holders of rec. June 8
Sheffield Steel, corn.(guar.)
July 1 *Holders Of Teo. June 8
Common (payable in common stock)...
July 1 *Hoiders of roe. June 2.
Common (payable in common stock)- - 111
•134 July 1 *Holders of roe. June 20
Preferred (guar.)
-folders of roe. Sept Zip
Oct. I 'I
Common (payable In common stock)_. 'fl
35e. July 1 Holders of roe. June 40
Shell Union 011, corn.(guar.)
1 M June 1 Holders of rec. May 15
Sherwin-Williams Co. pref.(guar.)
50c. May 31 Holders of rec. May 20
Shippers Car Line Corp., M. A (qua?.)_
m May 31 Holders of roe. May 20
Preferred (guar.)
$1.25 June 15 Holders of roe. June la
Shubert Theatre common (guar.)
40e. June 15 Holders of rec. May 3I0
femme Petroleum
Simon (Franklin)& Co.. pref.(guar.)... 114 June I Holders of rec. May 17a
50e. June 1 Holders of roe. May 17
Simons(H.)& Sons, Ltd., corn.(No. 1)1 M June 1 holders of roe. May 17
Preferred (guar.)
*50e. July 15 *Holders of rec. June 15
Sinclair Consol. Oil Corp. corn.(quar.)
•25c. July 15 *Holders of reo. June 15
Common (extra)
[VOL. 128.
FINANCIAL CHRONICLE
Name of Company.
Per When
Cent. Pamble.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
June I May 15 to June 2
3
Sixteen Park Ave., Inc., pref
50a. June 15 Holders of reo. May 15a
Skelly 011 (quar.)
Smallwood Stone class A (guar.)
62340. June 15 Holders of rec. June 5
Smith (Howard) Paper Mills, pref. (qtr.) 139 June 1 Holders of rec. May 21
Solar Refining
•$1.25 June 20 *Holders of rec. May 31
Southern Grocery Stores class A (guar.). *6219c May 31 *Holders of rec. May 15
Southern Ice & Utilities. $7 pref.(guar.) 31.75 June 1 Holders of roe. May 15
31.75 June 1 Holders of rec. May 15
$7 Panic. pref.(guar.)
*95e. June 1 *Holders of rec. May 15
Southwestern Stores pref. A (guar.)
40e. July 15 Holders of rec. June 306
Spalding(A. G.)& Bros., corn.(guar.)._
134 June 1 Holders of rec. May 180
First preferred (guar.)
2
June 1 Holders of roe. May 18a
Second preferred (guar.)
75e. June 29 Holders of rec. June 190
Sparks-Withington Co. coin.(guar.)._
June 29 Holders of rec. June 14a
Common (extra)
$1
Common (payable in corn. stock) _ _ -. e300 July 1 Horders of rec. June 170
114 June 15 Holders of rec. June 5
Preferred (guar.)
134 June 1 Holders of rec. May 15a
Spear at Co.. 1st de 2d pref.(guar.)
*1249c June 1 *Holders of rec. May 20
Specialized Shares common (quan)
"750. June 1 *Holders of rec. May 20
Preferred A St B (guar.)
40e. June 30 Holders of reo. June 1611
Spencer Kellogg & Sons, Inc.(quar.)--400. Sept.30 Holders of roe. Sept.140
Quarterly
Standard Investing, corn.(qu.)(No. 1). PIM July 10 *Holders of roe. June 20
Standard Oil (Calif.) (quar.)
6234c June 15 Holders of roe. May 150
'62140 June 15 *Holders of rec. May 16
Standard 011 (Indiana) (guar.)
6234c June 20 May 28 to June 20
Standard Oil (Nebraska) (guar.)
25e. June 20 May 28 to June 20
Extra
250. June 15 Holders of rec. May 250
Standard 011(N. J.) $25 par stk.(qu.)_
25e. June 15 Holders of rec. May 250
$25 par value stock (extra)
1
June 15 Holders of rec. May 25a
par value stock (guar.)
$100
June 15 Holders of roe. May 250
1
$100 par value stock (extra)
40c. June 15 Holders of rec. May 106
Standard 011 (New York) guar.)
134 June 1 Holders of roe. May 10
Standard Oil (Ohio). prof.(guar.)
Standard Sanitary Mfg.,corn.(quar.). 42e. May 25 Holders of roe. May 100
144 May 25 Holders of roe. May 100
Preferred (guar.)
87 Mc June I Holders of roe. May 20
Steinberg's Drug Stores pref.(guar.)
249 JLIZ
:24 O . 1 _
Stereite Radio(guar.)
Quarterly...
Sterchl Bros. Stores. Inc.. pref.(guar.).- 'l Id July 1 *Holders of roe. June 18
Sterling Securities Corp. pref.(qua?.).._.. 149 June 1 Holders of roe. May 18
39 June 1 Holders of rec. May 18
Preference (extra)
Stewart-Warner Corp.
Aug. 15 Holders of roe. Aug. 5
e2
stock)
New 510 par stock (In
Nov. 15 Holders of rec. Nov. 5
e2
New $10 Dar stock (In stock)
2/15/30 Holders of roe. Fob.5'3t0
e2
New $10 par stock (in stock)
37190 June 1 Holders of roe. May 15
Stix Baer dr Fuller, corn.(guar.)
*37 Mc Sept. 1 *Holders of roe. Aug. 15
Common (guar.)_ _
Common (guar.)
'3734c Doe. 1 *Holders of roe. Nov. 15
'75e. July 1 *Holders of roe. June 15
Eitroock (S.) Co. (guar.)
*75e. Oct. 1 *Holders of reo. Sept.16
Quarterly
*75e. Dee. 21'Holders of rec. Dee, 10
Quarterly
$1.25 June I Holders of roe. May 100
Studebaker Cord., corn. (guar.)
June 1 Holders of roe. May 10a
Common (payableIn common stock)... 11
1 Holders of re°. Aug. 100
Sept.fi
Common (payable In corn. stock)---Dee. 1 Holders of roe. Nov. 911
Common (payable in corn. stock)- fl
1 Holders of refs May 1041
134 June
Preferred (guar.)
25e. June 15 Holders of rec. May 25a
Sun 011 Co.. corn.(guar.)
Preferred (quar.)
134 June 1 Holders of roe. May 10a
Swan & Finch Oil Corp., pref. (guar.).- *4344e June 1 *Holders of rec. May 10
25e. June 15 Holders of roe. May 316
Tennessee Copper & Chemical (guar.)._
June 15 Holders of roe. June la
$1
Texas Gulf Sulphur (guar.)
Texas & Pacific Coal & Oil (In stock)
e234 June 30 Holders of roc. June 541
Thermatomie Corp. common (quar.)-- *50o. June 1 *Holders of rec. May 22
June 1 *Holders of rec. May 22
*2
Preferred (guar.)
300. June 1 Holders of roe. May 2341
Thompson (John R.) Co..(monthly)_144 June 1 Holders of coo. May 20
Thompson Products, Prof.(guar.)
134 June 1 Holders of rec. May 200
Timken-Detroit Axle, pref.(guar.)
75e. June 5 Holders of rec. May 20
Timken Roller Bearing, corn. (quar.)--134 June 1 Holders of roe. May 210
Truscon Steel Co.. pref.(guar.)
Tubize Artificial Silk class A & B (qu.)....•$2.50 July 1 *Holders of rec. June 20
Underwood Elliott Fisher Co. core.(qu.) $1 June 29 Holders of rec. June 120
31.75 June 29 Holders of roe. June 12
Preferred and preferred B (guar.)
*50e June 1 *Holders of roe. May 17
Union Mills, corn. (guar.)
•134 June 1 *Holders of rec. May 17
Preferred (guar.)
31.25 June 1 Holders Of roe. May 18
Union Tank Car(guar.)
75e. July 1 Holders of rec. June 10
United Aircraft & Transport, eta.(qu.).
40e. June 1 Holders of rec. May 170
United Biscuit of Am.. corn. (quar.)..
*75e. June 1 *Holders of roe. May 15
United Chemicals. prof.(quar.)
250 July 1 Holders of rec. June 7
United Cigar Stores of Am.corn.(qu.)
60e May 25 Holders of roe. Apr. 25
United Corporation panic. pref. (extra)
.25e July 1 *Holders of roe. June 15
Unit. Cosmetic Shores, Inc.(qu.)(No. 1) 4
750 June 1 Holders of roe. May 15
United Electric Coal Co.,corn.(guar.)-July 1 Holders of rec. June 16
$1
United Fruit (guar.)
•500 June 1 *Holders of roe. May le
United Milk Crate, el. A (guar.)
United Piece Dye Wks.,pref.(guar.).
- •149 July 1 *Holders of roe. June 20
'134 Oct. 1 *Holders of roe. Sept.20
Preferred(guar.)
'134 Jan2'30 *Holders of ree. Dec. 20
Preferred(guar.)
U. S. Cast Iron Pipe & Fdy.. corn.(qu.) 500. July 20 Holders of roe. June 295
50o Oct. 21 Holders of rec. Sept. 300
Common (guar.)
50e Jan20'30 Holders of roe. Dee. 315
Common (guar.)
30e July 20 Holders of rec. June 250
First & second pref. (guar.)
30e. Oct. 21 Holders of re. Sept. 300
First & second pref.(gum.)
30e Jan21170 Holders of re' Dec. 310
First & second pref. (guar.)
U.S. Dairy Products corn, class A (qu.). $1
June 1 Holders of rec. May 20
144 June 1 Holders of rec. May 200
First preferred (guar.)
June 1 Holders of roe. May 200
2
Second preferred (guar.)
U. S. Freight (guar.)
*Me. June 10 *Holders of roe. May 14
U.S. GYPSUM,corn.(guar.)
YlOc. June 30 *Holders of roe. June 15
'134 June 30 *Holders of reo. June 15
Preferred (guar.)
U. S. Hoffman Machinery, COM.(guar.) $1
June 1 Holders of roe. May 21a
U. 8. Leather
July 1 Holders of reo. June 100
Class A male. & cony. stook (au.)-- Si
Oct. 1 Holders of roe. Sept. 100
Class A partio. & cony, stook (qu.)-- SI
U.S. Playing Card (guar.)
July 1 *Holders of roe. June 20
*31
fJ. S. Printing & Litho., corn.(guar.). *31.50 July 1 *Holders of rec. June 20
20
Second preferred (guar.)
'134 July 1 *Holders of roe. June 21a
U.S.Realty & Impt.(guar.)
$1.25 June 15 Holders of rec. May
U.S. Steel Corp., corn.(quar.)
134 June 29 Holders of rec. May 310
44
Preferred (guar.)
144 May 29 Holders of roe. May 15
25e. June 1 Holders of roe. May
Utah Apex Mining
Utilities Equities Corp.. $5.50 pr. stk.$2.75 June 1 Holders of roe. May 15
Allotment certificates
Utilities, Inc., corn. A (guar.)
'3234c June 1 *Holders of rec. May 20
June 20 Holders of ree. May 31
Vacuum Oil (guar.)
$1
119 June 17 Holders of roe. June 14
Valvoline 011 common (guar.)
*IM June 10 *Holders of roe. June 1
Vapor Car Heating, pref.(quar.)
2
*Holders of
•134 Sept. 10 *Holders of roe. Sept. 2
Preferred (guar.)
reo. Dee.
•144 Dee. 10
Preferred (guar.)
Vesta Battery pref.(guar.)
•134 June 1 *Holders of roe. May 21
170
Va.-Carolina Chemical. pr. pref.(guar.)- 144 June 1 Holders of roe. May 31
*350. June 10 *Holders of reo. May
Volcanic 011 & Gas(guar.)
*50. June 10 *Holders of rect. May 31
Extra
•350 Sept. 10 *Holders of roe. Aug. 31
Quarterly
'Se. Sept. 10 *Holders of roe. Aug. 31
Extra
*350. Dee, 10 *Holden of roe. Nov.80
Quarterly
*M. Dee. 10 *Holders of roe. Nov.30
Extra
So
134 July 20 Holders of rec. July 95
Vulcan DetinnIng, prof.(guar.)
of roe. July
Preferred (acct, accum. dividends)
- 11434 July 20 Holders of roe. July 90
134 July 20 Holders
Preferred A (guar.)
114)4 July 2 Holders of rec. July 90
Prof. A (acct. accum. dividends)
37340 June 1 Holders of rec. May 15
Wagner Electric Co. common (guar.)
'134 July 1 *Holders of roe. June 20
Wahl Co.. Prof.(Acct,accurn. div.)
•500. June 1 *Holders of rec. May 15
Waltt & Bond. class A (guar.)
•30e. July 1 *Holders of roe. June 15
Class B (guar.)
Walker(FEIram)-Gooderham & Worts,Ltd
25e. June 15 Holders of coup. No. 7
Bearer shares (new stock) (quar.).....
25e. June 15 Holders of rec. May 31
Registered shares (new stock)(quar.)
*114 July 1 *Holders of reo. June 22
Waltham Watch, pref.(guar.)
'114 Oct. 1 *Holders of re6. Sept. 21
Preferred (guar.)
"30e. June 15 *Holders of roe. June 1
Walworth Co. common (guar.)
*75o. June 29 *Holders of roe. June 19
Preferred (guar.)
134 July 1 Holders of roe. June 17a
Ward Baking Corp. pref.(guar.)
MAY 25 1929.]
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Name of Compare.
Books Closed
Days Inclusive.
Miscellaneous (Concluded).
Warner Bros. Pictures. Inc.. of. ((NJ-55e. June 1 *Holders of rec. May 24a
Warren (Northam) Corp., cony. PL(c111.)
The. June 1 Holders of rec. May 15
WaYagamack Pulp & Paper (quar.)____
75e. June 1 Holders of rec. May 15
Wayne Pump, pref.(quar.)
*87 Sic June 1 *Ilolders of rec. May 20
Weber Showcase, let pret. (quar.)
*50e. June 1 *Holders of rec. May 15
Welch Grape Juice common (quar.)
25c. May 31 Holders of rec. May 15
Comtnon (extra)
25e. May 31 Holders of rec. May 15
Preferred (quar.)
May 31 Holders of rec. May 15
*5
Wellington Oil (quar.)
June 15 *Holders of rec. May 31
55
Extra
June 15 *Holders of rec. May 31
Wesson Oil & Snowdrift, pf.(qu.)(No.!) $1
June 1 Holders of rec. May 156
Western Auto Supply. corn. A&B (cm.).
75e. June 1 Flohlers of rec. May 20
Western Dairy Products A (quar.)
$1
June 1 Holders of rec.
lba
53(4 July 1 *Holders of rec. May 20
Western Grocer, preferred
June
Westvaco Chlorine Prod., corn.(No. 1). 331-3e June 1 Holders of rec. May 2
West Va. Pulp & Paper pref.(quar.)
51
Aug. 15 *Holders of rec. Aug. 5
Preferred (guar.)
•1% Nov. 15 *Holders of rec. Nov. 5
Wheatsworth, Inc., 8% pref. (quar.)
2
June 1 Holders of rec. May 15
Whitaker Paper Co., coin. (guar.)
411 25 July 1 *Holders of rec. June 20
Preferred (quar.)
•1
July 1 *Holders of rec
White (J. G.) Engineering, Pref.(guar.) li June 1 Holders of rec. June 20
May 15
White (J. G.) & Co., Inc. pf. (guar.)
1(4 June 1 Holders of rec. May 15
White Motor Co.. corn. (guar.)
25e. June 29 Holders of rec. June 120
White Motor Securities, Pref. (quar.)
1M June 29 Holders of rec. June 12
Will & Baumer Candle pref. (quar.)___
2
July 1 Holders of rec. June 15
Willys-Overland Co., pref. (quar.)
July 1 Holders of rec. June 15a
1
Wilson-Jones Co., Corn.(quar.)
•50c. June 1 *Holders of rec. May 23
Common (extra)
*25e. June 1 *Holders of rec. May 23
Windsor Hotel (Montreal) pref. (quar.).
June 1 Holders of rec. May 15
Winsted Hosiery (quar.)
Aug. 1 'Holders of rec. July 15
•2
Extra
*Si Aug. 1 'Holders of rec. July 15
Winton Engine cony. pref.(quar.)
•75c. June 1 *Holders of rec. May 23
Witherow Steel, 1st pref. (quar.)
ti June 1 *Holders of rec. May 25
•13i June 1 •Holders of rec. May 25
Second preferred (quar.)
Woolworth (F. W.) Co.. corn. (quar.)
$1.50 June 1 Holders of rec. Apr. 250
Wright Aeronautical Corp. (quar.)
50c. May 31 Holders of rec. May 15a
Wrigley (Wm.) Jr., Co.(stock dividend) e5
July 1 Holders of rec. June 20a
Monthly
25c. June 1 Holders of rec. May 201
Monthly
25c. July 1 Holders of rec. June 200
Monthly
25e. Aug. 1 Holders of rec. July 200
Yale & Towne Mfg.(quar.)
SI
July 1 Holders of rec. June 100
Yellow Cab of Newark (quar.) dividend o mitted
Yellow Taxi Corp. of N.Y.(quer.) _ __
75c. 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 not until further notice :
New York Curb Market Association has ruled that stock will not be quotedThe
exdividend on this date and not until further notice.
a Transfer books not closed for this dividend. d Correction. e Payable In
S Vick Chemical dividend is one share Vick Financial Corp. for each two stock.
shares
of Vick stock.
IPayable in common stock. o Payable In scrip. h On account of accumulated
dividends. I Payable In preferred stock.
n Cots. Inc.. declared a stock dividend of 6%. payable in quarterly Installments.
,
o British-Amer. Tob. dividend is 10 pence per share. All transfers received
London on or before June 7 will be in time for payment of dividend to transferes. in
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.
Int. Sleeping Car & European Express dividend is 20 Belgian francs
less deduction for expenses of depositary.
r Rio Grande 011 stock to be placed on a $2 per annum basis. The company
has
declared $1 payable July 25 and intends to declare another $1 payable on
or before
Jan. 25 1930. The stock dividends are 1...i shares on each 100 shares,
the first
% having been declared payable April 25 with the Intention to declare a
second
% payable 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 54.8665 per E sterling
equivalent to 50.9733.
{Subject to stockholders approval at meeting June 3.
U Holland Furnace dividend 62(4% cash or 2% in stock.
o New York Stock Exchange rules Julius Kayser Co. be ex the stock dividend
On July 2.
to Leas deduction for expense,, of depositary.
r Alliance Investment declared a stock dividend of 4% payable in quarterly
Installments.
y Peoples Light & Pow. corn. A stockholders have privilege up to and including
June 18 of applying above dividend to purchase of additional corn. A stock at rate of
1-50th share for each share held.
z Holders of Federal Water Service class A stock may apply the dividend to purchase of additional Class A stock at rate of $25 Per share, receiving 1-50th share
for each share held.
3471
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The following are the figures for the week ending May 17:
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING OF BUSINESS
FOR THE WEEK ENDED FRIDAY, MAY 17 1929.
NATIONAL AND STATE BANKS-Average Figures,
Oth.Cash, Res, De, Dep.Other
Gold. Including N. F. a •' Banksand
Gross
Bk. Notes Elsewhe C. Trust Cot. Deposits.
Loans.
Manhattan$
$
$
$
Bank of U. S
251,916,800 63,000 4,801,700 45,185,900 1,974,500 263,077.000
Bryant Park Bank 2,036,600 91,800 174,300
149,000
2,124.900
Chelsea Exch. Bk.. 22,729.000
____ 1,785,000 1,256,0 0
22,132,000
Grace National__. 18,416,900 3,000
68,200 1,519,000 1,604,700 15,749,500
3,834,200 31,400
Port Morris
93,300
191,900
3,500,900
Public National_. 134,864,000 27,000 1,933,000 7,783,000 13646,000 133,124,000
Brooklyn
23,263,000 100,000 324,000 1,780,0 0 436,000 20,920,000
Nassau National
8,200,000 5,000 122,000
Peoples National _
581,000
74,000 8,100,000
Tratlera SIst(nnxL
2.464.100 50.400
193.200 157,500 2,082,900
TRUST COMPANIES-Average Figures,
Loans,
ManhattanAmerican
Bk. of Eur. & Trust_
Bronx County
Central Union
Empire
Federation
Fulton
Manufacturers
United States
Brooklyn
Brooklyn
Kings County
Bayonne, N. JMovhnoloa
Cash.
$
$
52,427,400 10,471,700
17,728,110
876,139
22,299,302
590,430
332,789,000 *43,505,000
80,614,600 *5,357,100
18,182,316
245,267
14,640,800 *1,942,700
397,559,000 3.207.000
69,715,322 3,150.000
119,320,200
29.162,021
Res've Dep., Depos.Other
N. F. and Banks and
Elsewhere. Trust Cos.
S
1,066,000
120,317
1,811,252
5,372,000
3,612,000
1,365.792
244.200
Gross
Deposits.
6,400,795
$
$
24,100 51,060,900
16,919,275
22,179,730
5,121,000 332,501,000
3,585,400 77.756,100
182,091 18,463,492
14,147,600
2,183,000 361,062,000
53,485,453
3.255,000 19.343,500
1,953,471 2,484,418
115.953,200
27,151,760
1.701.969
254.324
58.075,000
730,554
334,554
9.316.634
*Includes amount with Federal Reserve Bank as follows: Central-Hanover;
$41,506,000; Empire, $3,753,000; Fulton. $1,814,100.
Boston Clearing House Weekly Returns.
-In the
following we furnish a summary of all the items in the
Boston Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
May 22
1929,
Changesfrom
Previous Week
May 15
1929.
May 8
1929.
$
$
$
$
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 & invest'ts_ 1,113,623,000 -5,285,000 1,118,913.000 1,116.895,000
Individual deposits
663,016.000 -3,197,000 666.213.000 6E9.533,000
Due to banks
123,674,000 -2,731,000 126,405.000 133,264.000
Time deposits
266,443,000
+1,655,000 264.788.000 268.899,000
United States deposits
5,627,000
-322,000
5,949.000
6,537,000
29,342,000
Exchanges for Clg. House
-438,000
29.790,000
32,764.000
Due from other banks
86,967,000
+5,595,000
81,372.000
86,240.000
Res've In legal deposit's
79,080,000
-710,000
79,790,000
81,249,000
Cash In bank
7,868,000
-33,000
7,901,000
8,132,000
Res've excess in F.R.13k_
736,000
+269,000
467,000
1,527.000
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 shows nothing but the deposits, along with return for the week ending May 18,with comparative figures
now
for the two weeks preceding, is given below. Reserve
the capital and surplus. Wo 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 18
1929.
to be kept with the Federal Reserve Bank. "Cash in vaults"
*Surplus .1 Net Demand
is not a part of legal reserve. For trust companies not
Time
*Capital.
Clearing House
Undirided
Deposits
Deposits
Mensbers.
Profits.
members of the Federal Reserve System the reserve required
Average.
Average.
is 10% on demand deposits and includes "Reserve with
$
$
$
$
Bank of N. Y.& Trust Co___ 6,000,000 13,539,100
60,759,000
11,282,000 legal depositaries" and "Cash in vaults."
Bank of the Manhattan Co___ 22,250,000 42,559,300 178.702,000
42,262.000
Bank of America Nat. Ass'n__ 25,000,000 38,364,400 142,073,000
Beginning with the return for the week ending May 14 1928,
47,437.000
National City Bank
100,000,000 111,246,500 a876,499,000
Chemical Bank & Trust Co._
6,000,000 20,731,200 141,099,000 164,383,000 the Philadelphia Clearing House Association discontinued show10,954,000
Duaranty Trust Co
h70,000.000 5115632000 b726,550,000
93,041,000 ing the reserves and whether reserves held are above or below
Chat. Phen. Nat.13k. dr Tr.Co 13,500,000 15,698.000 155,224,000
40,067,000
121,000,000 179,117,700 329,229,000
Hanover Bank
42,452,000 requirements. This will account for the queries at the end
Bank
Corn Exchange
12,100,000 21,352,500 177,485,000
32,725,000
National Park Bank
10,000,000 26,601,000 129,679.000
9,598,000 of the table.
10.000.000 95,735,400
First National Bank
Irving Trust Co
Continental Bank
Chase National Bank
Fifth Avenue Bank
.
3eaboard National Bank _
Flankers Trust Co
U. S. Mtge. & Trust Co
title Guarantee & Trust Co
Fidelity Trust Co
Lawyers Trust Co
New York Trust Co
Farmers Loan & Trust Co-_ _
Equitable Trust Co
Com'l Nat. Bank & Trust Co_
Harriman Nat. Bk.& Tr. Co.
40,000,000 55,037,800
1,000,000 1,550,500
61,000,000 79,908,400
500,000 3,869,100
11,000,000 16,614,400
°5,000,000 77,498,400
5.000,000 6,533,400
10,000,000 23.854,300
4,000,000 3,812,600
3,000,000 4,160,400
g 12,500,000 032,041,100
10,000,000 23,212,/00
30,000,000 28,625,000
7,000,000 7,332,000
1.500,000 2,840,300
Clearing Non-Member.
Mechanics Tr. Co., Bayonne_
.... . t_
500,000
CI, OKA
817,200
nnn 015 004 ,nn
220,381,000
356,921,000
7,823,000
c574,026,000
25,274,000
116.831,000
d334,940,000
56,627,000
34,701,000
41,076.000
19,490,000
138,112,000
el12,072,000
.7334,808.000
32,653,000
32,317,000
12,061,000
44,292,000
693,000
65,315,000
' 983,000
6,887,000
55,893,000
5,248,000
2,280,000
5,202,000
2,239,000
19,938,000
23,939,000
41,048.000
2,949,000
5,063.000
3,155.000
5,610.000
5 1k0
qnst
Ann
• As per official reports: National, Mar. 27 1029: State, March 22 1929; Trust
Companies, March 22 1929. (0) As of March 30 1929. (A) As of Slay 4 1929.
(I) As of May 15 1929.
Includes deposits in foreign branches: (a) $304,888,000: (b) $113,699,000;(C) $17,264,000;(d) $61,381,000: (e) $4,708,000; (f) $115,767,000.
Two Ciphers (00)
omitted.
Week Ended May 18 1929.
Members of
Trust
(1'.R. System Companies.
Capital
61.500,0
Surplus and profits...... 194,594,0
Loans, diacts. & invest. 1,040,618,0
Exch. for Clear. House
41,061,0
Due from banks
100,869,0
Bank deposits
127,998.0
Individual deposita..- - 636.974,0
Time deposits
208,820,0
Total deposits
973,792,0
Res. with legal depos._
Has, with F. R. Bank_
70,441.0
Cash in vault*
10,240.0
Total res. & cash bald_
80,681,0
Reserve required
Excess reserve and cash
In vault
May 11
19a9.
May 4
1929
Total.
7,500,0
69,000,0
69,000,0
69,000,0
16,097,0 210,691,0 210,691,0 210,691.0
70,513.0 1,111,131,0 1,122,173,0 1,134.707.0
41,425,0
364.0
48,051,0
43,086,0
13,0 100,882,0
97,897,0 105,669.0
1.047.0 129,045,0 127,004,0 128,012.0
33,250,0 670,224,0 678,136,0 673,054.0
19,522,0 228,342,0 232,534.0 235.006.0
53,820,0 1,027,612,0 1,037,674.0 1.036.072,0
5,479,0
5,479,0
6,018.0
6,092.0
70,441,0
70,778,0
70,104.0
1,721,0
11,961,0
11,927.0
11,825,0
7.200,0
880021,0
87,881,0
88.723,0
7
7
• t'ast‘ ID vault not Counted as reserve for Federal fieserve inernaerr
[VOL. 128.
FINANCIAL CHRONICLE
3472
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, May 23 and showing the condition
for the system
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results week last year.
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding 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 the returns for the
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the
Idea week appears on page 3429, being the first item in our department of "Current Events and Discussions."
MAY 22 1929.
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS
May 23 1928,
May 22 1929. May 15 1929. May 8 1929. May 1 1929. Apr.24 1929. Apr. 17 1929. Apr4110 1929. April 3 1929.
3
$
5
$
RESOURCES.
1,130,353,000
1,318,551,000 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
Gold with Federal Reserve agents
68.114,000
64,432,000
67.075.000
70,573.000
61.172,000
68,466,000
62,060,000
65.071,000
61,196,000
told redemption fund with U.S. Treats
1.358.833.000 1,340,503.000 1,299,669.000 1,198,457,000
Gold held exclusively agst. F. R. notes 1,379,747,000 1.394.188,000 1,371.965,000 1,378.621.000 1.348,367.000 674.560.000 706.899,000 742.785.000 814,595,000
Gold settlement fund with F.R. Board__ 652,404,000 654.848.000 678.058.000 671,114.000 682,613,000 746.290,000 727,380,000 676.758,000 621,230,000
809,751,000 789.087.000 790,924.000 762,295,000 767.601.000
certificates held by banks
Gold and gold
2,634,292,000
2,841,902,000 2,838.123,000 2,840.947,000 2,812.030,000 2,798,581,000 2,779,483.000 2,774,782,000 2,719.212,000 161,093,000
Total gold reserves
166.229,000 173,400.000 171.332.000 173,732.000 174.835.000 176.490.000 175.764,000 173,309,000
Reserves other than gold
0.000 2.892,521,000 2,795,385,000
3,008,131,000 3,011,523.000 3.012,279,000 2,985,782,000 2,973,416.000 2.955.973.0002,950.54
Total reserves
67,627,000
75.924.000
80.463.006
77.102,000
78.988,000
74,287,000
83,981.000. .
85,517,000
Non-reserve cash
Bills disoounted:
540,454.000 610,418.000 574.589,000
489,928,000 512.837.000 525.814,000 547,996,000 541,251,000 533.992,000
Govt. obligations_
Secured by U.S.
272,883,000
414,498,000 401,762.000 436.208.000 437.833,000 433.262.000 460.304,000 423,078.000 419,434,000
Other bills discounted
a
$
s
$
Total bills discounted
BIllebought In open market
U.S. Government securities:
Bonds
Treasury notes
Certificates of Indebtedness
904,426,000
137,986,000
914,599,000
146.107,000
962,022,000
157.181.000
985.829,000
170.421,000
974,513.000
141.175,000
50,400,000
90,610,000
14,816,000
50.407,000
84.495.000
14.586,000
50,384.000
84.478,090
15,868.000
51,602.000
80,328,000
17.854.000
153,287,000
7.817,000
155,826,000
7,817.000
149.488.000
6,856,000
6,355,000
150,730,000
7.366.000
14,899,000
149.782.000
7,396.000
7,735.000
51,609,000
91,417.000
26.032.000
56,528,000
85,160,00e
88,793,000
166.089.000
6.845,000
161,429.000
7,295,000
6,115.000
847,472,000
330,562,000
51,612.000
91.951,000
22,526,000
51,629,000
91,841,000
17.959,000
Total U. S. Government securities__
Other securities Ws nate)
Foreign loans on gold
963,532,000 1.029,852,000
157,317.000 174.703,000
994.296,000
141,027,000
50,386,000
91,839,000
11,062,000
$
169,058,000
6.845.000
230,481,000
990,000
1.310,162.000 1.293,783.000 1.380.458.000 1,409,505,000
Total bills and securities(us note);___ 1,203,516,000 1,224,349,000 1,281,912.000 1,329,245.000 1.280.601,000
Gold held abroad
571,000
722,000
722,000
723.000
724.000
725.000
725,000
723.000
726,000
Due from foreign banks Gee n001)
661,234.000 730.174,000 656.931,000
691,828,000 847,343,000 657,596.000 707.771,000 680.417,000 803,693.000
Uneollected items
60,014,000
58.693.000
58.729.000
58,733.000
58.739,000
58,739,000
58.739.000
58,761.000
58.761,000
Bank premises
9,439.000
8.576.090
8.483.000
7,700,000
7.780.000
7,997,000
8,358.000
8,319,000
0001
8,361.
All other resources
5,054,053,000 5,146,975,000 4,999,472,000
5,056,798,000 5.235.041,0005.097.565.000 5,164,887.000 5,080,665.000 5.214,086.000
Total resources
I
1
LIABILITIES.
1,579,383,000
1,639.554,000 1,646.658,000 1,663,678,000 1,863,639,000 1.652,561.000 1.653,228.0001.667.719.000 1,663,649.000
F. R. notes in actual circulation
I
Deposits:
2,302.392,000 2.301.940 000 2,335.304,000 2,369,648,000
2,275,752,000 2,319.887.000 2,330,033,000 2,335,817,000 2,290,218,000
Member banks—reserve account
21,505,000
16.900,000
4.721 000
45,455,000
30,854.000
28.635.000
33,892.000
13,678,000
19,291,000
Government
5,923,000
10.558.090
9.327.000
10.163,000
9.856,000
8,340,000
7.238,000
6.106,000
6.362,000
Foreign banks(me note)
19,459,000
23,850.000
19.715.000
21.764.000
19.156.900
32.309.000
23.308.000
25,837,000
23,106,000
Other deposits
2,416,535,000
2,324,511,000 2.365,508,000 2.389,214,000 2.410.358.000 2.350.084,000 2,379,774,000 2,339,838.009 2,382.477.000 612,621,000
Total deposits
655.232,000 786.019,000 608,834.000i 656.462.000 643,581,000 748,167.000 624,251.090 669,514,000 139.626.000
Deferred availability items
156,296,000 156.179.000 155,958.000 155.851.000 155,133,000 154,886,000 154.307,000
156,279,000
Capital paid in
233,319,004
254,398,000 254.398.000 254,398.000 254.398.000 254,398,000 254,398,000 254,398.000 254.398.000
Surplus
17,988,000
22,961.000
22.630.000
23,388,000
24,072.000
25.262,1)00
24,190.000
26,162.000
26,824,000
All other liabilities
5,058,798,000 5,235,041.000 5.097,565.000 5.164.887,000 5.080,665,000 5.214,086,000 5,054,053.000 5,146,975,000 4,999,472,000
Total liabilities
Ratio of gold reserves to deposits and
69,4%I
65.9%
67.2%
68.9%
89.9%
69.0%
70.0%
70.7%
71.6%
F. R. note liabilities combined
Ratio of total reserves to deposits and
70.0%
73.8%
71.5%
73.3%
73.3%
74.3%
74.3%
75.1%
75.9%
F. R. note liabilltlee combined
Contingent liability on bills purchased
266,955,000
381,751,000 387,408,000 355,195,000 349.257,000 345.317,000 347.390,000 347,652,000 338.287.000
for foreign correspondents
$
Distraution by Maturities
79.288,000 115,682,000
67.504.000
62,231.000
94.551,0001 66,628.000
80,073.000
75.980,000
73.110,000
1-15 days bills bought In open market _
715,333.000
718,591,000 739,927,000 787,922,000 806.106,000, 803,341.000 830.046,000 797,619.000 855.144.000
1-15 days bills discounted
3,337,00e
2.420,0001
1.850,000
5.010,000
4,759,000
5,450,000
4.177,0001
4.781.000
2,120,000
1-15 days U. S. certif. of indebtedness_
1-15 days municipal warrants
4037,000, 64.039,000
38.010.000
28,503,000
35,597,000
28.011.000
30.092,000
33,176,000
31,118.000
18-30 days bills bought in open market
36,036,000
45.810.000
44.841.000
40,490,000
44.024.000
43,286.000
45.367.000
47,440,000
45,644,000
16-30 days bills discounted
1,186,000
4.000
35,000
16-30 days U. S. certif. of Indebtedness_
days municipal warrants
18-30
50,957,000
27.855.000
29.495,000
34.736.000
34.266,000
28,793.000
25,732,000
32,037,000
21,621,000
31-60 days bills bought in open market
70.143,000 103,120,000
85,934,000
88.164,000
67,741.000
75,567.000
72,492.000
68,185,000
71,402,000
51-60 days bills discounted
930,000
1,245,000
205.000
290.000
617,000
111-60 days U. S. certlf. of Indebtedness_
101,000
101,000
102,000
102,000
31-60 days municipal warrants
40,282,000
23.489,000
20.370,000
13.048,000
9,902,000
9.557,900
9,108,000
11,069.000
10,265,000
51-90 days bills bought In open market
27,449,000
48,324,000
43.969.000
41,955,000
41.501,000
37,587.000
35,767.000
40,778.000
42,000,000
51-90 days bills discounted
80,000
120.000
6.000
51-90 days U. S. certif. of indebtedness_
102.000
warrants
et-un days municipal
7,439,000
2.134.000
1,938,000
2,509.000
2,672,000
2.816,000
2,111.000
2,715.000
1,872,000
Over 90 days bills bought in open market
17,697.000
10,431,000
11,169,000
13,641.000
20,735.000
23,280.000
16,563,000
19,354.000
26,095,000
Over 90 days bills discounted
84,270,000
23.532.000
20.756.000
9,618 000
12,013.000
9,418,000
10,448.000
8,907,000
12.114.000
Over 90 days certlf. of indebtedness_
300,000
300,000
300,000
300,000
300.000
300,000
Over 90 days municipal warrants
1
1
F. R. notes received from Comptroller
V. R. notes held by F. R. Agent
3,227,661,000 3.055,800,000 2.933,480,000 2.813,454.000 2.818.819,000 2.835,968,000 2,852.048010 2,859.913.000 2,799,540,000
1,161.597.000 990.877.000 852,596.000 755,327.090, 757.167.0001 767.927,000 778,787.000 796,307.000 846,876,000
Issued to Federal Reserve Banks
2,066,064,000 2.064,923010 2.080.884,000 2.058.127,000 2,061,652.000 2.088.041,000 2,073,281.000 2.063.606,000 1,952,664,000
1
I
354,605,000
376,295,000 378,295,000 378.295.000 381,294,000 368,195.000, 366,995.000 366,595,000 367,595,009
95,293,000
95,491,000
80.710.0001 92.059,000
86,965.000
94.219.0001 92,793.0001 89.649,000
102,211,000
772,151,000 680,455,000
870,112,000, 839,551.000 841,936,000 820.913.000 831.416.000
000
.,000
840,045,000
21:214744:485181;000000
999,891,000 1,017,200,00011,076.961,000 1,105.891.000 1.070.905,0001.085.027.000 1,8071481812888
—
2,313.442.000 2.346,317.000 2.386,868,000 2.424.340,0013 2.350.806,000 2,373.987.000 2 347.556,000 21,318506..070047.,000000
_ _._
Total
held abroad and amounts due
1925, two new items were added in order to
NOTE.—Beginning with the statement of Oct. 7 "All other earning assets," previously madeshow separately the amount of balances debentures, was changed to
up of Federal Intermediate Credit Bank
addition, the caption,
10 foreign 001Tespondents. In
earning assets" to "Total bills and securities." The latter Item was adopted as a more accurate description of the total of
Miller securities." and the caption,"Total
the provision of Sections 13 and 1401 the Federal Reserve Ac1, which, It was stated, are the only items Included
She discounts,acceptances and securities acquired under
therein,
OF EACH OF THE 13 FEDERAL RESERVE BANKS AT CLOSE OP BUSINESS MAY 22 1929
WREKLY STATEMENT OF RESOURCES AND LIABILITIES
Flow &clued—
By gold and gold certificates
Gold redemption fund
Gold fund—Federal Reserve Board
By eligible paper
Two ciphers (00) oninfed.
-Pederal Reserve Bank of
Total.
Boston.
$
$
RESOURCES.
001E1 with Federal Reserve Agents 1,318,551,0 66,042.0
81.196.0 9,878,0
Gold red'n fund with U.S. Treas.
Gold held excl. agst. F. R.notes 1,379,747,0 75.920,0
652.404,0 50,342,0
Gold and gold ctfs held by banks 809,751,0 26,750,0
Gold settle't fund with F.R.Board
New York.
PAM;
Cleveland Richmond Atlanta. Chicago, Si. LOWS. Minneap. Kan.City. Dallas. San From
$
$
$
$
$
$
3
3
$
$
3
261,034,0 116,148,0 154,474,0 31,874,0 80,890,0 276,944,0 21,697,0 61,915,0 40,435,0 21,500,0 185,598,0
10,117,0 8,058,0 5,242,0 3,132,0 4,242,0 4.3930 5,562,0 1,658,0 3,441,0 1,866,0 3,607,0
271,151,0 124,206,0 159.716,0 35,006.0 85,132,0 281,337,0 27 259,0 63,573,0 43,876,0 23.366,0 189,205,0
190.111,0 42,424,0 69,249.0 11,911,0 18,835,0 119 8430 30:999,0 16,116,0 37,953.0 25.871,0 38,750,0
505,125.0 26.107,0 50,002,0 17,364,0 6,249,0 1171847; 10,371,0 5,812,0 5,536,0 10,968,0 27,820,0
0
255,775,0
966,387,0 192,737,0 278,967,0 64,281,0 110,216,0 518,827,0 68,629,0 85,501,0 87,365,0 60,205,0 14,566,0
6,889,0
47,672.0 8,420,0 12,645,0 8,355,0 7,593,0 28,144,0 10,989,0 2,519,0 5,668,0
88,020,0 93,033,0 67,094,0 270,341,0
3,008,131.0 165,781,0 1,014,059,0 201,157,0 291,612,0 72,636.0 117,809,0 546.971 0 79,618,0 1,130,0 1,832,0 2,989,0 3,944,0
Total reserves
40,075,0 2,170,0 3.393,0 5,101,0 5,8.35,0 8.07110 3,764.0
85.517,0 7,213,0
Non-reserve man
Sills discounted:
8.679,0 16.498,0 11,570,0 35,981,0
See. by U. S. Govt. obligations 489,928,0 50.508,0 123,757.0 46,039,0 56,016.0 25,098,0 18.988,0 66,939,0 29,846,0 8,087.0 33,521,0 11,986,0 24,318,0
73,568,0 30,824.0 34,199,0 36,257,0 54,208,0 31,782,0 24,150,0
414,498.0 51,598,0
Other bills discounted
16,766,0 50,019,0 23,565.0 60,299,0
904,426,0 102,106,0 197,325,0 76,863,0 90.215,0 61,355,0 73,196,0 98,721,0 53,996,0 3,403,0 6,129.0 10,754,0 13.472,0
Total billsdiscountect
27,441,0 11.597,0 11,722,0 5,311,0 8.216.0 12,734.0 1,142,0
Bins bought In open market
137,986,0 26,065,0
U. S. Government securities:
64,0
543,0 1,152,0
17,0 19,937,0 7,125,0 4,545,0 7,756,0 7,813,0 11,640,0
155,0
585,0
689,0
50,386,0
Bonds
3,411,0
657,0 3,123,0 6,143,0 8,500.0 3,969,0
18,409,0 9,081,0 27,112,0
91,839.0 1,794,0
treasury notes
29,0
5,0
520,0
11,0
2,120,0 7,027,0
1.350,0
11,062.0
Certificates of indebtedness
o 1cl n ots Ann n lo Ansn SASS n 7 7AA n 11 224 0 11.704,0
1 non n
on gas n in A02 A 27 AIM A
00,') ni
leo no.rn
'osal U. S. Gov't securities
Total gold reserves
Reserve other than gold
2.841,902,0 153,012,0
166,229,0 12,769,0
MAY 25 1929.]
FINANCIAL CHRONICLE
RESOURCES (Concluden—
rico Ciphers (00) omitted.
Total.
Boston.
$
7,817.0
3ther securities
PoreIgn loans on gold
Total bills and securities
Due from foreign banks
Uncollected items
Bank premises
kilother
New York,
$
Phila.
$
1,203,516,0 132,004,0
726,0
54,0
691,828,0 68,363,0
58,761,0 3,702,0
8.319,0
61,0
Cleveland. Richmond Atlanta, Chicago. St. Louis. Minneas. Kan.Citg. Dallas. Ban Fres.
3
402,0
1,915,0
3473
$
$
s
$
$
a
2,000,0
s
$
1,500,0
$
1,250,0
750,0
247,365,0 105,555,0 129,602,0 68,475,0 84,563,0 138,055,0 68,763,0 30,712,0 65,404,0 46,793,0 86,225,0
220,0
74,0
100,0
70,0
28,0
29,0
33,0
24,0
18,0
24,0
52,0
187,965,0 59.327,0 72,035,0 51,910,0 22,859,0 82,392,0 30,467,0 13,176,0 37,153.0 23,648,0 42,533,0
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
1.306,0
216.0 1,342.0
2.118.0
378,0
581,0
547.0
497,0
337,0
408,0
528,0
Total resources
5,056,798,0 377,178,0 1,507.077,0 370,257,0 504,593,0 202,227,0 235.956,0 784,699,0 186,970,0 135,713,0 201,923,0 142,878.0 407,327,0
LIABILITIES.
P. It. noted In actual circulation_ 1,639,554,0 137,688,0 275,051,0 140,646,0 203,921,0 66,163,0 131,497,0 305,411,0 57,788,0 63,053,0 66,431,0 37,420,0 154,485,0
Deposits:
Member bank—reserve tool_ 2,275,752,0 138,540,0 913,102,0 133,459.0 186,729,0 64,938,0 63,612,0 330,831,0 76,102,0 48,897,0 86,791,0 64,508,0 168,243,0
Government
19,291,0
1,255,0
3,202,0
828,0 1,443,0
1,325,0 1,636,0 3,189,0 1,341,0
735,0 1,388,0
1,468,0
1.481.0
Foreign bank
6,362,0
502,0
929,0
1,635,0
271,0
651,0
264,0
170,0
312,0
692,0
224,0
224.0
448,0
Other deposits
23,106,0
113,0
8,741.0
766,0 2,407,0
196,0
133.0
93,0
199,0
87,0
495,0
19,0 9,857.0
Total deposits
Deferred availability Items
DapItal paid In
hirplus
III other liabilities
2,324,511,0 140,410,0
655,232,0 67,457,0
156,279.0 10,374,0
254,398.0 19.619,0
26,824,0 1,630,0
926,680,0
170,704,0
56,202,0
71,282,0
7,158,0
135,134,0
53,362,0
15,303,0
24,101,0
1,711.0
189,359,0 66,662,0 65,605,0 335,715,0 80,121,0 50,001,0 88.536,0 66.219,0 180,069,0
67,245,0 49,352,0 20,946,0 83,094,0 31,418,0 11,459,0 32,552,0 25,386.0 42,257,0
15,101,0 6,177,0 5,333,0 19,528,0 5,231,0 3,053,0 4,279,0 4,457,0 11,241,0
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
1,065,0
2,622,0 1,474,0 2,021,0 4.509,0 1,592,0
1,039,0
706,0 1.297,0
Total liabilities
5,056,798,0 377,178,0 1.507,077,0 370,257,0 504,593.0 202,227,0 235,956,0 784,699,0 186,970.0 135,713,0 201,923,0 142,878,0 407,327.0
Memoranda.
Reserve ratio (per cent)
75.9
84.4
59.6
57.7
74.1
85.3
72.9
60.0
77.9
64.7
59.8
54.7
80.8
Dontingent liability on bills purchased for foreign correspond•ts 381,751,0 27,195,0 125,605,0 35,280,0 37.485,0 16,905,0 14,333,0 50,347,0 14,700,0 9,187,0 12,127.0 12,127,0 26,460,0
F. R. notes on hand (notes rood
from F. R. Agent less notes in
eireeistmn
492 510 n 99 570 n
140 Ren n A9 A(19 n RA 07A 0 10 9A0 n 90 AAR 0 32.854.0 8.974.0 11.784.0 10.781.0 8.875.0 63.397.0
FEDERAL RESEW/II NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OP BUSINESS MAY 22 1929.
Federal Reserve Agent at—
New York.
Boston.
Total.
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.eity. Dallas. Sart Fran,
Two Cipher* (OW °milted—
$
5
r. R.notes rimed from Comptroller 3,227.661,0 285,489,0
P. R.notes held by F. R. Agent 1,161.597.0 125,225,0
S
3
5
3
$
5
$
5
$
5
$
779,016,0 209,208,0 310,846,0 161.113,0 264,610.0 442,265.0 92,552,0 125,161,0 138.172,0 70,147,0 349,082,0
363,085,01 26,060,0 68,850,0 75,691,0 103,560.0 104,000,0 25,790,0 53.324,0 60,960.0 23,852,0 121,200,0
P. It notes issued to F. R. Bank. 2,066,064,0 160,264,0
3ollateral held as security for
F. IP.notes issued to F. R. Bk.
Gold and gold certificates__ 376,295,0 35,300,0
Gold redemption fund
102,211,0 17,742,0
Gold fund—F. R. Board
840,045,0 13,000,0
Eligible paper
999,891,0 128,093,0
415,931,0 183,148,0 241,996.0 85,422.0 161,050,0 338,265,0 66,762,0 71,837,0 77,212,0 46,295,0 217,882,0
rntAdenlliststral
9 212 AA9
0101
171,880,0
14,154,0
75,000,0
205,614,0
1250
30,000,0 47,200,0 6,690,0 13,250,0
8,050.0 14,167,0
14,758,0
10,251,0 12,274,0 8.184,0 5,640,0 2,944,0 2,647.0 3,748,0 3.075,0 2,742,0
75,897,0 95,000,0 17,000,0 62,000,0 274,000,0 11,000,0 44,000,0 37,360,0 4,000,0
76,965,0 100,918,0 58,206,0 81,137,0 111,205,0 54,645,0 20,088,0 55,886,0 34,183.0
AAA 04520 10/ 112 nOMK wig n
nn non n len nn, n goo 1.10 A
70 149
n1
29 An/
n
Or. 291
n
35,000,0
18,810,0
131.788,0
72,951,0
RA 022 0 952 4400
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
liabilities of the member banks in 101 cities from which weekly returns are obtained. These figures are always a
and
week behind those for the Reserve banks themselves. Definitions of the different items in the statement were given In
the statement of Dec. 12 1917, published in the "Chronicle" of Dee. 29 1917, page 3475. The comment of the Reserve Board
upon the figuresfor the latest week appears in our department of "Current Events and Discussions," on page 3129 immediately
preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
Beginning with the statement or Jan. 9 1929,
the loan figures exclude •'Acceptances
banks and bills of exchange or drafts sold with
endorsement." and include all real estate mortgages and mortgage loans held by the hang. of other
previously acceptances of other banks and bills sold with
endorsement were included with loans, and some of the banks included mortgages
in investments. Loans secured by U. S. Government obligations are
no longer shown separately, only the total of loans on securities being given.
Furthermore, borrowings at the Federal Reserve are not any more subdivided to show the amount secured by U. S. obligations and those secured by commercial paper, only a lump total being given. The number of reporting
banks is now omitted: in its place the number or cities Included has been substituted.
The figures have also been revised to exclude a bank in the San
Francisco district, with loans and investments of $135,000,000 on Jan. 2, which
recently merged with a non-member bank. The figures are now given in
round millions Instead of in thousands.
PRINCIPAL RESOURCES AND LIABILITIES OP WEEKLY REPORTING MEMBER BANKS
IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS ON MAY 15 1929. (In millions of dollars.)
Federal Reserve District.
Total.
Boston
New York
Phila.
S
$
s
$
I
Clereland Richmond' Atlanta. Chicago. St. Louis. Minneap. Kan. Cue
s
I
Loans and investments—total
22,156
1,480
8.444
1,211
Loans—total
16,301
1,099
6,2731
895
2,181'
1
1,5181
7,223
9,078
465
634
3,074
3,200
466
430
On securities.
All other
investments—total
$
s
$
s
s
$
Dallas. San Preis.
s
$
676
652
3,306
701
368
687
483
1,961
518
516
2,595
524
244
452
347
1,319
700
8181
188,
329
150
366
1,209
1,386
241
283
82
162
123
329
103
244
422
897
5,855
158
136
711
177
124
235
135
642
3191
344
75
84
65
71
332
380
71
106
69
55
110
125
95
41
378
264
95
17
790
66
78
13
125
28
39
11
41
9
248
36
45
6
23
5
54
10
34
7
110
18
891
458
5
5,803
1.720
46
• 723
267
5
1,027
955
8
354
239
3
332
236
5
1.850
1,238
13
377
232
1
209
131
1
487
181
1
302
141
7
785
997
10
53
110
137
878
62
158
93
201
48
95
73
100
219
436
57
110
48
69
111
178
57
81
142
179
626
0..........tees rwun F R Bank
663,
104
212
1,099
2,594
Due from banks
Due to banks
316
1,164
1.006
13,139
6,795
105
Net demand deposits
Time deposits
Gloverntnent deposits
2,171
190
196
1,682
227
Reserve with F. R. Bank
Cash In vault
386
2.972
2,883
U.S. Government securities
Other securities
SA
107
11
an
nn
...
nn
no
—
.1C.
IA
An
*Subject to correction.
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve Rank of New
In comparison with the previous week and the corresponding late last year
Resources—
Gold with Federal Reserve Agent
Gold redemp. fund with U.S. Treasury_
May 22 1929. May 15 1929. May 23 1928,
3
$
$
261,034,000 261,034,000 176,075,000
10,117.000
10,664,000
15,685,000
Gold held exclusively agst. F. R. notes
Gold settlement fund with F. it. B ard.
Gold and gold certificates held by bank.
271,151,000
190,111,000
505,125,000
271,698,000
156.248,000
486,300,000
191,760,000
330,820,000
385,133,000
Total gold reserves
Reserves other than gold
966,387.000
47.672,000
914,240,000
50,293,000
907,713,000
34,023,000
1,014,059,000
40,075.000
964,539,000
36,895,000
941,736.000
21,857,000
73,568,000
123,757,000
171,324,000
83.048,000
250,948,000
56,832,000
197,325,000
27,441,000
254.372,000
35,115,000
307,780,000
65,249,000
155,000
18,409,000
2,120,000
155.000
17,279,000
5,295,000
1,744,000
7,462,000
22,238,000
Total U.S. Government securities__
Other securities (see note)
Foreign Loans on Gold
20,684,000
22,729,000
1,915,000
31,444,000
Total bills and securities (See Note)___
247,365,000
314,131,000
404,473,000
Total reserves
Non-reserve cash
Bills discounted—
Secured by U. B. Govt. obligations
Other bills discounted
Total bills discounted
Bills bought in open market
U.S. Government securities—
Bonds
Treasury notes
Certificates of indebtedness
1.915,000
York at the
Resources (Conclud.1)—
Gold held abroad
Due from foreign banks (See Now)
Uncollected Items
Bank Premises
All other resources.
Total resources
of business May 22 1929,
May 22 1929. May 15 1929. May 23 1928
$
$
5
220,000
187,965,000
16,087.000
1,306,000
217.000
251.653,000
16,087,000
1.326,000
218,000
182,400,000
16,563,000
1,798,000
1,507,077,000 1.584,848,000 1,569,045,000
LittMlUies—
Fedi Reserve notes in actual circulation
Deposits—Member bank, reserve sem_
Government
Foreign bank (See Note)
Other deposits
275,051,000
913,102,000
3,202,000
1.635,000
8,741,000
277,973,000
931.019.000
3.007.000
1,379,000
9.365,000
336,811,000
947.128,000
4,128,000
1.512,000
9,840,000
Total deposits
Deferred availability Items
Capital paid in
Surplus
All other liabilities
926,680,000
170,704,000
56,202,000
71,282,000
7,158,000
944,770.000
227,523,000
56,048,000
71.282,000
7,252,000
962,608,000
157,825,000
44,086,000
63,007,000
4,708,000
Total liabilities
Ratio of total reserves to deposit and
Fedi Res•ve note liabilities combined.
Contingent liability on bills purchased
for foreign correspondence
1,507,077,000 1,584,848,000 1,569,045,000
84.4%
78.9%
72.5%
125.605,.000
115,792,000
76,918,000
NOTE.—Beginning with the statement of Oct. 7 1925, two new Items were added In order to show separately the amount of Waimea held abroad and amounts due
foreign oorrespondents. In addition, the caption "All other earning assets. previously made up of Federal Intermediate Credit Bank debentures, was changed to
to
Other Securities," and the caption "Total earning assets" to -Total bills and securities.' The latter term was adooted as a more accurate description of the total of
the
die$ouns aotiethaootal and securities anduired under the Provisions of Sections 13 and 14 of he Fede.al Reserve Act, which.It was stated, are the Only items included
therein.
3474
[Vor.. 128.
FINANCIAL CHRONICLE
Vaulters'
STOCKS.
Week Ended May 24.
azette.
Wall Street, Friday Night, May 24 1929.
-See page 3461.
Railroad and Miscellaneous Stocks.
Stock Exchange sales this week of shares not in detailed list:
STOCKS.
Week Ended May 24.
Sates
for
Week.1
Range Since Jan. 1.
Range for Week.
Lowest.
Highest.
Lowest.
Highest.
,$
Par. Shares' S per share. $ per share. $ per share. per share
Railroads
100
180 21114May
Albany & Susq
77,800 174May
Balto & Ohio rights
10 77 May
Buff Roch & Pitt__ __100
50 100 May
100
Preferred
90 85 May
Caro Clinch & Ohio_ _100
%
Canadian Pacific rgihts_ 0,100 48 May
600306%May
Central RR of N J.._ _100
29,200, 2434May
Chas & Ohio rights
80; 55 . May
Chic St I'M & Om_ _100
20, 60 May
Det & Mack pref _ __ _100
17014834May
New On Tex & Mex_100
%May
137800
Perm), RR rights
20 146 May
Pitts Ft W & Ch pref 100
Sales
for
TWeek.
Ind.& Misc.(Conc.)Par. Shares
West Dairy pref B rights 2,800
Westraco Chlorine Prod. 3,200
Rights
1,700
Wilcox-Rich CIA
*18,400
Class B
*25,400
Woolworth Co new w 11033.4001
Bank, Trust & Insurance Co. Stocks.
Equit Tr Co of N Y_ _100
Range for Week.
S per Share.
1 May 24
83 May 24
334May 18
483 May 23
473May 23
87 May 22
10 700
Range Since Jan. 1.
Lowest.' Highest.
Highest.
Lowest.
$ per share. $ per share.'$ per share.
May 134 May
1%May 23 1
May 943.4 May
89 May 18 83
3%May 18 334 May 494 May
Mar 6134 May
57 May 20 37
May
May; 62
56%May 20 34
92%May 18 8594 Apr 94% May
May 21 700
May 20493
Jan 765
Mar
• No par value.
20211%May
%
20 28 May
21 77 May
23 100 May
22 85 May
23 534May
23314 May
18 28 May
24 55 May
24 60 May
20 156 May
23 234May
24 146 May
20210)4 Feb 216
%
25
20 134May
May 9834
21 71
Jan 103
23 98
Apr 92%
22 84
18 4% May 7
Apr 360
20 305
May 28
20 23
May 55
24 55
Mar GO
24 60
Apr 156
20 130
% May, 2%
20
May 15334
24 146
Jan
May
Jan
Feb
Feb
May
Feb
May
May
Mar
May
May
Feb
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Maturity.
Int.
Rate.
June 15 1929._
Sept.15 1929
434%
Dee. 15 1929... 434 %
Bid. I Asked.
992233
992033
991233
992133
992 32
99,031
Maturity.
101.
Rate.
Bid.
Sept.15 1930-32
Mar.151930-32
Dec.15 1930-32
Sept. 15 1929
Dec.15 1929
334%
%
334%
434%
434%
96
96
96
992033
992433
New York City Banks and Trust Companies.
Asked.
962n
,
96 nst
96'SI
092232
992031
Indus.& Miscall.
All prices dollars per share.)
May 6444 May
- 7,700 32 May 23 3834May 18 32
Adams Express rights
Ask
Ask Banks-N.Y. Bid Ask Tr.Cos.-N.Y. Bid
-Way Elec Appll___* 15,400 38%May 22 4434May 18 37% May 48% May Banks-N.Y.
Air
27% Mar 3734 Mar America
298 302 Equitable Tr. 690 697
237 242 Public
• 93500 32%May 22 3634May 20
Allegheny Corti
42 Farm L & Tr. 1940 1980
40
Rights
Amer Unions_ 260 270
100 4,300 100 May 23 10034May 18 9994 Apr 1053.4 Feb
Preferred
May 1003-4 May Bryant Park* 435
1050 1070 Fidelity Trust 215 225
Seaboard
5,500 100%May 18 10034May 20100
Receipts w I
Jan Central
Mar 105
950
175 Fulton
170
208 215 Seward
10 92 May 20 92 May 20 86
•
Alliance Realty
Feb 100
Feb Century
1055 1062
310 325 Guaranty _ _
320 350 Trade.
20 98 May 24 98 May 24 95
Am & For Power pf(5)*
May Chase
_225 240 IntilGermanic 227 235
y980 990 Yorkville _
Am Com rn'l A Icohol._ _* 17600 48 May 23 55 May 20 4334 May 55
May
May 332
Interstate_ - 383 388
260
111 Yorktown'
700 324 May 23328 May 20 324
Rights _ _ 107
Am Express cUs
Apr Chath Phenix
Irving Trust_ £7412
Am Hawaiian S S Co__10 19,700 37%May 23 40%May 20 243.4 Mar 42
Lawyers Trust
Nat Bk& Tr 850 860
,
Am Rad & Stand San rts 325300 134May 23 2 May 20 134 May 28% May
Manufacturers 201- 29(i
Brooklyn.
Amer Rolling Mill_ __ _25 24,200 113May 23 116%May 20 11194 May 12134 may ChelseaEx new 108 113
Apr Chls'aExC'p A
May 85
Globe Each* _ 400 425 Murray 11111_ 305 325
• 6,60( 70 May 23 7534May 20 70
American Stores
Mutual(West750
_
Class B
Nassau
Am Tel & Tel rights_ _ 259600 33IMay 21 43.4Nlay 18 3% May 694 May
Mar Chemical _
375 405
May 140
chaster)
1200 600
125 129 People's
Anaconda Col) new--50303500 99 May 2 1073May 18 99
93 Prospect
170 185 N Y Trust_ _ 304 808
382300 1734May 20 21 May 18 1794 May 35% Mar Continental* _ 189
Rights
Times Square. 192 202
49
53
Rights
Anaconda W & Cable_ _• 2,800 737-4May 24 80 May 18 7334 May 8634 May
105
May 5534 Apr Corn Exch
Title Gu & To 190
• 900 50 May 24 5134May 23 50
/208 212
Assoc Apparel Ind
Jan Fifth Avenue_ 3300 3700
May 110
U S Mtge &Tr 1750 770
Trust Cos.
200 96 May 18 96 May 18 95
Assoc Dry Gds 2d pf_100
May 255% May First
395 415
Rights
6700 6800
New York.
Auburn Automobile_ _.* 21,700 236 May 21 255%May 22 221
Apr 136% May Grace
United States 4500 4700
750
%
Sanaa Comle
Bohn Alum & Brass_ _.• 8,900 1148 May 23 131%May 18 114
Itallana Tr_ 415 430 Westchestir Tr 1000 1100
Borg Warner Corp__ _ _10 31,700 12334May 22 137 May 20 12134 Apr 143% May Harriman_ _ 1375 1425
265 275 Bank of N Y
• 3,600 4734May 24 5034May 18 4734 May 5314 May
Liberty
Bullard Co
955
& Trust Co_ 935
Cavanagh-Dobbs Inc_ _* 1,000 263-4May 24 28%May 18 2634 May 423.4 Feb Manhattan' _ 875 885
Brooklyn.
171
100
500 9534May 24 97 May 18 95% May 10534 Mar National City 388 392 Bankers Trust 168
Preferred
Brooklyn _ _ 1065 1080
1158
163 Bronx Co Tr _ 540
• 3,000 6234May 23 67 May 18 6234 May 7934 Feb Park
Celote
Apr 93% Feb
Rights
21
23 Central Union 410 418 Kings Co_ _ 3400 3600
100
100 8934May 21 8934May 21 87
Preferred
May Penn Exch _
550 580 Midwood _ _ _ _ 310 330
158
165 County
200 133-41%lay 23 14 May 23 133-4 May 14
Chesapeake Corp rights_
Apr 62% Jan Port Morris
650 660
£125
135 Empire
1,800 5434May 24 563May 21 54
City Ice & Fuel
90 0214 Is.lay 24 103q May 21102)4 May 105% Jan
100
Preferred
*State banks. t New stock. z Ex-dividend. g Ex-stock de". y Ex-rights.
Feb
1,000 47%May 22 4834May 18 4734 May 50
Coca Cola class A
May 8834 May
20 85 May 20 85 May 20 85
Comm Credit pref ex-war
Mar
90 9534 May 24 9634May 23 92% Feb 100
Cigar pref_ _ _ _100
Consol
-p.3464.
New York City Realty and Surety Companies.
91 May 194 May
%May 22 134May 18
Continental Can rights_ 87,100
Feb
Mar 125
Crosiey Radio Corp_ _ _ _* 10,200 923May 21 99 May 18 86
May
24 48%May 22 45% May 51
Crown Cork & Seal_ _ _ _• 1,000 453May
Mar
Mar 129
United States Liberty Loan Bonds and Treasury
Curtis Publishing Co.._• 1,900 12134May 23 122%May 18117
Mar
• 100 1173jMay 21 117%May 21113)4 Mar 118
Preferred
Certificates on the New York Stock Exchange.
160 10994May 22 112 May 20108)4 Feb 115% Feb
*
Cushman's Sons pref
Devoe & Raynolds rights 1,800 194May 24 294May 24 194 May 294 May
May 53% Apr Daily Record of U. ,S. Bond Prices. May 18 May 20 May 21 May 22 May 23 May 24
• 2,300 4534May 23 4794May 21 43
Stores
Dominion
• 2,200 22 May 18 243-4May 20 20% Mar 28% Jan
Duplan Silk
Feb First Liberty Loan
972233 972031 97,033 971033 97,033
--__
Jan 13
High
200 6 May 22 6 May 22 4
Emerson-Brant c1B_ _•
962131
97
,
972233 071033 57 33
____
400 9434May 21 943.4May 21 94% May 99% Feb
Eng Pub Serv pref (53.)*
334% bonds of 1923-47_ _ Low97,031 97
__-_ 972233 972033 97233
Close
Mar 7334 Mar
(first 314)
Evans Auto Loading_ _ _5 4,000 57 May 23 62 May 21 55
63
116
290
16
3
__
Jan
Apr 35
Total sales in $1,000 units__
10 16 May 21 16 May 21 11
Fairbanks Co pref._ _25
97
____
Converted 4% bonds 0{1110
900 6634May 23 6794May 21 64% May 72% Mar
Fashion Park Associates*
97
___
Low1932-47 (Float 4s)
100 400 9634May 23 97 May 21 9614 May 101% Mar
Preferred
__-_ 97
Close
70 115 May 21 115 May 21 40494 Jan 115% May
First Nat Pict, 1st pf_100
2
__-----------Total sales in $1,000 units_ __
May 116)4 Jan
,
170 1064414ay 20 110 May 18 105
Gen Gas & El, pf A (7)*
990,
98nin 98,031 982231
Converted 434 % bonds(High 99",, 99233
18,800 5534Nlay 23 603.4May 24 553.4 May 60% May
General Bronze
932033 98123: 98,
in 98103,
Apr 109% Feb
443)i Low- 991033 99033
of 1932-47 (First
Gen Motors pref (6).100 400 109 May 23 109 May 23 109
982232 98,23, 981,3: 98,433
(Close 998233 99°33
Apr
Jan 105
10 105 May 23 105 May 23 99
Gen Ry Signal prof _ _100
42
22
7
56
9
18
Total sales in $1,000 units__
May
% May 2
%May 18 1 May 18
Graham-Paige Motors rts 16,500
Jan
Apr 116
Second converted 4)4% High
100 10 May 21 110 May 21107
Grand Stores pref___100
--- -------- ------ - bonds of 1932-47 (First Low•52,700 58 May 23 673-4May 18 50% Apr 6834 May
Hayes Body Corp
May
Second 434s)
60 134 May 24 136 May 23 123% Jan 136
Heime(0 W)pref_ _ _100
Total sales in $1,000 units_
May 52% -May
Houdaille-Hershey cl B •22,300 46 May 23 5234May 20 48
{High 991,31 99033 99233
992233 992033 982231
94 Apr Fourth Liberty Loan
Comb Engineer rts__ 160900 1-321May 20 5-16May 18 1-32 May
lot
,33
98,1a, 991832 99,232 98 11
,
434% bonds of 1933-38_ Low- 991133 99 33
*95,600 8134May 24 88 May 18 81% May 9494 May
jot Tel & Tel new
9801,3 990233 99,233 9820ss
Close 99,233 001:1
(Fourth 491s)
90,100 234May 22 334May 18 294 May 33-4 May
Rights
58
147
25
451
101
75
Total sales in $1,000 units.._
May
1,700 94 May 22 97 May 23 91% May 97
Jot Dept Stores ex-war_*
IlIgh 108,033 108,033 1070033 107
1060033 107
Kelsey-Hayes Wheel rts_ 18,600 2%May 23 3%May 20 234 May 391 May Treasury
Low_ 1081.32 1081033 1072.32 106
,
106 a, 1062211
44s, 1947-52
Feb
• 510 9234May 18 923.4May 18 8914 Apr 96
Kendall Co pref
Close 108,033 108,033 1072033 106
1062033 106,233
• 400 4534May 24 4834May 21 453.4 May 50% May
Kimberley-Clark
1
1
130
136
99
7
Total sale. in $1,000 units _ __
% May 2% Apr
%May 21 13IMay 20
16,400
Kinney Co rights
013
103
HIgh 10418,1 10.111s: 1044a, 10314,1 103
Feb 2894 Apr
7,200 21%May 23 2334May 24 19
Lehigh Valley Coal___*
103
Low_ 104,033 1032011 1032033 1022033 103
is, 1941-1954
/
Feb
300 3734May 18 388 ,May 18 3434 Mar 40
50
Preferred
103
(Close 104"31 104,
33 103.
Feb
03, 102"" 103
May 61
* 1,100 52 May 23 5234May 20 52
Belt Co
Link
37
2
1
108
176
13
Total sales in $1,000 units_....
May 234 May
Liquid Carbonic rights__ 12,500 1 May 23 134May 20 1
High 101 1.3, 101 00as 100.
0,1 100'3,
Mar 95
Mar
------900 9134May 23 92 May 20 90
Loevrs pref ex-war
-Low_ 101,033 1011,33 100"3, 100
394s, 1948-1956
Feb
1,200 4174May 24 44 May 20 4134 Apr 48
McGraw-11111Public's_*
Close 1011033 101,033 1001033 100
-----May 105
May
100 100 May 22 100 May 22 99
*
Michigan Steel
1
Total sales in $1,000 units _ __
70
27
1
May 783.4May
1,200 78 May 23 7874May 23 78
Morrell(J)& Co
(High
____ 97 31
6
0- "3,
____
,
____
97
May 18
May
Motor Meter el A ctfs_ _5 1,000 17 May 22 18 May 22 17
Low_
394s, 1943-1947
--------061 ,,
_-__
962033 962033
May 48% May
38,000 42 May 23 4834May 24 42
Nat Air Trans
____ 960.32
CI080
--- - 96"32 9605as
____
6234May 22 687-4May 18 6234 May 69 94 May
Nat Dairy Prod new _* 69,800
25
Total sales in $1,000 units__
4
Mar 523-4 May
Newport Co class A__ _ 50 2,200 4934May 24 5234May 18 43
96033
(High
__
____
97
.... _ _
__ __
May 11194 May
• 8,600 104 May 23 111%May 20 103
Newton Steel
------------9600,,
Lew_
348, 1940-11)43
___ 96,13,
4334 May 84% Apr
Oliver Form Equipl..._* 14,700 4334May 23 5091MaY 18
Close
-___
Nun
____
962433
____
-___
May 69% Apr
%
•12,500 56 May 22 622 May 18 56
Cony preferred
25
____
_
.
20
Total sales in 31 000 units_ _
May 9934 May
• 1,500 96 May 23 98 May 20 96
Preferred A
Apr
Jan 110
30 110 May 20 110 May 20 106
100
Outlet Co pref
Note.-Tho above table includes only sales of coupon
Corp_ _ _25 15,000 6334May 23 74 May 18 63% May 793-4 May
-Dodge
Phelps
41
Mar 73
May
Phillips Jones Corp_ _ _ 11,300 623-4May 24 7234May 18
bonds. Transactions in registered bonds wore:
8,500 54 May 21 583-4May 18 50% Mar 65% Jan
Pirelli of Italy
4 151 4 45
Apr
98'31 to 982133
%
973-jMay 20 978 May 20 924 Feb 98
100
100
Pitts Steel pref
26 4th 434s
Jan
98033 to 99233
100 953-4May 20 9534May 20 9534 Jan 96
Pub Ser of N J pf(5)___•
Mar 82% Apr
22,600 783-4May 24 8034May 20 74
Radio Corp class B____*
May' 547-4 May
• 800 47 May 24 5034May 20 47
Republic Brass
May
Foreign Exchange.
10194May 23 105 May 1810134 May III
Cla.ss A
May 106
May
To-day's (Friday's) actual rates for sterling exchange were 4.847-40
22 106 May 20 105
200 105 May
Preferred
Apr 4.843-4 for checks and 4.8434%4.84 31-32 for cables. Commercial on
Mar 112
130 107 May 22 110 May 21 100
Bern Tynew 2d pfd_100
200 59%May 23 5974May 24 5934 May' 5934 May banks, sight, 4.844 (64.84 7-16: sixty days, 4.79 11-16, ninety days.
Ritter Dental Mfg
Russia Insur Co rights_ 12,400 734May 23 11%May 18 77-4 May 1294 May 4.77 9 1604.779-4, and documents for payments. 4.78 15.1604.79 11-16.
Bo Calif Edison rights_ _ _ 42,900 3 May 18 344May 20 27-4 Apr 334 May Cotton for payment, 4.83 21-32. and grain for payment 4.83 21-32.
To-day's (Friday's) actual rates for Paris bankers' francs were 3.00%@
• 2,400 5694May 21 6034May 20 503-4 Apr, easi May
Spalding Bros
May 3.903-4 for short. Amsterdam bankers' guilders were 40.15040.19 for
Sparks W Ithington_ _ _ .• 15,200245%May 23 275 May 20 17034 Apr 275
May 6734 May short.
6,600 65 May 24 67%May 24 65
When Issued
Feb
Exchange at Paris on London, 124.10 francs, week's range, 124.13 francs
• 600 3834May 21 39 May 20 3534 Apr 43
Spencer Kellog & Sons.
May 557-4 Mar high and 124.11 francs low.
Spicer Co preferred____• 1.600 47 May 23 49 May 22 47
May
May 20 24% May 31
The range for foreign exchange for the week follows:
Timken-Detroit Axle 10 8,800 2434May 23 27
Jan 10
Apr
Cables.
Checks.
Sterling, Actual400 5%May 21 624May 24 2
13 S Express
100
May High for week
4.85 1-16
I7634May 18 16514 May 186
4.84 11-16
100 9,600 16534 May 22
175 Steel new
4.84 27-32
4.84 13-32
210880 3%May 22 5 May 18 33-4 May 634 Apr Low for the week
Rights
May
Paris Bankers' Francs
310 1134May 2 13%May 24 634 Apr 21
United Dyewood_ _100
May High for the week
3.90 1316
3.90%
90 65 May 21 65 May 21 5334 Apr 75
Preferred
100
May
3.90 11-16
Low for the week
3.9034
Un Carb & Carb new__•96,300 7534May 22 8334MaY18
M
r 82 , tly
y 168 1..lay
Amsterdam Bankers' Guilders
23 14194MaY 18 7":
Un Aircraft dr Transp_.•285500118%May
,
40.2036
40.19
50 3.600 8434May 23 94 May 18 6834 Apr 109)4 May High for the week
I Preferred
40.17
40.13
•559600 5994MaY 22 67 May 18 5934 May 7534 May Low for the week
United Corp
May 46
May
May 18 45
Germany Bankers' Marks•36,100 45 May 23 46
Preferred
23.83%
Mar Hig for the week
23.837-i
100,103 May 24 103 May 24,100% Mar 106
100
Walgreen pref
23.78
23.77
Warner Bros Pict new w 143,600. 5914May 23 62%May 241 59% May 62% May 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 tiers, see preceding Page.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
May 18.
$ per share
19718 1977
8
10012 1003
4
•17834 180
1174 11712
*77
78
*6512 677
8
*110 111
*87
92
6412 6518
*8312 8578
*2712 23
*603 62
4
•55
58
2283 230
4
98
98
1971.4 19712
Monday,
May 20.
Tuesday,
May 21.
$ per share $ per share]
197 20312 20212 208
101 101 *1005 101
8
1792 1843 182 183
4
4
1161z 122
119 1203
4
.77
78
77
77
66
71
683 71
4
1105 1105 •109 110
8
92
93
92
94
64
65
634 644
*8312 8712 *84
8712
2612 27
254 265
8
62
6318 *62
68
*56
58
*56
53
22514 2293 22512 22812
4
*9714 98
*9714 93
195 220
209 214
Wednesday,
May 22.
Thursday,
May 23f
Friday,
May 21.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On basis of 100
-share lots
Lowest
Highest
PER SEIARB
Range for Precious
Year 1928
Lowest
$ per share 8 per share S per share
19914 20412 20012 20314 204 2097
8
1005 10058 101 101 *1015 102
8
182 182
180 181
179 180
11612 11914 1168 11814 117 11814
77
77
77
77
761 77
/
4
67
683
4 67
704 *69
7014
10712 10712 *1073 110
4
110 110
9314 9314 91
92
0312 9312
63
66
63
63
65
6418
83
84
833 834 8414 84,
4
4
2314 2514 23
2412 2318 233
4
*62
68
*6014 63
6012 6012
*56
58
*56
58
*56
58
22.5 22714 22318 225
224 226
*9.5
*9714 98
93
*9714 03
203 21212 20712 2103 208 2123
4
4
Highest
Shares
Railroads
Par $ per share i per share 8 per share .4 per share
39,100 Atch Topeka & Santa Fe_-100 19518 Mar 26 2097
8May 21 18258 Mar 204 Nov
1,100 Preferred
100 99 May 16 103.8 Jan 7 1024 Jan 10812 Apr
3.300 Atlantic Coast Line 1tR
100 169 Jan 2 1914 Feb 4 15718 Oct 19112 May
57,000 Baltimore & Ohio
100 11612Nlay 20 133 Mar 5 103% June 1255 Dee
8
1,300 Preferred
100 7614Nlay 24 8012 Mar 20
77 Nov 85
Aln
9,600 Bangor & Aroostook
50 6412May 8 72 Jan 2
61 June 8414 Jan
40 Preferred
100 105 Apr 4 1105
8Nlay 20 104 Dec 1154 May
2,700 Boston & Maine
100 85 Apr 4 1092 Jan 5
4
58 Feb 91 Dec
24,300 Bklyn-March Tran v t e_No par 6218May 9 817 Feb 25
8
5358 Jac
778 May
600 Preferred v t c
8
No Par 83 MaY 22 925 Feb 1
82
Jan 953 May
4,800 Brunswick Term & Ry Sec.100 23 May 23 444 Jan 18
1412 Jan
477 Sept
8
900 Buffalo & Susquehanna_ _ _100 543 Jan 26 85 Mar 2
4
3214 July 644 Nov
Preferred
100 531z Jan 4 6812 Nfar 4
38 Sept 63 Nov
19,100 Canadian Pacific
100 225 May 22 2697 Feb 2 19512June 253 Nov
8
80 Caro Clinch & Ohio ctfs st'd100 97 Mar 28 10112 Mar 14
98 Sept 10718 Mat
34,700 Chesapeake & Ohio
100 195 May 20 230 May 4 17512June 2188 Dec
Preferred
100 21312 Jan 18 216 Feb 27
-15F4 -13 4 -1- 11 1518 -1418 -111- -1'5- -131- -i2172 -1- -i2i2 -1- 1- 7,000 Chicago & Alton
-2
4
i34
100 114 Jan 2 193 Feb 4
4
55 Jan
8
183 May
4
*1612 18
1858 19
1818 183
4 163 1712 1614 1714
4
1714 173
4 4,900 Preferred
100 16 Mar 26 253 Feb 4
4
77 Feb 263 May
8
*28
35
23
28
*29
*2912 40
40
*2912 40
*2912 40
200 Chic & East Illinois RR__ _1(10 28 May 20 43 Feb 4
37 Feb 4814 May
•45
55
50
5112 51
5012 503 *48
51
4
55
*48
55
2,200 Preferred
100 50 May 20 664 Feb 4
58 Aug 765 May
1
1632 1732 1614 1834 173 1812 1612 1712 1632 1612 1612 17
2
16,900 Chicago Great Western
100 1412Mar 26 237 Feb 1
8
918 Feb 25 Dec
4918 4918 473 514 4712 493
4
4 4514 4712 46
47
47
48
9.100 Preferred
100 4514May 22 635 Jan 31
8
2012 Feb 503 Dec
8
31
3112 3118 343
8 3134 335
8 3118 3134 3058 3114 304 31
22,400 Chicago Nfilw St Paul & Pao- 3012Nlay 24 394 Feb 2
2214 Mar 4012 Apt
4958 5128 4934 534 5118 5278 4958 51
4912 5058 494 494 52.100 Preferred new
495851117 24 633 Feb 2
37 Mar 5958 Nov
8218 8214 81
8512 8212 84
853
4 83
8214 84
833 834 13,200 Chicago & North Western_100 81 May 20 9414 Feb 5
8
78 June 9414 May
*134 135 *134 136
135 135 .13512 139 *13512 139 "13512 139
200 Preferred
100 134 Apr 24 145 Feb 5 135 Dec 150
12122 12312 12114 128
123 12614 121 125
12058 122
120 1225 14,700 Chicago Rock 281 & Pacific_100 120 May 24 1397 Jan 19 106 Feb 1395 May
8
8
8 Nov
*107 10712 10712 10712 *10712 10734 10778 1077 1077
8
8 1077s --------300 7% preferred
100 10514 Mar 27 10814 Jan 25 105 Dec 11113 Slay
101 101
10114 10114 10112 10112 *10012 102 *10012 10112 1014 10218
851ay 13 1027 Feb 5
900 6% preferred
100 997
8
991 Dec 105 May
*102 10812 10818 112
111 111
11012 11012 *105 110
110 110
1,000 Colorado & Southern
100 10818May 20 122 Mar 5 105 Aug 126 May
*6712 63
*6712 75
*671z 75
*6712 75
*6712 74
74
74
10 First preferred
100 74 May 24 80 Jan 25
87 July
85 Apt
*63
7112 *68
7112 *68
7112 *68
7112 *68
7112 68
68
20 Second preferred
100 64 Apr 22 7212 Mar 5
6912 Nov
85 May
53
58
57
5712 56
563
4 5512 5612 5514 564 554 56
2,300 Consol RR of Cuba pref
/
8
4
6412 Dec 875 June
100 551Nl5y 23 705 Jan 2
8
*6312 6812 634 63 4 64
3
65
*64
68
*65
72
*65
72
140 Cuba RR pref
100 60 May 15 81 Jan 2
79 Dec 94 June
1883 1883 190 195
i
4
192 19314 18612 189
18614 188
190 19018 8,000 Delaware dt Hudson
100 182 Mar 26 20714 Feb 1 16314 Feb 226
Apt
•12114 122
12114 125
12234 12312 12114 123
1203 121
4
122
5,600 Delaware Lack & Western_100 12012Nlay 13 13314 Feb 1 12514 Dec 150 Apt
12158
*6512 6714 634 6714 6612 6658 6512 6512 64
65
6524 *64
2,700 Deny & Rio Or West pref...100 554 Jan 2 773 Feb 21
/
1
5012 Feb 6524 Apt
*3
312 *3
312 *3
312 *3
34 *3
312 *3
Duluth So Shore & AtI
32
47 Feb 4
3 Apr 9
100
8
3 Aug
62 Jan
4
*5
512 *5
512 *5
512 *412 44 2412 5
412 412
200 Preferred
412May 24
712 Feb 4
458 June
100
912 May
7258 7314 7112 7712 7312 7514 7118 7312 7114 723
4 7114 733 184.400 Erie
8
100 64 Mar 26 78 Mar 5
483 June 7212 Dom
4
593 593
4
4 593 607
4
8 5912 5934 58
58% 573 5812 59
4
613 10.000 First preferred
8
4
100 57 Mar 26 643 Feb 4
50 June 6378 Jac
5613 53
*56
53
*57
58
56
56
55
57
58
53
1,300 Second preferred
100 56 Mar 27 6014 Jan 5
4914 June 62
Jar
103 103
103 107
103 1053 10212 104
4
10314 1043 10312 1057 15.900 Great Northern preferred 100 102 Mar 26 1157 Mar 4
4
8
8
9312 Feb 11458 Nos
10112 10112 10114 1043 103 103
4
102 102
101 101
10118 103
100 100 May 15 112 Mar 4
6,700 Pref certificates
9118 Feb 11134 Nol
444 4412 46
48
447 4514 43
8
443
4 43
4318 4312 4312 3,400 Gulf Mobile & Northern
100 43 May 22 59 Feb 4
43 Aug 617 May
8
*94
98
*93
98
94
94
*9312 06
*9312 94
9312 9312
300 Preferred
100 9312May 24 103 Jan 3
99 Aug 109 May
*8
9
*618 7
*73
4 9
*8
9
*814 9
*9
1012
Havana Electric Ry. __No par
1112 Apr 20
7 Feb 18
7 Aug
17% Juno
7012 7012 *7012 80
*7012 _ *7138 75
*7118 73
*7118 73
10 Preferred
100 55 Feb 16 73 Apr 15
51 Dec 7818 Beni
*404 420
420 445 *416 4297 *404 925
8
404 404
410 410
100 Hocking Valley
100 375 Mar 26 450 Jan 22 340 July 173 No1
4078 407
8 407 4258 41
8
4114 3858 403
3812 3958 397 4014 4,900 Hudson & Man13attan
8
851ay 22 5858 Jan 5
100 383
6018 Dec 7312 API
*74
7612 *74
76
*74
76
*74
76
*74
76
"74
76
Preferred
100 74 Apr 10 84 Jan 18
81
Oct 934 Api
136 136
136 137
136 1364 134 134
13312 13312 *13312
1,100 Illinois Central
100 133125iay 23 152 Feb 1 1318 Jan 148114May
•134 140 *134 140 *134 140 *130 140 "130 140 *130 136
140
Preferred
100 135 Mar 27 14514 Feb 4 13012 Jan 147 May
75
7612 275
77
*75
76
*75
7712 *75
7712 77
77
80 RR Sec Stock certificates__
75 Slay 15 8018 Feb 21
75 July 8258 Juno
*29
2912 2812 2812 275 29
8
278 2914 2714 273
4 27
2812 6,900 Interboro Rapid Tran v t c_100 27 Slay 9 583 Feb 25
8
29
Jan 02 Mal
*4612 473 *4612 43
4
*4612 43
4412 4612 43
43
*43
45
600 Int Rye of Cent America_ _100 43 Apr 1 59 Jan 26
3612 Mar 5218 Nos
•42
46
*42
44
*4212 44
*4212 44
*42
44
*42
44
Certificates
No par 43 May 8 5912 Jan 25
*73
/ 7414 7314 7358 *731t 7414 7312 7312 *7314 7312
1
4
24 7312
73
110 Preferred
100 7218 Apr 16 8014 Jan 2
697 Jan 82 May
8
*314 312 *314 34
314 324 *324 312 *34 312 *314
/
1
312
10 Iowa Central
2 Mar
34 Jan 30
100
41 Jan 18
/
4
1084
85
8312 37
57 Mal
8
8412 85
8012 337
81
s 81
81
8212 11,800 Kansas City Southern
100 78 Mar 26 987 Jan 12
43 June 95 Noi
8
*65
66
6538 653
8 6514 6514 643 643 *64
4
4
6512 *6414 6412
300 Preferred
6612 Aug 77
100 6412 Apr 29 7012 Jan 15
*85
86
Api
8518 877
8 3612 8712 8412 8528 84
8412 84
84
3,700 Lehigh Valley
50 84 May 23 10214 Feb 2
8418 Feb 116
•142 14212 14011 14212 141 144 *140 141
Api
14018 14018 14014 14014
1,500 Louisville 5, Nashvihle
100 13834 Mar 26 15312 Feb 5 1393 Nov 15923 May
*63
68
*63
4
68
*63
68
*63
63
*63
68
*63
68
Manhattan Elevated guar_10
6018 Apr 25 87 Jan 3
Jan 96 Mal
75
3918 3914 *36
3812 3612 38
37
3714 364 37
37
373
8 1,600 Modified guaranty
40
Jan 64 May
*21 3
/
4
*214 3
*214 3
100 3112 Apr 8 574 Jan 11
214 214
------3
100.Market Street RY
*264 2912 *2612 2912 *2612 2912 *2612 2712 *---214Nlay 22
458 Jan 22
100
34 Dec
74 Mal
2612 2612 *26
2612
100; Prior preferred
3812 Dec 6414 May
100 264May 23 3912 Jan 4
*2
212 *2
2% 212
24
2
2
*2
212
214 214
1,3001 Nfinneapolls & St Louts
2 May 22
100
33 Jan 19
17 May
8
4
64 May
*33
42
42
•36
3138
42
*36
42
*36
42
*36
42
Minn St Paul & SS Marie.100 394 Feb 20 4714 Feb 4
*65
73
40 June 5258 Jac
6812 6812 *68
75
•65
73
*65
73
*65
73
300 Preferred
*594 61
7014 Dec 8711 May
100 6812Nfay 20 87 Jan 23
/
4
*591 61
/
4
*5914 61
*59
*591 61
/
4
61
*59
61
Leased lines
60 Dec 7112 Jar
100 574 Apr 10 68 Jan 25
48
4358 4758 5012 484 494 4612 4812 464 47
47
4858 46,000
3012June 58 De(
/
4
10614 1061 106 10614 106 106
10514 10512 *10312 10412 10312 10412 1.200 Mo-Kan-Texas RR----NO par 4212Mar 26 55 Feb 4
Preferred
9018 917
100 102 Apr 9 10712 Apr 25 10112 June 109 Fet
8 89
9612 873 9218 8618 8958 8618 887
4
8 863 8912 47,500 Missouri Pacific.
417 Feb 761 Sept
8
100 6212 Jan 4 9612May 20
/
4
8
136 1367 13514 1383 1354 138
1314 136
13358 1337 13318 134
8
8,100 Preferred
8:gay 20 105 Feb 1267 De(
100 120 Jan 2 1383
8
8
8
12785 82
*785 82
*755 82
*78
8
82
7814 7814 *7812 82
30 Morris & Essex
50 7824 Apr 2 865 Jan 17
8
8211 Aug 89 June
199 20212 19812 204
•197 199
19712 19712 198 19814 *19312 200
630 Nash Chart & St Louls_100 186 Jan 29 204 Slay 21 17112 Aug 204i Stay
*17
8 218 *13
21
*13
4 218
17
8
14 *17
8 2
*17
8 2
100 Nat Rya of Mexico 2d pref_100
178May 22
35 Jan 25
2 Feb
8
512 Apr
4
18518 190
183 18914 185 1877 186 189
18112 1813 17912 191
8
95,900 New York Central
13612 13834 137 138 *134 137
1
100 17812 Mar 26 20414 Feb 1 156 Feb 196, Nov
•132 13412 13612 139
135 135
2,700 N Y Chic & St Louis Co
10714 10712 *106 10712 106 10714 *1043 1063 *105 106
100 12818 Mar 26 145 Feb 2 12114 Oct 146 May
4
4
*105 106
500 Preferred
100 105% Feb 25 10914 Jan 4 10412 Aug 110
Jar
290 297
290 290
•286 290
286 289
286 286 *286 290
260 NY & Harlem
Jan 505 Apt
50 285 Mar 26 379 Jan 8 163
994 1013
8 9958 1017
4 9914 1037
8 9618 1003
96
98
9714
4
100 804 Jan 4 10158 Apr 27
543* June 823 Dee
1184 11878 119 11914 119 11914 1183 1183 11714 11714 1174 10014 227,500 NY N It & Hartford
1173
1,900 Preferred
1145 Jan 3 1193 Apr 27 112 Sept 117 May
8
4
8 26
8
284 267 267
•26
8 26
267
2614 2512 26
254
Mar
Western.
4
*414 5
.4
*412 5
*412 5
5
*412 5 *412 26 5,900 NY Ontario & pref_NO_100 25 May 27 32 Feb 21 24 Feb 39 May
5
N Y Railways
4
par
*_ _ 23 2 ---9
*. __ 22
972 Feb
514 Jan
13 Mal
*1818 26
,
*1818 22
*1812 22
N Y State
00 225
8May 2 41 Jan 30
2312 Dec 43 Jul)
39
as 38 38 38 •38 3834 *37 38 1,300 Norfolk Rye pref
ii12 3612 36
Southern
32 June 58 Nos
100 36 Slay 20 484 Feb 4
4
4
1953 1953 196 2073 20212 2043 200 20212 19914 20212 20012 202
4
4
13,100 Norfolk & Western
4May 20 175 June 19812 Nov
100 191 Jan 9 2073
87
87
.85
•85
87
8514 8514 *45
*85
37
.85
3 7
30 Preferred
844 Oct 90 Junl
100 83 Feb 15 8714May 14
100 1033
8 9914 100
100 10012 100 105
99 100
993 10112 15,900 Northern
4
Pacifico
922 Feb 118 NCII
100 99 May 23 11484 Star 5
8 994 10138 9814 100
3
4
983 93 4 100 1033
9818 99,
4 09
994 7,400
Certificates
100 98 May 9 112 Feb 2
40
*30
40
1230
40
•30
9058 Feb 115 Nos
40
*30
*30
40
*30
40
Pacific Coast
*36
100 20 Feb 15 43 Feb 28
1912May
41
344 May
*36
41
*36
36
41
36
38
38
.38
41
70 First preferred
100 32 Mar 27 50 Mar 2
*31
35
*31
40 Aug
35
*31
Jett
70
33
31
31
30
30
303 303
4
4
150 Second preferred
100 2112 Jan 10 421 Feb 28
2012 Aug
39 May
7912 7714 7812 76
7534 764 76
7714 755 765
8
76
7714 43,100 Pennsylvania
50 7212 Mar 26 835 Apr 25
8
617 June
28
8
767 Del
28
8
28
28
*26
30
30
.24
*26
30
*26
30
400 Peoria & Eastern
100 28 May 20 344 Feb 1
25 Mar 27 May
162 164
15711 162
154 15512 15912 16114
015612 15912 1591/ 161
100 148 Jan 3 1743 Feb 1 1247 Feb 154 Noc
8
4
*9814 11812 981 9814 *9814 9813 9814 9814 *9814 9812 3,300
4
*9814 99
130 Prior preferred
100 96 Jan 5 100 Mar 22
96
Oct 101% Mai
95
*94
95
95 .94
94
94 II*94
1291
95
*94
93
100 Preferred
100 02 Mar 15 97 Jan 8
02 Nov 10034 Mac
*59_ .50
--- *50
- - *50
--. *50
_ *50
. ____
Phil& Rapid Transit
2 *4912 50 4912 Apr 18 61 Apr 12
60 Nov
si *4912 565 Arts
51 .491 -51. *4912 If •4912 If
8
912
4912 130 Preferred
,
50 4912 Apr 10 50 Jan 2
131 132
50 Mar 514 Ool
1348 134
12818 130
128 128 *12712 123
2130 133
1,300 Pittsburgh & West Va
100 128 May 23 1482 Jan 10 12114 Feb 163
4
10612 1104 10512 10958 106 10714 105% 1073 107 1077
001
106% 107
8
8 13,500 Reading
50 1024 Mar 26 11712 Feb 4
9414 Feb 11958 May
44
44
4312 4312 *4218 43
44
43
*415 4212 4212 4212 1.800 First
8
preferred
50 414 Apr 22 41 Slay 18
4112 Nov
435 445
40
46
8
46
8 4412 4412 44
Ara
11454 46
44
44
4418
1,100 Second preferred
8May 21 4934 Feb 6
50 435
44
Jan
•6118 6518 *6118 654 *61, 6518 .6118 6518 *6118 654 *6118 6518
5974 Ma)
8
Rutland RR pre:
60 Feb
100 63,1 Mar 21 683 Apr 6
4
77 Dec
1164 1195 1134 1162 11114 115
211012 1103 10912 125
4
4
113 1153 42,20081 Louis-San Franolsoo
4
100 10912May 20 125 May 20 109
Feb 122 Mat
0412 943
95
04
4 93 4 9412 937 04
9358 94
3
94
9412 3,500, 1st pref paid
1
/
4
100 921 Mar 26 9612 Feb 2
94 Dee 101 Ma)
8 93
8
31 907 094 9412 9512 83
93
9314 87
9058 90
9018 10,000:St Louis Southwestern
100 83 May 22 115% Feb 4
674 Feb 12418 Nos
*191
03
93 '
0212 *91
*91
291
93
9212 9212 9012 9012
200i Preferred
100 8724 Apr 10 94 Apr 26
89 July 95
2.5
I
•1318 and asked prices: 210 sales on this day. s Ex-divIdend.
y Ex-rights.
I
1
New York Stock Record-Continued-Page Z
3476
Per .4ies during the week of stocks not recorded here, see second page preceding.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
May 18.
per share
*1612 17
22
021
1295 1295
8
8
13914 140
9614 9614
*130 132
•165 175
18
18
4512 4512
9712 9712
218 219
*8218 8314
*9612
* 3
95 4
*5112 66
94
*92
O79
86
43 433
4
*43 45
•
3412 36
574 5814
Monday,
May 20.
Tuesday, Wednesday,
May 21. I May 22.
Friday,
Thursday,
May 23. I May 24.
$ per share $ per share $ per share $ per share $ per share
16
157 157
8
8
*1612 17
1612 1612 16
17
17
• 2112 2112 *20
22
*2112 22
20
215
8
22
22
8
129 13212 130 13158 128 13014 12814 1295 212812 130
13812 140
1383 141
8
139 139
14012 142
13812 143
96
9612
97
96
96
8 96
9612 *96
963 963
8
117 122
117 117
1274 131
12514 12714 119 123
165 165
169 169 0165 169
174 177 *165 173
1712 *1312 1612 01412 1712
*17
1718 1714 *1612 17
*45
46
45
4518 45
45
*46
48
*46
48
*95
97
95
95
97 *
97
*95
9712 0_ _
21812 2233 21818 220
220 2224
4
218 22714 222 226
/
1
824 8218
*5218 83 *8218 83
*8118 8112 *824 83
*9612
*9612 ___- *9612
*953
4
*9612
r *95
/
1
4
4
4
_
*953
4
- *953 ---- •953
*961
6312 64
466
*62
65
633 64
4
64 - 6612 65
9314 93
/ *93
1
4
*9212 94
94
93 93
9212 93
85
79
79
*80
86
*80
82
*80
86
82
/ 41
1
4
43 8 4012 4218 4114 4314
7
4218 4612 4314 45
*40
45
45
45
*40
45
*40
4314 4712 *43
7
3438 337 33 8 3318 3438
8
343 36
4
34
3512 37
6114 5812 593
4 5714 5714 5714 5714 5718 59
59
Sales
for
the
lileek.
PER SHARE
Range Since Jan. 1.
On Oasts of 1DO-sharo lots
lifeboat
Lowest
STOCKS
NEW YORK STOCK
EXCHANGE
Railroads (Con.)
Shares
Par
100
1,100 Seaboard Air Line
100
800 Preferred
100
14,300 Southern Pacific Co
100
10,300 Southern Railway
100
900 Preferred
Mobile & Ohio certifs
100
800
100
1,600 Texas de Pacific
100
300 Third Avenue
800 Twin City Rapid Transit_100
100
30 Preferred
100
25,500 Union Pacific
100
200 Preferred
Vicksburg Shrev & Pae
100
Preferred
100
100
3,100 Wabash
100
400 Preferred A
100
400 Preferred 13
100
57,600 Western Maryland
100
500 Second preferred
100
3,500 Western Pacific
100
4,000 Preferred
Per Mare
157
8May 24
1812May 6
124 Mar 26
13814May 14
96 May 7
104 Apr 4
15612Mar 27
1334May 9
44 Jan 29
95 May 23
209 Mar 213
814 Apr 6
98 Mar 4
103 Mar 7
61 Mar 26
9112Mar 26
79 May 24
3212 Mar 26
385 Mar 26
8
33 Apr 1
57 Jan 28
Industrial & Miscellaneous
No par
384 3914 3918 3912 3,100 Abitibi Pow &Pap
/
1
100
7912 8014 8014 8014 1,200 Preferred
1,600 Abraham & Straus____No par
10818 10812 10818 109
100
4
460 Preferred
4
/ 1093 1093
1
4
1093 109
4
100
542 542
400 Adams Express
541 541
100
3,600 Preferred
8812 90
9014 92
No par
3012 3114 314 3214 3,300 Adams Millis
100
5512 29,200 Advance Rumely
/ 49
1
4
48
48
100
60
65
/ 13,300 Preferred
1
4
5812 60
1
2
/ 11,300 Ahumada Lead
1
4
214
218 214
8
12014 12412 12318 1253 26,800 Air Reduction, Ino..--No par
No par
8
614 612 11,900 Ajax Rubber. Ino
6
63
514 512 13,400 Alaska Juneau Gold Min_ 10
8
518 53
600 Albany Pert Wrap Pap_No par
*164 1612 1618 1618
280 2854 281 28512 19,400 Allied Chemical & Dye_No par
100
300 Preferred
123 123 *122 12318
100
4,200 Allis-Chalmers Mfg
186 18612 18712 190
614 63
8
400 Amalgamated Leather_No par
*514 6
61
6114
300 Preferred
69
*61
2412 28
23,300 Amerada Corp
No par
2712 28
28
2814 28
2812 28
283
4 2712 28
123 10,400 Amer Agricultural Chem_100
4
8 12
13
13
123 1312 1134 1278 1018 1178 1038 117
4
433 4418 5,400 Preferred
8
100
45
4314 44
4614 4514 4614 463
4 45
451 44
/
4
116 116
1,500 Amer Bank Note
10
115 116
116 119
•12112 124
121 121
118 121
6012 gal
30 Preferred
50
*6012 63
*60 4 63
3
603 603
4
4 6012 6012 *6012 63
17
200 American Beet Sugar__No par
4
*15
/ 16
1
4
153 153 *15
4
*16
17
*16
16
163
4 16
51
50 50
600 Preferred
*49
100
52
50
*50
*48
50
*48
50
50
5933 24,000 Amer Bosch Magneto _No par
58
/ 57
1
4
4 56
/
1
8
64 8 6411 62 4 6412 585 6214 564 603
3
/
4
3
8,200 Am Brake Shoe & F__ _..No par
750
51
51
/
1
4 513 52
4
5118 514 50
5218 5214 513 523
4
1223 12234
4
150 Preferred
4
100
•123 1244 0123 12412 *123 12412 *123 12412 1223 123
29
28
293 41,900 Amer Brown Bayed El_No par
3
/ 27
1
4
/
4
293 3112 2958 311 283 291 2712 29
4
4
/
4
92
820 3'-eferred
100
8912 9214 92
89 8918 8812 89
/ 8712 88
1
4
88
88
13114 13613 273,600 American Can
25
8
/
1
4
1413 14352 1343 142
4
4
/ 134 4 1377 130 1355 130 135
1
4
3
8
141 141
900 Preferred
141 141
100
141 141
141 141
141 141
*141 143
95
96
3,800 American Car & Fdy __No par
95
/ 9412 95
1
4
9612 973
8 95
96
9614 9614 97
200 Preferred
100
•119 122
119 119 *117 122 *117 11814 *117 11814 *117 1181
74
*73
100 American Chain pref
100
74
*73
*73
74
743
4 74
74
*73
7418 *74
543
No pa
543
4 54
4 9,100 American Chicle
5512 53
5714 5814 56
58
54
/ 5612 54
1
4
Prior preferred
No par
_i5._ ;55_ _ii _ _ _ :ioo Amer Druggists Syndicate-10
2
_
. _ii_ ii_ _ii_
Amer Encaustic Tiling_No par
------------3224
i.57
1,400 American Express
100
323 326
323 32312 322 324
432618 332 •32618 327
326 327
10018 10612 211,700 Amer & For'n Power___No pa
11014 112
9712 10612 99 104
105 11112 10412 109
Nepal'
/
1
8
10612 10612 1061 10612 10614 10612 *106 1064 106 1063 10614 10614 1,600 Preferred
/
4
3,900 26 preferred
No pa
4
9012 903 91
903
4 90
92
9214 913 92
4
90
903
4 90
712
200 American Hide & Leatter_100
*7
*612 7
8
*7
8
6
/
1
4
4 7
*7
*63
100
4
4
/
1
/ 3618 3614 3434 3612 343 343 *3512 3612 1,200 Preferred
1
4
3718 3718 364 36
7312 744 6,200 Amer Home Products-NO Par
/
1
73
76
74
743
4 72
/ 73
1
4
/ 72
1
4
7514 7618 75
/
4
No par
4018 4012 4012 411 10,900 American Ice
42
42
4118 42
403 4114 4012 41
4
100
90
90
9134 89
1,400 Preferred
/ 90
1
4
*90
93
*90
913 •90
4
•90
93
62
6334 6014 63
8
6014 6112 6118 623 30,500 Amer Internat Corp___No par
63
/ 6514 6334 651
1
4
54 5
3
/ 4,100 Amer La France & Foamite_10
1
4
64 63
8
63
8 63
8
6
64
5
/ 6
1
4
53
4 5
/
1
4
100
6113 64
61
*6112 64
61
80 Preferred
*62
64
62 62
6718 62
115 11612 11418 116
11512 117
4
117 117
8
11212 1137 11312 1153 11,000 American LocomotIve_No par
100
300 Preferred
•11812 11912 11814 1181 118 11834 *116 117 *116 118 *116 117
156 156
155 156
1,200 Amer Machine & Fdy __No par
155 155
15314 15314 15114 15412 156 156
108 109 *10812 112 *10812 112
60 Pref (7) ex-warrants
109 109 *109 112 *109 112
/ 16,800 Amer Metal Co Ltd__.No par
1
4
/ 5314 5414 5218 54
1
4
57
/ 58
1
4
/ 5512 573 254
1
4
4
55
/ 525 54
1
4
8
100
3
1,300 Preferred (6%)
5
O115 8 117
5
1143 115 8 2113 8 11418 11312 11312 *114 116 *114 116
4
75
072
75
071
72
72
250 Amer Nat Gae pref-__No par
71
*7014 75
7312 731
71
No par
6
6
6
8
6
/
1
4
6
/ 63
1
4
700 American Piano
*63
8 63
4 *64 63
7
7
32
32
32
32
*3012 32
180 Preferred
/ 3212 *3018 32
1
4
3212 3212 30
pM
8
1123 1144 108 11314 107 11014 1023 10814 105 10912 107 1103 35,500 Am Power & Light____N0 1 ar
8
/
1
8
100 100
10014 10038 1,300 Preferred
is. par
100 1003 100 100
*993 100
4
993 100
4
74
74
74
74
744 1,200 Preferred A
No par
7418 74
/
1
7418 7412 *74
*7412 75
81
No par
8012 81
811 *807 81
/
4
8
80
/ 81
1
4
1,500 Prof A stamped
81
804 801 81
/
1
/
4
3912 3912
/ 40
1
4
O4118 4213 4012 4118 39
8118 804 8014 8014 8114
7912 7912 81
*11318 118
115 115
11218 113
110 110
4
111 112
4
4
10934 10934 1093 1093 01093 111
600 600 *550 600 *550 600 *545 600
917 917 *913 93
8
8
4
913 913
4
*913 94
4
/ 323
1
4
33
3318 32
/
1
*3318 34
4 314 317
48
49
50
48
524 6012 4814 51
6912 59
64
584 60
/ 584 6014
1
4
63
/
1
4
238 2
/
1
4
2
2
/
1
4
4
2
/ 2
1
4
23
4 23
4
8
8
127 1303 1263 1293 123 12938 12038 1243
8
8
/
1
4
612 65
612 6
6
/ 6
1
4
/
1
4
6
/ 7
1
4
3
/ 57
1
4
4
512 5 4
3
5
/ 54
1
4
/
1
4
5
5
/ 5
1
4
1814
17
1714 1714 *17
17
164 1612
289 296
289 3023 290 29514 277 292
4
•123 124 *123 1234 *123 124
123 123
190 19212 1873 188
19012 195
4
18612 192
612 612
*63
4 7
*64 714 *63
/
1
4 714
*61
69
*63
69
*63
69
*
63
65
*175 195 *170 188 *175 185 *150 184 *150 180 *____ 192
4314 4118 42
/ 4114 423
1
4
8 4214 444
/
1
4538 42
4412 4514 42
15012 15214 *15012 152
*16012 163
16012 16112 15612 15914 1501r, 156
4812 51
51
47
50
4918 51
4 4818 5014 47
50
503
64
6318 66
661
/
4
4
8 653 6912 6312 65
6914 69
/ 67
1
4
695
35
4
3
35
343 35 4 3514 3614 *3518 3512 35
35
/ 35
1
4
*35
334
33
4
8
4 4
/
1
4
3
/ 33
1
4
3
35* 3
3
3 4 3 4 *33
*3 4 4
3
85 4
84
82 1017
84
84
84
86
86
*84
*84
98
*6 100
8712 8
9
634
98 101
4
/ 983 102
2
10012 10112 993 1013
135 135
135 135
136 136 *135 136 *135 136 *135 136
190 190 *189 193
193 193
19314 19314 *193 198 *193 198
109 109 *109 112 *109 112
*109 112 *109 112 *109 112
60
6118 615 6212
8
6218 8312 6114 62
/ 66
1
4
63
/ 6412 62
1
4
111 111
111 111 *111 113
*111 113 *111 11212 111 111
7712 783
4 784 81
/
1
79
7912 78
79
79
/ 79
1
4
/ *7912 80
1
4
4
8
1083 1083 109 109 *10814 1093 10814 10814 10814 10812 *108 10814
8
4 40
401
/
4
3712 393
8 3614 41
8
3
4
464 4614 443 44 4 427 453
4
2812 2
283 283 027
4
30
84 2812
29
028
*27
2312 29
4
/
4
3
8
212 21412 2103 21212 20812 2107 20814 2103 21018 2111
21432 2153
8
4
16912 1713 *169 170
165 169
17612 17612 170 17312 170 171
16712 169
/ 169 169
1
4
1653 170
4
174 17712 17214 17514 171 172
4
8
4
1183 1183 *1183 1187 11814 1183 *11814 119
4
4
4
•1183 11914 *1183 110
4
1433 146
4
140 140
141 143
144 144
*147 14812 145 147
25
American Radiator
65.400 Am Hall & Stand San'ry No pa
3,800 Amer Ftallway Express____100
5,400 American Republics---NO par
10,000 American Safety Rasor_No par
6,800 Amer Seating v t e
No pot
.._No par
900 Amer Ship & Comm..
130 American Shipbuilding_ _ __
72,800 Am Smelting & Refining-10O
100
600 Preferred
100
400 American Snuff
100
10 Preferred
13,200 Amer Steel Foundries_No par
100
30 Preferred
100
4,600 Amer Sugar Refining
100
600 Pre/erred
9,100 Am.Sum Tob
No par
500 Amer Telegraph & Cable _ 100
100
55,800 Amer Telep & Teleg
3,800 American Tobacco oom____60
50
5,200 Common chute B
100
500 Preferred
3.100 American Tyne Founders 100
y Ex rights
Lowest
Highest
5 per More 5 per Mare Per More
1158 Mar 3012 Jan
2134 Mar 5
Jan
17 Aug 88
2412 Mar 5
8
1383 Feb 2 1175 Feb 13114 May
8
15838 Feb 1 13912 Feb 166 May
964 Sept 10214 Jan
/
1
99 Jan 3
Jan 1594 Jan
14078 Jan 14 100
8
9912 Jan 1945 Oct
181 May 2
2818 Jan 4618 May
39 Feb 25
3214 Sept 58 May
681 Jan 25
/
4
945 Oct 107 Feb
8
100 Jan 5
/
1
231 Feb 2 18612 Feb 2244 Nov
843 Mar 16
8
8218 Oct8714 Jan
Jan
10014 Jan 6
99 Aug 111
9914 Nov 10812 Mar
103 Mar 7
813 Jan 5
8
51
Feb 9614 May
1047 Jan 7
,
8814 Feb 102 Ma,
91 Jan 8
Fell 9914 Mal
87
4
64 Feb 4
313 Feb643 Map
4
3312 Feb 6474 May
5312 Feb 4
411 Mar 6
/
4
2814 Feb
8814 Des
6412 Feb 4
3212 Aug 6214 Jan
3834May 23 5478 Jan 22
79 Apr 10 8/138 Jan 7
10818May 23 1504 Jan 3
1093 Jan 16 112 Jan 2
4
3319 Jan 18 750 Apr 23
8812May 24 96 ran 3
8
8May 1 357 Jan 15
273
/
1
48 Jan 29 1044May 1
5818May 21 119 May 1
4 Feb 20
/
1
4
2 May 22
9518 Apr 10 133 May 16
6 May 23 1114 Jan 2
618May 23 1014 Jan 8
16 Mar 15 25 Jan 3
4
241 Jan 7 3053 Mar 1
1204 Apr 8 125 Apr 27
166 Mar 26 211 May 6
512 Apr 2 , 111s Jan 14
57 Apr 231 73 Jan 17
2412May 24 42 Jan 3
/
1
4
8
1018May 22 235 Jan 15
3
43 May 13 73 4 Jan 11
110 Mar 26 13414 Feb 6
60 Jan 3 824 Apr 25
15 Mar 25 2012 Jan 16
/
1
4
46 Apr 24 6014 Feb 6
4018 Feb 14 7314May 2
45 Jan 16 62 Feb 4
122 Mar 27 12612Mar 21
1518 Jan 7 3334 Apr 5
/
1
4
49 Jan 7 94 Apr 12
/
1
4
107 Feb 18 15118May 8
/
1
4
/
1
1405 Feb 14 1414 Jan 14
8
93 Feb 18 10612 Jan 3
116 Apr 22 12.) Jan 29
725 Jan 23 8512 Mar 13
4
/
1
4May 3
464Mar 26 59
/
1
10912 Jan 2 11414 Jan 30
9 Jan 25 11 Jan 2
4
32 May 22 473 Feb 25
280 Feb 2 409 Apr 8
4
7514 Jan 4 1387 Feb 19
10412 Apr 9 10812 Feb 14
88 Apr 9 103 Feb 21
614 Apr 9 10 Jan 2
3014 Feb 6 3914May 7
8
72 May 23 855 Jan 24
38 Mar 26 46 May 6
4May 23 96 Mar 6
893
5718 Mar 26 7514 Jan 18
4May 23
53
Si Jan 10
13018 Apr 13 75 Feb 21
/
1
4
102 Feb 18 123 Mar 18
113 Jan 3 11914May 15
150 Apr 29 199 Mar 6
108 May 22 11612 Jan 12
4
62 May 16 813 Feb 6
8May 21 135 Feb 6
1133
67 Apr 4 9814 Jan 7
558May 9 17 Jan 31
/
1
4
3014May 16 55 Jan 31
8118 Jan 8 120 Jan 30
987 Mar 28 105 Feb 28
8
73 Jan 7 80 Feb 13
4
79 Mar 28 843 Feb 15
165 Mar 26 210
18
1297 Jan 2
*
44 Feb 18
62 Mar 26
32 Feb 16
/
1
4
338 Jan 2
82 May 23
9318 Jan 16
135 May 3
190 May 23
108 Feb 13
60 May 23
1104 Jan 4
7112 Apr 5
1084 Apr 8
3614May 22
17 Jan 2
19314 Jan 8
160 Mar 26
16014 Mar 26
11814May 23
13618 Jan 5
100 10714May 15
70 Preferred
1093 110 *108 112 '108 108 010812 110 *10812 110 *10812 110
4
No par 6714 Jan 8
/ 90
1
4
9338 54,800 Am W at Wks & El
917
8 8814 92
91
8812 9012 88
9114 93
88
97 Jan 3
8
let preferred
4
101 10112 10114 1013 101 1013 10118 10118 1,700
1014 1014 101 101
/
1
/
1
100 18 Apr 26
1918 1912 1918 1913 1918 1918 1918 1914 2,600 American Woolen
20
20
195 20
8
100 4318 Apr 23
4,900
4514 4612 4618 47
Preferred
4718 4612 47
4818 49
4712 4712 47
10 May 9
1014 1,500 Am Writing Paper otfe.No par
11
1014 1014 10
11
11
11
1114 1114 *11
12
/
1
4
393 39
4
/
1
4
500 Preferred certificate__ -100 39 Apr 29
4
4
401 4014 0
/
4
4014 4014 *393 401 *393 40
404 41
314 12,200f Amer Zino. Lead & 8melt...25 29 May 23
3112 30
29
3112 3312 2918 32
3358 34
334 34
25 96 Apr 15
*97 100
200 Preferred
'
*97 100
*97 102
*97 100
100 100
100 100
/ 1021 1044 1021 1051 614,500 Anaconda Copper Mining 60 y100 May 21
1
4
/
4
/
1
125 1277 1164 12514 y100 107
101 105
/
4
/
4
/
1
5183 6,600 Anchor CapNo par 49 May 24
49
8
497 50
red
50
50
53 8 538 5258 5313 50
7
/ 52
1
4
No par llll,Mar25
•113 1153 *113 115
112 11212 *11012 112 011012 112
113 113
8May 21
50
80,900 Andes Copper Mining No Par 475
/
1
5213 4918 52
8 484 4914 48
51
8 484 497
473 503
8
/ 3412 6,800 Archer, Dania. Mid'Id_No par 337 May24
1
4
3512 344 3538 33
3614 3614 3614 3584 3512 3618 35
.100 114 Jau 4
180 Preferred
11412 11412 *11412 115
•11234 1141 11412 1141 11412 11412 *11412 115
200 Armour & Co (Del) prof _100 855* Mar 28
*89
90
/ 893* *8812 8912 8912 8912
1
4
*89
92
*89
893
4 89
8May 21
12
1212 29,300 Armour of Illinois class 4...36 115
8
1212 123
8 1212 12
4
/ 12
1
4
1212 113 1214 115 12
618May 23
.25
612 35,400
64
/
1
4
64 6
612 63a
612 638
832 678
614 612
.100 7312May 15
753 76
4
700 Preferred
75
75
7514 7514 7514 751 *7514 76
*7514 76
1914May 2
8
1914 2012 205 2114 7,400 A rooArnoldCCorponeta ble Corp.II pa
23
23
21
2212 23
20 8 213
3
4 20
/1, lit 244 Apr 12
27
27
024
*24
*24
27
024
27
27
*24
27
024
100 97 Apr 5
*944 102
Preferred
09414 102
*96 102
*9414 102
*9414 102
*9414 102
• Bid and asked prices: no sales on this day. z Ex-dividend.
PER SHARE
Ranee for Previous
Year 1928
Jan 15
13
58r13 3
643 Jan 2
4
743 Jan 31
4
417 Mar 16
s
7 Feb 5
94 Jan 24
12434Mar 1
138 Jan 4
206 Feb 1
112 Jan 24
79 Feb 4
/
1
4
114 Mar 13
4
943 Jan 25
111 Feb 1
80 Jan 2
327a Mar 25
23812 Apr 23
18612 Jan 28
188 Jar 28
12114 Jan 15
155 Jan 31
113 'Apr 5
94 Mar 2
104 Jan 28
8
277 Jan 3
68 Jan 2
/
1
4
1514 Jan 21
48 Mar 2
4914 Mar 18
11114 Mar 19
1744 Mar 21
/
1
623 Feb 21
8
124 Mar 1
6838 Mar I
4912 Mar 4
115 Jan 11
95 Jan 30
1818 Jan 2
1014 Jan 2
86 Jau 24
407 Jan 2
4
30 Feb IS
100 Jan 4
3614 Nov 86
Apt
76 Nov 102 July
/
1
4
90 June 142 Dee
109
Oct 11418 June
195
Jan 425 Dee
93
Jan 9912 Mar
3014 Dec 3314 Dee
11
Jan 66 Sept
4
3414 Jan 693 Sept
2
/ Jan
1
4
53 Mar
4
4
59 June 993 Dee
1438 Jan
712 Jul e
10 Noy
1
Jan
,
223 Dec 311 Jan
4
4
Feb 2523 Noy
146
8
12012 June 1273 May
11518 Feb 200 Deo
4
918 Oct 163 Apr
Apr
69 Mar 90
2718 Feb 4374 Nov
155 Feb 26 Nov
8
/
1
4
555 Feb79 NO!
8
7434 Jan 169 May
Oct65
/ Jan
1
4
60
1434 July 2414 Aug
Feb 6158 Sept
36
/
1
15 8 Feb 444 Nov
3
39 July 491a Jan
/
1
4
120 Dec 128 June
/
4
1058 Apr 261 Ma7
7
4014 Apr 65 4 May
7012 Jan 11718 Nov
Ain
1368 Jan 147
4
8814 July 11112 Jan
110 Aug13714 Mar
/
1
4
71 Dec106 June
/
1
4
44 Dec50 Dee
Jan 114 May
107
12 Apr
1012 Dec15
If -jiil al- 15":3;
D0
ki Feb 8
10434 June 110 May
Feb 100 Sept
81
154 Feb
/
1
814 Oct
/ Feb
1
4
31 Nov 67
Feb 86 No.
59
463 Aug
3
Jan
28
Jan 994 May
90
ii', Oct
8512 Oct
115
Jan
134 Mat
183 4 Dee
0
J *
116
63 PI,..,
04
11712 Map
993 Nov
4
26 Feb
Jan
90
96 May
10714 Mr 7
774 Noy
8614 Nov
1304 Jan 19112 Dee
514 Jan
58
Jan
87 June
10314 Oct
12912 June
110 Dec
39 Mar
109 Aug
963 Dec
4
123 July
4
38
Dec
6214 JaIl
10012 Dec
7018 Nov
8112 Dee
15;;,
E0',-jii; iil Apr
5114 Feb 85
Jan
747 Sept
1
56
27 Nov .45 May
/
1
4
312 Aug
84 May
/
1
80 Sept119
Jan
169 Feb293 Dec
Apr
131 Ma 142
141
Dee
Jan 210
100
Oct120 June
3
5018 June 70 8 Jae
Feb
109 June 120
65 Feb934 Nov
100 Feb1104 May
46 Feb73 8 gent
5
1714 Dec32
Jan
172 July 211 May
152 June 18488 Dee
11584 June 1847 NOV
162
2 1 A
6
1097 Aug143 Nov
4
/
1
4
107 Nov 115 Mar
52 June 7612 Nov
98
Oct 106
Apr
14 ;lily 324 Nov
/
1
39 Aug 653 Nov
4
10,2 June
194 Feb
34 June 53 4 Oct
3
8 8 Jar 67
,
Oct
40
Jt.n 1177 Oct
8
54
Jan 12014 Dee
48 Dec 543 Dee
2
10814 Dec 111 Dee
3618 Nov 58 Nov
654 Feb 1127 Nov
s
112
Oct 11514 Mar
864 Jan 9712 June
/
1
1114 Jan 2312 Sept
1312 May
63* Jai
/
4
714 Jan 911 June
3514 July 513 API
4
/
1
2814 Dec 444 Meg
99 Deo 114 Mal
New York Stock Record-Continued-Page 3
3477
For sales during the week of stocks not recorded here, see third page preceding.
111011 AND LOW SALE PRICES
-PER SHARE, NOT PER CE.V T.
Saturday,
May 18.
$ Per share
28
28
5012 51
9412 9412
*45
4514
62
62%
•55
56
68% 69,
8
Monday,
May 20.
Tuesday,
May 21.
$ Per share $ per share
*28 2812 28 28
4612 50 4 4612 47%
,
*90
*90
98
98
*45
4514 45
45
62% 613 62
62
4
*5412 56
54
54
66% 687 x655 67 2
8
8
,
Wednesday,
May 22.
Thursday,
May 23.
Friday,
May 24.
$ Per share
*27
2712
43
4614
96
96
*4412 45
6118 6178
*5312 56
64% 67
Sales
for
the
Weet.
STOCK
NEW YORK STOCK
EXCHANGE
PER 53 ARE
Range Since Jan. 1.
On basis of 100
-share lots
Lowest
Highest
$ per share 1$ per share Shares Indus. & Waco'. (Con.) Par
Per share 1
per share
•27
2712 28
28
600 Art Metal Construction__ 10 2734 Mar 26 308 Feb 4
4314 447e; 4518 4618 33,300 Assoc Dry Goods
No 1 w 43 May 22 7034 Jan 10
par
*95 100 I *95 100
300 First preferred
94121May 18 107 Jan 15
*443 45
4
44
44 I
50 Associated 011
25 43 Feb 11 4714 Apr 5
607 61
61
643
31 7,200 All 0 & %V 1 8 S Line_ _No par 3218 Feb 16 643
8Slay 24
*5312 56
*5312 50 1
Preferred
100
3
100 45 4 Feb 11 593 Apr 23
654 667
8 66
683 155,800 Atlantic Refining
8
25 5312 Jan 29 7112May 10
114 Apr 16 1173 Jan 11
Preferred
100
2
935*
-9012 91 -on- VI- -61- -65 - 95 96 2,200 Atlas Powder
No Par 90 Apr 15 115 Jan 2
•10214 104 *10214 104
102 102
102 102
102 102
10012 101
100 Preferred
100 100 Mar 13 10812 Jan 14
13% 13%
14
143
8 13% 133 *125 1312 *123 1414 •1312 144
8
8
8
No par
500 Atlas Tack
1018 Feb 25 15% Apr 28
618 618 *6
57
6
6,
8
6
51 Apr 8 10 Jan 11
57
58
8 58
1,600 Austin, Nichols & Co_No par
57
8 57
4014 •3914 3912 37
3912 3912 39
3812 37
37
37
1,000 Preferred non-voting_ ___100 32 Mar 14 4218 Jan 14
*5312 5818 *5312 5818 *5312 584 *5312 58is *5312 5812 *5312 37
Austrian Credit Anstalt
5812
54 May 14 65 Jan 8
31
31
3012 30% 30
3012 2812 29% 29
30
30
3012 4,100 Autosales Corp
No par 2218 Feb 15 3534 Apr 8
•38
40
*38
49
38
38
38
38 1 *38
3912 40
1,400 Preferred
41
3614 Mar 4 437 Jan 23
8
*4412 4512 45
45
4412 4412 44
44
*4414 4412 44
4414
600 Autostr Saf Rasor"A" No par 4314 Jan 10 50 Jan 1 1
.230 250 *230 250
240 240
225 23712 225
230 230
1,600 Baldwin Locomotive Wks_ 100 225 Mar 2 271 Mar 22
1214 12114 *12014 1213 *120 12134 11914 12012 *119 225
4
12114 11812 11812
390 Preferred
100 1153 Jan 4 125 Apr 3
4
*10614 10812 108 108 *109 110 *10614 1063
4I•10614 10712 10614 10612
50 Bamberger (L) & Co prer_100 10614May 17 11012 Feb 1
*27
28
*27
28
27
27
28
28 •____ 28
27
27
300 Barker Brothers
No par 27 May 29 33% Jan 23
*___ 91
91 •____ 91
*86
91 *____ 91
1 Preferred
*89
91
100 89% Jau 19 97 Jan 28
*1234 16
14
14
13
13
13
13
*1212 13
600 Barnett Leather
1314 1314
No Par 13 May 15 2914 Jan 15
45
4614 4312 45% 43% 4412 4234 447
4214 44
43
25 3818 Feb 18 4918Slay 10
448 95,5001Barnsdall Corp class A
Class B
25 38 Feb 16 49 Feb 2
;5:1" 66- ;63 loo *93 100 *93 100 92 92 90 90
300 Bayuk Cigars. Inc
No par 90 Apr 29 1133 Jan 25
4
•101 10212 *10012 102
101 101 *101 10212 101 101
10012 10012
5501 First preferred
100 100 May 15 10684 Jan 29
243 255
4
8 24
255* 2312 25% 24
2514 2312 2512 25
257 13,900Beacon 011
,
No Par 20 Feb 7 2812 Jan 8
81
81
*793 80
4
7912 7912 7714 783
4 745* 773* 7712 777
8 3,800 Beech Nut Packing
20 74%May 23 101 Jan 12
.14
1412 14
14
1312 14
1312 1312 1312 1312 *1312 14
1,500:Belding Ilem'way Co_ _No par 114 Feb 13 17% Apr 18
*813 82
4
81% 82 .82
824 *815 82
8
8134 818 *813 82
4
500'Belgian Nat Rye part pref ____ 81 Jan 29 847s Jan 3
•8512 873
4 843 85
8
8218 84
80
8214 8014 83
x827 83
8
5,400 Best At Co
No par 75% Mar 26 9312 Jan 3
10512 1063 10312 106
8
10118 1033
4 9818 10112 9712 10012 9914 1025* 112,600 Bethlehem Steel Corp___ -100 8218 Jan 31 1185 Apr 22
8
11812 11914 11812 1181 11812 11914 11914 11912 11912 120
119 119
3,100 Beth Steel Corp pf (77)_100 1163 Mar 27 123 Jan 11
4
*5014 5012 *50
521
50
51
*4912 50
50 .49
48
50
500 Bloomingdale Broa
No par 4214 Jan 21 617 Apr 5
8
10812 10812 109 109
109 109 *109 110 *10712 110 *108 110
100 Preferred
100 10812 Apr 1 111 Jai) 16
•104 108
104 104
104 104 •104 105
10214 10414 *10414 105
310 Blumenthal & Co pref.__ _100 97 Feb 15 118 Jan 2
85
85
85
87
85
3
85% 83 4 8412 8312 86
8618 2,400 Bon Ami class A
86
No par 7812 Mar 25 89% Jan 12
714 73
*73
4 8
*73
4 8
8
8
6% 74
63*
4,400 Booth Fisherlea
7
7
6 Mar 26
No par
113 Jan 2
2
.48
51
*47
48
51
4818 4818 *473* 50
48
*473 50
5
200 let preferred
100 45 Apr 10 633 Jan 18
4
92
9212 907 92
91
90
86
89
8712 8814 88
89
13,400 Borden Co new
25 86 Slay 22 98 May 6
10
10
*10
101 *10
1012 10
10
*9
10
*9
10
800 Botany Cons Mills class A-50 10 Apr 24 1512 Feb 11
4114 417
3912 3512 37% 354 367
8 384 4112 37
8 3618 38
95,700 Briggs Manufacturing_No Par 3314 Mar 26 6318 Jan 3
*314 4
*3
4
*312 4
5312 4
•312 4
*312 4
British Empire Steel
67g Jan 28
35 Apr 18
8
100
*6
7
*6
7
*54 7
*5 4 7
3
*53
7
*53
4 7
2d preferred
1312 Jan 28
5% Jan 14
100
51% 52% 514 5214 495* 503* 483 503
4
4 4814 493
4 4812 495* 14,800 Brockway Mot Tr,
No par 4814May 23 7378 Jan 2
•110 122 *110 122 *110 122 *110 122 *110 122 *110 115
Preferred 7%
100 106 Apr 30 145 Jan 2
•300 335 *325 340 *300 335 *300 335 •315 335 *315 335
Brooklyn Edison Inc
100 300 Jan 2 340 Jan 5
180 181 *175 180
177 177 •170 178 •170 180
17314 1743
800 Bklyn Union Gas
4
No par 170 Apr 9 20012 Jan 28
4212 *4012 4112 3912 4018 3918 391
*41
3918 394 3914 3914
No par 3812 Apr 4 47 Jan 2
*11712 11912 *11712 1191 *11712 11912 *11712 11012 •11712 11012 11712 11712 2,600 Brown Shoe Inc
20 Preferred
100 117 Feb 7 11912 Feb 18
44
4412 4312 44
4212 43
3018 42
3918 41
4012 423 12,400 Bruns-Balke-Collander_No par 3918May 22 554 Jan 18
4
3112 3212 3114 321
297 3112 2818 314 27
29
265 304 4,100 Bucyrus-Erie Co
*
8May 24 423 Jan 5
10 265
4
4114 41% 4118 4134 405* 4118 393 407
8 385* 413
8
7
4012 41
7,800 Preferred
8Slay 23 50 Feb 5
10 383
•114 115 •114 115 *114 117
11412 11412 •114 118
11412 11412
70 Preferred (7)
100 112 Jan 3 117 Apr 25
101 103
101 101
100 100
100 100 *100 105
99
9918 1,400 Burns Bros new clAcomNo par 99 May 24 127 Jan 11
264 2618 *25 8 291 *255* 26
3
25% 25% 253 255* •255* 29 2
8
300 New class B com----NO Par 2558May 22 39 Jan 14
,
*100 104
100 100 *100 103
09
9912 *9812 100
100 100
80 Preferred
100 99 May 8 10514 Jan 7
322 3273 324 328
4
314 32934 305 31412 301 306
301 305
11,800 Burroughs Add Mach_No pa 234 Jan 16 3293
4May 21
*6112 68
613 6112 6012 61
8
6012 61
58
603* 5814 5814 4,100 Bush Terminal
No par 58 May 23 8918 Feb 2
107 107
10618 10618 106 106 8105 106 •1051 107
.
105 105
150 Debenture
100 104% Apr 19 11012Mar 2
.1133 116
4
11334 11334 *11412 116 *1143 116
4
115 115 *115 116
20 Bush Tenn Bides prof... -100 110 Mar 22 11812 Feb 19
7
7
*7
74
7
7
7,8
7
7 14
7
7
7
3,400 Butte & Superior Mining_10
7 May 8 123 Jan 4
8
53
514
55
5% 5%
8
5%
512 5 4
54 5 4
3
5
,
55* 7,000 Butte Copper & Zinc
5 May 24
912 Jan 3
5
324 3218 3212 3212 3214 3214 32
3012 30% 3112 32
32
1,800 Butterick Co
100 29 Star 27 41 Jan 2
14812 1483 1454 1483 143 146
4
4
139 1427 13412 138% 137 140
8
13,400 Byers dr Co (A M)____No par 134 Mar 26 1927 Jan 2
8
•11014 112
11014 113
11012 11012 •11014 112 *11012 112 •11012 112
70 Preferred
100 105 Apr 3 1295 Jan 26
*128 130
125 12712 125 12612 12512 127
126 127% 127 130
5,100 By-Products Coke____No par 10414 Mar 26 138 Slay 7
753 76
4
7512 76
7514 75158 7312 7514 744 74% 74% 7514 7,000 CalifornM Packing_ _ _ _No par
7218 Mar 20 814 Feb 27
30
*27
*27
*27
29
29
27
27
27
*27
27
28
40 California Petroleum
263 Mar 2 30 Apr 3
2
4
214 214 • 218 218
2
218
2
218
2
2
24 4,800 Callahan Zinc-Lead
2 18
2 Slay 9
1
4 Jan 22
12812 1293 127 12812 1273 1305 127 13012 12818 129
4
8
8
129% 13114 15,900 Calumet & Arizona fstlnitlg.2O 1263
8May 16 135 Slay 6
4134 42
40% 4134 40
42
3912 41% 39
4018 41% 31,300 Calumet & Hada
40
26 39 May 23 6178 Mar 1
85
52 8614 8518 86
8312 85
8218 83 4 8212 8314 823 8414 21,500 Canada Dry Ginger Ale No par 78 Jan 4 893 Mar 19
4
3
4
40
40
40
40 8 *301g 40
3
39
39
3912 3812 39
39
1,500 Cannon Mills
No par 38 Mar 25 4812 Jan 3
395 3963 375 39412 360 37312 348 370
4
336 355
324 349
10,700 Case Thresh Machine____ 100 324 May 23 509 Jan 2
.120 126 *120 125 •120 125 *120 125
120 120
120 120
200 Preferred
100 120 May 23 130 Apr 18
is 3914 3912 39
39
39 4 38
,
*3814 383
38
3812 2,400 Central Aguirre Asso_ _No par 3112 Mar 26 4834 Jan
4 3714 38
30
46
4614 4514 461
433 4514 43
4
4318 44% 44% 45
45
•110 11112 •110 1111 10912 110 *1093 11112 •110 1111 •110 11112 22,400 Central Alloy Steel___ _No par 401 Mar 26 5212 Feb 1
8
50 Preferred
100 1058 Apr 2 11212 Jan 28
*13
13
16
13
13
13
*13
12
13
144 13
13
800 Century Ribbon Slills_No par
12 May 24 2012 Jan
7312 7312 73
74
74
74
74
74 .63
75
74
*63
160 Preferred
100 70 Apr 16 82 Jun 17
9712 98 2 9614 971
,
9518 0614 93% 95
03
0438 20,500 Cerro de Pasco Copper_No par 93 May 2
937 951
8
120 Mar 1
25 8 26
3
2312 251
2312 2412 2212 24
244 25
231
23
12,400 Certain-Teed Produas_No par 1612 Apr 10 28% Jan 2
57
55
*55
55
*55
60
*55
60
57
60
•55
57
200 7% preferred
100 4712 Apr 1
814 Jan 11
*65
67
66
68
*64
68
*63
68
*63
67
*62
67
200 Certo Corp
No par 563 Mar 28 9214 Jan 31
4
Chandler Cleveland MotNopar 20 Jan 2
23 Jan 11
•_
Certificates
No parl 2212 Jan 1
223 Jan 18
4
Preferred
No par 36 Mar 7 41 Jan 29
Pref certificates
No par 37 Jan
40 Jan 14
92l7 166664 92 94 "oiit 945* -41 -fli- 29,200 Chesapeake Corp
'925* 93
par 7812Mar 2
99 May 20
335
3634 363
4 3514 36% 3312 3412 3314 3418 33% 33% 3418 3418 2,900 Chicago
Pneumat Tool N'o imo
N
2814 Mar 26 3938May 11
4
5218 5212 513 52% 52% 5212 52
5214 51
52
.51
52
2,700, Preferred
4818 Mar 27 5614 Jan 11
*3112 33
*313 33 •3112 33
4
*3134 3212 *3112 33
*3112 33
300 Chicago Yellow Cab
No par 30% Mar 28 36 Jan 7
o
42
*413 42
4
4212 40% 42% 40
4
0413 42
4012 408 403
8 1,800 Chickasha Cotton 011
10 40 May 2
50 Jan 2
5318 53 2 52% 5318 5012 52% 5014 5118 5018 513 250
,
4
5112 12,800 Child, Co
No par 447 Mar 26 60% Apr 24
8
95
595 101
95
9912 *95 161
*95
*863 9812 •865* 87
8
1Chile Copper
7114 Jan
12712 Mar 21
•100 110 •100 110 *100 110 *100 110
9934 9934 *9912 110
10 Christie-Brown tern ethiNo par 993
4May 2 115 Feb 4
74
78,
8 7014 74% 71
8212 837
8 7714 83
74
7414 7814 434,000 Chryaler Corp
No par 7014Slay 2 135 Jan 2
*4914 51
*4914 51
*4914 50,2 *4914 50
*4914 50
4914 50
ICIty Stores class A_ _No par 4914May
52 Jan 2
24
2214 23 s 22% 23
2212 23
233 23% 23
8
7
2212 234 21,800, New
No pa
27 Feb 4
2012 Mar 2
6112 6112 6012 61,2 60% 60% 6012 60% 2,000 Cluett
62
62
63
63
Peabody & Co_ _No pa
8May 2
723 Jan 3
603
4
•10714 112 *10714 112 *107 112 •107 112 •107 112 •107 112
1 Preferred
100 110 Mar 27 119 Jan 3
126 127, 125 126
12714 128
4
128 128
125 125
1244 125
3,000 Coca Cola
No pa 12314 Mar 28 140 Feb 5
5518 56,2 533 5518 5214 53 4 527g 5814 8,600,Collins & Co
4
56% 58
*57 4 58
,
,
Alkman
50 Jan
NO Pa
7214 Mar 14
9612 9612 9612 •80
*50
94
94 •____ 94 •_ _ _
*91
95
100, Preferred non-vot1ng100 93 Jan
10312 Feb 6
6018 6312 60
64
663 66% 62
4
65% 61
6312 61
62
6,500 Colorado Fuel & Iron
100 59 Mar 26 7812Mar 8
156 156, 156 15612 15112 15412 14814 15714 14812 15114 149 152
8
7,700 Columbian Carbon v 1 eNo pa 12114 Star 26 1677
8May 8
4
8
4 75
4
7114 73 4 693 734 717 7418 723 763
,
7814 7514 7912 294,100 Colum Gas &
Elec__No Pa
5312 Star 26 7912May 24
8
4
1064 10612 106 1063 10614 106% 1067 10718 107 107
10712 108
3,100 Preferred
1001 1037 Mar 21 108 Slay 24
8
7114 6712, 70
6714 76% 703 7818 502,800 Columbia
,
,
73 4 75 2 68% 7412 69
4
Graphophone
6418 Mar 26 88% Jan 9
4912 4312 4814 45
4912 51 2 47
47
,
46
5012 51
473 48,900 Commercial
4
Credit___No Dar 43 Star 26 6238 Jan 2
*24% 25 •247 25
*243 25
4
*24% 25
8
•247 25
*24% 25
Preferred
25 2412 Jan 2 26 Jan 9
4
4
4
*253 2612 *2. 2812 *253 2612 *25% 2612 *25% 2612 •253 2612
Preferred B
25 25 Jan 21 2712 Jan 30
96
97
4.3612 0712 0714 9714 9612 0712 06
96
074 9712
340 1st
4
135% 137, 13718 1423 21.500 Commpreferred (654%)_100 9518 Apr 1 1053 Jan 24
145 14612 14118 144% 13718 142
14612 147
8
Invest Trust___No par 13112 Jan 2 195 Feb 4
•10214 10414 10212 10212 •10214 10414 •10214 10414 •10214 10414 •10214 10414
10 7% preferred
100 10114 Mar 27 109 Feb 5
*9118 95 •92
.9118 95
*914 95
95
*914 95
96
96
700 Preferred (63.)
100 93 Mar 15 99 Jan 28
*34
40
36% 37
41
*35
39
40
40
3034 4018 39
4,300 Warrants
100 2714 Jan 7 62% Feb 4
33112 338
4
340 346
353 3593 350 35012 3423 34712 333 347
4
6,900 Commercial Solvents_No par 2254 Feb 18 370 May 11
150 1553 15138 154
15114 16212 15712 162
4
157% 159 2 151 157
37,100 Commonwealth Power_No par 107'e Jan 7 164 May 15
'
60
60
*6018 64
6018 6014 *6018 63
65
63 .63
63
500 Conde Nast PublIca___No Par 60 May 22 93 Jan 19
8 217 23
8
2112 223
4
8 2212 23
2318 2418 223 233
2414 25
37,000 Congoleuru-Nair
3
71
74
75% 724 7312 723 734 2,400 Congress Cigar n Ino_No par 2112May 23 35 Jan 28
7612 7612 7612 7612 74
4
8
No par 71 May 22 923 Feb 6
*7
8
1
.7
*7
8
8
1
1
.7
8
*78
1
1
.7,
4
1
CouleY Tin Foil stpd__No par
h Apr 6
Ill Feb 7
82
86
*84
8312 80
824 8018 817
*8312 86
*S5
8 3,700 Consolidated Cigar__ _No par 80 May 23 9614 Jan 2
86
92
03
92
*93
9112 913
4 92
93 4 93
3
94
92
*93
640 Prior pref
100 9012 Mar 27 96 Jan 7
2618 267
8
8 257 2684 263 2634 6,800 Consol Film Ind
273
8 26% 27
27% 27
27
3
pref_No :: 25 Mar 26 30 4 Apr 23
10718 11134 10814 111
111 11514 11014 113
10914 1115 264,700 Consolkiattal Gas(NY) vo p
1144 116
8
No par 0512Mar 26 119 May 11
9914 99
,
9912 99% 99 4 993
9918 995
4 9914 9914 99
9918 4,200 Preferred
8
9812 Jan 2 1003
sklar25
• Bid and asked prices: no sales on this day. S Ex-dhidead.
PER SHARE
Range for Previous
Year 1928
Lowest
Highest
$ per share $ per than
2512 Jan 343 apt
4
g014 June 7512 Dec
9912 Aug 1137 Apr
8
3712 Feb 533 Sept
8
3718 Feb 597 May
8
Feb 6514 Oct
38
50 Nov 6612 Dec
11412 Sept 11814 Jan
Jar 114
63
Dec
102 July 11012 May
814 Jan
173 June
8
4% Jan
914 May
25 July 39
Jan
Oct 75 May
58
343 Nov
4
612 Jan
25 Aug
41 Nov
43
Oct 5212 May
235 June 285 Mar
115
Oct 1243 APr
4
10714 Nov 1117 Jan
8
2678 Aug 3514 Dec
91% Dee 10112 June
2312 Aug 5212 Feb
20 June 53 Nov
20 June 51 18 Nov
98 June 14012 Mar
10312 Des 11038 Mar
1214 Mar 2412 Dec
70 2 July 10114 Dec
3
12 Dec 22
Jan
823 Sept 9212 May
8
4
533 Jan 102
Oct
517 June 883 Dec
8
2
11618 June 125
Apr
334 July 50 Sept
10912 Jan 1114 July
87 June 122 Dec
6514 Jan 8512 Dec
54 Jan
1212 Nov
4114 Mar 721g Nov
_
83 Aug
4
Jau
23
2118 Feb 633 Oct
8
118 Jan
914 May
214 Jan
12
Feb
454 June 7612 Nov
110 June 150 Nov
2063 Jan 325 Nov
4
139 June 2033 Nov
4
44 Dec 5512 Apr
115 Nov 120
Jan
2712 Feb 623 Sept
4
2412 Feb
483 May
4
333 Feb 544 May
8
11014 Mar 117
Apr
9312 Feb 127
Oct
157 Mar 433 June
8
973 Feb 1103 June
4
2
139
Jan 249 Dec
50 June 88 Dec
1047s Aug 115 Ma,
111
Aug 11912June
1684 May
8% Aug
418 Jan
1214 Nov
3712 Dec 6712 May
9012 Jan 2063 Dte
4
1083 Apr 118 Dee
8
65 Mar 122 Dee
6812 June 823 Sept
8
2514 Mar 36 Sept
1% Star
8
53 Apr
2018
547
8
43
247
120%
3814
281s
107
11
77
5812
234
75
7012
512
Jan
Jan
Dec
Jan
Dec
Dec
Ma
Jan
Aug
Aug
Jan
De
No
Oct
Fe
14
Mar
377 Dee
2
623 July
4
111 Aug
81 18 Jan
17312 Dec
297
8
45
37
37%
76
5484
5114
- 7-38 NO;
47
864 Mae
50 Sept
515 Nov
13512 Mar
3912 Dec
483 Dec
s
1113 May
4
24
Oct
92 May
119 Nov
8
643 Apr
100 May
834 Dec
24 Nov
Jan
Aug 43
Dec 5612 Oct
Apr 64 Dee
Mar 747 Nov
8
Dec 131
Jan
Jan 14012 Oct
Jan 544 June
-1364 Dec
.
1114 Dec
10954 Apr
1242 Mar
4
4418 Dec
90 Nov
5212 June
79 June
8912 Mar
106 June
61 Dec
Jan
Jan
Jan
Dee
Dee
Jan
Nov
71 Nov
27 Ma
28 Dee
107 Nov
14072 Nov
109 May
9812 Aug
3074 Dec
/
25014 Nov
11012 Dee
84
Oct
3112 Apr
871, Dee
33, Mal
100 Dec
1023 APT
4
2912 Sept
17014 Ma•
106 Mai
21 Feb
23 Feb
23 Feb
85 June
5534 Mar
Jan
09
92% June
618 Aug
1377 June
8
6214 Jan
48
Jan
22 June
67 Feb
14 Jan
7912 Jan
943 Oct
8
23 July
p74
Aug
974 Aug
11184
109
8412
1343
4
1407
8
11018
843
8
New York Stock Record-Continued-Page 4
3478
For sales during the week of stocks not recorded here.see fourth page preceding.
-PER SHARE, NOT PER CENT,
HIGH AND LOW SALE PRICES
Saturday,
May 18.
Monday,
May 20.
Tuesday,
May 21.
Wednesday,
May 22.
Thursday,
May 23.
Friday,
May 24.
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
9,100 Consolidated Textlle_No par
3
3
27
3
3
3
3
3 18
3
8 3
318
3
6.100 Container Corp A vot__No par
13
12
1438 15
15
1212 14
16
•15
15
15
15
No par
614 612 5,500 Class B voting
3
3
78 78
7
7
4 74
63
612 714
712
7
*
4
4
7014 703 723 11,500 Continental Baking cl ANo par
76
73
73
5
8
725 73 8 6912 724 69
73
1112 113 1214 54,400 Class B
No par
a
1214
1178 13
11
1178 121.1
8
117 1 11
12
100
2,900 Preferred
4 9414 95
9518 957
3
3
8 9212 944 934 943
3
95 4 95 4 95 4 96
8
703 46,300 Continental Can Ine__No par
8 68
693
8 67
4
8 673 703
713
7214 7278 7114 723
4 70
Preferred
100
4
4
4
4
*1253 127 •12534 127 *125 127 *1243 128 *1243 128 •1243 128
10
8412 12,300 Continental Ins
83
844 •83
8814 85
8512 8218 84
3
85 4 884 85
75,500 Continental Motore___No par
8
8 187 1912 1912 20
197
8 2014 207
4
203 215
8 1910 2014 19
9014 29,000 Corn Products Refining-25
8
94
8
8 867 9018 873 881s 89
8918 907
9412 914 94
100
310 Preferred
8
14138 14138 •14138 14112 14112 14112 14112 14112 14112 14112 1413 1414
No par
604 624 38,100 Coty Inc
5
64
6312 5918 62 8 5918 61
6514 66
6511 62
100
4
353 353
344 36
4 3414 3412 1.100 Crex Carpet
39
4 3418 35
4
333 333
39
10 Crown Will Pap 1st pf_No par
*9553 100
8
*955 100
97 97
*97 101
*97 100
98
1196
No par
200 Crown Zellerbach
8
197
19 .19
4
8 1834 183 *18
197
8
*195 197
8
8
8 197 197 •18
8
8712 887 11,000 Crucible Steel of America 100
88
8 86
894 90
8 8812 8914 8712 897
897
83
Preferred
100
115 *11014 115
11014 115 *11014
*110 115 *11014 115 *11012 115
No par
s 4.300 Cuba Co
8
177 177
18
1818 18
18
18
1818 184 1814 1814 18
No par
8 6.600 Cuba Cane Sugar
4 27
314 314
4 24 .23
23
3
4 24
23
4 3
23
4 318
23
100
4
4 63 15.200 Preferred
63
74 812
612 64
8
4 67
63
658 7
7
78
7
4
4
113 123 11,500 Cuban-American Sugar___10
8
1278 1118 114 115 12
1138 1214 1212 123
4 12
100
550 Preferred
*6318 6312 6218 6318 *6218 6312
63
8
6214 6214 617 6312 63
500 Cuban Dom'can Sug__No par
4
4 *414 43
414 414 *414 43
*414 5
*414 43
*414 5
4
50
8 4,300 Cudahy Packing
517
5114 51
513
5112 51
4 51
52
51
5212 521z 52
8
1513 15614 151 15712 91,600 Curtiss Aer & Mot Co_No par
15018 157
8
153 162% 15014 1645 15118 160
No par
10 Cushman's Sons
4
4
3
3
4
22034 235 2203 220 4 220 4 235 *2203 235 *2203 235
*22034 235 *
100
60 Preferred (7)
4
s
12118 12118 1203 1203 *12012 121
,e12113 122 *12118 122 •12118 122
10
1,000 Cutler-Hammer Mfg
4
*6014 62
604 604 6014 604 6014 6012 6014 6014 *603 61
Na par
2,700 Cuyamel Fruit
79
79
80
79 .78
*78
82
7914 807
80
*
8 7818 79
No par
5512 22,400 Davison Chemical
54
5112 534 5212 56
5118 53
52
55
554
5512
53
200 Debenham Securities
4
*3612 363
4
*363 37
4
3712 •363 38
*3718 3712 103718 3712 37
100
400 Deere & Co pre!
12114 12112
122 12314 12112 12112 121 121
1214 12112 12112 123
100
1.600 Detroit Edison
255 256 .258 260
260 260
256 260
26412 26412 265 265
4814 2,000 Devoe & Ftaynolds A--NO Par
47
53
*51
52
*51
53
3
3
53 4 53 4 52
54
54
100
____
40 let preferred
115 115 *115
115 115
*115
*115
*115
100
1,100 Diamond Match
144 144
4
14418 145 *144 1443 144 1443 144 145
14434 145
4
95, 914
No par
312 912
8 2,700 Dome Mines. Ltd
5
8
5
8
8 97
97
8
*95 10
5
912 9 8
No par
53,800 Drug Inc
10912 112
4
1063 108
4
1067 110
4 111
1093
112 113
112 113
6518 3,600 Dunhill International_No par
6418 6418 65
6412 65
634 65
66
65
67
68
*
400 Duquesne Light let pref___100
10014 1004 *100 10012,
8
8
10100 101 *10012 1004 1005 1005 *100
6 I *6
6
500 Durham Hosiery Mills B__ 50
641
*3
614 *6
614
6
6
614 •6
100
120 Preferred
*4212 44
42
42
42
42
*42
41
41
45
*41
45
3,400 Eastman Kodak Co____No par
17012 17512 171 17314 174 175
17618 17711 175 176
177 177
Preferred
100
128 *12714 128 •1274 128
*12714 128 *12714 128 •12714 128 *12714
8
6114 627 15.500 Eaton Axle & Spring___No par
62
60
6418 6114 63
4 6412 664 63
6512 663
20
38,600 E I du Pont de INem
8
16512 1677 168 170
8
17018 1743 1663 17014 1643 168
4
17212 176
4
100
900 6% non-vot deb
4
117 117 *11612 1174 117 11714 *11612 11714 1164 11612 1164 1163
25
Eisenlohr & Bros
Preferred
100
2:700
No Par
283, 2854
1
;in' If" 30 "30" -2812 167; 28 28 2 '28z 98 •96 2854 _ - 200 Eltingon SchIld%
98
Preferred 61
100
4
/
8
957 95% *96
98
*96
98
97
*
*
99
98
150 15714 45,200 Electric Autollte
No par
15014 15812 150 155
16618 1674 16014 16714 156 162
100
40 Preferred
113 113 *11312 115 •11312 115 •1134 115
113 113
111113 115
1312 8.300 Electric Boat
No par
4 13
1318 133
1418 1318 14
14
4
143 143
4 1418 15
No par
72,500 Electric Pow & Lt
8
8 633 66
8 6218 65% 6314 647
4
6714 684 653 684 654 673
900 Preferred
No par
4
4
4
4
1063 1063 1063 1063
107 10714 •10612 1067 107 107 •106 107
8
Certificates 50% pald
*1324 140 •1324 140 •13212 140
•13412 140 *13412 140 *13212 140
6,800 Elec Storage Battery__ N0 Par
8 7912 81
79% 784 793
79
80
8112 79
80
4
813 83
418
100 Elk Horn Coal Corp_No Par
418 *4
5
418 44 *418 4 8 *44 414 .4
4 18
*4
800 Emerson-Brant class A_No Per
8 1112 114 1112 1112
125
11
8
1414 *125 13
•1312 15% *13
6914 6914 6912 2,000 Endicott-Johnson Corn---80
4
4 694 69% 69
3
7014 69 4 701z 693 693
70
100
600 Preferred
*12312 1244 12312 12312 12312 12312 1234 12312 •12312 124 •12312 124
50% 14,200 Engineers Public Serv__No par
4 4812 5012 50
8
8
8 4814 5012 485 503
5112 514 507 517
No par
400 Preferred
8 9214 924 *9212 95
4 924 925
4
943 943 *9212 943 *9212 943
4
4
3812 5,200 Equitable Office Bldg_No par
38
38
8 3818 3878 38
3814 385
8 3834 39
8
385 387
4812 49
3,900 Eureka Vacuum Clean_No par
48
4718 47
47
4 48
•484 483
4818 4734 48
2512
480 Exchange Buffet Cerp_No par
2512 25
2518 2518 25
25
25
25
5
25 8 25
25
4114 414 1,500 Fairbanks Morse
No par
42
42
42
42
4218 4212 4218 4214
1 •4212 43
100
108 108
80 Preferred
108 108 •108 10814 108 108
10108 10812 108 108
15
8
800,Federal Light & Trao
814 813
84
3
80 4 8258 •81
85
*82
85
•83
86
*84
*9812 99
I Preferred
No Par
8
*985 99
8
*985 100
8
*985 100
8
•984 10018 *985 100
400 Federal Mining & Smelt'g_100
215 250
217 217 .
215 215
220 220
•220 250 •220 245
100
99
x99
200 Preferred
100 102 *100 102 •100 102
*100 102 •100 102 •
1512 4.100 Federal Motor Truck_No Par
1518 15
1512 157
8 15
16
1618 164 18
16
16
4 9,300 Fidel Phen Fire Ins N Y____10
993
99
4
1004 10212 963 10214 9612 98
101 105
8
1047 106
No par
100 Fifth Ave Bus
4
4
3
3
I *1034 1112 *1012 1112 *10 4 111z •103 1112 103 10 4 104 1012
No par
75
200 Filene's Sons
73
73 .
73
73
*73
73
75
80
•73
80
*73
100
130
Preferred
102 102 *103 10312 *103 10312
101 102
103 103
103
*102
68
15,000 First National Stores _No Par
67
6518 67
67 6712 6612 67
6818 6814 6714 70
8
312 in
No par
4 912
83
4 103 34,200 Fisk Rubber
9
4
103
8
105 107
4
103 11
8 10
200 let preferred stamped_100
5712 51
51 •____ 51 *____ 51 •____ 51 •____ 51
100
100 1st preferred cony
5734 573 •____ 60 •____ 59 •____ 59
4
60
*51
_ 60
*
No par
744 7512 7712 139.600 Fleischmann Co
3
70 4 73 8 72
5
8
713 74
7714 714 77
754
2,400 Florsheim Shoe el A__ _No par
49
48
4812 49
49
49
49
49
49
*48
*4812 50
•9512 101
100 Preferred 6%
100
*9814 101
9512 101
*
100 100
*9512 101
95 4
* 3 101
4 4,700 Follansbee Broe
634 653
85
61
No par
3
654 6614 664 6414 65 4 6212 63
65
56
53
6,900 Foundation Co
No par
514 54
5614 59
623
5812 61
6312 61
61
4
8712 8612 893 40,600 Fox Film class A
8 85
No Par
8518 897
8918 91
9238 9312 9118 93
20 Franklin-Simon pref
4
4
100
1063 1063 •10612 107
8
8
8
”.065 107 *1047 105 *1064 10712 *1065 107
4314 4212 4312 9,700 Freeport Texas Co____No par
41
4314 4412 4312 44
45
44
46
45
4
1063 107
700 Fuller Co prior pref____No par
4
4
4
4
4
1063 1063 1063 1063 .1063 107
107 107
*1063 ---4
2412 23
2412 4,200 Gabriel Snubber A____No par
24
25
4 24
4
243 264 2414 243
,•2512 26
1612 75,900 Gardner Motor
4 15
No par
154 1418 153
8 1514 1614 14
185
8 16
• 1818 187
8 7,800 Gen Amer Tank Car
8 8314 845
No par
8
4 837 847
853
8874 8414 We 84
86
4
8614 873
8
833 68,200 General Asphalt
80
823
180
3
p 8218 83 4 8014 8412 7914 8314 794 8312 81 127 4 •120 127
3,400 Preferred
100
123 12512 *120
123 125
126 128
P 126 126
60 General Baking pref___No par
13318 13318 137 137 41 13312 137
137
4
4
1013318 1373 *13318 1373 *13318
4,200 General Cable
45
4312 4412 44
46
No par
45
48
4812 47
48
50
, *48
924 947
8 8,3001 Class A
94
No par
9612 92
97 9712 94
99
10012 10012 97
____
100 Preferred
100
•105 -- .105
i 106 106 •10412 ___ 105 -- •105 -- 6818 6812 68
68
2,200,General Cigar Inc
NO Par
694 6912 6818 6912
704 7012 694 70
11
1154 11512
370 Preferred
100
211512 115 4 •11512 120 •11512 120
3
120 120 •11714 120
8
2684 2783 26812 2783 27312 2827 287,300 General Electric
4
No Par
8
28914 29312 27012 29114 27312 282
1118 6,800 Special
10
1118 11
114 11
114 11
11
1118
11
11
8
797 80
7,400 General Gas & Elea A_ _No par
8
797 80
8
8 797 80
8
797 797
8
793 80
8
793 80
•965 105
8
Class B
8
No par
*965 105
*9658 106
*964 106
8
965 100
111106 109
20 Pref A (8)
No par
12112 12112 *11812 124 •11812 125
1, 123 123 •11812 123 10120 124
840, Pre/ B (7)
106 106 *106 108
No per
10612 107
106 107
1 108 110 •106 108
_ 110
I Gen Ice Cream Corp__No par
110 *108 110 *108 110 •____ 109 •
*108 110 *108
7212 734 8,600 General Mills
No Par
7314 7118 73
8 72
7512 7212 747
73
76
11,75
•9512 96
Preferred
100
•9512 96
*9512 9614 *3312 96 .934 96
•
L 9513 96
4
8 733 77 1023200 General Motors Corp
10
8
4
763 7914 734 7712 733 765
8158 7818 81
* 80
8 7.100 7% preferred
4
8
100
8
4
1243 1247 1245 1243 1245, 1245
8
4
8
8
4
112434 1243 1247 1247 1243 1247
*4834 4912
300 Gen Outdoor Adv A___No par
50
•47
49
4912 4912 494 4914 49
•4912 50
35
4.300 Trust certificates-__No par
3512 35
3
35 4 35
3612 35
3618 3714 3512 364 36
10414 1064 21.900 Oen Ry Signal
No pal
104 106
3
8
10912 1111 10312 109 4 10312 108
4
1093 112
,
Ne par
4
733 7512 7312 754 106.300 General Refraotories
7712 7414 76
75
7712 80
4
r, 793 81
1073 109
10.500 Gillette Safety Rasor NS Par
4
4
107 1093 107 108
1104 1105 1084 1107
• 111 112
8
3
3618 8,100 Gimbel Bros
No par
4 36
38
3914 3712 3818 36% 3714 364 363 •815 837
8
385 39
I Preferred
100
8
8
8
8
*815 837
84
*82
84
*82
*8112 84
8
•815 84
No par
8 434 4412 4412 444 21.500 Glidden Co
3
44
4412 454 43
454 454 4412 46
100
160 Prior preferred
4
4
4
103 10312 103 103 •1013 1023 1013 10141
*103 1034 103 103
No par
4
463 474 4718 5012 43,100 Gobel (Adolf)
4
484 49% 463 50
49
51
• 4814 51
Ne par
6118 89.600 Gold Duet Corp v t e
604 57% 594 58
8 6014 6214 56
8
8 615 643
6318 643
5
N. par
4
8 79, 803 39.700 Goodrich Co (B F)
797
8 78
8214 774 797
4 8212 8414 80
83 833
100
700 Preferred
113 113
4
112% 113 •1123 113
113 113
*113 11312 113 113
8
8 11814 1237 168.800 Goodyear T & Rub--NO Da
8
13218 1337 1284 13512 12518 12912 118 1254 11812 1217 1023 103
4
No Par
2,000 1st preferred
4
102% 1013 10212
8
8
8
*103 1034 103 10314 1027 1027 1027
6 II
*Bid and asked prices; no sales on thlg day.
Ex-dividend.
PER SHARE
Range Sines Jan. I.
-share lots
On basis of 100
Lowest
Highest
$ Per Saari
8
63 Jan 15
234 Jan 9
1112 Jan 2
7912N1ay 3
14 May 3
9712May 6
8018 Mar 22
126 Feb 14
9412 Jan 14
8
283 Jan 21
10178 Apr 27
14414 Jan 19
8214 Jan 28
8
575 Apr 17
1014 Jan 18
4
253 Jan 9
94 Jan 11
1163 Feb 28
4
2412 Jan 3
54 Jan 3
8
187 Jan 3
17 Jan 3
95 Jan 3
4
63 Jan 2
8
677 Jan 15
1734 Feb 5
22514 Jan 15
130 Mar 22
4
653 Jan 11
85 Feb 5
694 Jan 31
8
467 Jan 24
128 Jan 4
265 May 20
8
647 Feb 5
11512 Jan 15
16412 JAB 11
3
10 4 Apr 26
12818 Feb 4
92 Jan 2
8
1007 Mar 5
1112 Mar 4
45 Apr 17
19412 Feb 2
128 Mar 9
4
763 Feb 1
19812 Feb 1
119 Apr 5
11213 Jan 18
100 Jan 18
3
393 Jan 10
113 Jan 19
172 May 3
115 Apr 2
1831 Mar 19
7214May 1
1094 Feb 13
136 Feb 13
924 Feb 4
61s Jan 9
2212 Feb 7
8
833 Jan 4
12414 Feb 28
6014 Jan 31
1
/
1044 Jan 31
41 May 1
54 Feb 28
8May 18
255
4
512 Jan 21
11074 Jan 9
4May 7
873
104 Feb 6
310 Feb 4
4
1003 Jan 7
3
22 8 Feb 6
112 May 16
4
133 Mar 2
9812 Feb 25
107 Jan 23
1
747 Mar 16
204 Jan 23
724 Jan 14
8212 Jan 25
8
843 Jan 2
54 Jan 8
1024 Jan 18
7334 Mar 191
8
695 Apr 30'
101 Jan 19
110 Jan 4
5478 Jan 25
10712May 7
8
337 Feb 5
25 Jan 31
102 Jan 9
8412May 17
1283
4MaY 17
140 Feb 5
61 Feb 28
12012 Feb 28
4
/
1071 Jan 21
74 Feb 25
122 Jan 24
295 May 17
4
113 Feb 4
90 Apr 3
112 Apr 25
135 Feb 14
115 Fob 15
110 Apr 3
8918 Jan 18
734 Aa r 5
951 m py 21 100 Jan 4
4
913 Mar 21
4
/
8 Apr 8
2
144zsiay 6 1261 Jan 2
52 Jan 2
$ Per /bars
278May 23
12 May 24
6 Apr 20
474 Jan 8
818 Jan 8
8812 Jan 2
60 Jan 19
12434 Jan 7
79 Mar 26
1718 Mar 26
8
685 Feb 8
1414 Feb 28
51 Mar 26
2258 Jan 10
9514May 1
184May 22
85 Mar 26
109 Jan 8
17 Mar 27
23
4kIay 20
812May 23
11 Apr 24
61 Mar 6
418kiay 4
51 May 21
13518 Mar 26
20714 Apr 17
12018 Jan 22
5818 Mar 28
63 Jan 3
49 Mar 26
364 Apr 5
116 Feb 28
224 Jan 2
47 May 24
112 Jan 7
130 Apr 2
4
83 Mar 26
4May 23
1063
6312May 14
4912 Jan 24
514 Jan 14
36 Jan 2
170 Apr 13
126 Jan 2
60 May 23
3
155 4 Jan 22
3
115 4 Jan 21
8
957 Jan 2
934 Jan 9
28 May 22
2May 22
957
1264 Mar 26
109 Jan 2
1212 Jan 9
43's Jan 8
105 Apr 1
12212 Jan 4
77 Mar 26
4 Apr 24
105, Jan 22
8812May 14
121 Feb 7
47 Mar 25
90 Jan 12
3114 Jan 4
4412 Feb 1
2214 Jan 15
4114May 24
4May 10
1063
.
68 Jan 3
984 Apr 30
215 May 22
9814 Mar 27
1412 Mar 26
9014 Mar 26
1012May 14
73 May 22
100 Am 9
62 Apr 18
4May 23
83
Si May 20
5734May 21
6518 Apr 30
48 Feb 25
974 Mar 18
5912 Mar 26
45 Jan 22
82 Apr 11
10612 Feb 28
38 Mar 26
99 Mar 26
20 Mar 25
1012 Mar 25
8112 Mar 26
61 Mar 26
10412 Mar 26
130 Mar 26
4
1
/
37 Jan 9
81 Jar 8
104 Apr 13
63 Jan 8
1124 Jan 5
219 Mar 26
11 Jan 3
70 Jan 7
76 Jan 3
121 Feb 20
104 Apr 2
8
797 Mar 9
71 18May 22
f
33 F ar 16 16 8k f 2
9212 Meb 24 1417 i i y 10
68 Apr 10 8612 Feb 20
4
107 May 22 1263 Jan 25
7 Aa r 2
3
8 i8M py 2
4 60
5 48
:
:
90
Apr 283
jJanan 6
Jan
4
2
63
7 ,
343 m n 2
101:4M , 6 10618 Apr 22
44 Jan 26 66 Feb 5
82 Jan 19
771481ay 22 10534 Jan 2
, e 5
4
0
10 8 mar 27 157 Fe 8
7127 kIay 22 1G418 2. b 2
4
/
112 Feb 21 1541 Mar Is
PER SHARE
Range fo Precious
Year 1928
Lowest
Highest
pir seer, ff Per share
ely Dee
214 Aug
20 Nov 36 Apr
04 Oct 194 Apr
9
204 Apr 5312 Jan
8
93 Dee
4
33 Apr
Apr 961z Jan
/3
1
53 Dec 1287 Sept
Jan 128 Mar
123
k
Feb 947 May
76
10 Mar 2012 Nov
Jan 94 Nov
8
643
4
13812 Jan 1463 Apr
8
8
625 Dec 897 Nov
1212 Sept 27 Nov
9612 Jan 10514 Oat
2314 Dec 263 klov
6914 July 93 Feb
111 Dec 121 May
8
Oct 287 May
20
712 May
1
418 July
8
4
133 Oct 323 Jan
4
/
1538 Dec 241 May
4
933 Dec 108 Feb
Jan
12
5 Nov
Jan 7814 Aug
54
4
5318 Feb 1922 May
Oct
4
1443 Jan 230
Jan 141 Sept
114
52 June 6511 Nov
Oct
49 July 63
4
8
343 Feb 683 Nov
4
/
Oct 491 Apr
36
4
4
1
/
115 Feb 1263 May
16618 Jan 22414 Dec
Apr
Jan 61
40
Jan 120 May
108
8
1343 Jan 172 Nov
1312 Jan
8 June
80 Mar 12018 Nov
5511 Jan 994 Nov
4
1
/ Oct 11814 Mar
99
3 Aug
1
/
84 May
3434 Oct 4612 Jan
Feb 1944 July
163
1234 Aug 134 Apr
Jan 6818 Nov
26
114 ill;
1218 Jan
87 Nov
3314 Aug
8
1013 Aug
60 June
1084 Sep
4
82 AUff
4
283 Jan
105 Dee
12014 Nov
69 Feb
une
6
514 Feb
4
742 Dee
1214 Jan
33 Feb
9012 Dee
4
1
/ Oct
29
43 Dec
19% July
324 Jan
Jan
104
42 Jan
98 Jan
120 AP
9114 Jan
1658 Aug
754 June
1114 Jan
1211 May
99 Dee
10018 Feb
43 Nov
8
1217 Nov
4
/
1361 Dec
4
/
1121 Dee
8
173 June
4
1
/
49 Dec
11018 Mar
8
1297 Apr
911s Dee
9 Jan
1553 Dee
85 Apr
8
1275 Deo
51 Nov
10212 Oct
3
33 4 July
Jan
79
1
/
244 Oct
Apr
54
4
1143 May
71 Dee
109 Apr
230 Dee
10212 Sept
8
257 May
1
/
1074 Dee
1514 May
Apr 763* Dec
28
4
173 Jan
84 Aug
4
/
4
553 Oct 911 Jan
4
Oct 973 Jan
54
8
65 June 893 Oot
4
/
491 Nov 561 Nov
9818 Oct100 Dec
5678
Dec 6012 Dee
4
1
/
Ms Oct 57 Dee
8
72 June 1195 Bent
4
/
1061 Dec 113 Feb
1
/
43 Oct1094 Jan
8
102 Mar 1097 Apr
15 Mar 2812 Jan
173s Dec
714 June
Dec
8
607 Feb 101
s
68 June 947 Apr
11018 June 14112 Apr
Oct150 June
132
8
21 Feb 413 Nov
Feb 884 Nov
56
Oct
102 Oct107
8
5918 Nov 753 Feb
11414 Sept 130 Mar
124 Feb 22113 Dec
11 Sept12 June
1
/
354 Jan 74 Nov
Jan 80 Nov
37
Oct144 AVr
121
s
Oct1147 MaY
105
1
/
4
/
741 July 1054 Oct
79 Dec 8412 Nov
9813 Dec 10014 Deo
4
733 Dec 9014 Nov
4
/
12312.Jan 1271 Apr
8
49 11P. ug 587 Jan
4
1
/ Jan
294 Atm 52
4
/
841 June 1233, J .0
4
1
/
45 June 82 .4.0
1
9714 June 1232 Oct
4
3418 Mar 697 June
87 Mar 101 Jute
8
203 Jan 37 Dec
Jar 105 Sept
95
1
/
4
/
421 Dee 624 Nov
1
/
Jan 1434 Dee
71
681/ June 10914 Dee
2
4
/
1091 Feb 115 e May
4518 June 140 Dee
4
1
/
92 Mar 105 Dec
New York Stock Record—Continued—Page 5
For sates during the week of stocks not recorded here. see fifth
page precedling.
HIGH AND LOW SALE PRICES—PER SHARE, NOT PER
CENT.
Saturday,
May 18.
Monday,
May 20.
Tuesday,
May 21.
Wednesday,
May 22.
Thursday,
May 23.
Friday.
May 24.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On basis of 100
-share lots
3479
PER SHARE
Range for Precious
Year 1928
Lowest
Highest
Lowest
Highest
$ per share $ per share $ per share S per share $ Per share
$ per share Shares Indus. & Miscel. (Con.) Par $ per share
per share $ per share $ per share
Gotham SU Hosiery __No par 5312 Mar 26 7412 Jan 23
48
48
4738 4312 47
4714 4612 465
8 4518 46
453 4614 8,700
4
New
No par 4518May 23 60 Apr 11
•9414 95
70 Dec 93 Apr
*9414 95
93 4 94
3
93 4 933
3
4 933 933 *93
4
4
9334
400 Preferred new
100 933
4May 21 10114 Jan 5 100 Dec 130 Apr
*933 9612 933 933
4
4
4 9314 93 4 *9314 94
,
*9314 94
934 9314
210, Preferred en-warrants,,,,,,100 93I4May 21 100 Jan 12
13
13
1212 13
95 Dec 112 May
127r: 13
12
12
•1018 12
1014 1014 1,400.Gould Coupler A
No par
7 Feb 18 14 May 6
3112 327
8 32
67 Dec 1258 Feb
8
337
8 31
32
30
3112 273 30
4
2818 2912 59,300 Graham-Paige Motors_No par 3045 ay 2
273 A pr 22
2 I
3
•28
30
1654 Feb 6114 Sept
*25
293 *25
4
293 *25
4
293 *___ _ 27 *____ 27
4
Certificates
No par
494 Jan 11
7412 75
2612June 56 Sept
7118 74
7234 7014 7212 6913 714 70
70
713 22,000 Granby Cons M Sm & Pr_100 6912Slay 23 1024 Mar 20
4
8612 8612 8718 8718 86
3918 Feb 93 Dec
867
8 83
853
4 81
8318 8114 823
4 1,900 Grand Stores
100 7754 Jar 311 9612Mar 18
*25
255
8 2312 2512 2314 2414 2318 233
6514 June 947 Oet
2
4 23
2314 *23
24
4.400 Grand Union Co
No par 204 Mar 26 327 Jan 2
8
*453 47
4
46
263 July 417 Oct
4
46
8
*45
46
4418 4512 •45
4812 45
48
1.600
Preferred
No par 41 Mar 26 543 Jan 4
11612 119
8
11912 11912 116 11612 116 11712 1155 117
464 Aug 623 Oct
8
8
117 118
1.70 Grant (W T)
No par 11412 Apr 12 1443
8
2812 2812 2818 283
4 2712 2818 27
283
4 2714 2814 2712 2818 28,00001 Nor Iron Ore Prop_ _No par 27 Slay 22 398 Feb 5 11134 Dec 12512 Sept
Feb 1
3714 3712 373 377
1914 June 3338 Oct
8
8 37
373
4 3612 3712 3614 367
8
8 365 38
13.000 Great Western Sugar
No par 3234 Mar 26 44 Jan 25
*116 117 *11612 117 *11612 117 *11612 117
31
Jan
3812 Dec
116 11612 116 116
210
Preferred
100 11314 Apr 22 11912 Feb 1 11212 Feb 120
148 151
1455 148
8
1455 1513 143 14912 145 1473 143 14714
Jan
8
8
4
22,500 Greene Cananea Copper,, 100 143 May 24 1975 Mar 20
38 3
3
8
,2 •
893 June 17714 Dee
8
358 35
8 35
8 •35
8 43% 35
8 •33
8 312
33
500 Guantanamo Sugar__No par
8 33
8
50
8May 18
33
50
512 Jan 3
43 Dec
*50
4
93 Jan
8
52
*50
52
.50
52
*50
52
52
52
100 Preferred
100 50 Apr 12 90 Jan 2
*6212 64
90 July 107
62
Jan
6212 6118 62
60
607
s 595 595
s
8 3,300 Gulf States Steel
4 5912 615
100 5912May 24 79 Mar 5
Jan 737 Sept
51
8
*104 107 *104 107
107 107 *10112 103 •10112 107 *10112 107
10 Preferred
100 103 Apr 5 109 Feb 14 1033 Nov 110 Apr
*2512 27
8
*2512 27
*251* 27
*2512 26
*2512 26
*2512 26
Hackensack Water
25 25 Jan 7 29 Feb 28
*275 2812 *2758 2814 *2758 2814 2712
8
23 Jan
30
Jar
2758 2714 2814 *2712 2814
80 Preferred
25 27 Feb 18 31 Mar 8
•27
23 Jan
277 •27
8
30 Dee
277 •27
2778, *2
s
277
8 27
27
•27
28
20 Preferred A
25 26 Jan 31 29 Jan 14
403 4112 407 4114 395 403
s
2512 Jan 29 June
8
8
4, 387 393
8
4 385 3918 39
8
393 32,000 Hahn Dept Stores
8
No par 385
8May 4 55 Jan 10
*9912 100
9912 100
9938 995
8 997 997
8
8 99
993
4 9918 993
4 3,300 Preferred
100 98 Star 26 115 Jan 31
*102 103 *102 103
102 102 *102 10212 102 102
10214 10214
40 Hamilton Watch prof
100 10034 Feb 15 1053 Jan 8
9712 9712 98
8
99 Aug 104 Apr
98
*98
09
97
97
97
97
*9712 99
220 Hanna 1st pref class A,._.100 91 Jan 14 993 Jan 23
4
• ___ 60
59 May 97 Nov
*58
60
60 •____ 60 •____ 60
Harbison-NValk Refrac_No par 54 Jan 3 603 Mar 22
raa
4
*11212- *11212
54 Dec 574 Oct
*11212 __ *11212
•11212
•112I2
100 112 Jan 14 11812 Jan 29 110 June 120
2514 - 5
.
2 -14 *24
Jae
25
•24
25
24 - 24
235 235 *2312 2412
8
8
300 Hartman Corp class A_No par 235
8May 23 27 Jan 2
263 27,8 255 267
2312 Aug 273 Feb
4
8
8
8 25
255
9 2314 25
2212 24
2418 247 11,600 Class 13
8
No par 2212Slay 23 393 Jan 2
163 Aug 371 Dec
8
8
*6134 6312 *62
4
6312 *61
6212 63 8 633
3
8 6312 635
8 6334 644
600 Hawaiian Pineapple
20 60 Feb 19 6612 Apr 16
*10412 105
61 Dec 68 Nov
10412 10412 *100 105 .100 105 *101 106
106 106
300 Helms(0 W)
25 10314May 14 118 Jan 29
923 943
4
Oct
4 92
92
89
903
8 86
8912 8612 893
4 893 904 8.000 Hershey Ctiocolate____No par 64 Feb 16 95s8May 15 105 Dec 120
8
*9514 96
303 Jan
4
7212 Dec
93 4 95
3
92
943
4 91
93
93
91
91
9218 4,000 Preferred
No 1 w 80 Feb 16 993
par
4,May 3
106 106 *10512 10658 106 106 1'1,10512 10618 *10512 10618
7014 Feb 89 Nov
•105I2 1064
200, Prior preferred
104 Jan 4 10618 Apr 17 1004 Aug 105
•16
*16
17
Apr
18
1614 1614 16
16 .1614 18
•15
1612
300 Hoe (R) & Co
19 May 22 2178 Mar 5
4012 4012 4012 4012 3818 403
1514 Sept 307 Jan
8
8 373 38
4
347 3512 35
8
3512 3,600 Holland Furnace
par 347
8May 23 51 Mar 9
•15
40is Dec 4914 Oct
16
*15
16
15
15 1 15
15
1412 1412 143 143
4
4
600 Hollander & Son (A) NNN000
1412May 23 22 Jan 2
18 Dec 367s Apr
*7612 767 *7614 767 *764 767 *764 767 *7618 767
8
8
s
8
8 767 767
8
8
200 Homestake Mining
100 7214 Feb 21 767
*6814 70
8May 13
Jan 80 Nov
67
68
68
*6612 6712' 6718 68
6612 67
663 6638 2,000 Househ Prod Inc
8
No Par 6512 Mar 26 794 Jan 7
93
9312 90
6418 Feb 84
9214 8612 893
Oct
4 84
897
8 82
8612 82
8512 15.000 Houston 011 of Tex tern ate 100 8018 Mar 7 109 Apr 2
79 Dec 167 Apr
6412 65
6212 64
6112 64
593 6312 6014 617
4
8 6012 627 11.000 Howe Sound
8
No par 593
451ay 22 8212 Mar 21
8612 867
4058 Feb 733 Nov
3 8618 873
4
865
8 8312 85 4 825 853 84
4 85
3
8
2
86
59,000 Hudson Motor Car___ _No par 71, Feb 15 9312 Mar 15
8
5112 5214 51
75
Jan 9972 Mar
52
4812 5012 4612 9
467 4812 46
8
483 64,100 Hupp Motor Car Corp____10 46 May 24 82 Jan 28
4
375 3814 373 3814 37 38
8
29
3612 373
Jan 84 Nor
8
4 365 3712 365 373 43,600 Independent
8
8
4
Oil& Gas_No par 30 Jan 31 393
8May 7
24
24
213 Feb 383 Nov
4
24
23
8
22
22
1812 20
18
2014 21
21
2,800 Indian Motocycle
4May 4 3212 Jan 2
I73
•____ 87 •____ 87 •____ 89
No par
20
Oct 70
Apr
89 •_ _ 89 *--__ 89
Preferred
100 70 May 8 953 Feb 5
4
4514 46
4312 451 • 41
93 Nov 115 Apr
4318 4114 4312 4014 423
8 4214 443 61,600 Indian Refining
4
10 29 Jan 8 525 Apr 10
8
4218 4312 41
9 Feb
394 403
42
3918 41
395 July
8
8 39
397
3 40
42
23,500
Certificates
10 28 Jan 7 483 Apr 10
4
812 Jan
3714 July
Preferred
100 160 Jan
*KIK 110 161 1165 Jan 11 140 Dec 185 Nor
6i" 10014 102 "aT
16.- 90 003* , Industrial Rayon
ppaarr 90 May 23 135 Jan 18 118 Dec 146
•137 140
13812 140
13712 1383 134 135
Oot
4
130 132 •1313 134
4
1,700 Ingersoll Rand
No par 120 Jan 3 1534 Apr 24
*87
90
*87
90 Feb 127 Nor
89
8412 8612
L. 4212 4358 4112 43 87 8 871 8812 87 8 4012 4134 8634 87 4,600 Inland Steel
,
7812 Jan 2 9678 Mar 20
48 Mar 80 Dec
403 44$8 40
425
4118 43
28,200 Inspiration Cons Copper_o_f20 40 May 22 6612 Mar 1
u *93 1012 *93 1014
ar
N
8
18 Feb 487 Nov
8
8
912 97s *93
8 912
9
914
9
912 1.100 Intercont'l Rubber _---No Par
83 Apr 22 144 Jan 11
•1112 113
4
4
1112 117
818 July 213 Jan
8 11
111
4
9
107
8
93 10
8
10
10
5,600 Internal Agricul
No pa
9 May 22 177 Jan 28
71
•70
8
13 Feb 207 May
7018 7014 70
2
7019 *694 6912 *694 70
*6918 70
700 Prior preferred
100 70 May 10 8812 Jan 26
188 18814 185 185
483 Mar 85 Dec
8
184 186
184 18412 182 183
183 185
4,700 Int Business Slachines_No pa 1493 Jan 24 1943
s
4May 17 114
91
91
00
89
Jan 16638 Nov
8612 88
8512 8612 86
87
8614 8614 5.100 International Cement__No pa
8518 Apr 9 10234 Feb 4
75 2 7712 723 778 7218 753
,
Jan 947 Del
56
4
8
8 687 747
8
8 7018 7212 7018 7412
61 Mar 26 10312 Feb 15
*1074 109
10414 10714 10314 1031 103 10412 10114 10214 10314 104 146,200 Inter Comb Eng Corp__No pa
4514 Feb 80 Dec
1.700
Preferred
100 10111May 23 121 Feb 16 103 Mar 110 Sept
11218 11312 11012 114
1083 112
8
10518 1093 10514 108
4
10712 1103 38.900 International Harvester No pa
4
9234 Jan iS 11934May 3
140 140
140 140 *140 141 *140 141
80 Dec 977 Dee
,
140 140 *140 143
800
Preferred
140 May 17 145 Jan 18 13614 51 - 147 Mae
10
83 2 843
,
4 8212 8412 81
83
79
82
7914 8014 7814 81
9.600 International Match pref__3
6514 Mar 26 10212 Jan 4
85 Dec 1217 M
8
5
518
518 5 4
54 518
,
5
5
5
5181
5
5
3.000 Int Mercantile Marine
100
5 Mar 28
74 Fel, 15
437 4412 433 443
8
33 Mar
73 May
4
8
3
4 4212 435
8 4112 43
4012 413
4 4112 42
9,800
Preferred
3612 Feb 1
51 14 Apr 23
51
3418 June 4432 Jan
517
8 4938 5112 4812 5014 4558 49
463 483
8
8 4718 487s 230,900 Int Nickel of Canada_No 10
4012 Mar 26 7234 Jan 23
pa
1350
735 Feb 2691s Dec
*50
65
8
*50
65
*50
65
65
*50
65
•50
65
International Paper__ _No pa
5712 Jan II 83 Apr 9
*85
90
Oct 863 May
50
*85
86
*86
8
8618 8514 8514 *85
86
86
864
200 Preferred (7%)
100 851451ay 22 94,2 Jan 8
•25
89 Dec 108
2712 25
25
Jan
254 257
253
s 25
4 257 267
8
8 2714 2714 5,700 Inter Pap & Pow
25 Slay 20 353 Mar 19
el A__No pa
8
k 1514 16
22 Dee 3412 Nov
15
1514 15
1514 104 143
4 143 1518 16
4
16
1.700 Class Li
14341May 22 2412 Mar 8
No pa
r, 12
147 Dec
8
12
1112 113
19 Nov
4 1114 1114
1034 1114 103 1112 113 1112 17.7001
4
8
Class C
ION Jan 10 1714 Apr 4
No pa
c 86
103 Nov
863
4
4 86
133 Dec
86
4
86
86 4 86
86
,
86
86
86
86 14 3.500 Preferred
80 Apr 15 93 Jan 23
10
I 50
88 Dec 91 Dec
50
50
50
4912 494 49
4912
47
47
3,900 lot Printing Ink Corp. N0Pa
46 Slay 21, 63 Jan 23
II 9934 9934 9914 9914 9912 99 4 *98 9912 46 48
473 Oct 60 Dec
4
,
98
98
983 983
4
4
170 Preferred
10
98 Apr 26, 106 Mar 4 100 Dec 100 Del
7512 75, •75
2
751 '75
80
:
*75
7512 75
76
77
80
270 International Salt
100 5512 Jan ,
•135 142
t 903 Vee 4
4
135 138 *136 138
4912 Mar 883 Jan
4
13012 13012 12812 12812 .126
800 International Silver
•110 11712 •110 1174 110 110 •110 11712 *110 11712 *110 13612
100 1281211ay 23' 150 mar 6 126 June 198
Jan
11712
10, Preferred
26014 26014 259 261
100 108 May 16 119 Jan 17 11214 Dee 131
255 257
250 252
Jan
247 255 y246 246
5.300 Internal Telen & Teleg
713 7212 703 72 4 693 75
8
4
,
4
7418 763
4 7512 793
4 78 2 8314 31,200 Interstate Dept Stotes_No 10 19714 Jan 71 28112MaY 7 13912 Feb 201 Dec
,
13110 130 •110 130 •110 130 •122 130
pa
6918May 17 9312 Jan 2
6112 Nov 90 Dec
130 130 1'131
-__1001 Preferred
*3212 36
100 130 Jan 15 150 Jan 2 1244 Nov 150 Del
3212 34
4
323 323
4 33
33
8
327 34
*3418 3412 1.300 Intertype
Corp
524 5214 5212 523
NO par 29 Jan 2 38121May 3
8 5212 523
233 Sept 3812 Jac
4
4 5214 5212 52
524 5112 52
1.900 Island Creek Coal
15018 15018 149 149
1 403
4Slay 16 69 Mar 5
1463 1463 145 147
4
Oct 61 May
47
4
141 1435s 1433 1433
4
4 3.600 Jewel Tea. Inc
No Par 13578 Apr 16 16214 Feb 5
773 Ma 179 Nov
4
Preferred
1778 1 - 17214 . -3. 1014 iff
5
100 12412 Jan 3 12518 Feb 13 1193 Nov 12512 Nov
1. 4
7
9
8
latilTs 17114
g I.—
45,300 Johns-Manville
'123 -- 12212 123
1221* 12212 121 121 10121 123 *121 123
No Par 15514 Msr26l 2423 Feb 2
4
9614 June 202 Del
1901 Preferred
100 119 Jan 21 123 May 15 11812 Oct 122
APr
$12112 122 *12112 122 I•12112 122 *12112 12212 12112 12112 .12112 12212
110 Jones & Laugh Steel pref....100 11812 Jan 4 12214 Mar 11 119 Dec 12414 MaY
'Jones Bros Tea luc
98
4
93 10
912
4
No par 35 Jan 21 35 Jan 21
8
912
7
255 Ma
4112 Oct
8
812 9
812 9
--'85
8 93
4
•1093 11114 1093 1003 •1093 11114 1093 1093 1103 1103 *11012 111 8 4.400 Jordan Motor Car
6 Mar 26 1812 Jan 2
No par
4
818 Au
4
4
1912 Oct
4
4
4
4
70 Kan City P&L 18t pf B_No par 106 Feb 16 1123 Jan 22 108 Au
26
26
25
•29
27
26
243 243
114
4
Apr
4
4 2518 2512 2518 26
2,000 Kaufmann Dept Stores _ 312.50 243
8412 8012 8212 8012 8114 803 812
4May 22 3718 Feb 6
83
85
85
2912 De
34
Oct
8
4 8012 813
4 6.100 Kayser (J) Co•t o__ No
*31
*29
33
par 76 Mar 26 925 Apr 24
*31
33
•28
33
8
8
625 Jan 92 Nov
33
*26
31
27
2712 1,600 Keith- Albee-Orpheum_No par
25 Apr 11 46 Jan 4
•103 1043 •102 1043 1015 102
8
1512 Ma
4
1007 10112 100 100
8
5112 Nov
997 1007
8
8 1.100 Preferred 7%
1718 173
764 Ma
100 944 April 138 Jan 5
17
15
1714
160 Nov
4 1612 17,
8
163
8 15
155
8 1514 1614 24.200 Kelly-Springfield
Tire_ _No par
11 Mar 26 237 Jan 2
•74
8018 •74
8
1914 De
85 •74
804 •74
2512 Nov
8018 7414 7414 *55
80
1001 8% preferred
*85
90
*85
90
90 •85
8
554 Fe
100 7414May 23 947 Jan 9
•85
95 Nov
90
90 •____ 90
6% preferred
53
4718 50 4 45
Apr
8
497 511
50
100 Jan 14
101 Nov
58 Fe
,
48 4 44
,
4718 46
477 14,000 Kelsey IlayesWheelnewNo par 8 M 22 5934May 13
8
445
13
Preferred
"iLig 16
3ioo 10814 Apr 23 110 Jan 8 108 Mar 111 Nov
-18 1514 16 15l 16 -1... 1612 28.700I Kelvinator
-1613 164 -1(71T8
i4
Corp
87
8814 8214 8512 81
12 Mar 26 1914 Feb 8
8918 82
4
71 July 227 Apr
2
837
8 8218 833
8 8218 843 277.900 Kennecott Cooper
8
' par
No
No
30
2712 31
2812 293
30
.
1047 Mar 18
s 28
293
8 2818 283
4 29
307 22,400 Kinney Co new
8
9912 9912 .9912 100
No par 2712Nia y 28 3318May 13
78.1 eb 0
*102 1023 2100 100
4
•9912 100
100 100
90, Preferred
374 38 4 3618 3818 333 357
109 9312 Jan 2 1093 Mar 6
,
8712 Mar 100
8
4
4
8 34
Apr
8 337 353
357
8 34
3512 41,100 Holster
8
463 4818 467 4712 4612 4718 45
4
8
5114 Aug 957 Nov
46
s
445 4514 453 457 33,300 Kraft Radio Corp___ _No par 31 Apr 10 783 Jan 3
8
8
8
Cheese
No par 323 Mar 26 4914May 17
*96 100 •96 100
98
)41 964 964 •96
4
32 Dee 42 Nov
96
9718 •9514 9718
300 Preferred
9914 Dec 10114 Dec
V 483 483
48,
4614 4754 46
8 48
8
95 Apr 20 9934 Jan, 2
8 4718 48
463
4 4614 4714 11,100 Kresge (115)
*9712 1143 •971s 11412 1143 1145 *9712 115
Co
1813 46 May 23 5712 Mar
8
8
8
10
065 Feb
911 Nov
4
*97 2 115 .9712 115
,
20 Preferred
*15
/18.16
17
153 153
100 109 Jan 5 115 Feb 14 11014 June 118
16
4
1514 134 15
4 15
Apr
1414 15
1,300 Kresge Dept Stores___ _No par 1312May 23
23 Jan 2
1312 Jan 224 Feb
14
,7112 72
*7112 72
*7112 72
*7112 72
*714 72
7112 7112
101 Preferred
*96
100 7112 Feb 19 7312 Apr 26
*97 105
99
*96
97
filla Feb 75 Aug
0714 9712 •97 100
1•
4 97 105
300 Kress Co
No par 9612 Mar 22 114 Jan 5
3612 373
is 3658 37
4
4 3512 363
4 343 36
87 Feb 1248 Nov
4
344 3514 345 3512 63,900 Kreuter
8
& Toll
18T, ap 24
Si y 3 VA Mar 6
l
3
,
0 87 873
4 85 3 877
325 Dee 403 Oct
8 8312 8518 8212 83 2 8112 83
8
4
,
81
825 41,300 Kroger Grocery & Bkg_No
s
par 84
734 Mar 13214 Nov
31
*215 235 *215 235 .215 235 •215 235 *215 235 .215 235
12212 Jan 3
Laclede Gas
10012 10012 •100 10012 •100 10012 •100 10012
100 231 12May 4 245 Mar 14 200
.
3100 101 *100 101
Jan 260 Feb
10
Preferred
100 100 Mar 8
8
2912 2912 *2812 29,2 2812 2812 293 29:4 2814 2814 *2814 29
Jan
09 Nov 12412 Jan
800 Lago Oil & TranJport__No par 2614 Feb 19 102 Apr 4
140 143711 13818 140
135 13818 13518 1375 135 138
14114 143
3312
15
273 Feb
39Is Apr
8
8
43.300 Lambert Co
1712 18
No par 12718 Jan 22 15714 Mar 19
1758 18
17
1, 1812 183
17
4
•1312 1712 1512 1714 5,600 Lee
7912 Jan 1363 Nov
2
Rubber & Tire_ ,,No par
53
53
52
1512May 24 25 Jan 14
*56
56
58
53
56
5212 53
1714 Jan 2614 Oct
5212 53
2,100 Lehigh Portland Cement__ 50 50
110 110 *110 11012 110 110
110 110
Apr 17 65 Feb 6
13110 112
423 June 5812 Nov
4
110 110
2201 Preferred 7%
100 1063 Jan 3 1103
2533 5334 5212 533
4
4
4 513 521s 5114 52
4
55
55
2
4MaY 9 10614 Den 1103 May
52
5212 3,200'Lehn & Fink
No par 5114May 23 6812 Feb 4
Jan 647 Oot
33
2
'Life Savers
k /5154 11
No par 2914 Jan 7 393 Jan 5
Vcr 8834 00 -55" 90 "8912 90 2.600,Liggett &
90
8
-34 8914 90
2312 Aug 4014 Nov
Myers Tobacco__ _25 8112 Mar 26 10512 Jan 28
8 895 9012 8912 90% 883 897
8
4
913 013
8
834 June 12212 Jan
8 887 90
*
8914 90
15,8001 Series 13
100 81 18 Mar 26 10312 Jan 29
25
311344 13612 *13412 136 *13412 13612 13412 13412 13412 13412 *13412 136
8014 June 123ig Jan
2001 Preferred
137', Mar 1 134 Aug 147
49
4712 48
47
47
48 2 46
4612 444 463
,
8 457 46
Apr
46
5.000 Lima Locom Works___No par 144 StaY 26 55 Mar 22
Mar
3411ri a 8
8114 78
8012 80% 8012 813
797
38 July 857 May
4 79
8 77
773
4 78
s
7814 5,500 Liquid
1137g Jan 3
8
594 5912 583 597
6312 Feb 1244 Nov
8 5718 58 4 5514 577
,
8 553 573
4
4 563* 573 22,300 Loew's Carbonic
4
Incorporated
51:3
r t
A re; 7 1:My 22 8+4 Feb 27
A
*954 98
491g June 77 May
•90
9512 98
*9518 98
985s *94
98
•94 100
4001 Preferred
No par 9512Slay 21 1103 Jau 31
4
912 104
938 93
997 Mar 11052 Apr
6
05
8 97
4
s
9
94 93
9 18
8
9
918 11,800'Loft Incorporated
Ills Apr 1
Vo par
28
28
28
28
53 Feb
*28
30
4
2712 2712 2712 2712 •27
11/1 Aug
1
28
600 Long Bell Lumber A__ _No par 27 Apr 11
n
7
'j
3212 Jan 5
Jan
28
304 Fab
•Bid aid asked prices; no sales on this day. z Ex-dividend. 5 Sail lugs. y Fs-rights.
1-0-61; -65"
ia,iis 1-717- iut.i 4..i
ii 8 ___
New York Stock Record-Continued--Page o
3480
preceding.
For sales during the week of stocks not recorded here. see sixth page
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
May 18.
Monday,
May 20.
Tuesday,
May 21.
Wednesday,
May 22.
Thursday,
May 23.
Friday,
May 24.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Sines Jan. 1.
On basis of 100-share tots
Highest
. Lowest
PER SEA RE
Range for Previous
Year 1928
Lowest
gligheal
per share $ per share $ per akar'
$ per share 8 per share Shares Indus. & Miecel.(Con.) Par 5 per share $ 8 Jan 5
4
4414 June 883 Sept
8 Per share 5 per share $ per share 8 per share
25 5814May 23 745
6212 10,300 Loose-Wiles Biscuit
61
8 5814 61
8
615 6212 5812 615
4 6212 64
5
63 8 643
100 11612 Jan 12 12112 Apr 2 11712 Aug 125 May
120 181 preferred
"11734 118
4
4
4
2
4
118 11814 118 118 *1173 118 "1173 118 "1173 118
233 June 467 AP
25 20 Mar 25 3112May 17
44,200 Lorillard
8
4 267 28
8 2518 273
4 2518 267
4 2618 273
283
8612 Dec 114 Mai
8
285 3038 26
100 8412May 8 9712May 17
100 Preferred
4
943
'92
91
9212 91
95 "91
*91
94
*92
4
193 Arai
8
93 Feb
*9212 95
4151ar 26 18 Jan 9
123
No par
15,400 Louisiana 011
4
1312 138 133 14
1312 14
4
1418 133 14
1414 1414 14
78 July 96 Apr
100 89 Feb 8 10014 Feb 21
70 Preferred
92
"91
92
•91
91
4 91
923
4
923 *91
4
923 *91
28 Feb 41 May
*91
8
365 Jan 23 47 Jan 31
3818 3814 3812 6,000 Louisville G ge El A____No par 6612 Mar 26 100 May 6
37
3814 371 38
4 38
3814 383
39
39
No par
Ludlum Steel
8412 8512 4,600
8
805 84
8512 8214 84
83
87
4
84
44 Aug 573 Aim
90
90
900 MacAndrews & Forbee_No par 37 Apr 26 46 Jan 4
3812
.38
38
38
38
3814 38
4 38
Oct 110 Not
3812 3812 *3812 383
4
100 104 Jan 8 1073 Apr 19 106
Preferred
4
4 ___ •1073 -- -- •10734
__ *1073
4
*1073
__ *10738
"10734
100 122 Jan 19 140 Mar 28 10812 Mar 134 Mai
Mackay Companies
Oct
*140 fio *140 170 *140 iio *140 170 .140 170 "140 170 4
6814 Jan 86
100 8318 Jan 26 8418 Jan 14
100 Preferred
"8412 863
84
4 84
863
4
8634 *84
863 '84
83 Apr 110 Not
4
863 '84
*84
No par 91 Mar 26 11484 Feb 5
9812 22,300 Mack Trucks,Inc
96
9712 9914 9612 98
8 99 10014 9818 100
10014 1015
4
par 148 Mar 26 1883 Jan 2 y134 Aug 382 Awl
No
7,300 Macy Co
164 165
165 166
8
4
1814 Dec 34 Mal
1693 17012 171 17212 166 1705 165 165
1814 Jan 5 24 Feb 28
2,200 Madison So Garden__ _No par
188 19
19
1912 19
1912 *19
75 Nos
1912 19
4
1914 1912 19
433 Feb
No par 581815.1ay 16 8212 Mar 21
6812 10,600 Magma Copper
66
8
4 6718 6912 667 68
693
68
69
3812 Nos
7118 68
Jan
16
7118
-No par 2414 Apr 9 3938 Jan 15
4
263 12,900 Maillson (H R) & CO.
25
4
243 25
8
Om
2414 267
8 2718 28
283
28
8718 Jan 110
29
29
3
100 95 8 Mar 25 10512 Jan 18
20 Preferred
*9912 103
Jar
41
21 Nov
8
*100 1037 103 103 *100 10012 100 100 '9912 103
100 1312May 16 26 Jan 14
10 Manati Sugar
1312 1312 *1312 15
*1312 15
*1312 15
*1312 15
*1312 15
Jar
40 Nov 88
3678May 18 5012 Jan 10
100
200 Preferred
38
38 '34
*34
40
3918 *34
•34
32 June 4012 Jar
36
8Mar 9
367 368 "34
No par 28 Feb 16 383
700 Mandel Bros
2812 2812 2812 2812
2812 Sept 661 Jour
*2812 30
8
2812 2812 *2812 30
*2812 30
3738
1,400 Mauls Eleo Supply__ -No par 2838 Apr 13 355 Jan 14
29
29
2918 2834 29
8 29
4
Jan 4
313 Feb 43 May
3214 2918 295
3012 3012 "30
25 27 May 24
2712 1,500 Manhattan Shirt
2712 274 27
28
2912 28
*28
2512 Api
1212 Feb
12 Feb 18 1812 Apr 18
8
293 2938 *2814 29
3,300 Maracaibo 011 Expl____No par
4
4
8 1414 1414 153 153
33 Feb 49% No
1534 1534 1412 1434 1418 155
•1534 1614
8
No par 357 Feb 20 4718 Jan 3
4
3612 373 39,200 Marland 011
371
4514 Mar 83 Nos
375 3814 3712 3814 37% 378 3614 3712 3614 8178 80
No par 6918 Mar 26 8978May 20
8112 12,200 Marlin-Rockwell
8 79
827
8312 85% 80
77 Dec 86 Dei
897
4
8812 86
86
No par 663 Feb 18 104 May 10
Marmon Motor Car
21,200
94
8 88% 9018 91
4
8
955 9912 9318 9512 883 945
99
8Juni
255
98
1211 Mar
912May 23 18 Jan 2
Na par
914
912 2,900 Martin-Parry Corp
912 912
10
4 10
25
4 June 190 Des
8 1018 103
4
8 103 107
•___ 107
1 49
17,800 Mathieson Alkali WorksNo par 4514May 23 21634 Jan 2 1172 Jan 130 Ap
47
4 4514 48
115
4612 483
4612 50
100 120 Jan 28 125 Jan
5038 5112 4814 51
200 Preferred
123 123
75 July 11312 Nos
123 123 *123 124 "123 124
"123 124 "123 124
25 7658May 23 10812 Jan 10
9,600 May Dept Stores
4
3012 Nos
4 77
7938 7638 7812 763 78
1712 Aug
3
844 80 8 8214 7912 803
82
No par 1958May 23 25 Apr 4
2,900 Maytag Co
20
5
52 Mel
2112 20 8 2112 1938 2012 20
4018 Aug
8
*218 2112 2112 2112 21
par 4012May 14 45% Jan 3
No
800 Preferred
4038 4038 4012 4012 4012 4012
891 Dec 101 Mal
8
*405 41
4012 4012 *4012 41
No par 80 Apr 26 9018 Jan 10
100 Prior preferred
86
*84
86
86 '84
80 Dei
56 Feb
4
8 844 843 *84
845
86 '84
"83
No par 7114 Feb 16 98 May 24
3,500 McCall Corp
98
4 92
913
88
8
91
90
91
77 Feb 1097 Nos
90
90
1134 Feb 5
8
897 898 89
210 McCrory Stores class A No par 9812May 20 11512 Feb 6
9912 9913 *9812 9912
4
*9812 100
80% Mar 1193 Nol
"99 103 29812 9812 9812 100
No par 99 May 24
400 Class B
99
9912 99
9912 9912 •99
190 10812May 16 120 Feb 7 109 Feb 11812 No,
*100 103 2191 991 •9912 100
Preferred
2812 Ma
1914 Sept
Jan 5
110 '107 110 *107 110 "107 110 "107 110
4
4
*1063 110 *1063
200 McIntyre Porcupine Mines-5 17 May 6 231* Jan 31
17
17
____ 17
788 No,
_ -- _
*
6212 June
-___
17 *____ 17
6212 Mar 26 82
*16
*
694 681 6914 9,300 McKeesport Tin Plate_No par 49 Jan 7 59 Mar 4
4
6812 68
503 De
45% Nov
67
4
683 70
72
7218 70
72
3,100 McKesson de Robbins-No par
53
52
53
52
52
3
53 4
54 Nov 63% No,
5214 54
3
5312 53 4 '5252 54
50 55 Mar 26 62 Feb 4
2,100 Preferred
12 59
59
59 I 6014 60
4 58
603
4 59
5912 593
12 61
60
8
70 San
607 Nov
5612 Mar 26 72 Jan 3
No par
700 Melville Shoe
63
63
63
63
41 Sep
2514 July
6318 6318 64 64
20 Mar 26 3478 Jan 4
6512 6512 6512 66
No par
2512 2312 2412 238 258 6,300 Mengel Co(The)
25
2412 Dec 2758 Mal
24 Jan 10 27 Feb 25
2612 2718 2618 2714 2514 26
100 Metro-Goldwyn Pictures Df..27
254 52512 26
4
253
3
73 De,
*25 4 26
4% Jan
*2534 26
5
411234ar 26 69% Jan 3
52 26 '25 8 26
*25
Mexican Seaboard 011 No par
36,100
4 4618 4712 4814 49
33 De
4612 493
175 Jan
5012 51
5114 4818 50
3018 Jan 8 5412Mar 20
5
11,800 Miami Copper
39
38
39
37
39
4412 No,
384 38
2518 Feb
8
38
3813 40
3012 Feb 16 397 Jan 3
3914 40
No par
4
353 26,500 Mid-Coot Petrol
7 3514 35
De,
5
35 8 34
35
36
8 35
5
35 8 3618 3514 363
100 12014 Jan 18 121 Jan 4 10314 Feb 120%
Preferred
788 Ma]
4
82 mar 6
8
23 Jan
51e Jan 3
10
- -__ ____ ____ __-_ ___. ____ ---- ---- ---- 32,300 Middle States Oil Corn
4%
4
418
4
418
43
4
418
7
5 2 Mal
3% Jan 3
4
112 Jan
4
212May 24
418 414
10
2,500 Certificates
4
212 23
4
2% 23
4
258 23
June 295 Noi
4
8 23
4 "25
28 23
8 3
*25
2,800 Midland Steel Prod pref _100 225 Feb 15 275 Apr 3 193
Jar
27
245 250 '245 247 '245 255
1812 Aug
*
250 253
21 May 23 287 Mar 20
254 255
'257 263
No par
1.600 Miller Rubber
4
2118 "203 21
4 2112 2112 21
2
757 Del
3918 Aug
4
65 May 22 8014 Mar 1
2214 2214 213 2218 2112 213
Mille_No par
6814 12,600 Mohawk Carpet
664 67
6814 65
65
70
8
Mar 26 1567 Jan 2 11514 Dec 15612 Del
69
3
697 7014
1012 71
5
11418 118 201,100 MontWard&Coll1CorpNo par 11118
116
4
3
5 2 Feb
1112 Mal
8
8 Jan 8
412May 22
3
119 12114 117 120 4 1165 11912 112 1173 113 8 5
No par
452 48 6,300 Moon Motors
45
412 5
518
5
45* Mal
518 514
25 Aug
612 Mar 4
514 514
3 Feb 8
312 358 13,700 Mother Lode Coalition_No par
8
312 35
8
311 35
8
812 35
8
147 Del
4
8 33
35
5 Mar
4
33
1212 Jan 8 4418May 6
No par
338
5,500 Motion Picture
391
39
38
4
13 Mar 243 Sep
4
378 3814 37
381 39
3918 40
16 May 21 253 Jan 3
41
*40
No par
Meter A
1712 1712 1712 1712 2.800 Moto
1712 18
18
16
94 July 218% Oo
18
Apr 11 206 Mar 1
1812 18
1814
1,400 Motor Products Corp_ _No par 111
128 128 *127 128
5114 Oc
129 130
2512 Jan
8May 18
128 130
130 131
39 Mar 26 483
130 131
No par
31,600 Motor Wheel
47
8 45%
4514 463
4512 467
69% June 9514 Oc
45% 47
8
55 May 23 817 Jan 4
4618 4858 4618 48
No par
555 5612 2,900 Mullins Mfg Co
55
55
,
60
56
98 Dec1 1047s No
6212 5912 61
62
62
62
90% Apr 30 10214 Jan 11
No Par
230 Preferred
*9212 9314
93
93
94
93
94
46% Mar 6212 Ma3
4May 4
94
94
94
5018 Apr 6 613
95 95
No par
Mulasingwear Inc
5812 4,600
5858 *57
57
575
57
21% Feb 12414 Oc
59
5912 58
82 Mar 26 9914May 9
5.98 5912 59
No par
9118 9438 149,300 Murray Body
8912 92
8914 927
95
9714 90
9314 9512 93
8014 Feb 112 No'
8
No par 8714May 22 1187 Jan 25
73.500 Nash Motors Co
71 Jan
321 Del
7
8
4
913 9414 903 9212 8714 9012 8712 8914 88% 904 22,800 National Acme stamped____10 2818 Jan 7 391: Feb 28
94% 94
2
*
5 3414
4 313 32 4 32
333
32
3312 347
*35
3538 3438 35
par 5018 Mar 26 71 Mar 1
No
28,600 Nat Hellas Hess
5512 59
547 567
57
4 52
513
9014 Jan 11812 Del
51
118 Jan 3
8 5112 53
g
517 517
100 10312May 22
200 Preferred
19514 No,
10312 10312 10512 10512 *105 106
8
'107 108 "105% 108 *1033 108
35 168 Mar 26 205 Jan 4 15912 July
4
1723 17312 1,200 National Biscuit
Ap
172 173
175 1761z 173 178
175 177
177 177
100 14112May 17 144 Jan 26 13712 Feb 150 4 Del
100 Preferred
Jan 1043
*14112 142 •14112 142 *14112 14213
4714
14112 14112 *14112 143
8 14834 Mar 20
*14112 143
11012 11512 151,800 Nat Cash Register A w I No par 96 Jan
109 115
641 Jan 13312 Dot
8
8
1175 11952 11212 1195 10814 11434 109 11312-------------11,700 Nat Dairy Products___No pa 11618 Mar 26 1375* Jan 29
_
*
217 Jan 3214 Oc
4
373 Mar 5
3
135 4 1371 132 13714 ------------3.000 Nat Department Stores No par 2818 Jan 4 95 Apr 12
8 30% 307
315
8 30
4
313 3 7
Jan 102 Mai
91
4
313 32
32
32
32
32
100 9214 Feb 4
let preferred
95
*93
95
93
95 •
*93
2014 June 5812 Jar
98
95 '93
*93
96
*93
33 Mar 26 5512 Mar 14
463 11,900 Nat Distill Prod rats_ _No par
42
4114 453
45
2
4618 41
42
June 713 Jar
46% 47
5114
13
4714 4714
1,200 Preferred temp ette__No par 6712 Feb 7 8612 Mar 9
76
7538 784 80 80
7812 76
2314 Mar 573 No,
4
6214 Jan
4 783 8014 78
*7914 793
48
400 Nat Enam & Stamping-. .100 4412May 16 173 Mar 20 115 July 136
*47
47
4714 47
Jar
8 47
497
*45
48
*45
50
Jan 2
'48
100 132
5,000 National Lead
4
1443 145
142 142
14212 145
Jan 147% Mal
142 14514 142 145
*144 146
100 140 Jan 2 14112 Feb 1 139
90 Preferred A
140 140
140 140
140 14018 '140 141 '140 141
*140 141
118 Jan 2 1234 Ayr 24 11212 Mar 122 July
100
190 Preferred B
118 118
118 118
118 118
8
118 118 "118 119
217 Jan 465* Del
8
•118 119
No par 4214 Mar 26 613 Mar 4
515s 5038 517 80,800 National Pr & Lt
49
517
49
8
14 July 403 Jar
5212 538 5014 52
5318 54
8 May 23 17 Jan 10
No par
8
82 2,900 National Radiator
8
8'8
5
812 8 8
9
9
91
918 918
36 Dec 9812 Jar
912
2May 24 41 Jan 29
No par 261
200 Preferred
261s 30
30 '2612' 30
Del
4
263 *20
*26
30
8414 June 146
*26
30
•26
4
50 1113 Mar 26 144 Jan 2
123 12312 2,900 National Supra,
123 123%
Jar
123 125
126 1261s 125 12612 125 125
100 11414 Feb 8 117 Apr 19 114 Sept 119 Nos
200 Preferred
__ *11514 ___ 115 115 "11512 ___
___ *11514
Dec 150
•115
4
•115___
50 119 May 23 155 Feb 1 1383
100
um 125 119 119 '117 120 4 7,400 National Surety
Jan 390 DOI
8Mar 1 0160
*120 125 *120 126
No par 70 Mar 26 913
National Tea Co
733
72
72
7012 7312 71
75
74
76
748 77
76
17% Jan 421* Del
7
4
4618 85,500 Nevada ConsolCopper-No par 393 Jan 16 62 8 Mar 21
44
4318 447
4212 457
47
397 Oct 5012 No,
4612 4712 4412 4638 43
4
No par 4112 Mar 25 493 Mar 4
3,800 N Y Air Brake
43
4314 43
43
4412 4312 44
44
4418 45
47 Aug 6414 Jai
45
*44
4
100 4114 Mar 27 583 Feb 2
500 New York Dock
46
*44
46
Jar
45 4518 *43
45
45
46
85 Sept 95
4712 46
547
100 84 May 23 90 Apr 10
86
300 Preferred
"84
85
84
86
*84
89
*86
981 Oct 10512 Mal
89
89 '86
*86
350N Y Steam pref (6)---No par 9812 Mar 19 103 Jan 30 102
4
4
993 993
8
997 997
Ap
4 997 100
Jan 116
4
4 993 993
9912 994 *9918 993
s
No par 11114 Mar 15 1147 Feb 19
60 1st preferred (7)
11312 11114 11114 11114 11114
4
8
585 Jan 97 Nol
4
*11114 11312 *1113 11312 11134 1113 *11114 11314 1093 1125* Ill 11512 54,800 North American Co-.No par 905 Jan 7 11938May 17
8
4
8
8
51 Sept 555 Mal
11412 11738 11214 1153 11038
116 118
4
50 513 Mar 5 54% Jan 9
600 Preferred
8
525 5238
53
53
*
5238 525 "5212 53
995 Oct 1057 Fel
7 Mar 27 1034 Jan 15
*5212 5312 52.2 525
0
8
70 No Amer Edison Pref--No par 99
1008 1007 *101 10114
10118 *100 102 *10012 102
634 June 6912 Nos
s
1017 1017 10118
50 May 15 6414 Jan 12
8 2,000 North German Lloyd
5012 507
5014 51
8
Oct 55 May
8 507 51
48
8
503 5012 5038 50% 51515
Northwestern Telegraph__50 45 Apr 9 50 Mar 16
*4714 51
'4714 51
713 Sete
*4714 51
212 Mar
*471'4 51
*4714 51
614 Feb 4
*4714 51
312May 16
32 312 1,000:Norwalk Tire & Rubber____10
312 313
312
37
312
33% Jan 48 Sep
7
2 "312 3 3
37
*334 37
100 2618May 22 45 Jan 31
301 Preferred
31
*21
2618 2618 '2018 31
32
4
63 Dec 13 Mai
4
8 Feb 8
333 *____ 33 "16
•
512May 16
400,Nunnally Co (The)___No par
4 7
*53
.512 7
Jar
•512 7
6
2014 June 41
"5
6
4 *51
3
5 4 53
25 21123lay 22 32 Jan 3
3
0
MO L1 11 Well Supply
8
4 215* 21% "215 24
2112 213
22
97 June 11012 Jar
2212 2212 2214 2214 22
8
100 955 Apr 13 10612 Jan 16
110 Preferred
4 9812 9812
4
71 Dec 1514 May
*9812 993 '9812 983
4 9812 99
8
107 Feb 28
4
21
993 '9918 993
*9918
758 Feb
814 812 4,000 mnibus Corp----- __No par
812
8
2
84 8%
8312 Dec 993 Juni
4 84
83
4 9
8 84 *83
85
100 80 Mar 26 90 Feb 28
Preferred A
. . 89
...,.. _ 89 *.n r
89 •__ 87 •
67% Aug 88% Jar
*80
Apr 13
89
*80
89
*SO
800 OPPenhelm Collins& CoNo Par 7214 Feb 8 84%
Oct
7614 7658
77
18 May 70
575
76
76
76
76
76
- -- -7614 7614 76
1
30
Onalleum Clrcult,Inc
*25
30
50 '25
*25
50
75 May 104 No
2
4
50 "23
0_50 '26
.
100 60 Apr 12 953 Jan
100 Preferred
*7112 73
Del
73 '7112 73
73 2 7319 7314 7314 73
aj5f 77
Jan 7 357 May 18 14712 Feb 28512
50 276
8,600 Otis Elevator
338 345
4
24 11914 Jan 1263 JOU
346 346 *333 344 •334 345
347 355
353 357
100 122 Jan 8 125 Jan
120 Preferred
124 124 *124 125
*12312 12412 *12312 12412 *12312 12412 "124 12412
4012 Nos
1012 Jan
8 Mar 15
No par 3714 Jan 2 483 Feb 20
4
413 13,700 Otis Steel
8 39%
3914 407
41
39
8212 Jan 103 Nos
4018 41
42
4218 4218 41
100 100 May 15 108
300 Prior preferred
*9812 100
100 100
81 June 994 Sept
4
4
1003 1003 100 100
4 Jan 4
•10012 102 *10012 102
No par 84 Apr 29 963
Outlet Co
88
"82
88
"82
88
"82
18
88
*82
86
"82
86
*82
Glass Co -.25 81 May 13 84 May 31
900 Owens Minors
4 8312 831
4315 Feb 56% Nos
82 '8112 813
82
84
8312 8312 84
Jan 2 6814 Jan
84
84
25 53
5712 5859 7,300 Pacific Gas & Elea
5714 573
4 573 58
2
69 Dec 853 Juin
13
4
4
2 583 6018 573 5812
593
59
No par 70 Jan 7 85 Mar 17
82 8212 7,200 Pacific Ltg Corp
Oct 3512 Nos
8378 8134 8212 8112 82
25
12 8412 83
7
83 8 83
83
100 29 Feb 18 37 Apr
170 Pacific Mills
32
32
32
32
2% Aim
32
32
1 Sept
32
32
32
32
in Jan 10
8
1 Mar
ny 32
No par
118 5,300 Pacific 011
1% "1
1
1%
1
118
Mar 14 146 June 169 Der
1
118
118
1
100 159 Jan 3 200 May 18 114
250 Pacific Telep dc Toles
180 180
180 180
Oct 12513 May
180 180
180 180
180 180 *180 185
100 1164 Jan 3 130
210 Preferred
12712 12712 12714 12714 '12712 129
5614 Feb 163 Der
153%May 15
12912 130
130 130 •130 131
10 11612 Mar 26
4 482,000 Packard Motor Car
4
8
5512 Not
3814 Feb
s
1364 14714 13612 1427 13418 1407 137 1423 14012 1453
145 148
.50 4014 Feb 18 63 May 4
2 7.800 Pan-Amer Petr dr Trans_
8
587 5914 60 603
8
5934 587 61
3738 Feb 587 Not
4May 6
59
11g12 59% 59% 60
50 4012 Feb 10 663 Jan 3
8
8 6114 637 334,900 Class B
633
61
8
1512 July 283 Apr
14 Apr 26 1712
0214 644 6014 6414 6018 6314 6014 6412 *1412 1512 '1412 1512
Pan-Am West Petrol B_No par
200
2138 May
1112 Feb
*1412 151 '1412 1512 1412 1412 •1412 157
912 Feb 16 1514 Jan 3
1114 10% 1114 2,800 Panhandle Prod & ref__No par
4 11
70 Feb 10614 May
1185 123
4
113 12
76 Jan 16
12
1214 12
.12
100 4712 Feb 25
65
Preferred
65 '60
*60
65
4714 Oct 563 Der
65 '60
8May 13
2
*60
70
*60
5512 Jan 2 713
65
*60
6612 115.500 Paramount Fam Lasky_No par 55 May 24 877 Jan 14
4 65
34 Mar 98 Not
8
625 6618 6318 653
8
4 6514 67
683
8 67
4
683 697
No par
5514 9,600 Park & Tliford
8
1412 Jar
5712 553 5612 55
9 Aug
56
5712 5812 5712 58
7 May 15 13% Feb 28
1
58
58
75
27,800 Park Utah 0 M
818 814
8%
812
15 NO,
2 Feb
8
,2
*
S's 87
4 9
712 Mar 26 147 Jan 9
83
2
No par
84 93
8
1014 1018 105 25,500 Patina Exchange
8 10
34 Aug
812 Feb
8 1018 105
3
1114 10 4 1114 1012 107
No par 1311 Mar 26 30 Jan 9
11
2138 4,800 Claw A
21
21
23% Jani 42
Am
2012 2112 20
22
2218 21
Enterpr____20 3412 Jan 7 4738 Mar 4
2218 228 22
375* 19,200 Patine Mines &
37
4
363 373
38
3914 37
38
8 393 40
4012 405
day. 2 Ex-dividend.
•Bid and asked prices; no sales on this
y Ex rights.
3481
New York Stock Record-Continued-Page 7
For sales during the week of stocks not recorded here, gee seventh page preceding.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Salurday,
May 18.
Monday,
May 20.
Tuesday,
May 21.
Wednesday,
May 22.
Thursday,
May 23.
Friday.
May 24.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
-share lots
On basis of 100
Lowest
Highest
•
PER SHARE
Range for Previous
Year 1928
Lowest
Highest
*kali
Shares Indus. & Miscall. (Con.) Par $ Per share $ per share $ Per share
s
1418 Sept 257 Map
50 1538 Mar 26 2212 Jan 11
3,900 Peerless Motor Car
2253 Jan 4113 Oot
No par 38 Jan 2 58 May 6
4,600 Penick & Ford
100 100 Apr 2 110 Jan 9 103 Oct 115 Mar
10 Preferred
8 Aug 1412 Jan
714May 18 12 Jan 20
50
100 Penn Coal & Coke
14% July 31 May
-No par 17 Mar 26 27 Jan 5
5,500 Penn-Dixie Cement
75 Sept 965* Apr
100 80 May 16 94 Jan 22
Preferred
4
12
People's G L &0(Chic)_ - _100 208 Jan 11 287 Mar 14 1513 Jan 217 Nov
4113 Dec 4614 Dee
No par 33 May 17 4512 Jan 3
800 Pet Milk
15712 Apr 17 180 Jan 5 145 Mar 17434 May
Philadelphia Co (Pittsb)---5
0
454 Mar 49 Aug
50 4813 Jan 15 .51 May 20
220 5% preferred
513 Oct 57 Mar
4
50 51 Apr 1 54 Mar 18
1,300 8% preferred
4
278 June 393 Jan
8
_No par 19 May 22 34 Jan 8
11,900 Phila & Read C & I___
15 Mar 251k May
10 134 Apr 30 2314 Feb 26
10,700 Philip Morris & Co., Ltd
85 Apr 99 May
100 8814 Jan 17 96 May 1
Phillips Jones prof
40
7
3514 Feb 53 8 Nov
25.000 Phillips Petroleum---No Par 3713 Mar 8 47 Jan 3
Oct 38 May
21
5 25 Apr 11 3753 Jan 22
200 Phoenix Hosiery
94 Dec 10314 Feb
100 9314May 22 100 Jan 6
140 Preferred
7
1818 Oct 30 8 Dee
18,300 Pierce-Arrow Class A...-No-Par 27'z Mar 25 377 Jan 9
g
5612 Oct 747 Dec
100 7212 Jan 2 864 Jan 9
6,300 Preferred
12 Mar
33 Mar 18
5 AD,
14
24 Feb 8
26
Corporation
9,100 Pierce 011
Oot
1614 Feb 50
100 30 Jan 8 5112 Mar 18
1,100 Preferred
618 Apr
312 Feb
438 Apr 25
5% Jan 15
No par
8,700 Pierce Petrol'm
325 Feb 5878 Dee
8
Mllls_No par 40 May 23 637 Jan 15
9,900 Pillsbury Flour
Jan 14472 Dee
100 143 Jan 2 15614 Jan 14 108
Preferred
s
3618 June 787 Dec
4
100 61 Mar 27 833 Jan 9
-----------a% I97- 8
67
67
-4,600
6
95 -6- 4 91 66'2 - - Pittsburgh Coal of Pa
7
81 May 100 8 Dec
100 84 May 7 100 Jan 5
*84
8418 84
*84
88
500 Preferred
*84
84
84
8418 84
85
8512
28 Feb 38 Dec
8
100 23 May 9 343 Jan 9
*17
25
*17
25
Pltts Terminal Coal
•15
25
*15
*20
25
*15
27
25
55
55 .55
6318 Oct 82 Mar
67
*6612 6912 *6612 6912 *6612 67
100 55 May 13 7814 Jan 9
57 57
30 Preferred
5
4
53 July 853 Dec
4
*83
8314 824 8214 81
80 .815* 82
/
1
4
/
1
80
*8112 82
82
/ 1,000 Porto Rican-Am Tob cl A_100 77 Jan 11 953 Mar 15
1
4
4
2314 Aug 5178 Dee
No par 36 Jan 4 508 Jan 2
3914 4012 39
*3912 41
3614 3613 2,700 Class B
36
3612 39
368
394
/
1
8
1015
8May 24 105 Jan 31 1005 Aug 106 Sept
*102 10214 102 102
800 Postal Tel & Cable pref.-100
10138 102
10218 10214 *102 10214 102 102
613 July 13613 May
8
4May 3
4
No par 623 Mar 28 813
723 738 7312 7514 169,600 Postum Co,Inc
8
7614 7212 75
8
4 74
761 788 755 783
8
594 Dec 645 Dfie
8
25 5618may 23 655 Jan 2
.5814 5612 5712 5618 5714 5612 5718 22.200 Prairie 011 & Gas
5714 57
57
5712 67
25 531 Jan 14 6178May 21
61
19,700 Prairie Pipe & Line
/
1
8 6018 604 60
614 6018 617
/
1
4 61
60
6038 6014 603
18 June 334 Oct
3
No Par 1818May 23 25 Mar 22
/
1
1958 1938 1914 194 1918 1934 1853 1914 1818 1814 1814 1838 12,000 Pressed Steel Car
70 Aug 9342 Oot
100 7412 Feb 16 81 Mar 27
80
*75
*75
80
•76
77
Preferred
*76
77
78
773 *76
4
*76
16 Feb 29% Nov
7
2012 2,600 Producers & Refiners Corp-50 1814 Feb 16 25 8 Jan 3
20
187 19
8
2014 2014 1S% 20
4
203 21
*2014 21
8
41 Feb 495 June
4
50 3814 Feb 20 463 Mar 21
40
4112 413 413
42
42
4
42
42
340 Preferred
417
*4112 43
4
418
52 Nov 91 Feb
4
Pro-phy-lac-tic Brush__No par 55 May 1 823 Jan 14
*5613 59
*5613 59
*5612 59
*5612 60
*5612 58
'5612 59
'
1
4112 Jan 8312 Dec
8
8512 83
84% 8312 867 70,700 Pub Ser Corp of N J.-No Par 75 Mar 26 9484 Jan 31
4
8
8 823 8612 82
8812 898 845 887
100 104 Jan 5 108% Feb 5 103% Jan 115 May
1043 1043
*10412 10514 10418 10415 *10418 10412 10412 105 *10414 105
800 8% preferred
4
4
Oct 129'i May
8
4May 8 1247 Jan 3 117
100 1173
4
4
11814 11814 1183 119 *1073 119 *118 120 *118 119
119 119
400 7% preferred
Jan 150 May
10 145 Apr 17 15012 Mar 15 134
149 149 *147 149 *147 149 *147 149 *14712 149 *1474 149
200 8% preferred
8
pref_100 1055 Apr 3 10938 Jan 28 10613 Dec 11012 Apr
/
1
4
8
/
1
4
/
1
4
*10714 10818 10778 109 •107 10918 109 109 •107 108 *1077 108
400 Pub Sera Elea & Gas
/
1
4
7958 Mar 26 91% Jan 3
8178 8013 8214 80
778 Oct 94 May
No pa
8 81
815 823
4
4 8118 827
803
4 8012 813 18,900 Pullman. Inc
4
1758 Dec 347 Jan
8
1584 16
16
1538 157
50 1518 Feb 18 2114 Jan 14
1553 16
16
16
8 1512 1553 16
1,500 Punta Alegre Sugar
4May 9
19 Feb 3114 Nov
2314 Feb 16 303
2
/ 2918 28
1
4
2814 293
4 27
284 2818 29
/
1
284 29'2 2814 30
/
1
/ 86,000 Pure Oil (The)
1
4
11212 11212 114 114
/
1
4
/
1
10 112 Jan 14 116 Feu 25 108 Mar 119 June
•11312 1144 •11312 11412 11318 11318 112 113
150 8% preferred
*
75 June 1393 Oct
115 Mar 26 139% Feb 4
11812 11912 1177 11753 11718 11812 5,100 Purity Bakeries
4
8
12012 12112 1193 120
122 122
105 July 1664 Oct
Preferred
9
933g 9514 -66- 64-- -66'72 - 534 -9134 9538 913 - 932,900 Radio Corp of Amer___No par 6814 Feb 18 114 May 3
631; -56- 9612
5413 Jan 60 May
545* 543 *5453 548
/ *55
1
4
4
•54
/ 55
1
4
50 54 Apr 2 57 Jan 3
*548 55
4
545* 54
Preferred
3414 Dec 5112 Nov
8
28
2914 2914 3013 69,50° Radio Keith-Orp el A__No par 19 Mar 26 487 Jan 4
3212 3114 323
4 2912 3112 2812 301
32
2
70
°
8
k
247 Jan • 605 Dec
7218 73
74
74
7512 72
10 57 Jan 7 8438 Mar 4
/ 74
1
4
8 7512 76
76
765
77
/ 10,210 Real Silk Hosiery
1
4
8012 July 971a Dec
9812 9812 981 •98
9812 *98
9812 *98
100 97 Jan 6 10212 Feb 8
9812 9812 9812
*98
30 Preferred
3
1014
S's Feb 15 Dec
10
9 Mar 26 1614 Feb 1
1014 1014
10
12
*1012 11
No par
9 4 10
938 10
5,000 Reis (Robt) & Co
6114 Feb 894 Dec
*60
70
70
75
70
100 70 Mar 28 10812 Feb 6
*61
7014 7014 7014 7014 *70
69
400 First preferred
234 Jan 364 May
4
s 2914 303
2914 3113 30
8
8 305 313
32
3214 3112 323
No par 28 Mar 26 353 Feb 4
3114 50,700 Remington-Rand
8714 Dec 98 June
*931 94
*933 94
4
100 9014 Jan 4 96 Feb 4
*93
9312 9313 9312 *931 94
*9312 94
100 First preferred
8818 Oct 100 Jan
98
*9512 99
96
*98
9613 96
*96
97
100 93 Mar 20 997 Feb 19
98
99
99
300 Second preferred
2212 Jan 3514 Oct
8
25
2512 2512 2613 19,600 Reo Motor Car
257
25 4 26z 25
3
10 25 May 22 317 Jan 3
27
2714 2612 27
4918 June 9412 Nov
9113 8718 90o 8718 90% 9013 9114 35,600 Republic Iron & Steel.-100 7914 Feb 8 10212 Apr 23
91
9414 90
94
95
8
*109 11218 *109 112 *110 112 *109 112 *110 112 *110 112
100 1087 Jan 7 11512 Feb 27 102 June 112 Feb
Preferred
147 June
*
814 Feb
718 Mar 26 1214 Jan 16
753 73
712 8
7% 814
813 8%
No par
753 8
838 8%
4
6,700 Reynolds Spring
551 563
4 554 5614 30,100 Reynolds (RJ) TOP elan B_10 53 Mar 26 66 Jan 11
56
55 553
4 55
5512 57
57% 58
195 May
10 70 Apr 24 80 Mar 15 1654 Mar
75
*70
75 .70
*70
75
•70
75
*70
75
*70
75
Class A
4
50
Oct 61 Dec
53 Feb 26 64 Jan 2
,
/ *56
1
4
563
4 558 553 *5514 5614 1,100 Rhine Westphalia Elea Pow__
*5512 5614 55h 5512 56 8 57
4
23 Feb 55 Nov
13
4
/
1
4 444 453* 444 45
4418 4
46
463
4 4514 4653 4412 453
514 24,600 Richfield 011 of California_25 393 Feb 16 4958 Jan 3
333 34
4
8
35 8 34
3
No par 3258May 23 4212Mar 28
35 8 34
7
24,500 Rio Grande Oil
3518 325 34
3538 3534 34
72
683
4 69
70
/ 63
1
4
70
72
/ 65
1
4
77
8,300 Roasts Insurance Co new___10 63 May 23 96 May 9
7714 7712 73
4314 Jan 2 40 Dec -iiiig Dec
28 May 2
29
3118 40.500 Royal Baking Powder-No pa
32
/ 2912 3012 28
1
4
/ 30
1
4
298
4 2818 29
313 32
4
98 *_ 98
100 9612May 11 10312 Jan 21 10412 Dec 10412 Dec
9812 *_-_ 9812 *---- 98
•____ 9812 *_-Preferred
Oct
44% Jan 64
/
1
4
517 5218 3.900 stnyal lr h Co(NY shares)
49 Feb 19 5534 Jan 5
5112 52
514 52
/
1
8 5214 5212
R j se httea
/ 527
1
4
o
5212 5212 52
37 Mar 7113 Dec
94 Jan 21
68
723 124,100
8
10 62 Jan
3
7112 7414 6814 73 4 6814 7113 644 7014 6512 69
160 162
15912 160
16012 16234 160 162
No pa 157 Mar 26 19514 Jan 4 171 Dec 20114 Dec
166 16612 1634 165
6,400 Safeway Stores
3
95 Dec 97 Dec
3
97 Jan 16
3
*9513 96
100 93 Apr
95 4 *94
4
250 Preferred
953
4 954 96
*95
95 4 95 4 953 *95
Preferred((7)13)
105 1054 108 106
100 102 Feb 16 108 Jan 18 10612 Dec 10612 Dee
10414 10412 *104 105 *104 105
105 105
130
k
3614 Dec 51 Dec
8 4113 42
42
par 3814 Mar 26 517 Jan 24
415* 427
45 8 457 *4413 4512 424 4214 42
5
1,600 Savage Arms Corp___ _No
35 4 Dec 6713 APT
3
2112 2118 23
2112 22
21
21 Apr 24 4112 Jan 8
22
/ 2312 2214 2312 2112 23
1
4
13,100 Schulte Retall Stores_No pa
e
103 103
10112 103
100 97 Apr 17 11812 Jan 2 115 Dec 129 Apr
•10112 10212 10112 104 *103 10412 103 103
250
17 June
12
10 Feb
16
16
16
16
18
16
1612 16
163 163
4
4 1612 17
No par 15% Jao 2 2214 Apr 12
2,000 Seagrave Corp
8218 Jan 19712 Nov
8
8
15613 158
15614 15912 1557 15713 151% 1568 15018 1553 1525 157
Senrs copperk
90,500 seaecaRoebuc & Co__No pa 139%Mar 26 181 J8.12 2
,
6
614
3
74 Oat
2 Jan
43
4 54
45
8May 24 1012Mar 20
48 51
8,800
512 5
5 4 54
3
3
No par
5
5 13
14514 1493 1497 1527 18,400 Shattuck (F 0)
4
8012 Feb 14014 Oct
4May 16
145 150
149 1544 146 150
1523* 154
No par 12313 Jan 8 1563
*45
48
*4514 48
4
*4614 484 *4614 4814 *4514 484 *45% 48
Shell UnionTran ou 53 Trading_f2 43 Jan 25 553 Jan 10 39% Jan 5712 Oat
Transport
rt
8
2314 Feb 393 Nov
283 291 31,300 Shell
4
4
4 2918 295* 2
2912 293
85* 2914 2812 2912 288 29
No par 258 Feb 18 313 Apr 2
60
60 603
4 60
60
59
543 June 8514 Nov
4
60
608 59
60
60
60
5412 Mar 26 744 Jan 24
4,100 iShubertsmmona o
eatre Corp_No pa
85
55 4 June 1012e Nov
3
8338 871 32,300
85 4 83
3
894 844 874 83
9114 86
89
par 75 Mar 26 116 Jan 31
CoNo
8
14
1818 Feb 27 Nov
2812 3014 2814 3018 287 30
2912 30
2913 307 54,800 Simms Petrolem
8
2912 30
10 1818 Mar 28 3414 Apr 24
4
3912 373 3912 383* 4014 3812 40% 3914 407 633,400 Sinclair Cons 011 Cori)
8
1753 Feb 4638 Nov
377 3853 38
-No Par 354 Mar 26 45 Jan 2
4
4
4
800 Preferred
*10812 1083 *10812 1083 *10812 1083 *10812 10853 10812 1081 1083 10838
100 10734May 1 111 Jan 29 10213 Jan 110 Oct
4038 433* 4038 413
43
5
413* 4213 30,400 Skelly 011 Co
25 Feb 42 8 Nov
3
8
425* 43 8 415* 4334 41
25 327 Mar 7 4612May 6
102 102 *100 102
*5018 80
1O41 1041 •100 107 0102 104
300 Sloss-Sheffield Steel & Iron 100 102 May 22 125 Jan 19 102 June 134 Feb
108 106 *104 110 •90 100
112 *106 112 *106 112
105 Jan 2 112 Jan 18 1044 Oct 123 Mar
100 Preferred
•106
100
1214 1212 1214 121
11 Dec 20 Apt
12
1212 1,100 Snider Packing
133 *1214 1314 *1212 13
013
No pot 104 Mar 26 1614 Feb 5
o var
81 Nov 60 Jan
481
5012 4612 484 47
8 49
48
517
8 51
483
4 2,700 Preferred
No par 33 Jan 3 56 May 11
5112 525
38
3213 Feb
397
8 3813 3812 3818 381
4114 39% 41
Ws May
3812 393 28,400 So Porto Rico Sug
8
34 Mar 28 45 May 13
4018
No
5618 5714 5512 563
4312 Jan 5613 Nov
69
4 5514 561
5638 5813 57,000 Southern Calif Edison
25 533 Jan 4 6812 Jan 31
5538 5784 57
8
2412 Jan 60% May
/ 4112 4112 4114 413
1
4
4 405 417 .42
40% 42
40
4211 7,000 Southern Dairies al A-NO Dar 3512 Feb 16 427813lay 20
40
434 14
13
j3lg
Jan 30 Apr
123* 1313 12
9
1214 1218 121
1214 1212 4,500 Class B
No par 11% Mar 4 1538 Jan 12
Jan 120 Apr
•11414 116 *11212 117 *11414 116 *11414 116 *11414 116 *11414 116
Spalding Bros lst Pref
100 11312 Apr 8 117 Feb 6 109
37
4 35
3612 361
26 July 573* Dec
4014 3713 393
37
39
3712 3,200 Spang Chalfant&Co IneNo par 35 May 22 5214 Jan 3
*393 397
4
93
*90
95
97
Oct 100 Aug
*90
94
*90
94
95 *---- 9312 *93
*93
Preferred
100 89 Mar 19 97 Jan 17
.713 8670 Spear & Co
7
7
612 64
7
12 71
8
6
9
*8
6 May 20 1484 Feb 4 1014 Nov 20 Feb
No Par
3
•73
75
73
73
*73
75
73
•2211 75
765 Nov 92 Feb
4
•73
73
75
40 Preferred
100 73 May 20 8013 Jan 2
8 5318 56
2313 Jan 51% Dec
53
564 5414 5514 5353 543
4
5412 5,300 Spicer Mfg Co
5712 5713 56
No Par 45 Jan 7 663 Mar I
983
4 9014 9513 89
95
9312 16,800 Spiegel
97
4 95
6511 Sept 91 Nov
973 1003
4
8
8
4
983 101'2
-May-Stern Co_No par 774 Jan 15 1177 Feb
2212 233* 23
Oct404 Nov
241
24
4 2212 26
2378 2414 8,100 Stand Comm Tobacco_No par '2212May 21 4358 Jan 11
2612 263
27
27
4 8612 893
8
89
885 913
8
4 86
477 Jan 845 Dec
2
8813 905 40,600 Standard Gas & El Co-No Par 803 Mar 26 997 Jan 31
8
4
9314 94'2 905 94
3
3
7113
/ 651
1
4
6518 6518 65 4 65 4 65
6412
4
1,500 Preferred
65 8 654 8514 65%
3
ao 63 Apr 4 67 Feb 18 We Dec 14212 May
Deo
Jan
63 162551183
5
Standard Milling
*105 1191 *105 119 *105 118 *110 112 •103 1251 40
100 104 Mar 26 16314 Jan
97 Nov 115 Dee
*105 110 •____ 121 *-__ 115 *___. 110 •105 110 •---_ 110
Preferred
100 109 May 8 133 Jan 12
750 773
5
s 754 761
7812 777
Nov
755 77
53 Feb 80
5
8
777 7812 787 7814
58.600 Standard 01101 Cal__--No Par 84 Feb 18 8178May 6
4
593* 5712 58% 574 583 3577 583 109,000 Standard 011 01 New Jersey-25 48 Feb 16 62 8May 11
4
8
595 60
375g Feb 593 Nov
3
58% 608 58
40% 39% 4012 4014 40% 106.600 Standard 01101 New York -_25 38 Mar 7 45 g Jan 2
3
414 4214 408 415* 40
2838 Feb 4513 Dec
4112 413
513 53
4
513 513 *513 614 1,600 Stand Plate Glass
77 Feb
534 6
61, 61
54 5 4
3
3
214 Jan
412 Jan 2 618 Jan 21
Co--No Pa
1838 18% 18% 18% •1813 19
Jan 40 Feb
1912 1978 *184 20
10
380 Preferred
21
100 17 Jan 3 31 Jan 18
*20
2
4713 4713 *45
*4713 48
4712 *4514 4712
34 June 53 Dec
4242 471 *45% 49
300 Stand Ban Mfg Co....No pa
41 Jan 26 56 May 3
4
Oct 1263 May
Preferred
100 11813 Jan 15 138 Mar 21 118
40 16- ;51i" 45
43
*35
45 - YiEio Stanley Co of Amer_ _--NO Par 26 Apr 11 45 May 20
35 Dec 691* Sept
43'l 45 '41
"aid Ws
693 7112 705 7213 48,000 Stewart
4
8
72% 7418 7114 7314 6814 72
-Warn Sp Corp
10 65 Apr 10 77 May 10
73% 75
102 1067
106 11134 106 10612 102 105
44
Jan 99 Dec
8 6,500 Stromberg Carburetor_No par 35234 Jan 11 116 May 20
109 110% 112 116
8 74
773
4 75% 773 53,100 Studeb'r Corp (The---No Par 74 May 23 98 Jan 28
4
57
Jan 874 Oct
804 8112 78% 8012 77% 78% 7611 787
*124 125 •124 125
123 123
10 Preferred
100 123 May 13 12512 Apr 26 12112 Feb 127 June
•124 - - *123 -- •124
212 2%
212 212
212 212
64 Mar
212 2% 5.700 Submarine Boat
3 Feb
412 Mar 14
2 8May 20
3
23
8 212
No Per
8
2 4 27
3
6212 6218 83
62
*615 62
6214 63
8
63
814 Jan 77 Nov
2,900 Sun 011
No Par 57 Mar 26 6813 Jan 10
8412 63
*63
103 103 *10312 104
104 104
120 Preferred
100 100 Jan 3 10512 Jan 8 100 Jan 110 Apr
•10212 10312 10212 10213 105 105
77
8 7%
7% 8
73
4 84
24 Feb 144 Nov
8
7 Feb 16 12 Jan 3
7% 83 49,000 Superior 011
8
84
No Par
818 813
61% 5612 5913 5512 57
5613 603 17,8011 Superior Steel
18
4
Jan 5638 Nov
4
62% 60
100 38 Jan 2 733 Apr 9
63 8 60
3
63
4
1158 Feb 234 silo
1312May 23 2214 Apr 11
1513 4,100 Sweets Co of America
1513 1513 15% 15% 143 15% 1312 1312 14
ao
15% 15%
8
713 2I2 •7
712 712
7 May
4 Aug
9 May 2
712 8
413 Mar 12
•741 8
Ns par
900 Symington
*712 8
10 Aug
8May 2
4 15
193* Apr
15
1.700 Class A
Ns Par 1214 Mar 11 195
16 2 *1513 1612 1513 154 14% 1512 1434 153
,
*16
4 2014 2014 *2013 21
5
151 Jan 23 8 May
4
214 2012 203
1,900 Telatitograph Corp
No Par 1914 Feb 8 2512 Mar 28
•2114 21 4 21% 21% 21
,
per share 5 per share $ per share $ per share
$ per share $ per share
4 1614 1612 1618 1614 1512 1614 1512 16
1612 163
*163 17
4
/
4
5114 5218 511 528 51
53
511 52
/
4
52
538
4
52
54
108 108 *108 109
*10612 109 *10612 109 *106 109 *10612 109
3
*5 4 7
*4
8
*6
7
*6
7
712
712 *718 8
18
183g 1718 17
1838 19
19
1914
18
/
1
4
/ 18
1
4
20
20
8312
8312 *80
8312 *80
8312 *80
8312 *89
8312 *80
*80
*262 266 *260 265 *255 265 *258 265 *258 265 *258 265
*33
3312 3312 3312 3312 *33
36
34
33
33
33
33
•160 170 *160 170 *160 170 *156 170 *150 160 *150 160
49
49
*4813 49
61
51
*4812 49
51
*49
49
49
51
513 *507 5114 •507 51
4
8
51
8
*5114 52
*51
52
51
2112 2014 21
19
2012 1918 1912 0914 2014
8 21
211 217
/
4
1412 15
157
1618 15
1418 147
8 1438 16
16
1412 15
*91
94
95 95
*94
95
95
94
94
*94
94
94
4
40% 4134 398 4112 393 408 39% 41
397 404 393 40%
4
•2712 2812 *2712 28
27
27
*25
28
*25
25
25
27
95
95
95
*95
97
9314 9314 *9314 94
95
*9314 94
8
3318 3318 325 3314 32" 3414 33
34
33
3312 3312 3418
80
81
•80
8113 81
8512 80
84
84
8514 83
854
212 212
212 212
238
212
2
/ 212
1
4
212 2 8
,
212 212
4112 4112 408 41
4012 4012 40
4012 401
4018 *4012 41
48
4 47
44 44
, ,
43
4 48
45
8 453
412 434
43
4 47
8
4734 4813 4712 4812 464 4713 45
45
464 40
/
1
428 43%
•Bid and asked prices: no sake on this day. it Ex-dividend.
r Ex-rights,
3482
New York Stock Record-Concluded-Page 8
For sales during the week of stocks not recorded here, see eighth page Preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
May 18.
Monday,
May 20.
Tuesday,
May 21.
Wednesday,
May 22.
Thursday,
May 23.
Friday,
May 24.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Sanyo Sines Jan. 1.
On Oasis of 100
-share lets
Lowest
Highest
PER SHARE
Range for Precious
Year 1928
Lowest
Highest
$ Per share 8 per share $ per share $ per share 5 per share $ per share Shares Indus. & Mlscel. (Con.) Par S per share 5 per share $ per share S per Oars
1812 1812 1818 1812 173 18
4
1714 1734 174 1838 17% 1818 12,700 Tenn Copp & Chem...No par
16 Apr 9 2078 Apr 29
1012 Jan
197 Des
1
647 65
6312 65
633 64% 6212 6452 625 633
8
8
4 62
/ 6414 55,400 Texas Corporation
1
4
25 5714 Feb 21 6812 Apr 20
Feb 7438 Nov
50
7618 77
7512 77
754 764 7258 5
/
1
/
1
97,600 Texas Gulf Sulphur__No par 7214 Feb 18 8514 Apr 18
/ 725 74
1
4
8
75
74
6218 June 824 Nov
1912 1912 1918 197
14 19, 19,800 Texas Pacific Coal & Oil....10 1614 Jan 25 23 8 Mar 21
184 1914 1814 1912 1818 183
8
4 18
124 Mar 26% Nov
7
17
1718
1612 1718 1618 1612 1514 1638 1514 153
4 1512 16
23.500 Texas Pao Land Trust
1
13 Mar 26 244 Jan 17
/
1
4
20 June 30% Apr
*24
244 24
/
1
24
*23
2312 23
2212
22
900 Thatcher Mfg
23
23
23
No par
1612 Mar 14 2838May 2
Jan 3912 May
22
444 444 544
4414 44
44
*44
44
444 *44
/
1
4414 44
300 Preferred
No par 35 Mar 9 483 Jan 5
8
Oct 535 June
45
8
•364 37
364 363
4 35
3614 343 35
8
/
1
3412 344 35
3612 5,700 The Fair
No par 344 Mar 26 5173 Jan 15
/
1
34
Jan 5212 Dee
-12109 10912 *109 1094 109 10912 *109 110 *107 110 *107 110
220 Preferred 7%
100 10412 Feb 26 110 Jan 2 10412 Jan 11414 Oct
48
48
4612 4612 *4712 497
4712 4712 5463 47
4
453 453
600 Thompson (J R) Co
4
4
25 44 May 1 62 Jan 12
/
4
5614 June 711 June
213* 20
21
2114 191 2012 1912 20
4
65,300 Tidewater Assoc 011.
/ 193 2014 201 21
1
4
/
4
8
-No par 1712 Feb 8 233
14/4 Feb 25 Sept
8May 10
87
88
*87
83
*86
8712 *86
/
4
8618 851 86
8712 86
800 Preferred
100 857
8May 24 90 Jan 2
817 Mar 911 Dee
4
3712 38
388 3714 3612 37
3614 3612 355 36
353 3614 7,600 Tide Water 011
4
s
100 274 Feb 1 38 May 9
195 Mar 4112 Dee
8
94
94
*94
9412 94
94
94
94
94
1,100 Preferred
933 9412 *93
100 9018 Feb 25 974 Jan 17
861 July 10018 Dee
4
8912 90 4 x88
1
89
85% 88
8712 18,900 Timken Roller Bearing_No par 7312 Feb 16 150 Jan 3 11258 Mar 154 Nov
8514 8712 85
8714 88
17
17
5s 1624 1738 154 1612 154 16
1512 1612 49,000 Tobacco Products Corp____20 144 Apr 24 2218 Mar
16
15
18-1918 19
3
19
20
1812 1912 18
Class A
19
1812 195g 1812 1912 13,500
20 18 May 22 225 Mar 18 ____
8
---- ---•14
1828 *1412 1638 •1412 165
8 1412 1412 *15
16% *15
100 Dividend certificates A ____
16%
14 May 10 18 Feb 13
19 Aug 25% Jan
*14
/ 1658 •1412 165* •1412 1612 1412 1412 *1412 1612 *143 1612
1
4
4
100 Dividend certificates 13
1414May 10 20 Mar 28
19 Aug 24 June
*15
17 2 •151 177 *1528 18
7
2
8
*1312 18
*154 18
*1512 18
Dividend certificates 0 ____
15 Apr 29 1912 Jan 15
19 Dec 23 Aug
1214 1252 12
/ 1418 1212 1312 13
1
4
* 1224 1312 1212 1314 318,100 TranseT1 011 tern etf__No par
9 Feb 26 1414May 8
137
Sal June 1412 Nov
•48
5112 4812 4812 *45
48
*453 48
*4512 48
4
*453 48
100 Transue & Williams St'l No par 41 Feb 28 5338 Apr 18
4
4414 Dec 6958 Feb
5 55
5118 5212 50
53
543
52
16,300 Trico Products CorD___No par 383 Feb 18 55 May 13
5018 5112 5012 53
52
4
325 June WA Sept
8
*2212 23
2212 2212 *22
2212 22
22
8 21
2112 2,500 Truax Truer Coal
No par 21 Apr 9 317 Jan 23
215* 215
104778 50
4912 *46
*47
48
47
/ 48
1
4
4712 4712 *46
463
10 443 Mar 26 615 Jan 3
4
4
300 Truscon Steel
g
8
5514 Nov 637 Dee
1251 12624 121 12534 11812 12112 117 12014 117 119
/
4
11912 12012 16,200 Under Elliott Fisher Co No par 91 Jan 7 127 May 17
63 June 93 z Dec
7
00125 126 *125 126
125 126 *125 126 *125 126 •125 126
100 125 Jan 5 125 Jan 5 119 Mar 126 Apr
Preferred
*2712 29
*2712 2812 2712 2812 *2512 27
26
*24
27
*23
300 Union Bag & Paper Corp 100 2612May 8 43 Jan 14
30 Dee 49% Feb
247 2487 ____ ____ -___ ____ ____ ____ ____ ____ ---- ---Union Carbide & Carb_No par 19012 Jan 7 26412May 1 13618 Feb 209 Noy
494 503* 49
4912 484 49
488 493
8 473 4912 487 50
8,000 Union 011 California
25 46 Feb 20 544 Apr 18
428 Feb 58 Noy
4
-*138 140
138 138
135 135
133 135
133 133 *133 135
Union Tank Car
3,700
100 1217 Jan 15 15014 Feb 20 110
8
Oct 12818 May
447 46
46
4618 4512 46
445 45
453 453
8
45
4,100 United Biscuit
45
Na par 42 Apr 11 5312 Jan 14
3412 Apr 67
Oat
12212 12212 *12112 125 *12112 125 *121 125 *12112 125 *12112 125
100 Preferred
100 120 Jan 19 126 Jan 24 11214 Mar 135
Oet
2114 2114 19 8 21
5
1912 203
2 184 19
/
4
/
1
1912 191 2012 10.800 United Cigar Stores
/ 19
1
4
10 18 Apr 25 2712 Jan 11
227 Aug 345 Feb
8
8
95
9612 *95
964 95
/
1
9612 .95
95
951 1,300 Preferred
95
/
97
4
95
100 92 May 8 104 Jan 2 1037 Dec 1144 Apr
8
4
373 3812 374 373
4 3714 38
34
37
34
3614 3512 3614 10,300 United Electric Coal___No par 34 May 22 814 Feb 6
5814 Oct 8912 Dee
125 12512 125 126
1223 125
4
120 12212 120% 122
121 122
3,500 United Fruit
No par 120 May 22 16812 Jan 31 13112 June 148 Nov
1612 1612 1612 1612 163* 1618 1612 1612 163* 163 *16
8
1612
800 United Paperboard
100 16 Jan 7 264 Jan 22
/
1
1611 Dec 277 Apr
s
82 82
80
81
79
79
/
1
78
774 774 80
/ 10,000 Universal Leaf Tebeeee No par 715 Mar 26 857
1
4
79
76
8May 10
8
603 June 875 Noy
8
87
87
8714 8712 8714 873
86
8 8714 8724 86
86
180 Universal Pictures lot pfd_100 844 Apr 10 93 Jan 2
87
9114 Nov 100 Feb
/
4
14
14
141 14
1314 133
4 1212 1312 1212 131 12
/ 12
1
4
/ 6,700 Universal Pipe dc Rad-_No par 1212May 22 2214 Jan 2
1
4
/
4
15 8 June 357 Oct
5
-0
86
95
*86
95
*86
95
95
*86
*86
95
*86
95
100 9814 Feb 6 1004 Jan 9
Preferred.
877 Sept 105/4 Dee
*
39 2 40
7
38
3952 3712 3812 3618 38
3618 3712 37
3812 15,200 US Cast Iron Pipe & Fdy...20 36 Mar 26 557 Mar 18
s
38 Dee 53 NO9
•*1712 18
1712 1712 17
1714 17
173 •1718 1712 4,700 1st preferred
8
171 17
/
4
No par 17 May 3 19 Jan 11
18 Nov
1912 NO,
•21219
194 19
19
*187 1912 187 187
8
8
1912
8 1914 198 *19
8
700 Second pr !tarred_ -No par 185 Apr 18
1938 Feb 8
1812 Nov
1914 Dec
5 16
15 4 153
1
4 15
1512 1558 1434 1512 1428 15
143 154 6,800 U 8 Distrib Corp
4
No par
125 Mar 26 1812 AM 19
8
1312 June 2014 Jan
•5
81
843 *81
4
811
4 8014 81
*80
8412 *8014 843 *8014 81
7114 Mar 12 84 Apr 20
300 Preferred
100
76
Oct 908 Jan
8
35 35
344 3412 2335 341
8
4 3212 3318 32% 3358 33
333
4 2,300 U S Hoff Mach Corp_..No par 3212May 22 497 Jan 2
41 Dec 5838 Jan
161 16234 1584 1623 1574 1591 155 15912 1545 15812 15614 1613 23,500 U 8 Industrial Alcohol..
4
8
4
8
._100 128 Jan 16 17334May 1 1021s June 138
Oot
__
Prefirred_
100 12414 Jan 8 127 Apr 3 11858 Sept 1257 Nov
8
22- ii- -ilia -.
23rk -2118
-211: -ior4 I1-3- -iajz "ii" '.000 U 8 1 eathar
4
2
7
No par 20 Mar 26 3512 Jan 14
22
Jan 61 May
4138 4112 417 417
2 4018 4112 40
41
40
2May 23 61% Jan 14
384 40
/
1
407
2 4,100 Claes A
par 387
No
52
Jan
72 Apr
-89212 94
9214 92
/ 913 92
1
4
913 913 *913 923
92
4
4 92
4
500 Prior preferred
100 91 May 14 107 Feb 1 10014 Dec 10912 May
9312 941 92
/
4
913
94 x90
4 8512 90
88
86
90
88
/ 16,400 US Realty dt Impt____No par 81 Jan 8 11912 Feb 6
1
4
6114 Feb 931 May
56
5612 545* 561 5312 5512 51
53
/ 5118 533
1
4
61,300 United States Rubber
/
4
5218 54
4
100 42 Jan 8 85 Mar 18
27 June 6314 Jan
8114 8114 8012 8012 79
8012 7818 7912 77
78
/
4
7712 781 4,700 1st preferred
100 77 Feb 16 9212 Jan 16
55 July 1093 Jan
s
g
587 592
8 57
5822 557 567
12,400 US Smelting, Ref & Min___50 5312May 23 72% Mar 20
5312 553* .3412 56
55
57
394 Feb 714 Nov
*535 5414 53 8 543* 5358 53
*53 8 56
8
5
5
600 Preferred
/
1
4
/
1
4
/ *5352 5422 53 4 53
1
4
50 52 Apr 17 58 Jan 3
51
Jan 68 Dee
172 1753 1701 172
174 176
/
1
4
/ 16614 171
1
4
8
/
4
1671 1713 16814 1713 259,400 United States Steel Corp
/
4
4
2
15718 Jan 8 1937 Mar I 1323 June 1724 Nov
8
*
14212 14212 14212 1425* 14212 1423 14212 1423 142 14212 142 142
8,600 Preferred
100 141 Feb 5 14414Mar 1 1385 Jan 14714 Apr
8
20893 9412 *893 9412 *893 92
4
4
4
90
00
90
89% 894 90
400 U S Tobacco
4
No par 88% Apr 5 1093 Jan 30
86 June 120
Oct
•*141 142
141 142 •141 142 .141 142 •141 142
141 141
10 Preferred
100 136 Mar 6 143 May 3 1274 Jan 139 June
300 320 *300 350 *300 350
-12300 315 *28024 318
300 300
10 Utah Copper
10 264 Jan 2 353 Mar 19 139
Jan 273 Deo
4114 42
4012 3914 4012 3912 40
3922 40% 19,900 Utilities Pow & Lt A__No par 35 Mar 28 493 Jan 30
4058 4118 40
s
2822 Feb 45% May
84 84
84 8
/
1
4
812 952
8% 812
8
8 14
73
4 84 7,900 Vcdsco Sales
No par
7
/
1
4MaY 24 1312 Jan 21
-iii; -inT2
*72
75
*72
75
75
903 9112 8828 91
8
85 8
3
*32
33
*32
33
31
82
8212 83
82
82
10314 1045 10010 103
8
99
-*148
____ *148
____ •148
114 114
114 114
114
133* 14
/ 13
1
4
/ 1212
1
4
13
*40
46
*45
48
45
*88
90
*87
90
*85
• 421094 110 *109 ____ 109
•47
50
•46
50 *---797 80
8
*105 108
*78
81
31
311
/
4
3615 3614
1246
48
111 1118
/
4
*747 75
8
12814 1313
8
75
*72
75
*72
75
75 I *72
1001 Preferred
100
8812 83
52 8618 8352 8512 85
8714 20,100 Vanadium Corp
No par
32
*30
32 .25
3212 *29
32
200 Van Raalte
No par
82
82
82
82
*8212 83
82
380 let preferred
100
101
99 102
99 1007 100 1004 9,100 Vick Chemical
8
No par
____ *148
____
____ 148
____ *148
Victor Talk Machine
No par
114 *114 11428 114 114
11418 11418 1,700 7% Prior preferred
100
13
/ 104 1214 10
1
4
/
1
/
4
/ 111 1218 1212 16.800 VIrg-Caro Chem
1
4
No par
45
*41
47
43
41
43
45
600 6% preferred
100
90
8912 8912 8812 8813 *82
89
200 7% preferred
100
109 *109 110 *109 110 *109 110
10 Virg Elec & Pow pf (7)
100
*45
47
47
*46
50
*46
50
Virg Iron Coal & Coke pf 100
Vivadou (V)
No par
Preferred
100
77
7712 73
77
73
73
75
75
*7312 75
510 Vulcan Detinning
100
103 105 *103 104 *103 104
108 108 *105 108
140 Preferred
100
76
78
*75
78
75
73
75
*73
73
75
140 Class A
100
/
1
3012 314 301 304 29 2 301 29
/
4
/
1
,
2912 2914 30
/
4
18,900 Waldorf System
No par
341 33
/
4
35
34
333* 3618 3352 3512 33
3512 15,900 Walworth Co
NO par
45
/ 4514 474 4718 4812 4812
1
4
48
4812 484 49
450 Ward Baking Class A__No par
1118 1172 11
11
1052 103
4 1014 105
8 1014 1052 7,000 Class B
No par
747 747
*7412 75
*7412 75
8 748 747
7422 743
4
500 Preferred (100)
No par
4
8
4
12512 13324 12218 1253 11712 1233 117 1203 11812 122 322,400 Warner Bros Pictures No par
594 5412 5552 5312 5412 53
56
5312 x5312 543 19,800 Preferred
56% 58
4
NO par
3258 3333 3228 3312 3114 3218 311 32
/
4
3118 3112 3112 32
/ 7,900 Warner Quinlan
1
4
No par
14812 14812 146 14614 144 146
150 152
155 155 *151 154
1,200 Warren Bros
No par
50
50
*49
50
50 *_ _ - _ 50
50 • 49
50
50
20 First preferred
60
1712 163 17
1712 17
1612 1612 1614 164 4,700 Warren Fdry & Pipe-No par
4
1714 1714 17
/
1
82
*8212 8418 82 82
83
8312 *8212 83
83 8 8418 83
/
1
4
5
800 Webster Elaernohr
25
*90 100
*90 100
*90 100
*90 100
*90 100
*90 100
Preferred
100
3738 38
3712 38
40
4012 39
______
40
*4012 41
2,900 Weason Oil& Snowdrift No par
6518 657
66
6612 65
65
66% 6512 67
66
8 3,300 Preferred
67
67
No par
1851 187
/
4
18712 19012 9,200 Western Union Telegram__100
190 19012 187 19134 18714 18912 185 188
/
1
4
46 8 4512 4618 4512 46
484 4718 4614 473
4512 4612 13,400 Wstnghse Air Bmke.. No par
s 46
19212 15712 128,000 Westinghouse Elm & Mfg...60
16312 16512 15914 16514 155% 1814 15212 158% 15218 156
15012 15012 15312 154
157 157
153 155
160 161
20154 158
210 let Preferred
50
40% 7,900 Weston Elea Instruml_No Par
4 38
03
24 4212 3724 4214 3712 4 4 3724 393
4212 4324 4
35
*354 36
*3512 36
35
3518 358 357k 357
1,200 Class A
*3514 36
No par
104 104 *103 105
900 West Penn Eleo of A-No par
18312 105 *103 105 *103 105
104 104
108 108
1073 108
108 108
4
10818 1084 108 109
108 108
190 Preferred
100
1g 975
973 973 *973 98
*971g 98
4
973 97% *971 98
120 Preferred (8)
97
100
116 116 *11512 116
116 116
116 116
•115 116 *115 116
80 West Penn Power Pref-.100
109 109
11012 109 109
109 110
109 109
100 8% Preferred
*109 111 *109
100
51
*50
50
50
5018 50
51
51
513
50g1 Weet Dairy Prod CI A__No par
*5122 5212 *51
254 24% 2512
y25
263
4 2512 26
27% 27% 2612 2718 26
No par
4.7001 Class B
7 344 5,509 WhilmEagle01 tlk
3514 34
/
1
3618 342 3514 35
14 35
35 2 353* 3538 35
7
Refg_No par
41
41
4012 40
42
3
13,300 White Motor
40
*431s 44
434 395* 40 4 40
No par
4618 464 457 478 3,000 white Rock Min Sp Of
0 5g 497
48
8 US* 48% 4818 4814 4612 47
50
2118 2118 6,200 White Sewing Machine_No par
2214 203 21
21
8
213 23 4 22
4
2218 2112 22
3
441 4412 *4412 45
/
4
*4412 45
400 Preferred
*4412 45
4412 45
45
45
No par
/
1
/ 234 24
1
4
/
1
24
/ 234 23
1
4
4,200 Wilcox Oil & Gas
24
2512 26
2518 25
52 2412 25
No par
23% 2412 104,800 Willye-Overland (The)
2418 2218 24
2518 25 8 2438 253
,
8 2418 24% 23
5
97
98
97
98
98
1,400 Preferred
98
*98
988 *98
98
983
4 98
100
724 712
7 2 75
,
8 3,600 Wilson & Co Inc
712 712
*81,2 84 *8
8
7
9
No par
171 1714 4.200 Class A
/
4
1712 1712 *1712 18
16 8 1612 17
5
16
17
17
No pay
*61
64
60
2,100 Preferred
57
60
57
60
57
60
60
5714 593
100
8
4
22712 2277 225 2294 22214 22422 214 2207 21518 2193 219 2215 17,500 Woolworth (F W)Co
2
s
25
47
483
4 6,300 Worthington P & M
473 48
4
5012 5112 4912 51
498
48
4812 50
100
*81
•82
8212
82
84
82
100 Preferred A
*82
84
84
84
4182
*82
100
72
*70
72
•7212 75
72
200 Preferred B
871
75
*72
75
*72
75
100
4
130 13212 12718 1347 1254 12918 120 1274 121 12412 1233 1283g 36,900 Wright Aeronautical_No par
8
/
1
74
741 3,100 Wrigley(Wm Jr)
/
4
3
75% 75 8 275
74
747
8 73
74
76
744 75
/
1
No par
71
7014 *70
*72
724 72
600 Yale & Towne
72
7012 7012 70
711 72
25
4112 4018 4218 99,200 Yellow Truck & Coach el B_10
447 45 4 4222 453* 41
4318 40
s
1
44% 40
94
*90
94
964 94
*90
100 Preferred
2,
94
94
2090
94
*90
94
100
6518 65 8 643* 64% 62
623 12,200 Young Spring & Wire__No par
*
5
6014 6114 597 6122 61
64
126 127
*125 127
12512 12634 1254 127
/
1
12618 12728 127 1271 4,700 Youngstown Elbert & T_No par
/
4
-dividend. y Ex-rights.
-• Bid and Naked prices: AO Sales on this day. a Fa
69 Apr 23
8314Mar 26
27 Mar 12
60 Jan 2
82 Jan 4
143 Feb 18
110 Mar 1
1018May 22
41 May 23
8812May 23
107 Feb 21
45 Feb 27
13 Jan 16
___ __
50 Jan 16
91 Jan 4
40 Jan 2
2218 Mar 26
234 Jan 8
43 Apr 13
814Mar 26
71 Mar 25
97 Mar 28
44 Apr 10
8118May 22
139 Apr 16
48 Apr 24
1518 Mar 26
724 Apr 22
90 May 16
37 Mar 26
634 Apt 16
179% Jan 2
454 Jan 24
1374 Jan 15
132 Jan 2
22 Jan 28
334 Jan 7
10212May 17
103 Mar 28
9512May 14
113 Jan 8
106 Apr 27
4914May 13
2458May 24
8014 Jan 30
8May 21
395
43 Jan 2
20 Apr 9
4312May 16
194 Jan 7
2218May 23
9614 Apr 1
7 May 21
16 May 22
57 May 22
1921s Mar 26
43 Mar 25
7738 Apr 12
66 Ayr 6
120 May 22
70 Mar 26
6138 Feb 11
35 Mar 26
80 Mar 8
5214 Mar 26
105 Feb 19
82 Jan 16
1164 Feb 8
36 May 13
83 Apr 24
109 May 15
200 Mar 18
1141 Mar 13
/
4
2414 Jan 26
6512 Jan 26
971 Feb 4
/
4
1094 Apr 27
48 Jan 29
15 Jan 4
____ _ _ __
89 Feb 20
110 Apr 25
91 Apr 27
8May 15
325
44% Apr 24
845 Jan 17
4
2114 Jan 18
8712 Jan 15
134 Jan 21
5914 Jan 22
4278 Jan 2
170 Jan 2
53 Mar 27
3414 Jan 3
1133 Feb 5
8
100 Mar 11
48 Mar 7
7212Mar 9
220 4 Mar 9
3
5412Mar 2
8May 15
1687
163 May 15
4814May 1
04 Apr 23
110 Feb 1
11114 Jan 17
102 Jan 17
117 Mar 18
1104 Jan 16
5914 Feb 5
347 Feb 5
8
38 Feb 25
5312 Mar 2
64 Apr 19
48 Jan 2
677 Jae 16
8
291 Feb 6
4
35 Jan 3
103 Jan 3
1312 Jan 23
27 Jan 21
79 Jan 23
23214May 6
641s Feb 6
924 Jan 23
82 Jan 11
299 Feb 6
7
80 s Jan 80
7312May 4
5114 Apr 24
9612May 10
693 Apr 27
8
13252may 7
80
Jan 1114 Nov
758 Jan
407 Oct
s
437j Jan 78 Nov
58
Jan 85 Dee
525 Jan 168% Nov
8
1014 Jan 11212 Dee
12 June 20% Nov
445* Jan 641 Nov
/
4
8818 Jan 9912 Nov
1064 Dec 11412 Apr
47
Oct 625 Jan
*
118 June 25 8 Jan
3
78 June 100
Jan
224 June 74 Noy
74 June 99 Sept
191k June 481 Nov
4
1912 Jan 2814 Dee
1412 Aug 26% Sept
70 Dee 123 Feb
16 Dec 295 Jan
/
1
4
8
77 Dec 974 Jan
807 Aug 13914 Sept
2
518 Dee 5714 Des
26
Feb 447 Oct
2
140 June 1924 Apr
Apr
4914 Nov 61
13 June 38% Oct
---- ---- ---- ---____ ------ ---87 Nov 110 Dec
4
1053 Dec 1083 Nov
s
Oct
13912 July 201
424 June 57 8 Jan
8
8318 Jan 144 Nov
95 4 Jan 139 Nov
1
1222 Jan 2812 June
3038 Jan 404 May
Apr
103 June 112
10712 Oct11514 Apr
9812 July 10412 Apr
11312 Oct 118 AIM
Jan
103 June 118
Apr
5212 Dec 78
Apr
20 8 Jan 69
1
201a Feb 38 Nev
3014 Feb
344 Jan
83 June
/
1
4
5138 Aug
1714 Dec
17 4 Jan
8
925 Jan
Oct
11
Jan
22
63
14 Oct
17512 Feb
Jan
28
461 Jan
4
Jan
61
09 Feb
68 July
6112 Nov
2738 Feb
83 Nov
4514 Dec
83 31 AIRS
,
43 4 JUIN
1
497 Noy
2
521 Dec
4
68 Dec
224 Nov
33 Dec
104% Dec
16 Feb
35 May
8
77 * Feb
225 4 Nov
1
55 Nov
93 Nov
80 Nov
389 Nov
84 Ang
8412 Apr
57 4 Nov
1
96 Apr
581 Nov
4
115 4 Dee
6
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
3183
interest"—e.xcept for income and defaulted bonds.
Jaa 1 1909 the Exchange method of quoting bonds was changed and p ices are now "and
Z.", •
Range
Ti'eck's
Price
BONDS
Range
Price
Week's
BONDS
Singe
Ran ye or
Friday
7'2
N. Y. STOCK EXCHANGE.
Since
Range or
Friday
Jan, 1.
Ni Y. STOCK EXCHANGE
Last Sale.
May 24,
24.
Week Ended May
Jan.l.
May 24.
Last Sale.
Week Ended May 24.
High
11150 No Low
Ask Low
Bid
High
High No, Low
.481 Low
314
U. S. Government.
11014 10 109 111
Czechoslovakia(Rep of) 8s_ _1951 AO 11018 Sale 110
18 108 111
First Liberty Loan
11014
1052 AO 110 ill 110
Sinking fund 8sser B
963134 9727n 488 903I3 99"..
97
in
8
8 1087 III
8
341% of 1932-1947
1103
4
4
998044 Danish Cons Municip Se A_1946 FA 1093 1103 110
2 96
97
97
in
5 1071e 11012
Cony 4% of 1932-47
11012
1946 FA 10912 11018 110
Series B 8 f 8s
On 58T1- 2 Sale 981,44 992634 154 98111 100344
3
Cony 444 % of 1932-47
10378 43 102 10471
Denmark 20-year extl 68___ _1942 J J 10314 Sale 10314
99,44499"n
99142141ar'29
in
2
2
987 1014
2d cony 452% of 1932-47
s 28
8
993
1955 FA 99 Sale 987
Extl g 5hs
864 90
102
Fourth Liberty Loan
88
4
4
Apr. 15 1982 A0 863 Sale 863
Extl g 440
A0 982032 Sale 981644 9917:2 857 981'44100,344
99
96
444% of 1933-1938
8 28
965
ilk Am part ctf 88_1932 M S 9612 Sale 9612
1081542 374 105 1111641 Deutsche
1947-1952.40 1061142 Sale 106
99
4
94
9414
Treasury 43(s
'42 MS _9412 94
1944-1954 Jo 103 Sale 10226441041244 431 101.4410613H Dominican Rep Cent Ad 530
9012 9812
7
Treasury 48
95
8
8
1940 A0 U218 947 937
1st ser 544s of 1926
1011344 99 981444103,71s
1946-1956 MS 99,344 101 100
9012 9734
5
Treasury 344s
9212
8
s
544s_ 1940 A0 923 9478 923
20 series sink fund
1943-1947 ID 961344 Sale 961344 97 432 82 951.2 9811,1
9914
99 10156
2
Treasury 344s
N 98 2 993 9914
4
,
45 95.39 9836n Dresden (City) external 7s 1945 SI
16 10134 10314
Treasury 3445 June 15 1940-1943 J D 961442 Sale 96"44 97
10214
1947 II 102 10212 102
Dutch East Indies ext166
10212 12 10134 104
1902 M S 10212 Sale 102
-year external 6s
40
8
State and City Securities.
3
100 4 1037
8
8
1015 103 1013 May'29
30-year external 534e_._1953 M
8 12 101 10312
8 1017
8
8
1953 M N 1015 1017 1015
30-year external 5448
2
,
8812 Jan'29
88 2 88,
NYC 344% Corp stNov 1954 MN
10 108 III
110
1948 Ii 110 Sale 10914
8812 881x El Salvador (Repub) 88_
8812 Jan'29
8
885
314% Corporate et May 1954 MN
8212 11
82
8212 82
1967 J J 82
Estonia (Rep of) 7s
4
993 Mar'28
1938 MN
As registered
92
974
8
8
957
Finland (Republic) esti 6s 1945 St S 9418 Sale 9418
9912 June'28
1956 MN
es registered
65
,
4 100
97 2 101
4
1950 MS 993 Sale 993
External sink fund 76_
99
95
95 Feb'29
1957 MN
94
9912
4% corporate stock
45
98
1950 St S 96 Sale 96
External a t 6 350
104 104
May'29
---- 104
1957 MN
92
3
04% corporate stock _
85
4
873
1958 FA 8712 Sale 8712
Esti sink fund 5448
4
1023 104
104 May'29
3
9418 MI
414% corporate stock __1957 MN ---9512
9712 9712 Finnish Moon Loan 6449 A 1954 A0 9512 Sale 9512
1958 MN
9712 Jan'29
8
4
955 9814
4% corporate stock
9712
External 64.4s series B_..1954 A0 9714 Sale 9714
9718 98
N
1959
98 Jan'29
4
66 1093 115
4% corporate stock
112
1941 in 11114 Sale 11118
,
99 8 10012 French Republic ext 74413
10018 Mar'29
1960 M
4
301 10512 1083
4448 corporate stock
1949 Jo ugh Sale 10712 108
7e 01 1924
External
99
99
S
1964
99 Mar'29
£448 corporate stock
1057s 196 105 108
AO 105 Sale 105
1949
7 101 10114 German Republic ext'l 7s
101
101
1966 AO IOC
99 10212
1
4 h e corporate stock
3
99 4
4
1954 M N 993 Sale 993
4
101 18 Gras (MunIcIpalitY) 8.8
9814
10118 May'29
1972 AO 101
the corporate stock
10312 159 103 10438
8
Gt Brit de fret(UK of) 5446_1937 FA 1033 Sale 10314 May'29
1971 Jo
1067 10812 June'28
8
99 11812
_
444e corporate stock
4
993 99
1929 FA 99
inii, 104
-year cony 534e
10
10238 Mar'29
1963 MS
8
444e corporate stock
8 27 c823 8774
843
8
fund loan £ op 1960 —1990 MN c837 Sale c837g
c4%
8
8
1035 1035
1965 in
11058 10358 Apr'29
c96 100
444s corporate stock
in c9718 9558 c98 May'29
10311 10418
C5% War Loan opt 1929_1947
10418 Feb'29
the corporate stock_July 1967 Ji
4 10612 26 104 10712
8
9912 995 Greater Prague (City) 74411- 1952 MN IDA Sale 1053
Apr'29
--_- 9912
9514 99
15
New York State Canal 48_1960
99
MN
98
9912 9912 Greek Government s face 76_1964 FA 98 Sale 8212
9912 Apr'29
Mar 1958 MS ____
4
872
82
4s Canal
8 34
835
8
1988
835 Sale
Sinking fund sec 6s
4
98 101
1952 AO 10014 Sale 10018 10014
(Republic) 5I 85
Halti
97
12
93
Foreign Gout. & Municipals.
96
95
95
1946 A0 93
Hamburg (State) fie
10112 11
5
8312
8312 9012 Heidelberg (Germany) ext 734s50 J J 10114 1047 101
1947 F A 8312 Sale 8312
,
91 2 100
AgrIc Mtge Bank s f 68
9318 21
1
Hungarian Munlc Loan 7348 1945 Ii 93 Sale 9212
,
83
82 8 90
sinking food 68 A_ _Apr 15 1948 A 0 8202 85 83
851g 94
8912 27
J 89 Sale 8814
External a I 76_ _ _ _Sept 11948 J
8512 8912
8712 21
1963 MN 8612 Sale 8942
98'4
93
4
Akeretwe (Dept) 0221 5e
94
'
7
Hungarian Land NI hat 734s 61 MN 9212 9438 93
91
,
91 4
4
963
9312 9412
5
Antlogula(Dept) col 75 A_ _1945 J J 91 Sale 91
9414
1961 MN 9212 943 9414
S I 7349 ser B
9478
8 13
91 7
91
1945 J J 91 Sale 91
External a f 76 see Ii
9912 10112
31
8 101
g
6
02
8
9112 957 Hungary (Kingd of) s I 7448_1944.F A 997 Sale 997
1945 J
92 Sale 02
C
External s f 744 series
9514 9714
96 12 130
N
961 96
14
02
9512 Irish Free State extle s f bs 1960;M D 06
91
9112 91
1945 J J 91
External f 78 see D
9412 9754
9612 208
4
4
943 Sale 943
Italy (Kingdom of) ext'l 75_ _195111
95
5
91
88
1957 A 0 91 Sale 91
9612
External sf 7e it ser_
94
6
9414
94
Italian Cred Consortium 714 A1937 M 8 9312 Sale 9414
8
91
1957 A 0 90
89
9114 91
Ext1 sec s f 76 78 2d ser
17
9112 9512
95
95
94
1947 M S 94
Extl sec s 1 75 ser B
9112 34
4
1957 A 0 898 9014 893
873 93
8
9018 9513
20
9118 Sale 91
9218
17
9214
9012 9212 Italian Public Utility ext 7e_ 1952'J J
1958 J D 9214 Sale 9012
Antwerp(City)extl 5s
94
90
4 65
917
8
19311J J 917 Sale 9114
9912 20
8
9814 1007 Japanese Govt loan 45
4
Argentine Clovt Fut) Wks 68_1960 A 0 99 Sale 9812
4
993 1021
4 10014 161
8
1954'F A 997 Sale 993
6548
30-year
Argentine Nation ((lovt of)—
!
9234 10012
9512 14
A
88
D 99 Sale 983
98 10118 Leipzig (Germany) s I 78_1947,F D 95 Sale 95 May'29
8
9912
Sink fund Os of June 1925-1959
2
9218 997
9712
98
97
4is 19501J
,
99 8 117
3
1959 A 0 99 Sale 983
0818 100 4 Lower Austria (Pros') 7
8
Eat! a f 6s of Oct 1926
9814 101
9912 16
,
4
-year th 19341M N 983 991 98 4
10014 51 i
Lyons (City of) 15
1957 M S 997s Sale 99
9812 101
Sink fund Os series A
9812 101
9914 26
,
of) 15-yr 69_1934M N 98 4 991 9812
99
96
4
9812 1003 Manselles (City
External Os series 13__Deo 1958 J D 9812 Sale 9812
4
892
80
8418 16
9812 100 4 Medellin (Colombia) 640_1954'J D 80 Sale 80 May'29
,
8
0912 49
4
Extl s f 6s of May 1926 _ _1960 M N 983 Sale 983
1712 25
21
19
16
,
9914 56
8
9814 1003 Mexican IrrIgat Aastng 4446_19431___J
4
External a f 66 (State Ity)_1960 M S 987 Sale 983
4934 Jan'28
1899 E '45 Q
96 FA 9914 Sale 985s
9912 54
OS 1007s Mexico (1.1 S) extl 6501
Esti 68 Sanitary Worka
"i6Tz 35
27
27 - - -1 26 May'29
1945 __9914 62
Assenting 58 of 1899
4
98 1003
8
Ext Os pub wks(May'27).1961 MN 9838 Sale 983
2712 34
2712 May'29
Assenting 58 large
96
,
65
94 2 9714
3
22 6
Public Works esti 5446_ 1962 FA 9512 Sale 9512
16
4 10
163
10 Sale 16
Assenting 4s of 1904
91
25; 8918 9214
1945 MS 91 Sale 8938
Argentine Treasury 58 E
2314
17
15
18
18
Assenting 4s of 1910 large. _ --9314 130
97
92
2218
Australia 30-yr 5s _July 15 1955 J J 021s Sale 92
16
8
16
16 Sale 16
1910 small__ _ _
Assenting 45 01
94
140
9212 0612
External 5s of 1927__Sept 1957 MS 9212 Sale 9212
29
3712
29 Mar'29
2512 40
Tress(is of'13 assent(large)'33
86
82
1958 MN 80 Sale 85
8412 8814
Extl g 4448 of 1928
,
355
25
25 May'29
Small
1943 in 103 Sale 103
10312 40 10114 10312
Austrian (Govt) a 1 7s
8914 93
871;4 9012
'52 A 0 88 Sale 8712
Milan (City, Italy) ext'l Ohs
9014 9612 Minas Geraes (Slate) Brazil—
9114 20
A 9114 Sale 9014
Bavaria (Free State) 6446 1945
9112 9512
9112
1958 MS 9112 Sale 9112
Extl a I 64411
84 11212 11538
115
Belgium 25-yr ext f 7448 f1- 1945 in 114 Sale 114
s
2 101 1032
10112
1952'ID 101 Sale 101
1941 FA 108 Sale 10712 1083
4 62 10712 110
Montevideo (City of) 70
20-yr s 86
4 58 10218 107
1043
25-year external 034e__ _1949 M S 1041s Sale 10418
10 103 108
10412 105
M
lova
154
s
1955 J J 997 Sale 9918 100
4
8
973 1007 Netherlands 66(flat price,0._1972
External s I Os
8
8
995 1003
8
995 Apr'29
1954 A 0
4
85 1063 109
1965 Jo 1073 Sale 10712 108
30-year external 6s
4
External 30-year sf 7s
9012 95
4 32
923
10512 58 10418 10612 New So Wales (State) ext 581957 F A 9138 Sale 9112
1956 M N 10512 Sale 105
Stabilization loan 78
9
9012 94 4
4 77
923
Apr 1958 A 0 92 Sale 92
4 109 11212
External a 1 58
110
1945 MN 110 Sale 110
Bergen (Norway) s f 85
4
8 23 100 1031
8 1017
7
s
997
9812 101
Norway 20-year extl 8s____1943 F A 101 Sale 1003
1949 AO 997 Sale 997
4‘
8
-year sinking fund 6s
15
8 10114 46 100 1034
1944 F A 1003 Sale 1003
4
,
95 8 11
20-year external 68
9312 99
Berlin (Germany)sf040_1950 AO 0512 Sale 9512
4 56 100 1034
1013
1952 A 0 101 Sale 101
3
87
30-year external 65
8
867 92
8
fund (Ie.__ _1958 ID 807 Sale 8672
4
External sink
984 1013
28
100
1965 J D 9912 Sale 9918
5 10112 104
40-year s f 51411
1945 AO 10112 Sale 10112 10112
Bogota (City) ext'l sf 8s
9312 974
48
95
8
8 3s 10018 104
Externals 1 58__ _Mar 15 1963 M S 947 Sale 9414
Bolivia (Republ(c of) extl 88.1947 MN 101 Sale 10114 1007
8814 95
s 89
91 7
91
8
8812 16
Municipal Bank extle I 56_1987 J D 903 91
95
1958 J
87
87 Sale 87
9012
External sec 78
84
8412 10
8814 32
92
Nuremberg (City) esti 6a_19442 F A 84 Sale 84
1969 M
86
8614 Sale 86
Externals 75
4
993 1025s
10012 29
1955 M N 10018 Sale 100
Oslo (City) 30-year 51 6s
,
99 2 27
9814 101
4
Bordeaux (City of) 15-yr 6s_1934 M N 9912 Sale 983
94 10114
1
9914
1946 F A 9914 Sale 9914
44 10514 109
8
Sinking fund 5345
Brazil(U 8 of) external 88_ 104i J D 10512 Sale 10514 1067
7 100 10212
10012
1953 J D 100 10012 100
92
104
9612 Panama (Rep) extl 544s
91
Externals I O34s of 1926_1957.40 91 Sale 91
,
10114 1011
10112 Jan'29
1961 J D
92
54
Exti sec ef Ohs
1957 AO 91 Salo 91
91
063
8
Esti a f 03.45 of 1927
9212 9414
39
94
1963 MN 9312 Sale 9212
9614 34
D 9512 Sale 95
Exti 51 5s ser A__May 15
95 102
75 (Central Railway)_1952
95
91
8
92
5 105 107 2 Pernambuco (State of) eat 76 '47 MS 91 Sale 91
,
/ha (coffee Occur) E (flat)_1952 .40 102 1041 10512 10512
24
4 100
4
991z 10212 Peru (Republic of)
Bremen (State of) extl 75.„1935 M S 993 Sale 993
107 10713
10714 Jan'29
_
4
923 May'29
1957 M
9312
8714 90
90
Extl 8 1 sec 740(of 1926).1956 MS
Brisbane (City) a f 5a
4 23 100 103
1017/
1959 M S ioo gale 100
90
11
1958 Ic A 8914 00 895
93
8
Esti s I sec 76
89
Sinking fund gold 58
9014
85
8712 77
ID 8612 Sale 8612
1960
D 77 Sale 7614
79
59
Nat Loan ext1 s 1 85
7614 8312
Budapest (City) esti sf (Se _1962
901s
85
78
88
1961 .40 8718 Sale 87
J 100 Sale 100
10034 11
8
SIgas
991s 102,
Buenos Aires(City)6448_ _1955
8312
75
7712 64
1960 AO 9812 99
4
99 3
9612 100
gold 69___ _1940 AO 75 Sale 75
4
99
ser C-2
Poland (Rep of)
Ext1 eI Os
4
883
82
81
842
1947 A0 8214 Sale 82
1960 AO 9712 Sale 9712
991/ 25
Stabilization loans f 7e
96 10012
Extl s f 68 ser C-3
9318 99
0614 85
8
1950 J J 935 Sale 9318
9214 68
Extl sink fund g 88
3
9114 93 4
Buenos Aires (Prov) esti 08_1961 MS 9134 Sale 9134
4
1 1043 10612
106
1961 JO 106 Sale 106
.1J 8112 Sale 81
82
87
90
Porto Alegre (city of) 8e
81
Bulgaria(Kingdom)8175_1967
9712 1023
1
5
1906 .1 J 100 Sale 9012 100
88
87
8012
85
12
Extl guar sink Id 744s
Stab'engn a f 7449_Tgov. 1568
8
80, 9714
2
29 1077 113
111
.
9514 26
94 Sale 9312
Queensland (State) extls f 75 1941 A0 110 11214 110
9312 101
Caldrus Dept of(Colombla)7448 46 i
2
14 102 1047
1031 10214
1947 FA 10214
100
30
,
25
-year external 6s
99 101 2
103
Canada (Dominion of) 55_ 1931 AO 100 Sale 99
8 24 105 106
1053
1929 FA 9958 Sale 993
99% 69
s
2
9918 1003 Rio Grande do Sul extl s 1 8s_1948 A0 10512 Sale 10514
10-year 6449
92
86
,
87 4 10
1968 in 8712 Sale 8612
N 10234 Sale 10212 10318 52 10154 1053
1952
4
Esti a I Os temp
68
994
95
9612 18
1966 M N 96 Sale 96
1930 FA 975 Sale 975
8
9818 37
,
Extls 1 7s of 1926
99 8
8
97
41446
10518 28 105 10612
1954 ii 10414 107 10612 107
13 10412 10712 Rlo de Janeiro 25-yr 5188_._1946 A0 1051s Sale 105
Carlsbad (City) 8 I 88
2
95 4
92
9414 25
FA 923 Sale 923
8
.40 975 Sale 975
s
1953
99
8
8
24
Esti a I 6458
9714 102
Cauca Val (Dept) Colom 73.4e '53
4
8714 913
74
90
8
1952 A0 875 Sale 8714
Rome (City) extl 644s
• Central Agrio Bank (Germany)
15 10134 10412
103
8
4
ext1 68_1964 MN 1013 1035 103
95
Sept 16 1950 al S 04 Sale 9212
20
9212 99
Rotterdam (City)
Farm Loan s I 7s
9112
87
1953 J J ____ 90
87 Apr'29
,
82 4 30
8
883 Saarbruecken (City) 68
80
Farm Loan s f 68..July 15 1960 J J 8018 Sale 80
4 110 115
110
82
48
88
Sao Paulo(City) afSe__Mar 1952 MN 110 Sale 110
80
Farm Loan sf Os_Oct 15 1960 AO 8014 Sale 80
9238 981s
2
N 95
90
1957
9712 96
8712 22
Esti e t 6146 01 1927
903
4
86
Farm loan Os ser A_Apr 1538 AO 87 Sale 87
10514 13 104 108
San Paulo (State) extl e I 88_1938 J J 10514 Sale 104
Chile (Republic of)
14 103 1071s
1950 J J 10312 Sale 10312 105
1942 St N 10112 Sale 10112 102
22 100 103
sec 5 1 88
I 7a
External
-year external s
20
97 102
17
101
93
116
Externals I 76 Water L'n_1956 lxi S 10014 Sale 100
9112 94
External sinking fund 86_1960 AG 92 Sale 9134
87h 9314
1968 J J 88 Sale 88
897s 30
1961 FA 9212 Sale 92
Ext1 a f Os I lot rcts
9314 78
9112 9414
Externals f 88
Ili
95
9712 49
is 1942 Si S 07 Sale 985
8
J J 921s Sale 9218
1901
9314 68
Santa Fe (Pros' Arg Rep)
9158 94
Ry ref esti s f 68
95 1094
7
1945 JO 9512 96
2
957
95
1961 MS 923 Sale 93
4
9334 114
Saxon State Altg Bast 7s_
9112 94
Extl sinking fund 68
8912 95
5
Dec 1946 Jo 88 Sale 8912
8912
1962 MS 9234 Sale 92
93
Os
94
33
Sfg(44421
9153
EAU sinking fund
10514 28 10212 10812
9512
96
4
44
9512 993 Seine, Dept of(France) extl 75 '42 J J 105 Sale 105
Chits Mtge Elk 044sJune 30 1957 JD 96 Sale
96
89
30
99
9914 9814
9914 29
8
97 1007 Serbs, Croats & Slovenes 8s '62 MN 8912 Sale 89
El 1 6448 of 1926...June 30 1961 JD 98
3112
77
62
1962 MN 7712 Sale 78
79
1961 .40 903 Sale 903
4
4
92
Apr 30
34
Extl see 70 ser B
94
89
Guar s f 08
84%
23
77
80
3712
_1951 in 3612 Sale 36
444 Silesian Landowners Assn 65_1947 FA 78 Bale 78
7
85
Chinese(Ilukuang Ry)
9738 9932
28
09
8 10038
58_30-yr 1614 '54 MS 99 10038 1003
10112 Solasons (City of) coal 66_1936 MN 99 Sale 9818
1
99
Christiania (Oslo)
94
90
18
1948 FA 9014 Sale 90
9014
93
93
93
7
8
Cologno(CIty)Germany 6401950 MS 91
9112 975 Styria (Prov) extl 70
10312 12 1014 1044
1939 in 103 10414 10314
1961 II 83 Sale 83
-year Os
8512 34
91
Sweden 20
83
Colonibla (Republic)65
4
1954 MN 103 Sale 10212 10312 89 1003 105
1928.__1961 .40 83 Sale 83
91
External loan 544s
,
85 4 62
83
Externals f Os of
4
110 4
8
81
8812 Swiss Confed'n 20-yr ef 88_1940 J J 1075 10812 1085s 10912 22 1084 1034
19
79
Colombia Mtg Bank of 040_1947 AO 79 Sale 79
4 67 10012
1946 MN 89 Sale 8812
8912 14
9314 Switzerland Govt ext 5448_1940 A0 10212 Sale 10012 1023
88
Sinking fund 7s of 1926
7412 7832
7616 50
1912 1952 St S 7412 Sale 7412
8
937
9
8812 9514 Tokyo City 58 loan of
Sinking fund 76 of 1927_1947 FA 9334 Sale 93
1012
86
1961 A0 865 Sale 865
8 39
873
8
8
1952 ID 9514 9512 9412
9578
Ext.' at 540 guar
4
9712
94
Copenhagen (City) fa
8712 92
3
51 N 8712 Sale 8712
88
1953 MN 8638 Sale 85 2
8612 26
,
8512 8918 Tolima (Dept of) extl7s._ 1947
25-yr g 444e
9614
13
M
95
95 May'29
9.._
1957 FA 9418 Sale 9412
,
95 8 20
Trondhlem (City) let 5445-1957
9312 98
Cordoba (City) extl at 7e
9414 9812
1
96
9612 96
1945'ID 96
9512
9712 Upper Austria (Pros') 7s_
9514 9512
3
94
External s 1 78 Nov 15 1937 MN 95
19
854 89
89
8
46__June 15 1957 ID 887 Sale 88511
,
9912 la
4
External s 64
9518 1003
Cordoba (Prov) Argentina 781942 Ii 9912 Sale 99
19 10712 10912
10814
4
933 923
94
4
Uruguay (Republic) extl 88_1946 FA 10814 Sale 108
26
9212 96
Costa Rica (Repub)ext1 75_1951 MN 93
17 100
I980MN 97 Sale 97
9812 115
1944
10012 15
100 Sale 100
External 8 f 8s
99 10212
Cuba (Remit)) be of 1904
874 94
2
89 8 12
8812
71_1952 A 0 88
8
,
4
4
101
6 100 1023 Venetian Pros' Mtg Bank
External 56 of 1914 ser A 1949 FA 10012 1013 101
8438 90
1s
M N 8618 Sale 86
86 12 31
3
9312 10012 Vienna (City of) extll f 08_1952
loan 43'4e ser C 1949 PA 9012 94 10012 10012
External
7
12
77 8 8514
80
,
4
Warsaw (City) external 76_1958 F A 78 Sale 777a
100 8 64 100 104
Sinking fund 540_ _Jan 15 1953 J J 100 1003 100
92
964
24
94
Sale 9316
Yokohama (City) extl 62_1961 J D 94
• Condinarnarca (Dept) Columbia_
8914
8212 84
1959 NI NI 82 Sale 82
82
Extls 6 As
ion 10412
9
c On the basis of $5 to the
sterling.
3484
BONDS
N. Y. STOCK EXCHANGE.
Week Ended May 24.
New York Bond Record-Continued-Page 2
Price
Friday
Map 24.
Week's
Range or
Last Sale.
Range
Since
Jan.1.
Zu
BONDS
Price
Week's
Ranee
N. Y. STOCK EXCHANGE
Friday
;
Range or
Biwa
. 4, May 24.
4
Week Ended May 24.
Last Sale.
...a.
sii,
Jan,1.
53
Bid
Ask Low
High No Low
High Chic Milw & St P (Concluded)
Rid
Ask Low
Railroad
High No Low
High
Gen 43-48 series C_ __May 19892 2 9012 92
92
9214
Ala Gt Sou let cons A bs____1943 J D 101 103 101 May'29
5
92
ntisa
101 10312
Registered
lot cons 4s ser 13
100
1943 J 0 93
94
93
93
25
94
93
Gen 4348 series E____Nlay 19892 J 9014 9114 90 May'28 -Alb & Sum' let guar 3)48...._1946 A 0 83
-66- Id"
85
83 May'29
8612
83
Debentures 48
1925 .1 D
Alleg & West lat g
48._ 1998 A 0
4 2
8
9212 Nlar'29
90
9213 Chic Milw St P dr Poe 5s__1975 F A 903 Sale 817 Feb'28 9
Alleg Vol gen guar g 441
8
90
1942 M 8 9212
914 291 -66- 94
_ 9212
9212
91
95
Cony adj 58
Jan 1 2000 A 0 7118 sale 7118
Ann Arbor 1st g 4s- - --JMY 1995 Q J 724 744 73 May'29
7312 601
7118 80
78
71
Chic & N'weet gen g 354e___1987 MN
7312 75
Atch Top & S Fe
74
-Gen g 48_1995 A 0 913 Sale 914
75
8
727 8012
8
8
92
9014 94
70
Registered
Q F
Registered
7712 Oct'28
A 0
85
Apr'29
92
85
General 45
1987 M N -86- 168 8612
Adjustment gold 4a__July 1995 Nov 84
7
8712 24 76- - 914
8613 86
8712
2
845 88
8
RegIstereA
Q F
Stamped
84 Apr'29
July 1995 M N 8612 Sale 8618
84
84
8
833 /3878
8712 32
Stpd 4s non-o ken la tax '87 M N
8712 May'29
Registered
87
MN
904
85 May'29
803 85
4
Gen 4948stpd Fed Inc tax 1987 M N 07, -___ 10612
2
Cony gold 48 of 1909
1955 J D 8112
8714
2
8714 90
8714
Gen 5e stpd Fed Inc tax _ _1987 NI N 1055 Sale 10558 Oct'28 -8
Cony 48 of 1905
10558
1955,1 D 87
2 1035 10 -3
4 -- ;
9
89
87
90
9
91
87
Registered
NI N
Convg4sissueofl9io....1960J D 8112 86
101
Apr'29
101 101
88 May'29
8514 90
Sinking fund 6s
1879-1929 A 0 995 10018 993 Apr'29
8
Cony deb 43.is
4
1948
99 10018
D 1143 Sale 1115
4
8 11612 2520 10812 119
Registered
A 0
Rocky Mtn Div 1st 4s_ _1965 .1 J
10014 Oct'28 _ _ _ _
__ 92
915 Feb'29
8
915 02
8
Sinking fund Ss
1879-1929 A 0 9914 9912 9914 May'29
Trans
-Con Short L let 48..1958 J J -8912 Sale 8912
-9814 1661
- 2
9012 12
8712 93
Registered
A 0
Cal-Arts 1st & ref 454s A1062 M S 9712 Bale 9714
99 Mar'29 _
99
99
0512 100
973
4 38
Sinking fund deb be '
.
1933 M N 16012 1604 10012 10013
- 3All Knoxv & Nor 1st g 5s ..1946 J D 10314
1
094 1013
4
103 Apr'29
103 10314
Registered
M N
1003 Jan'29
4
All & Char! AL 1st 4 Ail A_1944 J J 927 ---- 93 May'29
10034 100 4
3
8
93
96
10-year secured g 7e
1930 J D 101 Sale 101
let 30
10112 10 1001s 103
-year 58 series B
1944 J J 1015 Sale 1015
8
8 1015
8 27 101 104
15
-year secured g 614e___ _1936 M S 10714 Sale 1074 1083
Atlantic City 1st cons 4/4_ ..1951 J J 84 Sale 84
4
3 10712 111 4
,
1
84
84
84
1st ref g 5s
May 2037 .1 D 10214 Sale 10214
10318 17 10112 10538
Atl Coast Line let cons 48July'62 M
9114 Sale 9114
92
20
89
93
1st & ref 43444
May 20372 D 92
9378 9212
927
8 12
Registered
M
92 2 970
,
9014 Jan'29 _
4
9014 Chic RI & P Railway gen 4s 1988 J J 8614 Sale 8614
9014
General unified 444e
8658
1964 J D 9818 Sale 9812
7
9812 25
851s 89
94
9912
Registered
.1 J
8814 Dec'28
L & N coil gold 48_ _ _Oct 1952 MN 8812 Sale 8813
5
884 91
8812
Refunding gold 48
1934 A 0 93 Sale 93
94
157
•ti & Day let g 48
9212 95
1948.3 .1 6514 67 6514
1
6514
65
95
Registered
A 0
923 Jan'29
4
2c1 48
19482 J
9224 923
4
6478 62 Apr'29
62
6713
Secured 444e series A
1952 M S 90 Sale 8912
9114 65
All & Yad let guar 45
1949 A 0 81
88
9514
83
81 May'29
81
81
Ch St L & N 0 Mem Div 48_1951 J 0 824 8712 87 May'29 _
Austin & N W 1st gu g 513-1941 J J 99 1023 96 May'29
845 88
8
4
96 10314
Gold 53
June 15 1951 1 D 10313 10412 10413 May'28 _
10312 105
Registered
J D
107 Apr'28
Bait & Ohio let g 45___ _July 1948 A 0 91 Sale 904
9112 124
0314
90
Gold 342e
June 15 1951 J D
8413 Jan'27
Registered
July 1948 Q J
9114 May'29
8912 92
Registered
J D
78 Apr'29
213-year cony 4148
1933 M
78
80'j
96 Sale 9512
86
9512 09
97
Ch St L & P 1st cone g 5s__1932 A 0 9812 100 100 Apr'29
Registered
9913 101
M S
98 June'28
Registered
A 0
1015 June'28
8
Refund dr gen 56 aeries A_I995 J D 100 Sale 993
4 101
82
994 10212 Chic St P NI & 0 eons fle___1930 J D 99 Sale 9812
9914 46 -9812 161"
Registered
J D
Cons 68 reduced
953
953
4
let gold be
July 1948 A 0 10. 7 S 1- 1017 D113 4 84
9514 97
2
- e- 99%
4
218
1- -1- Debenture 58 to 342s___1930 1 D ---_4 ____ 9224 Apr'29 13 0614 101
64 2
1930 M 8
9712
081s
Ref & gen 6s series C
1995
D 1083 Sale 1083
8
8 1085
8 59 10714 110
Stamped
9814 Nlar'29
M El
P LE& W Va Sys ref 48._1941 SIN 9034 93
9812 991s
904
27
91
9014 04
Chic T II dr So East 1st 58_1960 J D 9518 96
9512
9512
Southw Div 1st be
3
1951) J J 101 Sale 10012 1013 143
91 100 2
,
4
4
Inc gu 58
99 10312
Dec 1 1960M S 88
90
88
88
1
Tol & Cin Div let ref 48 A.1959 Ji 823 Sale 823
85
92 2
,
4
835
4
8 32
8018 8514 Chic Un Stan 1st gu 44e A_1963 J .1 973 Sale 97
4
973
Ref & gen 5s series D_ _2000 MS 995 Sale 995
4 17
97 10014
8
8 10012 86
995 103
8
let 55 series B
1963 .1 .1 10112 Sale 101
10112
Bangor & Aroostook let be 1943 JJ
3 101 10412
101 101 May'29
100 105
Guaranteed g 58
1944 J D 10018 101 101
10212
Con ref 45
6 WO 10212
1961 J J 8018 82
82
82
3
8018 8614
let guar 6 Sis series C
1963 ..1 J 11438 11514 11414
Battle Crk dr Stur 1st gu 36..1989 Jo 5613 ____ 6813 Feb'28
116
11 112 1163
2
Chic & West Ind gen 6s Dec 1032 0 24 _85_ 0 10114 Feb'29
_ .. 85
2
Beech Creek let gu g 48
1936 J J 95
10114 10114
96
95
95
2 -6,- f1
t
Consul 50-year 48
1952 J 1
Registered
8512 20
J J
8412 89 4
,
95 Aug'28
151 ref 5348 series A
1962 M S 101 Sale 101
20 guar g 58
103
40 101 105
1936 J .1 9312
97 June'28
Choc Okla & Gulf cone 58_1952 M N 9912 ____ 101 Nlay'29
Beech Crk Ext 1st g
AO 7712 ____ 80 Mar'29
10012 10112
80
80
Cln HA D 2d gold 4,40
19372 J 9113 95
Belvidere Del cons gu 3S2a_1943
93 May'29
j 85
94 2
03
,
C I St L dr C 1st g 4e_Aug 2 1936 Q F
Big Sandy let 48 guar
9712 May'29_
96
1944 JD 83
913s Mar'29
9412 96 2
,
89
9108
Registered
Aug 2 1936 Q F
Bolivia fly 1st be
1927
.1
_ Cin Let)& Nor let con gu 4131942 NI N 9014 __ 95 May'29
Beaton & Maine 1st be A C 1967 M S -9412 Sale 931
9614 39
81
184
9112 99
Boston NY Air Line IM 4s 1955 FA 76
78
78
78
8112 Clearfield 58 Mah let gu 5s__1943 J
76
100 July'28
Brune & West let gu g 48-1938 J J 934 9814 92
J 9812
Apr'29
92
9512 Cleve Cin Ch dr St L gen 48_1993 D 8812 Sale 8812
89
Buff Roch & Pitts gen g 58_1937 MS
16
8712 91
4
9913 9912
9912
99 10018
20
-year deb 414s
8
1931 J J 977 9812 977
8
Consol 43-48
9812
1957 MN 8712 Sale 86
973 991s
4
875
8 29
86
927
8
General be series B
10358
1993 3D 10312
10358
Burl C K & Nor let & coil fe 1934 AO
101 10012 10012
10312 112
2 100 102
Ref & Inapt 68 series A _ _ _1929 22 995 gale 995
8
8
995
8 1
9912 1017
8
Ref & inapt 68 set C
1941 22 105
105 May'29
Canada Sou cons gu 58 A___ _1962 AO 10012 10512 104
1027 10538
104
1 1033 1063
8
8
4
Ref & impt 58 ser D
Canadian Nat 4348_Sept 15 1954 MS 9318 9414 9313
1963 22 1024 104 102 May'29
9414 10
98 103
93
12
964
Cairo Div let gold 443
1939 J2 0214 9412 93
93
5
-year gold 4348. Feb 15 1930 FA 983 Sale 983
5
4
984 24
93
4
973 9934
9312
4
W & 58 Div let g 4a 1991 J J 84
85
84 May'29
30
-year gold 4348
1957 J
937 Sale 9312
8
94
80
35
02
9312 96
St L Div let coil tr g g 441_1990 NI N 9112
_ 86
86
Gold 4348
1968 JD 92 Sale 92
94
23
85
8812
94
92
Spr & Col Div Isle 48
-13 924 Mar'29
Canadian North deb at 70_1940 JD 11018 Sale 11018
1940 St S 9113 14
9218 921s
111
18 10818 113
W W Val Dly 1st g 4s
90
1940 2) __ 95
Oct'28
-year of deb 6548
25
1946
.1 11434 11513 11514 May'29 _
_
114 11012
Ref & impt 44413 sec E
87
943 843 May'29
4
Registered
4
1977 J .1
112 Apr'29
98
03
112 113
CCC&Igenconsgds
8
005 May'29
8
10-yr gold 4448____Feb 181935 FA
1934 J2 1005 104
973 Sale 973
4
10058 10412
4
974
3
9514 99
Clev Lor & W con let g 58_ 1933 AO 98 100
98
Canadian Poe fly 4% deb stock_ _ J J 8114 Sale 805
98
8314 151
98 10112
8
8
805 88
951.... 00
Cleve & Nfahon Vale 5e
Col tr 4348
1938 .1 .1
Oct'28
1946 NI S 9714 Sale 97
98
71
96
99
Cl & Mar lot gu g 442s
4
9614 Apr'29
Carb & Shaw 1st gold 4s
1035 MN 943 98
1932 MS
9818 Nov'28 --66- - -ti
96
Cleve & P gen gu 4348 our 13_1942 AO
___ 0034 Nlar'28
Caro Cent let cons g 4s
1949
J
80
80
1
i91- SOts
4
Series A 434e
9714 100
Apr'29
97
1942 J J 97Caro Clinch & 01st 30-yr 58-1938 JD 100 100
-97- Ws;
10112
8 100 10112
Series C 344s
91
Oct'28
let & con g 68 ser A_Dec 15'52 Jo 107 Sale 107
1948 MN
107
14 107 109
Series D 354s
893 Jan'29
4
Cart & Ad 1st gu g 48
1950 FA
1981 JO
895 895
873 Feb'29
4
873 873 Cleve Shot Line let gu 4448_1961 AO 9718 99
4
4
9712 Nlay'29
Cent Branch U P let g 4a.._1948 JD
96
85 Mar'29 _
991
4
8412 05
Cleve Union Term let 534e1972 AO 10612 1071z 0712 108
Central of Ga 1st ge_Nov 1945 F A 10112
20 10512 109
10112 10112
1 10112 10212
Registered
07
Oct'28
Consol gold Est
A0
1945 MN 9613 104 100 4 May'29
3
993 103
4
lots f 59 sec B
103
Registered
1973 A0 i66- Sale 02
5 10114 168 4
N
100 Jan'29
.-1100 100
lets'guar 444eserC
973
8
10
1977 A0 9612 97
-year secured 66__June 1929 JD 993 100
9738
2
4
993 May'29
4
973 101 •
8
9914 10018
Ref & gen 5428 series B___1959 AO 102 1043 100
4
103
11
993 10512 Coal River Sty lat gu 4a
4
84
90 8812
8812
3
Ref & gen 5s aeries C
1959 AO 9814 103
984
904
9812
85
981210113 Colorado & South Ist g 48
_
997 Jan'29
8
19 5 F D
929 JI A
4
Chatt Div pur money g 48-1951 JD
87 Mar'29, _ _
994 997
8
87
87
Refunding & eaten 4348
9612
1935 MN 9512 Sale 9513
Mac & Nor Div 1st g bs_ _1946 J
6
____ 107 101
Jan'29
9512 9712
101 101
Col & H V let ext g 48
87
92
884 Apr'29
1948 A 0
Mid Ga & All dly put in 581947
J 95 10212 10318 A pr'28
884 91
Col & Tol 151 ext 4s
9113 Mar'29
Mobile Div let g be
1946
J
100 Apr'29
914 9112
Nis 10018 Conn & Paseum Illy 1st M 1943 F
9 5 A O ---- -- 88 Apr'29
5
Cent New Eng let gu 4s
A
196I J J 794 Sale 794
80
13
88
90
793 84
8
Consul fly deb 4e
9413 Mar'29
Central Ohio reorg 1st 4348_1930 M S 9713
1930 F A 9412 _
9713 Apr'29
9412 9412
_
97
9914
Non-cony 4e
677 Sale 674
8
Cent RR & Ilkg of Ga coil 581937
68
6
N 955 _ _
8
97 May'29
6734 76
95
994
Non-cony deb 48____Jdrj 54 2 j 677 Sale 677
8
19
955
Central of NJ gen gold 5s...1987 J 1 10814 Sale 10814
8
J
674
7
10814
1 1075 11118
67
72
8
Non-cony deb 4s..._ _Adr0 1955 A 0 674 69
Registered
76 Nov'28
1987 Q J
10814 May'29
107 1095
8
Non-cony debenture 48_1956
835 73
8
General 4e
Jan'29
1987
2
89 Feb'29....
75
73
89
89
Cuba Nor Ity 1st 534s
Cent Poe let ref gu g 40
1942 J D 81 Sale 81
83
21
1949 F A 90 Sale 90
9114 32
81
9314
90
93
Cuba RR let 50-year 5sg
90 Sale 90
1952
Registered
90
7
F A
88 Sept'28
96
89
1st ref 734s series A
1936 J D 994 100 100
Mtge guar gold 334ii_Aug1929 JD 99
10014 10 100 106
99
99
4
09
993
8
let lien & ref 68 ser B
93
Through Short L let gu 4e_1954 AO 9014 9212 9014
1936 J D 91
96 Nlay'29
9014
9012 98
5
9014 9114
Guaranteed g be
1960 FA 100 Sale 997
8 101
82
9918 103
Day & Mich let cons 4448_1931 J J 9714 9913 97
6
974
9813
97
Del & Hudson let & ref 48_1943 M N 904 Sale 9018
91
Charleston & Sayn'h let 7e 1936 .1 J 111
16
____ 11114 Mar'29
044
89
11114 1131,
30-year cony 5s
1935 A 0 10214
10214 Nlay'29
Cites& Ohio let con g 5s__1939 M N 10214 Sale 1024
10212 10 1012 10412
97 10412
15-year 5348
1937 M N 102 103 102
103
11 100 105
Registered
1939 M N
10214 Dec'28
10-year secured 7e
10112
7 10018 1034
1930 J D 10114 102 10118
General gold 43251
1992 M El 965 963 9612
8
967
8 42 "9412 10014 D RR dr Bldge let
4
cue 48
1936 F A 8814 89
9614 Aug'28
Registered
M 8
_ 98 May 29 ____
9214 98
Den & It 0 let cons g 4a
1938 2 J 9014 9212 8814
883 123
20-year cony 440
4
925g
1930 F A 983 99
983
4
4
9918 33
88
9812 997
8
Consol gold 434s1936
8 May'29
Ref & 'runt 4 As
1993 A 0 023 Sale 923
4
4
8913 9412
933 277
4
004 955 Den & R0 Weat gen be_Aug 1955 J J 9212 Sale 915
8
204
93
92
MN
Registered
F A
9218 Mar'29
91
98
924 9218
Ref & Impt 58 set B Apr 1978 NI N 864 Sale 867
87
64
8
Craig Valley 1st 5s__May 1'402 J
864 930
100 Apr'29
4
9934 10012 Des NI & Ft D let gu 4e
3014 Apr'29
39
1936 .1 J 27
Potts Creek Branch let 444_1946 J J 8812 89
25
8812
40
8812
2
8812 8812
Temporary ats of deposit
2618 Sale 264
2618
1
R& A Div let con g 4e____1989 J J 8418 85
84 May'29
264 36
_
83
864 Des Plaines Val 1st gen 4%8_1947 IiiE3 925 99
8
9238 Feb'29
_____2d consol gold 4s
19892 J 8114 85
925 92%
8
8114 May'29
81
88
Det & Mac let lien g la
Apr'29
75
10952 D 73
76
Warm Springs V let g 5e 1941 M 8
75
100 Mar'29
7614
100 100
Gold 48
75 May'29
75
19952 D 70
Cheaap Corp cony 58 May 15 1947 M N 9814 Sale 98
75
75
9814 192
98 10012 Detroit River Tunnel 440._1981 MN 963 99
97
97
4
7
Chic & Alton RR ref g 3s
1949 A 0 66 Sale 68
9612 10014
86
11
86
704 Dul Nlissabe & Nor gen 58_1941 2 J 10313
Ctf dep stpd Oct 1928 lot--------- 66
- 10314 Nlay'29
10214 1034
66 May'29
69
6512 69
Dul & Iron Range let 58
99 18
1937 A 0 99 dile 99
Railway first lien 344e_
1950
.. 68 Sale 68
99 10118
68
2
8614 71
Registered
10012 Nlay'28
_
A 0
Certificates of deposit__________
68
68
2
67
71
Dul Sou Shore & ALI g 5o.._1937 1 J 77
78
82
80
7 "ii
Chic Burl & Q-III Div 3;28_1949
8112
841*
8412 88
845
8
6
83
88
Emit fly Nlinn Nor Div 1st 4s '48 A 0 86
9412 9312 Feb'29
Registered
.1 .1
9312 94
84 Apr'29
84
84
ELLA T Va & Gs Div g 5e___1930 J 1 977 9912 9912
8
9912
Illinois Division 46
974 994
1949 J .1 915 Sale 915
8
9212 25
8
905 94
8
Cons 1st gold 68
1956 NI N 10312 Sale 10312 104
General 4s
10312 1054
1968 M S 91 Sale 90 4
91
3
9
8912 934 Elgin Joliet & East Isle So.
99
4
.1941 M N 09 Sale 99
Registered
99 105
M 8
913 Sept'28
4
El Paso &El W let 5s
1965 A 0 9812 ---- 100 May'29
let & ref 442s ser B
100 1054
1977 F A 96
96
21 -55- 142
9614 96
1let & ref be serlea A
1971 F A 10312 105 1045
105
10 1014 106
8
Erie 151 comet gold 7e ext_1930 M S 10114 10112 1003
4 10112
9 103 104
Chicago & East III let 8s
1934 A 0 10012 106 10118 May'29
10118 106
1st cons g 48 prior
824 21
1996 J J 82 Sale 82
C & E III Ry (new co) con 58_1951 MN 81 Sale 81
8012 854
8214 58
804 854Registered
8
705
1
8
1996 J J 7958 Sale 795
Chic & Erie 1st gold to
794 8112
1982 M N 101 105 10114
10114
993 108
5
8
let consol gen lien g 4s
7712 106
1996 J J 75 Sale 75
Chicago Great West lot 4e 1959 M S 6712 Sale 67
804
75
673
4 44
6612 694
Registered
103_ 7112 May'29
1096 J J
Chic Ind & Louise-Ref 65._1947 J 1 109 --10018 May'29
7112 73%
14
10018 1133
4
Penn coil trust gold 48
10118 May'29
Refunding gold 58
1951 F A lairs
1005 10114
8
1947 J J 10018 10412 10818
10818
1 100 108
50-year cony 4.5 series A
81
1953 A 0 81 Sale 81
32
Refunding 48 Series C
784 844
1947 J J 821
8
Jan'29
92
92
92
80 May'29
1953 A 0 8012 82
1st & gen ba ser A
7913 8412
1966 M N 99 Sale 99
1004 32
95 10314
Gen cony
Seriel 134s series D
8412 Dec'28
1953 A 0 7934 82
let (.. gen 6a ser B___May 1968 J J 10413 Sale 10412 10514
4 103 10813
Ref & ra Is
'pt
9312 Sale 8312
95
202
ChIc Ind & Sou 50
-year 48
O11 97
1958 2 J 88
91
884 May'29
8758 943
8
Erie &Jersey let 8 f6s
11113 115 11118 May'29
9 MN
67
1955 JJ
Chic L 8 & East let 4 SO.- 1069 J D
1051g 11114
_
94 Mar'29
94
94
Genemee River let a f 58 1957 J J 107 1083 107
4
10712
8 1064 112
ChM & St P gen g 41A_May 1989 J J 82 Sale 82
8414 29
81
8604 Erie & Pitts gu g 3548 set B_1940 J J 8814 -- 102 Feb'28
Registered
Q J
80 Apr'29 _
80 80
Series C 314s
19402 1 8814 _- 8818 Jan'29
Gen g 330 ger B---MaY 1986 J 1 703 724 714
i
"To- Ta881
4
.
7212
7112 75 Est RR extls f 7s
1954 M N 10314 Sale 103
10312 26 10114 105
cv
-
3485
New York Bond Record—Continued—Page 3
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 24.
en
Price
Friday
May 24.
Week's
Range or
Last Sale
41,4
62 ie
Range
Since
Jan. 1,
Ask Low
Bid
High No. Low
High
98
98 Apr'29
98
Fla Cent & Pen let ext g 55_1930 33
9512 May'29
1943 J J
93% 9914
let consol gold be
1
4
9134
9118 94
913
4
Florida East Coast let 438_1959 J D 913 96
71
75 Sale 75
1974 NI
75 '80
76
let & ref be series A
N 34
35%
3514
36
1
2512 50
Fonda Johns & Glov let 4 %is 1952
94
94 Nov'29
94
Fort St U Deo Istg 410_1941• J
__ 106 10614 Apr'29
Ft W & Den c let g
1981 J D
- 10614 10714
8
102 1037
Frem Elk & Mo Val 1st 6s 1933 AO 102 104 10218 May'29
8
1931 MN 95
977 100
09 983 May'29
4
11 &SAM&P 1st 5s
1931 J J 9814 100 09 May'29
2d extens be guar
97 100
96 100
8
Gal, Ilona & Ilend let be
947 96 May'29
1933 AO
86
Ga & Ala fly 1st cons be Oct 1945 J J 86
89 86 May'29
85
Ga Caro di Nor let gu g as_ _1929 J J 99
2
9418 99
99
0912 99
Georgia Midland let 3s
74
3
1946 AO
8
747 74
7312 7818
J J
9513 May'29
Or R & I ext 1st go g 4
_1941
9512 97
Grand Trunk of Can deb 68_1940 AO 11013 Sale 11018 111
32 10814 113
15
-year e f Os
1936 NI S 10414 Sale 10418 10412 15 103 106
Grays Point Term 1st 55_ _1947 J o 94% 94% 97 Apr'29
97 97
Great Nor gee 78 series A
1936 J J
J J
Regietered
let & ref 4 Eserlee A_ ___1961 J
General 534 s series B____ 1952 J J
General is series C
1973 J
General 43.18 series D
1976 J J
General 4%5 series E
1977• J
Green Bay & West deb Ws A___ _ Feb
Feb
Debentures etre 13
Greenbrier fly let gu 4s____1940 MN
Gulf Mob & Nor let 5718_ _1950 AO
let Si be series C
1950 AG
Gulf & 11 I 1st ref & ter It 58_51952 J J
Hocking Val let cone g 4;0_1909 J J
Registered
1999 J J
Housatonic fly cons g 5s___ _1937 MN
HA TO 1st g 5e Int guar_ 1937 J J
Waco & N W div let 6s_ _1930 M N
Houston Belt & Term 1st be_ 1937
A
Houston E & W Tex latg 50_1933 I'd 11,
let guar ba red
41
1933 P N
Had & Manhat let be ser A _1957 F A
Adiustmentincome Ls Feb 1957 A 0
Sale 10834 10912 171
109 Apr'29 _
2
9418
94 Sale 94
106% Sale 10634 10714 31
10414 82
10414 Sale 102
9412
5
9414
95
92
34
96
92
95% 93%
Oct'28
85
4 30
223
22
_ 9114 Mar'29
4
913
99 May'29 _
10018 103
__
____ 9914 99 May'29
_
1003
4
-- 10418 Mar'29
9453 19
9412
9418
10212 Mar'28 _
97 May'29 __ _ _
10007
_
102 May'29
162
10014 Mar'29
100
6
166- dile" 100
95--_ 09 Mar'29
99 - 9812 Feb'29 _
95
92% 14
91 Sale 91
8 43
763
76 Sale 755g
109
9212
llllnoieCentral let gold 4a
93
9212
91
1951
J
J J
95 Nlay'28
Registered
let gold 3119
82 15 - 81% Mar'29
Registered
84 Nov'28
Extended let gold 33113_1951 A 0 82 15 83% Apr'29
let gold 3s sterling
1951 M S 7118
74% Mar'29
Collateral trust gold 48_1952 A 0 8812 89
8914 88
51 N
Registered
Oct'28
87
let refunding 4s
4
1955 M 7.1 9012 91% 903 May'29
Purchased lines 3%o
1952 J
4
793 82 82 May'29
J J
Registered
87 Nov'28
Collateral trust gold 45_ _1953 M N 16512 104 8512
4
863
M N
Registered
9014 May'28
Refunding 52
104
104
1955 M N
15-year eccured 614e g
1938
4
1083 Sale 1083
4 1083
4
A 973 Sale 9718
40
-year 4719
Aug 1 1966
98
4
Cairo Bridge gold 4e
1950
8514 92 90 Mar'29
Litchfield Div let gold 38_1951
72 Apr'29
74% 77
Louis, Div &Term g 3tie 1953
8
8012 813 813 May'29
4
A 733 77
Omaha Div 1st gold 35
1951
7412 Mar'29
4
St Louie Div dr. Term g 35_1951
76% Oct'28
7218
Gold 3718
1951
81 Mar'29
77%
Registered
78% Oct'28
Springfield Dly 1st 3%8.1951
88 Dec'28
A
Western Lines let g ie.__ _1951
9012 Apr'29
A
Registered
92 Apr'28
Ill Cent and Chic St L & NO—
Joint let ref be eerier' A___1963
4 102
1003
151 & ref 434s series C____1063
95
95
2
15
8
10
1
44
Price
Friday
May 24,
Week's
Range or
Last Sale.
6_5
clx
ve
100 10514
9418 974
Nash Chatt & St L 48 ser A.1978 F A
F 3
470_11995773 A
N Fla & 8 it gu g
be3
Nat fly of Niex or lien
3 J
July 1914 coupon on
Assent cash war rct No 4 on
-year 5 I 4e
Guar 70
1_
45o7 _ - - _
Assent cash war rct No 197n ; _ 0
Nat RR Men pr lien 4348 Oct'26,3 J
Assent cash war rct No 4 013
1951 A 6
let consol 48
Assent cash war rct No 4 on
- N
Naugatuck Rlt let g 45 _ _ _ _1954 1ViNew England RR Cons 58_1945 J .1
1945 J J
Consol guar 4s
1988 F A
NJ June ItR guar let 4s
N 0& N E IA ref & imp 4 tisA'52 J 3
1953 J J
New Orleans Term let 4s
N 0Texas & Mex me Inc 56.1935 A 0
1954 A 0
1st 566 series 11
1956 F A
let be series C
1956 F A
1st 411a series D
A 3
3 0
1st 5%e series
guar 430..1199454
N & C Bdge gee A9
NY B & NI B 1st con g 58_1935 A 0
N Y Cent Alt cony deb 6s_ _1935 M N
M N
Registered
1998 F A
Consol 48 series A
Ref& impt 4115 series A 2013 A 0
2013 A 0
Ref & Rapt 5s series C
A0
Registered
4
---- -- 893
88% ---- 99
4
893
9914
27
8
% J ly 2
171
— 4 -_-_-_-_ 18 julY:28
1012 1218 93 May'29
122
'2
17
8212 Aug.218
3812 JulY'27
Ind Bloom & West let ext 4e 1940 AO 85
91 Nov'28
18
8
3 d
—1t- - 68- e- 18
Ind Ill & Iowa ist g 45
8
1950 J
92 1666
88 - - 9214 Feb'29 _ _ _
8
_ 2
6ale_ 28 Apr'28
_
Ind & Louisville let go 4s_..1956 ii 85
86 Apr'29
8412 8814
88
35
_ _ 102 103
Ind Union fly gen 5a err A._1965 J J
8
_ 1017 102 May'29
Oct'28
86
_ _ 103 103
Oen & ref 5s series 11
10212 103 Mar'29
1965• J
Int & Ort Nor 1st tte per A _1952 J J . 4 10512 10412 105%
6 10014 10612
1533
'
9 29
89
8012 89 93 May9
Adluatment 68 eer A July 1952
8912 40
85
90
85
8512 86
7712 Feb'28
Stamped
935 -_-_-_-_ 8812 May'29
9
7 -914 93
9312
9358
let 54 series 11
1956• 11 9312 9
9653
1
8755
let g ba series C
3
1956 J J 92
9317
8712 Sale 8712
91
93 93
9513
____ 9412 96 May'29
lot ItYll Cent Amer let M._.1972 MN 7714 Sale 7714
7
7714 82
794
03% 17
9014
1st coll tr 6% notes_ __ _1941 MN 90
927e
94
90
93 91%
9
9112 963
4
let lien & ref 671e
1947 FA 95 Sale 95
4
/
961 39
98 10013. 98 Apr'29
93
98%
Iowa Central let gold 5s
881, May'29
1938• D 40
2
40
4012
90
45
88
51
40
10114 11
Certificates of deposit
101 10112 101
40
48 40 Nlay'29,_ _ _ _
40
5112
Refunding gold 4s
6,8
1951 MS 1118 1318 1012 May'29 _ _ _ _
29
0
4
9 ,, 0
95 1_ _ — 9512 May'
1012 20
1
96%
James Frank & Clear let 40_1059 3D 8912 92 88 Apr'29 _ _
8912
85
104% 12
Kan A & R 1st gu g be._ _ _1938 J J 98_ 10014 Apr'29
104 10513 104
9014 10014
* 0 76 Jan'29
1990
Kan & M lat gu g de
8i 82 May'29 _ _ _
106
8412
82
7
25
88
87 Sale 87
9712 25
90% Sale 9018
91
X 0 Ft SA M Ry Pet g 48_ _1930 A
34
97 Sale 9
89
93
KO&MR& 13 1st gu 56_1929 A
102% Sale 1023
4 1044 110
9912
- 081s May'29 _ _ _ _
98
1950 A
Mar'28
87
86
984- - 7312
74
Kan City Sou 1st gold 38
13
76
70
Apr 1950
Ref & impt 58
9512 Sale 9517
99
4
25
9512 993
7918 27
Kansas City Term 1st 48___1960
86 Sale 86
88
45
904 N Y Cent & Ilud Riv M 330 1997 J 3 7812 Sale 7818
86
Kentucky Central gold 4a.1987
1997 J J 77
4
883 92 883 May'29 _ _ _
7812 78 Apr'29
4
8814 9072
Regiatered
12
957
Kentucky & Ind Term 34e 1901
m N
1934 IVI N 9512 Sale 9518
8
_
__ 877 95 Jan'29
95
95
Debenture gold 48
1961
Stamped
95 Jan'29
87
90
i7
87
1
90
Registered
87
1961
Plain
96
1942 J J 9118 - 95 May'
29
__
91
93 Apr'29
8
907 95
20_year debenture 4s
38
Lake Erie& West 1st g 5s_ _ _1937
4
15
8
753 78
753
997 Sale 997
757
101)
4
8
Lake Shore coil gold 3715_1998 F A
9812 101
1941 J J 0818 10013 100 Feb'29 _ _ _ _
7418 Mar'29
2d gold be
735 80
*
99 100
Ftegletered
2
4
793
Lake 1111 & Mich So g 370_1997 J
9112
7334 7912 79
7918 7912 79
791s
4
Mich Cent colt gold 3AB-119 F A
78
99938 F
1997• D 73
Registered
8
1998 F A 7212 7712 745 May'29
78
7812 May'29
75% 7812
Registered
1931 MN 97 Sale 967
26
93% 30
-year gold 48
s
973
91
96% 9912 N Y Chic & St L 1st g 4s_ 1937 A 0 9314 Sale 0314
MN
_
96% Feb 28
Registered
1937 A 0
9934 Apr'28
- Registered
37
M N
977
Leh Val harbor Term gu 58_1954 FA 101 1- 7 103
1931 55 N 9718 Sale 9718
6 -1;
103
1 ioi 16ii8
25-year debenture 4s
33
Leh Val N Y let gu g 430._1940 J J 9615 975s 96 May'29
8
__
1003 Sale 10053 101
,
2d 6a series A B C
95% 99 4
Lehigh Val(Pu) cons g 4s_ __2003 MN 8412 853 85
28
7
19 4
8
4
8534 18
*Ws 884
Refunding 5%e series A_ _1931 A 0 1053 Sale 10538 106
MN
Registered
__
.
Jan'29
86
86
86
Refunding 5345 series B _1975 J J 10512 Sale 10511 10553 13
2003 MN 957g Sale 947
32
94
General cons 4%e
1978 51 S ---- 9314 9312
8
96
6
921/ 100
Ref 41.78 series C
MN
Registered
99 Nov'28 _ _ _ _
N 11(8,
g u 430 A1953 F A
ea B
Connect
u
;
1953 F A 1 - -3 193 19413 ivi a : 9
8
guar
.01 - 04
series
'2 0012 Nla 229
Lehi Valley RR gee Ss series 2003 Ni N 104- _ _ 1054
10514
90 Apr'29
11 10136 10714 NY & Erie lat ext gold 4t1947 M N
8
Leh V Term Ry 1st 811 g 55_ _1941 AO 997 10217 99%
1933 M 8 9099%
1
100 9812 Mar'28
3d ext gold 414/6
997g 10312
AO
Registered
1037g Feb'28
1930 A 0 -973 100 100 Apr'29
4th ext gold ba
4
90
_
90
Oct'28
Leb & N Y 1st guar gold 48._1945 Ni S 87
N Y & Greenw L gu g be_ _ _1948 M N - - - 05
May'29
Lox & East 1st 50-yr Is gu._1965 * 0 10512 Sale 10512 10512
5 ioEf4 1014 N Y & Harlem gold 3%4_2000 M N
99
8612 Dec'28
Little Miami gen 4s series A.1962 NI N
M N 71
889355181'1'AI
Registered
1935 AO i61- 107 10212 May'29
Long Dock consol g Os
. - 3
15212 I1:114-1- N Y Lack 36 W 1st & ref go Se'73 M N 1001g ---- 10018 Feb'29
Long Isld 1st con gold 5aJuly193I Q J 97% 100 98 May'29
Apr'29
96
1973 MN 9618
4
1st & ref gu 434s con
973 10114
100 Feb'29
_
let consol gold 4s....._July 1931 Q J 97
Ny 5, 3 „68 y l st 7e
NYL F e& W iet5. ext__ _ _1930 M S 98
l
_ 104 Feb'28
97 100
1938 3D 90 92! 9212
1932F A 963 _-- 97
97
General gold 4e
12
92%
3
94
90
4 9712
1932 3D
9912 Dec'28
Gold 4e
N Y & N E Boat Term 4,3_ _1939 A 0
_icc_ 90 Mar'28
1949 M
__
8814 May'29
Unified gold 4e
SO's N Y N II & II n-c deb 48_ _ _1947 rIl 8 75
7850
85
76
•D
1934
Debenture gold be
96
May'29
9714 96
1
Non-cony debenture 334s-1947 M 8
96 100
1937 MN 96
-year p in deb 59
80
9812 9812
7118
9812
9
8
4
993
58
7112 71
Non-cony debenture 334a-1954 A 0 71
1049 MS _ _ 89
8
887 May'29 _ _
6
1956 J J 78 Sale 78
SO
Guar ref gold 45
91%
07
Non-cony debenture 4a
1956 M N
7
97
9912 89 Apr'29 _ _ 98% 100
Nor Sh Diet con gu ba_Oct'32 Q
Non-cony debenture 4s
M
-1956 J 3 771'4 89
9
0
' 7
7 12
7'
0
014
7 4 71
8512 89
89 May'29
'2 7824
8412 90
Cony debenture 314e
Lou & Jeff Ildge Co gd g 48_1945
1948 J J 12014 12012 120
102 Apr'29 _ _ _ _
122
_
33
10014 10212
Louisville At Nashville 54_1937 MN 102
Cony debenture ee
J 3
1940
i_
1 18 Apr'29
93
947
s
Unified gold 4s
9Ps 93
13
3
Registered
4
928 95 4
J J
1940 A 0
9314 Nlay'29 _ _ _ _
105
48
10334
Registered
Collateral trust de
9314 934
sole III133o
44
1957 M N i75 E; 1e- 75
6
100
4
993 100 100
Collateral trunt gold 5e...1931 MN
2
Debenture 46
N 101 10114 10012 10114
54
88
17 10012 105
let & ref 43'4s ser of 1927.1967 J D 8712 Sale 86
-year sec Ts__ _May 15 1930
10
4
89
89
4 11 10014 1073g
Harlem R & Pt Ches let 4.1964 M N 8912 90
lit refund 53-4s ankle A. _2003 A 0 104% Sale 10412 1043
-o-a
11/ue Feb. 1.
Range
Since
Jan, 1.
High
Biel
Rion No Low
Ask Low
Louisville & Nashv (Concluded)—
1021g 105%
2003 * 0 10218 104 10318 May'29
let dr ref 55 series B
971s 99
6
9712
2003 Al0 9712 Sale 9712
let & ref 43-4is series C
99% 101
1
8
4
1930 33 993 1003 100% 1007
4
NO&M let gold 6a
100 10014
110 Apr'29
1930 J
2d gold fla
9012 11114
901g May'29
Paducah & Mem Div 413_1046 F A
5312 5713
62 - - -- 6312 May'29
68
St Louis Div 2d gold 38_.1980M
1
Mob .341,1ontg let g 4%4_1945 51 S 97 100 100 Sept'28
8915
84
84 13 11
South fly Joint Merlon 48_1952 33 84 Sale 84
4
1
893 92
90
4
893
89%
All Knoxv & Cin Div 45_ _1955 MN 89
9912
97
97 May'29
98
Donley Cm & Lox Div g 4%e'31 MN 97
100 100
1934 J J
100 May'29
Mahon Coal RR let ba
73% 76
74 fife 74 May'29
Manila RR (South Lines) 4s_1939 M
77
69
8
737 69 May'29
1959 MN 69
let ext 413
99 May'29
58% 10012
Manitoba S W Coloniza'n 58 1934 3D 99
4
8612
8613
Man G 13 & NW let 334e__1941 33 85% 90
_
100 May'29
MichCent Det & Bay City 55.31 MS 100
Ron6te mi
Q SI
10034 Apr'28 _ _ _ _
_
-11940 33 92 I6 2 9214 Apr'29
4e
4
Mich Air Line
1083 112%
_
33
9218 July'28
Registered
109 109
8218 Apr'29
85
59
1922 MN 83
let gold 33-4e
9212 08
AO
4
993 Mar'29 _ _ _ _
10418 10934
20-year debenture 40
Oct'28 _ _
AG
99
Registered
100% 1043
4
__
9112 94 Mar'29
1940 * 0 85
9212 971 Mid of N J let ext 55
4
/
_ 9913 Jan'29
93
97% Milw L S & West imp g 5s 1929 FA
_
'eb'29
6Mil& Nor let ext 470(1880) 1934 3D -54 - 612 96
22 2 9
- 5;
Cons ext 41113 (1884)..A934 J 1) 9158 9312 94 May 29 _ _ _ _
4
91 14 9114 Sill Spar & N W 1st gu 48_ _1947 MS 8912 92 903 Apr 29 ___ _
_
_
90 Apr'28
Milw & State Line 1st 310-1941 J J
99 108
2
50
99 99
Minn & St Louis let cons 55_1934 Ni N 50 Sale 50
1
4717
4712
50
Temp ctfs of deposit_ _1934 MN 46
104% 108
22% 66
1st & refunding gold 48_ _1949 MS 2118 2214 2118
99
94
1
20%
2014 20%
Ref ct ext 50-yr 5s ser A..1962 Q F 18
Jan'29
16
Certificates of deposit______
-97- 95l
863* 16
4
8612 87
863
n
5 e 2 51
102 10314 M 181P .8 5 M con g 48 let gu'38
33 9418 9412 963
5
4
963
4
10014 102
4 16
963
4
96% Sale 963
1st cons 5s guns to int __ _1938 J
4
983 100
22
99
98% 9812
10-year coil trust 6348.._._1931 M S 98
9812 99
9814 May'29 _ _
1940 J J 98 102
let & ref 65 series A
9714 10218
1
9812
1949 M
89
9812
_
25-year 5,30
90
08
_ 9312 Jan'29 _ _
let Chicago Terms f 48._ _1941 MN 3.8T4
7212 843
4
5
96 ,
96
let Be_ _ _1949 J J 95
1
M 11531816PPiCentral
11 49
843
91
9514 Mo Kan & Tex let gold 413_1990 J I) 81% Sale 8112
98141 28
Mo-K-T Rli pr lien 55 tier A.1962 3J 98 Sale 98
4
824
1962 33 81% Sale 81%
-year 4s aeries 13
40
80'o 853
s
J J 90 Sale 90
7
9112
Prior Ilen 434e ser D
18
106
78
9
adjust be ser A _Jan 1967 AO 103 Sale 103
Cum
831s 8's
37
98
1975
7414 7414 Mo Pee let & ref Se ear A _ 1965 FA 97% Sale 9718
B 71% Sale 71
7312 79
General 48
4
804 933
139
97
9612 Sale 0618
1977 M
let & ref be series F
54
97
1978 SIN 9512 Sale 9512
1st & ref R 5e ser 0
90
s
927
N 1043 Sale 10358 105 4 1638
3
4
1949
Cone gold 555s
4
833
82
5
1
/
8912
Mo Pee 3d 78 ext at 4% July 1938 MN 88% 904 8913
Mob & Bir prior liens 58..1945 33 9914 100 100 Apr'29 _ _
51
84
J
85 Sale 99 Feb'29,___ _
Small
j
4
883 Apr'29' _ _
let NI gold 4e
102 1- 6i4
6
2
85
85
1945
1949I, 85 _
Small
107 11158
__
93 May'29
97 10012 Mobile & Ohio gee gold 4s 1938 SI S 8112 94
Montgomery Div let g 58_1947 FA 9918 -- 100 May'29 _ _ _ _
86
90
1
9312
1977 M S 9312 Sale 9312
, Ref & !mot 4 tis
71% 751
3
83%
8358
88
81
8
$43 Mob & Mar 151 gu gold 49_ _1991 SI S 84
J J 105 10812 106 Apr'29 _ _ _
A65
l e gg ,
ar t , 5
7472 M o
letnt6C6
74
7
4 10084
9
1937• J 99
- 1003
3
7612 16
Morris & Essex 1st gu 330_ _2000 J o 7512 Sale 7512
-ii-
88,2
36
1
BONDS
N. Y. STOCK EXCHANGE.
1
.eet.
Week Ended May 24.
8612 8612
994 100
-9214 93
-9
8134s -/
89
9
9313
9917
98
94
90
961*
111312
96
95
92
io
47
1912
,
15 2
16
86
531,6
35
2014
16
4
891
933 99
64
%
8
9 1s 017s
8774 188
9814 102
9311 9311
99%
96
8111 86
98 102
,
al% 8618
944
89
i 02 I0712
95,8 101%
7713
93,, 99
70
Qv, 100
101 10512
8918 917
s
99 100
99 WO
98
86
89
85
to% 93%
99 100
1171s
0
9
835s 87
106 100
109% 101
504
75
8914 1707s
99 102
_
94 134
-iifs -115;
IS
231
-- 713
-114
9883
88
93
85%
96
9014
95
.
9 -2
- 9
86%
88
9714
91
100
10012
101
8812 go
1001A 'obis
841. 9534
9512
1024
108
8612
97
10234
97
108
106
7
89 1
10011
1071s
8
773
7711
4
933
95
90
744
736,
4
743
8
745
9112
8214
784
4
973
05
9518
4
813
7418
4
793
78
96
9855
101112
10411
106
93
9312
994
10
1021,
1
107 4
107
95%
9712
10211
90
4s53
99 100
94% 98
83
83
-10016 100%
96 10012
-97
.
-0 2
10 7
79
75
7014
74
76
6914
116
115
102
70%
854
884
80
4
773
76
841s
841e
75
126
119
10518
784
924
170%
3486
BONDS
N. Y. STOCK EXCHANGE.
Week Ended May 24.
New York Bond Record-Continued-Page 4
Price
Friday
May 24.
I es •
rs
Week's
Range or
Last Sale.
,
r1
Range
Since
Jan.I.
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 24.
NA.
Price
Friday
May 24.
Bid
Ask
6818 Sale
---_
56
6214
Week's
Range or
Last Sale
11:1,
4
Range
Since
High
Bid
High No Low
Ask Low
High
7434 St Louis Jc San Fr By gen 66_1931 J J 100 Sale 100
8 100 102
100
9
General gold 58
1931 J J 99 Sale 99
95% 1004
9912
7184 St L Peor dr N W let gu 5a 1948'Ii 10012 10412 102% May'29
102 10318
91
St Louis Sou 1st gu g 4s
1931 MS 961s 9614 9618 May'29
9512 974
St L S W 1st g 40 bond otfa 1989 MN 8312 Sale 8312
9 8312 89
8314
1612 2d g 413 Inc bond etfa Nov 1989 .8.8 7718 82 8114 May'29
82
79
Conaol gold 46
8612
1932 J D 9378 Sale 9351
9352 9612
9412 34
9518 10152
32
1st terminal dr unifying 66_1952 ii 9518 Bale 9518
98
1i- St Paul dc K C Sh L let 4)0_1941 FA 8912 90 90
54
89/4 95 4
1
92
10112 St Paul dr Duluth let 5e
1931 P A 98 100 98 May'29
98 9814
85
1st consol gold 46
1968 J O 8818 897 8818 May'29
80 88%
14
8
105
St Paul E Gr Trunk 1st 446.1947• J
9718 Jan'28
90 4 St Paul Minn dc Man con 46_1933 ii 94's 95 9478 May'29 _
3
-oil, IA
1st coneol g 65
102
1933 ii 102 103 02 May'29
101% 1041e
ii
Registered
03 Jan'29
108 103
Norfolk & West gen gold 6s_1931 MN 102 ____ 102 Mar'29
10112 10314
(Ss reduced to gold 430_1933ii 96% 9814
May'29
9612 994
Improvement & ext 6e_ 1934 P A 1034_ 105 Mar'29
105 105
• J
Registered
_
95 Dec'28
New River 1st gold 65.
9972 104
1032 * 0 101 16312 1011s May'29
Mont ext let gold 4e
1937 J O 9111 94 9112 May'29
9112 96
N & W Ry lat cons g 413._1996 AO 91 Sale 9012
89
9214
25
Pacific ext guar 45 (sterling)'40 J J 8712 89% 92 Niar'28 _
92
Registered
894 8912 St Paul Un Dep 1st dc ref 56_1972 J J 10214 Sale 02
1996 AO
89% Feb'29
103% 23 iloof, 105*4
Div'l let lien Jr gen g 4e....1944 J J 91 92 91
6
904 94 13 A & Ar PAM 1st gu g 46
1943 J J 8512 88 88
9114
894 45
8714 91
10-yr cony Os
1324 13212 Santa Fe Pres & Phen 1st 56_1942 MS
1929 MS
13212 Feb'29
02 Apr'29
102 102
Pocah C dr C joint 4s _
9112 95% Say Fla dr West 1st g 66
1941 J D 913 ____ 9134 May'29
1934 * 0 10218 105'± 0212 May'29
4
10212 106
North Cent gen & ref Ea A 1974 MS
10778 10778
1934 A0 983
1st gold 50
8
9814 Apr'29
1071 Jan'29
4
9814 100
12
Gen dc ref 446 say A stpd-1975 MS
9574 99 f3oloto V & N E lat gu g 4a_ 1989 MN
97 Apr'29
1
883
4
- 8834
8812 004
North Ohio 1st guar g 58_ -1945* 0
96 9614 Seaboard Air Line ling 48.-1950 AO
9:2 96 Feb'29
-7g
7318 Apr'29
724 76
North Pacific prior lien 46.-1997 @
863 90
4
1950 AO 613 Sale 68%
10
Gold 48 stamped
87% 93
87 Sale 8654
70
4
1
674 764
4
Registered
8512 89
1997 Q J 8818
Adjustment 58
Oct 1949 FA 4912 Sale 48
3615 51
8612
9513
5014 265
Gen lien ry & Id g 3s_Jan 2047 Q F 62 Sale 6018
45 601s 67
64
1959 A0 55
21
Refunding 45
12
56
554 604
5512
56
Registered
62 6312
Jan 2047 Q F
1945 MS 75 Sale 75
1st & cons Os aeries A_
62 Mar'29
72
767 143
80
/1
Ref & inapt 448 series A__2047 J J
MS
98
987
96% 11
8
Registered
96
75
75 Mar'28 75
Ref dr impt fis series 13____2047 J J iii Sale 111
52 11058 11312
112
Atl & Birm 30-yr 1st g 48.41933 MS 8212 8511 82 May'29
81
89
Ref dc impt 58 series C2047 J
9 101 105 Seaboard All Fla let gu Os A.1935 FA 66% Sale 66
68% 72
10212
102 Sale 102
64 714
Ref & impt68 series D____2047 J J 10212 104 10212 102 2
1 101 10438
Series B
,
1935 FA 65 70 66
8
6614
644 704
Nor Pea Term Co 1st g 65_1933 J J 10934
1093 1093 Seaboard & Roan lat 58 extd 1931 J
4
4
4
1093 Feb'29
____ 9712 98 Dec'28
Nor By of Calif guar g 56._ _1938 * 0 99 102 99 May'29
99
99
1929 MN
So Car & Ga let ext 54a
90% Apr'29
99% 99%
& N Ala cons gu g fsa
1936 F A 'loofa 101
01 Dec'28 North Wisconsin let 6s_ _1930 J J 10018
-- 100 Sept'28
25
Gen cons guar 50-yr 56._1963 A
107
107 Sale 07
fas:
Og & L Chem let gu g 4s1948 J J 77 -78
83
,78
7
814 78
Ohio Connecting By 18t 4s__1943 MS
Nov'28
_
So Pao coil 4a (Cent Pac col) k'49
8912 39 884 9171
8812 Sale 8712
Ohio River RR 1st g 5e__1936 in 89% ____ 91'8%
99 WI;
J D
Registered
8514 864
8618 Apr'29
General gold 68
9914 100
1937 * 0 98
20
-year cony 45
9914 May'
June 1929 J O 992 Bale 996
29
99 99%
8
8
991
4 40
Oregon RR & Nay con g 48_1948• D 90%
89% 9212
1
let 430(Oregon Lines) A..1977 MS 95 Sale 95
29
906 May'
s
95
95
99 4
1
Ore Short Line let cons g 50_1946 J
2 10212 106%
8
10212 1021
3 100 10112
20
-year cony 58
102 10414
1934 J D 97 997 00
100
s
Guar atpd cons 56
3 10218 106
1946 J J 104 10412 104
104
Gold 446
1968 MS 89 Sale 89
91
92
82 974
Guar refunding 48
1929 J o 987 Sale 9828
9914
98
987
8 61
May 1 1969 MN 90% Sale 893
8
Gold 434s w I
8914 94ai
4
93 4662
Oregon-Wash let dc ref 48..1981 J J 86 Sale 86
8412 89%
86% 32
Ban Fran Term 1st 46____1950 * 0 86
8714 01
8814 21
88 8714
Pacific Coast Co 1st g 58.. 1946 J o 73
5
734 SO
74
74 74
1
Registered
AO
83
83 83
83
_Pao RR of Mo let ext g 46_ _1938 FA 90 93 903 May'
9034 9418 So Pao of Cal let con gu g 56_1937 MN 99-29
4
100 108
00 May'29
2d extended gold 55.
22
9614 99
1938 J J 97% Sale 971.
98
So Pao Coast 1st gu g 48_ ___1937 J J 9412 9514 954 Apr'29
9514 954
Paducah dc Illa let a f 434s_ _1955 J J 98 Sale 98
13
98 98
So Pee RR 1st ref 4/3
98
1955
.• 1 904 Sale 90
8914 9212
9114 58
Paris-Lyons-Med RR extl 66 1958 FA 993 Sale 991. 100
61
9712 101
Registered
ii
9034 90 4
3
90 Nov'28 - _
Sinking fund external 76_1958 MS 10314 Bale 103
10312 34 10112 104% Southern By let cone g 56-1994 J
3 10618 110
4
4 1073
10634 Baie 1063
Paris-Orleans RR s f 7e__ _1954 MS
Registered
1 4% Jan'28
04
93
J J
105 108
105 Mar'29
Ext sinking fund 534s. -1968 MS 943 Sale
4
93 - 2
18
iit- Deedl & gen 48 series A-1956*0 8514 Sale 8514 88 138 83% 89
Psulista By let & ref s f 75._1942 MS 102% ____ 10278 May'29
10112 104
Registered
*0
8714 Sept'28
Develop & gen fla
1958 A0 11384 fa- 1012 1133
8 ioii, 115
4
Pennsylvania RR oons g 45-1943
2 9318 95
N 93 943 94
94
8
Develop & gen 63.4s
1956 AO 11918 Bale 11918 1201e 33 117 123
Consol gold 48
92
9118 94
1948 MN 9138 Sale 91%
6
Mem Div let g 68
1996.8, 10412 10514 1045e 104% 25 104 10614
ds star stpd dollar _May 1 1948
1
N 91
91% 93 4
3
St Louis Div let g 45
9212 915s
91%
1951 J J 87
- 873
4
85
89
8714
Comol sink fund 43.2s
1960 FA 100 Sale 9978 100
31
99% 10112
East Tenn reorg lien g 58_1938 MS 9712 fiski 9718 May'29
9614 100
General 4345 series A __.1965 J o 9714 Sale 9714
9714 MO%
9812 52
Mob dr Ohio coll tr 4s._1933 MS
6
901 9018
4
901s 934
91
1051, 28 10412 10812
General 58 seriesB
1968 J O 104 10518 10412
10
-year secured 78
1930 * 0 101 Sale 101
10112 58 100% 10372 Spokane Internet let g 58_1955 J 1
73 Apr'29
7212 814
15-year secured 6345
1936 P A 10712 Sale 10712 108
30 10712 111
Staten Island By 1st 448 1943 J D
86 Nov'28
Registered
FA
112 Apr'28
Sunbury & Lewiston 1st 48 1938 J .1
95 Apr'28
40-year secured gold 58._ _1964 MN 1.51i4 Sale 10134 103
99 ioi- 105 Superior Short Line let 193 e1930 M S 98 101i 99 Mar'29
99 99
-Pa Co gu 33.4s coil ti A reg _ _1937 MS 88
89'. 8934 Term Awn of St L let g 446_1939 A 0 98 Sale 98
90 8934 Apr'29
98 98
98
Guar 330 coil trust ger 13_1941
' A
8412 8712
1st cone gold 56*
1944 F A _
-- - - 86 May'29
100 103
100% 10014 May'29
Guar 348 trust etre C____1942 J O
8514 89
8514 Apr'29
Gen refund a f g 46
87
1953 J J iiif4 Sale 86
_
85 90
8614 19
Guar 34/t trust ctf8 D_ _ _ _1944 J D -835s 8712 87 May'29
84
86 Texarkana&FtS lat 530A 1950 F A 10012 Sale 10012 102
15 10012 1044
Guar 15
-25-year gold 46_1931 * 0 9714 9712 9712
9612 99% Tex & N 0com gold 56
3
9714
1943J
___ 08 98 Mar'29
98 98
Guar 46 ser E trust We__ _1952 MN 8734 897a 86 May'29
8568 92 Texas & Pao let gold 56
2000 J D i0512 10812 10512 May'29
1054 109%
Secured gold 434s
1963 MN 97 Sale 963
98% 09%
2d Incte(Mar'280 on)Deo 2000 Mar 106
4
973 244
4
95 95
-- 95 May'29
Pa Ohio & Del let & ref 43.48 A'77 * 0 92 93% 95
4 924 9714
95
Gen & ref 5aseries 11
1977 A 0 97 1712 984
97
97 1024
99
Peoria dr Eastern let cone 48_1940 * 0 ---- 84 8414
8312 87
8412 27
G r & ref 5eistrg,8
u pivuL se iesC
1979 A 0 9714 Sale 97
973 226
9734
4
07
Income 48
April 1990 Apr. 36
37 45
4112 55
4138 4112
1931 J J 995s Sale 9714
99 4 12
3
97% 100
Peoria dr Pekin Un let 548_1974 FA 10114 103 10114 May'29
10114 103 Tex Pao-Mo Pac Ter 546_1964 M S 100 105 105 Mar'29
10212 1061
4
Pere Marquette let ear A 58_1956 ii 10114 Sale 10012 1011. 43 10014 1047 Tol ac Ohio Cent let gu 58-1935 J
1
9912
9812 10112
9912 10
99 lit 48 series B
1956 ii 9712
gm
88
6
86 91%
Western Div 1st g 56
9912 103
193 A 0 99 10014 103 Apr'29
5
1936.8 D 9714 994 9812 Apr'29
General gold 58
95 1001s
1 1illa Bait dr Wash let g 45_ _1943 M N 921. ---- 953 May'29
3
92% 95 Toledo Peoria & West 1st 0.1917 J J
4
-- 15 Nov'27
General Se series B
1974 F A
10714 May'28
107 108 Tol St L & W 50-yr g 46___ _1950 A 0 8714 90 8718
87% 24
12-91
87
PhUlippine Sty 1st 30-yr a f 4s '37 J J
3618 55
35
89 Tol W V sic 0 gu 430 A
36 •
1931 j 11 9712 514
98 Apr'29
95 98
Pine Creek registered let 65_1932 J D
103 103
--- 103 Mar'29
lat guar 446 aeries B
1933 J J 9684 98 9558 Apr'29
gm, 95
1a
Pitts & W Va 1,5 4345
1958J D 9484 96 98% Apr'29
94
96
9 % 94
8
9
6
let guar 46 aeries C
1942 MS
9758 May'29
974 994
P C C dc St L gu 446 A--1940 A 0 9684
95% 99% Toronto Ham dc Buff let g 481946 J D "85- gific 85
85
8414 884
Series B 446 guar
1942 A 0
9614 10012
---- 963
4
9614
Series C 433e guar
1942 M N 9634 __-- 9712 Apr'29
974 993 Ulster & Del let cons g Ga
4
1928 J D 72
77 77 May'29
50 85
Series D 48 guar
944 9812
1946 M N
96 May'29
Certificates of depoalt-----68
787 65 May'29
8
65 85
Series E 34a guar gold
19C F A
9714 Sept'28
let refunding g 48
A
1952 -34
50 50 May'29
83 624
Sedes F 48 guar gold
1953J D 9614
9614 May'29 -_-_-_-_
161.1 Union Pac let RR dc Id get 481947 J 3 9212 Sale 91%
92% 47
9114 954
Series 0 48 guar
1967 M N 9614
95
9614
9812
1
9614
Registered
J J 9014 9518 9112 May'29
90 92
Series H con guar 46
1960 F A 9 3
95 9612
6
1st Ilen & ref 4s
9 % May'29
9 12
June 2008 M S 87 Bale 87
84
6
9 1z
24
86
89
9011
Series 1 cons guar 44e._ _1963 F A
9668 100
Gold 446
1967.8 J
13
9314 994
9614 944
95
Series J cons guar 445_1964 M N 9681 ___ 9678
967
8
2
9912 99 4
1st lien & ref 58
3
106 10914
June 2008 M S ____ 109 1083 May'29
4
General M 58 series A
1970 J D 10518 106 107 May'29
1054 1084
40
-year gold 48
1968.8
844
8514 894
Registered
J D
1033 Jan'28
2
. _ U N J RR & Can gen 4s 1944 M D 84 4 Sale 83% May'29 24 92 96
913 94 9212
Gen nate° guar 56 ser B-1975 A 0 108 fide 105
105 4
,
9 ioi 1081, Utah dc Nor let ext 48
1933 J J 9412 96 Nov'28 Registered
11312 Jan'28
A0
Vandalia cone g 48 series A..1955 F A
- WI jai;
9212 Apr'20
Cone a f 46 series 13
1957 M N 92- 96 May'29
92 944
Otte Moll dr Y let gu 6a--1932 J J
10114 1011 Vera Cruz dr P assent 446_1934
10114 Apr'29
4
12
174
lc) If 12 May'29
1934 J J 102's
2d guar tia
103% JulY'28
Virginia Mid Is series F
1931121 S
100% 100%
99 10018 Mar'29
7 Apr'29
Pitts 13/1 & L E 1st g 5a
-Ni folk- General 58
s
1940 w 0 997
2
99
11
1936 M N loofa 10111 10014 May'29
100 100%
1943 J J
let corm! gold 51
10014 Aug'28
Va de Southw'n let go 5a
2003 J J 9914 1o312 9914 Apr'29
_
994 100
Pitts Ve & Char 1st 4a
1943 MN
9918 Sept'28
let cons 50
1958 A
89% 954
____ 89 9054
Pitts Y & Ash let 4a sae A 1948• D 9214 --- 9112 Apr'29
114 131/ Virginian By -year 58 A_1982 M 0 101 Sale 101 May'29 28 101 104%
let fa eeriest
N
102
1st gen 58 aeries B
1962 FA 10312
10318 Mar'29
1034 10318 Wabash RR let gold 5/2
1939 M N 1003 Sale 1003
s 32 10012 10314
8 1013
4
1974 J o
18t gen 55 series C
2d gold Se
1939 F A 9912 Sale 99% 100's 16
91 1014
16
714 Mar'29
1957 MN
Providence Secur deb 4a
Ref dr gen 6 f 54a aer A_ _1975 M S 102 Bale 102
103
118 100 1061
4
Providence Term 1st 4s. _ _ _1956 M
84 84
84 May'29
Debenture 11138 registered_1939 J J
92
77
8818 May'27
Reading Co Jersey Ceu coil 48'51 * 0 90 913 90
90
90 9312
4
5
let lien 50-yr g term 46...1954 J J 73 8
8878 Nov'28
Registered
9
'
,
* 0 -oiDet & Chic ext let g 58._1041 J J 10012 Sale 10012 10012
94% July 28
9,
- 5 165- 1011;
997
k
Gen & ref 4348 series A...1097 J J
92
Des Moines Div let g 4a_ _1939 J J _904 88 Jan'29
Sale
85
88
88
3
Rich & Meek let g 48
28
1948 MN
_ 79 7818 may.
Omaha Div let g 3tia
1941 A 0 iir4 80 7812
3
784
1
781a 85 4
'Ws 16iRtobm Term it! Yet gu 58_1952
0 29
'
Tol & Chic Div g 4e
10118 Feb2
9
9013 904
1941 M S _90 99% Mar'29
55
Rio Grande June lot gu 5s 1939 J D 917 - 7014 92
Wabash By ref & gen 56 B 1976 A 0 9ail Sale 0838 100
047 10011
s
s 118
11
Rio Grande Sou 1st gold 48_1940 „i
Ref dr gen 448 series C
1978 F A 87 Sale 87
87% 55
844 90 a
7
Guar 48 (Jan 1922 coupon)'40
712 M : 8
6 Atir 28
2
J
Rio Grande West let gold 48_1939 J J 87 88 87
5
61- Warren let ref gu g
- -4
871s
_ 80 83 Nov'28
lift con & coil trust 4s A.._1949 A0 8112 83 8112
82
78
87
11
Wash Cent let gold 4s
3346--- 1948 F M
Q A
8414 Mar'29
844 861
4
I Ark & Louis let 448_ _ _1934 MS 93 931. 93
93
934 21
987 Wash Term let gu 34a
6
1945 F A 55is 87
8318 May'21)
83 86
Rut
-Canada let gu g 48_ _1949 J J 70
1st 40
-rear guar 4s
823 82 Nov'28
4
1 884 91
1945 F A 885 89 89
89
8
Rutland let con g 43.48
May'29
1941 J J
"ai- 16i W Min W & NW let gu 5a._1930 F A 97 98 97 Feb'29
87
97
97
West Maryland let g 4e
5 78 82
80
1952 A 0 78
80 7812
St Joe & Grand lal 1st 46._1947 J J 84 _
83
8814
87 May'29
1st dc ref 54s series A
95l Sale 9518
955s 10
92s 99 a
1977
7
fit Lawr & Adir 1st g 56__1996 J J 103 104 10478 Feb'29
10472 104% West N Y & Pa lst g 55
7
100
9912 1014
1937 J
98 100 100
2d gold 68
1996 A 0
4
,4
Gen gold 48
8712
19 4 Nov'28
053
2
8712
1943 A 0 8712 90
914
86
St L & Cairo guar g 4s
1931 j
9512 9713 Western Pac 1st sec A 56
953 Sale
4
9612 18
1946 M S 98 Sale 9518
954 100
St L Ir Mt & S gen con g 5a-1931 A 0 97 Sale 97
97 101
Registered
9912 33
M S
9712 Aug'28
Stamped guar 58
1931 A 0
c',
98
West Shore let 48 guar____2361 J J 8412 8812 844
4
1913 De922
03
,
s
87% 36 "iif 881,
Unified & ref gold 4a
1929
9812 100
9912 Sale
29
Regis
2361 J J 821s 84 8512 Mar'29
814 884
Riv & 0 Div let g 48_ _ _1933 M N 93 Sale
93% 77
dc
92% 94% Wheeling redLake ErieSt L M Bridge Ter gu a 1e_1930* 0 9734 Sale 9 8
9 4
7
3
3
974 100
973
Ext'n & !mist gold 54
4
1930 F A ____ 100 100 Sept'28
L-Ban Fran pr lien 46 A.-1950 M 113 8318 Sale 8312
Refunding 448 aeries A...1966 M
8312 Ms
8512 112
8518 May'29
853* 163;
Con M 4SO aeries A
191858 13 8612 Bale 8568
8712 195
Refur tleig
R 4d torits4s esri B
n
83 4 894
3
102 Feb'29
196688
102 102
Ilen 5.8 series B
1950J J 98
Prior
9812 101%
85
3
1949 J D
M S
8414
8414 8914
99% 9812 100
85
-.-_
Wilt dr East let gu g 51
1942
s
654 74
6512 13 7- 67 May'29
Will &8F lat gold 58
1938 J D 10118 ---- 99 Apr'29
99 10084
4 Due May. e Due June, 8 Due Marian.
Y 0dcW ref list g 4s_June 1992 MS
Reg 55.000 only_June 1992 MS
General 4e
1955 J D
N Y Providence & Boston 46 1942 * 0
AO
Registered
NY de Putnam let con gu 451933 AO
NY Snag & Watt 1st ref 58_1937 ii
2d gold 430
1937 FA
General gold re
1940 FA
Terminal let gold 58
1943 MN
N Y W-chee & B let ser I 432s '46 .1 .1
Nord By ext'l 51 648
1950 AO
Norfolk South let dr ref A 58_1961
'
A
Norfolk & South let gold 6s _1941 MN
Low
High No Low
681s
67
6854
70 Apr'28
6214
6314 20 62
90
90 May'29
89% Jan'28
948
8513 88 85 4 May'29
3
83 82
8018
82
82
7934 8454 Nov'28
3 -Wire
71 Sale 71
715
8
99%
101 9912 Feb'29
79%
80 sale 80
81% 20
10118 sale 10033 10118 19 10014
8012
81 8012 May'29
9712
99 Mar'29
--
-_ --
--
3487
New York Bond Record-Continued-Page 5
BONDS
N. V. STOCK EXCHANGE
Week Ended May 24.
Price
Friday
May 24.
Week's
Range or
Last Said
gOt`A
Range
Since
Jan,1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 24.
Price
Friday
May 24,
Week's
Range or
Last Sale.
Rang.
Since
Jan.1.
6igh
H0 No. Low
High
59
Ark Low
Bid
High
High No. Low
Low
4
791
59
Cuba Cane Sugar cony 7a.__1930 .1 1 59% Sale
92 June'28
Winston-Salem B B let 4e___1960 J J
80
59
8312 85
60 Sale 59
771k 9414
Cony deben stamped 8%.1930 J
3
78
7712
J J
Wle Cent 50-yr let gen 40_1949
9913 103 4
5
100% Sale 1004 10112 82
let coll 88_1931 M
2
8412 9112 Cuban Am Sugar
85
85
7912 977g
Sup & Dul div az term let 45'36 MN
844 23
Cuban Dom Sug let 730_1944 MN 7912 Sale 7912
92% Dec'28
Wor& Con East let 43is___1943 13
10012 20 100 103
Cumb T & T 1st az gen be__ _1937 J 1 100 Sale 100
INDUSTRIALS
98 102
1
AO 98 9812 98
98
Cuyamel Fruit let s 16e A.__1940
Abraham dr Straus deb 530-1943
76 Dee'27 -10578 26 103 120 Denver Cons Tmmw let be__1933 AO
A 0 10312 Sale 103
With warrants_
2 --97 101
N
100
4
94 98 DenGas&EL Istagref stg 58'51 MN 9834 9914 993
9712 15
Adriatic Elec Co ext1 713_ _1952 A 0 9634 9712 97
97 101
3 13
993
1951
974 100 9914
Stamped as to Pa tax
834 885
1
85
4
Express coil tr g 4a___1948 M S 8418 85 85
Adams
73
65
6912 65 Apr'29
D 100 10014 100
6 100 10714 Deny Corp(DO) 1st if 7e-1942 MS 64
10112
Ajax Rubber let 15-yr e I 85.19363
70
2 62
65
64 Sale 63
Second stamped
4
4
M S
318 412 4 Feb'29
Alaska Gold M deb 135
9878 102
98% 10012 10
3i8 --__ 3 Apr'29 -8 Detroit Edison let coil tr 58_1933 11 100 Sale 10012 101
3
1926 M S
series B
Cony deb Os
13 1004 1044
let & ref 58 series A_July 1940 MS 1001 Sale
92 98%
94 92 May'29
Albany Pefor Wrap Pat) 68-1948 A 0 92
14
7 1004 104
1949 A0 101 102 10212 10212
Gen & ref 55 settee A
98% 11012
Allegheny Corp coil tr 55_ _.1944 F A 9834 Bale 9814 10034 358
7 1054 10853
4
1063 Sale 10613 107
1st & ref Be series B-JUIY 1940 M
1005 585 100 100%
1949 J D 10018 Sale 100
8
Coll & couv 55
28 10014 10431
102
1955 ID 10114 102 101
9914 31
Gen&refseeenB
97 101
Allis-Chalmers Mfg deb 58_1937 M N 9938 Sale 9958
3 10012 105
1a
1962 FA 101 10234 10012 1021
Series C
9112 96
9311 19
92 Sale 92
Alpine-Idontan Steel let 7s 1955 M
9612 98
965
9613
6
39 10312 10612 Det United 1st cone g 4As_1932 II 9613 Sale 10012 10238 425
Am Agric Chem let ref f 730'41 F A 104 Sale 10324 105
97 105%
MN 10012 Sale
1940
80 90 Dodge Bros deb 68
2
88
88 88
Amer Beet Bug cony deb 65.1935 F A 87
1
86 4 88
8713 13
1942 MN 87 Sale 87
94% 99 Dold (Jacob)Pack let65
27
96
American Chain deb 51 Os......1933 A 0 94% Sale 947g
MS
98 99
4
1
/ Dominion Iron & Steel 53_1939II
5
991
1931 M N 9812 Sale 9812
Am Cot Oil debenture 58
9854 101
l01
le
9 0
9
97
10114 Sale 1971Dec'2878 - 3
1942
3
93 4 9612 Donner Steel let ref 7e
1942 A 0 9478 953 9414
9558 52
Am Cynamid debbe
N
10254 21 102 105%
8714 9214 Duke-Price Pow let Os ger A '66 AO 102 Sale 102
6
871
1953 J D 8713 8714
Amer Ice t deb 58
, 9613 10054
4
0
9 3g 48
99
e 97
9797
Duquesne Light let 4345 A 1967
9912 103
Amer I0 Chem cony 530_1949 MN 55i, sale 9912 102 961
97
78
Sale 79
East Cuba Bug 15-yr if g 730'37 MS
Amer Intemat Corp cony 5As'49 J J 104 Sale 10314 105 263 101 111
14
9312 97
941
Ed El III Bkn let con ig 48-1939 II 9312 Sale 9312
3
1939 A 0 10414 Sale 103% 10414 15 103 4 10412
Am Mach az Fdy et Os
11 10712 11071
J J
10712 1081
_
1995
Ed Elec Ill let cons g 5a
American Natural Gas Corp--96
90
8618 197 90 May'29
28
79
3513 96% Elec Pow Corp (Germany)634e'50
Deb 630(with purch ware)'42 A 0 80 Sale 76
90 95%
9212 93 93 May'29
Elk Horn Coal let & ref 0348.1931
9912 102
3
4
Am Sm R lst 30-yr be ser A '47 A 0 993 Sale 9912 100 4 75
81%
77
7612 77 77 May'29
Deb 7% notes(with warr'ts) '31
10312 56 10174 104%
._1937 J J 102 Sale 102
Amer Sugar Ref 15-yr OS.
991
2 99% 100%
_ _ 991 9914
99
99% Equit Gas Light let con 56..1932
9958 71
Am Telep & Teleg coil It 46 1929 J J 9938 Sale 9938
5
9214 984
947
991 9472
55
9173 9712 Federal Light & Tr 1st 58_1942
1
9558
955g
_
Convertible 4s
1936 M
1
924 97
941
9314 Sale 93%
let ilen e 153 stamped_ _1942
96% 101
3
98
1933M
974 98
951895
-year cony 434e
20
3 10113 104
104
102 104 104
1942
let lien Be stamped
3
19461 D 103 Sale 10214 10314 72 101 1047
-year coil tr be
30
981
3 981 103
3
971s 9812 97
1954
30
-year deb Bs ger B
101 101
J D
_ 101 Feb'29
Registered
9873 105
10012 16
1939 ID 100 101 100
3
1960 3 J 10213 Sale 10214 103 310 10114 1053 Federated Metals s f 70
3&-yrsideb5e
1 137 171
11 135 143 138% 13812
1946
10613 77 10412 1073 Fiat deb 7e (with wart)
4
1943 MN 105 Sale 105
-years I 5)411
20
22
93% 103
94
9312 Sale 93%
Without stock purch warrants_
4
13013 1549 123 1343
1939.1 .1 124 .Sale 123
Cony deb 430
11133 17 110 11471(
1941 MS 11014 112 110
10212
7 102 10514 Fisk Rubber let s f 65
1940 A 0 10213 104 102
Am Type Found deb fle
36 101% 1061g
973
993 Framerie Ind & Deb 20-yr 7343'42 13 10413 Sale 10433 105
97
3
18
-1934 A 0 9712 Sale 97
Am Wat Wks & El col BM.
8
9912 109
9912 100
77 101 1053 Francisco Sugar 1st e f 730 1942 MN 9912 101
104
1975 M N 103 Salo 103
4
Deb g 6seer A
1
1
8512 French Nat Mall SS Lines 7s 1949 J O 10233 Sale 10112 10238 26 100 4 102 4
79
9
80
19473 J 79 Sale 79
Am Writ Pap let g 68
9014 95
9012 12
1943 FA 9014 93 9014
Anaconda Cop Min let6a-1953 F A 10414 Sale 10414 10412 180 10334 10534 Gannett Co deb Os
106 106
___ 106 Mar'29
Gas& El of Berg Co eons g be 1949 ▪ D 997
102 103
103 Apr'29
Registered
6 103 109%
4
1068
1939 AO 10414 105' 105
1938 F A 160 Sale 160
32 160 268 Gen Asphalt cony Os
165
-year cony deb 75
15
4
98 100
4
983
200 Jan'29
196 200 Gen Cable let a f 5348 A._ _1947 J J 9812 Sale 9812
Registered
1
94% 96
943
4
4
1942 FA 9434 ___ 943
Gen Electric deb g 330
235 Dec'28
Andes Cop Min cony deb 78_1943 .1
10212 25 100 1041
4
97
-(r Gen Elec(Germany) 7e Jan 15'45 Ii 10214 Bale 102
10
69
Anglo-Chilean s f deb 71). _ _1945 M N "9812 97 96
4 111% 123
_1940 J o 118 120 11714 120
79%
62
Elf deb 1334s with Warr
70 62
65
56
70
Antilla(Comp Ague) 7 Ae__ _1939 J
9714 23
92% 9914
97 9634
9515 97 May'29
97 103%
Without warete attach'd '40 J O _
Ark & Mem Bridge & Ter 53_1964 M 13 95
N .161 8912 88
21
89
944
88
2
20
1948
89
-year f deb (3e
1939 J D 8812 8934 89
927
43
90
s
Armour & Co let 434e
* 102 204 1004 10384
89
9212 Gen Mot Accept deb 6e
4
9018 56
1937 FA 10134 Sale 1011
Armour az Coot Del 530...1943 J J 893 Sale 89
9912 102
994 10013 13
1940 P A 99% 101
10012 14 100 10313 Genl Petrol let s 1 53
Associated 0116% gold notes 1935 M S 10012 10112 100
_ 103.4 1074
10712 Apr'29
1952 P A
Gen Refr let a f de ser A
10312 Dec'28
19473 D 10134 _
Atlanta Gas L let 58
11
97
95 100%
"
Good Hope Steel & I sec 78_1945 AO -55T2 grife 9618
15 Nov'28
Atlantic Fruit 7e We dep.-1934 J D 1213
143 10653 10814
1 'riga 1258 Goodrich (13 F)Co let6 As_ _1947 J J 107 Sale 10612 107
1258
3 0 125s ___ 1213
AtEltamped Otis of deposit
153
91 95
93
92 Sale 9112
56_1957 M
Goodyear Tire & Rub let
67
34
71
71 Sale 70
77
AU Gun & W I E3S L col tr 58..1959
97 190
10012 77
79 100 102% Gotham Silk Hosiery deb 63_1936 J O 97 Sale 97
1937 J J 10033 Sale 10014 101
Atlantic Refg deb 55
3
764 32 685 81
1940 FA 7513 Sale 7413
Baldw Loco Works let be_ _1940 M N 10612 1074 10612 May'29 _ _ 106 107 Gould Coupler let ef(is
FA
96 9913
9814 15
9812 98
98
Gt Cons El Power(Japan)78.1944
85
99
85 85
3 85
84
Baragua(Comp As) 710-1937
J 9214 Sale 921
6
93
90% 954
1st & gene f 634e
1950
136
Jan'29 _ _ 1294 142
Barnsdall Corp Os with warr_1940 1 D
MN
4
1
/
104 107
9973 Feb'29
9813 100 Great Falls Power let Of be._1940 ID 1041g_. 1081: Apr'29
Deb 6s(without warrant).1940 J
9
98 99
i 97
9
963 -9712
1942
903 108
8912 93% Gulf States Steel deb 5 As
Batavlan Pete gen deb 430.1942 J J 90 Sale 8912
3 84
84
1s
87
88 84
1936 J
8 88% 92 Hackensack Water let 4s_1952 I .1 84
9013 Sale 9014
90%
Belding-IlemIngway 63
1930 MS 9612 98 9614 Nov'28
8 103 10512 Hartford St Ry let 48
Bell Tele') of Pa 55 aerial B 1948 J 1 103% Sale 10313 10312
80 8/
10512 25 104 10814 Havana Elec consol g 5e._..1952 FA 82 85 82 Apr'29
1960 A 0 10434 1058 105
let & ref 58 seriee C
10
69
70
59
13
Deb 5he serlee of 1928_..1951 MS 69 Sale 6512
9213 38
3
Berlin City Elea Co deb 630 19511 D 921 Sale 92
90% 95
3 83 90
12
90 844
4
843
Hoe(R)az Co 1st830 ger A.1934 AO 84
9113 19
94
89
Berlin Elm El & Undit 630.19613 A 0 9012 Sale 9012
100 103 3
101
2
Holland-Amer Line Os(fiat).1947 MN 10014 10373 101
9913 104
101
20
Beth Steel let.4 ref 5e guar A '42 M N 10012 Sale 100
53
76
7412 85
Hudson Coal let e f 5a set A.1962• D 7512 Sale 75
9834 102
4 10014 24
30-yr p m & imp a 5/3-1936 J J 9914 Sale 983
3 100 105
1940 MN 99 100 10014 10014
4
1033 158 10213 1053 Hudson Co Gas let g 5a
4
-year Os series A...1948 F A 103 Sale 103
Cons 30
101% 108 100 1024
101 Sale 100
56 10014 10414 Humble Oil& Refining 530 1932 )
103
1953 F A 10214 Sale 102
-year 5348 ser B
Cone 30
994 1014
10018 66
Deb gold to
1937 AO 100 Sale 100
2
9513
94 100
1950M S 9513 96 95
Bing & Bing deb 630
39 10112 10453
2 60% 744 Illinois Bell Telephone 58-1956 ▪ D 1027 Sale 10214 103
64
6411 64
1934 A 0 63
Cons M11186143
Botany
22
100
5
93 3 100
1940 A0 98'2 9913 99
Illinois Steel deb 434e
98 100
15
98
1934 M S 9712 99 98
Bowman-Hilt Hotels 7s
10234 103 Mar'29 _
103 1034
1946 AO
70
19
74
771s Useder Steel Corp a I 7s
70 Sale 70
B'way az 7th Av let cons 5s.._1943 J
10
84
1
83 92 4
1948 P A 8212 8312 83
Mtge 613
84
2
84
9212
8534 84
Brooklyn City RIt let 5a__ _1941 J J 83
14
901
9012 90
90 92
30 10213 10513 Indiana Limestone let a f 68_1941 MN 90
104
10313 Bale 103
Bkiyn FAllson Inc gen be A _ __1949 J
2 9712 102
10012 10012
Ind Nat Gas az 011 be
1936 MN AUU'2
10518 Dec'28
J J
Registered
ale- 10233 10312 14 10114 105
1952 MN 102/4 fi4 14 100 103 Indiana Steel let /38
General Be series ft
1930 J J 10012 1003 10012 1003
102 Sept'28
134
95
12 983 Ingersoll-Rand 151 58 Dec 31 1935II 100
93
4
1968 J J 9412 Sale 94
Bklyn-Man It '1' sec Be
9112 33
3
90 4 93
7812 Inland Steel let 4)4s
63
1978 A0 91 Sale- 91
6
74
Bklyn tau Co & Sub con gtd be '41 MN 67 Sale 67
83 inspiration Con Copper 6145 1931 MS 101% 10112 10113 101% 12
80
80 83 Jan'29 _
let be stamped
1941 3 J 73
681g 7913
4 68
691
8881114
6le 6813
Interboro Rap Tran let be__1966 II .
8814 Nov'27 _ _
Brooklyn It Tr let cony g 49_2002 J J
.1
697 148
69
794
Sale 68
Stamped
13614 Nov'28
3-yr 7% secured notee____1921 J J 105
76 Mar'29
76 7613
ii" Wig
Registered
Rklyn Un El let g 4-58
_1950 F A 8712 Bale 8712
7 "
87%
11
84
61
58
58 Sale 58
lO.year us
8774 9
1932
Stamped guar 4-5e
851s 93
1950 F A 85% Sale 851g
19
91
94
4
99 4
10
-year Cu'.'. 7% uotee_1932 M S 9312 Sale 9312
1
/
_
13klyn Un Gas 1st eons g 5a_ _1945 M N 1034 104 10312 10312' 5 102% 10614
1
9012 95
901
9012 92 9012
115 118 int Agile('orp let 20-yr be_ _1932 _m
let Hen & ref Os series A __.i947 M N 114 11512 115 May'29
3
765 814
80
3
79 Sale 70
J .1 350 390 354 May'29
Stamped extended to 1942354 400
1938
Cony deb 530
4 10634 118 102 1184
104 Sale 1023
1932 J D 9212 100 9412 May'29 _ _
9412 9614 Int Cement cony deb be._ _1948 m.
Buff & SUBQ Iron lets f be
9714 78
9354 99
4
Internal Mate')deb 5e
1947 M N 953 Sale 9534
1952 A 0 853 8614 86 May'28 _
88
85
Bush Terminal 1st 4e
9913 102
1001s 42
Inter Mercan Marine s Bs 1941 A 0 100 Sale 100
4
93
19553 1 93 Sale 91
Cowl 53
3
99 4
91
89
I
' 8912 Sale 8912
4
96 3
9114 19
4 100 104% Internet Paper 68 ger A &B 1947
101
Bush Term Bldg° fai gu tax-ex '60 A 0 100 Sale 100
9113 19
9034 97
1945 MN 100 Sale 100
10012
4 100 102
1955 MS 92 Sale 91
RefefoeserA
By-Prod Coke let 530 A
9213 86
13
90 95
4
994 103 lux Telep & Teleg deb g 4 As 1952• J 90 Sale 90
Cal CI & E Corp unit & ref5e.1937 M N 993 101 10012 May'29
12334 001 1994 131
Cony deb 4348
9712 36
1939 J J 1201 Sale 118
9534 102
Cal Petroleum cony debef 58 1939 F A 9612 98 9612
6 10114 1054
10314
1938 M N 9914 Sale 99
10012 71
99 1034 Kansas City Pow & Lt 53___1952 MS 10212 10314 103
Couv deb e f 534e
98 1001
3
8514
10112 98 Mar'29
1st gold 4348 series 13
87
1957 II
8
Camaguey Bug let a( g 7a__ _1942 A 0 8312 Sale 8312
9712
9 103 106
4
9914
9312 10112 Kansas Gas A Electric(ia_ 1952 MS 1553 10414 10334 10414
6
Canada SS L let az gen 68._1941 A 0 994 Sale 9914
128 141
132 Jan'29
_
10214
1 102 10414 Kayser (Julius) az Co deb 530'47 MS
Cent Diet Tel let 30-yr 5..1943 J D 10134 102's 10214
92 97
5
92
__. 97a 9773 Apr'29 _Cent Foundry 1st e 163 May 1931 F A
9612 9812 Keith (B F) Corp 1st 68... _1946 MS -55 92 92
110 11013
110 May'29
1941 MN 12212 Sale 12212 123
Central Steel tat g f tie
9 122 12412 Kelly-Springf Tire8% notee.1931 MN
15 91
93
116 3
4
1948 M S 76 Sale 75%
79
Certain-teed Prod .,3411 A
33
83 Kendall Co 530 with warr__1948 MS 91 Sale 91
68
894 91
9014 9012 May'29
9012 94
Cespedee Sugar Co 1st s f AILI'32 M
'1
94
94 100 Keystone TeleP Co 1st 58_193511 85
10214 10412
Chic City & Conn Rye 5s Jan 1927 A 0 831
8- 7214 Apr'29
7214 Kings County El & P g 5s---1937 AO 101% 10312 10412 Apr'29
65
1284 180
Purchase money Be
101
1997 A0 12812.... 129 May'29
11 100 103
Ch0L & Coke 1st gu g 5s_ _1937 .1 J 101 gife INN
80 86
85 81 May'29
1927 F A 83 Sale 8218
Chicago Rya let as
8312 69
7713 8312 Kings County Elev let g 421_1949 P A 80
82
79
8012 30
Stamped guar 4s
1947 J .7 9412 Sale 94
1949 FA 79% 8012 80
Chile Copper Co deb fie
9534 63
9312 9812
10413 1054
1
Kings County Lighting 5a.„1954• .1 10313_._ 10412 Mar'29
1968 A 0 8512 861 86
Cin & E let M 48 A
8712 64
8914
86
11412 11614.
First & re(630
Clearfield Bit Coal let 4s__ _.1940 J J
77 90 Dec'28
1954 J J 11314 11512 11412 May'29
2 10513 107
13
1938 F A 97 Sale 96
Colon Oil cony deb (le
101
192 -65 11958 Kinney(OR)dr Co 71i% notee'36 J O 105% 106 10512 10514
10 101% 104
19431 1 9712 9914 9712
Colo F I Co gen et 5s
9612 0913 Kresge Found'n coll tr Os...1930• D 10112 102 10112 102
6
9712
9312 99
9814 313
98 Sale 98
9414
Col Indus let & 001155 gu___1934 F A 94% 947 9413
1
3
9313 985 Kreuger & Toll 58 with war.1959 M
5
99 10213
100
1952 NI N 99 Sale 9818
Columbia 13 A E deb 5e
9714 10012 Lackwanna Steel 1st bs A_ 1950 MS 100 Sale 100
9918 74
4
98 1015
9938 11
Columbus Gas let gold bs._1932 J I 96
98 OM
2
98
97
3
99 4 Lacel Gas 0181 L ref&ext 53_1934 AO 988 9934 98
15 1015 1051
1
4
104
Col & ref 530 series C
Columbus Ity PA L let 430 1957 J
1953 FA 10314 104 102
1
-927 93
93
9012 93%
3
9313 99 4
Lehigh C & Nay ci 430 A.1954 II 9714 9834 8 4
83
8
9
: 8
981
971
Commercial Cable let g 48..2397 Q 1
8712 Feb'29
8712 8712
7
88 101
1934 M N ;54-- - 9878
Commercial Credit s (Is.
087
98
94
1
9878
9912 Lehigh Valley Coal let g 58..1933
J 1
19353
100 Oct'28
9234 Sale 9234
Registered
9234
2 92 97
Col tr s f 534% notes
let 40-yr gu int red to 4%.1933 .1 1
1948 M
97 97 Oct'28
9212 Sale 92
52
93
9112 9812
Comm'l Invest Tr deb 6a_
1949 F A 9412 Sale 94
10 101 101
101
let & ref s f 5s
94 10514
96
172
1934 FA i5i-_ _ _ 101
Cony deb 530
88
1
let & ref s f 5a
4
935
88 88
80
1944 FA
104% 106
Computing-Tab-nee 5 1 88-1941 J .1 10473 10518 105 May'29
88
93%
5
88
lat & refs 168
88
9812 95 May'29
1954 FA
95
99
Conn Ry & L let & ref g 430 19511 J 95
1
88
1951 J .1
88
let & ref s f 5s
88
88
96 95 May'29 _
1964 FA
95
99
Stamped guar 430
88 Mar'29
9013
let & ref a f 5e
88
44
85
1974 FA
87%
82
Consol AgrIcul Loan 634e _1958J D 8212 Sale 82
3714 May'28
Lex Ave & P F let gu g 5s_ 1993 MS
Consolidated Hydro-Elec Works
4
9114
Liggett & Myers Tobacco 76.1944 AO 11818 Sale 11814 11812 26 118 12112
Wuertemberg 76.1958 J J 9114 Sale 9014
8914 971
4
of Upper
99 103
66 Sale 66
be
67
1951 P A 10058 Sale 1004 10114 21
58
651s 73 4
3
Cons C. al ofMd 1st & ref 56.1950 J
11 107 12313
109
4 10514 123 104 10634 Loew's Inc deb 6s with warr.1941 AO 107 Sale 107
Consol Gas(N Y)deb 530._1945 F A 10434 Sale 1041
98
47
97 1004
19361 D 100 Sale 100
Without stock pun warrants. AO 9734 Sale 97
100
2
99% 102
Consumers Gas of Chic gu 55
9514 102
101% 10 101 104 Lombard Elec let 731 with war '52 3D 9512 97 96 May'29
Consumers Power let 5s. 1962 M N 10118 Sale 101
3D 94 Sale 94
9512
12
95
90
1946 J D 9134 Bale 9112
Without warrants
9234 20
91 10012
let Be
Container Corp
17 1064 11313
1944 A0 109 110 0712 109
78% 9112 Lorillard (P) Co 7e
1943 J D 80% Sale 801s
8012 25
15-yr deb 55 with warr
A0
_ 107 Apr'28
97 Mar'29 _
Registered
97
97
Coot Pap & Bag Mille 630_1944 F A
8412 15 --i586 8312
1951 P A 82
be
100 Apr'29
99 10013
Copenhagen Telep ext68._ _ _1950 A 0 9912
8812 27
5
89 3
84
1937 31 8612 Sale 86
Deb 534e
10114
6
9914 103
Corn Prod itefg 1st 25-yr e 15534 M N 101 Sale 101
4
7
4
973
1947 I D 9714 Sale 9714
95 100 Louisville Gas & El(Ky)58.1952 MN 10014 Sale 1004 10112 43 1001 104
Seal f(Is
Crown Cork az
944
2
9312 9412 9412
90 95
1930 Ii
10114 20
99 10314 Louisville RY 1st VMS 53
Crown-Willamette Pap 6e_..1951 J J 100 Sale 997e
Ask
94
77% Sale
8512 87%
Bid
--
1003, um,
3488
New York Bond Record-Concluded-Page 6
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 24.
4Y.
Price
Friday
May 24.
Week's
Range or
Last Sale.
011
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANUE
Week Ended May 24.
11
Price
Friday
May 24.
Week's
Range or
Last Side.
Ask Low
BO
High
High No, Low
Bid
Ad Low
HISS No.
Lower Austrian Hydro El PowRem Rand deb 530 with war '47 M N 9214 Sale 9214
9338 64
ist 81630
1944F A 83 833 83
2
83
81
4
877 Republic Brass 68
8
July 1948 M S 1024 Sale 102
103
8
McCrory Stores Corp deb 5315'41 J D 94 9712 9714
2
9712
97 993 Repub & S10-30-yr 58 f__1940 A 0 10112 102 1007
14
s
17
8 102
Manati Sugar lets f 730_ _ _1942 A 0 94'12 Sale 9412
8
9334 10012
9514
Ref & gen 530 series A _ __1953 J .1
101 10112 10112
1
Manhat Ry(NY)eons g 48_1990 A 0 59 Sale 59
60
26
59
68 Reinelbe Union 78 with war_1946
J 99 10112 1005
* 10058 35
2d 4s
20133 D ---- 573 60 May'29
583 6034
4
4
Without stk purch war___1948 .1 J 93 Bale 93
23
94
Manna Elee Ry Lt s f 5s 1953 M 13 9612 103 9812 May'29 _
9718 10412 Rhine-Main-Danube 78 A__ _1950 M S 101 10214 101
3
Marion Steam Shove a f 68_ _1947 A 0 91
92 9912 Rhine-Westphalia Elec Pow 78'50 M N 101 10114 10038 102
9212 92 May'29
Mfrs Tr Co Ws of partic in
101
15
Direct mtge 65
1352 MN 8912 Sale 8812
8912 29
A I Namm 35 Son lst 6s...1943 J D 101 102 101
7 101 105
1011
4
Cons m 68 of 1928
1953 F A 9014 Sale 9014
24
92
Market St fly 7s ser A April 1940 Q J 84 Sale 84
8512 20
80
97% Rime Steel leit t Ts
1955 F A 9212 933 9314
4
93 4
3
9
Meridional El 1st 75
1957 A 0 973 Sale 9733
4
93
9814 12
9814 Rochester Gas dz El 7s ser B-1946 M 8 108 Sale 106
10712 10
Mete Ed 1st As ref irw ser C _ _1953 .1 J 1013 Sale 10114 102
4
9934 103
60
Gen mtge 534s series C _1948 M S ____ 10533 10514 May'29
Metr West Side El(Chic)48_1938 F A 7412 76 744
7453
72
8014
Gen mtge 4348 series D-1977 M S
10014 994 Apr'28
&flag Mill Mach 78 with war_1956 .1 D 933 95 9314 May'29
2
9211 983 Roch & Pitts C& I p m 55_1946 M N 96
3
90 Dec'28
Without warrants
.1 D 84 8612 8612
8814
5
85
9412 St Jos fly Lt & Pr 1st 511._ 1937 MN 943 4 98 95 May'29 Mid-Cont Petrol 1st 630_ __1940 M
9714 98 105 Feb'29
_ 104 10514 St Joseph Stk Yds 1st 430-1930 J
99 Feb'29 __-_
Midvale Steel&0cony f53_1936 M S 973 Sale 974
65
3
97 10018 St L Rock Mt& P bs stmpd_1955 J .1 68'4 70 6814
99
6814
3
billw El Ry Lt ref & ext 430'31 J J 984 Sale 98
9712 994 St Paul City Cable cons be_ _1937 J J
9912 16
94 92 Apr'29 -Ger.0-13s ref be series A __1961 J D 9714 084 1013
2 100 103 San Antonio Pub fiery let 68_1952 .1
4 1014
jai_107 106 107 31
1st & tel 58 series B
19613 D 9914 Sale 987
2 1003
9754 10133 Saxon Pub Wks(Germany)78'45 F A 95 Sale 95
3 36
9518 15
Montana Power 1st ba A__ 1943 3 J 99 Selz 99
14
100
99 104
Gen ref guar 630
88 Sale 88
8912 27
Deb bs series A
1962 J D 97 Sale 97
983
4 39
97 101
Schuleo Co guar 8345
19 6 J N 9314 95 9414
41 M J
5
9414 10
Montecatini Min& AgricGuar s f 630series B
1946 A 0 83
93 93
2
9312
Deb 78 with warrants
1937J .1 10931 Sale 109
11012 17 109 127 Sharon Steel Hoops f 530.1948 MN 963 Sale 954
4
9634
7
Without warrants
J 957 Sale 953
2
93 963 Shell Pipe Line s f deb bs_ _1952 M N 9414 Sale 9334
4
964 19
4
95
127
Montreal Tram 1st dr ref 5s__1941 J J 9638 97 963
3
94
8
97
99% Shell Union 011 s f deb 5s-1947 M N 954 Sale 95
963
3 78
Gen & ref s f 58 series A__1955 A 0 9334 95 95 May'29
93% 963 Shinyetau El Pow 1st 6345.-1952 .7 D 88 Sale 86
4
8614 43
Series B
1955A 0 9334
9514 9814 Shubert Theatre 13s_June 15 19423 D
-- 9514 May'29
804 8112
83
36
Morris & Co 1st s f 430_ _1939 J J 84 85 8412
42 84% 9812 Siemens 85 Halske.178
87
19353 .1 100 102 10214 1023
4
5
Mortgage-Bond Co 4s set 2_ _1986 A 0 7712 90 8112 Jan'29
8112 8112
Debef630
1951 M S 10134 Sale 10034 1015g 80
10 -year ges series 3
-25
1932 J J 9613 993 9818 May'29
9534 9712
4
S f 6348 allot etfs 50% Pd-'51 MS 1014 1013 103 Apr'29
4
Murray Body II/6 Mg
19343 D 9934 Sale 993
3
9814 102 Sierra & San Fran Power 58_1949 F A 97 Sale 96
4 100
21
98
Mutual Fuel Gas let go g 58_1947 M N 102 Sale 102
1 102 104 Silesia Elec Corp sf6345
102
1946 F A 8412 8818 8412 May'29
_
Mut lJn Tel gtd 6s ext at5% 1941 MN
98 Feb'29
98 98 Silesian-Am Exp coil tr 75_ 1941 F A 9612 Sale 9614
57
97
Hamm (A I) & Son-See Mfrs Tr
Simms Petrol 8% notes
1929 M N 99 100 99 Apr'29
Nassau Elec guar gold 48_1951
J 56 Sale 55
4
56
55 64 Sinclair Cons 01115-year 75- _1937 IN El 1017 Sale 10112 10212 90
3
Nat Acme lots:6s
19423 D 10112 Sale 10112 10112
1 101 10214
1st lien coil Os series
M S 9813 Sale 98
99 ' 54
Nat Dairy Prod deb 5318_....1948 F A 9534 Sale 953
9612 163
9312 977
lst Ilen 630series D
s
19383
9912 130
99 Sale 9862
Nat Enam & Stampg 1st fa 1929 .1 D lot
101 101
- 101 Jan'29
ElIncalir Crude 011534s tier A_1938 J .J 943 Sale 937
2
4
9512 41
Nat Radiator deb 6345
1947 F A 7014 Bale 70
7014 15
70 8214 Sinclair Plpe Lines 1 bs
1942 A 0 9334 Sale 934
93% 77
Nat Starch 20
-year deb 58._ _1930 J .1 96% 99 98 Jan'29
98 98 Skelly Oil deb 5348
1939 M
9314 Sale 93%
93% 12
National Tube 1st e f bs
1952 M N 10318-- 103
10312 28 10038 1044 Smith(A 0)Corp let 6345_1933 N N 10114 Sale 101
7
10114
Newark Consol Gas cons 58_1948 J
10114 10212 102 May 29
10012 10312 South Porto Rim Buser 713._1941 J
10518 106 106
1
106
New England Tel & Tel Ea A 19523 D 10414 Sale 10414 10434 19 1034 107
SOutb Bell Tel& Tel ist f 56 1941 J J 1014 Sale 10178 10234 13
Bag 430serle8 B
1961 MN 974 9812 98
5
99
97 10014 Southern Colo Power 13s A 1947 .1 .1 100 10112 101
8
10112
New On Pub dery let 58 A._1952 A 0 913 92 9184
17
93
4
914 96 4 S'weet Bell Tel 1st & ref 56-1954 F A 102 10212 10212 10314 50
3
First & ref 55 series B_ _ _1955 3 D 9114 Sale 91
5
9312
9014 9612 Spring Val Water 1st g 5a
1943 PA N 977 100 974 May'29
_
3
N Y Dock 50-year 1st 1 45..1951 F A 82 Sale 81
6
8212
81
8714 Standard Milling 1st 58
1930 M N ____ 987 983
983
4 11
8
8
Serial5% notes
1938 A 0 8012 843 84 May'29
8
80 90
lat
1945 MB 100 10218 101
.101
1
NY Edison 1st & ref 634s A.1941 A 0 11213 Sale 11213 11314 21 11212 1153 Stand& ref 530
4
129
let lien & ref 5s series _ 1944 A 0 103 Sale 1024 1034 33 102 105 Stand Olio( NJ deb fa Deo 15'48 F A 101 Sale 10012 102
01101 NY deb 430-1951 I D 9512 Bale 6512
9614 292
NYGasElLtH&Prg5s_1948 J 0 105 Sale 105
22 103% 10712 Stevens Hotel let Os Berle, A_1945 .1 1 9612 Sale
105
9612 11
95
Purchase money gold 45_11949 F A 924 Sale 9218
21
93
9112 94 Sugar Estates (Oriente) 75_1942 M S 81 Sale 81
28
86
NYLE&WC&RR530_1942 MN
1024 Oct'27 _ _
Syracuse Lighting bag 5s..._1951 .1 D 10412
4
- 10414 10414
NYLE&WDock&Imp5s1943 J .1
.._ 98 Mar 29 _ _ - 1 98
1
Tenn Coal Iron & RR gen 58_1951 J J
102 10212 102% 16
--12
N Y & Q El L & P let g 58..1930 F A 9818 99 98 May 29
_
9834-98 1001s Tenn Cop & Chem deb 13a A _1941 A 0 joii4 Bale 10434 1043 __
4
N Y Rys 1st R E & ref 45._ _1942 J
56
5014 - -- 56 Jan 29 _ _ _ _
56
Cony deb (is ear 13
1944 M S 10012 Sale 10012 10212 38
Certificates of deposit
_
5614 Mar'29
56
,
50 4
58 Tennessee Elec Pow let 65 1947 J 113 105 Bale 10414 105
53
-year adj Inc 58_
80
Jan 1942 A 0
97s
212 ---- 212 Mar'29 _ _
2% 2% Third Ave let ret 4s.
19603 J 55 Sale 55
6618 25
Certificates of deposit
_
112 9
3 Jan'29
2
3
Adl inc Is tax-ex N Y Jan 1960 A 0 404 Bale 4012
4
4112
N Y Rye Corp Inc 8s_ _Jan 1965 Apr 104 Sale 101
1012 2412 Third Ave fly 1st g55
,
67
12
19371 .1 9113 9214 9118
9114
8
Prior lien 6s series A.
.1 75
1965
1
75
73 75
75
87 Toho Elec Pow 1st 78
1955 M 8 95 98 9738
9833 16
N Y & Riehm Gas 1st 65 A _ _1951 MN 103 10313 103
4 10112 106
103
gold notes_ __ _July 15 19293 .1 994 Sale 9914
6%
9912 32
N Y State Rye 1st cons 430_1962 M N 40 Sale 394
39
40
3812 54 Tokyo Elec Light Co. Ltd--- -1st cons 6348 series 13
1962 M N 5018 55 50 May'29 _494 70
let 98 dollar series
1953 .1 D 89 Sale 89
893
4 87
Y Steam 1st 25-yr (Sis ser A 1947 MN 10512 10612 106
7 10414 1073 Toledo Tr LA P554% notes 1930 J J 983 9913 987
1064
4
11
4
4
99
N Y Telep 1st & gene 14345.1939 63 N 934 Sale 9818
08
99
973 101
4
Transcout 011 630 with war 19383
9912 Sale 9912 10112 289
80
-year deben 5 f 68_ _Feb 1949 F A 110 11014 110
3 22 110 11133 Trenton CI & El let g 5s
1103
1949
10073 1031 10012 Apr'29
20
-year refunding gold 68_1941 A 0 1054 Sale 10434 106
54 1043 10812 Truax-Traer Coal cony 6)0-1943
4
9413 12
M N 94 Sale 94
N Y Trap Rock lat as
10463 D 9712 Sale 9712
8 97 101
9812
12
Trumbull Steel 1st e f 6s___ _1940 M N 1013 1013 1013
s
4 10233
8
Niagara Falls Power 1st bs_ .1032.1 .1 10073 Sale 10014 101
26 100 103 Twenty-third St fly ref 55..1962 J J ____ 57 58 Mar'29
Ref & gen 6s
Jan 1932 A 0 100 1027 101
s
5 101 10318 TyrolaHaec8 N Pow 7_1955 M N 98 Sale 98
102
o u r ydro-Elec
30
o
5
9812
lelag Lock &0 Pr 1st 5s A._1955 A 0 101 Sale 101
11 101 10418
102
1952 F A 884 891 8912
4
89 2
,
NOrddeutsche Lloyd (Bremen)
Uilgawa El Pow a f 71
1945 IN 13 95 Sale 95
97
7
20
-years I 6s
1947 MN 92 Sale 92
9212 124
90 94
Union& extLt & Pr(Mo)56_1932 M S 9912 1001 9912
Ref Elee 58
991
28
Nor Amer Cem deb OW A_ _1940 M S 73
74 73
42 88 80
75
1933 M N 98 10014 9812
9912 14
No Am Edison deb fie ser A _ _1957 M
99 Sale 99
4 52
993
99 102
Un EL& P(111) letg534seerA-154 J J 1007 1013 1004 100
1
8
Deb 530ser B_
%
Aug 15 1963 F A 9934 Sale 9912 1003
4 85
99 10178 Union Eley fly(ChM)58.,._.1945 A 0 824 851 83 May'29
Nor Ohio'frac & Light 611._ _1947 M 8 100 10014 100
8 100 10314 Union 011 1st lien s f 58
8
1003
1931 J
10114
- 10114 May'29
Nor States Pow 25-yr fis A1941 A 0 981 Sale 9834 100
22
4
9834 101%
30-yr Os series A__ __May 1942 F A 103 1043 105
105
-9
1st & ref 5-yr 68 merles B 1941 A 0 104 Bale 104
16 104 10612
105
let lien s f 58 series C_Feb 1935 A 0 95 97 97
5
993
4
North WTlst Id g 430104_1934 J J
4
973 Apr'29 _
973 1053 United Biscuit of Am deb 68_1942 M N 9413 961 9678
4
4
9812 10
Norweg Hydro-El Nit 530_1957 MN 89% Bale 89%
9014 30
9212 United Drug 25-yr 55
89
1933 M
9578 Sale 95
95% 57
Ohio Public Service 730 A_ _1946 A 0 11014 11114 111
11 11012 11312 United Rye St L 1st g 4s
112
1934 J .1 8212 Sale 8212
1
8212
let di ref 78 series B
1947 F A 111 1163 112 May'29
1097 11612 United SS Co I5-yr 6s
8
1937 M N 9718 Sale 97
9812 16
Ohio River Edison let 138_ _1948 J J _10532 105
7 105 107
105
Uu Steel Works Corp 6Hs A _1951 J D 87
88 86
8712 21
Old Ben Coal 1st 6s
1944 F A 88f4 883 8814
1
8814
8814 91
With stock our warrants
.1 17 863 88 864
33
4
87
Ontario Power N F let 52..1943 F A 99 1001 9934 100
10
99 102
Series C without warrants J I
8614 Sale 86
5
8814
Ontario Transmission let 58_1945 M N 97 100 100 May'29
_
9914 103
With stock pun warrants
D 88
4
933 87% May'29
Oriental Devel goat65
1953 M
93 Sale 92
9511
28
92 99
United Steel Wks of Burbach
Extl deb 530 int Ws
1958 MN 8578 Sale 8512
861
58
8612 90
Esch-Dudelange 5 f 7s._ _ _1951 A 0 103 104 103
1043
4 33
Oslo Gas & El Wks extl 58-1963 PA 8 88 Bale 88
90
15 88
9314 U S Rubber bit & ref 5s ser A 1947 J 3 89 Sale 8814
89711 111
OM Steel 1st M 68 ser A-_1941 M 8 100 Sale 100
101
35 100 10312
10-yr 734% secured notes_ 1930 F A 100 Sale 00
1003
4 83
!Settle Gas dc El gen & ref iSa 19423 .1 100 Sale 9934 10012 60
99 10212 US Steel Corp f Coupon Apr 1963 MN 1081 Sale 08% 108% 194
4
Pao Pow & Lt 1st& ref 20-yr 58'30 F A 2812 Sale 9812
9914 64
9814 10014
sf 10-60-yr bs Regis_ _Apr
MN
0712 May'29
Pacific Tel & Tel lat 5s
19373 J 10112 Sale 101
1014 24 100 10314 Universal Pipe & Rad deb (is 1963 I D
1936
.
85's 10 - 8714 Apr 29
1952 IN N 1023 Sale 1013
Ref mtge Ss Berke A
4 51 10114 105% Unterelbe Pr 35 Lt Os
4 1023
4
1963 A 0 89
14
90
93 89
Pan-Amer P & 'I' cony s f 68-1934 M N 108 Sale 10612 10812 176 102% 109
Utah Lt Tree
9
4
911s 10
1930 F A 10412 Sale 1044 1044 11 102% 10434 Utah Power & 1st & ref 68_ 9 4 A 0 8912 91 90
let lien cony 10-yr 75
Lt 1st Is
F A 97% Sale 9714
29
98
Pan-Am Pet Co(of Cal)conv 68'40 J D 95 961 9614
63
92
97 8
,
9814 Utica Elec L P 1st s f g 58_1950 J
102% - - 102% Apr 29
Paramount-B'way 1st 5345...1951
J 9913 101 100
10012 24 100 103
Utica Gas & Elec ref & ext Is 1957.7
2
106
Paramount
-Fein's-Lanky 6_1947 J D 9634 Sale 964
30
98
96% 10034 Utilities Power & Light 510.19 33 D 106 Fiala 106
1 57 .1
4
34
92
91
913
4
Park-Lea 1st leasehold 61.45- 1953. 1 8512 91 90 May'29
1
8912 9512 Vertientes Sugar 1st ref 7s 1942 J 0 8312 Sale 8312
41
Sale
86
Pat is Passaic G & El cons be 1949 M 8 100 1011 10112 May'29 10112 105
Vletor Fuel lets f 52
2
314 35 343
35%
4
Paths Exch deb 78 with ware 1937 M N 77
781 77
22
79
77
84
Va Iron Coal 15 Coke 1st g ta 1949 M
7412 21
70
7112 71
Penn-Dixie Cement68 A__ 1941 M S 913 Sale 9114
914 13
4
91
9714 Va Ry & Pow 1st h ref 53..„1934 J
23
8
987 Sale 983
99
1
Peop Gas& C 1st eons g 68..1943 A 0 111% Bale 11112 113
5 11112 113
Walwortb deb 630(with war)'35 A 0 87
2
9012
97 95
1947 M S 102 104 1024 1033
Refunding gold be
4 16 1014 10534
1st sink fund Os series A...1945 A 0 8718 8814 8714
18
89
Philadelphia Co sec 55 set A.1967 J D 97 Sale 964
9812 100
9814 115
Warner Sugar Ratio 1st 7e._1941 J D 106 Sale 108
1061s 11
Phil& Elea Co 1st 430
1967 M N 964 98 9712
98
9
/
1
9712 10012 Warner Sugar Corp 1st 75_1939 J .1 7212 77 7712 May'29
Phil&& Reading C & I ref0 1973 J
9014 Bale 90
903
3 25
88
94
Warner-Quinlan deb 6s
1939 M
4 36
973
96 Sale 96
Cony deb 63 w I
1949 M S 100 Sale 100
1003 222 100 101
4
Wash Water Powers!be._-_1939
10012 101 102 May'29
Phillips Petrol deb 5345
19393 D 90 Sale 8912
87
894 94
91
Westehes Ltg g 5a atmpd gtd 19501 0 10112 Sale 10112 102
7
Pierce-Arrow Mot Car deb 881943 M
106% 108 10638 106%
1 106 108
West Penn Power ear A 68_1946 M
4 48
1013 Sale 10012 1023
4
Pierce 011 deb 8 f 8s._Dec 15 19313 0 105% 106 1095
8 105%
1 10514 107
Let bs series E
1963 M 8
103
11
102 103
Pillsbury Fl Mills 20-3r (Ss._ 1943 A 0 10314 Bale 103
104
18 102 106
1st 530 series F
1953 A 0
Sale 10312 10312
Pirelli Co(Italy)cony 7s_ _1952 M N 12814 131 13012 1311s 10 119 15413
1st NC ifis series
19583 D 101 Sale 101
5
11012
Pocah Con Collierles 1st f 581957 J
9412 95
944
- 9412 May'29
West Va C &C lst 6s
19503
2
26 25
25
251s
Port Arthur Can ds Dk 6ts A.1953 F A 1024 104 103
104
3 100 10534 Western Electric deb 5e_ _1944 A 0 101% Sale 100es 101% 68
1st M Os series B
1953 F A 10014 105 10112 May'29
10113 10538 Western Union coil tr cur 58.1938 .1 J 102 10312 10112 102%
4
5
Portland Klee Pow 1st(is B_ _1947 MN 993 10012 992
4 10014
5
9912 10314
4
Fund & real eat g
1
M N 9812 974 96
96
Portland Gen Elec 1st 55_ _ _ A9363 .1 9912
99il
2
99%
98 102
15-year 630
1936 F A 108 Sale 108
10812 21
Portland fly let & ref 5s_ __ _1930 MN 9612 ---- 97 May'29
96
973
4
99
25-year gold Is
1951
D 1004 Sale 10014 101
53
Portland fly L& P let ref 56_1942 F A 9714 100 9718
9 96 9914 West'irae E & M 20-yr g bs 1948 M S
9712
1043 Feb'29
4
he lien & ref &series B_ _ _1947 M N 991 100
99.12 100
15
9912 10212 Westphalia Un El Pow 65_1953 .1 J 8012 Sale 8012
30
82
1st lien & ref 7 y58 series A_ 1946 M N 107 10712 107
107
9 107 10715 Wheeling Steel Corp 1st 530 1948 J .1 994 Sale 99
997
3 50
Pori o Iti.i412 Am 'I ob cony 6s 19423 J 9914 Sale 99
9012 31
99 107
1st dc ref 430 series B__ _1953 A 0 863 Sale 86es
10
4
87
Postal 'Pelee & Cable coil 53_1953 J J 9212 Sale 0212
89
933
4 85
White Eagle 011& Ref deb 5346'37
95
Pre,tied Steel Car cony g 58_ _1933 J J 91 Sale 91
9214 69
91
99
With stock purely warrants_ _ 151 13 100 Sale 100
87
101
erod & Rats I 8s(with war)_1931 .1 D 11014
III 111
-- 111 Mar'29
White Sew Mach (is (with war)'36 J J _ 100 102 May'29
Without warrants attached___ J D 10912 fio 10912 10912
109 1124
Without warrants
4
94
85 94
SI
Pnb fiery Corp N J deb 4348_1948 F A 1847 Sale 18212 195
2
66 172 20814
Panic s f deb 6s
1940 M N 87
5
80
90 88
1Pub Sere El & Gas 1st & ref 58'85 J D 101 102 10214 103
26 101 10512 Wickwire Spen EIVI 1st 7s.._ 1935
3
58
46
547
2
55
Lst dc ref 4348
19873 D 9634 Sale 963
83
96% 994 Wickwire Bp 8V1 Co 7s_Jan 1935 M N 51 Sale 4812
4
98
/
1
29
55
Punta Alegre Sugar deb 7s 19373 J 77 Bale 77
7714 .9
76
88
Whys
-Overland if(330._ 1933 M S 101 10112 101
7
10112
Pure Otis 151.4% notes
1937 F A 9812 Sale 98
99
83
96 1001 Wilson & Co lat 25-yr s f6s1941 A 0 10012 Sale 10012 101
/
1
4
,
31
Purity Bakeries s f deb 5s__ _1948 J .1 92 Sale 90
92
25
89 4 95
4
Winchester Repeat Arms 7)0'41 A 0 107 10712 107
5
10718
Remington Arms Os
1937 M N 98 Sale 98
53
9914
97 101
14
Youngstown Sheet & Tube 581978 3 3 10014 Sale 993
4 100 4 173
,
Range
Mace
Jan,I.
Low
NW
9214 9518
102 10312
10012 1081
4
101 104
100 10412
9212 98
9712 1021
4
100 102
87 93%
90 98es
90
91
108 110
10312 107
95% 1001a
94
9814
99 99
68% 77
92 94
1011 10712
/
4
95 1004
/
1
88
9444
90 101
90 101
9412 9712
/ 97
1
4
93
9412 98
/
1
4
94
85
8112 91%
9912 105
10082 108
101 '106
96 101
8314 89
96
/ 99
1
4
99 100
1011 10812
/
4
98 100
98% 1013
4
9378 973
4
93 95
92 951s
99 102
/
1
4
62
102 107
101 10414
101 10412
10112 1051
4
97 100
/
1
4
9812 102
984 105
190t2 1034
9512 98
95 100
98
81
10414 107
101% 1034
102 115
100% 107
10414 107
60
51
4012 64 4
1
914 97
/
1
4
96
99 2
6
98
/ 99
1
4
/
1
4
89 9112
987 10012
2
96 1041s
10012 10012
94 1081s
1014 103
/
1
12
58 62
97 991
2
884 92
/
1
12
95 100
99 1110 4
/
1
4
6
/
1
4
984 101
/
1
10012 104
83 87
/
1
4
6
98 101 2
105 109 2
1
97 101%
9578 100
14
944 97 4
/
1
1
82 84
/
1
4
97 100
84
90
15
84
92
83
90 4
1
854 89 4
/
1
1
103 108
92 4
1
88
100 1021
4
Ill? 10918
19614 107%
85114 90
91
89
9612
90
9714 101
102% 1004
1043 107
4
90
98
8312 97es
3434 40
82
71
974 100%
91 108
8512 98
10534 107
6
85 4
75
9914
98
2
100 1024
10/12 1053
1
10012 104
10112 105
102 10512
101 104%
88 4
1
25
100e8 103 4
4
/
1
4
100 104
1
95 99 4
107 111
9914 108es
1041 105
4
80 90
72
98 102
14
8612 87
1
9914 105 2
102 180
90
9911
88 10012
42
61
40 60 4
14
3
10012 10238
100 10312
11)7 108
OA 101
MAY 25 1929.]
3489
FINANCIAL CHRONICLE
Outside Stock Exchanges
Slay
Mar 30
Jan
Apr 75
654 May
Jan
26
Jan
May
Mar
Mar 50
Jan 238% Apr
Apr
74 Apr
Jan
Mar 24
Jan 10654 Apr
Jan 107
May
Jan 94
Jan
May
Mar
May
May
Jan
Jan
Apr
Mar
Jan
Jan
Jan
Ma
Ma
May
May
May
Apr
43
88%
120
4758
5
108%
48
10254
1855
2755
351
38%
101
494
2%
61 55
19%
May
Jan
Mar
Jan
May
Feb
Jan
Mar
May
May
Jan
May
Apr
Jan
May
Jan
May
180
144 May
17
Jan
1955 20
26
27
106% 111%
4035 4055
2955 3055
43
43
122 122
18
20%
4235 45%
100 101
2734 2754
21.4,4 2234
70% 77%
43;5 4455
9134 92
12
12
11
11
148 149
81
82
1154 1134
106 10754
3
3
455 455
26
3055
41
43
9855 98%
96
96
100 101
145 147
17% 19%
31
32%
1754 18
3054 3255
14
14
2254 2455
3354 36
128 129
75
76
955 1054
1855 1855
30
30%
104 104
60c 1
47
50
6555 69
31
31
41
41
90% 9094
41
4155
23
23
100 102
4
4
66
6735
2954 30
51
51
149 151
36
37
355
4
ISO
850
1,093
100
1,230
85
70
615
739
80
120
1,015
450
2,495
211
8
300
669
374
9,420
105
168
340
85
25
40
30
40
463
575
918
150
5,180
150
6,870
4,650
511
255
6,731
10
365
77
345
1,520
2,541
367
14
10
3,871
120
1,475
150
1,945
350
5
35
635
20
1754 Apr
Apr
20
10634 May
Jan
39
2955 May
Apr
34
Jan
110
May
18
Apr
37
Apr
97
2654 Apr
2154 May
6734 Apr
43
May
9054 Apr
101-4 Apr
11
Apr
12834 Jan
76
Mar
1134 May
1004 Feb
24 Apr
4
May
2254 Apr
3418 Feb
92
Jan
96
Star
9954 Apr
143
Apr
144 Apr
284 Mar
17
Apr
28
Mar
14
May
2254 Slay
304 Mar
127
Apr
7054 Apr
8
Jan
1834 Jan
2934 Jan
104
Apr
50c May
25
Mar
6554 May
31
Jan
39
Jan
88 11 Apr
4054 Apr
23
May
100
Jan
2
Apr
66
Feb
224 Star
May
50
139
Apr
27
Mar
314 May
20
3334
12635
424
3554
47
126
264
524
108
3354
234
1024
4554
9354
1334
13
167
8454
15
1124
554
634
3038
4454
100
9854
1044
158
1954
1734
1834
3634
19
26
37
1394
84
1758
2454
354
106
154
52
87
3134
4134
95
44
2714
1114
954
77l
324
70
167
37
1734
Jan
Jan
Jan
Apr
Feb
Jan
Feb
Mar
Jan
Jan
Jan
May
Fen
Apr
Feb
Jan
Jan
Apr
May
Jan
Star
Jan
Jan
May
Apr
May
Jan
Jan
Feb
May
Apr
Mar
Feb
Star
Mar
Jan
Jan
Jan
Feb
Feb
Apr
Feb
Mar
May
Jan
Jan
Apr
Jan
Apr
Mar
Mar
Jan
Jan
May
Jan
Apr
May
Jan
75c 1
355 3%
550
55c
5554 56
3935 42
2054 22%
355
3
993
1,410
300
35
710
1,781
822
2
554
55c
624
6054
32%
5
Feb
Jan
Apr
may
Mar
Mar
Mar
1454 15
75e
354
50c
5014
39%
20%
3
May
May
Apr
Jan
Slay
May
May
• No oar value. s Ex-dividend
4,000
3,000
8.000
5,000
9,000
12,000
3,000
3,000
1,000
1,000
15,000
23,000
s rum
, °?
' '4.1t2:1"5.iint
5
,
6' 41
3,088 6434
35 101
1,763 3654
100
234
2,199 99
45
19
97
2
88
12
77
2254
1,19 280
535 28
740 100
5,865 374
9,922
155
50 48
10 14
234 May
20
Jan
8054 May
i
<'- t7.
Apr
May
Apr
523,000
3,000
44,000
3,000
1,000
2
. .1t7P5ticl
17
13
69
BondsAmoskeag Mfg es _ _1948 83
Boston & Albany 354 1952
Ernesto Bredo Co 7s_ _1954 91
Chic Jct Ry AU 81 Y fe '40
45
1940
East Maas Street RE
43.4s series A
1948 53
6s series C
1948
Fox New Eng Theatres
1943
63
-4s
Hood Rubber 7s
1936
Int Hydro-Elee Syst 6s1944 100
Karstadt(Rod) Inc 6s 1943 87.4
Mass Gas Co 4 4s___ _1931
New Eng T & T 5s_ _ _1032 99
1952
5s
P C Pocah Co 7s deb_ _1935
Reliance Managment 5s'54
1944 10154
Swift & Co 58
..- _ -_.. -_..._ .n.,...
High.
Low.
fh1.1.1.1M'ig5P15
1,275
583
540
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Apr
Feb
Apr
May
Range Since Jan. 1.
xx
x.. . x :g.sx.r mw"m,.m- ,....s-t-"m-.
x.
.- m
--2sa"--nsvo8-0=„ " ..... .. 0.6.0600.6.
n,03
. ..,
Apr
Apr
Apr
May
Apr
May
Apr
Apr
Apr
May
May
May
May
May
Jan
Mar
Apr
Mar
May
0000CM,
0000.- C
,,
002000000009
87
68
94
10454
71
112
100
141
102
170
19
5734
58
42
62
82%
120
7234
75c
100 2354
30
145 70
70%
555 1,295
24
25
660 15%
28 45
4854
215% 6,698 193
25(
4% 189,310
1854
1,960 1654
103
335 95
103
10 10034
93
20 924
41
41
67% 7555
101 101
3634 40
5
5
99 10134
4554 4634
100 100
18
1834
27
2754
299 306
35
36%
100 101
3735 4056
155 24
48
48
19
19
106
94
132
110
814
129
111
160
107
199
27
72
70
564
80
10455
139%
834
254
185
7
185
1,099
85
105
5
140
15
7
190
129
35
55
85
2,333
18
97
3,659
C.0,4
00
30
704
555
2355
4854
208%
354
17
102
103
93
22
13%
8054
Jan
182
8854 Jan
Jan
101
May
116
Jan
108
.4.000100
0h000
19
13
73
Apr
May
May
Jan
Mar
C.1.--,4.41,-...N0C.,
.0
,
1 .0Nt..M. 14 0'4.Cq 0
4
0,4
0
0
..-tMM
75e
334
55c
55%
40%
21%
90
91%
70
70
97
07
105 106%
73
74
112 114
102 102
141 143
2 1024
170 170
19
194
5754 .59
58
58
42
45
66
68
96% 1034
122 122
7535 7955
75e 2
65 174
619 81
58 98
GO 110
54 100
X
:'il
X
000f-400.1
,00M0C
Mining
Arcadian Cons Min Co_ _25
Arizona Commereuti____ I
25
Arnold Mining Co
10
Bingham Mines
26
Calumet & Heels
25
Copper Range Co
Earn Butte Copper Mini°
180
83
9855
116
103%
High,
Qwox=woonoc
. .. .
Miscellaneous
Air Investors Inc
20
American Brick Co
• 13
Amer Chatillon Corp
Amer Cities Pr & Lt Corp
Class 13
Amer.& Gen See Corp_
63-8
Amer Pneumatic Service 25
25 2334
Preferred
lot preferred
100 4814
Amer Tel & Tel
100 21158
Rights
335
Amosireag Mfg Co
•
Bigelow-Hart( Carnet_ _ _ . 103
•
Preferred
100
Brown & Co
Capital Adminls Co Ltd
Class A
Columbia GraPh'n
Continental Securities Corp
credit Alliance(or)' el 8_
364
Eastern Manufacturing _ _5
Eastern SS Lines Inc_ __.2o 10158
Preferred_
• 4634
lot preferred
100
Eastern Utility Inv Corp-- 18
tGoonomy Orocery Stores_•
Edison Elea Illum.. .100 300
Elec Shareholdings Corp_•
Preferred
100
Erind Group Assoc
3751
Rights
158
Galv-lions Lice Pref_100
General Alloys Co
Georgian Inc (The)
Preferred class A
20
German Credit & Inv Corp
25% let preferred
Gilchrist Co
• 27
Gillette Safety Razor(o. 108%
Greif Bros Coop'se class A _
Hathaw aye Bakeries classll 2954
CIa-se A
122
Preferred
Hood Rubber
• 20
HYgrade Lamp Co
4234
Preferred
Insurance Sec Inc
10
Insuranshares Corp el A _
21%
International t
_
......
lilt Hydro El Syst al A__ _ _ ......
13idder Peat,scen) A p11011 92
Libby McNeill & Libby AO
Loaves Theatres
25
liassacbusetts Gas Co_10( 149
100 81
Preferred
MORS Utilities Ass corn
114
Mergenthaler LthotYPe.100
10
National Leather
3
Nat Service( ....._
Nelsone'rp(Herman)tr HIS 264
New Endl Equity Corp____
100 ..
9834
Preferred
New Eng Pub Serv
New Engl Pub Say or DM*
New Eng Tel & Tel.._ _10b 146
17%
North Amer Aviation Inc _ _
_.100 324
Pacific Mille..
Reece Button Hole Mach10 1715
Reliance Management Cory 32
Roosevelt Field, Inn
Sturryniut Aiken Con Stk.._
2235
3555
Boer See Corp al allot cite
Swift & Co
100 128
• 76
Torrington Co
Tower M fg _
954
Traveler Shoo Co
Tr -Continental Corp
Preferred
Union copper Land & Mm
6
Union Twist Drill
United Shoe Mach Corni..25 65%
26 31
Preferred
S Brit Inv $3 pfd allot elf
US & For See Corp let pf
41
U S & Int Ser Corp pref
Utility Equities Corp oom_
102
Preferred
4
Venezuela Holding Corp_ _ _
Venezuelan Mx 0111 Ioro I() 6755
• 2958
Waldorf System Inc
Waltham Watch class B.
_ _50
Warren Bros_
3(134
Westfield Mfg CO COM- 358
lee
178
81
96%
114
101
Low.
1,005
365
200
165
1,775
315
300
100
155
1,825
1,590
6,500
61
100
19,285
326
1,990
1,045
3,167
535
1,050
160
1,165
810
230
M..4
00
Railroad100
Boston & Albany
100 81
Boston Elevated
100 9654
Preferred
100
let preferred
100 101
2d preferred
Boston & Maine
Common unstamped5100
Ser A 1st pref unstpd_100
Ser C 1st of unstpd_100
Prior preferred End_ _100
Fier A let pfd etpd . _10n
Ber"II" lst Dfdatpd 100
Ser C let pref End _Inn
Ser D let pfd stud
100
Negot receipts 85% paid
Boston & Providence_ _100
East Mass St Ity
100 19
let Preferred
100 58
Preferred B
100
Adjustment
100 45
Maine Central
100 68
Y N H & Hartford_ _100 9954
Old Colony
100 122
Pennsylvania RR.
60 76%
Rights
1
Range Since Jan. 1.
2
Franklin Mining Co_ __.25
14
Hancock Consolidated_ _25
25 70e
Helvetia
1 51
Island Creek Coal
25 21
isle Royal Copper
26
Keweenaw Copper
134
La Salle Conner Co
25
25
Lake Coroner Corp
25 25c
Mass Consolidated
Mayflower &Old Colony 25 73e
25 5554
Mohawk
New Dominion Copper ____ ......
New River Co pref
b
Nipissing Mines
North Butte
16
654
25
0Jibway Mining.
25 1054
Old Dominion Co
• 13
P. C.Pocahontas Co
25 35
Quincy
St Mary'e Mineral Land _25 33
10 25c
Shannon
Superior & Bost Copper_10 25e
6
334
Utah Apex Mining
1liz
fRah Metal & Tunnel
1
Victoria Copper Min Co_25
M00.00Q
MC.00.0
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Mite.).
Week.
Par Price. Low. High. Shares.
cares
yrtaay
Last Week's Range for
Week.
of Prices
Sale
Stocks (Concluded) Par. Price. Low, HUM. Shares.
X.0X
.
.g
=90 OX
9
N..0001,-4..0000'.VN0NMMNN00M....
.-1MMN0
[...NC.
M00M0
Boston Stock Exchange.
-Record of transactions at
the Boston Stock Exchange, May 18 to May 24, both inclusive, compiled from official sales lists:
4
354
154
66
35
74
334
254
80c
I
6034
650
67
354
834
554
194
22
50
46
55c
52e
64
254
254
Apr
Jan
Mar
Star
Mar
Mar
Mar
Mar
Jan
Mar
May
Star
Apr
Mar
Mar
Jan
Jan
Mar
Feb
Mar
Mar
Mar
Mar
Mar
Jan
Apr
91
May
78
9654 Feb
10134 Jan
Jan
89
64
SO
10635
96
1004
98
9954
10034
10455
125
1014
10344
ital..
Jan
Feb
Jar
Jan
Apt
Jan
Jar
Jar
Mal
ME
Ft
Mai
Rat
-Record of transactions at
Chicago Stock Exchange.
Chicago Stock Exchange, May 18 to May 24,both inclusive,
compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par Price. Low. High. Shares.
48
49
Abbott Laboratories corn_• 48
994 10034
•vrils Steel C. . . .__2t
3855
37
Adams (J 1)) Mfg com___• 3754
16
16
Adams Royalty Co com__* 16
5454
Ainsworth Mfg Corp wail° 534 47
174
811-Amer Mohawk "A".._b 164 14
474
41
Allied Nf otor Ind Inc com.• 46
5054 52
• 51
Preferred
744
67
Allied Products "A"___ • 72
39
39
Altorfer Bros Co cony pfd•
4354 4354
American Colortype corn.•
2454 244
Amer Commw Pow "A"-•
73-6
73.6
Warrants
Amer Pub Serv iir•l
10255 103
lilli
19
15
Amer Radio & Tel St Corp. 1654
134 15
American Service Co,corn •
2655 27
Am States Pub Ser A corn... 2634
2254
Amer Yvette Co Inc com • 214 21
2755 2835
•
Preferred
404
38
Art Metal Was Inc Con.' 39
52
50
Assoc Annex Ind Inc corn.• 50
Assoc Investment Co _ _ _ _• 55
5354 55
264 27
Assoc Tel 1411 Co corn_ •
47
4954
Atlas Stores Corp com___• 441
238 256
Auburn Auto Co oom_ _ _. 247
•
294 2935
AutomatWaitherCo con Pf•
Backstay Welt Co corn_ •
Balaban & Katz v t c__ _25
Bastian -Blessing Co com_•
BAZIPT Laundries Ina A •
seatrIce Creamery com_50
Bendlx Aviation
iieudli Curs Class II new5
Binks Mfg Co cl A cony pf•
e.mz-Warner Corp com 10
100
7% Preferred
Borba Vivitone Corp prof •
Brach & Sons(E J) corn,,.'
Bright Star Elm)"A"____•
•
Claw B
Brown Fence & Wiredl A _•
Class"B" _ _
.
. . •
_
Bruoe Co EL conamon.::*
Bulova Watch Ce con,..'
•
$34 Preferred
Bunts Bros corn
10
Sutler Brothers__ .
2)1
Campli Wyant & Can Fdy•
Canal Constr Co cony pt.)
Castle & Co(AM)ruin__ Ill
GeCo Mfg Co Inc corn ._•
Cent Dairy Pr Corp A pr..
Central III Pub sere prof _•
Cent Pub Ser (Del)
Class"A"
•
Central 8 W 13411 Pre}
•
Common
•
•
Prior lien. Prof
r'hain Belt Co corn
•
Cherry Burrell Corp corn.'
Chic City & C Ry Dar 1111- •
Preferred
•
Certificates of deposit,_•
Chicago Corp corn
•
Units
•
Chic N S & Milw com_100
Prior lien pref
100
Chicago Rall waYa
Part ctfs series 2
100
Chic Rap Translt pr pf 100
Chicago Towel Co cony pf'
City Radio Stores corn._.
•
-inb Alum Uteri Co ._ ..•
Coleman Lp & Stove corn _•
Commonwealth Edison_100
_
onw UtlI Corp
48
88
175
28
1244
10135
38
22
1734
2734
2654
554
30
49
27
374
204
494
30
45
9654
82
48
2555
2654
663-4
154
454
Range Since Jan. 1.
Low.
High.
May
Star 52
1,550 39
500 8354 Feb 1004 May
May 4334 Feb
550 37
Jan
Slay 25
150 16
7,800 344 Mar 5454 Slay
Jan
4,050 123-4 Mar 39
7,700 294 Mar 5714 Feb
May 55
650 46
May
May
3,050 4954 Jan 81
Jan
Apr 53
150 37
200 3634 Jan 4934 Feb
Mai
Jan 31
150 22
100
736 May 1154 ME
Mai
200 994 Jan 103
4,300 15
May 3751 Mai
is Pet
1,300 1354 Slay
Jar
1,700 2654 May 211
API
Apr 24
700 20
Ain
Apr 30
150 27
JA11
4,650 36
6754 Fet
2,2E0 4514 Mar 51534 Jar
Fel
Mar 60
1,350 50
1,000 2634 May 33
Jal
Mar 744 Fel
1,150 45
Ma)
7,350 1315( Jan 256
ME
50 2934 May 40
Star 5234 Jai
50 41
4354 4334
JAI
, 11/1
100 7255 5153
7234 7335
Mar 4834 Mal
4854 12.400 35
40
Jai
Apr 26
550 15
2055
20
Do
Mar 98
100 78
85
85
Mai
May 98
98 151,200 86
85
Mar 19334 Ma:
170 1933-4 31,300 96
1,850 274 Mar 37% Jar
30
28
Jai
82,000 9454 Star 152
123 137
200 10115 Apr 10354 Fel
1014 101%
MA
Mar 41
4054 7,400 29
38
24
200 2154 May 2954 Jai
23
Slay 26
22
Jai
500 20
20
Fel
1754 Ma
8
1754 5.900
17
Star 3654 Jai
2914 7,710 25
27
Jai
Ma
3,450 24
37
2654 2954
Ma;
Apr 56
3,250 41
56
53
550 2854 Mar 32
Ma
2934 3054
500 4834 Mar 605 Pe'
4854 49
1
Jan 3434 Ma
50 27
28
28
Ja
2634 2855 6,700 2655 May 45
Ja
Mar 47
1,850 35
3754 3854
Feb 2154 Ja
500 19
2054 2054
Mar 794 la
2,150 66
77
72
1,850 4354 Mar 864 Fe
48
52
Apr 4335 Fe
4,650 22
2315 ao
Ja
Mar 98
450 94
9734
96
443-4
9654
75
10054
4834
48
274
23
2334
26
6654
1554
9654
4
984
93
2555
2754
2434 24
58
57
247
260
800 315
4554
50 94
9654
850 7034
82
350 100
1014
150 4654
49
350 48
493-4
14
3
40')
1,760 18
26
2334
800 16
2654 6,950 18
6735 21,600 65
17
300 134
9934
194 964
Jan 4534 Ma
VS% la
Jan
Ja
Mar 90
Jan 10334 AL
5934 Ja
Apr
May 5854 Ja
354 Me
Jan
31
Mr
Jan
Jan 2594 Ma
Fe
Feb 34
Mar 754 Fe
Fe
Jan 21
M£
Apr 100
254
200
43 9855
50 93
950 24
5,8541 24
250 57
2,102 209
7
Me
Jan
Apr 1004 Ja
Fe
May 97
Fe
May
31
Slay 3454 Fe
Fe
Slay 80
Jan 252
Me
454
9855
93
2734
2734
59
250
cnn
ex
Ian
.1101,
la
3490
FINANCIAL CHRONICLE
Friday
Saks
Last Week's Range for
Sale
Of Men.
Week.
Stocks (Continued) Par. Price. Low. High. Shares.
Cons Serv Co(The) ctf den
Construction Material__ _•
•
Preferred
Consumers Co common _h
100
Preferred
Warrants
25
Crane Co, common
Preferred
100
Curtis Lighting Inc corn....'
Curtis Mfg Co
5
Davis Indus [no "A"
•
De Mets, Inc. pref w w_ _ _*
Decker (Alf) & Cohn Inc.*
Dexter Co (The) com_ •
Eddy Paper Corp (The).*
El Household Util Corp..10
Eleo Research Lab Inc__ _•
Mantra CI & F co 6% pf100
7% preferred
8% preferred
Emp Pub Service A
Fabrics Finish Corp corn _•
Federated Publica's $2 Pf •
Fitz Simmons & Connel Di
& Dredge Co corn
•
5
Foote Bios G & M Co_
Foote-Burt Co (Tbe) corn •
Gardner Denver Co com_•
General Candy Corp cl A..5
Gen Spring Bumper A___•
Class B
•
Gerlach Barklow corn
•
Preferred
•
Gleaner Coin Hare Corp
Common
Godchaux Sugar. Inc, el Be
Geldblatt Bros Inc cam_ _•
Great Lakes Aircraft A....
Greif Bros Cooper A oorn.•
Grlgsby-Grunow
Common (new)
•
Ground Gripper Shoe corn'
Hall Printing Co corn......10
-Carter Co cone ..•
Hart
Hartford Times part pf__•
Rib Elpen Bart 5. Co corn 25
Hormel& Co(Geo) corn A •
Houdaille-Hershey Corp A•
Class B
•
Illinois Brick Co
25
Insull UM Invest
$544 prior preferred.. •
Internal Pwr Co Ltd corn •
Iron Fireman Mfg Co v s •
Jefferson Electric Co corn •
Kalamazoo Stove cam-.
Kellogg SwItchbd coin.. _10
Ken-Rad Tube&Lp A corn*
•
Keystone St & WI corn
Kuppenheimer & Co IneB common
5
La Salle Ext Univ com__10
Lane Drug corn V 0
•
Cum preferred
•
•
Leath ar Co corn
Cumulative preferred _•
Warrants
Libby McNeill & Libby_10
Lincoln Printing com____•
7% preferred
50
Lindsay Light corn
10
Lion 011 Ref Co corn
•
Loudon Packing Co
•
Lynch Glass Mach Co •
McCord Radiator Mfg A..•
•
McQuay-Norris Mfg
Mapai Cons Mfg Co corn •
Mark Broe Theatres pref•
Material Serv Corp com _10
•
Meadow Mfg Co cora_
Mer & Mfrs Sec
25
Part Preferred
Mid Coin Lawnd Inc A
Midland Steel Prod corn •
Middle West Utilities.___•
Preferred
100
•
116 cum preferred
$6 cum prior lien pfd.'
100
Prior lien pref
Mlfler& Hart,loc.conv pf•
Minneap Honeywell Roo •
MInneap-Moline Pr Imp.'
•
Preferred
MO-Ran Pipe Line corn_ •
Rights
•
Mediae Mfg corn
Mohawk Rubber
•
Common
•
Monighan Mfg Corp A
Monsanto Chem Works...'
•
Monroe Chem corn
•
Preferred
Morgan LIthograrlb core.*
Morrell& Co
_ ------•
Muncie Gear class"A"-...•
•
Class"B"
Muskegon Mot Specialties
•
Convertible class A
Nachman Springfilled com•
Nat Mee Power A part •
National Leather com___10
Nat Scour Inv Co
•
Common
100
6% cunsul pref
•
Nat Standard corn
Nat Term Corp part pfd'
New Eng Pr Assn 6% pf100
Nobblitt-Sparks Ind corn..'
North American Car oom.•
North Amer G & El el A..•
N & S Am Corp A coin...*
Northwest Eng Co corn_ •
35
2935
45
35
2834
44
10
70
4
46
112
22%
30
10
29
16
18
26
5034
834
9135
9555
10836
2735
1655
26
35
30
46
1055
70
4
46
115
2255
32
1055
29
17
18
26
5554
1055
9155
96
109
28%
1854
2655
6655
2214
46
67
7
6655
6631
1754
2555
77
24
50
6935
755
71%
72
20
2635
5,050
1,800
2,250
1,000
200
6,200
7,200
250
750
10944 105
29
28
30)1 29
2444 23
41
111
3035
3051
2555
41
1,200
1,450
900
9,700
100
Low.
High.
Mar 35
Mar 38
Mar 55
Mar 1346
May 80
Mar
631
May 4834
Apr 119
2331
May
Mar 37
Mar 1744
May 3731
27
May
Apr 2254
Jan 28
Jan 5546
Mar 2234
May 9634
9844
May
Apr 11044
May 30
3451
May
Jan 29
Mar
Feb
Feb
Jan
Feb
Jan
Mar
Jan
May
Jan
Jan
Feb
Jan
Mar
Jan
May
Jan
Jan
Mar
Jan
May
Jan
May
67
22
46
64
7
383.1
3746
1715
24
Apr
Mar
May
May
May
Mar
Mar
May
Mar
Feb
Jan
Mar
May
May
May
May
Feb
Feb
90
24
28
154i
3944
Mar 125
Jan
Jan
38
Feb
Jan
Mar 36
Jan
Mar 32
Feb 423.4 Mar
14444 133
3955
29
28%
2646 26
4246 42%
55
55
48
4544 4555
4546 4554
15351 75,950 119
250 3555
3934
1,150 23
30
1,200 24
28
50 42
4255
100 54%
55
400 3344
49
51% 8.750 34
9,500 303(
52
Apr 17941 Mar
Feb 4236 Mar
Mar 3555 Jan
Mar 3444 Jan
Jan 45
Feb
Apr 58
Jan
Jan 5746 Feb
Mar 0946 Feb
Mar 59
Feb
3055
3855
20834
2731
2034 2831
50
48
108
103
1351
1336
2436 23
42
150 3046
3055
4031 6,700 30
165 125
20854
50 2736
27%
3055 2,900 2494
850 454(
51
13,800 95
112
14
3,000 1046
2551 2,850 20
400 40
4331
May 41
Jan 53
Jan 250
Mar 31
Jan 3444
Jan 69
Mar 131
Mar 1944
Mar 42
Mar 58
Jan
Feb
Feb
Jan
Feb
Mar
Jan
Jan
Feb
Jan
May
Apr
May
Mar
Jan
Apr
Mar
Mar
Apr
Jan
Jan
Mar
Apr
Mar
Mar
Jan
Mar
Apr
May
Jan
42
541
2944
32
2541
46
1141
1534
2644
4534
6
38H
60
30
4444
76
42
3344
4234
2941
May
Jan
Jan
Jan
Mar
Jan
Mar
Jan
Feb
Jan
Apr
May
Feb
Jan
Jan
May
Jan
Jan
Jan
Feb
2454 4,10
Mar
24
31
Apr
1,200 25
97
200 9746 May
166
3,80 16055 May
25 116)4 Mar
11631
Jan
99
59
98
Jan
10
101%
90
Mar
121
25 121
47
500 45 May
72
650 5541 Jan
42% 12,600 4134 May
10251
650 10151 May
3554 2,700 2234 Jan
41 May
950
35
72
4,100 48
Mar
32
3546
108
190
122
10334
104
127
52
72
45
103
423.4
35
72
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Jan
May
May
May
May
May
May
Mar 66
Mar 35
Jan 160
Apr 2646
Apr 51
Mar 6634
Apr 80
Mar 31
May 30
Jan
Jan
May
Jan
Jan
Jan
May
Jan
Jan
70
2235
32
29
53
9
9146
9546
2834
17
74
49
67
7
6746
6715
20
2646
40
1434
22
18
42
12
2151
44
35
47
2231
3035
16155
99
101%
121
47
72
4131
10131
68
40
3%
1455
21
18
40
6
12
2151
4334
551
33
47
26
40
75
38
2234
30
1555
20
30
95
16055
11655
98%
10155
121
46
72
4131
10134
3134
A
67
53
53
28
28
15051 150
1935
39
2841 25%
78% 78
2251 2151
14
14
54
29
153
1934
39
2834
7951
23
15
28
27
26
6255
3055
3
6255 65
30% 3014
3%
3
46
16
4834
49
36
30
102
45
1455
96
46A
48%
21
36
3734
450 35
1,000 27
1,950 4314
900
7
300 70
3
100
230 4546
191 112
400 22
650 30
150
744
50 29
250 16
800 17
150 2455
9,490 30
7
6,373
230 9054
250 9555
10 10735
2,750 24
600 1655
100 25
50
40
150
355
800
1534
500
22
19
600
750
42
200
6
1235 2,900
22% 1.100
4435
650
534
300
11,200
36
47
250
27
550
41
300
75
250
38
200
50
2235
33%
250
1655
1,350
31
103
4654
17
96
4934
5155
22
3651
3734
Ontario Mfg Co corn
38% 4136
• 40
Oshkosh Overall Co com • 1016
1055 1031
Convertible preferred.. •
24
23
PacPub Ser Co cl"A"corn*
2355 2354
Parker Pen (The) Co com10
4835 51
Penn Gas & Elea A com__• 2135
2151 21%
Peoples Lt & Pr Co A com•
4834 50
Perfect Circle (The) Co....' 55
54g 58
Pines Winterfront
Common new
69
65
65
Polymet Mfg
5355 5334 57
Poor & Co class B core___• 2835 28
28%
• 34
Potter Co(The)Isom
34
31
Process Corp corn
•
19
19
246 24731
Pub Serv of Nor M com100
• 247
Common
247 248
100
7% preferred
13234 13231
Range Since Jan. 1.
40
344
12
20
17
40
5
11
21
42
344
23
4046
20
38
5744
37
18
30
1441
600 51
800 27
900 104
200 1644
50 36
1,200 25
4,500 6834
2,200 18
350 14
8341
30
53
6955
10
7311
7344
26
30
1.300
2314
mar
3614
3,100
500
900
60
27
3
Mar
Mar
Mar
7894 Feb
38
Jan
544 Jan
1,400 25
1,259 11)0
850 39
1,650 1446
1,225 96
5,700 3234
2,450 40
250 20
2,000 36
50 37
2.450
250
150
1,950
350
600
600
2,080
30
1044
23
2114
44
2034
4654
46
1,700 65
1,500 5355
3,650 2255
750 27
100 184i
64 206
218 205
40 12541
42
1544
27
2446
67
2494
58
60
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices
Stocks (Concluded) Par. Price. Low. High. Shares.
0
-R-S-De Vry Corp (The)
New
4346 43
4546
Quaker Oats Co corn
•
315 319
Preferred
100
10934 10934
Raytheon Alfg Co _ ___• 71
67
7455
Real Silk Hon Mills corn 10 7634
7635 7755
Reliance Mfg corn
lu 23
23
24
Ross Gear & Tool corn
• 5355 52
54
Ryan Car Co(The) com_25 1234 124: 15
Rights
A
A
Ryerson dc Son Inc corn....' 39
38
3955
Sally Frocks. Inc. com__-• 30
29
3155
-4angamo Electric Co
•
40
403,4
Saunders class A corn_
•
56
5636
Preferred
50
55
5551
Shaffer Oil ez Refg prat100 9331 9331 93.31
Sheffield Steel corn
72
70
•
Signode Steel Strap Co_ •
1446 15
Preferred
30 3051 2955 3051
Purchase warrants
2
235
4onatron Tube Co com___• 33
3234 3546
So Colo Pow El A com_25
2331 2331
Southwest Gas & El Co100
7% preferred
100 100
Standard Dredge cony pf_• 3336 3241 34
Common
• 3246 31
33
• 28
Stein1te Radio Co
26
32
Sterling Motor, pref __30
3155 32
Storkline Fur cony pfd....25
2334 25
Studebaker Mail Or com_5 18
1746 1846
24
• 25
2536
Class A_
Super Maid Coro cow _
• 6044 59
6344
14
Sutherland Paper Co com10 14
14
Swill & Co
100 12844 12846 12944
Swift International
15 3146 3146 3241
Range Since Jan. 1.
Low.
High.
May 4644
7,000 43
Apr 369
258 300
4
95 1091 1 May 120
Mar 8136
4,350 53
2,650 763-1 May 7734
1,250 20
Mar 3034
1,450 45
Jan 57
Jan 18
8
550
A
A May
1,950
1,300 38 • Jan 46
3134
7,950 3734 May
600 3544 Jan 4641
Mar 73
400 50
1,050 37
May 5654
50 9334 May 100
600 5835 Apr 90
250 1455 May
2036
1,600 2635 Apr 3234
700
2
Mar
455
7,700 2741 Mar 4446
50 23
Mar 2655
Apr
Feb
Jan
Apr
May
Jan
Feb
Jan
May
Feb
May
Jan
Jan
May
Feb
Jan
Jan
Jan
Jan
Feb
Feb
50 9641
1,600 28
2,550 26
3,550 25
100 30
550 23
1,900 1344
1,750 24
8,500 50
400 14
1,050 128
2,950 3046
Apr 101
Mar 41
Mar 3941
Mar 49
Mar 36
Mar 30
Jan 22
Apr 30
Mar 74
May 21
May 140
Mar 3744
Jan
Feb
Mar
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Tenn Prod Corp. com____* 26
2541 26
4,350 21
Thompson (J It) com
4744 48
250 43
25
Time-O-St Controls -A".• 3144 30
32
1,050 26
12th St Store(The) pfd a •
2134 2146
150 2146
United Chemicals Inc 141-•
43
600 43
4434
Unit Corp of AM prof_
27
•
2831 4,000 23
United Dry Dks,Inc cam _•
300 1514
1646 17
United Gas Co corn
450 25
• 2546 2541 26
Un Repro Corp part pf....• 2536 2536 27
1
.
651
23
0 El Gypsum
31,950 4551
75
68
20 73
25% paid
5934 56
42
613-4 6,071
US Lines Inc pref
1744
1746 1741
• 1714
1,151
(1 El Radio & Telev corn....' 76
4494
17,451
76
90
Utah Radio Products corns 18
17
4,10(
20
17
Ut dr Ind Corp. corn
• 2241 22
2334 23,554
203-4
Cony. prof
• 2655
25
8,611
2634 27
Van Sirklen Corp part el A* 32
29
2,111
3044 323-4
Viking Pump Co com
• 163,4
16
17
15
1,05(
Preferred
• 30
2941
2941 3046
1,10(
Vogt Mfg corn
401. 29
•
2946 30
Vorolone Corp part Oral....' 40
39
000 37
4144
Wahl Co corn..•
2341
22
550 1734
Walgr Co corn stk pur w__• 60
60
60
200 53
Warchel Corporation... •
50 1644
19
19
Preferred
29
29
45f) 2844
• 29
Waukesha Motor Co coin • 171
170 185
255 165
Wayne Pump Co
Common
23
23
100 23
* 23
Convertible Preferred...*
40
40
50 35
Wextark Rad Ste Inc,oom• 443-4 43
45
1,400 38
West Con Utll Inc A____• 24
2355 2434
600 2354
Western Grocer Co com_25
20
20
200 20
West Pow Lt&Tel 1st pf A• 33
33
4,050 3116
32
White Star Refg Co com__* 55
52
1,100 43
55
WIeboicit Stores. Inc
42
42
350 42
•
Williams 011-0-Matio com• 25
233-4 2531 5,450 20
Winton Engine con pref....' 78
1,700 57
84
78
Common
2,400 7355
7335 76
* 74
Wolverine Port'CeMent_10
6
644 644
150
Woodruff de Edwards moo
600 2141
24
Panto clam A
23
• 24
Yates
-Amer Mach part id• 2836 2641 2936 2,800 2136
Yellow Cab CO Inc (Chic)•
3134 32
500 3016
5,200 3344
Zenith Radio Corp aim..
• 3841 3846 40
Feb 2844
May 62
Mar 3944
May 26
May 6014
Mar 8741
Apr 23
Apr 3944
Apr 4294
Apr 75
Mar 6144
Apr 1844
Jan 141
May 56
Feb 31
Feb 31
Mar 8634
May 17
May 32
Apr 35
Mar 573-4
May 27
Apr 78
Apr 26
Mar 36
Feb 210
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Jan
May
May
Apr
Feb
Jan
Feb
Feb
Jan
MAY
May
Feb
Jan
Jan
Feb
Jan
Jan
Mar
May
Mar
Jan
Mar
Apr
Apr
Mar
May
Jan
Mar
May
Jan
35
46
6544
2455
25
353.4
55
57
2941
94
76
8
Apr
Jan
Jan
Apr
Jan
Jan
May
Jan
Jan
Jan
May
Feb
Apr
Mar
Mar
Mar
2844
3246
33
6244
Jan
Apr
Jan
Feb
Bonds
Chic City & Con Rys 5s '27
8044 84 547,000 65
Chic City Rye 58
1927
3,000 803.4
Certificates of deposit823-4 8255
8231 833-4 3,000 78
Chicago Rye 5s
1927
8441 6,000 7744
83
Certificates of deposit-58 series A
1927 7851 7755 7834 48,000 60
5s series B
69
82,000 4146
1927 69
66
Adjustment income 4s 27
4,000 23
35
35
Purchase money 5:3_1927
67
67
3,000 44
Commonw Edison 58_1943 10244 10241 10241 2,000 10236
1st mtge 5s ser B__ _1954
10114 10141
1,000 10116
Corn Sub Corp 534s A.1948
9646 963-4 3,000 9644
El Paso 646s
10
-year 6Sis debs..1938
99 100
15,000 99
Insult UM Inv 55 A 1949_ 207 207
1,000 140
National Prop 5Ha_ _1949
100 100
.
1,000 9951
Pub Serv 1st ref gold 5s.'56
10141 10141
,
1,000 100
Sou Gas U01640 A _ __1939
9835 9835
3,000 983.4
no
nn
11 nnn no
'''
• No par value.
Jan
84
May
Mar 8351 Jan
Feb 8854 Mar
Mar 8434 May
Feb
7836 May
May
Feb 69
Mar 353.4 May
Jan 07
May
May 1043-4 Jar
May 10136 May
May 9834 Jar
May
Jan
Apr
Apr
Apr
An,
103
251
100
10141
9844
102
Mar
Feb
Fet
Jar
Api
Vat
-Record of transactions at
Baltimore Stock Exchange.
Baltimore Steck Exchange, May 18 to May 24, both inclusive, compiled from official sales lists:
Jan
Feb 33
May
Apr 1053-4 Feb
Mar 14.)
Feb
May
1746 Feb
May 9751 Mar
Mar 50
Feb
Mar 70
Jan
Mar
26
Feb
May 36% May
May 48
Feb
Mar
May
May
Feb
Apr
Feb
May
Apr
[VOL. 128.
May
Mar
Mar
Mar
Jan
Feb
Feb
Jan
May 75
Apr
May
May 57
Mar 34
Mar
Mar 4046 Jan
Apr 33
Jan
Jan 24731 May
Jan 248
May
May 13241 May
Stocks-
Saks
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par Price, Low. High. Shares.
Arundel Corporation
• 40
Atl Coast Line (Conn)-50 183
Baltimore Trust Co
50 19744
I Benesch & Sons new w
-----Black & Decker coin
• 50g
Preferred
25 2734
Central Fire Insurance - _10
Ches dr Po Tel of Bait pf100 115g
Commercial Credit pref_25
644% 1st preferred _ _100
,
Ex-warrants
Warrants
Corn Credit of NO pref__
24
Consol Gas,EL & Power.. 94
6% preferred sec D....100
534% Pref wiser E....100 110
5% Preferred ser A....100 10034
Consolidation Coal__ _100
Continental Trust
Crook (J W) pref
Deli sn Tire & Rubber........'
346
Eastern Rolling Mill
• 2946
Scrip
Equitable Trust Co
25
Fidelity & Deposit
50 296
Finance Co of America A..'
Series B
• 1234
Finance Service corn A.10 17
3944
183
19746
16
494
,
1
2746
32
115H
2416
9836
8541
12
24
92
110
106
10046
1334
250
51
3g
2754
28
140
295
1234
1255
17
42
186
19931
16
52
2716
334i
116%
25
97
8541
12
2434
9646
110
110
101
1546
25914
51
4
29g
28
140
305g
1234
1234
17
612
51
144
25
5,345
60
151
149
164
80
8
16536
110
242
35
30
419
852
39
5
335
1,566
Si
75
157
80
42
5
Range Since Jan. 1.
Low.
High.
49
1128
3846 Apr 1573,64:
Jan 200
179
200
165
Mar
15
31% Jan
2Feb 4208
327
May
18237 Jan
1641
Aaeyb
IF pr
Feb
May
Feb
n
Jan
Jan
NIa r 1043,4
M ay 2619024
Mat
8531 May
Mar
15Jan
5
Faa 2
j eb
22
14
Feb
104
88
111H Feb
May
1" M aarr 110
10414 MMaY
10054 Mar 103
Jan
,
13% may 2246 Jan
Jan
52
200
Jan 300
NNilaayr
May
50
53-4
1
2734 Mar
Jan
28
!Fee
:3
314
3
May
12441 Feb 144
F p
A
Apr 311434
290
Jan
11
Apr
1044 Jan
Mar
May 75
17
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Concluded) Par. Price. Low. High. Shares.
55
First Nat Bank W I
Guilford Realty Co
Handler Creamery pref..._ 11334
24
Mfrs Finance corn v
25
1st preferred
25
2d preferred
Maryland Casualty Co_ _25 135
• 34
Maryland Mtge corn
• 22
May On Burner
Mercantile Trust
8 44
March & Miners Tramp..
Monon W Penn PS pref_25
10
Morris Plan Bank
Mt Vernon-Woodb Mills
100 78
Preferred
100 270
Nat Bk of Baltimore
Nat Marine Bank
50%
Nat Sash Weight prat
New Amsterdam Cas Co_10 81%
Northern Central Ry. .50
10 28%
Park Bank
Parma Water & Power •
15
Prudential Ref warrants__ _
Southern Bank Sec Corp_
Preferred
Stand Gas Eq pf w war_100
Un Porto Rica Sugar com _• 48
• 50%
Preferred
50 392
Union Trust Co
United Rys & Electric-50
U S Fidelity & Guar new.. 71
U S Fld dr Guar Co Fire w I 64
West Md Dairy Inc corn_ •
• 89%
Preferred
50 54
Prior preferred
Rights
Colonial Trust w I
National Marine Bank
__
55%
55
23
23
108% 115
23% 24
19
19
15% 16
135 140
34
3514
22
21
480 480
4434
44
25%
25
13
13
5
78
270
306
30
753
105
16
211
387
1,070
65
2
155
192
3
49% 50%
81% 84%
85% 85%
28% 28%
82% 86
15
15
47
4814
98
98
37% 3714
46% 49
51
50
392 39834
9%
9
65
7234
66
63
115 115
89% 90%
53% 54
5
5
Range Since Jan. 1.
54%
22%
97
23%
19
15
135
31
21
470
43%
25
12%
May 60%
May 23
Mar 115
May 36
May 22
May 19%
May 183%
Jan 4614
May 22
Apr 480
Mar 47%
May 27
Feb 14
5
5
8500
2,100
1,000
1,000
38,000
1,000
2,000
1,000
1,000
3,000
2,000
23,000
2,000
6,000
1,000
37,000
15,000
1,000
6.000
1,000
96
96
96
8634
120
98
97
93
80
9754
101
100
92
100%
98
60
32
50
7434
73
May
May
May
May
Mar
Mar
Feb
Ma
AP
Feb
Apr
Jan
AP
Jan
Apr
Ma
May
Apr
Ma
May
Jan
May
May
Feb
Feb
Feb
Jan
Mar
May
Mar
Jan
Feb
Jan
10
7
May
May
99% Jan
99% Feb
9914 Jan
Apr
87
191
May
Apr
99
99% Apr
95% Feb
Feb
88
Feb
99
Apr
102
103% May
Jan
95
Mar
110
Apr
98
Feb
65
Jan
43
Jan
63
83% Jan
8314 Jan
-Record of transactions
Philadelphia Stock Exchange.
at Philadelphia Stock Exchange, May 18 to May 24, both
inclusive, compiled from official sales lists:
•
534 634
554
Almar Stores
7534
• 7214 71
American Stores.
BkofNoAm&TrConew w L. 13854 13834 146
56%
55
Bankers Securities pfd- -50 56
Bell Toll Co of Pa pref.100 11534 11434 11534
52
52
Blauners All Ctf
934 954
Bornot Inc
Budd (E G) Mfg Co _---• 4334 4154 4534
83
8534
Preferred.;
7834 86
Budd Wheel Co
4014
40
so
Cambria Iron
3334 3534
.
Camden Fire Insurance _ _ 35
12
12
1254
Central Airport
914 1034
934
Central Properties corn.. _ _
2434 2534
Commonwealth Cas Co _10
Consol Trac of N J____100 4934 4834 4934
2
2
Cramp Ship & Eng. ..l00
7834 8234
Elec Storage Battery __100
10 4754 4734 4734
Fire Association
Horn&Hartort(Phil)com -•
Horn&Hardart(NY) corn *
10
Immo Co of N A
Lake Superior Corp..._100
Leh Coal & Navigation _50
Manufaet Cas Ins
Mark(Louls)Shoes Inc__ *
Minehill&SchyulkillHav 50
Northern Central Ry..50
•
North East Power Co
Penn Cent L & P cum prat*
Pennroad Corp
Pennsylvania Insurance.-bo
Pennsylvania RR
50
Penn Salt Mfg
2%
Penn Traffic
Phila Dairy Prod prof.....
25
Phila Elea of Pa
._
PhlIs Elea Pow Prof . _25
Phila Inquirer
Preferred w I
Phila Rapid Transit..-50
50
7% preferred
PhIladateadCoal&ICo.__*
Philadelphia Traction __50
...50
Phila & Western Ry.
.50
Preferred
Reading Traction Co
RE Land Title new
10
Reliance Insurance
Shreve El DoradoPipeL_25
•
Scott Paper Co
100
Preferred
Sentry Safety Control ......
Taeony-Palmyra Bridge._ •
Telep Sec Corp prof
Tono-Belmont Devel.____1
1
Tonopah Mining
50
Union Traction
United Corn temp atfsTemp etts Preference.
United Gas Improyem1.50
United Lt Jr Pr "A"com •
•
US Dairy Prod CIA
•
Common class B
In
20414 207
5354 5334
80
7734 8034
1634 16
1814
158
158 16114
61% 6454
64
154 214
54
54
85% 8554
5334 61
7834 7834 79
1634 1934
14031 14034 148
7534 7934
90
90
90
lg 134
91
91
90
98
95% 99
3314 3334 3351
4134 4034 42
5154 52
5034 50
5034
4914 4954 4954
21
21
5031 5034
7
7
2814
2834 28
205
20
70
Range Since Jan, 1.
Low.
5
3,330
6.310 71
1,900 130
2,800 5434
658 11434
100 52
834
300
8,300 3454
406 5614
2,900 34
140 3934
8,800 33
2,012 12
3,200
731
900 2334
43 4854
200
2
585 7834
900 4614
90
100
1.500
6,900
500
1,700
300
20
73
23,800
190
16,200
3,100
12,800
100
100
246
1,400
3,400
3,000
3,800
1,450
2,400
100
200
200
200
20434 May
5234 May
7754 May
16
May
146
Mar
59
Feb
114 May
5354 Jan
8434 May
40
Mar
78
Mar
1631 May
136
Feb
73
Mar
90 May
134 Jan
Mar
90
8114 Apr
33
Apr
4054 May
5131 May
50
Mar
4955 Apr
21
May
5054 May
Mar
6
2734 Apr
20
80 18
70
1.700 6934
2154
600 2034
30
3.170 25
205 48
63
110
6 100
26
9,000 1134
389 36
45
27 14
1414
ji 3,900 1116
33.4
334 3.100
3734 2,325 3114
8614 35,600 3914
13,100 42
19734 191 20034 112,700 157
100 3234
37
37
700 48
51
50
305 1214
1434 16
7110 1044
tau CA
20
6934
2011
30
2734
6134
110
20%
44
45
14
11-16 11-16
334
3734 3871
8934
High.
Apr
854
May 97
Apr 149
Apr 6334
Apr 118
Jan 5934
Jan 10
Jan 6634
Jan 91
Jan 1087
4
May 4134
Jan 4234
May 13
Mar 11
Apr 32
May 61
May
4
May 9214
Mar 50
40%
Jan
Jan
Apr
Jan
Jan
Jan
Feb
Mar
Apr
Mar
Jan
Jan
May
Mar
Jan
Jan
Feb
Feb
Apr
2354
BondsElec Jr Peoples tr ctfs4s'45
Certificates of deposit.
Inter-StateRyscoltr4s 1948
PhilaElec(Pa)lst41isser '67
1966
lot 55
1st lien & ref 5148- _1947
1st lien Jr ref 5148-1953
PhIlaElecPowCo53is _1972
Phila. Sub County 4%81957
Strawbridge Jr Cloth5s1948
York Railways 1st Is 1937
Range Sixes Jan. 1.
Law.
High.
81
300
200
% Jan
4414 Apr
Mar
35
34 Jan
5214 Jan
45 May
2114 23% 18,000
94,400
Si 2
2134 May
Si May
28 May
531 Apr
31
'
RightsE G Budd W I
Penn RR
• No par value.
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par Price. Low. High. Shares.
Friday
Last Week's Range Sales
for
of Prices.
Sale
Price. Low. High. Week.
Warwick Iron Jr Steel __10
W Jersey Jr SeashoreRR 50
Westmoreland Coal ___ 50
Jan
82
Feb
295
Jan
80
52% May
Jan
93
Jan
88
Feb
31
Jan
100
15 May
Apr
57
101% Jan
Feb
48
52 May
53 May
399 May
13% Jan
94% Jan
Jan
87
Feb
136
Jan
96
Feb
54
May
May
143
344
5%
7
Stocks (Concluded)
High.
Low.
12 76% Feb
3 267
Jan
40 70 May
100 49% Mar
824 77% Jan
84% Apr
9
6
28% May
43
Apr
82
15 May
11
47 may
30 98
AP
25 37% May
Jan
370 39
Ma
230 44
Jan
131 339
Feb
9
665
5.640 65 May
256 56% Apr
Apr
25 100
94 8714 Apr
Feb
16 53
80
270
Bonds
Baltimore City Bonds
96
96
1961
45 Sewer Loan
96
96
1958
4s Water Loan
96
98
48 Annex Impt ____1954
8634 8631
Bait TracNoBalDiv58.1942
Black&Decker 6145 __1937 18634 185 191
99
99
Ga Caro & Nor 1st 58 1929
99
99
Houston Oil 5%%notes 38
Md Elec Ry let 58.. _1931 9334 93% 0334
87
87
let & ref 634s ser A 1957
97% 9714
Norf & Ports Tree 58_1936
101
101
PaWater&Powlst5s.....1940 101
102 103
6%s 1943
Prudential Rein
94
94
Sand= Co Inc 1st 681940 94
107 107
1932
Silica Gel 6348
98
98
StandGasEg let 68... _1929
60
6034
United Ry Jr E 1st 43.1949 60
3454 35
1949 35
Income 48
53
53
1936
Funding 58
76
75
1949
1st 68
73
73
WashBalt&Annap5s_ .1941 73
Stocks-
3491
FINANCIAL CHRONICLE
MAY 25 1929.]
46
40
%
46
40%
53% 5331
51
51
4534 46
99
99
102 10354
106 10634
104 104%
10354 104
9614 9614
99
99
9434
94
$9,000
6,000
11,000
4,000
13,200
3,000
3.000
22,000
5.000
6.000
2.000
50
51
44%
97%
102
105
104
102%
96%
99
94
Apr
Mar
May
Apr
Mar
Feb
Apr
Mar
May
May
May
5431
51%
50
997.4
105%
107
10634
106
97%
100%
99
Jan
Mar
Jan
Jan
Jan
Apr
Jan
Jan
Mar
Feb
Jan
• No par value.
-Record of transactions
Pittsburgh Stock Exchange.
at Pittsburgh Stock Exchange, May 18 to May 24, both
inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last 1Veek's Range for
Week.
of Prices.
Sale
Par Price. Low. High. Shares.
Allegheny Steel
Allegheny Trust Co__ -100 365
Aluminum Goods Mfg____ 31
Am Windcom.100
100
Preferred
731
Arkansas Gas Corp corn..'
834
10
Preferred
70
Armstrong Cork Co
5
* 3914
2
Blaw-Knox Co
Carnegie Metals Co__ _10
Ceht Ohio Steel Prod cam.*
• 1734
Clark (DL) Co corn
414
..60
Consolidated Ice corn.
50 23
Preferred
Commonwealth Trust-100 365
25
Crandall McK Jr H
9
10
Devonian Oil
Dixie Gas Jr Utll corn....' 1754
100
Preferred
* 1531
Donohoes A corn
Duquesne Nat Bank_ _PM 375
Nat Bank_...50
Exchange
50
Fifth Avenue Bank
First National Bank___100
Harb-Walker Ref corn__ -•
Horne (Joseph) Co cam_ •
2%
50
Indep Brewing prof
Koppers Gas Jr Coke pt_100 101
35*
Libby Dairy Prod corn...
25 80
Lone Star Gas
70
70
365 365
3214
31
30
30
52
50
7% 734
8% 834
72
69
38% 40
17
18
23
23
1714 18
4% 454
23
23
365 365
25
25%
10
9
1734 19%
77% 80
15% 15%
375 375
89
89
155 155
400 400
60
60
36
36
2% 234
101 101%
34% 35
741( 8014
.
McKinney Mfg Co corn. 8
Nat Fireproofing corn. 50
50
Preferred
Penn Federal Corp coal- •
Peoples Say Jr Trust-_100
Pittsburgh Brewing pref_50
Pittsburgh Oil Jr Gas..
Pittsburgh Plate Glass_100
I00
Pittsburgh Trust Co
5
Plymouth Oil Co
inc
rsmiaing
R:my
S
Salt Creek Cons Oil_ __10
1
Toy
Stand Steel Springs
Stand Steel Propeller
Suburban Electric Dev_--*
25
Union Storage Co
United Engine Jr Fdy cora•
25
United States Glass
Vanadium Alloy Steel
Western Say Jr Dep Bk _ _50
Westinghouse Air Brake--•
WherowSteel common_
100
Preferred
12
12
17
1714
3434
33
4% 4%
165 1165 170
7% 7%
731
3%
'
69
68
69
285 290
285
23% 24%
24
23
22
31(
3
fic
Sc
76
75
75
2514 26
22% 23
23
42
42
43% 44
43
1331 14%
7034 70% 71
135 135
45% 46%
49% 54
74
74
Unlisted
Hach Linn preferred
National Erie pref A
Pa Industries prof units*
Pitts Screw & Bolt Corp--*
Ruud Mfg Co
Western Public Serv v t c__
40
40
26% 27
110 110
27% 30
45% 45%
29% 31
17%
34%
Range Since Jan. 1.
High.
Low.
Feb
997 60
Feb
10 330
Mar
1,652 29
Feb
100 24
740 42 May
3% Jan
773
5,412
731 Jan
1,461 611( Jan
1,732 38% may
1,365 16% Apr
10 23 May
may
1.665 16
4 May
160
99 1914 Mar
Jan
47 330
Mar
135 25
Mar
375
6
714 Jan
800
Jan
175 70
486 15% May
10 375 May
1 88% May
10 155 May
Apr
36 400
Jan
200 52
Mar
20 35
I% Feb
140
330 100 May
968 25% Jan
Jan
8,836 67
Mar
90
365 May
Feb
40
Jan
32
52 May
8% May
8% Jan
Apr
73
45% Feb
Jan
20
Feb
28
Feb
20
Feb
5
Feb
26
365 May
Jan
29
13% May
21
May
80% May
16 May
375 May
Feb.
92
155 may
Jan
435
Mar
61
Jan
40
Feb
3
103% Feb
Mar
43
80% may
300 1134 Apr
2,100 10% Jan
28% Jan
88
4% May
2
6 1170 May
Jan
6
100
AD
3
196
Jan
1,114 64
Jan
57 275
Feb
440 24
Mar
400 22
3 May
80
Sc Jan
2.000
Ain
265 72
72 251( Apr
145 22% Mar
Feb
200 42
Jan
275 38
404 1014 Jan
165 60 . Feb
Apr
3 135
255 4514 May
300 31% Jan
200 71% Apr
100 40
575 25
100 110
2314
7.71
100 41
2414
4,62
16% Mar
1714 May
3534 Mar
514 Jan
170 May
Feb
8
4% Feb
Jan
75
290 May
3011 Jan
2734 Feb
5% Jan
Jan
25e
8714 Feb
Apr
28
Jan
29
Feb
42
4934 Apr
Feb
15
Mar
72
Apr
135
5434 Mar
Mar
80
Feb
78
Mar 4134
Apr 27
Feb 111
Mar 30%
Mar 45%
Apr 31
Mar
Mar
Feb
Apr
May
May
233
Feb
6234 Jan
Bonds
Apr
91
Jan
Apr 70
$2.000 68
68
68
Jan Independent Brew 68.1955
42
169% May
•No par value. t New stock.
Jan
71
-Record of transactions at
334 Jan
Cleveland Stock Exchange.
54% Apr
May 18 to May 24, both inFeb Cleveland Stock Exchange,
86
May clusive compiled from official sales lists:
61
81
Feb
Sales
Friday
Apr
26
Range Since Jan. 1.
Last Week's Range for
Mar
175
Week.
of Prices.
Sale
8334 Apr
High.
Low.
Par Price. Low. High. Shares.
Stocks97% Jar
234 Jar
Jan
200 14 May 27
1674
16
•
93% Jar Aetna Rubber corn
Apr 1434 Jan
8
95
1054 1034
•
, Allen Industries corn
99 May
Feb
28 May 34
222
2834 30
•
Preferred
3434 Mai
Apr
37 112 May 125
112 113
100 112
50
API Amer F & II pref
Jan
Mar 40
400 35
37
37
53 Ma) Amer Multigraph corn...' 37
2,603 2634 Feb 40 May
3834 40
•
Fet Apex Electric
54
414 Apr
Jan
3
245
414
20
434
5154 Mai Bonds Stores A
234 Apr
Jan
1
50
114
•
13.4 134
B
3054 Mal
100 1034 may 2834 Mar
15
15
7
Buckeye Incubator com •
55,4 Jar
Mar
6434 Mar 68
38
64% 65
100
Bulkley Bldg pret
934 Jar
3034 Jar
Mar 10414 Apr
25 103
104 104%
100 10434
Chase Brass prat
Mar
Apr 64
100 54
56
56
•
City Ice Jr Fuel
Mar 21
API
Jan 1334 Mar
5
135
934
10
934 934
Clark Fred G corn
Feb 8434 Jar
25 1214 Feb 35 May
35
35
Jar
Clev Autom Mach com 50
May 26
Feb 110 May
20 70
110 110
100
Preferred
May 3834 Jar
Ain
Feb 275
75 135
210 220
Jan 70
Mai Cleve-Cliffs Iron corn_ __ _• 220
Mar
Apr 110
907 100
_ _100 100% 100 101
Jan 111
Mai Cleve Railway
374 Jar
231 May
234 234 1,552
214
coin_Cleve Securities P L pf_10
Feb 29 May
Mar
Jan 470
15 398
450 450
100
Jan 4934 Fet
Cleveland Trust
Jan 3234 Mar
150 32
32
32
May 15
Clay dr Buff Trans com-100
Ail
mar
100 '29 May 25
29
29
• 29
Columbia Auto prof
May
134 Jar
340 26% Apr 2834 Ma)
28
2834
•
May
4
Com'l Bookbinding
Jai
May
40 4834 May 51
48% 4934
7
May 38,4 Aix
Bessemer prof....'
Cooper
Mar 7534 Mal
Jan 295 May
48 200
295 295
• 295
Mar 47
Fet Dow Chemical COM
Mar
Jan 69
141 57
60
58
Elec Controller &Mfg com• 58
Mar 20034 May
Feb
Apr 34
600 30
30
30
•
Enamel Prod
Jan 4234 Jar
Jan 1154 Feb
5
45
10
10
•
Jan 5354 Ms Falls Rubber coin
6 May 1514 Feb
55
1214
10
25
Preferred
Apr 15% Mal
Jan 3934 Jan
90 33
35
•
35
o',is.... nown
98l1 UT ....
An
3492
FINANCIAL CHRONICLE
1 71.001/
,
oases
Last Week's Range for
of Prices.
Sale
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Ferry Cap & Set Screw_ •
3234 334
Firestone T & Rub com_10
280 285
100 1094 1094 109%
6% Preferred
100
7% Preferred
107% 10834
Foote-Burt corn
• 49
45
49
Range Since Jan. 1.
High.
Low.
460 3234
20 220
85 10834
301 107%
1,055 40
Apr 344
Feb 292
Apr 111
May 111
Jan 543(
Apr
Apr
Jan
Jan
Feb
Geometric Stamp
•
Godman Shoe corn
•
Greif Bros Cooperage corn *
Guardian Trust
100
Halle Bros
10
Harbauer corn
•
35
3434 3534
48S 48S
4134 42
405 405
4134 43
19
19
407 27
550 4534
30 40
20 376
180 4134
10 17
Apr
Feb 40
Apr 54
Jan
Jan 43
Jan
Jan 500
Jan
May 50
Mar
Apr 2534 Feb
India Tire & Rubber com _•
Interlake Steamship corn.*
Jaeger Machine corn
•
Jordan Motor pref._ _100
Kaynee corn
10
Kelley Isl Lime AC Tr com_*
Lake Erie Bolt Sr Nut corn •
Lamson Sessions
25
5734
5734
175
34
55
36
56
39
553(
59
175
34
55
36
56
39
60
110 39
112 145
449 32%
15 30
25 29
25 56
265 29
457 43
Jan 73
Feb 190
Apr 4534
Mar 60
Jan 40
May 6034
Jan 39
Feb 60
Jan
May
May
Mar
May
May
12%
3934
106
38
70
52
37
3734
12%
404
106
39
71
54
37
39
15 124 Apr 144
275 3934 Mar 4334
12 104% Mar 106
257 27
Jan 42
211 70
May 85
194 52
May 6534
100 3234 Apr 43
1,365 3234 Mar 40
Mar
Jan
Feb
Apr
Mar
Jan
Jan
May
37
57
Maud Miller
•
McKee(AG)& Co, come
Metrop Pay Brick, pf_100
Miller Wholesale Drug com•
Miller Rubber pref.._ _ _100
Mohawk Rubber com___.•
Murray Ohio Mfg com_ *
Myers Pump corn
•
38
70
52
3734
Nat Acme corn
10
Nat Carbon pref
100
Nat City Bank
100
Nat Refining corn
25
Nat Tile corn
•
Nat Tool pref
100
Nestle-LeMur corn
•
1900 Washer com
•
Nor Ohio P&L 8% pf__100
33
26
28
9734
32
3234
13234 13234
310 310
36
364
33
36
45
45
26
27
28
29
9734 97S
200 2934
55 127
15 254
132 33
1,231 3234
17 45
985 22
233 22
55 9734
Jan
may
Jan 38
Feb
Feb 13234 May
Mar 305
May
Apr 38
Jan
May 41
Mar
Jan 55
Mar
Mar 2934 Jan
Feb 3034 Apr
Mar 9934 Jan
Ohio Bell Tidal) pref___100 11334 113 113S
Ohio Brass "B"
• 84
84
87
Preferred
100
105 106
Ohio Seamless Tube com •
70
70
Packard Electric com—__* 38
38
38
Packer Corp corn
* 2834 28S 29%
Paragon Refining com
• 2234 21% 23
Preferred
•
4334 4334
Vot trust certificates_ _ _• 22
22
23
Patterson Barg
• 38
35
37
Pearl Street S & T
100
301 301
182 111S Mar 1154
368 804 Apr 92
65 105
May 107
25 6834 Feb 7534
16 38
May 42
355 27
May 3334
2,082 214 May 30
30 424 Feb 4434
320 21
Jan 28
425 34
May 384
20 301
May 310
Jan
Jah
Jan
Jan
Mar
Jan
Mar
Mar
Mar
Mar
Jan
Reliance Mfg corn
• 35
Republic Stamping
• 28
Richman Bros corn old_.•
Common new
• 121
R & M series 1
•
Series 2
•
Preferred..
25
Rubber Ser Lab
*
1,495 47%
25 28
12 330
1,527 120
40
634
26
7
120 10
100 25
Mar 593(
May 28
Mar 394
May 123
834
Jan
Jan 10
Mar 16
Apr 34
Apr
May
May
May
Apr
Mar
Jan
Apr
100 2134
952 40
10 105
170 26
600 82
101 10434
527
734
150 70
414 42
260
3
45 30
1,000 29
Feb 25
Jan
May 65
Jan
Mar 10734 Jan
May 35
Jan
Apr 105
May
Mar 108
Jan
May
8% May
May 75
May
May 46
May
May
64 Jan
Feb 3234 Apr
May 30
May
Scher-Hirst class A
•
Selberling Rubber cora_ •
Preferred
ioo
Selby Shoe nom
•
Sherwin-Williams com_25
Preferred
100
Standard Textile Prod new•
A prof new
•
B pref new
•
Stearns Motor corn
•
Stouffer Corp class A_
•
Sun Glow
•
43
los
26
9034
734
4534
334
29)4
5334 57
28
28
363)4 363S
120 123
7% 734
7
7
1034 1034
25
25
22
40
22
44
26
90
108
734
70
4334
34
31
29
26
96.34
107
834
72
46
4
31
29)4
los los
Thompson Prod com
*
63
Trumbull
-Cliffs Furnace—
Preferred
100
103
Jnion Metal Mfg com_ •
48
Colon Trust
100
395
Weinberger Drug
•
50
Wheeler Prod
* 35
35
White Motor corn
50
404
Wood Chem Prod corn.....'
25
W RI Corp pr pref_ _ _100 10334 10334
Youngstown S & T pre 100
10254
Rights—
Cleveland Tr
zUller Drug
Bonds—
..., .... Tohn
no
63
55
4634
Jan
103
49
397
50
36
404
25
10334
10334
18
305
157
135
185
100
18
450
257
103
47
307
24
324
404
25
103
101
Apr
May
Jan
Jan
Apr
May
Apr
Mar
Jan
•
45
2
51
2
422
620
45
2
May
May
,o,o
OC
Ok
CR MA
02
68
Jan
10534
60
424
50
36
484
29
104
104
Jan
Jan
May
May
Mar
Apr
Jan
Mar
May
5..,.
45
60
May
234 May
•No par value.
Cincinnati Stock Exchange.—Record of transactions
at Cincinnati Stock Exchange, May 18 to May 24, both
Inclusive, compiled from official sales lists:
Carthage Mills pref. _100
Carey (Philip) com-- -100
Preferred
100
Champ Coat Pap 1st pf _100
Churngold Corp
•
Cln Ball Crank pref
Cincinnati Car B
Preferred
CNO&TP
100
Cln Oas& Elea pref._ _100
Cin Gas Transportatiol 100
C N & C Lt & Tr eom_100
Preferred_
100
Cincinnati Street Ry___ _50
Cin & Sub Tel
50
City Ice di Fuel
•
Coca Cola A
•
Cooper Corn (new)-_ _100
New preferred
100
Droeley Radio A
•
•,:/wn Overall pref-- -100
80
80
310 315
12234 122 12234
112
112 112
27
2731
3334 35%
3
34
8% 914
435 440
97% 97% 9734
125 126
106
104 115
85
8234 90
48
46
47
11834 11834 11934
5334 5535
30
30
3034
4334 45
60
60
6034
94
97
106 106
90
92
On
15
30
23
51
447
5
04
39
74
26
483
101
778
264
1,346
159
68
183
100
104
95
10
on
X
5
30
650
70
50
695
100
1,465
1,212
287
20
358
50
Low.
XX
Ahrens
-Fox A
•
20
20
B
*
14% 14%
Mn Laundry Mach com.25 86% 86
89
Amer Products prof
•
25
25
Amer Rolling Mill com__25 115
115 116
Am Thermos Bottle A_ •
1634 16%
Preferred
so
4734 48
Alum Ind
43
3934 39
Amrad
62
6734
62
Baldwin common
100 20
1934 20
New preferred
100
98
98
Buckeye Incubator
• 12
16
12
*
3
Burger Bros
3
334
Range Since Jan. 1.
g 8"Ott tb,8V., 5t3C1 ELI Salo,4412a 88V
X
X
X
Stocks—
rrtuay
Ont.
Last Week's Range for
Sale
of Prices
Week.
Par Price. Low. High. Shares.
High.
20
154
96
30
120
18
48
43
7034
29
10734
2734
534
Feb
Jan
Jan
Jan
May
Jan
May
May
May
Jan
Jan
Mar
Jan
80
May
35134 Mar
126
Jan
11234 May
37
Jan
40
Jan
4
Apr
15
Apr
450
Feb
99
Jan
136% May
115
May
90
May
55S Jan
130
Jan
63
Jan
34
Feb
45
May
80
Jan
127
Feb
108
Feb
Rl U 51,,..
[VOL. 128.
'may
Sates
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Dow Drug common_ --100
Eagle-Picher Lead com_ _20 17
Egry Register A
•
Fay & Egan pref
100 25
Fenton United com_ _100
Preferred
100
Fifth-Third-Union Tr.._100
Formica Insulation
• 60
Gibson Art common
•
Globe Soap common— _100 75
Goldsmith
29
Gruen Watch corn
•
Preferred
100 115
Hobart Mfg
•
25
25
17
174
30
30
25
25
180 180
109 109
363 363
60
134
4634 48
744 75
2834 31
52
54
115 115
57
59
lot Printing Ink
• 47
47
49
Preferred
100
99
9934
Julian Kokenge
25% 26
Kahn participating
40
40
40
Kodel Elea & Mfg A
*
18
2134
Kroger common
10
88
8834
Lazarus Preferred
9934 100
Lunkenheimer
• 3034
3034 31
Manischewitz common _100
37
37
McLaren Cons A
• 2034 20
2234
Meteor Motor
•
2734 2734
Moor's Coney A
2734 28
B
6
1334
Nash (A)
100 171
170 171
Nat Recording Pump_
•
2934 3134
Ohio Bell Tel pref
100
112% 113
Paragon Refining B
V tc
A preferred
Procter & Gamble com_20
100
8% Preferred
5% Preferred
100
Pure 0118% pref
100
6% preferred
100
Rapid Electrotype
•
United Milk Crate A
•
U S Playing Card
10
U IS Print & Litho com_100
U S Shoe common
•
Whitaker Paper commons
21
2334
21
2234
4334 4334
370
369 375
165
165 165
1054 105% 105
112)4112%
1004 100 10034
70
70
2634 2634
99
98 100
109 110
5
5
73
73
2234
72
1,569
65
20
50
5
5
736
251
22
518
19
36
223
Range Since Jan. 1.
Low.
4134
214
37
25
195
109
365
6734
58
97
3634
60
116
70
May
May
Mar
Jan
Jan
May
May
Jan
Jan
Jan
Apr
May
May
Jan
May
Apr
6334
108
30
42
29
116
100
32
394
2234
2734
31
10
175
3434
11434
Jan
Feb
Jan
Jan
Feb
Jan
May
Jan
Apr
May
May
Apr
Mar
Jan
Feb
Jan
May
Jan
Feb
Jan
May
Feb
Mar
Apr
Feb
May
May
Jan
May
Jan
227 47
20 9834
67 25
100 3614
503 18
9 88
110 994
154 28
50 33
1,100 1634
105 20
325 274
260
6
15 150
195 264
27 11134
389
720
18
592
1
79
7
86
1
500
282
196
135
7
21
20
42
279
165
10234
III
99
58
2634
98
8534
5
7434
High.
Apr
May
May
Feb
May
Jan
Mar
Jan
May
May
Jan
Jan
Jan
May
30
2934
44
390
165
10534
114
103S
71
30
115
115
8
87
May
May
Mar
May
May
May
Jan
Jan
May
Jan
Jan
May
Jan
Jan
25
17
30
20
180
1034
327
264
4634
7434
24
50
114%
57
Jan
Jan
Jan
May
Mar
May
May
May
Feb
Jan
Jan
Feb
Apr
Feb
• No par value.
St. Louis Stock Exchange.—Record of transactions
at St. Louis Stock Exchange, May 18 to May 24, both inclusive, compiled from official sales lists:
r 1 ataUy
Stocks—
ninCif
Last Week's Range for
Sale
of Prices
Week.
Par Price. Low. High. Shares.
Banks—
Boatmen's Nat Bank_100
First National Bank___100 438
Mercantile-Commerce ..100 300
State National Bank.. _100
215
436
299
210
230
440
310
215
251
364
530
261
365
53034
42
100
248
13
Range Since Jan. 1.
Low.
High.
190
Feb 230
34234 Jan 440
299
May 310
190
Jan 215
May
May
may
May
Trust Company—
Franklin-Amer Trust_ _100
Mississippi Valley Trust100 385
St Louis Union Trust_ ..100
7 215
38 362
40 500
Jan 251
May
Mar
May 387
Jan 53034 May
Miscellaneous—
Amer Credit IndemnIty_25 50
50
50
Alligator corn
• 2534
2534 2534
Bentley Chain Stores corn•
2334 25
Boyd-Welsh Shoe
• 3734
3734 3734
Bruce (E L) pref
100
97
97
•
6
Burkhart Mfg corn
6
634
Preferred
• 16
16
1634
Champ'n Shoe Mach pt 100
10234 10234
Chicago Ry Equip pref__25
20
20
Coca-Cola Bottling Sec...1 50
50
51
Consol Lead & Zinc A_
•
14.14 1534
Elder Mfg corn
• 32
32
32
Ely Sr Walker D G com _25 28
28
28
let preferred
100
10534 107
Fred Medan Mfg com
•
20
2014
Fulton Iron Works,com__•
54 514
Hussman Refr corn*
co.
26
28
Hcorn
urtle S Sr& D
18
18
Itydr Press Brick, prat-100 70
70
70
International Shoe com--• 644 64
6634
Preferred
100 105
105 106
Johansen Shoe
• 3734 3714 38
•
Johnson S & S Shoe•
60
60
Key Boiler Equip
51
52
Knapp Monarch com-__-• 30
28
30
Preferred
•
39
39
Laclede-Christy Clay Prod
Preferred
100
10134 10134
Laclede Steel Co
20
51
52
Landis Machine corn_ —.25 5834 58
5834
Mahoney-Ryan Aircraft_ _5 194
1834 2034
Moloney Electric A
• 5534
5534 5734
Mo Portland Cement.._25 43
_25
4234 43
Meyer Blanke corn
•
1734 1734
Nat Bearing Metals com •
90
90
Preferred
100
99
99
Nat Candy corn
• 2434
2434 2534
1st preferred
100
105 10534
Nicholas Beaziey
5
2034 2134
Pedigo-Weber Shoe
•
27
27
Rice-Stlx Dry Goods com_* 20
20
21
2d preferred
100
95% 9534
Scruggs
-V-B 1) G com__25
17
17
Scullin Steel pref.
• 33
33
3334
Securities Inv corn
•
33
33
Preferred
10(1
105 105
Southwestern Bel Tel pf 100 117
117 11734
Stlx Baer & Fuller corn _ _.* 35
35
364
St Louts Car corn
10
2234 2234
St Louis Pub Sus corn. •
,
19
19
Preferred A
•
75
7834
Wabash Tel pref
100
104 104
Wagner Electric corn_ __15 3934
3734 4034
3
50
465
165
50
49
285
100
132
630
465
50
985
6
133
10
46
200
20
1,756
140
250
285
402
25
40
30
8034
35
1,202
165
389
10
100
10
1,537
22
1,372
5
654
10
100
1,096
300
55
88
235
100
100
21
25
3,800
May 60
50
Mar
2534 May 27
Mar
2334 May 40
May
3734 May
4034 Jan
95
Jan
Apr 99
8
1034 Jan
May
16
May 2034 Jan
Apr 10834 Jan
102
16
Jan 20
May
37
Jan 52% May
1034 Jan 174 May
30
Mar 36
Jan
May 30
28
Jan
10514 May 109
Jan
20
May 25
Apr
5
Mar
734 Jan
22
Apr 3534 Feb
17
May 2234 Jan
Feb 7334 Apr
62
Apr 7434 Mar
63
105
Feb
May 110
3734 Slay 3934 May
Feb 65
Feb
54
45
May 5234 May
May
Mar 30
23
Mar
May 40
39
Apr
100
May
49
4734 Jun
11334 Jan
52% Feb
4234 May
1734 May
Apr
77
May
99
1834 Jan
May
105
19S Apr
27
May
May
20
9534 May
May
17
May
33
Apr
30
May
105
May
117
32)4 Apr
Apr
22
184 May
May
76
May
104
3734 May
10134
57
82
2334
63
5534
1914
9934
10134
2634
110
2234
3334
2434
100
194
4234
37
107
121
44S
26
24
81
105
50
May
Mar
Jan
Feb
Apr
Jan
Jan
Apr
Apr
Apr
Feb
Mar
Jan
Jan
Feb
Feb
Jan
Jan
Apr
Mar
Jan
Feb
Jan
Jan
Feb
Feb
Miscellaneous Bonds—
Houston 011534s
1938
Moloney Electric 534s 1943
it. Louis Cares
1935
icruggs-V-B 7s
serial
Scullin Steel 6s
1941
93
99
99
93
10034
99
96
99 514,000 9734
9,51)0 93
9335
1004
1,000 100
1,500 0734
99
go
5.000 98
Mar 9914 Jan
May 9534 Feb
Apr 10134 Feb
Jan 100
Mar
May 101
Feb
• No par value.
Los Angeles Stock Exchange.—Record of transactions
at the Los Angeles Stock Exchange, May 18 to May 24, both
inclusive, compiled from official sales lists:
FINANCIAL CHRONICLE
Iter 25 1929.]
Stocks-
Frump
bases
Last 1Veek's Range for
6
Sala
of Prices
Week.
Par Price. Low. High. Shares.
Assoclated!Gas & Elec--•
25
Barnsdall Corp A
*
BeanlMfg Co (John)
1
Bolas ChIca 011 A
Buckeye Union 011 pref._ 1
•
Byron Jackson Co
25
California Bank
Central Investment__ _ _100
100
Citizens Nat Bank
.
.
Douglas Aircraft corn _ _.
Emsco Derr & Equip com_•
Foster & Kleiser coma _10
8
Gllmore011
Globe Grain & MIll com _25
25
let preferred
25
Golden State Milk
Goodyer 'I' & It prat_ -100
Goodyear Textile prof_ _100
Home Service 8% prat_ _25
Internal Reinsurance__ _10
Rights
Jantzen Knitting M CUM..*
Lincoln Mtge corn
*
LA Gas dr Elea pref___100
LA Investment Co
1
Magnin (I) corn
•
Macmillan Petro
25
Mascot 011
1
Mer Nat Tr & Say Bk_ __25
Merchants Pete
1
Monolith Portl Cement_ _lb
Nat Bank of Commerce_25
Occidental Pete com
1
Pacific Clay Products__ _ ..•
Pacific Finance com____25
Pacific Lighting com
•
Pacific National Bank_25
Pacific National Co
25
Pacific Western Corp_ _ _•
Republic Pete Co
10
Republic Supply Co
•
25
Richfield 011 oom
Preferred ex-warrants 25
Rio Grande Oil corn new 25
San JOSCI L&P 7% pr pf100
6% prior preferred__ _100
Seaboard Nat Sec Corp_25
Seaboard Nat Ban1L..25
Seabld Dairy Credit Corn
100
Preferred A
Security-First Nat 13k Co25
Signal Oil & Gas A
25
So Calif Edison cum_-_25
Original preferred_25
25
7% preferred
25
6% Preferred
25
534% preferred
So Calif Edison 5s..l951
South Calif Edison. rIghts
So Calif Gas 6% preL..25
So Counties Gas8% p1_100
Standard 011 of Calif_ Trans
25
-Amer Corn
Union Oil Associates_ __ _25
Union Oil Calif
25
Wnhar Ranweage. a- FIT of•
Range Since Jan. 1.
Low.
300 5534 Apr 5735 May
563.1 57
434 4434 1,100 38
Feb 4835 May
5331 5431
300 49
Apr 5434 May
2.35 2.80 44,800
1.70 Apr
4.30 Jan
0.35 0.40 10,000 0.30 hiay
1.85 Jan
39
427
4 9,600 33
Apr 4334 May
13654 13834
44 125
Jan 142
May
101 102
20 101
Apr 10331 May
585 59234
50 505
Mar 600
May
3734 4134
7,800 2434 Mar 45
May
36
384 3,900 36
Slay 4434 Feb
12
12
100 114 May
Jan
12
12
12
300 10
Mar 1534 Jan
30
31
360 30
May 344 Mar
25
25
100 25
Feb2534 Jac
58
594 1,500 58
May 5974 May
99 10031
186 98
May 10134 Mar
100 100
43
25
25
40 25
Apr 2634 Jar
5334 55
600 53
Feb 65
API
8
7
2,000
6
May
9
API
4234 4334
300 4234 May 4834 Jar
0.85 1.00 4,443 0.63 Jan 1.4734 Jar
103 10331
Jar
170 10431 Mar 108
2.15 2.25 8,500
2.15 Jan
2.55 Jar
344 344
100 35
May
May 37
Mai
3994 413.4 2,500 344 Feb 43
1.60 1.85 2,100
1.60 May
3.10 Jar
235 235
Feb 2534 Jar
20 205
0.50 0.50 3,800 0.50 Jan
0.80 Jar
14
300 14
1434
Mar 1434 May
____ ___
50 45
Jan 50
API
2.10 Jan
3.35 3.75 8,300
534 Jar
350 31
33
Jan 364 Jar
33
11331 11434
400 6734 Jan 1204 Jar
8154 84
1,600 70
Jan 84
Mal
10 48
48
48
Feb 50
Jar
1.337 35
3734
37
Feb 4031 Ma
100 17
May 23
18
17
Jar
3,100
5 May
534 634
931 Fel
445 60
814 62
Jan 62
Ma
4434 4634 8,200 40 6 Feb 484 Jar
2454 2454 2,48
24% May 2534 Ap
17,000 32% Jan 4234 Jar
3334 36
11434115
105 1124 Apr 1164 Ma
101 101
30 100
Mar 1014 Ap
46
170 42
464
Apr 50
Fel
4534 454
10
100
13234
37
5851
60
2854
2534
2434
1004
3.05
25
100
7631
1377
4
49
4951
244
100 100
50 99
131 1344 3,150 125
3634 37
400 363.4
5534 5834 17,700 544
60
80
60 56
2834 294 1,017 2834
254 26
5,632 2534
2434 2434
3,817 244
10094 1004 5,000 100
3.05 3.25 85,900
2.80
25
24 25
25
100 1004
62 99
7534 7734 5 300 6451
.
1334 140
5,700 125
4834 50
4,500 45
484 50
8,500 4634
244 2434
254 244
Mar
Mar
Feb
Jan
May
Mar
Mar
Mar
Apr
Mar
Jan
Apr
Feb
Feb
Feb
Feb
Jan
100
14234
4834
674
70
2
934
2634
25
102
3.55
2634
10134
81%
143
5334
54
25
Ma
Ap
Ma
Jai
Fe]
Jai
Ma
Fe]
Jai
Fel
Fe'
Ma
Ma
Ma
AS
AS
sia
• No par value.
San Francisco Stock Exchange.
-Record of transactions at San Francisco Stock Exchange, May 18 to May 24,
both inclusive, compiled from official sales lists:
Stocks-
American Company
Anglo & London P NI Bk _
Asso Ins Fund
Associated Oil
Atlas Im Diesel En A
Aviation Corp of Cal
Bank of California N A
John Bean corn
138
28
315
137% 140
253 255
934
934
45
45
5034 5434
28
29%
315 325
544
51
Range Since Jan. 1.
Low.
High.
2,718 1374 May 151%
152 251
Apr 28934
94 Mar 12
1,220
100 45
Jan 46
948 50
Mar 65%
1.944 254 Apr 31
155 290
Jan 340
3,546 45% Feb 5534
Min
Last Week's Range for
Sale
of Prices
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
High.
5674
4334
534
2.40
0.35
3934
13634
101
59234
3931
36
12
12
30
25
5931
99
100
25
5354
6
4234
0.85
103
2.20
3431
3934
1.65
235
0.50
1434
45
3.55
33
1134
8234
48
37
17
6
62
4434
2434
3334
11434
101
48
4534
Friday
Sales
Last Week's Range for
Week.
of Prices.
Sale
Par Price. Low. High. Shares.
3493
FrIlaall
Mar
Feb
Star
Feb
Jan
May
Apr
May
Range Since Jars. 1.
Low.
High.
1934
Bond & Share
Byron Jackson Pump Co..- 394
30
Consolidated Chem
2734
Calamba Sugar corn
Preferred
California Copper
6
-----Calif Cotton Mills com
California Ink Co A
7434
Calif Packing Corp
8134
Caterpillar Tractor
Clorox Chemical Co
Coast Co Gas ds Elec 1st lif
______
Crocker First Nat'l Bank
Crown Zellerbach pref A-- ______
Preferred B
194
Voting trust etfs
3834
Douglas Aircraft
26
Eldorado Oil
Emporium Corp
4.50
Fageol Motors COM
Firemans Fund Insurance_ 110%
11
Foster & Kleiser earn
______
Galland Mere Laundry
Golden State Milk Prod... 584
Gt West Power ser A 6% pf
7% preferred
Gen'l Paint A
B
2434
Haiku Pine Co Ltd corn_
Hawaiian Coml& Sug Ltd
Hawaiian Pineapple
Home Fire & htarine Insur_ 40%
437.4
Honolulu Consol Oil
Honolulu Plant
Hunt Bros Pack A corn______
Illinois Pacific Glass AJansen
3334
Kolster Radio Corn
Langendorf United Bak B. 30
Leighton Ind A
Leighton Ind B v t c
3454
Leslie Salt Co
LA Gas & Elec Prat
Lyons Magnus A
B
7
Magnavox Co
Magnin (I) corn
Mercantile Amer Realty- - ______
Natomas
2234
Nor Amer Investment corn 123
535% preferred
254
North American 011
1934 1954
39
43
30%
30
2734 274
1754 1734
6
634
65
6534
45
45
7434 76
79
8334
3834 3934
98
98
400 400
92
91
92
92
18
1934
3814 4131
2634
26
2734 274
4.90
4.50
110 11134
12
11
50% 51
5734 604
1004 101
105% 106
294 294
2034 2454
1134 1134
5234 5454
63
62
4034 41
4334 4434
65
65
23
23
32
3334
444
44
3354 38
30
31
16
16
934 94
3434 3534
103 104
214 214
1234 1254
634
734
34
3411
984 984
2254 2234
123 123
94
94
2554
25
1934
31
2634
26
174
6
63
45
73
71
38
98
380
91
92
18
24
26
2734
4.50
10454
104
50%
5234
100
105
2934
2031
9
504
59
3934
3534
6034
22
32
44
32
25
16
7
334
103
2154
1294
834
33
9834
22
113
94
20
May
Mar
Apr
Apr
May
May
Apr
May
Mar
Mar
Mar
Jan
Feb
May
May
May
Mar
Mar
Jan
May
Mar
Mar
May
Mar
Mar
Mar
May
May
Apr
Jan
Mar
Mar
Feb
Jan
Mar
May
Jan
Apr
Jan
Apr
Jan
Mar
Mar
May
Mar
May
Apr
Apr
May
Jan
Jan
Mar
20 FMay
43411May
304 May
2734 kFeb
19
3Jan
104 Feb
94
Jaa
Jan
58
814 Feb
8734 May
5034 Jan
99
Jan
400
Jan
96
Jan
95
Mar
2531 Jan
444 May
2814 May
37% Feb
7.00
Jan
151
Feb
134 May
55
Jan
6034 May
10234 Feb
1074 Apr
32% Jan
284 Fob
Jan
13
5534 Apr
654 Apr
4634 Jan
44
May
66
Apr
2334 Jan
May
47
4834 Jan
7934 Jan
3234 Mar
1834 Jan
1034 Feb
4734 Jan
10834 Jail
2334 May
1234 May
13% Jar
Jan
39
1004 Jac
Apr
30
123
Fet
95
Mar
38
Jar
Occidental Ins Co
35
011ver Filter A
31
B
Pacific Gas & Electric cons_
5734
2634
let preferred
Pacific Lighting Corp corn_ 824
6% Preferred
Pacific Tel & Tel pref
Paraffine Cos Inc common_
1334
Filen Whistle pref
2334
Pacific Public Service A
Rainier Pulp de Paper
444
Richfield Oil
_
Preferred ex-warrants_ . 2454
984
Roos Bore preferred
San Joaquin L & P pr pref.
6% prior preferred
Schlesinger (B F) A corn.. 18
Preferred
Shell Union 011 common
29
Sierra Pacific Electric pref.
85
Spring Valley Water
76
Standard Oil of Calif
______
Telephone Invest Corp_ _
Tidewater Assoc Oil corn... 2054
Preferred
Transcont Air Tran.sP IncTraung Label & Litho Co__ ______
13834
Transamerica
Union Oil Associates
50
Union Oil of California
50
Union Sugar common
West America Finance pref
4.15
26
314 26
26
34
37
1,805 34
304 3334 2,438 3034
60
57
6,399 54
2834 26 34 2,259 2654
84
81
11,286 70
101 102
160 101
127 128
96 121
8154 8434 3,452 7954
1334 14
295 1234
234 2334 4,829 204
2934 30
565 2994
4334 464 9,879 3934
2434 25
2,015 2434
9834 9834
330 9834
114 116
265 112
101
20 984
101
173.4 18
554 164
894 8934
40 864
2834 30
1.280 26
91
91
15 90
85
190 85
85
7534 7734 18,661 844
5934 5954
100 5834
3,185 18
197 21
4
86
40 86
89
28
30
50 24
22
22
45 21
133 140
54,840 125
4834 50
4,883 444
4834 5034 7,801 484
22
110 21
22
4.15 4.15
110 4.00
May
May
May
Jan
Mar
Jan
May
Jan
Mar
Mar
Jan
May
Feb
Jan
Mar
Apr
Mar
Apr
Mar
Feb
Mar
May
Feb
Apr
Feb
May
Mar
Apr
Feb
Feb
Feb
Mar
May
304
46
45
873.4
28
844
104
130
8854
1434
2434
35
4534
2534
10034
118
1024
2134
90
3134
4834
92
814
60
224
897
4
3134
23
143
5331
5334
2854
6.50
017Z
OM
401
2,472
31,570
1,258
375
10
880
70
200
2,304
18,776
850
73
5
1,001
226
12,760
4,151
683
150
2,690
474
1,845
297
71,637
75
140
376
2,265
120
205
524
1,302
14,298
5
300
1,790
440
14,940
1,526
95
145
1.376
60
540
620
24,065
310
60
150
269
35
1,702
Stitel
0011 AR ocr
IA
Fet
Fet
Fet
Jar
Jar
Mal
Fet
Mar
Jar
Apr
Apr
Mau
Jar
Api
Jar
Fel
Jar
Jar
Jar
Ap
Jar
Jar
Mal
Ma
Ma:
Jar
Ma:
Fe]
Ma:
AS
Ap
Ms
ha
TO
New York Curb Market-Weekly and Yearly Record
In the following extensive list we furnish a complete record of the transactions on the New York Curb Market for the
week beginning on Saturday last(May 18) and ending the present Friday (May 24). It is compiled entirely from the daily
reports of the Curb Market itself, and is intended to include every security, whether stock or bonds, in which any dealings
occurred during the week covered.
Friday
Sales
Last Week's Range for
Sale
of Prices
Week.
par. price. Low. High. Shares.
Sales
Friday
Lass Week's Range for
Week.
Sale
of Prices.
Stocks (Continued) Par. Price. Low. High. Shares.
150
31
3874
15
184
1834
2236
125
4334
4234 4
034
1534 1434
9334 9334
83
50
117
59
80
60
125
1934 2,400
2234
100
138
500
4374
100
4856 12,700
1634 7,600
934
150
874
125
125
50
25
111
100
59
6054
200
.I$
n
'
S
!1464tntragglii ZSM0144g.93,TAN.4rMS
287
a
. .
..m
.
..
mo,woop.bow^^we4 t4.pa
tacoor.r.a..ta
mcaorAm.woca.4.0 wao.o..a.m.a.avww-4.wwwa.cca
K
XXX XX
=XX
XXXX
X
134
Y...
17
Ins
.
5154
.
456
1354
10
10
100
431
554 39,400
1334 1434 3,300
38
3834
500
3534 36
300
47
5354 11,600
145 155
520
148 155
390
164 19
4,800
br•
7711 1,000
134 14
200
134 2
900
46
48
1,200
283 29031 4,100
107% 10734
100
14034 154
4,125
31
32
1,600
3834 42
1,000
48
48
100
15
15
1,600
15
1634
1,400
0 00..7000.Wasa.. w.,..,...wmwo.0
,
xx xxi:
xx xxX Xx x
x
..V.).s......44.. 4.......K?:444K44.o.P54
!;:vilgwg44,14gg 4rggnlill1t44414 1
4
Indus. & Miscellaneous.
Aerate! Products corn A_ •
Acoustic Products com___•
Acre Supply Mfg cl B___.*
sere Underwriters
•
*
Aida AMC° Corn COM.
Ainsworth Mfg Co
•
Ala Gt Southerm ord. _50
Preference
50
Alexander Industries
•
Allied Pack cons
•
Allison Durg Stores A_ •
•
Class 11
Alpha Port! Cement corn_'
Aluminum Co common _ __•
100
Preferred
•
Aluminum Ltd
Aluminum Goods Mfg __ -•
Aluminum Industries_ _.•
Amer Bakeries class A __ *
Amer Beverage Corp....•
Amer Brit & Cant Corp_ •
Ans Brown BoverlEleo Cern
•
Foundere shares
•
Amer Chain corn
Americans Cigar com--_100
10•
Amer Colo00
/Pe co
Amer Cyanamid corn ol B 20
Amer Dept Stores Corp_ _•
100
lat preferred
•
Amer Laundry Mch corn.
Amer ManUfactur com_100
•
Amer Meter
25
Amer Stilling new
•
...ar Phalili Clfirll
010.4.40.^WN._
OW,a,40a.0.40 AM
,,
Stocks-
-
Week Ended May 24.
Am Pneumatic Serv corn 25
4m Solvents & Chem v t o 6
Cony panic preferred..'
Amer Thread prat
5
Amsterdam Trading Co
American shares
Anchor Post Fence com__•
Anglo-Chile Nitrate Corp _•
Anglo Norwegian Holding_
Range Since Jan. 1.
Low.
High.
294
47
331
5
5
2914 30
4634 48
34 34
200
1,200
1,200
4,500
231 Mar
2831 Jan
4634 Jan
3
Feb
May
5
4054 Mar
55% Jan
sh Jan
33
3954
434
3234 334
314 3331
394 4254
434 474
300
800
7,300
100
Mar
30
2934 Mar
33
Jan
474 May
3331
434
454
434
May
Jan
Jan
May
Angus(The)1Co corn v t c_•
1334 1334
100 1334 May 15
Apco Mossberg Co Cl A.25
1234
10
200
Feb
10
5
Arcturus Radlo Tube___• 414 40
4974 10,100 224 Mar 5554
Armstrong Cork com____• 71
68
550 61
71
Jan 75
Arrow Hart & liegeman El
48% 52
600 484 May 52
Art Metal Works com-___• 38
36
500 36
May 5634
3934
Associated Dye & Print..• 1834 18% 204
500 1834 May 2734
Assoc Elec Industries
Amer dep rats
12% 124 144 137,700
954 Apr 1534
Associated Laundries A__• 1034
10
10%
500 10
Mar
1414
Associated Rayon Isom_ _ _• 2134 21
22
700 19
May 354
6% preferred
100 659.4 654 88
900 8534 Miiiy 8734
Atlantic Coast Fisheries__• 5934 59
80
4,100 4934 May 9034
Atlantic Fruit & SUgar--"
54
1
4,800 780 Apr
2
1
Atlas Plywood
• 5534 544 5534
500 53
Feb 8034
Atlas Portland Cement...' 484 4534 4934
400 454 May 544
Automatic Regis Mach . 1031
974 104 2,200
8
Jan 1534
Cony prior panic
• 2031 20
21
3,100 1954 Mar 2934
Aviation Corp of the Amer* 66
8434 7154 4,800 3234 Jan 8974
Aviation (The) Corp com...• 1931 1934 214 103,100 1734 Apr 23
Aviation Credit Corn.
18
19
1.900 174 May 2354
*
Azton-Flaher Tob oom A 10 344 3434 35
1,200 32
Apr 4334
Babcock & Wilcox Co_100 12234 12234 12234
225 11734 Apr 187
Bastian-Dlessing Co
• 4734 4
800 34
6
Mar 43
48
trams Calm nrsrnronn
•
__
In 1034
300 Ott Mar Relll
Apr
Jan
May
Apr
May
Feb
Feb
May
Eel
Jar
Jar
Fet
Jag
Jar
Jar
Jag
Jaz
Mai
May
Feb
Feb
Jan
May
r....
Friday
Sales I
Last Week's Range for I
Sale
Week.
of Prices.
Stocks (Continued) Par Price. Low. High. Shares.
Bauman(Ludwig) dr Co
Common
•
Cony 7% 1st pref.- _100
Bellanca Aircraft v t o_--•
Bendlx Aviation Corp_ _ _ _•
Bandit Corp corn
Benson & Hedges corn_ *
•
Manner's OoMmon
Blaw-Knox Co
Bliss(E W)Co oommon_•
Blumenthal(8) & Co corn •
Bohack (H C) Co corn.'
Botany Cons Mills com •
Bridgeport Mach com _ _ _•
Briggs & Stratton Corp_ _•
Bright Star Elec Class B_•
Brill Corp class A
•
•
Class B
Brillo Mfg corn
•
Bristol-Myers Co corn ____•
Brit Amer Tob ord bear-)
British Celanese
Amer deposit receipts__
Brown Fence & Wire cl A _•
Bruce (E L) Co com_ __ •
Budd (E 0) Mfg com_•
Bulova Watch corn
•
$3.50 cony pref
Burma Corp Amer den rats
Burroughs Add Mach new*
20
Butler Bros
Buzza Clark & Inc corn _-•
2051
8731
484
46
8555
531
34
1735
8931
931
4135
431
62
751
Cable Radio Tube v t c__* 1831
Capital Administr allot ctf
* 40
Class A
Preferred A
50 36
Carman & Co cl A
•
Carnation Mil Prod corn 25 36
• 82
Caterpillar Tractor
• 50
Ceco Mfg common
Celanese Corp of Am corn • 40
100 10541
First preferred
Centrifugal Pipe Corp'
851
Chain Store Stocks Ino__• 31
Charis Corp
Checker Cab Mfg corn .
• 65
Childs Co pref
100
Cities Service common._ _ _
2931
Preferred
100 9855
Preferred B
10
Bankers' shares
City Machine & Tool corn* 26
..
City Radio Stores corn. 5
Club Aluminum Utensil_.' 2555
Colgate Palmolive Peet...* 6631
156
Colombian Syndicate
Colt's Pat Fire Arms M(225
Columbia Pict corn
• 3556
COlisolldated A Ircratt _ _ _ _• 4135
Consol Automatic
Merchandising v t 0....•
556
• 2755
$3.50 preferred
Consolidated Cigar warr_
Consol Dairy Products_ •
Consol Film Indus com__• 23
Consol Instrument corn__' 284
Consol Laundries
•
Cons Ret Stores Ins com_•
Consol Theatres ltd v t c _• 2231
ContinentalDiamondFtbre• 3455
•
Coon (W B) Co coin _
Cooper-Bessem'r Corp corn' 40
$3 cum pref with warr
Copeland Products Inc• 15
Claas A with warr
Corroon & Reynolds 25 Pf- 100
•
Courtaids Ltd Am dep
Rcts for ord elk reg_ _21
Crock WheelEl Mfg corn 100
Preferred
100
Crosse & Blackwell
Preferred with warrants
Crowley Milner & Co com* 4855
Curtiss Aeropl Exp Corp.• 4155
Curtiss Airports v t c_-_-• 1255
Curtiss Flying Fiery Ino__• 24
Curtiss-Reid Aircraft
DM with elk purch war 30 3358
•
Davega Ina
•
Davenport Hosiery
Davis Drug Stores allot Ctrs
Dacca Record Ltd
Amer shs for ord shs
Deere dr Co common ___100 56055
De Forest Radio v t c__--• 1231
De Haviland Aircraft Co
Am dep rts new t pd reg- 1054
1055
Amer dep rts old f pd reg
Detroit Michigan Steel
Detroit Steel Products_ •
Dixon (Jos) Crucible___100
•
Doehler Die-Casting
• 393.8
Douglas Aircraft Inc
531
Dubiller Condenser Corp.'
• 1031
Durant Motors Inc
Durham Duplex Razor
Prior prof with warr_ •
Dux Co Inc class A v t c_ •
3
Class A
•
Eastern Rolling Mill
Edison Bros Stores com- •
• 2651
Eisler Electric corn
•
Fabrics FlnishIng corn_
10
Fageol Motors corn
Fairchild Aviation churn A • 2035
100
Fajardo Sugar
331
Fandango Corp corn
•
Fan Farmer Candy Shops•
Fansteel Products Ins-- •
Federal Screw Works....'
•
Federated Metals tr
Ferro Enameling Co el A_• 80
Flat, Amer dep receipts... 2831
Film Inspect Mach
•
Fire Assn of Phi%
10
Fireman's Fund Insur__100 110
Firestone Tire & R com_10 285
6% preferred
100
100
7% Preferred
Fokker Air Corp of Amer.' 55
Foltls-Fischer Inc corn_ •
Ford Motor Co Ltd
Amer dep rcts ord reg_.21
1755
Ford Motor of Can cl A___• 5131
Class B
• 82
Foremost Dairy Prod com •
Convertible preference.' 22
Foremost Fabrics Corp..' 26
* 2631
Forhan Co class A
Foundation Co
Foreign shares class A* 1431
[VOL. 128.
FINANCIAL CHRONICLE
3494
Range Since Jan. 1.
Low.
High.
Apr 32
106 30
31%
200 9255 Feb 100
98
4,000 15
Jan 24
22
May 994
994 185,600 80
Mar 195
8,000 100
195
May
1755
9
11
500
400 48% May 8055
50%
Apr 4531
200 38
40
Apr
5655
4835 5,300 39
Feb 9734
1.800 80
8735
500 64% Apr 80
80
4
255 Feb
3
100
144 Jan
535
535 4,100
38
35% 4,500 3335 May
1734
1731 4,200 1135 AP
May 2655
100 19
19
1255
7
May
100
7
2755
200 1845MaY
1935
300 8935 Apr 109%
91
32%
200 29% AP
3051
May
May
May
May
May
Jan
Feb
Feb
Jan
May
May
Jan
May
Mar
May
Apt
Mar
Mar
Feb
Feb
10
28
58%
67
324
50
516
67
4451
174
May
May
May
Mar
Mar
Jar
Jan
May
May
Jan
22,100 16% May 19%
164 18
79
100 7155 AD
7755 7735
May 44
40
4235 2,600 40
1,700 3531 May 37
3555 3635
31%
200 ?()% AP
7031 30%
48
1,500 3331 May
334 3634
Mar 88
4,700 69
84
80
May 70
200 49
49
50
May 5755
4434 2,800 40
40
800 104% Mar 122
105 10931
May
13
1,800
8
8
8%
40%
30% 33% 3,100 3055 AP
Ma
42
100 31
3234 32%
11,800 463'( Jan 94
62
68
20 97% Ma 109
103 107
27% 2935 219,300 2731 May 31%
2,000 96% May 98%
9635 9835
951
8% Jan
300
9
9
100 5634 May 564
56% 5634
800 24% Apr 3455
26 n27
May 31
600 25
28
283-4
500 254 Mar 33%
2534 2735
900 6655 AP
80%
6645 68
1
2
May
135 2,400
100 3535 AP
4555
37
37
6,700 28
May 384
38
33
43% 22,100 2535 Mar 44%
38
May
May
May
May
Feb
Fei,
May
Mar
Feb
Apt
Jao
Jan
Jan
Mir
Jan
Mar
May
Jan
May
Jan
Feb
Feb
Jab
Jan
Jan
May
May
31%
96
18)4
85%
175
1035
48%
40
4235
83
77
3
4%
3335
1635
19
7
19%
8935
30%
9%
28
54
4156
29
4835
44
61
2755
7%
1056 8,100
200
28
600
56%
1,900
4436
2,300
3235
200
4834
434 29,400
12,500
67
900
28
300
744
4%
28
48%
8455
29
4835
34
61
25%
634
Jan
May
May
Jan
Ma
May
Fei
May
mar
Feb
1751
45
134
50%
27
35
21
895(
23%
394
434
4558
5255
Jan
Tan
Feb
Feb
Apr
Mar
Mar
Feb
May
Apr
Jan
May
Apr
14% 16
100 100
800 14% May 21%
Apr 102
700 100
Feb
Apr
20
20
29135 309
10334 104
800 18% Mar 2555 Jan
175 12755 Jan 31556 May
Mar
Jan 104
30 100
431
2434
745
33
23
2835
1635
2835
2235
3334
27%
40
48
25,500
6
2734 1,500
100
735
600
4035
13,500
24
33% 7,900
17% 4,200
800
2935
900
2335
3635 6,400
100
2734
900
43%
49% 2,100
455
2435
5%
37%
18
23
1656
2831
1855
25%
2751
39
48
May
May
Apr
Mar
Jan
Fe
May
May
Mar
AP
May
Apr
May
4935
4735
3934
1234
24
4934
100
1,000
50
1,500
41%
12% 89,800
25% 27.500
4934
47
2655
1255
19%
May
Mar
Jan
May
Mar
56
62%
5255
134
2935
Feb
Jan
Feb
May
Apr
32%
2935
2345
26
35
31
2435
2735
3,200
400
400
200
2755
2855
1836
26
Apr
Apr
Jan
May
35
8655
3451
574
Mar
Jan
Feb
Mar
335
1,100
455 Feb
3 May
3
1,650 546
Apr 642
56034 599
Feb
1245 15% 17,200 1234 May 284 Jan
10%
1035
7
44%
168
31%
38
535
10%
1031
10%
7
4434
168
33
41%
6%
12
1,400
400
700
300
400
10,500
300
1,200
5,600
70
12,700
300
700
300
100
200
28,600
30
100
800
1,025
250
50
43,600
100
393.4
1%
2
27
204
27
17
44
21%
79
3%
26%
1031
644
3151
60
26
14
46
101
220%
107%
109
18%
30
18% 27,800
26,700
57
550
8735
1,700
14
2,100
22
1,900
27
600
2734
15%
504
56%
13
22
253,4
2455
4034 43
1% 1%
235 3
2835 29
2135 2134
2335 2831
1835
17
435 435
22%
20
100 10035
434
331
30%
30
1134 13
71
65
314 32
60
60
2635 2835
255
255
4735 4735
110 11235
270 295
10734 109
108 108
54% 62%
30
30
1735
5035
80%
13%
22
2534
2635
5,300 1031 May 10%
2,100 10% May 1031
7
May
100
7
100 44% May 464
20 160% Jan 173
Mar 42
2,500 27
9,300 24% Mar 45%
54 May 11%
3,800
7,000 1051 May
1934
1434 16%
4,100
May
Apr
May
Jan
Apr
May
May
May
May
Apr
May
Apr
Mar
Apr
May
Apr
May
Jan
May
Mar
Feb
May
May
Jan
AD
May
May
May
Apr
Mar
Jan
May
Jan
Jan
5355
455
7
30
23
28%
2555
8%
34%
124%
10
404
214
76
39
7335
29%
5%
53
155
309
109
110%
6755
3831
Mar
Jan
Jan
Feb
May
May
Jan
Jan
Feb
Jan
Mar
Feb
Jan
May
Mar
Apr
May
May
Mar
Feb
Apr
May
Jan
May
Jan
2055
Jan
May 69%
Apr 172
May 15%
23
AP
May 3055
33%
AP
Jan
Apr
Apr
Apr
Apr
May
Feb
1331 Feb
1914 Mar
Friday
Sales
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Continued) Par. Price, Low. High. Shares.
Fox Theatres class A corn.'
Franklin (H II) Mfg com.
•
Preferred
100
Freed-Eiseman Radio. •
Freshman (Chas) Co
•
Gamewell Co corn
•
Oarlock Packing corn____•
Gears & Forging Cl B_
•
General Alloys Co
•
General Amer Investors...'
General Baking corn
•
Preferred
•
General Bronze Corp corn •
General Cable warrants.
Oen Elec Co of Gt Britain
American deposit rcts
Gen Electric (Germany)_ _ _
Stock purch warrants _ _ _
General Fireproofing corn.'
Gen Indust Alcohol v t c.•
lien Printing Ink corn. •
Gaul Realty & Utll con'.
•
Pt with corn purch war 100
Gilbert(A C) Co corn____•
Preference
Gleaner Combine Harv_ •
Iles Alden Coal
•
Goldberg(S M)Store com•
Goldman-Sachs Trading..'
Gold Seal Electrical Co...'
New
•
•
Gorham Inc corn A
$3 cum pref with warr_ _•
Gorbam Mfg common_ _.•
Gotham Knitbao Mach.•
gramophone Co LtdA mer deo refs ord £1
iran Me City Steel corn -•
Gt Atl & Pee Tea 1st Di 100
Non vol corn stock_ _ _ _•
Hreenfleld Tap & Die corn •
Greif (L)& Bros cl X_ -100
Grigsby-Orunow Co corn.*
Ground Gripper Shoe corn'
Guardian Fire Assurance 10
Hall(C M) Lamp Co....'
Hall(W F) Printing____10
Happiness Candy St cl A •
Hartman Tobacco com__10
Haygart Corn
•
•
Hazeltine Corn
Helena Rub'steln Inc corn •
Ilercules Powder corn_
•
Preferred
100
Hayden Chemical
•
Hires (Chas E)corn A_
•
Hoover Steel Ball
10
Horn(A C)Co corn
Horn & Hardart corn
•
Houdaille-Hershey pfd A.."
•
Cony pre( class B
Housh'd Finance part id 50
Huyier's of Del corn
•
Hygrade Food Prod corn.
•
Imperial Chem Industries
Am dep rcts ord shs reg El
Imp Tob of G B & Ire_ _£1
Indus Finance corny t o..10
7% cum pre(
100
Incur Coot North Amer_10
Insurshares of Del corn A.•
Insurance Securities- -10
Internat Perfume corn...'
Internat Products corn...•
$ corn Preferred__ _100
6
•
Inter Projector new
•
Old stock
Internat Safety Razor IL .
,
International Shoe corn..'
Inter Sleeping Car dr Enron
Express trains Amer dep
Rights for ord bear shs
Interstate Hosiery Mills- •
Investors Equity com-- -•
Irving Air Chute oom ---•
Isotta Fraschinl
Amer deposit receipts..
Johnson Motor
Jonas & Naumburg oom.-•
$3 cum cony pref
•
Karstadt(Rudolph) Am shs
Ken Had Tube&Lamp cl A•
Keystone Aircraft Corp..'
Klein (D Emil) Co corn_ •
Klein (H)& Co panic pf 20
Kleinert (J II) Rub corn-.
Knott Corp corn
•
Kobacker Stores corn...."
Kolster-Brandes. Ltd.
Amer shares
El
Koppers Gas&Coke pref100
Kruskal & Kruskal com--*
26
10%
2334
8055
7
69
1355
34
344
18
90
21
12134
100%
91%
23
3234
50
6934
10
2535
36
87
2%
9,1
81
2334
751
1756
,
8055
7
68
5451
2651
2855
36
8751
3
1055
8155
2351
8
1851
85
7%
694
59%
32%
1231 1335
42
42
205 205
34
35%
34% 3455
46
46
18
1911
90
9155
20
22
4555 46
110 110
120 125
2155 2151
99% 10654
91 10015
2234 25%
32% 3434
50
50
6955 72%
og 1134
Range Sines Jan. 1.
Low.
High.
2555
3034
8555
151
655
6854
23
734
13%
68
7
67%
43
1755
May
Mar
Feb
Feb
Mar
Mar
Apr
May
Apr
Apr
Mar
Apr
Jan
Jan
3555
4255
91%
4%
124
83%
2311
1155
214
9355
10%
79%
5956
47
Jan
Mar
Feb
Jan
Jan
May
May
Jan
Jan
Jan
Jan
Jan
May
Mar
33.000 114
100 4056
1 205
1,700 3034
5,700 3435
100 46
3,900 17%
3,100 89
500 18
200 4234
100 95
1,100 11951
1,000 17
72,500 93
3,000 23
19,800 18%
1,100 3235
400 50
500 (1935
13,100
944,
Jan
Mar
Mar
Jan
May
Apr
Apr
Apr
Jan
Jan
Feb
Jan
Apr
Feb
Jan
Apr
May
May
May
May
203-4
49
220
3815
3451
48%
25
10055
2551
48
12455
139
2355
121%
107
2755
36
50%
82
19%
Feb
Jan
Feb
Mar
May
May
Feb
Feb
Jan
Jan
Jan
Jan
May
Mar
May
May
May
May
Apr
Feb
25,100
300
25
1,000
38,900
700
700
200
2,700
1,700
26,600
3,700
13,900
2,600
8334
42
81
4155
117
405
430
1555
,
1531
95
14435 132%
,
3834 3815
59%
61
84% 2,800 6234
4455 3,600 35
50 115
11755
955 332
4694
400 12
16
25 95
95
10,400 120
158
39% 2,800 27
1,600 57
63
Jan 89% Apr
Ma
4555 May
Jan 117% Feb
May 494
May
1955 Feb
Jan
Jan
Feb 97
Mar
AP 183
Jan 4355 Mar
Apr 7055 May
2355
284
3
20
59
62
,
6251 5855
214 20%
117
11735
304
31
24
20
23
2551
5351
44
4955
49
49
2515
2555
3555 35
2455
500 20%
26
30% 6,100
335
2,300
3
200 20
20
85
12,200 46
6756 5,800 41
19
2355 2.400
200 0634
11755
20 115
11855
3231
600 1955
2451
1,100 2335
900 19
23
300 2551
30
200 534
54
5151
300 44
1,100 4455
51
49
2,700 45
264 1,900 2335
1,400 344
3651
Ma
2655
Apr 35
554
May
Jan 22
Jan 8255
Apr 6755
26%
AP
Jan 130
Feb 12151
Feb 37
Jan 2551
Jan 23
May 47
May 61%
May 5955
Apr 59
Mar 5055
Apr 32
Jan
49%
Jan
Jan
Jan
Jan
Mar
May
Jan
Feb
Jan
May
Feb
May
Jan
Feb
Feb
Feb
Jan
Jan
Jan
3334
6434
8%
24%
35
79
77%
21%
27
17%
935
79
22
120
33%
6434
854
700
200
2434
400
3635
75
793i
2,100
81
17,600
23
2831 6,200
18% 1,000
1035
600
100
79
25% 13,800
100
120
3434 1,400
1,400
8631
834
23%
32
79
77%
21%
27
16%
94
7855
1956
1255
25
00
May 1131
Apr 33%
AD
583.4
May 91
Fe
9055
May 2455
May 334
Ma
24%
Mar 14%
Apr 8355
2634
AP
Jan 120
Feb 48
Fe
74%
Feb
Jan
Jan
Jan
Jan
May
Jan
Jan
Jan
Feb
May
May
Jan
Mar
8234
35%
2334
2535
51
3534
200
26
2834 1,100
52% 2,600
41% 13,300
2355
254
45
23
May
May
Ma
Apr
26
3251
534
4155
May
Mar
May
May
9%
46%
13
46
19
25
3334
2435
19
4034
31
60
10
48
13
46
1934
25
36
25%
19
4135
3235
63
300
200
900
700
600
100
5,700
500
400
5,100
200
400
951
46
13
46
19
2255
3155
2355
19
4055
3055
41
May
May
May
May
May
Mar
Mar
Ma
Ma
May
May
Jan
10
60
20
59
2454
3055
50
2855
24%
41%
37
7134
May
Mar
Misr
Mar
Mar
Mar
Jan
Jan
Feb
May
Feb
Mar
2335
29%
3
35
79
224
27
1735
10
2351
48
35
4034
60
5%
556 655
101
101
" 15
15
Lackawanna Securities_ --• 3734 3751
Lake Superior Corp_ ___100 1835
17
Lake, Foundry at adrieb__• 25
20%
•
Land Co of Fla
555
Lane Bryant Inc corn...' 71
71
Lazarus(F & R)& Co corn' 36
35%
• 1834
Leath & Co corn
1851
Lefcourt Realty
26
26
Preferred
•
3655
Lehigh Coal & Nay
50 151% 15135
Leonard Fitzpatrick &
Mueller Stores com_
20
•
I.erner Stores Corp corn • 5935 54
LeY (Fred T)& Co Inc _ •
57
Libby. McNeil dr Libby_10
1155
Libby Owens Sheet Glass 25 16935 167
Lily-Tulip Cup Corp
• 2134 204
Lit Brothers Corn
2036
10
Loew's Inc stk purch war..
635
London Tin Syndicate
Am dep rcts ord reg _£1
1535
Louisiana Land dr Explor -• 1044
10
MacMarr Stores corn....' 3835 38
Malacca Rub Plantations
Amer dep rcts ord reg _ 21
934
Manuel Stores corn
3634
• 37
655% pf with corn par w•
10134
Manhattan Rub Mfg___25
4835
Manning Bowm & Co A..' 19
19
Mapes Consol Mfg
38
•
Marion Steam Shov corn-• 2635 26%
Massey Harris Ltd Corn- •
66%
Mavis Bottling Co of Am -•
7%
834
Mayflower Associates Inc• 6145 6151
May Hosiery Mills pref..'
35
McCord Had & Mfg cl
2855
30
45
McLellan Stores class A- •
55
Mead Johnson & Co cora •
7,800
554 May 1214 Mar
Apr 10154 May
300 100
1555 Jan
Jan
100 15
Jan
Jan
Jan
Jan
Jan
Mar
Apr
Jan
Jan
Jan
3756
1855
2551
54
724
37%
1834
28
3634
16038
500 3731
500 1655
2,500 20%
54
200
500 70
600 3355
100 1834
1,100 25%
200 3635
1,500 149
May 4555
Jan
6155
May 8551
13
May
Apr 81%
Feb 49
1855
May
May 39
Mar 39
Apr 172
20
5934
57
1255
17231
2155
2051
834
400 20
2,000 44
300 57
900 11%
400 167
8,000 18%
1,000 19
655
300
Jan
May 37
May
Feb 80
Apr 6435 Mar
Jan
15
MAY
May 2204 Feb
Apr 2334 Mar
Apr 204 Jan
Mar
14
May
1534
11
41
935
3834
101%
48%
19
38
28
6634
951
61%
35
31
47
56
60
5,20
4,00
154 Apr
955 AD
Apr
35
22% Mar
14% Feb
4355 May
955
83.4 May
30
334 Apr 38%
8,10
1,20 1014 May 103
May 53
50 46
174 Jan 204
20
Mar 42
100 38
80
23% Apr 507-8
500 6651 May 9956
11
7,20
751 AP
3,000 6151 May 6134
3831
34
Ma
10
3134
22
3,00
AD
44
Mar 59
60
May 504
1.000 55
May
May
Mar
May
Jan
Jan
Jan
Jan
Mar
May
Jan
Jan
Jan
Apr
MAY 25 1929.]
63%
70
5
25%
28%
103
38%
38
31)4
10
37%
29
42
2011
25%
14934
1834
77
25
6
1735
4145
as
59%
56%
49%
24%
18
914
24
16%
24
14
19%
59
Packard Electric Co
•
Page Hershey Tubes corn.*
Paramount Cab Mfg corn.' 29%
•
Parke Davis dr Co
Parker Pen Co corn .._.10
Parmelee Transport corn.' 2435
Pander(D) Groo el A__• 62
Class 13
110
Penney (J C) Co corn
Class A preferred-- _100 99
Pennroad Corp corny c.d. 1634
Peoples Drug Store Inc. •
100
Pepperell Mfg
Perfect Circle Co oom_ •
..25 100
Perfection Stove Co..
23%
Perryman Eleo Co
100
Pet Milk pre(
philippe(Louls)Ino A corn •
•
Common class B
1%
Phil Morris Con Inc corn.•
25
9
Class A
Pick (Albert), Barth & Co
Pref clam A (partici pt).• 15%
Pie Bakeries of Am cl
Piedmont & Nor Ry _100
• 27
Pierce Governor Co
Pilot Radio dr Tube cl A ' 18
Pitney Bowes Postage
• 2011
Meter Co
ring & L Erie RR com __50
Pittsb Plate Glass corn...25 68
• 2714
Pitts Screw & Bolt
•
Pratt & Lambert Co
Procter & Gamble com....10 370
Propper Silk Hosiery Inc.'
Prudence Co 7% pref_100 100
Prudential Investors corn.* 26
pyrene Manufacturing...10
Thy & Express Co WI
Rainbow LuminousProd A• 28%
Raybestos Co oommon_25 90%
Reeves(Daniel) common.'
Reliance Brons& Sal corn' 23
5
Repent Inc
Republic Brass warrants..
2
Republic Motor Tr v • e_.•
Reynolds Metals common • 39%
• 70%
Preferred
•
Rich's Inc corn
Rice-Stix Dry Goods corn.'
Richmond Radiator cons-•
Ritter Dental Mfg coin_ •
Richman Bros new
Rolla-Royce of Am pf_100
Rolls Royce Ltd
Amer dep receipts reit stk
Range Since Jan. 1.
Low.
High.
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Continued) Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
18
13
1434 8,600 13 May
Mar
• 13
Roosevelt Field Inc
200
5% May 29% Jan
631 9
Ross Stores, Inc
Rubber Plantation Inv Tr
934 Apr 1034 Apr
100
Am dep rcts ord sh reg.£1
1054 103-4
7934 80
300 7534 Apr 108% Jan
100
Ruberoid Co
4431 4531
600 4034 Apr 45% May
•
Ruud Mfg corn
Apr 35% May
35
800 35
35
Russeks Fifth Ave Inc. •
2831 30
Feb
1,600
17
37% Mar
Sate-T-f3tat Co common...• 29
Apr
7,800 2834 May 35
Certificates of deposit... 2834 2834 30
194 20034 1,175 157
Jan 229% Jan
Safety Car Htg & Ltg__100 194
Jan
452 452
May 626
10 452
Safeway Stores 2d ser war_
145 1593.4 18,500 119
May
• 150
Aar 160
3,400 5534 Jan 7234 Mar .4t. Regis Paper Co
Jan
100 56% Apr 79
*
Schiff Co corn
5634 5634
Apr 2514 May
25
500 23
24
8,300 413 May 44% May Schletter St Zand corn vte..• 24
,4
1,100 4334 May 46
May
•
433.4 46
1,200 10134 May 103
May
Cum cony pref
2,600 2034 May 39% Jan
2014 2214
50 94
Apr 95
Jan Schulte Real Estate Co..- • 20%
1,500 11
Jan
May 26
11
133.4
700 28
Apr Schulte-United 5c to S1 Iii• 1334
Jan 4111
Apr 89
1.100 70
Jan
70
70
100 12534 Apr 160
May
7% pre part pd rcts_100 70
May 63% May
150 59
25
62
6334
Scoville Mfg
100 1234 Apr 15% Mar Second Gen'l Amer Inv Co_
•
2831 3031 4,300 23% Apr 35% Jan
Common
1,200
6% Feb
3
Mar
Jan
600 104% Apr 125
107 10835
300 4634 May 52% Jan
6% pref with warrants__ 108
14
9% May
May
10
1374 8,800
Jan Segal Lock & Hardware..• z1234
100 59
Mar 75
May 6574 Jan
500 39
39
40
1,100 5834 Apr 79% May SeiberlIng Rubber corn- •
100 25% May 31% Apr
*
2536 2554
4,500 30 May
35% Apr Selby Shoe corn
300 7734 Jan 106% Mar Selected Industries com_t• 204 2014 2274 7,900 1834 Jan 31% Feb
7
Jan
93/, 9334 9535 4,700 9331 Apr 106
Allot Mfg let paid
Mar 2834 May
9
65,800
2031 26
6314 64%
600 58
Apr 76% Feb Sentry Safety Control....' 223,4
14% Jan 21% May
18
20
33,20
4«rvel Inc(new co) v t o__• 1831
76
May ,
7,800 6334 Jan 88
69
2231 Apr 32% Jan
24.34 263-4
80
IS
Jan Solon Leather common__ •
5
5
Mar
5% 1,400
4134 4434 3,600 35% Jan 50% Feb
50 44
500 6214 May 75% Jan Sharon Steel HOOD
6214 63%
63% Jan
• 5331 5334 58% 1.500 48
AP
25% 274 3,600 2534 May 2734 May Shaeffer(WA)Pen
170 81
94% 98
Mar 105% May
May 29% May Sherwin-Wme Co corn-25
28
29% 4,400 28
43
4834 3,400 2034 Jan 63% Mar
200 102
103 103
Apr 106)4 Jan Sikorsky Aviation corn...• 43
37% 42% 15,000 3034 Jan 46% Feb Silica Gel Corp , v t o_.• 3834 3834 4034 8,800 23.% Jan 48% Mar
c m
1,00
37% 40
3231 Jan 49% Mar Silver (Isaac)& Bro
Feb
May 128
25 107
107 107
100
7% cony pfd.
1,60
31% 32
313,4 May 37
Jan SImmon.s Boardman Pub
•
5214 Jan
48
Ma
100 48
48
10
10 •
2,00
10
Apr 12
Jan
Eshing $3 pref
Jan
May 631
50 550
550 570
3
3
10
3
Apr
5
Jan Singer Manufacturing...100 560
• 46.% 46
Mar
Jan 47
300 40
24
26
4634
1,50
Apr 40% Jan Skinner Organ corn
23
Apr
130 163
190 192
Feb 200
36
36
300 36
May
36
May Smith (A 0) Corp COrn • 192
13,900 2934 May 4134 Jan Snia Viscosa, dep receipts
3534 38
534 Slay
4% Apr
100
28
30
2,100 25
Mar 3534 Mar
511 5'4
Chase Nat Bank _200 lire
700 2834 Mar 43% Feb
41
33%
4434 1,400 3934 Apr 5534 Jan Sonatron Tube common...* 32% 32
•
1,100 30% Apr 49% Feb
3331 35
1934 2234 12,900
7
Mar 24% Apr Southern Asbestos
24
Feb
3614 3734
24
Mar 28
100 20
100 36
Jan 40
•
Mar South Coast Co corn
1834 1834
35% 3531
600 30% Mar 37% Feb
100 17
Apr 20
Mar Sou Groc Stores cony CIA.
Mar 27% Feb
100 10
2534 2634
200 2534 May 34% Jan South Ice St. Util cons B.__ -- 1031 1031
1834 1834
12
900
5
631 8
100 18% May 2635 Feb southern Stores class A...*
Jan
Apr
May 21
Jan
900 12
23
12
1434
2334 1,800 203,4 Mar 2934 Jan Southwest Dairy Prod- • 12
14914 150
300 92
94 n97
May n100% Apr
200 142
Jan 164
ioo
Feb
7% preferred
Jan
314 4% 5,600
3% Mar
200 200
7
50 187
Jan 210
334
Feb Span ic Gen Corp Ltd__ £1
29
26
6235 7134 24,300 6231 May 7134 May
600 23
Apr 31
May Sparks-Withington Co-*
18% 19
300 1834 May 21
Feb Solege I May Stern Co
200 86
Jan 9834 Feb
2714
86
500 1934 Jan 2731 May
26
86
100
64% preferred
4% 4%
Feb 5334 Jan
600 39
3931 42
100
434 Mar 13
Jan Stahl-Meyer Inc corn----•
100 2934 Apr 3334 Apr
17
17%
200 1434 May
3134 3134
3131 Jan Standard Dredging pref..*
May 43
Feb
7814
1,000 77 May 80% May Standard Investing corn..' 3815
77
3731 3834 2,500 35
634 May
214 Mar
18,900
25
3% 6
2534 1,600 25
May 25% May Standar . Motor Constr.100
434
Mar
400 2534 May 30
6%
1,400
6
25% 27
6
May
9% Mar Stand Steel Propeller nom'
Mar
Apr 31
2,700 28
25
26
29
300 23
29
• 29
May 32
Feb Starrett Corp corn
500 173,4 May 24% Feb Stein Cosmetics com
173,4 18
2131 20% 2111 5,100 153-4 Mar 2234 May
Apr 3834 Feb
1,100 28
40
42
283,4
300 40
Mar 52% Mar Stein (A)& Co cem
28% 28
10
9034 May 9974 Feb
4134 4634 16,400 3634 Apr 48% Feb
9035 9034
100
Preferred
28% Apr 29
Apr
20
400 363.4 Jan 4731 Mar Sterchi Bros Stores com....• 2834 2834 2831
37% 41
3034 Mar 3634 May
58
59%
600 25
Jan 59% May Sterling Securities allot ctfs 35% 3331 3636 16,30
100 42
Mar 4734 Feb
46
52
46
6034 3,200 3631 Mar 78
•
Apr Stern Bros class A
May
15
Jan
400 12
12
47
12
49%
400 47
May 49% May
*
Corn class B v t c
Jan
100 85
Mar 100
89
89
2214 2634 7,900 17
Mar 2731 May Stetson (John B) corn. •
100
931 Jan
1734 1934 92,500 14
1634 Feb
Mar 24
107-4 103,4
Jew
Stinnes(Hugo)Corp
May 3534 MAY
800 26
1,400
834 Apr 13
934 1014
Jan Strauss(Nathan)Inc corn • 2631 2635 n2834
41
Jan 3531 May
4234
600 39
Mar 46% May Stromberg-Carl Tel Mfg.' 30% 305-4 3234 1,500 29
:
100 42 May
6154 Feb
3534
43
700 3234 May 48% Feb
43
3234
Stroock (13) et Co
900 1534 Apr 3534 May
80
24
1514 17
2414
2234 Feb 111% Feb /nuts Motor Car
16
1.350 12
May 91
8814 90
300 88
128% 1283-4 129
834 May 13934 Jan
Mar Swift & Co
100
85
86
15
8034 Apr 92
15 3034 3031 3214 .5,100 2934 Mar 377-4 Jan
Jan Swift International
2134 1.300 1634 Mar 2331 Jan
20
Syrac Wash Mach B eorn_• 20
17% 4,900 1434 Apr 19% Jan
4,000 4334 Apr 594 Feb
16
46
50
Taggart Corp common...' 46
Mar 17% Feb Tanganyika corn
200 15
300 1434 May
1414 1434
1434 May
16% 16%
1434
Feb
Jan 27
2514 LSO
24
100 24
24
May 29% Apr Tenneosee Prod Corti corn'
2534 253-4
11
Apr
13)5 14% 1,30
Feb 3574' Mar
29
Apr
• 29
16
293-4 4.500 25
Mermaid Co corn
Mar
1914 2034 3,10
1,300 90
1834 AP
Feb 105
963-4 99
21% May
7% Cum oonv prof _100
10
5834 May 59
58% 59
Jan 6934 Jan
.58
8351 3 600 46
May
.
Thompson Prod Inc cl A __• 60
10
6% 631
May 5834 Jan
900 50
634 Apr
51% 52
52
7% Jan Thompson Starrett pref.._
Apr
40 10534 May 109
10534 10536
Timken-Det Axle pref.100 10531
38% 38%
300 3834 May 39
May
2,200 4934 Jan 70
May
6034 66
Tiahman Realty & Constr• 65
127 127
50 122
Apr 127
May 5554 Jan
5414 4,000 49
Slay Tobacco & Allied Stocks..' 49% 49
28% 30% 11,300 23
3;4 Jan
Mar 43% Jan
May
800
2
2%
2
Tobacco Products Exports'
49
47
1,300 47
400 59
Apr 763.4 Jan
May 5831 Feb
63
62
Todd Shipyards Corp....*
49% 51%
300 45
600
936 Apr 1414 Jan
Apr 56
12%
12
Jan Toddy Corp class B v t C.
2431 2431'
1,200 2434 Apr 25% Apr Transamerica Corp
Feb 14376 May
137% 132 14034 45,300 125
62
61
350 5834 Mar 65
Apr Transcont Air TransP----• 28% 26% 295-1 8,000 2434 Feb 3034 May
6131 62
750 5534 FebTrans-Lux Pict Screen
62% May
110 121
1,350 110
Mar
May 121
534 Jan 24
May
13% 11% 13% 9.700
Class A common
9831 100
Jan
640 9734 AD 102% Feb
: 54
52 •• 57% 1,700 4554 Apr 61
Travel Air Co
16% 2031 63,300 1614 May 25
Feb
Jan 1535
31% 15,200 80
Apr Tri-Continental Corp corn• 30% 30
77
7711
300 7435 Feb 94
Apr 10734 Jan
104 104% 3,300 104
Jan
6% cum prat with war100 104
9731 98%
50 97 May 113% Feb Triplex Safety Glass
54
700 2234 Jan 3334 Feb
593,4
1,500 45
Apr 61% Jan
Am me for ord oh reg--- 2234 223-5 24
9915 100
150 90
• 4734 4434 47% 2,200 4436 May 6034 Jan
May 100
May Truna Park Stores
2014 24% 12,400 2
Jan
May 595
500 360
38015 432
03.4 May 29% May Tubize Artificial Silk el B • 385
110 110
Mar
Jan 32
100 110
Apr 114
Jan Tung-Sol Lamp Wks com_• 2531 24% 28% 2,600 15
May
28)4 30% 1,500 2434 Apr 32
4,300 2434 Feb 38
34% 38
Class A
• 3611
May
29
30
7234 Feb
2,300 2334 Apr 31% May
900 5234 May
5231 5734
Union Amer Investment
' 53
1% 2
Jan
May 20
9
12,700
5,000
934 11
174 May
Union Tobacco corn
9)4
•
414 Jan
9
9
400
Feb
Jan 76
700 48
6414 65%
834 Jan
9% Apr United Carbon v to
•
Jan 102% Mar
300 92
100 98)4 97% 9835
Preferred
1532 15% 2,700 15
Mar
Apr 115
400 100
Mar 19
100 100
310 United Chemicals com
•
25
25
200 2334 Apr 26
42% 4234 44% 3,400 4234 May 6134 Feb
Feb
83 preferred
81
8231
200 53% Jan 8334 May
United Dry Docks cam : 17% 1631 1754 4,400 1634 Slay 2034 AIM
2631 28%
500 2
Jan
Apr 21
1,300 10
1034 11
634 May 3834 Jan United Milk Prod com
•
18
18% 2,300 18
Mar
• 37% 36
May 53
May
3731 2,300 36
1834 May
Un Piece Dye Wits
50 10354 Apr 106(4 Feb
34% Preferred
105 105
100
6
20% 24% 9,300 1334 Mar 3014 Apr United
May
300 393.4 Mar 53
47% 49
Porto Re Sug____• 48
139 145
610 13531 Mar 15674 Feb
Mar
11
May
5,600
5
5
8
United Profit Shar corn..'
68
68
300 64
Jan 7634 Jan
300 683.4 May 8534 Feb
88% 89
united Shoe Mach oom__25
27
3034 8,700 23
Mar 3134 Apr
71
71
200 6334 Jan85
100 48)4 Jan 5334 Mar
51% 5134
Feb
US Dairy Prod Haas A--_•
,
365 370
275 281
Jan 382
Feb 15% May
200 14
1431
14
May
Class B
• 14
32% 33%
600 3 34 May 43
Jan 973,4 May
50 90
92
2
92
Jan U.S. Finishing corn_ __100
100 100
250 993,4 Apr law, Apr 0 El Foil class B
Jan
7414 Feb
5771 59.31 3,000 57
• 58
2534 27% 20.200 2534 May 28
9,100 4734 May 6514 Feb
5134 54
U Et& Foreign Sec com___• 54
May
734 734
300
7
1,000 87
Apr 9534 Jan
Apr
8934 90
914 Jan
$6 first pref
51
51
100 51
May 5914 May
4,900 82
• 90
Mar 10934 Feb
8531 94
Cf s Freight
2634 33% 4,300 2634 May 65
Mar 754 May
74% 9,100 56
ran
US Gypsum common-20 73% 69
87)4 91
5,400 6934 Jan 9234 May
17% n17% 5,400 1734 Apr 1834 Apr
U S Lines w I
17%
3814 40%
900 363,4 Apr 4534 Jan
500 4334 Jan 6234 Jan
U S Radiator coin
• 46% 4634 48
24
23
5,400 2234 Apr 2431 May 0 S Rubber Reclaiming' 22
31
Mar
800 16
Jan
24%
22
2
2% 2,900 65e
•
Jan
19
2134 2,700 1511 Mar 2734 Mar
Apr
5
Universal Aviation
35
35)4
200 35
900 15
Apr 22 May
May 3
2031 20%
Ctts of deposit
534 May
2
2%
500
100 7034 Jan 79
Feb
134 Jan
7635 77
.
63,4 Feb Universal Insurance_ _.25 77
3814 42% 2.400 3134 Jan 5234 Feb
600 1854 Mar 29
2734
Apr
27
Universal Pictures
6714 7134 3,300 63
1,300 24
May 2434 May
24
2435
Jan 79
Mar Utility Equities Corp
• 24
3214
32
400 32
May 34
May Van Camp Milk
20% 20%
Apr 101
100 19
Jan
800 98
9331 97
Mar 2434 Jan
7% pref with warr___100
10
May 3814 Feb
10
25% 5.300 21
400 10
21
May
1934 Feb
• 23
Van Camp Pack oom
3,200 2254 May 88
59
61% 2,600 46
Feb
Feb 6334 Mar
25 23% 22% '263%
7% Preferred
1,100 28
122 122
Jan 85
31
200 122
Feb
30
May 122
•
May
Vogt Mfg Corn
200 1836 Apr 2634 Jan
47
51
18% 18%
300 45
Mar 7334 Mar Wain dr Bond class B....-•
82% 87)4 2,600 71% Mar 9154 May
walgreen Co common....' 87
Mar 65
Jan
700 51
1114 1234
58% 60
400
60
934 Mar 1534 Feb
Warrants
100
102 105
Mercantile Stores
Merritt Chapman dt Scott• 28% 2711 30%
94
94
6%% pfd A with warr100
1%
114
•
Mesabi Iron
Metropol Chain Stores...* 75% 75% 7631
6
6
Met5& 500 Stores el A_ *
100
Preferred
65
70
97
97
Midland Steel Products_ •
•
57
57%
Midvale Co
46
.5034
Miller(I).4 Sons cam. •
-Honeywell
Minneapolis
Regulator common. _• 72
69% 7214
Minneapolis-Moline Power
Implement Co corn____* 4111 41% 42%
101% 101% 102%
$6.50 CUM pref
Mirror (The) 7% pref_ _100
94
94
Mock.Judson Voehringer•
3614 37%
Monsanto Chem Wks__ *
153 153
Montecatini M & AgrAmer dep rein bear ohs._ ------ 12% 12%
Warrants
3
3
314
Moody's Inv part pref.- •
49
51)4
Moore Drop Forge cl A..' 60
60
60
Morrell (J) & Co. Inc_ •
78% 78%
Moto Meter Gauge & Eq.' 3131 30
3114
Murphy (G C) Co com_ •
97
98
Nachmann-dpringfield._.•
Nat Aviation Corp
•
•
National Baking com
Nat Bancservice Corp
•
Nat Container Corp corn.*
$2 cony pref
•
Nat Dairy Prod pref A_100
Nat Family Stores corn •
Preferred with warr. 25
-Nat Food Products
•
Class A with warr
Class B
•
Nat Leather stamped_ _ _10
Nat Mfrs & Stores
25
Nat Refining corn
Nat Rubber Machinery-'
•
Nat Screen Service
•
Nat Sugar Heft
Nat Theatre Supply coin_•
National Tile
•
Nat Toll Bdge corn A._..'
Nat Trade Journal Inc_ _ _*
Nebel(Oscar) Co Inc corn •
Mehl Corp common
•
Nelaner Bros common__ •
100
Preferred
..5
Nelson (Herman)Corp.
Neptune Meter class A___•
_•
Nestle LeMur Co cl A
Neve Drug Stores corn._.*
Cony A ctfs of dep
Newberry (J .31) Co new..
New Haven Clock corn _..•
New Meg & Aria Land... 1
New On Gt Nor RR_ _ _100
•
N Y Auction corn A
N Y Hamburg Corp_ _ _50
N Y Investors
N Y Merchandise
•
•
Niagara Share Corp
Niles-Bem't-Pond corn-.Noblitt Sparks
Noma Electric Corp corn.'
•
North American A viation.
North Amer Cement
•
•
Northam Warren Corti pt.
Northwest Engineering. •
Novadel-Agne oommon- •
160
7% cum pref
Ohio Brass clam B
•
Oil Stocks Ltd
Class A without war?..'
•
Class B with warr
•
Orange Crush Co
Outbd Motors Corp corn B•
Cony pref el A
•
Overseas Securities
Ovington Bros partle pt. •
3495
FINANCIAL CHRONICLE
Friday
Sales
Last Week's Range for
of Prices
Sale
'Week.
Stocks (Continued) Par. Price. Low. High. Shares.
200 102
3,500 2435
100 94
600
134
600 70
100
6
300 64
200 9534
200 4434
1,100 39
May 119% Jan
Apr 32
May
May 100;4 Feb
May
3
Jan
Feb
Mar 89
May
7% Jan
Apr
Apr 83
May 106% Jan
Mar
Apr 66
Jan 53% May
FINANCIAL CHRONICLE
3496
Friday
Sales
Last Week's Rano for
Week.
Sale
of Prices
Stocks (Concluded) Par. Price. Low. High. Shares.
Walker(Hlram)Gooderham
•
& Wortscommon
New when Issued
Warner Co new
Watson (John Warren)Co•
Wayne Pump common___•
Western Air Express_ 10
Western Auto Supply oomA
West Point Mfg
100
Wheel& L ERR pr lien 100
Whitenighta Inc com_ •
Widlar Food Products.
,_
Williams 011 -Mat Heat _•
-0
Williams (11 C)& Co Inc.,
WU-Low Cafeterias corn -•
Preferred
•
Winter (Ben)) Inc com_ •
Worth Inc cony class A_ •
Yellow Taxi Corp
•
Zenith Radio
Zonite Products Corp corn•
Range Since Jan. 1.
Low.
114712.
33%
3854
34
60
18;5
60%
514
21
72%
53
129%
180
354
22
24%
29%
20
50
14
7
33%
3855
3235
63
1,200 60 May 93%
3,100 18% May 23
21
64% 31,100 60% May 64%
554 Mar 14%
6% 2,100
22%
300 1734 Apr 32
7834 8,500 5636 Apr 78%
1,500 5051 Apr 59%
55
100 129% May 140
129%
Mar 180
20 170
180
4;5 1,100
3% May 18
100 21% May 29
22
Jan 29%
24%
100 22
600 293.4 May 41%
31%
Apr 30
2335 3,900 20
Mar 58
1,400 50
51
14% 3,300 1151 Mar 1651
.5% Mar 113.4
8
700
800 1834 Jan 35%
3535
3935 2,500 34% Mar 81%
3435 1,400 8134 Jan 44%
Rights
American Cyanamid
755
Amer Superpower w I
Aasoclated G & E deb rta_ _
754
Bethlehem Steel
4%
Budd (Ed G) Mfg
22%
Chesapeake Corp
Columbia Gas & Elec
454
De Forest Radio
135
Fairchild Aviation
254
Fiat
Ford Motor of Canada63
Freehman (Chas) Co
20
Gorham Mfg
5-16c
Loew's Inc deb rights
7
734
7%
3%
22%
1335
4
%
1%
9%
60
le
30e
23%
9
93(
8%
5%
23;5
15
454
1%
2%
10%
72
3-16c
lion
2355
60
18%
6%
22
73%
5335
129%
22
24%
29%
21%
50
25,100
11,700
15,300
22,700
1,500
500
50,300
85,400
5,800
3,500
1,050
19,200
17,700
200
Public Utilities
Alabama Power $7 pref_ •
Allied Pow & Lt cow
•
$5 let preferred
$3 preferred
•
Amer Cities Pow & Lt Corp
Class A
50
Class B
•
Am Com•With P cum A...*
Common B
•
Warrants
Amer Dist Tel NJ pref _100
Amer & Foreign Pow wan%
Amer Gas & Eleo com__--•
Preferred
•
Amer Lt & Trao com100
Preferred
100
Amer Nat Gas coca v t o__•
Amer States Pub Serv cl A
Amer Superpower Corp A•
Class B common
•
New
First preferred
Convertible preferred
Assoc) Gas & Elea class A..•
Brazilian Tr Lt&Pow ord•
Brooklyn City RR
100
Certificates of depositBurr Niag & East Pr oom_•
Class A
•
Preferred
25
54
75%
44
Feb
May
May
Jan
Jan
May
Jan
Jan
Apr
Jan
Feb
Jan
Feb
Mar
Mar
Jan
Jan
May
Feb
Jan
Ain
7 May 11
6% Ma, 11% May
734 Feb 13% Apr
3% May
831 May
22% May 34 May
1355 May 15 May
4% Mar
334 May
74 May
1% May
2% May
134 May
7% Apr 1714 Jan
60 may 102 May
% May
10 May
114 May
300 May
23% May 49% Feb
Mexican Seaboard OIL
5
3 May
3%
9,300
3
4
Missouri
1
-Kan Pipe Line_
he May
ii•
35
34 9,000
1%
Newberry (J J) Co
1% May
1% 1%
155
700
Noranda Mines
270 n36e 6,000 25o Apr 490
Penny (J C) & Co
May 236
199 225
204
760 199
Roan Antelope Mines
254
131 May
1%
9,900
1,4
United Carbon
1% May
1% 1% 4,100
234
Universal Pictures
2%
1
Apr
100
2% 255
235
Walker(Hiram)Gooderham
& Worts common
•
10.200
8
4
334
334 May
Western Air Express
8%
4% May
6% 8% 6,900
7%
Western Dairy
154
1
May
4,800
1
5 May 14%
White Sewing Mach deb rts
300
5
5
1133; 1134
50 111)4 May 115
- 5751 28,800 44% Apr 59
800 75% May 79
7555 77%
Apr 45
4434
44
800 43
May
May
May
Apr
May
May
Apr
May
May
May
May
Jan
Jan
May
Apr
May
53,500
53,100
7,600
1,200
3,100
150
36,000
9,200
100
650
50
200
i".00
34,900
11,000
48,400
1,000
4,700
24,800
700
900
300
72,000
11,700
800
86% Mar
23% Mar
Jan
22
Apr
24
6% May
Apr
110
523( • Jan
Jan
128
104
Feb
Mar
205
108
Apr
11
Apr
26% Mar
62% Jan
Jan
68
May
26
9734 Apr
89% Apr
49% Jan
50 May
7% May
May
6155 Mar
4934 Apr
2535 Apr
51 May
35% May
31
Mar
3734 Jan
1134 Mar
114
Feb
113% Feb
19234 Jan
10935 Jan
2694 Feb
11535 Mar
185( Jan
274 Mar
169% May
169% May
35 May
10034 Feb
Jan
94
61% Mar
70
Mar
1154 Jan
10% Mar
84% May
72% Jan
2654 Jan
Cent Atl States Serv v t c.
• 13% 1334 14% 1,000
Central Pub Serv Cl A _• 4534 44% 45% 3,100
103 103
Cent& Sweat Util pr lien_*
100
Central States Elec com__• 100% 9434 100% 7,200
6% pref with warr.-100 115
115 120
600
8034 81
600
6% pref without warr
7% preferred
116 11634
300
100
Convertible preferrei--- 16954 159 169% 6,700
1,000
36% 40
Warrants
37
94
700
Cities Serv P & L $6 pref.* 94
96
105% 105%
200
100
7% preferred
65% 6654
Cleve El Ilium corn
700
•
60% 61%
900
Columbus Elea Jr Pow. •
241 245%
140
Com'w'Ith Edison Co100
10135 10255 1,500
Com'w'Ith Pow Corp Pf.100
95
500
97%
Cons GEL &T Balt corn...
171% 171%
50
Duke Power Co
100
57% 7,500
East States Pow B com-_• 543( 52
Wee Bond & Sh Co com__• 9235 91% 101% 336,400
Ng% 107% 1,000
Preferred
•
Elea Investors
15155 136% 157% 41,800
900
98% 99%
Preferred
100
99% 99%
Moo Pow & Lt 2nd DI A- •
7,000
45
40
41
Option warrants
100
95% 9554
Emp Gan & Fuel 7% Pf 100
9,200
Empire Pow Corp Part atbs 54% , 52% 56
800
2434
23
Engineers Pub San warFederal Water Serv o I A__• 51% 49% 5334 12,200
200
100 100
Fla Pew & Lt$7cum pref_• 100
9,400
General Pub Serv com-• 41% 39% 45
600
4134 4234
Internal Util class A
•
Class 13
1935 17,500
1754 17
350
Participating pref
94
9555
500
Warrants
735 7%
13
Feb
35
Jan
10055 Mar
7354 Mar
103% Jan
8055 May
108% Feb
97
Jan
19% Jan
94 May
105% May
60 May
56
Mar
215
Jan
9954 Mar
88% Apr
155
Jan
4235 Feb
Mar
73
10514 Apr
7734 Jan
07% Mar
99% May
28% Jan
95% May
Mar
89
23
Mar
46% Apr
100
Jan
27 ' Jan
4134 May
1434 Max
Feb
93
4% Jan
19% Apr
48 May
103 May
10054 May
122
Jan
87)4 Feb
125
Apr
169% May
42 May
96% Jan
107% Jan
75
Feb
72% Jan
25834 May
1033s Jan
112
Jan
210
Jan
59% May
102% May
109% Jan
163 May
101
Feb
Max
103
47)4 May
98% Jan
62 May
85
Jan
6354 Feb
102
Mar
4651 May
59
Jan
2214 Feb
100
Jan
11
Jae
Italian Super Power
Warrants
. K C Pub Serv corn v t c_ •
Kansas Gas & Elec pref 100
Long Island Light eom•
7% preferred
100
Marconi Internal Marine
Commun Am dep rcteMaroonl Wire!T of Can.
.1
Marconi Wireless Tel Loud.
Class B
Memphis Nat Gas
•
adiddleWest Utll com •
•
$8 preferred
Mohawk & Bud Pow coin5
•
let preferred
2d Preferred
•
Warr•-ts
Monong..['el& West Penn
pref._ _25
Pub S..rv
•
Municipal Service
Nat Elec Pow class A_ •
*
N8 ,power&Ltpref
48
3435
2435
24%
79
150
240
12
26%
162%
16584
33%
08%
92
53%
62%
82%
60%
25%
1535
56
2231
7%
44% 51
29% 35%
25%
24
24% 25
6% 7%
110 111
7755 8934
150 164%
105 105
232 241
11235 112%
12
12%
26% 27
145% 165
145% 1653(
29% 34%
9854 9954
9155 92
53
56%
Si
54
7% 7%
755 75(
74% 8434
59% 66%
2534 25%
1555 16%
9
9%
535 5%
105 105
55
5836
10934 109%
1,400 114
300
5%
4
200
10 105
1,800 48%
30 10834
56,700
23
21
7% 8% 46,600
Jan 18%
Jan 15
Jan
9
May 108
Apr 673(
Jan 113
1931 Mar
7% Feb
Jan
Jan
Apr
Mar
Feb
Mar
28
Jan
1034 Mar
1935 19% 20% 15,200 1834 Jan 225( Jan
21,200 1214 Mar 20 May
18% 18
20
160% 160% 163
600 160% May 189
Jan
Apr 104% Feb
200 97
9854 99
Min
Mar 71
62
5934 6654 6,400 38
Apr 110% Jan
200 105
105% 1064
105 105
125 104
Jan
Alli 110
2954 2934 35%
800 23% Mar 6534 Jae
108
24% 2434
22
24%
30% 30)4
108 109
50 24%
1,700 22
200 3034
250 16634
May 25%
May 33%
May 37%
Mar 109%
Apr
Mar
Feb
Feb
[Vol.. 128.
Friday
Sales
Last Week's Range for
Public Utilities(Cond.) Sale
Week.
of Prices.
Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
111911.
Nat Pub fiery coin class A• 23% 23% 23%
Feb
300 22% Mar 26
Nevada Calif Elec corn 100
Jan
49
49
200 48% Apr 60
New Engl Pow Assn com_•
Mar 91% May
9115
87
70 84
6% preferred
Feb
Jan 100
96
96
590 95
N Y Telep 6%% pref-100
Jan
11235 11235
25 111% Max 114
Nor Amer Util Sec corn__• 22% 21% 26
7.600 1834 Jan 26 May
•
1st preferred
97
100 94% Mar 97 May
97
Northeast Power com____• 56% 53% 61
Mar 62% May
97,100 40
Nor States P Corp corn. 100 16535 16234 166
4,900 18654 Jan 17434 May
Preferred
100
107% 107%
50 107% May 10954 Feb
Ohio Bell Telep 7% pfd 100
1104 11535
Mar
Apr 116
10 110
Ohio Pub Serv 1st pfd A100
109 109
Apr 11034 Jan
30 109
Pacific Gas & El let pref-25 26% 2654 2634
400 26
Mar 2834 Jan
Pa Gas & Electric class A.•
2134 21%
600 2134 May 24% Jan
Pacific Pow & Lt 7% pref_
107
107 107
20 107 May 107 May
Penn-Ohio Ed corn
7255 67
75
13,600 63
Mar 75
may
7% prior preferred_101 103
102% 104
130 102
Feb 1063.4 Jan
• 92
preferred
$6
92
93%
110 89
Mar
Feb 97
OptIon warrants
47
4234 83
2,800 30
Mar 53 May
Warrants series B
24
2134 26
1.700 16% Apr 26 May
Penn Water & Power_ •
82
82
100 8134 Apr 101% Jan
Peoples Light &Pow al A
48
48
50
1,900 45
Apr 68% Feb
Puget Sd P&L6% pre:
-100 99% 9934 100
250 98
Jan 10134 Apr
Rochester Central Power__ 40% 40
4234 21.700 31
Apr 49
Jan
Sierra Pacific Elec corn 15$
54
54
206 47% Apr 6214 Feb
Southeast Pow & Lt com.• 90% 85% 96% 26.900 7134 Jan 99 May
Warets to pur corn stk. 4635 43% 50% 20.900 2754 Jan 51% May
Participating pref
• 85
85
95
100 85 May 98
Feb
$7 preferred
•
10934 10934
300 104% Ain 10934 May
South Calif Ed pref A_ _25
28% 28%
100 23% Mar 30
Jan
Preferred B
25 2555 25% 2534
500 2534 Mar 2034 Jan
% Preferred C.._.25
24% 24%
800 2334 Apr 2011 Jan
Sou New England Tel_ _100
170 17034
20 170 May 18034 May
Solewest Bell Telen Pi-100 117
117 117
50 117 May 123% Max
Sweat Pr & Lt 7% prf _100
109 109
Mar 111% Jan
20 108
Standard Pow & Lt
25 51% 5154 53
600 49% Jan 70
Feb
Preferred
100 100
50 100 May 105% Feb
Swiss-Amer Eleo oral
97% 97%
100 9534 May 98% Feb
Tampa Electric Co
62
1,600 60 May 7954 Jan
6035 60
Union Nat Gas of Can_ •
41
Mar 42% May
42% 2.400 34
United Elec()cry warrants.
2
2 May
254
2% 5,100
4% Feb
American Shares W
18
18
100 17 May 23% Mar
United Gas when Issued_ 2831 25
5,600 23
27
Mar 39
Jan
United Gas Improveml_50 196% 190 201 117,000 155
Mar 201
May
United Lt & Pow corn A• 35
345( 4054 92,800 3014 Mar 43% Jan
• 103% 10035 10435 1,200 95% Mar 104% May
Preferred class A
Pref class B
57% 59% 1,000 53
59
Mar 5954 May
United Pub fiery Co
18
18
400 18
18%
Feb 21
Feb
QUIPew & Lt class B----• 483( 4554 49
9,300 37
Jan 4954 Apr
Common
2455 11,200 2154 May 24% may
22
24
Utility Shares corn
33% 33% 3334
500 18% Jan 36 May
Former Standard 011
Subsidiaries. Par
Anglo-Amer 011(vot sh)_£1
2,400 1451 May 185( Feb
16
15
Non-voting share°. _61
14% 14%
100 14
Apr 17
Feb
Borne Scrymser Co_ _100
150 38
3831 38%
Mar 4634 Feb
Buckeyo Pipe Line
300 67
50 70% 70% 7051
Jan 7431 Jan
Cheesbrough Mfg
165 170
700 14034 Jan 17034 May
25
Continental 011 v t o____10 21% 2131 22% 28,000 1734 Jan 29
Mar
Eureka Pipe Line
65
62
400 5934 Apr 7034 Jan
100 65
Galena Signal MOM pref ctfs of deP
73% 75
80 73)4 May 77
Apr
New pref ctf den
73% 7355
70 73% May 78
Mar
Humble Oil& ReflnIng23 116
11435 118% 18,300 89% Feb 124% May
Illinois Pipe Line
311 329
900 286
100
Jan 34034 May
Imperial Oil(Canada)cou• 109
109 11454 4.000 88
Mar 11934 Apr
New w
• 2734 2735 2935 5.600 2734 Apr 3054 Apr
Indiana Pipe Line
50 9835 95% 9634 1.100 81% Feb 97
Ant
National Transit___12.60 23% 23% 2434 3,500 2154 Mar 2614 Jan
New York Transit
83
83
100 72
100
Jan 85
Jan
Northern Pipe Line__ _100
58
58
100 52% Apr 63
Jan
Ohio 011
70% 9,800 6435 Jan 74% Jan'
67
25 70
28
Penn-Mex Fuel
800 28
29%
May 4434 Feb
25
Solar Refining
42
43
200 38% Mar 50
25
Feb
South Penn 011
5234 5534 4.500 40% Feb 6051 Apr
25 54
Southern Pipe Line
600 13
Feb 2234 Apr
10 2031 2056 21%
Sou West Pa Pipe Lines 100
69
68
250 62% Apr 70
Jan
Standard Oil (Indiana)_25 5854 55% 56% 33,500 55% May 63
Mar
18% 1934 1,800 18
Standard Oil (Kansas) 25 19
Jan 21% Jan
Standard 011 (Ky)
10 37% 36% 3831 8,700 38% May 45% Jan
200 45% Feb 6011 May
Standard 011(Neb)
25 48% 48% 49
450 1104 Feb 129 May
Standard 011(0) corn_ _25 12134 121% 12531
Preferred
115% 117%
20 115% May 124% Mar
100
Swan-Finch 011 CorP--25
200 14
14
15
May 18
Jan
Vacuum 011 new
126
11834 12234 5,300 105% Jan 133% Mar
Other 011 Stocks
Amer Contr 011 F1elds1 -----Amer Maracaibo Co
4%
5
ars° 011 Corp
10
Arkansas Gas Corp oom- •
7%
Preferred
i0
Class A
735
Atlantic Lobos Oil cem___•
Carib Syndicate new corn _
35(
Colon 011
9
Consol Royalty Oh
1
Creole Syndicate
8%
•
Crown Cent Petrol Corp..'
1%
Darby Petroleum Corp-. 1554
Derby Oil & Ref com.--•
7%
•
Preferred
Devonian 011 Co
9
10
Gulf 011 Corp of Penna_25 172%
Homaokia 011
434
Houston Gulf Gas
• 1535
IntercontinentalPetrol__10
International Petroleum-. 51
New common
Kirby Petroleum
•
Leonard 011Developm't _25
Lion 011 Refg
• 34%
Lone Star Gas Corp- _ _25 80
Magdalena Syndicate
I
55
Margay 011
•
Mo Kansas Pipe Line
32%
Mountain& Gulf 011
1
1
Mountain Prod Corp...10 16%
Nat Fuel Gas new
• 2534
New Bradford 011
4
N Y Petrol Royalty
19%
Nor Cent Texas Oil Co_ •
Pacific Western 011
• 17
Panden Of iCerv
•
2%
Panettnio 01I01 Venezuela•
7
Petroleum (Amer)
• 28%
Plymouth 011
24
Reiter Foster 011 Corp.'
534
Richfield Oil of Calif pf..25
Root Refining Co prat_ _ -- 25%
Royal Canadian 011
•
Ryan Consol
•
Bait Creek Consol 011-_10
3%
Salt Creek Produoers-10 18
Southland Royalty Co____ 1854
Taxon 011 & Land new w I 18%
Transcont 0117% pref-100 99
Venezuelan Meg Oil
•
Venesuela Petroleum...
4
.6
Woodley Petroleum
5%
"Y"01 & Gas Co
234
25
5
a
34
%
4% 431
254 3
734 8
835
651 8
114 1%
3% 4%
9
934
6% 7
8
835
1% 1%
15
15%
6% 9%
3055 3754
9
9
17034 188%
15% 1734
2
2%
4834 51%
26% 2631
13.1 234
3% 5
3234 3551
7434 80
34
34
21% 21%
31% 35%
1
1%
16% 17%
25
2534
4
4%
1831 19%
11
11
1634 18%
2
234
6% 7
2734 29
23% 24
5% 714
24% 24%
2534 26
%
7
7%
3% 3%
1954
18
185(
18
18% 20%
98 125
675( 68
3% 434
5% 5%
234 234
0,000
5,800
3,400
85,000
2,400
30,300
200
6,400
3,500
900
26,100
1,000
5,000
20,200
1,300
100
22,500
4,600
1,000
49,900
12,700
100
1,400
4,900
1,500
5,100
5,400
200
10,500
800
4,00
2,000
1,200
1,600
100
1,900
8,400
2,100
9,700
1,700
14,200
800
1,000
6,200
600
1,000
6,300
6,400
1,700
3,700
200
8,900
2,900
200
54 May
4% May
1% Feb
3;4 Jan
774 Mar
654 May
155 May
2% Fe
83( Mar
6% May
8 May
1% Feb
15 May
2
Jan
20% Jan
7
Apr
14234 Jan
43‘ Apr
15
Apr
15( Feb
46% Mar
2634 May
1% May
334 May
2334 Mar
87
Jan
34 Apr
21% May
1514 Jan
May
1
16% m.•
24% n
34 Apr
16
Fe
854 Jan
10% May
2
Jan
674 May
27% May
Feb
23
Feb
5
2434 Ma
Ma
23
100 Ma
6% May
334 May
18 May
May
18
16% Feb
Mar
80
66
eb
}
3% May
5% May
234 May
720
834
434
8%
9
734
054
24
Jan
Jan
Apr
May
Mar
May
m an
Ja y
15
11%
II%
234
26
9%
Jan
Feb
Jan
Apr
Jan
May
12 1i1ay
373.45 May
189 May
7% Jan
Jan
22
2% May
65% Jan
29
Apr
3% Jan
8)4 Mar
38% Pay
1w
90 Slay
Jail
38% Jan
jan
1
42 4 May
22% Feb
2734 Mar
% 7. a
24Hs Mar
32434%jr
ma
ja n
May
15
1
10)4 3' `i
8: o
3
8
0m .1n
2534 Apr
29
A or
j nr
,2„
;y
2212451
sjJanJan
125 $1,4
69
Apr
9
6L4 .18.0
Mar
5% Jan
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Mining Stocks-Par Price. Low. High. Shares.
Arizona Globe Copper--1
Bunker Hill & Sullivan. _10
10
Carnegie Metals
1
Chief Consol Mining
C5mstock Tun & Dege_100
C011801. Copper
Consol Nev 40 Utah Corp_3
Cresson Consol0 M & M.1
Dolores Esperanza. Corp 2
Engineer Gold MM Ltd_ _5
Evans Wallower Lead nom*
Falcon Lead Mines
Find National copper
Gold Coln Mines
Golden Centr? Minee_ _ _5
Gaidtield Conso. Mines__ I
25c
Beets Mining
HollingerCousGold Mines 5
•
Bud Ray Min &
110
Iron Cap CopperSmelt__5
Kerr Lake
Kirkland Lake G M Ltd_.1
5
Mason Valley Mines
Mining Corp of Canada_.5
Mohawk Mining
New Jersey Zinc new
Nowmont Mining CorP.10
NY & Honduras Rosario 10
5
NiplasIng Mines
•
Noranda Mines. Ltd
316
17
1%
1031
34
18%
3.1
634
34
17%
634
17%
1%
80
19831
51%
he
he
149% 149%
17
1734
335 3%
134 2%
1034 11,1
lie
16
34
36
134
234
234
17
20%
'10
Si
%
71:
13.1
1
5% 6%
36
710
17% 18
6% 634
17
17%
434
435
34
34
1
134
134
135
4% 4%
5535 60
79
83%
19734 207
17% 17,4
294 274
5034 5634
2
Ohio Copper
Pond Creek Pocahontas_ •
_1
1%
Premier Gold Mining _ .
1
Red Warrior Mining
Roan Antelope C Min Ltd_ 4334
-----St Anthony Gold Mln_
San Francis Nino of MexAmer dep rets reg
Shattuck Dean Mining_ __• 17%
Silver King Coalition_ _5
..1
So Amer Gold & Plat..
Standard Silver Lead_ _1
1
Took Hughes
Tonopah Belmont Deyel_l
34
1
Tonopah Mining
1
34
United Eastern Mln
United Verde Extension 50e 17%
United Zinc Smelting. •
1
14
Unity Gold Mines
Utah Metal & Tunnel_...1
1
Walker Mining
135
Wendell Copper Mining_ _1
5
34
Yukon Gold Co
9
Bonds
Abbots Dalries 6s..._1942
Abitibi P & P 55 A.- _ _1953
Alabama Power 434e._1987
1958
let & ref 50
Allied Pk let col tr 85.1939
Certificates of deposit.
1955
Debenture 80
Aluminum Cost deb 58'52
Aluminum Ltd 58_ _1948
Amer Aggregates 6s__1943
Amer Com'Ith Pr 13s '49.Amer 0 & El deb 50_2028
American Power & Light
13s, without warr___2016
Amor Radiator deb 4348.'47
Amer Roll Mil deb 53_1948
1936
Amer Seating 13s
3497
FINANCIAL CHRONICLE
MAY 25 1929.]
Range Since Jan. 1.
Low.
High.
Bonds (Continued)
-
90
11,500
Jan
Jan 470
Mar
100 12534 Feb 165
1934 Jan
Apr
1,100 16
1,000
4
3 May
Jan
2% May
26300 50c Mar
10,600 10% May 18
Mar
Sc
Jan 240
4,000
Jan
1,200
1% Jan
7,14 Jan
Jan
135 Mar
2,000 750
134 May
434 Jan
400
11,200 14% Mar 28% Fen
24,500 10e
Jan 540
Jan
Jan
5,000 200
134 Jan
236 Apr
Jan
11,000 210
16,500
Jan
534 May 12
2,800 18e
Jan 800 Mar
3,200 16
Jan 23% Mar
534 May
400
9% Jan
22,000 17
Feb
May 23
3% Jan
80
934 Mar
45e
Jan
134 Jan
90
758 Mar
1,10
2ifI Jan
1% Jan
7,000
2% Jan
434 Jan
1,300
8% Mar
Apr 8134 May
3,100 50
1,300 75% Mar 8734 Jan
10,500 187% Fe 233% Mar
Apr
100 1534 Jan
18
234 Apr
8% Jan
800
68% Jan
11,900 45% Ma
Jan
Mar
Jan
Mar
Jan
Mar
21,200
1% 2
100
14
14
1% 1% 6.800
2.000
21
314
41
43% 2,700
he
he 4,700
1%
11
14
lie
3834
34
May
Feb
May
Jan
Jan
May
434
21%
2710
32e
50
930
200
8% 9
10,100
15% 18
100
12
12
2% 2% 3,700
1,000
30
36
836 8% 2,600
300
34
%
1,700
334 336
iii,
1,800
31
1794 1734 12,600
134 1,000
134 1% 4,300
16,6 134
5,200
4
4
100
I% 1% • 5,300
1,300
711
,
8%
1534
12
234
34
8%
36
2%
36
15%
1
SCle
95e
23(
I%
Ho
May
May
May
May
May
Mar
May
Apr
May
Feb
Apr
Mar
Jan
Feb
Jan
Apr
9
May
28
Feb
13% Jan
336 Jan
36c
Jan
10% Mar
Jan
41,1: Jan
1.81: Feb
26
Mar
234 Jan
2% Apr
234 Mar
4% Mar
231 Jan
14 Jan
33,000 98%
187.000 82%
108,000 90
1,000 99%
45
6,00
3,000 48
47
2,00
73,000 100
8,00
96
2.00 106
98
192,00
54,000 9334
Jan
May
May
Feb
Jan
Jan
Mar
Feb
Feb
May
May
Feb
10034 10034 10034
8234 8236 85%
9336
90
101
101
101
46% 47
47% 4836 4734
47
47
10034 10034 101
9734 98
107 108
9835 98% 10136
9434 9436 9534
100%
8731
95%
103
57
55%
:57
102;4
98%
11534
103%
9734
May
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Apr
J80
May
Jan
10534 105
96
9634 9634
92
Feb 10634 Jan
105% 108,00 105
96
9534 Mar 9934 Jan
1,00
Ma
58,000 94
97
97% May
Apr 9734 Jan
18,000 92
95
Amer Solv & Chem 66_1936
Without warrants
Appalachian El Pr 55_1956
Arkansas Pr & Lt.56-1956
Arnold Pow Works Ist 8541
Mao Dye & Press 85..1938
Associated 0& E 53601977
Condeb 4%swiwar 1948
Without warrants_
Assoc'd Sim Hard 63I8 '3
3
1949
Atlantic Fruit 8s
Atlas Plywood 5340..1943
Bates Valve Bag 6e...1943
With stock purch warr__
1308C011 011 60. with warr'36
Bei Tel of Canada 513_1955
1957
let 56 series B
New
59
Berlin City Elea 83411-19
Boston Consol Gas 58_1947
Boston & Maine RR 6s '33
Burmeister & Wain of
Copenhagen 15-yr 60 '40
10834 108%
91%
94
9434 94
93
8436 8336
10534 10534
12536
126
107%
8636 8830
1834
1836
88% 88
110
91%
7
9634
9535
95
85
109
130
110%
86%
1636
89
6,000 10831 May 122
3,000 9134 May 97%
85,000 8774 Feb 9944
Mar 498
23,000 93
May 98
7,000 93
Mar 94
24,000 83
38,000 98% Jan 131
80,000 99% Jan 148
32,000 94% Jan 120%
21,000 8634 Jan 88
2,000 16% May 22%
May 10334
30,000 89
10534 10334
112
100
9934
10036
100
9934
91
91
100% 10034
101
10734
11234
1003-4
102
10034
913.4
10034
10135
22,000 102
17,000 106
40,000 98
20,000 9931
12,000 9934
31.000 91
5.000 100%
4,000 9874
99
99
Canadian Nat Rya 76_1935
Capital AdmIn 5s A..1953
Carolina Pr & Lt 58_1956
1st & ref 5s new......1956
Cent of Ga Ry 65 C-1959
Cent States Elea 58_1948
Cent States P & Lt 534553
Chic Pneurn Tool 5368 '42
Chic Rys 55 ctf dep-_1927
1943
Childs Co deb 56
Cigar Stores Realty
1949
5340 serie0 A
Cincinnati St By 53.I0.1952
1986
Cities Service 56
Cities Service Gas 5346 1942
Seri Gas Pipe L 60'43
,
Cities
,
Cities Bert PA L 5%6_1952
Cleveland F1%011156 A 1954
Columbia River Long Bdge
1953
let 63is
-year 7% deb Oct 31'43
15
Commerz und 11111810
1937
Bank 6345
Commonly Edison 43.4s '57
Consol GEL &P Bait
1952
534s series E
1965
50 series F
1960
4348
1941
Consol Textile 85
1958
Cont'l & El 58
Continental Oil 5%8_1937
Cuba Co 6% notes_ __1929
Cuban Telep 7368.. _1941
7
Cudahy Pack deb 5%5193
1946
58
106%
9736
98%
98%
98%
8435
8934
98%
8236
86
107
9834
99
99
9831
8574
90
98,4
82%
86
6,000 108% May 11U
Jan
11,000 9634 Mar 101
Feb
31,000 98% May 102% Jan
51,000 98% May 99% Apr
20,000 9834 May 984 May
25,000 84% May 90% Jan
6,00
8936 May 9634 Jan
13,000 98% Mar 10134 Jan
28,000 77% Ma
82% May
5,000 86
May 90
Jan
94
94
88
8936
94%
9334
10234
9434
9434
88%
90%
95
9434
10234
30,00
7,00
17,00
27,00
16.00
89,00
3,00
98
98%
99
8434
8934
8234
9434
88%
8934
04%
9354
92
87
8535
95%
92
87
1,000
4,00
1,00
84% 8534 197,000
1.000
95% 9535
97%
Apr
Mar
Mar
Apr
Mar
Apr
May
Apr
Jan
Jail
Mar
Jan
Jan
Jan
Jan
Mar
Feb
Feb
Feb
Jan
Jan
11034 Jan
118% Jan
10234 Jan
10234 Feb
100 % May
94
Apr
103
Jan
103
Jan
9934
Jan
93
94
8634
8936
94
93%
10236
Ma
9934 Jar
May 103
Feb
Apr 90% Jan
May 92% Jan
Mar 98% Jan
May 973( Jan
Apr 104% Feb
92
87
Apr 100
Jan
May 99% Feb
8494 May
9534 May
88
9834
Jan
Jan
106%
104
100%
96
9134
9834
9734
111
9934
101
Mar
May
Apr
Jan
Jan
Jan
Feb
Jan
Jan
Jan
105
103
10034
89%
88
9434
9734
109%
97
9835
3,000 105
6,000 101%
34,000 99%
2,000 88%
12,000 85
32,000 93
7,000 96
9,000 107%
28,000 96%
13,000 97%
Feb
Apr
May
May
Ma
Fe
Ma
Jan
May
Mar
95
95
Del Elea Pow deb 536s '59 95
Deny & Salt Lake Ry 65'60 77% 7734 78%
9934
08% 98
Detroit City Gaa 58 B-1950
104 104%
1947 104
Os mien A
88
Bdge 6%6 1952 8534 85
Detroit Int
73. 77
25year s I deb 76____1952
Dixie Gulf Gas 6148-1937
7834 SO
80
With warrants
3,000 9334
16,000 7734
36,000 98
17,000 104
18,000 84
14,000 70
Ma
9634 Jan
May 91% Jan
Mar 10034 Jan
May 10634 Jan
Apr 96
Jan
Mar 8934 Feb
105
102%
9936
89%
86
86
93
93
97
10734
9634 9634
9855 97%
45,000
78% May
88%
Jan
Friday
Last Week's Range Sales
of Prices.
for
Sale
Price. Low. High. West.
El Paso Nat Gas 8340 A '43
Deb 834s__ _Dec 1 1938
Empire 01,& Refg 5345'42
Ercolc Marel Elan Mfg
8%s with warrants_1953
EuropMtg&Inv7merC 1967
1950
7345
Fabrics Finishing 138_ _1939
Fairbanks Morse Co 5s '42
Finland Residential Mtge
1981
Bank 80
Firestone Cot Mills 58_1948
Fir"etone TAR Cal 55_1942
First Bohemian Glass Wks
30-yr 75 with warr 1957
Fisk Rubber 5366....._1931
Florida Power & Lt 56.1954
9935
90
9934 $28,000
99
100 10034 30,000
89% 90% 67,000
9234 15,000
16,000
88
5,000
97
93% 5,000
12,000
96
Low.
High.
98
99
88
Mar
Apr i01
Jan 10534 Mn:
Mar 91% Apr
86
86
95%
93
9434
Apr 9834
May 92
May 100
Slay 10134
Apr 9634
Jan
Jan
Mar
Feb
Jan
Jan
Jan
Jan
95
9134
86
97
93
95
87
92
9431
8535 8835 34,000
91
9235 32,000
94% 15,000
94
85
Mar
91
Mar
9234 Mar
914
94
95
9334
8834
84
5.000
84
9335 94% 20,000
88% 9034 83,000
84
Jan
1934 Jan
87% Apr
88
Feb
96
Jan
9234 Feb
92
86
4,000
32,000
7.000
17.000
Garlock Packing deb 613 '39 9774 9735 9755
Gatineau Power 5s....1956 933.1 9331 9534
1941 9611 96% 97
Os
Gelsenkirchen Min 60_1934 8936 88% 8934
Gen Amer Invest 58_ _1952
83% 84
Without warrants
Gen Indus Alcohol 6.348 '44 10315 10334 103%
Oen Laund Mach 8366 1937 99% 99 100
General Vending Corp
71% 74%
85 with warr Aug 15 1937 72
9654
Georgia Power ref 56._1967 95% 95
99
99
Goodyear Tire & R 534s'31
Grand Trunk Ry 6346_1936 10631 106% 107
Guardian Investors 5s 1948
92
92
With warrants
81
81
Guantanamo & W Ry 58'58
1937 9931 9934 100
Gulf 01100 Pa 1153
Sinking fund deb 56_1947 9931 9934 100
94
94
Gulf States MI 56......1956
Hamburg Elea 7s....1936
Hamburg El & Ind 5358 '38
Hanover CredInst83481949
1931
Oa
Flarpen alining 6s
1949
With warrants
Hood Rubber 76
1936
1938
10-yr cony 5%6
Houston Gulf Gas 6345 '43
1943
t3s
Range Since Jan. 1.
8234
93%
86
85
84
84
IliPow&Lt 53 ser B.1954
6s
Olden 011 dr Gas deb 661939 115
IndMolis P & L 56 Der A '57 9734
Int Pow Scour 78 ser E 1957 95%
Internat Securities 53_1947 86
Interstate Nat Gas 60.1936
Without warrants
Interstate Power 56-1957 8934
93
New
1952 90%
Debenture Os
invest Co of Am te A _1947
7834
Without warrants
InvEq5s"A"with war _1947
wwa-Neb. L & P 56.1957
Immo Hydro-Elee 76_1952
Italian Superpower 68_1983
Without warrants
7734
JeddoHlghlandCoal6s _1941
1936
Kelvinator Co Os
7234
Without warrants
Koppers GA C deb 50_1947
99%
8236
89
93%
29,000 69
69,000 95
1,000 99
18,000 105
5,000
2,000
25,000
19,000
22,000
9(1
81
98%
99%
94
Apr 8734 Feb
May 98% Jan
Feb
Jan 100
Jan
Mar 108
May 10135 Jan
May 854 Mar
Mar 101% Jan
Jan
May 102
may 993( Jan
99
Apr 103
Mar 88
82
May 953(
89
93% Jan 96%
Jan
Jan
Mar
Feb
93
97
8434
9234
92%
Mar
Jan
Jan
Jan
Jan
8634 6,000 85%
85
11,000' 84%
69% 6,000 68
86% 57,000 8034
34,000 82
85
100%
116%
97%
96
87
Apr 97% May
Apr 9734 Feb
Mar 10034 Jan
May 9134 Jan
8,000 83 May 86% Feb
67,000 103% May 10334 May
May 10230 Jan
14,000 99
100
3,000
8334 19,000
6,000
89
95
6,000
86
84%
69
84
82
9936
11334
9535
95%
85
9734
93
9634
8834
May
May
May
Apr
May
Feb
Apr 101
10,000 97
May
281.000 1023.4. Feb 120
May
50,000 953( May 100
49,000 91% Mar 96% Feb
Jan
Mar 92
36,000 85
Apr 104% Jan
May DO% Jan
Apr 9634 Jan
Jan
May 97
Jan
Apr 107
Jan
Jan 83
Mar
Jan 111
94% Jan
Ma
Feb 9134 Jan
102 102
8934 93%
9334
93
9034 90%
9634 98
80
78
107 107
92%
92
8834 88%
2,200 102
56,000 8934
6,000 9134
18,000 9074
23,000 95
13,000 78
1.000 105
9,000 9034
2,000 8634
77% 78
104 104
Ma
36,000 75
12,000 103% Ma
7236 74% 19,000
11,000
9636 98
82
Jan
104% Apr
Jan
70
Apr 79
96% May 10034 Apr
2,000 98
May 101
98
98
Laclede Gas Light 5345 '35
102% 103% 71,000 102% Mar 108
Lehigh Pow Seem.60..2026 103
Libby, McN & Libby 56'42 9134 9134 9234 31.000 90% Feb 94
Mar 9934
97% 9734 4,000 98
Lone Star Gas Corp 581942
Apr 106
Long Island Lfg 6s_ ..1945 1044 104% 104% 5.000 103
9134 12,000 9034 Apr 96%
Louisiana Pow & Lt 581957 9134 91
14,000 9874 Apr 101
Manitoba Power 5345-1951 9936 9934 100
28,000 102% Feb 10434
Mafia Gas Cos 5346-1946 10330 103 104
Apr 99%
21,000 93
95
MeCord Rad & Mfg 661943 94% 94
Memphis Nat Gas 85..1943
98 100% 24,000 9634 Jan 107
With warrants
98
9574 9636 21,000 933( Mar 99
Metrop Edison 4%5_1968 96
8,000 96% Mar 100%
9634 98
Milwaukee Gas Lt 436s '67
4,000 8834 May 92%
88% 89
Minn Pow & Lt 430-1978
98
99% 42,000 98% Apr 101%
Montreal L H & Pool 5s'51
99% Mar 101
Morris & ,Co 7340____1930 99% 99% 99% 5,00
Munson S S Lines 11%s '37
97
May 99
With warrants
9734 43,00
97% 97
Mar
Jan
Jan
Jan
Feb
Jan
Jan
Apr
Jan
10034
101
10034
10534
8334
163
98%
98%
108%
9714
101
Jan
Jan
May
Feb
Jan
Jan
Mar
Jan
Jab
Jan
Feb
May 94
2,000 88
89
Mar es%
91% 48,000 90
105% 1,000 104% Jan 108%
9814 2,000 97% May 101%
34,000 100% May 104
102
10031 8,000 99% Apr 103
Feb
Jan
Feb
Jan
Feb
Feb
Narragansett Elea 551 A '57
Nat Distillers Prod 634535
Nat Food Prod 6s_...1944
Nat Power d: Lt 86 A_2028
Nat Public Service 58_1978
Nat Rubber Mach'y 6s '43
Nat Toll Bridge 6s___1939
Nat Trade Journal 88_1938
Neisner Realty deb 6s 1948
Now EngG&ElAssn5s 1948
NJ Pow & Ltg 55 ._.1956
N Y & Foreign Invest
5348 A with warr__1948
,
NY P&L Corp let 434567
Niagara Falls Pow 66.1950
North Ind Pub Serv 581966
Nor States Pow 836% _ 1933
North Texas Utilities 78'35
98
101
103%
81%
15231
8994
100
98
98%
101
101
9934 100
102% 10334
8136 8136
148 15234
98
98
8974 91
100 101
9134 n92
100 100
89
89
9035 90%
10531 105%
97%
10134 101%
100%
50,000
1,000
16,000
18,000
37,000
21,000
1,000
9,000
14,000
4,000
2,000
97
98%
9934
102
79
120
98
87
100
8711
100
Ma
Apr
May
Ma
Mar
May
Ma
AD
May
AP
AP
Feb
Jan
Feb
Jan
Jan
Jan
Feb
9834
92%
9736
98
9536
9334
96
99%
2,000
47,000
1,000
4,000
11,000
9,000
111,000
46,000
98
9034
9736
9735
934
91
93
99%
Mar
Mar
May
May
Mar
Apr
May
Apr
101
9334
100%
102%
98%
98%
98%
100
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Apr
10036 100 100%
9334 9434
100 10031
100 10034
100
9335 94
94
105% 105 105%
103% 10334 104
97
98
98
99
99
9935
102 102%
9934 9934
993-4
97
9735
97
9635 9835
11,000
26,000
3,000
11,000
16,000
22,000
28,000
5,000
28,000
11,00
13,00
18,000
11,000
9834
9336
100
100
93%
105
10234
97
99
10034
9934
9834
9534
Apr
May
May
Feb
May
May
Mae
May
May
Apr
May
Jan
Apr
102
97%
103%
102%
100
10634
10554
103%
10034
103
100
98
98
Jan
Mar
Apr
Jan
Feb
Jan
Jan
Feb
May
Jan
May
Mar
Apr
Queensboro 0 & E 5346'52 10034 1004 101
Reliance Bronze & Steel
9935 100%
Corp 15-yr deb 6s__1944 993.4
98
98
Remington Arms 5345_1930
100 101
Richfield 011534% notes'31
101
101
Sands3'allsCo5s"A" __1955
Rochester Cent Pow 56 '53 8876 88% 87
81
82
Ruhr Gas6 Sie
1953 82
Ryerson (Jos T)& Sons Inc
93
93,
15-yr sink fund deb 5843
32,000
42,000
18,000
6,000
105,00
37,000
Ohio Power Fe ser 13_1952
4346 series D
1958
Ohio River Edison 59.1951
Osgood Co with warr Os '38
Pao Gas & El let 430.1957
Pacific Invest 55
1948
Pacific Western 0116348'43
Parmelee Transport 68 1944
Penn-Ohio Edison 86 1950
Without warrants
516e when issued_ _ _1959
Penn Pow & Lt 58 ser B '52
1st d: ref 53
1953
Peoples Lt & Pr 5e__ _1979
Phila Electric 5365......1953
Phila Elea Pow 53l6_1972
Phila Rapid Trans 66_1962
Pittsburgh Coal Os..._1949
Pittsburgh Steel Os.._1948
Poor & Co Os
1939
Potomac Edison 5.1
1956
Proctor&Garnble4358 _1947
9735
93
95%
9934
9S.
91
9734
9734
95%
93
95%
9935
22,000 10034 May 105
6.00
9934
98
9834
98
83
80
93
Feb
May 10034 May
Jan
Jan 99
Ma 102% Jan
Ma 102% Jan
Mar 8834 Jan
Jan
Mar 94
Jan
96
Jan
3498
Bonds (Concluded)
FINANCIAL CHRONICLE
Friday
Last Week's Range Sales
Sale
of Prices.
for
Price. Low. High. Week.
St Louis Coke & Gas 6e '47 8534 84% 8535
San Ant Public Serv 5s 1958
95% 9534
6s
1944 994 99
99%
Schulte Real Estate (3s 1935
Without warrants
85
8735
Scripps(E W)555s_ _1943
94% 9431
Serve!Inc(new co)56_1948
79
7955
Shawinigan W & P 434e '67 9155 9135 9254
,
Shawsheen Mills 7s___1931
9651 9655
Sheffield Steel Is
1948
9755 9755
Sheridan Wyom Coal Os '47
90
90
Silica Gel Corp 635a
With warrants
1932
107 107
Sloss-Sheffield S & I 6s 1929
99% 9934
Snider Pack 6% notes_1932 91
8834 92%
Solvay-Am Invest 56_1942 9554 9534 96%
Southeast P & L 68_2025
Without warrants
102% 102% 102%
Sou Calif Edison 5s___1951 100
100 101
Gen & refunding 58_1944
100 100%
Refunding 58
1952
100 100%
Sou Calif Gas 58
1937
Southern Dairies 6s___1930
So'west Dairies 6558
With warrants
1938
S'west C & E 5s A...1957
Southwest Lt & Pr 5.9_1957
S'west Pow & Lt 6s2022
Staley (A E) Mfg 65..1942
Stand Pow & Lt es__ _1957
Stinnes(Hugo) Conan Oct 1 '36 without warr
75 1946 without warents
Strauss (Nathan) 6s__1938
Strawbridge & Cloth 58 '48
Stutz Motor (Am) 734s '37
Sun Maid Raisins 6368 1942
Sun Oil 5558
1939
Swift & Co 5s Oct 15 1932
9734
92
97
15,000
1,000
10,000
71,000
2,000
1,000
1,000
Low.
High.
82% May
0135 Apr
May
99
92
Jan
97
Feb
9935 May
85
9234
75
9154
94
97
90
96%
9555
85%
9454
98%
9955
93
May
Jan
Jan
May
May
Apr
May
Mar
Apr
Jan
Apr
Jan
Feb
Jan
Jan 112% Mar
24,000 101
1,000 97 May 100% Feb
Apr 107% Jan
38,000 88
24,000 9434 Apr 98% Feb
87,000 100
49,000 99
6.000 100
20,000 9935
9254 8,000
9735 25,000
Mar 10555
Jan
Mar 102% Feb
Mar 10234 Mar
Apr
Mar 102
Mar
Feb
92
96
Mar
Mar
96
91%
92%
99%
97%
9655
Jas
May 101
Apr 9755 Jan
Apr 9635 Jan
May 107% Jan
Jan
99
Feb
Mar 9951 Jan
95
99
96
9451
93)5
9955
9855
9655
98%
9555
9355
10155
9851
9755
23,000
5,000
5,000
31,000
19,000
22,000
92% 92
8834 8835
110
110
99
100
100
.50
10034 100
9955 9951
93
90
116%
99
100
53
100%
99%
39,000 8855 Jan 94% Feb
Feb
Mar 91
74,000 86
7,000 107% May 1404 Jae
Mar 100
Feb
5,000 99
Apr 116% Jan
1,000 100
May 79% Jan
30,000 48
Jas
Feb 102
30,000 100
47,000 9855 Mar 1003( Mar
9431
10051
9855
97
Texas Cities Gas 5s_ -1948
82
82
Texas Power & Lt 5s__1956 9655 96
97
Thermold Co 65 w w 1934 9755 97% 100
Trans Lux Dayl Pict Screen
6558 without warr__1932
98% 100
Ulen Co 655s__Nov 1 1936
99
99
Union Amer invest 551948 102
102 102
United El Serv (Unes)76'56
With warrants
110 114%
110
Without warrants
8934 8935 9154
United Industrial 64s 1941 8534 85
86
United Lt & Rye 5558_1952 90
89% 91
es series A
1952
99
99%
United Itys (Hay) 734s '35 103
108
108
United Steel Wks 63481947
With warrants
85
83
84
US Rubber
Serial 634% notes__1930 9834 98% 68%4
Serial 654% notes__1931 9931 99
99%
Serial 634% notes__1932 9955
98 100
Serial 634% notes__1933 98
99
98
Serial 655% notes__1934
98
98
Serial 635% notes__1935 98
98
9855
Serial 655% notec_ _1936
98% 98%
Serial 655% notes__1937 9774 97
99
Serial 655% notes__1938 98
98
9855
Serial 64% notes__1940
994 100
Utilities Pr & Lt 5s___1051, 98
98
98
Valvoline 011 7s
1937
Van Camp Packing 68_1948 84
Virginia Eke Pow 55....1955 97
Webster Mills 63.;s___1933
Western Power 534s....1957 11934
Westvaco Chlorine 5345'37 101
104%
84
97
90
11931
101
9854
8555
9455
98% 98%
92% 92%
81
90
96
8354
88%
9455
94
9455
89
89
Parana(State of) Bras 713'58 85%
Prussia(Free State) 6358'61 89
Eat! tls (of'27) Oct 15'52 85%
Rumanian Mono Inst 75'59 8435
Russian Governments
1919 14
634e
1919 13%
6559 Ws1921
5559
555s Certificate". _1921
Saar Basin is
1935 100
1935
Saarbnicken 7s
Santa Fe (City) Argentina
Republic esti 7s___ _1945 93%
Santiago (Chile) 78.....1949 98
Switzerland Govt 5348 1929 993'
Mar
82
May 89
Mar 9935 Jan
96
9731 May 10534 Mar
98.000 90
1,000 97
26,000 100
Jan 100
May
Ant 100
Feb
Mar 11631 Feb
14,000 110
29,000 88
31,000 84
37,000 8834
9,000 99
9,000 108
May 130
Apr 92)4
Apr 9155
Mar 9434
May 101%
May 110
37,000
12,000
9,000
9,000
14,000
4,000
8,000
2,000
7,000
12,000
5,000
123,000
4,000
6,000
83
Apr
90
Feb
Jan
Jae
Jar
Jan
Jan
Feb
98% Jan 10055 Jan
Jan 10055 Jan
98
97
Jan 10034 Jan
96% Jan 100% iss
9631 Jan 100% Jan
96
Jan 10035 Jan
9735 Apr 100% Jan
97
Jan 100% Jan
96% Jan 10035 Jan
97
Jan 102
Feb
98
Feb 983( Feb
Mar
May
Apr
Apr
Jan
Mar
106
Jan
874 ken
10035 Jan
,
06A
Jan
128
104
May
Jan
9355 May 100
92% Mar 98
Jan
Jan
Jan 98
Mat
14,000 95
Apr 104% Feb
43.000 100
6,000 993( Mar 101% May
27,000
85% May
96)5
20,000
8.000
82% May
8254 May
874 Feb
8755 Mar
8,000
2,000
82
5,000
93% 19.000
9635 21,000
85% 58,000
89
7,000
9455 7,000
9631
96
89
89
97
96% 9751
77%
7731 77
10334 104%
89
5,000
41,000
39,000
2,000 103
105
2,000 81
84
9834 9.000 9631
1,000 87%
90
126% 157,000 109%
101% 10,000 9934
Foreign Government
and Mu wellpsii
Airicul Mire e Bk Rep("Col
20
-year 7s__ _Jan 15 1946 93% 9355 9434
Baden(Germany)75-1951 93
9255 93
Bank of PrussiaLandowners
Ass'n 6% notes....1930 95
95
96
Buenos Aires(Prov) 754s'47 102
101% 103
1952
is
10055 10054
Catlett Valley (Dept) Colorable oath)f 7s_ __ 1948 8551 85% 87%
Cent Bk of German State&
Prov Banks ee B__ _1951 8254 8255 83
1952 82% 8235 83
6s series A
Danish Cons Muni.,5He'
55
Is new
1953
Danzig P & Waterway Bel
Extl s f 6558
1952
Brantford (City)6346_1953
German Cana Munic 78'47
66
1947
Lima(City)Peru 6359 1958
Medellin (Colombia) 78 '51
Mendosa (Pray) Argentina
1951
7558
Montevideo (City) 6s 1959
Mtg Bk of Bogota 75-1947
New
Mtge Bank of Chile 66 1931
Mtge 13k of Jugoslav 78 '57
1972
Netherlands Cs
884,000
11,000
19,000
Range Since Jan. 1
Jan
98% May 10155 Jan
92
Mar 9655 Jan
81
00
93%
83%
88
92%
36,000 93
9,000 94
12,000 87
1,000 87
51,000 96%
33,000 75
7,000 102%
Jan
May
May
May
Apr
Mar
86% Apr
96% Jan
Jan
98
Jan
89
93
Jan
97% Feb
Apr 99
Apr
Feb n9655 May
Apr 94
Feb
Apr 94
Jan
Mar 984 Feb
Mar 8251 Jar
Mar 10751 Feb
5,000
86
91
12,000
85% 40.000
8434 19,000
85%
89
83%
84
May
May
May
Apr
14
31,000
14
13% 14% 60,000
5,000
14
14
9,000
14
14
4,000
9955 100
4.000
9955 100
1255
12%
1235
1235
98
99
Feb 19%
Jan
19
Feb 1935
Feb
19
Mar 101
Mar 101
Apr
Apr
Apr
Apr
Jan
Feb
9235 9455 12,000
12,000
99
98
9955 993£ 26.000
9155 Apr 96
Apr 100
96
9934 Mar 100%
Jar
8534
89
83%
84
93It Jar
Feb
97
904 Jan
8935 Feb
Jan
Jan
• No par value. I Correction. at Listed on the Stock Exchange this Week, where
additional transactions will be found. a Sold under the rule. o Sold for cash.
s Option sales. t Ex-rlghts and bonus. 10 When Issued. z Ex-dividen0. a Hz
rights. • Ex-gtock dividend
"Under the rule" sales were made as follows:
a Amer. Meter Co., Jan. 15 at 128; e Danish Con. Munk,. 5341. 1955. Jan. 111
at 105: 23 Educational Pictures pref.. Feb. Oat 100. u United Milk Products, Mar.
21, pref. at 81 r Allied Pack. Co. 1939 April 2 at 59.
"Cash" sales were made as follows:
Arkansas Power & Light 158 & ref. 56, Jan. 22 at 99.
"Option" sales were made as follows: u Schutter-Johnson Candy, Class A. Mat.5
100 at 6.
[VoL. 128.
CURRENT NOTICES.
-Stein Bros. & Boyce, members of the New York, Baltimore and Washington Stock Exchanges and associate members of the New York Curb Market, who established business in 1853. announce the opening of two branch
offices, one in Louisville, Ky.,located at 427 W.Jefferson St., and the other
located in the Atlanta National Bank Bldg., Atlanta, Ga. Milton S.Trost,
President of Block, Fetter & Trost, Inc., Louisville investment bankers,
has been made a general partner of Stein Bros.& Boyce and will be in charge
of the Louisville office. Block, Fetter & Trost, Inc., are being liquidated
and its entire personnel will become associated with the Louisville office of
Stein Bros.& Boyce. The Louisville office will offer to investors a complete
financial service with private wire connections direct with New York.
Lewis W. Cole and Vertner B. Smith will become managers of the Stock
Exchange department and Earl E. Major, Vice-President of Block, Fetter
& Trost, Inc., will be the manager of the investment department. The
Atlanta office will be under the management of Campbell McD. Krenson,
who will represent the firm in Louisiana, Mississippi, Tennessee, Georgia,
Florida and South Carolina, Stein Bros. & Boyce, whose main office is
n Baltimore,is one of the largest firms south of New York and the opening
of the Louisville and Atlanta offices will give this firm eight branch offices
in the South,the other offices being in Washington, D. C., Richmond, Va.,
Clarksburg, W. Va., Charleston, W. Va., Winston-Salem, N. C.. and
Asheville, N. C.
- tabulation estimating the earning power of 17 leading copper pro
A
ducers with copper selling at 15c., 16c.. 17c., 18c.. 19c., and 20c. a pound.
has been prepared by Frazier Jelke & Co., 25 Pine St., N. Y. City. The
estimate is based on capacity operations and production costs for 1928
as indicated in recently published annual reports. On the basis of an
18c. metal market the tabulation estimates that Kennecott is earning
about $8.84 a share,including its interest in the current earnings of Nevada
Consolidated and Mother Lode Coalition. Calumet & Arizona is estimated
to be earning $17.27 a share, Phelps Dodge, $10, Utah Copper. $24.98.
The tabulation indicates that the average price received for copper by the
leading producers last year was about 143/sc. a pound. Production costa
ranged from 11.9c, a pound for Miami to 4.48c. for Cerro de Pasco. It is
pointed out that production costs in most cases now are a little higher
than in 1928 since the wages of miners are increased as copper prices
advance.
-An incident of some interest to "Old Timers" in Wall Street occurred
on May 1, when Jay Cisco. Inc., opened its offices at 111 Broadway. New
York. The old name of Cisco, long associated with banking and investments, now reappears in Wall Street after an absence from the financial
district for more than a generation. John Jay Cisco, Jr., who is in personal
charge of the new firm, is the great-grandson of John J. Cisco, who Was
Assistant Secretary of the United States Treasury at New York under
President Lincoln, and established the banking house of John J. Cisco &
Son, which was located at 59 Wall St. Some years ago John Jay Cisco, Jr.
was associated with White, Weld & Co., 14 Wall St., and more recently
he has been with Krenn & Dato, Inc.. exclusive representatives of the
Edith Rockefeller McCormick Trust.
More than $390,000.000 will be spent in construction and development of airports in this country during 1929, according to an analysis prer
pared by James C. Willson & Co., 39 Broadway, New York, for CurtisAirports Corp., the largest airport organization in the United States°
This expenditure should be equalled or surpassed for several years to come:
continues Willson & Co.. adding, however, that "despite these vast expenditures, competent observers agree that the development of airports has
been definitely behind that in other phases of the aircraft industry."
Alexander Warden, who for the past two years has been New England
representative of F. J. Lisman & Co., joins Pirnie, Simons & Co., Inc.,
to become manager of their New York office. Mr. Warden, who is wellknown in investment and financial circles, was one of the organizers of
the Bond Club of Boston. Previous to his Boston connection, he was with
the National City Co. of New York and also connected with the Van
Sweringen interests.
-Announcement is made of the retirement of J. E. Weissenfluh, from
the firm of Weissenfluh & Co., Scranton, Pa. The name of the corporation has been changed to Surdam & Co., with the following officers: W. B.
Brubaker, President, H. C. Wetjen, V.-Pres., and Truman A. Surdam.
Treasurer. The new corporation will continue the investment and trading
business as formerly conducted by Weissenfluh & Co.
-At the regular meeting of the board of directors of the Great Northern
Investing Co., Inc., Edward Nicoll Townsend was elected a director of
the company. Mr. Townsend is a member of the firm of E. N. Townsend
Co., a Vice-President and director of the Garden City Bank, and VicePresident and director of the West Hempstead National Bank.
-Ernest H. Abbes, formerly with the Seaboard National Bank, Clem
V. Geis and L. R. Hammer announce the formation of Abbes, Geis & Co.,
Inc., to deal in bank and insurance stocks, with offices at 150 Broadway.
New York. R. Collins, formerly with Clokey & Miller, is now associated
with them as manager of the trading department.
-George A. Gaston, receiver of the Central Vermont Ry. and official
financial representative of the Canadian National Rye., sailed at midnight
last night on the S. S. Homeric of the White Star Line for England. Mr.
Gaston is going to London on business connected with the Canadian National System.
Archibald Little, formerly with the Fred F. French organization, with
Frank D. Maguire, formerly a member of the New York Curb Market
Association, announce the formation of Little & Maguire, Inc., with offices
at 149 Broadway, New York, to deal in investment securities.
-Peter P. McDermott & Co., 42 Broadway, New York, have issued a
descriptive circular on the Bank of the Manhattan Co. Building, in which
The Starrett Corp. will own a substantial equity, and which will be the
tallest office building in the world.
Stone & Webster and Blodget. Inc., with offices in New York, Boston
and Chicago. announce that Arthur P. Lascelles has joined their sales
organization and will be located at 520 Marine Trust Building, Buffalo.
New York.
-Announcement has been made of the formation of Willard Johnstone
az Co., Inc. to conduct a general investment business. The officers are
Willard Johnstone, President and Treasurer and B.E. Reinhold,Secretary.
-Gilbert Ellett & Co., members of the New York Stock Exchange,
11 Broadway, N. Y. City, have prepared for distribution analyses of
U. S. Fire Insurance Co. and Niagara Fire Insurance Co.
-Wm.R. Compton Co.,44 Wall St., New York, announce the appointment of George M. Callahan, formerly of Moody's Investors Service, as
manager of their investment service department.
-Romaine A. Philpot has been appointed Vice-President of the Normandie National Securities, the investment firm affiliated with the Letcourt
Normandie National Bank, New York.
-Colvin & Co.. 15 Broad St., N. Y. City, have issued an analysis
of Fiat, one of the foremost European manufacturers of automobiles.
aeroplane engines. and Diesel engines.
MAY 25 19291
FINANCIAL CHRONICLE
3499
Quotations of Sundry Securities
All bond prices aro "and interest" except where marked 'f".
Investment Trust Stocks
Ask
Chain Store Stocks
Bid
Railroad Equipments
Public Utilities
Par Bid Ask
and Bonds
Po, Bid Ask
5.50 5.20
Ask Great Northern fin
Par Bid
Olg 97
a
Basic Industry Shares
17
5.20 5.00 Fishman (H NI) Stores corn..
Equipment 55
American Gas & Eleetr1c__t .15412 157
- -- British Type Investors A _ _ _
100 164
Preferred
5.20 5.00
Hocking Valley fie
•104 105
6% preferred
21
20
41( New w I
420
5.50 5.20 Gt Atl & Par Tea vol corn_ 1 *410
Equipment lis
Amer Light & True com_100 232 235
27
25
Canadian Bank stocks
100 114 117
Preferred
100 112 118 Illinois Central {Ms & O5... 5.10 4.90
Preferred
263 2711
4
Colonial Investor Shares
15
5.20 5.00 Howortb-Snyder Co. A...13
Equipment 8s
Amer Public IRII com _ _ _100
Continental Securities Corp. 100 103
*1130 140
5.20 5.00 Knox Hat, new w 1
Equipment 7s &
95
93
7% prior preferred _ _ _100
82
8
Preferred
64
1 *60
100
95 Kanawha & Michigan 65_._ 5.50 5.20 Kobacker Stores corn
93
Panic preferred
38
36
Credit Alliance A
100 x100 104
Cum pref 7%
Kansas City Southern 5 tie. 5.25 5.00
100 106 108
A opalachlan El Pr pf
Crum At Forster Insuran5.50 5.20 Lane Bryant Inc 7% pref _ 120 130
Louisville & Nashville 6t,_
Ass mlated Gas & Elea
shares corn
Leonard Fitzpatrick &
Equipment6 tis
5.20 5.00
96
*93
$5 preferred
Preferred
30
t *22
Muller Stores corn
5.20 4.90
Com'w'Ith Pr Corp pre!_100 10112 10214 Michigan Central be & 6!..
16
2 13 07
9
1 35%
Deposited Bank Shares__ 1254 126
100 110 115
Preferred 8% - MinnSt P & 85 M 43.4* & fir 5.40 5.10
38
537
East. COI. Assc. corn
Diversified Trustee ens
Pref.
13
5.50 5.00 Lerner Stores 634%
Equipment 61.4* & 7e_
*12
Cony. stock._
2212 2314
Shares B
101 105
Without warrants
4212 Missouri Pacific 0e & 6 tie-. 5.40 5.10
t *42
General Pub Serv enm
25
Eastern Bankers Corp oom_
100 350 370
9112 9312 Mobile & Ohio be
5.20 5.00 Lord & Taylor
Gen'l Public 11t11 $7 Prof t
145 151
Units
98 104
. .10(
First preferred 6% _.
115BollielPul lily Pow prof.100 104 106 New York Central £3.4s & be 6.10 5.00
665 12
188912
1212
6652
1545
Empire Equities Corp corn A
104 109 113
Second pref.8% _
5.50 5.20
Equipment fle
First mtge 5s 1051_ _ _Jed
0912 101
Eqult Investors6% pt units_ 64
pref 1041 97 100
MAN
5.00 4.80 McLellan Stores6%
Equipment 75
94
Deb ee 1967
96
Federated Capital Corp____
5.10 5.00 Melville Shoe Corp
Norfolk & Western
National Pow & Light pref _t *1061 108
_
New units
let pref 6% with warr_100 100 104
5.30 5.00
Northern Feeble is
$6 preferred
*100 101
25
27
Financial Investing
5.20 4.90 Mercantile Stores
North Staten Pow com_100 1641 166 Pacific Fruit Express ie.__
First Holding & Trad
10(1 103
Preferred
100 107 109 Pennsylvania RR eq 58
5.10 5.00
7% Preferred
14
13
First Investment, A pref.... 41 4 9
Chain Stores..
5.25 5.00 Metropolitan
Pittsb & Lake Erie 6 tie_ Nor etas Eleo Co corn_100
10
5
22
223
4
Fixed Trust Shares
1041 113 116
New preferred_
5.2.5 4.90
100
Beading Co 44e & bs
20
24
Preferred
1012 12
48
Foundation Sec com
Pub Serv. 7% prof _100 108 110 St Louis & San Francisco 65_ 5.20 5.00 Miller (I) & Sons com____t *46
Ohio
23
29
General Trustee common_
98
Preferred 6 A % •6.00 5.50
100 103 Seaboard Air Line 534s &
6% pref
New units
0 1911
0 0
27 Southern Pacific Co 4345._ 5.10 5.00 Mock Judson & Voekinger1pf 1 4 105
Pacific Gas & El let pref _ _25 •26
6% bonds
5.25 5.00 Murphy(00)Co com___I *96 100
Equipment is
PasgeSSound Pow& Lt6%r1 t *99 100
German Cred & Inv25%pd _
05 110
8% curn pret1
5.20 5.00
5% preferred
89 Southern Ry Ms & be_
*87
2_:
;5
29012 972 511
973
524,1 5
10
18
Greenway Corp coin
g
12
5.50 5.20 Nat Family Stores Inc wi
Equipment 65
let A ref 514* 1949__JAD
9912 101
Preferred (w v)
17
South Cal Edison 8% DI _ _25 *55
65 Toledo & Ohio Central 65_ _ 5.50 5.20 Nat Shirt Shops, corn _____ 1 •14
87
Guardian Investment
01
_ 100 182
Preferred 8% _
5.25 5.00
Stand Ci & E 7% Pr 14_100 108 110 Linton Pacific is
28
Preferred_
105
National Tea, pref
Tenn Elea Power let ore 7% 10514 10614
15 1(5Guardian Investors
22
/ *19
Aeronautical Securities
Nedick.e Bic corn
._100 98 100
6% preferred
,112 11 _0
0
98
6%
t 5148 153
4
5
Neleefe red s% corn
prnerrBre 7Inc
6
9112 9312 Aeromarine-Klemm
Toledo Edison 5% pref _
42
50
$3 untts
100 197 205
2412 26
10112 10412 Aerouautlcal Industries.
6% preferred
80
Harvard Financial
* 178
14
12
Air Associates
Newberry (.1 .1) Co COM
100 109 111
7% pref
17 Incorporated Equities
8
lte
22
20
Air Investors corn
Rights
Wistern Pow Coro Dref _100 104 105
6712
65
106
Incorporated Investors....
44
Preferred
40
First re,77
Preferred
263 2814
4
I nsumns hares ser A
50t 33
y57
Airstocks Inc
58
NY Merchandise corn...3 108 43
Short Term Securities
2313
23229144
32
631
22
2327
Series B 1928
103 100 104
1814 19
Alexander Indus corn
1
2714
Series C
110 115
8% participating pref.
92
*86
Penney (20) Co
Ails Chat Mtg, 55 May '37_
9938 9931
&Mee F
10 1
24
22
Stores corn.. _9
Amer.59 May'52 100 4 10034 Amer Aeronautical
Peoples Drug
,
A 'urn Co of
Series 13
114
11 * 5 118
American Airports Corp_ _.1 45
55
534% cum pref
963 97
4
A vier Rad.deb 4 Sig, May'47
229 235
Inter Germanic Tr new
45
9612 97 Amer Eagle Aircraft
1112
10
A 12 Roll Mill deb 5e, Jan '48
62
Int See Corp of Am corn A. 59
10953
22
21
Pigg eteWegdg8Y Corp
PriY- rr i l%
Anglo-Am 0114 As. July '29
993 Aviation Sec Co of N E
4
99
31
35
Common B
98
Bach Aircraft
100
A sis'es Cop Silo let cons tis
Reeves(Dardel) Preferred.
14812 15412
Allot ctts
Feb. 1953 10414 10412 BellancaAlrcraft Corp, new
Rogers Peet Co com __ _ _100 135 145
19
20
98
93
634% Preferred
96
95
Marian Pete 434s......1942
25
27
Safeway Stores pref
893 90 4 Berliner-Joyce Aircraft A.
4
,
8914 9214
6% preferred
36
32
9912 10012 Central Airport
10
14
Bell Tel of Call 5s A _Mar'55
Saunders(Clarence). corn B_
51
44
Invest Co of Am corn.....
60
t *50
9912 100 Cessna Aircraft new corn _ _
2512 2712 Schiff Co corn
Oath SU 5% notes June 1529
95 100
7% preferred
Preferred
Cure cony pre 7% _ _ _100 108 113
100 110
Bee 5% notes_June 15 '30 99 9912
162
Series A units
2312
22
See 5% notes_June 15 '31
Shaffer Store corn w I
983 9912 Claude Neon Lights
4
1218 127
8
75
investment Trust of N Y_
New wi
See 5% notes_June 15 '32
-37Sliver (Immix) & Bros corn.) *67
983 9912
4
53
Invest Trust Associates__ _. 50
Consolidated Aircraft
Jom'l Invest Tr
4212 43
7% cum cony mei_ _ _ _100 107 111
56
50
75
Investors Equity
8% notes
May 1930
Consolidated Instrument._1 33
97
99
34
Southern Stores6 units
48
51
5
Joint Investors class A
Cud l'kg, deb 534s_Oct 1937
12
U S Stores corn class A _ __ _ t
96
, 9712 Crescent Aircraft
10
Convertible preferred_ _ _ _ 107 108
3
Cunard SS Line 4325 Dec'29
t *2
4
Com class El
983 9912 Curtis Flying Service
2514 253
120 125
57
Joint Sec Corp pfB units
53
Curtiss-Robertson Airplane
Ed El III Bost
1st preferred 7% .. _ 100
Kent Securities Corp cont._ 110 114
Units
414% notes. _ _Nov 1930
98
Young(EdwInH)Drugunits _ 9912 101
125 130
983
4
100 102
Preferred
Empire Gas & Fuel fie
Curtiss Assets
Standard Gil It
35
30
29
Keystone Inv Corp class A. 26
15
8
June 1929-30
973 100 Curtiss Reid pret
17
Anglo-Amer 011 vot!took _ AI 5143
15
8
Class B
143
4
El *14
(Pak Itub 5145_ __Jan 1931
931 9412 Fairchild Catninez Engine_ _
Non-voting stock
65
55
523 5512
4
66
Massachusetts InveStore_
8
Gaul Mot Accept.
Fokker Aircraft
Atlantle Refg Com new_25 *657
63 64
13212 135
Mohawk Invest Corp
42
6% aerial notes. Mar '30
21 *38
983 99 4
Preferred
23
Borne Scrrmeer Co
,
21
13
11
Motor & Bankstock Corp
71
6% serial notes_ _Mar '31
971 9812 Great Lakes Aircraft
Buckeye Pipe Line Co _ __ _50 *70
26
25
1212 1312
Mutual Investment True*. _
5% aerial notes_ _Mar '32
Cheriebrough Mfg Cons. 21 *165 168
961 9712 Haskellte Mfg
30
34
9714 Heywood Starter Corp
10 *2138 2112 New England Invest Trutt_
serial notes_ _Mar '33
Continental 011•t 0
96
42 46
70
77
NY & London Ment units _
70
5% eerie! notes_ _Mar '34
Cumberland Pipe Line_ _10C 65
95 9614 Kreider-Reisner Aircraft__
57
50
24
22
North Am Util Sec
65
5% serial netee_Mar '35
94 9512 Lockheed-Vega
2312 Eureka Pipe Line Co_ _100 60
22
9614 98
Preferred
8
6
8% serial notes. Mar '36
Signal 011 cora_ _ _10C
Ms./dux Air Lines corn
131s Galena
12
94 95 2
,
10
10i2
North Amer Tr Shares
85
101 81
Gulf 011 Corp of Pa deb be
21
Preferred old
19
Mahoney-Ryan Aircraft....
22
26
Old Colony Invest Tr corn_
90
81
991, 100
10f
Dec 1937
Preferred new
Mohawk Aircraft
12
10
434% bonds
1153 11612
4
Deb 55
Feb 1947
Rumble 011 & Refining-25
.
12
9
993 100 Mono Aircraft
4
36
Pacific Investing Corp corn. 32
1041 3101 315
'Coopers Gas & Coke deb be
Illinois Pipe Line
30
Preferred
35
83
Preferred
1 *108 110
20
Moth Aircraft Corp units -.
97
June 1947
Imperial 011
22
12
98
4
*27 4 273 Second Internal Sec Corp.. 5113 5412
,
Meg Pet 432e_ Feb 1530-35
93 093
10
Common
New
4
25
22
Corn 13
98
Mar 0115*. netes June 15'30
Indiana Pipe Line Co_ ___110 *96
National Air Transport_ _
9612 98
47
41
5012
6% preferred
9412 96
4113 42
New
Serial 5% notes Juiae 1531
International Petroleum_..t 50
98
97
Second Nat Investors
27
9312 95
24
Serla15% notes June 1632
14
Nat Aircraft Marls Corp_ _
New
15
45
42
nnanimut Bk Inv Trust_ _
Mass Gas(los,5 As Jan 1946 103 10312 National Aviation
4
73, 733 National Transit Co..13.60 52314 24
4
88
4345
85
1942 85
Raelfic Mille 532s_ _ _Feb '31
1912 New York Transit Co___I00 82
19
98 North Amer Aviation
97
92
89
55 1952
59
Peoples Gas I. & Coke 4345
812 10
Pollak Mfg
Northern Pipe Line Co_10C 56
1952 240
6s
7012
9012 Scenic Airways common_ _ _ _
Dec 1929 A, 1930
25 *70
312
9712
5
Ohio Oil
30
Southern Bond & Share
frost &(lamb,41.0July '47
21 528
9612 9712 Stearman Aircraft corn _ _ • 130 140
Penn Max Fuel CO
34
30
Com & allotment cgs
_
OF *561s 57
Glee.Shef f3t1 & Ir ets Aug '29
9912 100 Stinson Aircraft corn
1912 2014 Prairie 011 & (Jae
60
48
Owils ez Co 5% notes
6012
$3 pref allotment etts_ _
Swallow Airplane
25 60
12
13
Prairie Pipe Line
39
Standard Investing Corp... 37
42
9912 993 Travel Air Mfg New
Oct 15 1932
. 25 *40
5612 Solar Refining
4
56
98% 101
534% preferred w w
99
naNJ RR & Can 48Sept'29
S Air Transport
99 2
,
10
Southern Pipe Line Co_ _NI *2014 21
12
126
Wier Cent 5a.. _ __Jan '30
5% bonds w w
9612 0712 United Aircraft w
4
25 53, 54
15113 15214 South Penn 011
18
-bate Bankers Financial _ _ _
65
Preferred
9212 9312 Erwest Pa Pipe Lines.. _ _ _50 *65
143
4
14
Tobacco Stocks Par
Trustee Stand 011 Shs
Universal Aviation
21
Standard 011 (California',-.9 *7514 76
22
A ISIlOSI, t. car coin _ _
1/11 132 137
Warner Aircraft Engine new 2812 30
Standard 011 (Indianal_ _.
25 55614 5638 United Founders Corp corn _ 3412 3612
1412
Preferred
100 108
U S Shares class A
Western Air Express, new _
Standard 011 (Kansas).. 25 *1812 19
72
74
1312 15
32
3712
Class A 1
)O110,01-Amer Tame ord el •30
Standard 011 (Kentucky)_ 10 *37
---32
el *30
Water rends.
Class C I
49
Bearer
Standard 011(Net)
36 548
373 -5
31
Arisen Wat let be'56 A.A&O 93
Class C 2
58
imperial'lob of0 B & Nerd *29
s
Standard 011 of New Jet_ _25 5.577
94
313 3518
5
Claes C 3
8
'at Clear Machine', new 100 106 115 BIrm WW let 534eA'54.A&O 100 101
Standard Oil of New York.25 *401 1 403
183 ---4
65
55
let M be 1954 tier B._J&D 07
Class D
Johnson -Pin Foil & Met_100
971, Standard 011 (Ohio)
25 *1211z 123
19
16
Jlty W(Cliat051411'54AJ&O 101 103
Stand Corortil class 13
4
100 116 1173 IT S & Brit Intermit el B- 1412
Preferred
34
37
7
6
let NI 1513 1954
- _Class A
Union Cigar
16
J&D 92
Swan & Finch
75 *13
*9
4114 4414
1012 City of New Castle Water
Preferred
Union Tobacco Ca corn _
Union Tank Car CO
25 *133 135
4112 4312
63
55 Dee 2 1941
nasa A
JAE' 1 94
vacuum OP
_ .85 119 12014 U S Elec L & Powr
54
52
Clinton WW let 5e'39_F&A 94
(3 & Foreign Sec corn
Young 0 8) Co coal _100 108 114
Investment Trust Stocks
91
89
Com'sv'th Wat let 5tisA'47 98
100 104
Preferred..
Preferred
and Bonds
Councilor W 5sOct2'39A&01 95
Sugar Stocks
Allied Internet Investors-1 106 110
2
E St LA lot Wat 55'42.J&J 91 tads... A Miscall
Caracas Sugar
60
Amer Alliance InN est
60
50
93
69
let M Os 1942
A merican Hardware
20 567
100 98 103
J&J 100 102
Amer Bond & Share com_10 2S1 3114 Fajardo Sugar
*33
38
Huntington tat Els '84.1HAS 100 102
,
Babcock & Wileor
100 122 4 123
17
Godchaux Sugars,Inc
16
Amer Brit & Cont com___.
47
92
*46
Bliss (IC W)Co
86
Preferred
100 88
1954 92
84
59
14
MId States WW 65'36 MAN 100 -- Preferred
ao *100
Ilaytlan Corp Amer
49
: Am Crt feored L units..._
6e/ pi eP rw &
47
40
Monm Con W lot tte'56AJ&D 90
Childs Company pref__ _100 102 f(W
35
doily Sugar orp com___t 537
33
92
Hercules Powder
• *113 117 ?damn Val Wt 534u '15()_J&J
100 83 88
Preferred
Am l:1;B n Corp units..
86
Coa no Sh
& or
83
9.5 .."
97
4112
Muncie WW 56 Oct2'39 A01 94
100 117 120
Preferred
100 40
40
National Sugar Ref
38
St Joseph Water 54 1941A&O 96
30
Internet Silver 7% prof.100 114
100 20
98
New Niquero Sugar
dabs
97
1938 97
66 Shenango ValWat 5e'56A&O 91
64
•117 120
Phelps Dodge Corp
Amer %cn ers
5i Founders
93
deCorp corn ... 107 10912 Savannah Sugar corn
9512 9612
linger blanufacturing---100 570 590 So Pitts Wat let be 1960 J&J
Preferred
100 111 114
Cony preferred
101 104
*6
let M be 1955
618
22
LI
FAA 96
linger Mfg Ltd
6% preferred
4
443 473 Sugar Estates Oriente pf_1011 18
4
Per Ii W W fie NIP A J&D 100 103
50
53
Vertlentes Sugar Of
100 40
50
let M 58 1956 ger H_ FAD 92 irliiRailroad Equipments
Rubber Stocks (Ckveland
7% h
1.5Otp
75e 79e
5.50 5.20 Wichita Wat 1st 6e'49_M&5 100
17
11150510 cone' ..ine as__ _.
Aetna Rubber com mon_ _ __1 *15
74
c r: Aen1 See. units.... 71
- Amer
*6
lot M Ls 1956 ser
5.25 5.00
612
Equipment6 tie
Falls Rubber corn
34
Class
92
30
5.50 5.20
17%
Preferred
" •15
6
1
Baltimore & Ohio tle
12
10
Class B
Chain Store Stocks
*311 37
Equipment
& 52.... 5.20 5.00
Faultless Rubber
50
47
Amer In ternat Bono & Sh
Firestone Tire & Rub cOm.10 *280
Buff Roch a Pitts equip 68. 5.50 5.40 Berland Stores units new.. *102 106
29
Amer & Scottlsh Invest
26
5.40 5.10 Bohack (If C) Inc corn__ _ t
6% preferred
Canadian Pacific 4145 & 611100 1093 110"
50
77
46
83
Astor Financial class A
7% let preferred
5.50 5.20
100 1073 109
7% preferred
100 *103 106
Central RR of N J 65
14
10
Class B
5.50 5.20 Butler (James) corn
General Tire & Rub coin_ _25 *260 295
Chesapeake & Ohio Els
35
Atprnfic ed
la ete
rac co
corn
10
9912
5.20 5.00
Preferred
Preferred
101,
Equipment6045
100
4414 1812
Preferred
50
5.20 5.00 Diamond Shoe, com
77
Goody'r T & 11 of Can pf.106 108 110
'equipment 55
74
40
AB& Pac Intl Corp unite..
44
58
Preferred
5.50 5.20
555
Ind?* Tire & Rubber
Chicago & North Welt ile100 104
Bankers Financial Trust.,. 31
5.40 5.10 Edison Bros Stores corn_ _
Euulpment6 Hs
153 - 8 Mason Tire & Rubber com.1
s 163
21
23Bankers Inveatm't Am corn_
Preferred
Preferred
100
20
Chic RI & Pao 4141 A is.. 5.25 5.00
18
Bankers Sec Tr of Am corn _
100 103
Miller Rubber preferred_100
5.50 5.20 Fan Farmer Candy Sh pre: *30
22
19
33
Equipment es
Bankstocks Holding Corn - 52
55
*7
Mohawk Rubber
5.60 5.20 Fed Bak Shops.com
Colorado & Southern 65._
812 10
Bankshares Corp of US cl A
10
85
Preferred
100 80
5.50 5.20
Pre/ 7% with warr_ _100 90
1712
Delaware Al Lludeon 65
95
Bankstocke Corp of Md Cl A
47
Setherling Tire & Rubber_ _1 "41
11
5.30 5.00 Feltman & Curme Shoe
9
Clam It
Erie 4 34e & be
IDe 106 10612
Preferred.
51
Stores A 7% pref.. __ _100 50
5.50 5.15
45
Equipment tis
65
Preferred
Canadian quotation. • Sale Price.
•Per sh•r6 t No Dar Value b Basla 4 Purchaser also Miss accrued dividend S Last gala. 11 Nominal. z Ex-dIvIdend. V Ex-r ghts
Inuestnunt awlgailroati intelligence.
3500
Latest Gross Earnings by Weeks.
-In the table which
follows we sum up separately the earnings for the second
week of May. The table covers eight roads and shows
1.64% increase over the same week last year:
Second Week of May.
1929.
Canadian National
Canadian Pacific
Georgia St Florida
Minneapolis & St Louis
Mobile & Ohio
St Louis Southwestern
Southern Railway System
Western Maryland
Increase. Decrease.
1928.
$14,025,691 $13,800,007
22,805
38,587
16,002
Current
Year.
1st
2d
3d
4th
1st
2d
3d
4th
lot
2d
week
week
week
week
week
week
week
week
week
week
Mzr.(11
Mar.(11
Mar.(11
Mar. 9
(
Apr.( 9
Apr.( 8
Apr.( 7
Apr.( 8
May ( 8
May ( 8
Increase or
Decrease.
Per
Cent.
$
13,838,516
14,087,158
14,485,650
19,580,198
14.258,006
13,704,380
13,934,100
20,100,633
14,083,977
14,025,691
roads)
roads)
roads)
roads)
roads)
roads)
roads)
roads)
roads)
roads)
Previous
Year.
$
13,385,303
13,715,106
13,818,627
20,378,281
13,394,590
12,849,259
12.745,841
16,956.008
13,198,800
13,800,007
$
+453,213
+372,052
+667,023
-798,083
+863,416
+855,121
+1,178,259
+3.144,625
+885,177
+225,684
3.38
2.70
4.82
3.93
6.45
6.65
9.33
18.51
6.71
1.64
Net Earnings Monthly to Latest Dates.
-The table
following shows the gross, net earnings and net after taxes
for STEAM railroads reported this week to the Inter-State
Commerce Commission:
1928.
1929.
1928.
$
1929.
1928.
2,128,665
504,540
1.028
334,787
1,802.450
1,623,097
-Month of April- -Jan. 1 to Apri1301928.
1929.
1928.
1929.
Freight revenue
Passenger revenue
1,984.731 1,725.272 6,676,156 6.567.357
892,611
161,187
183,166
791,983
622.884
201,387
148,488
674,286
All other revenue
Total revenues
Maint. of way & struc. exp
Maintenance of equipment
Traffic expenses
Transportation expenses_ _ _ _
General expenses
Total expenses
2,347,306 2.056.927 8,142,426
274,480
282.689 1,066.686
455,117
461.944 1,817,393
43,823
45,234
170,832
767,202
761,506 3.159,670
75,707
72,153
280.559
8,082,854
1,077.124
1,818,499
173,299
3.160.567
288,476
1,616,331
Net railway revenues
Taxes & uncoil. ry. rev
1,623,529 6.495.142 6.517,968
730,974
156.715
433,397 1,647,284 1,564,885
129,023
607.464
512,867
Net after taxes
Hire of equipment
Rental of terminals
Cr574,259 Cr304,373 Cr1039,820 Cr1052,018
Dr7,071
Dr5,176
Cr6,649
Dr2,355
Dr11,985 Dr12,088 Dr36,891 Dr37.242
Net after rents
Other income
-Net
Interest on funded debt
Cr555,203 Cr287,109 Cr1009,577 Cr1012.420
Cr132,656 Cr29,178 Cr232,058 Cr107,141
Dr405,105 Dr404,994Dr1628,180Dr1639,489
Net
Cr282,754
Dr88,706 Dr386,543 Dr519,927
National Railways of Mexico.
-Month of February- -Jan. 110 Feb. 281929.
1928.
1929.
1928.
Pesos.
Pesos.
Pesos.
Pesos.
8,762,094 9.330,485 18,070,595 18,586,347
7,522,508 8,265,288 15,174,808 16,559,913
-Grossfrom Railway- -Net from Railway- -Net after Taxes
1929.
461,143 2,349,196
537,003
126,135
9,742
220
Minneapolis St. Paul & Sault Ste. Marie Railway Co.
$77,349
$303.877
225,684
In the following table we show the weekly earnings for
a number of weeks past:
Week.
Ry.operating income
607,308
134,250
570
472,486
Net revenue
Taxes
Uncollectible ry. revenues__ -
$4,958,080 $4,769,421 $188,659
4,055,000 3,992,000
63,000
25,800
23,700
2,100
265,325
288,130
310,889
349,476
450,500
410,504
39,996
3,615,133 3,631,135
344,964
9,323
335,641
Total (8 roads)
Net increase (1.64%)
The Kansas City Southern Railway Co.
(Including Texarkana and Fort Smith Railway Co.)
-Month of April- -Jan. 1 to April 301928.
1929.
1928.
1929.
$
Operating revenues
1,763.586 1,620,911 7,008,295 6,720,084
Operating expenses
1,156,278 1,159,767 4.659,098 4,591.419
Gross earnings
Operating expenses
Bklyn Eastern District Terminal
April
123,608
119,945
43,948
39,187
35,632
46,029
Net earnings
1,239,585 1.065,197 2,895,786 2,026,434
From Jan E 476,490
199,570
166,247
165,117
493,701
198,354
Percent expenses to earnings85
88
89
83
Central Vermont
11,395
Kilometers
11,818
April
756,401
550,660
204,687 -220,215
188,540 -236,440
FromJan E 2.706,452 1,669,162
642,251-1,147,149
577,526-1,194,723
Chicago & Alton
St. Louis-San Francisco Railway Co.
April
2,243,717 2,060,881
300,710
328,064
385,334
222,479
(Including Subsidiary Lines)
From Jan 1_ 9,255,301 8,992,195 2,161,982 1,703,156 1,729,741 1,280,563
Conemaugh & Black Lick
-Month of April- -Jan. 1 to Apr. 30April
159,350
124,923
12,047
-3,080
11,047
-4,080
1929.
1928.
1928.
1929.
From Jan E 606,809
47,463 -28.697
43,463 -32,697 Operated mileage
466,675
5,819
5.561
5,819
5,547
Del Lack & Western
S
$
S
$
April
7 225,952 6,969,890
51,753,723 81,543,086 Freight revenue
5,528,451 4.946,035 21,404,050 20.736,366
From Jan E26,530,270 25,346,248
55,088,823 84,126,409 Passenger revenue
823.882
901,055 3.487,187 3.782.030
Other revenue
585.819
Erie513,431 2.158,948 1.990.816
Aprll
9,226,984 8,649,929 1,982,919 1,741,150 1,569,630 1,390,354
From Jan E36.211,176 33,563,542 7,814,991 5,872,838 6,108,288 4,416,461
6,938,153 6.360,522 27.050,187 26.509.213
Total operating revenue..
Chicago & Erie
778,192 3,546.799 3,115,883
April
1,367,692 1,089,970
625,519
682,338
353,178
301.660 Maint. of way and structures 993.498
1,389.731 1,268.221 5,266,832 5,398.986
From Jan 1. 5,221,282 4,544,627 2,437,225 1,569,633 2,212,067 1,363,017 Maintenance of equipment
Transportation expenses_ -- - 2,327,822 2.272,198 9,505,608 9,409.329
Lehigh Valley
382,368
Other expenses
314,477 1,439,929 1,235,006
April
6,059,176 5,936,323
81,150,004 81,163,646
From Jan E22,653,835 31,492,504
83,398,610 81,863,920
5,093,421 4,633,089 19.759,168 19,159.206
Total operating expenses
Monongahela Connecting
April
226,151
168,178
74,918
45,374
61,816
38,851 Net railway oper. Income_
1,453,732 1,379,464 5,866,086 5,915.483
From Jan 1. 847.465
617,541
249,171
127,528
205,305
101,788 Balance available for int_
1,586,528 1,855,179 6,426,065 7,033.805
Surplus after all charges
541,680
203,353 2,246,883 1.408,698
Montour
April
171,233
121,265
54,164
33,661
52,664
32,161
FromJan 1_ 625,831
471,898
184.093
117,909
178.093
111.909
N Y Susq & Western
Southern Pacific Lines.
April
437.066
402,834
124,389
108,829
93,294
79,478
-Month of April- -Jan. 1 to April 30From Jan 1_ 1,682.384 1,540,109
433.971
261,385
309,215
143,930
1929.
1928.
1929.
1928.
Pennsylvania
Average miles of road oper__
13,614
13,013
13,613
13.613
April
56,629,625 51,226,863
51,753,723 81,543,086
Revenues$
Fr'm Jan 1212,769,658 198967,437
55,088.823 84,126,409
Freight
18,976,348 19,229,278 72,205,547 53,229,199
West Jersei& Seashore
Passenger
3.894.599 4,237,224 16,121,666 12,227.066
April
749,321
852,245
874,342
579,508 Mail
450,382 1,679,041 1,265,112
413,928
From Jan 1_ 2,860.206 2,968,122
5436,677
88,090 Express
619,920 2,351,227 1,535,578
815,648
All other transportation
803,735
774,234 3,005,864 2,202,129
b After rents.
Other Monthly Steam Railroad Reports.
-In the following we show the monthly reports of STEAM railroad
companies received this week as issued by the companies,
where they embrace more facts than are required i n the
reports to the Inter-State Commerce Commission, such as
fixed charges, &c., or where they differ in some other respect
from the reports to the Commission:
Erie Railroad Co.
(Including Chicago & Erie Railroad Co.)
-Month of April- -Jan. 1 to April 301929.
1928.
1929.
1928.
10,594.677 9,730,899 41,433,458 38,109,169
Operating revenues
Operating exp. and taxes__ -- 8,399.528 8.047.884 33.112.103 32,328,691
Operating income
2,195,148 1,692,014 8,320,354 5,779,478
Hire of equipment and joint
370,963 1.503,030 1,479.580
365,606
facility rents-Net debit
Net ry. operating income_ - 1,829,542 1.321,050 6,817,324 4,299,897
Non-operating income
356,709 1.079,649 1.429.919
258,878
Gross income
Interest, rentals. &c
2.088,420 1,677,760 7,896,974 5,729,817
1.202,514 1,227.738 4,868,028 4,918,023
Net income
886.106
450,022 :3,028.945
811,793
Interoceanic Railway of Mexico.
Gross earnings
Operating expenses
-Month of February- -Jan.1 to Feb.281928.
1929.
1928.
1929.
Pesos
Pesos
Pesos
Pesos
1,203,899 1,090,021 2,297,027 2.153,530
996,357 1,009.230 2.041.129 2.089,189
Net earnings
Percentage exps. to earnings_
Kilometers
207,541
82.76%
1,644
80.791
92.59%
1,646
255.897
88.86%
1,644
64.340
87.00%
1.646
665,453 2,545.186
38,159
120,486
124,330
467,304
1,927,990
93,344
345,230
Railway oper. revenues_ _ _25,426,524 25,890,322 97,561,715
Expenses3,404.767 3,390,888 12.816,655
Maint. of equipment
4,668,561 4,599,289 17,965,510
T
., „
Transportation
8.354,040 8,640,416 33,512,539
Miscellaneous
469.189 1,762.352
435,648
General
879,251 3,809,961
996,999
Transp. for invest.-Cr
134.431
438.792
138,417
72.135.191
Incidental
Joint facility-Cr
Joint facility
-Dr
617,195
27,141
122.073
Maint. of way & structures
9,411,887
13,296,949
1,868.902
25.158.498
1,326,703
2.812.961
300,375
Railway oper. expenses--18,343,918 18,431,339 71,919,446 53.575,527
Income-Net rev,from ry. operations_ 7.082,605 7,458.983 25,642,269 18,559,664
Railway tax accruals
1,835.261 1,793.601 7.068,861 5,233.600
Uncollectible ry. revenues_
21,285
12,924
33,477
12.191
Equipment rents (net)
745,174 2,393,597 1,842,380
551,217
Joint facility rent (net)
-9.713 -12,148
2,434
3.072
Net railway oper. income_ 4,681,501
4.904,209 16,156,046 11.474,545
Western Maryland Railway Co.
-Month of April- -Jan. 1 to April 301928.
1929.
1929.
1928.
$
$
$
$
Operating revenues
1.440,134 1,462.821 5,934.984 6.214.645
Total operating expenses__ 1,030.435 1.047,944 4.117.156 4.333.996
Net operating revenue_
414,877 1,817.828 1,880,649
409,699
Taxes
340,000
320.000
85,000
80.000
Operating Income
Equipment rents
Joint facility rents-Net_ --
329,699
56.412
--17,164
329,877
32,453
--15,736
1.497,828
241,543
-69,021
1.540,649
173,117
-64,566
Net railway oper. incomeOther income
368.947
17.254
346.594
14.760
1.670,350
63.897
1.649,200
47.361
Gross income
Fixed charges
386,201
248,578
361.354
252,046
1.734.247
996,645
1,696.561
1,010,324
Net income
137.623
109.308
737,602
686.237
3501
FINANCIAL CHRONICLE
MAY 25 1929.]
Brooklyn-Manhattan Transit System.
Union Pacific System.
-10 Mos. End. Apr. 30.
-Month of April
1928.
1929.
1928.
-Month of April- -Jan. 1 to April 301929.
1928.
1929.
1928.
1929.
$
8 39,288.711
$
$
3
operating revenues-- 4.096,663 3,884.334 40.120,18 5 25,445.353
12.549,230 11,791,494 51,543,853 48,277,360 Total operating expenses-- 2,611,609 2,539.304 25,866.11
Freight
1,941,357 1,867,694 7,676.859 7,620,658 Total
Passenger
352,897 1,728,016 1,428,874
430,669
operation_ _ - 1,485.053 1,345,029 14,254,072 13.843,357
Mail
Net
335,108 1,064,679 1,038,867 Taxes rev,from properties-- 289,187
303,836 2.800,936 2.848.066
335,235
Express
on oper.
376,339 1,471,461 1.501,082
372,912
All other transportation
290,887 1,149,726 1,131.084
333,797
1,195,866 1.041,193 11,453.136 10,995,291
Incidental
Operating income
874,773
846,264
79,751
74.815
60,997,925 Net non-oper. income
Railway oper. revenues-15,963.200 15,014,419 64,634,594
1,270.681 1,120,944 12.299,400 11,870,064
Gross income
Operating Expenses
662,182 7,070.997 6,646,602
739,955
8,620,902 8.672,410
Maintenance of way & struc- 2,891,178 2,835,258 12,616,887 12,623,855 Total income deductions
Maintenance of equipment__ 3,216,420 3,117,516 1,510,848 1,460,852
458,761 5,228,402 5,223,462
530,726
396,627
Net income
418,208
Traffic
4,732,808 4,531.757 19,882,641 18,710,716
Transportation
315.341 1,249,551 1,217,746
Miscellaneous operations_ __ - 353.353
Carolina Power 8c Light Co.
680,212 2,732,159 2,674,175
689,020
General
6,075
(National Power & Light Co. Subsidiary)
2,230
3,042
--82
Transportation for inv.-Cr..
-Month of March- 12 Mos.End. Mar.31.
1928.
1929.
9
1928.
1929.
Railway oper. expenses_._ 12,301.069 11,873,669 46,610,758 45,353,67
717,088 9.110,724 8,964,720
Income Items
operation_ 746,209
from
.376.110 4.243.597 4.800,018
Net rev, from railway oper.._ 3,662,131 3,140.750 18,023,836 15.644,246 Gross earns,
- 366.021
1,348,059 1,317,515 5,386,115 5,080.218 Operating expenses & taxesRailway tax accruals
3.535
4,112
1,147
428
340,978 4.867,127 4,164,704
Uncollectible railway revs __ _
380,188
Net earns.from operation716,882
633,391
69.987
59,956
12.633,609 10,560,493
Railway operating income.. 2,313,644 1,822,088 1,315,805-1,815.430 Other income
-338,456 -431,047410,965 5,500,518 4,881.586
Equipment rents
440,144
Totalincome
-80,875 -84,116 -297,241 -339,445
150,417 1.867.299 1,628.067
Joint facility rents
160,808
Interest on bonds
125,703
234,774
17.127
25,523
deductions
oper.income__ 1,894,513 1.306,925 11.020,563 8,405,618 Other interest &
Net railway
9.783
9.857
9,783
9,857
243,421 3.398,445 3.127,816
Average miles of road oper-253,813
Balance
74.35%
72.11%
79.08%
1,157.115 1.070.891
Ratio of expenses to revenues 77.06%
Dividends on preferred stock
2,241,330 2.056,925
Co.
Balance
Wisconsin Central Railway
•
-Month of April- -Jan. 1 to April 301928.
1929.
1928.
1929.
Central Arizona Light & Power Co.
3
(American Power & Light Co. Subsidiary)
1,328,098 1,200,832 4,646,826 4.703,990
Freight revenues
-Month of March- 12 Mos. End. Mar. 31
650,519
609.687
163.031
148,351
1928.
Passenger revenues
1929.
1928.
1929.
361.633
367,574
92,957
114.699
All other revenues
$
181,673 2.440,253 1,966,416
1,591,150 1.456,822 5,624.088 5,716.144 Gross earns, from operation_ 255,206
Total revenues
109,177 1,468,885 1.190.572
744,385 Operating expenses and taxes 148,103
723,509
210,397
Maint. way of struct. exp--- 192.677
277.484 1,095,752 1,134,268
294,514
775,844
Maint. of equipment exp971,368
72,556
131,643
operation- 107.103
130,254
34.132
33.877
Net earns,from
44,418
Traffic expenses
36.028
2,665
3,537
625,053 2.587,359 2.665,342 Other Income
Transportation expenses- --- 623.211
243,643
238,766
61,102
63,631
General expenses
820,262
75,221 1,007.396
110,640
Total income
154.974
155.531
12,977
12,917
1,207,913 1,208,170 4,775,643 4,919,283 Interest on bonds
Total expenses
5.027
12,760
361
421
796,860 Other int, and deductions848,445
248.652
383,236
Net railway revenues
324,646
316,441
80,461
82.497
Taxes & uncoll. revenues---658.261
839.105
61,883
97,302
Balance
44,027
52.062
472.214 Dividends on preferred stock
532,004
168.190
Net rev. after taxes, &e.-Cr. 306,739
244,836
233,614
63,561
78,543
-Dr
Hire of equipment
614.234
787.043
208.473
215,185
46,514
54.433
Balance
Rental of terminals-Dr--18,904
83,204
58,114
167.761
Netafter rents-Cr
Central Illinois Light Co.
87,794
101,237
21,203
24.236
-Dr
Other income(net)
Corp.)
671,436
686,047
(Subsidiary of Commonwealth Power
168,160
-Dr- 171,650
Interest on funded debt
-Month of April- 12 Mos. End. April 30.
1928.
1929.
1928.
740,325
704,080
131,248
1929.
28.125
-Dr
Net Income
:
400,044 4,870,893 4.511,847
417,759
Electric Railway and Other Public Utility Earnings. Gross earnings
Operating expenses,including 247.132
233,042 2,870,867 2,714.105
-Below we give the returns of ELECTRIC railway and
taxes and maintenance._ _ _
167,001 2,000.026 1,797,742
170,627
other public utility companies making monthly returns which
Gross income
381.591
362.231
Fixed charges
have reported this week:
1.637,794 1.416.151
Net income
411,883
407.028
Arkansas Power & Light Co.
Dividends on preferred stock
272.800
310,800
Provision for retirement reserve
(Electric Power & Light Corp. Subsidiary)
731.468
919,965
-Month of March- 12 Mos.End. Mar. 31.
1928.
Balance
1929.
1928.
1929.
Gross earns, from oferation_
Operating expenses taxes..-
569,972
305,813
519,919 7,439,313 6,508,243
287,673 3.878.369 3.438.243
`Net earns,from operationPg
Other income
264.159
16,699
232.246 3,560,944 3,070,000
204,210
243,693
26.499
PTotal income
0!
Interest on bonds
Other interest & deductions
280,858
109.184
6.427
258.745 3,804,637 3,274,210
96,684 1,224,387 1,065,676
101,336
149,883
3,988
165.247
158,073 2,430,367 2.107,198
685,295
672,507
Balance
lAridends on preferred stock
1.745,072 1,434,691
Balance
Chicago Surface Lines.
-Month of April
1928.
1929.
85,284,261 $5,146,046
Gross earnings
4,161.453 3.993,440
Operating expenses, renewals and taxes
51.122,808 $1,152,606
Residue receipts
43.025
43,725
Jointaccount expenses. Federal taxes, &c
241.165
222,038
City's 55%
5857,044 5868.415
Balance
Consolidated Gas Utilities Co.
848,522
262,743
123.956
725,989
234,593
115.363
(And Subsidiaries)
-Month of April- 12 Mos. End. Apr. 30.
1928.
1929.
1928.
1929.
$
0
S
S
S
283,953 1,334,157 1,099,087
_ 266,484
Gross earnings, all sources _ _
616.157
590.094
161,822
Oper. expenses and gen. taxes 133,167
482.929
744,063
122,131
133,316
Net earnings
201.179
313.419
52.735
78,313
Interest on funded debt
Balance avail, for reserves.
281,750
430.643
69.395
55,003
Fed. taxes & dividends
94.790
23,697
Div.require. on class A stk....
461,823
269.214
376,033
194.750
Co.
Eastern Massachusetts Street Railway
4 Mos. End. Apr. 30.
192,609
181.283
Bangor Hydro-Electric Co.
-Month of April- 12 Mos. End. Apr. 30,
1929.
1928.
1928.
1929.
$
$
$
$
152.822 1,995,145 1,893,817
160,267
Gross earnings
76,219
868,228
909,255
79,725
Operating expenses & taxes._
Gross income
Interest, &C
80.542
16.872
76,603 1,085,890 1,025,589
299.600
237,368
22,790
Net income
Preferred stock dividend
Depreciation
63,670
53,813
Balance
Common stock dividend
Balance
Birmingham Electric Co.
-Month of March- 12 Mos.End. Mar.31.
1928.
1929.
1928.
1929.
Gross earns from operation_
Operating expenses & taxes_ _
Net earns,from operation_
Other income
904,022
580,662
921,689 10,714.542 10,290,279
579.883 6,718.593 6,703,747
323.360
10,448
341,806 3,995,949 3,586.532
2,830
37.558
11.856
Total income
Interest on bonds
Other interest & deductions
333.808
77,246
6,392
344,636 4,033.507
71,684
854.642
154,758
14.595
Balance
Dividends on preferred stock
250,170
258,357 3,024,107
402,437
Balance
Gross corporate income...... 280,222
91,877
int. on fund. dt., rents. &c...
3,598,388
Avail, for depr., diva., &c.. 188,345
88.259
861,211 Deprec., equal. & retiremls.
114,561
Net corporate balance car2,622.616
ried to profit and loss.....100,085
370,898
2.621,670 2,251,718
Brazilian Traction, Light 8c Power Co., Ltd.
-Month of April- -Jan. 1 to April 30-1928.
1929.
1928.
1929.
$
$
$
$
4,042,145 3,395.968 15.619.237 13,306,343
Gross earnings
1,708,793 1,403,322 6,701.331 5,629.004
expenses
Operating
2,333,352 1,992,646 8.917,906 7,677,339
Net earnings
-Month of April1928.
1929.
$
$
727,390
Railway operating revenues. 716.162
453,255
expenses. 427,669
Railwayoperating
274.134
288,493
Balance
26.955
32.766
Taxes
247,178
255,726
Balance
23,738
24,496
Other income
1928.
1929.
$
$
3,031,473 3.188,174
1,805.468 1,878,548
1,226,005 1,309.625
133,869
137,665
1,088,340 1.175,758
78.412
72,272
270,917 1,160,612 1,254,169
393.279
369,789
98,147
860,889
790,822
172,769
445.929
402.932
83,597
89,171
387,889
Hudson & Manhattan Railroad
414,960
Co.
-Month of April- 4 Mos. End. April 30.
1928.
1929.
1928.
1929.
$
$
$
$
1.065,969 1,035,570 4.210.610 4,204.999
Gross revenue
528,379 2.127.888 2,127.041
533,954
Operating exp.& taxes
507,191 2.082,722 2.077,958
Balance appl. to charges-. 532,015
335,442 1,343,339 1.342.470
336,360
Charges
735,4S7
739,383
171,748
195,655
Balance
3502
FINANCIAL CHRONICLE
Houston Lighting & Power Co.
(National Power & Light Co. Subsidiary)
-Month of March- 12 Mos. End. Mar. 31
1929.
1928.
1929.
1928.
3
$
$
$
Gross earns, from operation_ 603,679
557,063 7,394.078 6.436,804
Operating expenses & taxes__ 312,216
312,341 4,115,007 3,726,611
Net earns,from operation_ 291,463
244,722 3,279,071 2,710,193
Other income
3,699
3,717
31,746
47,867
Total income
295,162
248,439 3,310,817 2,758,060
Interest on bonds
70,012
62,512
782,898
725,706
Other interest & deductions
14,057
6,324
140.305
88,403
Balance
211,093
179,603 2,387,614 1,943,951
Dividends on preferred stock
210.000
210,000
Balance
2,178,614 1.733,951
[Arca,. 128.
Nebraska Power Co.
(American Power & Light Co. Subsidiary)
-Month of March- 12 Mos. End. Mar.31.
1929.
1928.
1929.
1928.
$9
Gross earnings from oper---- 446,570
41 ,662 5,460,051 4,991.041
Oper. expenses and taxes.-- 234,864
221,648 2,802.743 2,611,978
Net earnings from oper--- 211.706
198,014 2,657.308 2,379,063
Other income
12,675
9,402
192,495
177,111
Total income
224,381
207,416 2,849,803 2,556,174
Interest on bonds
67,250
67,250
807.000
807,000
Other int. and deductions
17.899
14,754
196,392
147.809
Balance
Dividends on preferred stock
139,232
125,412 1,846,411 1.601,365
364,000
364.000
Balance
1,482,411
Illinois Power Co.
1,237.365
(Subsidiary of Commonwealth Power Corp.)
Nevada-California Electric Corp.
-Month of April- 12 Mos. End. April 30
(And Subsidiary Companies)
1929.
1928.
1929.
1928.
-Month of April- 12 Mos. End. Apr. 30.
1929.
Gross earnings
1928.
1929.
1928.
219,810 2,42,698 2,662,675
$
Operat. exps., incl. taxes and 225,988
$
$
$
Gross operating earnings__ _ _
377.533 5,521.104 5,275,426
maintenance
147,915
150,563 1.791,787 1,806,106 Oper. & gen. exp. & taxes- 372.726
197,683
164,381 2,538,599 2,293,461
Gross income
78,073
69,246 1,000,911
Operating profits
856,568
175,043
213,151 2,982.505 2,981,964
Fixed charges
383,248
396,917 Non-oper. earns. (net)
10,334
7.219
141,815
88,151
Net income
617,662
Total income
459.651
185,377
220,370 3,124,321 3,070,116
Dividends on Preferred stock
230,898
225,132 Interest
123,099
123,036 1,473,030 1,408.039
Provision for retirement reserve
150.000
150,000
Balance
62,277
97,333 1,651,290 1,662,076
Balance
236,764
84.518 Depreciation
47,402
42,018
621,174
593.556
Interborough Rapid Transit Co.
-Month of April- 10 Mos. End. Apr. 30.
1929.
1928.
1929.
1928.
$
S
$
Gross rev, from all sources- 6,151,493 5,7&1,059 57,748,164
55,969,556
Expenditures for oper. and
maintaining the property-- 3,545,832 3,217,840 35.335,159
32,716,413
Balance
Disc. & exp. on securs.soldMiscell. additions & deduens
(net credit)
Surplus avail, for redemp.
of bonds, dividends, &c_
14,875
7,958
55,314
7,949
1,030,116
97,182
1,068,520
94,382
24,711
579
57,167
5,683
31,628
47,944
990,101
979,841
2,605.661 2,482,219 22,4138104 23,253.142
New Bedford Gas & Edison Light Co.
Taxes payable to city, State
and the United States
203,597
-Month of April- 12 Mos.Ended Apr. 30
234,146 2,011.315 2.758,651
1929.
1928.
1929.
1928.
Available for charges
2,402.064 2.248,072 20,401,688 20.494,491
$
$
$
Gross revenues
397,827
315,273 4,413,555 4,340,503
Rentals payable to city for
Operating expenses and taxes 229.133
206,357 2,627,228 2,615,073
original subways
221,800 2,212,713 2,214,383
Rentals payable as interest on 222.450
Gross income
168,694
138,915 1.786,327 1,725.430
Manhattan Ry. bonds
150,686 1.506,866 1,506,867 Interest and amortization_
19.667
20,178
236,790
260,090
Div. rental @ 7% on Man. 150,686
Depreciation
32,742
29,328
339,700
372,018
By. stock not assenting to
"plan of readjustment"
Net income
25,380
25,380
253,808
116,284
89,408 1,209,836 1,093,320
253,808
Miscellaneous rentals
21,480
24,615
247,265
236,782
New York Dock Company.
419,998
422,481 4,220,654 4,211,840
-Month of April- 12 Mos. Ended Apr. 30
1.982,065 1.825,591 16,181,034 16.282,651
1929.
1928.
1929.
1928.
$
$
$
$
Interest pay,for use of borRevenues
303,067
329,115 1,104,321 1,274,808
rowed Money ct sinking
Expenses
159,394
171.144
585.545
671,389
fund resuirementsInterest on I. It. T.:
Net revenues
143,672
157,970
518,776
603,419
lat mtge. 5% bonds
699,407
81,169
105,135
699,883 6,977.395 6,921,483 Less taxes, Interest, &c
323,002
388,524
7% secured notes
192,345
194,307 1,928.998 1,950,553
6% 10
-year notes
Net income
48,552
62,502
52,835
47.484
195,773
214,894
481,535
471,341
Int. on equip, trust ctfs
2,850
8.137
54,525
119.300
Sinking fund on I. R. T. 1st
mtge. bonds
The Ohio Edison Co.
190,973
194,935 1,935,505 1,962,377
Other items
(Subsidiary of Commonwealth Power Corp.)
8.451
8,110
72,836
66.037
-Month of April- 12 Mos. End. April 30.
1.142,580 1.144,859 11,450.795 11,492.093
1929.
1928.
1929.
1928.
$
$
$
$
Balance before deducting
Gross earnings
186,179
167,288 2,200.500 1,972,571
5% Man. div. rental
706,110 4,730,239 5,044,364 Operating expenses,including
Div. rental ta) 5% on Man, 839,485
taxes and maintenance
93,062
92,769 1,060.609 1.061.327
modified guar. stock (payable if earned)
231.870
231,870 2,318.708 2,318.708
Gross income
93,117
74,518 1,139.890
911,244
Fixed charges
188,652
159,331
Balance after deducting 5%
Man.div. rental (subject
Net income
951,237
to readjust. (see note).- 607,614
751,912
474.240 2,411,531 2.725.656 Dividends on preferred stock
163,259
152,693
Note.
-The above stated results from the subway
154,000
132,000
tem operations are on the basis of the preferential and also from the sys- Provision for retirement reserve
the company, and are, consequently, considered to deficits as computed by
Balance
be only preliminary and
633,978
467,i419
tentative because they are subject to such readjustment as
sitated by the final adjudication of objections made by the may be necesPhiladelphia & Western Railway Co.
mission to certain items in the accounting under the contract Transit Comwith the city.
Such adjudication may show that a portion of the "balance" on
-Month of April
the subway
Is payable to the city with a corresponding change in that balance
1928.
1929.
on the
system.
$
$
Gross earnings
Kansas City Public Service Co.
70,079
68,301
•
Expenses
40,362
37,896
Month of
4 Mos. End,
April 1929. Apr. 30 '29.
Net earnings
29.717
30.405
3
Charges (including taxes)
3
15,928
15,917
Railway passenger revenue
678,609
2,749.050
Other Railway receipts
23,057
Balance
89,145
13.789
14,488
Bus passenger revenue
48.197
199,118
Other bus revenue
876
3,250
Miscellaneous income
Portland Electric Power Co.
1,445
6,426
-Month of April- 12 Mos. End. Apr. 30.
Gross revenue
752,188
1929.
3.046,989
.
1928.
1928.
1929.
$
$
$
$
Railway operating expense
508.433
1,018,216 12,620,269 12,248.892
2.054.460 Gross earnings
Bus operating expense
Operating expenses & taxes._ 1,037,493
54,947
605,129 7.492.472 7.236,067
226,553
612.486
Taxes
41,675
166,700
Gross income
425,007
413,087 5,127,797 5,012,825
Total operating expenses and taxes
605.055
211.971 2.574,047 2.575,346
2,447,714 Interest, &c
211,261
Gross income
Net income
147,132
201.116 2.553,750 2,437,479
599,275 Dividends
213,746
Deductions
on stock:
Interest on bonds
Prior preference
73,479
464,201
475,221
293,824
Other charges
First preferred
11,600
782,599
699,426
18.728
Second preferred
305.000
330,000
Total deductions
85,079
312.552
Balance
057.832
976,950
Net income
62,052
763,019
779,261
286,722 Depreciation
Minnesota Power & Light Co.
Balance
194,813
197,689
(American Power & Light Co. Subsidiary)
Southern Indiana Gas & Electric Co.
-Month of March- 12 Mos. End. Mar. 31
1929.
1928.
1929.
1928.
(Subsidiary of Commonwealth Power Corp.)
$
$
$
a
Gross earnings from oper--- _ 481,264
-Month of April- 12 Mos. End. April 30.
458,359 6,101,492 5.914,538
Oper. expenses and taxes...__ 189,078
1929.
1929.
1928.
1928.
192,703 2.142,034 2,201,608
$
$
$
$
Gross earnings
Net earnings from oper__- 292.186
255,458 3,257.153 3,066,602
265,656 3,959,458 3,712,930 Operating expenses,Including 275.025
Other income
9,467
200,315
16,801
223,285
taxes and maintenance.._-- 160.206
143,668 1,880,777 1,746,230
Total income
282,457 4.159.773 3,936,215
301,653
Gross Income
114.818
Interest on bonds
111.789 1,376.375 1,320,372
128,497
138,363 1.558,263 1.639.308 Fixed charges
330,812
302,191
Other interest and deductions
4.894
65,901
4,463
59.666
Netincome
1,074,184
980.559
Balance
168,262
139,631 2,535,609 2,237.241 Dividends on preferred stock
368.032
393,821
Dividends on preferred stock
847.269
686,614 Provision for retirement reserve
226,306
246,936
, Balance
1,688,340 1,550,627
Balance
395.220
433.426
MAY 25 1929.]
3503
FINANCIAL CHRONICLE
-There was a net credit to joint facility rents of
Joint Facility Rents.
33,089,488, an increase of $111.859. This reflects an increase of $22,966
Power & Light Co.)
in the amount received for facilities maintained by this company and a
(Subsidiary of Southeastern
Month of 12 Mos.End. decrease of $88,893 in the amount paid for use of facilities maintained by
Mar. 1929. Mar.31 '29. other companies.
-This account includes only the operation of
Miscellaneous Operations.
of which for
265,043
2,897,725 the company's livestock yards at Buffalo, the gross income was
Gross earnings from operations
$34,576.
decrease of $37,967, while net income
142.722
1,559,457 1928 was S806.434, a
Operating expenses, incl. taxes and maintenance
a decrease of $10,468.
Non-Operating Income -Miscellaneous rent income increased 3765,128
122,321
1,338,268
Net earnings from operations
o thewrtsideof
emprolsairdyde
. kAtyaadrsaghi e
78,417 partly through acquisition l new rai ;
8,940
Other income
South Carolina Power Co.
A
of rentals.
lease, together with increased income incident to the adjustment New York
the
referred to in the report for 1927, between the company andentirely owned
State Realty & Terminal Co. (the capital stock of which is Terminal area.
the Grand Central
Balance
729.288 by the company), affecting properties infrom miscellaneous physical propThe increase of $1,452,142 in incomeadjustment involving properties in
208.457
Other deductions
attributable to the
erty is also largely
520,801 the Grand Central Terminal area.
BeaInce
The decrease of $420,485 in profit from separately operated properties
•
173.073
Dividends on cumulative preferred stock
Is due to smaller receipts from operation of the Pittsburgh McKeesport &
347.728 Youghiogheny RR.
Balance for reserves, retirements and dividends
Dividend income decreased $11,656,173, mainly the result of the inclusion in 1927 of extra dividends on the company's holdings of stock of The
Southern Canada Power Co., Ltd.
Michigan Central RR. The Pittsburgh & Lake Erie RR., and the Read-Month of April- 7 Mos. End. April 30. ing Co. andthe reduced dividend income from stock of the American
1928.
1928.
1929.
1929.
Express Co., American Railway Express Co., and Mohawk Valley Co.
$
sold during the year.
175,437
Grose; earnings
151,072 1,237.505 1,040,443
There was an increase of $1,779.054 in income from unfunded securities
338,869 and accounts. A large part of this increase is due to the adjustment of
416,750
Operating expenses
49,661
62.594
accounts, heretofore referred to, as to properties in the Grand Central
701,574 Terminal area. Other items are larger interest receipts from the State of
820,755
Net earnings
101.411
112,843
New York and municipalities in connection with the financing of grade
purcrossing elimination and interest received at final settlement with the Co.,
Utica Gas & Electric Co.
chaser of the company's holdings of stock of the Mohawk Valley
installment of the purchase price.
(Subsidiary of Mohawk & Hudson Power Co.)
being interest on the deferred
-The company
-Month of April- 12 Mos. End. April 30.
Acquisition of Capital Stock of Michigan Central RR.
Central
1928.
1929.
1928.
acquired during the year 197 shares of capital stock of Michigan 186.038
1929.
on Dec. 31 1928.
S
$
at a cost of $197,000, making its holdings
3
3
403,692 4,982,340 4,862,224 shares, or 99.29% of the total outstanding.
423,931
Gross earnings
230,699 2.923.101 2.795.034
230,276
Advanc,es.-Addltional advances of $15,000 for construction purposes
Operating expenses & taxes
were made to The Hudson River Connecting RR. Corp., the total to
*193.654 *172.993 *2,059.238 *2,067,189 Dec. 31 1928 being $24,595.000.
Net earnings
952,978
943.935
80,384
.
76.441
There was advanced to The New York Sr Harlem RR. In connection
Interest & inc. deductions_
with the operation of its traction lines in N. Y. City, the sum of $746,285,
1,115.303 1,114.211 making the total advances on that account to Dec. 31 1928, 32,608,286.
92.608
117.213
Net income
273.235
19.964
244,642
27,817
The company advanced to The Toledo & Ohio Central Ry. $146,000 to
*Indl. credit to res, for deprec
enable it to pay maturing principal installments under equipment trusts.
making the total advanced to Dec. 311928. $2,756,039.
York Utilities Co.
Advances to The Kanawha & Michigan Ry..to enable it to pay maturing
- 4 Mos. End. April 30 principal installments under equipment trusts and for other purposes, were
-Month of April
1928.
1929.
1928.
1929.
1928 to 33.204,397.
$86.197, bringing the total advances on Dec. 31 Corp., of which the com•
$
$
Advances to the Clearfield Bituminous Coal
10,717
9,593
43,335
51.428 pany owns the entire capital stock and the entire output of which it takes
Operating revenues
9,852
9.295
37,835
43,902 for fuel supply purposes, were $125,000. making the total advanced to
Operating expenses
to
298
863
5.499
7.525 Dec. 31 1928, $1,675,000.
Net revenue
Advances to the Cleveland Union Terminals Co. after application
2
12
18 repayment of advances of $2,307.500 from proceed; of bonds issued and
Non-operating income
year, stood on Dec. 31 1928
sold by the Terminal company during the
868
300
5,512
Gross income
7.543 at $10,550,600.
RR. for
Deductions
Advances to The Pittsburgh McKeesport & Youghiogheny
3.392
- 3,392
13,568
interest
13.568 additions and betterments and equipment were $58,154, an equal amount
Coupon
58
174 for the same purposes having been advanced by The Pittsburgh & Lake
Miscellaneous interest
450
450
1,416
1.288 Erie RR. The total of such advances by this company to The Pittsburgh
Taxes
Youghiogheny RR. to Dec. 31 1928. was $16.066,848. re3.842
3,842
By.
15,043
Total
15,030 McKeesport &
During the year The Cleveland Cincinnati Chicago & St. Louis
*2,973
*9,530
*3.541
*7,486 paid to the company $9,000,000 upon the advances previously made to it.
Net income
*2,973
*9,530
*3,541
*7,486 leaving a balance on Dec. 31 1928,_ of $1.250,000.
Surplus
*188,320 *142.825
Ry.- The comSurplus from previous year_
Reduction in Amount of Notes of Cleveland & -Youngstown
notes of the Cleveland & Youngstown By.
*197.851 *150,312 pany held on Dec. 31 1927.
Total surplus
During the year this indebtedness was reduced
aggregating 31.840.906.
1928, of
* Deficit.
•
by a payment of $985.865, leaving a balance due on Dec. 31
3855,041.
of Lake Erie & Western RR.'s Stock.
Balance Due in Connection with Sale
1922 of its
The balance due to the company in connection with the sale into $520,000
Lake Erie & Western RR. was reduced
holdings of stock of The
upon the purby payment
-An index to annual reports of steam chase price. during the year of an installment of $130,000
Financial Reports.
shows the number of stocholders of
-The following table
railroads, public utility and miscellaneous companies which
Stockholders.
have been published during the preceding month will be given the company at the end of each year: In United States -Abroad-Total-on the first Saturday of each month. This index will not
Aver.
Aver.
Aver.
Hold'g. No. Hold'g.
No.
include reports in the issue of the "Chronicle" in which it is
No. Hold'g.
Date,
64
2,772
104
22.270
100
25,042
in the issue of Dec. 31 1915
published. The latest index will be found
69
298
87
28,395
87
28,693
Dec. 31 1918
70
504
May 4. The next will appear in that of June!.
73
33,824
73
34,328
Dec. 31 1921
66
426
84
35,856
84
36,282
Dec. 31 1924
72
384
The New York Central Railroad Company.
77
54,146
77
54,530
Dec 31 1927
68
346
88
52.529
88
52.875
Dec. 31 1928
-Year Ended Dec. 31 1928.)
(Annual Report
-By resolution adopted
Proposed Issue of Bonds by Boston & Albany RR.
company on Jan. 11 1928.
The report is cited at considerable length, together with by the board of directors of this,e 35.700.000 of its 50-year 4the Boston &
% improveAlbany RR. was requested to 1as
corporate income account statement, comparative bal- ment bonds of 1928 to be applied at par for payment to this company on
and improvements to the
ance sheet, &c., under "Reports and Documents" on sub- account of capital expenditures for additions leased lines made during
property of the Boston & Albany RR. and its
sequent pages. President P. J. Crowley says in part:
he issue of the proposed bonds
the period Jan. 11917, to June 30 1927.
-Freight revenue was 3 34,617.642. was authorized by the board of directors of the Boston & .Albany RR. by
2
Revenues. Tonnage and Passengers.
appropriate
$236,533, while revenue freight tonnage was 111,480,773 tons, resolution adopted March 12 1928, and application to thethe guaranty
an increase of
and greatly enlarged classification of public authorities for approval of the issue of the bonds and of
a decrease of 236,235 tons. A new Commission and
-S. C.
effective Jan. 1 1928, thereof by this company has been made.
commodities ordered by the I.
-The proceedings before
Proposed Leases of Lines of Controlled Companies. seeking the authority of
makes comparison in detail with 1927 difficult except as to some of the
-S. C. Commission in which the company is
larger items. Tonnage of bituminous coal decreased substantially and this the I.
were reflected In decreased earnings therefrom. on the Commission for the leasing of the Michigan Central RR.. the Cleveand rate adjustments
of anthracite coal increased mate- land Cincinnati Chicago & St. Louis By., and other lines, are still pending.
the other hand, tonnage and earnings
Feb. 2 1929.
in rate arrangements. Iron
due
rially, largelypartlyto adjustmentsdecrease in related industrial ore move- ID& c. 31 1928, but see "Chronicle" ofElectrification,pages 624. 633.1 and
in New York City
account of
on
West Side Improvernerts, Including
production.
ment fell off,
indicating changes to
-The plan of the Committee of Engineers
large and increased tonnage of automobiles and parts is attributable to Vicinity.
A
branch between Spuyten
be made in the location and grades of the 30th St.improvements was tentaproduction in that industry.
a year of record
municipal
Passenger revenue was 396,917.043, a decrease of $2,188,271, the number Duyvil and St. Johns Par with some
and Apportionment of the City
of revenue passengers carried being 71,338,842, an increase of 243,134. tively approved by the Board of Estimate to the Transit Commission for
referred
Interline passengers decreased 147,805 and local passengers 1.182.629, of New York on May 24 1928. andthe elimination of the remaining grade
reflecting the continued effect of bus and private automobile competition. determination in connection with
held by the Transit
Commutation passengers, however, increased 1.573.568. principally in the crossings on the 30th St. branch. Hearings were
Board of
Commission and decision reserved pending the report of theof 60th St.
New York suburban territory.
south
revenue was $8,811,895, an increase of $687.052. mainly due to Appraisers as to the value of the lands and rights involved
Mail
referred to. Express revenue was $12,- The Board of Appraisers has made its report and Mat hearings have been
the increase in rates hereinafter
that a decision may be rendered
874,709, an increase of $159,464. Milk revenue was 36,568,615, a decrease ordered by the Transit Commission so of New York. The elimination of
was $4,532,616, a decrease of 348.959. and agreements prepared with the City
of $25,468. Switching revenuefacility revenues were
Manhattanville and Dyrirman St. have
$17,410,723, a de- grade crossings in the regions of
Other transportation and joint
been completed and placed in service except for a portion of the freight
crease of $464,418.
-The decrease in expense for maintenance of way yard at Manhattanville. An experimental Diesel oil-electric locomotive
Operating Expenses.
a decrease in the
the year. south of 72nd St. on the 30th St.
and structures is largely attributable to to a reduction in average cost of was Placed in service during
ties and in the rail-laying program and of facilities and forces. There branch.
changes in
the year
Wages.
-Requests of telegraphers for increases in wages and
were alsoexpenses
smallercharges for retirements
incident to flood damage on the Boston & Albany 1927 working conditions were submitted to arbitration during the year and
RR.
included
maintenance of equipment was principally under the awards the company will be subjected to an additional expense
The increase in expense for
passenger cars in 1928 and for of approximately 3300.000 per annum.
due to larger expenditures for rebuilding
-In May 1925, the carriers
locomotives received heavy repairs
Increased Rates for Transportation of Mail.
heavy repairs to freight cars. Fewer
-S. C Commission for an increase in mail transportation
petitioned the I.
than in the previous year.
Office Department and the
traffic expenses is duo principally to the development of rates. With the co-operation of the Post a complete analysis of pasThe increase in
territory.
Commission, the railroads arranged to make
the company's representation in outside accruals were
of 35 days, namely Sept. 16 to Oct.
-Railway tax
$29,136,903. an in- senger train service for a test period used by both the Post Office DepartRailway Tax Accruals.
taxes on net profits of
The data so developed were
crease of $3,943123. Federal incomefor $3,077,000 of this 326,953,000 20 19.5. the railroads in presenting their case to the Commission at hearings
increase, the ment and
on sale of securities in 1928 accountestate in the Grand Central
-S. C. Commission issued an order increasing
Terminal July 1927. As a result the I. mails approximately 15% effective Aug. 1
mainly in taxes on real
balance being
rates for the transportation of
area and elsewhere.
15% retroactive to the date from which
-The net debit to muipment rents was $5,082,960, a 1928, and granted a flat increase of petitions. The estimated effect of this
Equipment Rents.
were as follows: a decrease the carriers respectively filed their
decrease of $748,420. The factors contributing
the ann. mail pay from Aug. 1 1928 of this company
the result of decreased order will be to increase
tines
in the net debit for freight cars of $922,758, largely
$1.196,000 and of all the New York Central system for
in
by
in up
at $3,956.000
payments to other roads reflecting successful efforts f sthe by approximately
floating equipment
$1,625,900, while the retroactive increase is estimated
charges
return of foreign cars, and a decrease in netdecrease fornet credits for loco- this company and $5,315,000 for the entire system. The Government
in
rentals of $20.708. Partly offsetting are a
-S. C. Commission with respect to the requestioned the power of the I.
motive rentals of $111,473, an increase in net payments for passenger train troactive feature of its ordar, as a result of which a test case was instituted
car rentals of $78,394; and a decrease in net credit for rental of work equip- in the United States Court of Claims, which on April 2 1928, rendered its
ment of $5.178.
Total income
Interest on funded debt
131,261
FINANCIAL REPORTS
the
1,416,685
687,427
3504
FINANCIAL CHRONICLE
[VOL. 128.
decision upholding the Commission's power. The Government
from this decision to the United States Supreme Court where the appealed
Seaboard Air Line Railway.
case
pending at the end of the year. But see "Chronicle" of March 23 was
1928.
(Annual Report-Year Ended Dec. 311928.)
page 1928.1
Conveyance to the Company of Gary & Western Ry.-On June 20 1928, the
Extracts from the annual report of the company for the
company, with the approval of the I.
-S. C.
by deed
from the Gary & Western Ry., a subsidiaryCommission, acquired Shore & year ended Dec. 31 1928, together with income
of
account and
Eastern Ry., a railroad 7.53 miles long in the the Chicago Lake
viciniy of Gary. Ind.,
In exchange conveyed by deed to the Chicago Lake Shore & Eastern and balance sheet, will be found under "Reports and Documents"
By.
a segment, 7.53 miles long, of the former Chicago Indiana & Southern RR. on a subsequent page. Our usual comparative tables
were
In the same vicinity. Since 1908, as an incident to certain local relocations published
in V. 128, p. 1220.
to enable the construction and service of the steel and other plants at
Gary, the company and its predecessor, the Chicago Indiana & Southern
TRAFFIC STATISTICS
-YEARS ENDED DEC. 31.
RR.. has operated the Gary & Western By. under lease
Lake Shore & Eastern By. has operated this segment of theand the Chicago
1927.
1926.
1925.
Chicago Indiana Average miles operated- 1928.
& Southern RR. under lease.
4.498,61
4,291.35
3,943.39
3,784.38
No. of tons carried
Nicholas Fayette c% Greenbrier RR.
17,539,921 20,421,890 20.966,030 17.858.853
-On Oct. 31 1928, the I.
-S.
mission issued a certificate authorizing the construction of the C. Com- No.oftons carr. 1 m....3.177,122,021 3391223,902 3637055,733 3298928,858
Nicholas No. of tons 1 mile per
Fayette & Greenbrier RR. between Swiss and Nallen. W. Va., 29 miles.
mile of road
In accordance with the agreement between the Chesapeake & Ohio and
,706,245
790,246
922,317
871.720
this
company providing for joint ownership and operation of the new line. Average distance hauled
•
per ton (miles)
This company has been designated as the agent to build the road. The
181.14
166.06
173.47
184.72
right of way has been largely acquired and construction work started. Avge.rects. per ton p. in. 1.380 cts. 1.369 cts. 1.343 cts.1.330 cts.
This project will insure future coal reserves to this company in both the No.of passengers carried 1,816.296 2.322.485 3,033,043 3,493,166
No. pass. carried 1 mile-226,895,964 276,420,771 345,022,519 370,604,555
high and low volatile coal fields along the Gauley and Meadow Rivers
and No. pass. carried 1 mile
embracing the Kanawha and New River districts.
per mile ofroad
50,437
Rail and Air Service.
64,413
87.494
97,930
-In order to accommodate the company's passen- Av. miles car. each pass_
124.92
gers desiring a faster service, an arrangement was entered into with the
119.02
113.75
106.09
Avge. amount reed from
Universal Air Line System by which planes of that company connect at
each passenger
84.38166
Cleveland with certain New York Central trains
84.18290
$4.02673
83.75701
from Cleveland, Chicago, Minneapolis and St.and carry passengers to and Av.rec'd p. pass. per in.. 3.508 cts. 3.514 cts. 3.540 cts. 3.541 cts.
Louis. This arrangement
became effective in Sept. 1928 and a number of passengers have taken ad- -V. 128, p. 2456.
vantage of this service. While this company does not sell through tickets
Florida East Coast Railway. (Flagler System.)
nor act as agent for the airplane company, it does make reservations for
passengers upon their request.
(Annual Report-Year Ended Dec. 31 1928.)
OPERATING STATISTICS FOR CALENDAR YEARS.
GENERAL STATISTICS FOR CALENDAR YEARS.
[Including Boston & Albany RR. and the Ohio Central Lines.]
1928.
1927.
1926.
1925.
1928.
1927.
1926.
1925.
Average miles operated_
856
851
Miles operated
849
776
6,911
6,906
6,928
6,931 Tons freight carried_
2.083,606 3.663.762 5.127.036 4.230,580
Passengers carried
71.338,842 71.095,708 71.177,121 69,169.940 Tons carried one mile.__449,948,943
682,478,9981040,326.309 978,744,175
Pass.carried one mile__ _3220754514 3,273593747 3,279968062 3.168122188
Avge. rev. per ton per m. 1.719 cts. 1.592 cts. 1.650 cts. 1.641 cts.
Rev.per pass. per mile_ - 3.01 cts.
3.03 cts.
3.05 eta.
3.05 cts. Passengers carried
622,970
804,222
Pass.rev. per train mlle..
1,379,283
1,394,559
$3.08
$3.16
$3.17
$3.30
Tons carried (revenue) 111.480.773 111.717.008 117.786,138 111.223,698 Pass. carried one mile_ _ _122,351,680 131,838.387 228,844,613 260,801,308
Rev.tons carried 1 m1le_22201886378223000029402363423882422463486692 Av.rev, per pass. per in. 3.563 cts. 3.769 cts. 3.836 cts. 3.751 cts.
Rev, per ton per mile.- - 1.057 cts. 1.051 cts. 1.051 cts. 1.069
INCOME ACCOUNT FOR CALENDAR YEARS.
cts.
Frt.rev, per train mile__
$8.80
$8.83
$8.65
$8.56
Operating rev, per mile_
1928.
1927.
1926.
1925.
$55,233
$55,512
$57,669
$55,694 Freight
$7,734,934 $10,865.689 $17,161,562 816,059,142
INCOME ACCOUNT FOR CALENDAR YEARS.
Passenger
4.358.945 4,968,715 8,779.486 9.782.820
Rail, express, &c
[Including Boston & Albany RR. and Ohio Central Lines.)
1,161,625
1,198,894 2,026,676
1,895,293
Incidentals, &c
619,216
826.337
1,459,736
1,395,483
1928.
1927.
1926.
1925.
Revenues
Total open revenues_$13,874,723 $17,859,635 $29,427.460 $29,132,738
Freight
234,617,642 234,381,109 248,365.453 240,115,347
Expenses
Passenger
96,917,043 99.105,314 99,913,735 96,759,666 Transportation
$4,290,761 $6,385,368 $10,593,578 $10,943,839
Mail
8,811,895
Maintenance of way,&c. 2,459,384 3,904,292 4.904,666 4,238,004
Express
12,874,709 12,715,244 13,585,277 13,152,774 Maint. of equipment
2,136,317 2,938.108 4,323.940 3,958,282
Milk,switching, &c
15,115,662 15,339,192 15,190.695 14,735,808 Traffic. &c
1,002,745 1,148,058
Dining cars, storage
787,724
584.414
13,396,293 13.711,609 13,914,266 12,511,046
Total oper. expenses.. $9,889,207 $14,375,826 $20,406,598 $19,927.850
Total oper.revenues-381.733.244 383,377,311 399,537,749 385,994,505
Net earnings
3.985,516 3,483,809 9,020,861
9,204,887
Operating Expenses1,749,447 1,601,422 1,569,935
Maint.of way& struct 50,974,510 54,277,070 53,904,856 52.783,990 Taxes
1,508,579
Uncollectible revenue_ _
39,306
Maint. of equipment- -- 81,947,794 79,614.280 84.187.014
16,680
8.968
14,178
81,218.765
Traffic expenses
5.426,534 5,150,924 4,952,455 4,580,401
Railway open income- $2,196,763 $1,865,708 $7,436,748 $7,687,340
Transportation exps----133,231,379 134,615,446 135,850.198 134,274,256 Rents.
&c
105.608
Miscell. operations
76,532
6,306,741 5,814,663 5,771,803 5,230,613 Other income
150,180
947,265
639,423
General expenses
738.040
10,363,245 13,927,453 14,264,712 12,352,933
Total non-oper. Inc__ $150.180
6947,265
$843,648
$715,955
Total oper. expenses_ _288,250,203 293,399,836
2,346.943 2,812,973 /3,280.396 8,403,295
Net operating revenues- 93,483,041 89,977,475 298,931,038 290,440.958 Gross income
100,606,711 95,553,546
Deduct
Per cent of exp. to rev
(75.51)
(76.53)
(74.82)
(75.24) Hire of freight cars
Railway tax accruals.. _ _ 29,136,903 25,193,780 26,881,808
25,343,923
(debt balance)
$729,575 $1,210,083 $2,130,911 $2.181,474
Uncoil, railway revenues
130,543
106.117
167,080
217,276 Joint facility rents
40,570
63,419
85,936
74,965
Interest on funded debt.. 3,142,700 3,182,350 3.002,925 2,008,525
By.operating income. 64,215,594 64.677,578 73,557.823
158,030
Equip.rents, net debit.... 5,082,960 5,831,380 4,693,333 69,992,348 Rents, &c
170,385
131,524
131,882
118,645
Joint facility rents, net cr 3,089.488 2,977,629 3,294,002 5.079,852 Miscellaneous charges
127,575
3,008,054
Totalomeuctions
inc ded
$4,044.369 $4.587,735 $5,496,447 $4,562,925
Net ry. operating Inc_ 62,222,122 61,823,827 72.158,492
67,920,550 Net
df.$1,697,425 df$1,774,762 $2.783.950 $3,840,370
Miscell. Operations
Revenues
GENERAL BALANCE SHEET DEC. 31.
806.434
844,401
813,799
973,831
Expenses and taxes
771,858
1927.
1928.
799,356
1928.
1927.
791,524
883,456
Assets-Liabilities
S
$
$
$
Miscell. oper. Income_
in road
34,576
Common stock- 37,500,000 37,500,000
45,045
22,276
90,374 Inv.:nylin and
Total operating income_ 62,256,698 61,868,872
me o oill9,593,797 119,155,648 Equip. obliga_ - 7,245,000
72,180,768 68,010,925 Dep. lo ot __
7,990.000
Non-Operating Income
1st mtge. bonds 12,000,000 12,000.000
Inc.from lease of road
e ro
pqu
121,460
101,866
56,105 1st & rot. m. bds 45,000,000 45,000,000
118,545
115.047
116,289
Miscell. rent income_
- 4,678,141 3,913,013 3,158,979 2,704,564 Misc. phys. prop
240,495
205,783 Govt. grants...
33,557
3,346
Miscall. non-oper. physiImPts. on leased
Traf. & car serv.
cal property
railway prop..
1,670.448
9.474
9,474
218,306
balances pay..
104,197
526,188
148,595
550,110 Inv.In MM.
Separately oper. propercos.:
Audited sects &
ties-profit
Stocks
625.521
224,699
1,046,007 1,229,921
224,699
wages payable 1,698,147 2,071,785
1,148,288
Dividend income
. 19.604,392 31,260,564 18,224,255 15,318.325
Advances_
304.461
304,091 Int. Mat'd unpd
79.652
75,322
Inc.from fd.sec.& accts. 3,251,583 3,230,591 3,185,454
43,852
3,215,801 Other investm'ts 2,057.776 2,057,997 Misc. accts. pay
Inc. from unfunded sec.
1,047;385 1,160,849 Unmat. Int.accr
156 901
876.637
870,262
and accounts
Ca8c
4,330,899 2,551,846
79,652 Unma. rnts act.
6107:974881
2.380,356 2,137,074 Spe hial deposits_
10.988
Inc. from sinking and
Loor s & orlls rec
Tran & obi oorv.
732,084 1.037.210 Other curr. liab. Dr 5,282
other reserve funds_ _ _
187,673
168,311
150.670
Other def. nab_ _
18,510
130,599
Miscellaneous income_ _ _
bal. receiv
124,622
101.496
194,659
284,851 Accr. deprec. rd 1,330,146 1,108 4392
"
105.821
12 75
4? 5
98,045 Acts. &
conduc_
48.734
160,337 Acc. depr. on ect 4.818.354 4,030,544
Total non-oper.Inc- 34,594,740 42,608,679 29,076.690 25,419.095 Misc. accts. rec.
414,539
666,230 Tax liability.... 2.080,979 1.611,204
M t Mrlivo reoeip
Gross income
96,851,439 104,477.551 101.257.458 93,430.020 Ioa.a oal & sup v 2,690,629 3,643.075 0th. unadj. cred
392,910
147,440
Deductions
2,500
2.500 Add'ns to propRent for leased roads..
14.117,576 14,360,838 14,340,188 14,079,484 Rents reedy_ - _
8.750
8.750 erty thro. Inc.
Miscellaneous rents_ _ _ _ 1,381,960
Work. fund adv
7.070
893,639
794,546
898,383
891,107
7,225 dc surplus.....
886,012 0h rdet
Other . atto
Miscell. tax accruals
ourr as
assets
1,738,967
282 274
21:28
266,406
6
206,950 Profit & loss__ 17.466,408 19,297,881
235,190
202,303
Separately oper. proper16,605
-loss
ties
52,900
11,271
14,701 Gnadlust. debits 3,198,905 3,732,916 Tot.(each side)131,336.286 133,000,900
Int. on funded debt_
27,744.694 29,292,540 29,268,397 28,684,284 -y. 127. p. 2362.
Int. on unfunded debt
752,012
334,766
67,026
142,210
Amort. of discount on
Pure Oil Co. & Subsidiaries.
funded debt
456.382
501,156
525,268
550,075
(15th Annual Report-Year Ended March 311929.)
Maint.ofinvest. organiz.
3,777
5.267
5.665
5,472
Miscell. income charges_
268,683
257,794
249,305
238.255 CONSOLIDATED INCOME ACCOUNT FOR YEARS ENDED MARCH
31.
Total deductions
46,516,954 45,912,406 45.593,417 44,802,796
1928-29.
1927-28.
1926-27.
1925-26.
Net income
50,334,485 58,565.145 55,664,041 48.627,224
$
$
$
$
Gross earnings
Disposition ofNet Inc.
104,072,295 141.298.985 118,715.18
Not
4
Dividends declared
34,854,879 30,462,783 26,827,815 26,732,833 Costs & oper. expenses.... Available 89,863,988 119,283,066 96,726,230
Rate of dividends_
(770
(87)
Sink. & other res. funds_
Operating income175,851
17 W7
22,510,254 14,208.307 22,015,920 21,988.954
145,179
59.0g4
12F,N Non
,
Invest,in phys. property
-operating profits- 596.154
650
1,246,893
2,812,772
652
Total approp'ns to Inc. 35,030,731 30.622.487 26.972,994 26,858.950
Total income
23.106.408 15,455,200 22.015,920 24,801,726
Surp. for year carried to
Federal taxes
1,447,320 x1.183,367 x2,304,533 x2,391,932
profit and loss
1,240,472
735.119
1.144,654
15.303.754 27,942,658 28,691,047 21.768,273 Interest on notes. &c- - 1,244,846
Shares of capital stock
Depletion &c
c 9,127,189 8,194,832} 8,083,725 8,342,837
outstanding (Par $100) 4.635,591
4,212,854
3.832,582 3,832,582 Depreciation
Earns, per sh. on cap.
stock
Net income
11,287,053 4,836.529 10,892.544 12.922,302
$14.52
$10.86
$13.90
$12.69 Subs. pref.
-V. 128. P. 3348.
160.972
diva
56,000
125.944
62,972
Pref. diva. (cash)
1.775,604
1.615.292
1.614,505
1,935,631
International Telephone & Telegraph Corp.
Corn, diva. (cash)
2,278,870 4.557.649 6,076.740 4,937,516
(Annual Report-Year Ended Dec. 31 1928.)
The remarks of President Sosthenes Behn, together with
the income account and balance sheet for 1928, will be
found under "Reports and Documents" on subsequent
pages. Our usual income account was given in V. 128,
p. 1726. The balance sheet was published in V. 128, p.1903.
-V. 128, p. 3186.
Surplus
Previous surplus
7,009.580def1,622,668 3,039,540 6,314.281
59,407.748 62,000,453 59.500.899 53,128,541
Total surplus
Surplus adjustments__
66,417,328 60,377,785 62,540.439 59.442,822
Dr.541,948 Dr.970.037 Dr.539.986 Cr.58.077
Profit & loss surplus 65.875.380 59,407,748 62,000,454 59,500,899
Shs,corn. out.(par $25)- 3,038.370 3,038,368 3,038 368
3.038.368
Earn, per sh. on corn....$3.05
$0.96
$3.00
$3.70
a Including other taxes. y Includes taxes.
MAY 25 1929.]
FINANCIAL CHRONICLE
BALANCE SHEET MARCH 31.
1928.
1929.
Liabilities$
$
AssetsProp.,equip.,&c.155,290,135 153,866,195 Preferred stock- 28,000,000
Other investmls 5,695,908 4,277,574 Common stock- 75,959,250
Pref.st. of subsContract recelv. 3,000,000
19,000,000
4,004,782 5,154,405 Funded debt_
Cash
Accts. receivable 5,369,499 5,419,463 A ce'ts payable_ - 4,700.674
Pref. divs. Pay'le
485,000
Notes & trust ac1,559,833 Accrued taxes_
1,491,464
ceptances rec.. 1,408,491
Finished ohs__ .115,362,841f 5.561,504 Accrued interest j
1 6,792,988 Capital surplus.. 39,540,621
Crude oils
Materials & supp 3,086,517 3,686,700 Paid-in surplus_ 8,748,009
Deferred charges 2,293,594 2,509,498 Earned surplus. 17,586,750
195,511,767 188,828,160
Total
-V. 128. p. 3012.
Total
$
28,000,000
75,959,250
1,299,200
20,000,000
3,335,665
826,297
59,407,748
195,511,767 188,828,160
West Jersey itc Seashore Railroad.
(33rd Annual Report-Year Ended Dec. 311928.)
INCOME ACCOUNT
-YEARS ENDED DECEMBER 31.
Operating Revenues1928.
1927.
1926.
1925.
Freight
$4,882,121 $5,078,385 $5,221,313 $4,899,369
Passenger
5,074,522
7,788.129
6,001,097
7,140,764
Mall
80,285
78,180
77,643
77.038
Express
114.230
139,572
126,989
136,841
All other transportation_
197,963
387.139
177.134
179,199
Incidental
148,502
145,098
148,579
156,138
Joint facility-Credit..
11,244
15,746
17.919
7,225
Total
$10,484,098 $11,643,817 $12.928,921 $13,451,532
Operating ExpensesMaInt. of way & struc_ $1,537,628 $1,921,567 $2,254,377 $2,261.366
1,987,449
2,223,481
1,915,712
Maint. of equipment__ _ 1.479,199
239.198
232,253
236,309
Traffic
142,903
5,819,980
5.844,348
5,442,517
4,656,014
Transportation
9.306
9,735
8,709
8,054
Miscellaneous operations
335,913
344,789
325,807
260,552
General
Cr.2,119
Cr.2,747
Cr.2.654
Cr 195
Transp'n for investment
$8,084.156 $9,847,874 $10,644,105 310.913,320
Total
2,284,816
1,795,943
2,538,213
Net rev,from ry. oper_ _ 2,399,942
944,481
880,848
1,015,114
Railway tax accruals _ _ 1,070,863
2,680
2,595
938
1,631
Uncollec. railway revs__
$912,414
Railway oper. income $1,328.140
185,967
Hire of equip.
-Dr. bal_
190,111
167,414 Dr.179,747
Joint facility rents
Net railway oper. inc..
$970,614
Non-Operating Income
$108.730
Inc.from lease of road__
Misc,rent income
69,695
Misc. non-op. phys. prop
14,561
Inc. from unfunded securities and accounts_
22,357
Miscellaneous income.._ _
31,261
Gross income
$1.337,740 $1,521,468
178,912
173,184
Cr.3,264 Dr.169,979
$546,700 $1,162,092 $1,178,305
$131,532
88,985
9,736
$786
75,962
14,523
$183.485
70,964
12,572
37,146
4,175
24,554
29,773
25,494
$1,217,218
$818,276
$1,789
14,997
201,296
3,304
624
$2.47
$291,536
$481,527
$4.49
$5.29
1927.
98,250
11,588,450
7,215
5,098,289
689,807
250,016
529,589
99.129
1,211
46,300
985
7.921
38,271
64,723
217,017
1,123,012
2,776,650
128,933
5,402,037
1,787,437
121,924
289,661
2.359,583
Great Northern Iron Ore Properties.
(22nd Annual Report of the Trustees-Year Ended Dec. 31 '28.)
TRUSTEES'STATEMENT OF RECEIPTS AND DISBURSEMENTS.
1927.
1928.
1926.
1925.
Reeeipts from$200,000
$50,000
8200,000
Leonard Iron Mining Co
764,270
$1,087,615
617,295
470,320
North Star Iron Co
925,000
81,000,000
898,285
1,143,470
Arthur Iron Mining Co.
425,000
856,000
325,000
moos
Grant Iron Mining Co
859,360
175,000
15,000
Iron Mining Co
Harrison
178.025
100,000
50,000
Tyler Iron Mining Co
6,210
Van Buren Iron Mining Co420
200,000
150,000
20,000
Polk Iron Mining Co
Total receipts from prop% cos- $4,181,000 $2,314,270 $2,316.000 $2,705,000
9,073
19,040
7.709
8,436
Interest, &c
$4,200,040 $2,323.343 $2,323,709 $2,713,436
74,409
72,196
72,121
87,316
4,125,000 2.250,000
2,250,000
2.625,000
$1.50
$1.50
82.75
$1.75
Balance for period
Balance brought forward
Total surplus Dec. 31
Consol. net Inc., before deple
Dividends
$3,632,334 $2,466,272 $2,287,907 52,162.293
2,250,000 2,250,000 2,625,000
4,125.000
$37,907 def$462,707
def$492,666
$216,272
Balance, surplus
x Trustees' interest in the net distributable income of proprietary companies.
CONSOLIDATED BALANCE SHEET DECEMBER 31.
(Trustees Great Northern Iron Ore Properties and their interests in proprietary oos.)
1926.
1925.
1927.
1928.
AssetsMin.& non-mm.lands & leases--$38,493,987 $40,642,979 $42,890,370 $44,344,942
27,882
29,008
30,547
23,783
Autos., furni're, office bldgs., &c
753,312
351,021
292,896
215,325
Advance royalty disbursements 199,408
174,408
224,408
249,408
Advance account Alworth lease...
Advance under mining contracts:
Butler Bros., $23,307: Orwell
740,707
525,527
396,779
296,778
Iron Co.. $273,472
1,251.106 2,022,691
1,285,398
Def'd accts., chiefly royalty susp- 1,310,637
Securities- Notes Mesabi Cliffs
335,463
575,016
149,189
Iron Mining Co
434,000
Notes: Butler Bros
Stock: Mace Iron Mining Co.
25,000
25,000
25,000
25,000
(total issue. 550,000
Stock: Mesabi Range Townsite
1,400
1,000
1,000
1,000
Co.(total issue, 52,000)....
Stock: Leonard Iron Mining Co.
100.000
100,000
100.000
(purch. by trustees for cash)_
Cash (trustees, $157,046: proprie1,392,825 1,138.204
1,423,845 2,011,787
tary cos., $1,266,799)
154,482
278,172
145,182
159,839
Royalties & accounts
38,911
24,924
23,686
20,961
Interest receivable
192,749
Royalty ore in stock pile
842,942,146 545,334,020 547,402,698 $49,998,083
Total assets
Liabilities
$1,138,400 51,138,400 $1,138,400 $1,038,400
Capital stock
Current liabilities(notably unpaid
510,142
742,497
459,422
532,763
taxes, estimated, $610,829 _ _
Deferred accts. (chiefly advance
1.839.441
1,882.954
2,803,788
royalty collected. $1.601.521_ _ 1,850.928
Surplus paid in, earned, &c.:
Paid-in sur. at date of acquis.,
$22,357,442: earned surp. by
development, $14,868,391:
paid-in surplus (non-mineral
37,703,389 39,808,535 42,058,251 44,045,519
lands), $477,556
Undivided surp., prop'y cos..
$1,307.884: undist. receipts,
1,600,235
1,833,842
1,506,932 2,044.708
trustees, 5199,048
St. Louis Southwestern Railway.
(38th Annual Report-Year Ended Dec. 31 1928.)
Chairman Winslow S. Pierce, New York, May 1, wrote
in brief:
$1,863
13,599
211.257
3,903
564
GENERAL BALANCE SHEET DECEMBER 31.
1928.
1928.
1927.
LtablItttesAssets
$
98,250
Road
25,786.714 25,468,822 Special guar. stock
4,862,748 5.137,348 Common stock__ _11,586,450
Equipment
Stock Ilab.for cony.
99,811
Gen I expenditures
7,215
of outstdg. secs_
Miscellaneous phy241,737
253,383 Mortgage. bonded
sical property_ _
& secured debt_ 4,958,000
Investment in affilTraffic & car serv.
iated companies;
balances payable 519.482
1.001
48,766
stocks
228,903 Audited accts, and
Other investments 231,501
wages payable_
262,361
450,511
730.922
Cash
Misc. accts. pay'le 542,453
10.000
Time drafts & dep.
96,791
5.113
5,113 Int. matured unpd.
.
Speical deposits__
Divs. mat'd unpd.
1,620
Traffic and car serFund.dtmat.unpd
46,300
balance revice
328,361 Unmet. Int. accr'd
562
75,332
ceivable
Unmat,rents accr.
8.607
Net balance receivDeferred liabilities
40,861
able from agents
183.077 Tax liability
218,613
and conductors_ 219,738
Ins.& casualty res. 271.535
Miscellaneous ac168,099 Accr. deprec., road 1,415,914
counts receivable 231,814
Accr. dep.. equip_ 2,675,241
Materials and sup286.515 Other unadj. cred's
205,323
46,376
plies
Add. to prop. thro.
Interest and dive
2.375
6,045
income & surp
5,403.979
receivable
217,047 Fund, debt retired
271,535
Deferred assets154.220
thru Inc. & sure. 1,908,501
Unadjusted debits 236,847
Sinking fund res've 125.719
5.530
Loans & bills rec
Dividend payable. 289,661
Tot.(each side)_33,201,544 33,021,501 Profit and loss- - 2,876,645
-V. 128. p. 2457.
Total receipts
Expenses, &c
Dividends on trust certificates
Amount per share
$3,687,703 $2,529,395 $2,352,319 $2,241,174
x Balance
63,123
64,412
78.881
55,368
Salaries & exp., net, of the trust..
Dr.$28,470
$6,731
12,973
215.909
2,568
752
$291,025 def$124,356
$4.25
$4,440.181 83,041.559 $3,045,790 $2,955,682
Total income
366.467
445,368
468,068
596,719
Taxes
246.440
145,697
248,106
155.759
Miscellaneous expenses & losses..
$42,942,146 $45,334,020 $47,402,698 $49,998,083
Total liabilities
The balance sheet shows only such amounts as represent the interest of the trustees
after elimination of outside stock holdings in the North Star Iron Co. of West
Virginia.
-V. 128, p. 1064.
$576,306 51,046,731 $1,233,191
Net income
$995,208
117,940
121,350
Approp. to sinking fund_
124,860
114,420
(5
(5
Dividends
(5
(5%)579,322 %)579,322 %)637.255 %)637,244
Balance, surplus
Earns, per sh. on 231,729
sits. cap.stk.(par 350)
CONSOL. INCOME OF THE TRUST AND THE TRUSTEES' INTEREST IN
INCOME OF THE PROPRIETARY COMPANIES.
1925.
Calendar Years1928.
1927.
1926.
Net royalty and ore sales Income. $4,239,888 $2,968,809 $2,893,918 $2,814,920
140,762
200.292
72.750
151,873
Int., dividends and other Income
$1,277,918 $1.500,594
$1,844
17,207
206,462
15,701
755
Deductions
Rent from leased ferries..
Miscellaneous rents_ _ _
Miscell. tax accruals_
Int. on funded debt........
Int. on unfunded debt
Misc,income charges_ _
3505
8631
198,416
51,146
197,270
$1,588
195,682
$1,119
194,563
$199,047
$198,416
$197.270
$195,682
-Expenditures made for additions
Investment in Road and Equipment.
and betterments during the year just ended, after allowing for retirements
amounted to $1,791,673.
and adjustments,
-No change has been made in the capital
Capital Stoc and Dividends.
stock issued and outstanding during the period covered by this report.
During the coming year 8,300 shares of additional common stock will
be issued in exchange for new lines of railway.
The directors declared the regular dividend of 5% on the preferred
stock during 1928, which was paid from surplus.
-The application asking authority of the 1.-S. C.
Proposed New System.
-Kansas
-Texas RR., The Kansas
Commission for unification of Missouri
City Southern Ry. and St. Louis Southwestern Ry. Lines has been withfor consolidation of St. Louis Southwestern Ry.
drawn and there is no plan
Lines with any other property pending at this time.
President Daniel Upthegrove, April 25, wrote in substance:
Operating Results.
-The following summary shows in non-technical
language, the operating and income results for year 1928 compared with
the previous year.
% Inc. or
Dec.
1928.
Receipts from$22,524,294 Inc. 8.20
Transportation of freight
1,561,441 Dec. 17.42
Transportation of passengers
1,490,029 Dec. .57
Mail, express and other services
319,844 Dec. 42.45
Other sources
$25,895,609 Inc. 4.58
Total receipts
$24,136,247 Inc. 5.33
Total expenditures
Net Results
After paying operating expenses, taxes and rentals;
$4,093,463 Dec. 1.70
the "standard return"
1.759,362 Dec. 4.79
After all charges, the "net income"
served by the system's lines is still in its developTraffic.
-The territory
ment stage. The flow of freight traffic is not steady and continuous, but is
subject to fluctuations which in some years have been violent. The nature
of the traffic itself has been undergoing a marked but steady change from
bulk commodities, particularly forest products, to the lighter loading,
farm and manufactured products. A substantial part of our traffic neither
originates nor terminates on our lines and comparatively little of it finds
both origin and termination thereon.
In 1910 tonnage originated by the system was 71% of the total tonnage
handled. In 1928 the tonnage originated by the system had &dined to
52% of the total tonnage handled. In 1928. he overhead traffic handled
by the system, that is traffic which found neither origin nor destination
upon the system's lines, controlled by solicitation, constituted 36% of the
total traffic handled, while the overhead traffic of all railroads in the
Southwestern Region was but 22% of the total tonnage handled. While
the location of the system's lines is such that it can advantageously handle
so large a proportion of highly competitive traffic, there are somewhat
larger expenses incurred in (c curing this overhead business.
With so large a portion of its traffic dependent upon conditions beyond
its control, and resulting in frequent fluctuations, the traffic position of the
system cannot be accurately ascertained by the observation of one year or
even of a few y(ars. It has increased upon this system at the rate of about
4% per year.
While the increase in amount of traffic has been gratifying, it has been
accompanied by two changes in the nature of the traffic handled, which
present serious problems. These changes are, first, a decrease in forest
products, offset by increase in the lighter loading commodities.
The inevitable effect of this change in the nature of the tonnage will be
to reduce the revenue level of the tonnage handled. This level was practically constant from 1921 to 1927 at 1% cents per revenue ton mile, but in
1928 it fell to 1.37 cents. A further decline in 1929 and subsequent years
-S. C.
is anticipated, due to a general reduction in rates ordered by the I.
Commission in 1928, a possible decrease in divisions and changes in the
character of traffic noted.
The second problem which the change in traffic has presented, has been
the increased speed and the reduced train loan demanded by the laty
n
competitive traffic now handled. Fast freight train schedules have
3506
FINANCIAL CHRONICLE
shortened as much as 20% during the past year. This makes it necessary
to maintain and improve roadway and equipment to the highest standards.
to improve yards and terminal facilities and to reduce grades south of
Pine Bluff; otherwise, participation in this high class traffic cannot be
continued profitably.
The system has never been an important carrier of passengers. Its
passenger traffic has been largely local or short haul traffic. With the
development of hard roads and consequent increase in the use of public
and private automobiles, passenger traffic fell off at a rapid rate.
It appears that since 1918., passenger traffic has been declining at the
rate of over 15% per annum, while passenger train miles have remained
constant, because in most instances the minimum number of trains permitted by law was operated. In 1927,the local passenger traffic formerly
handled by the company's trains. about 50% was moved by privately
owned vehicles, 25% by motor-coach carriers, and 25% by railroads. By
substituting larger, more comfortable, attractive and safer motor coaches,
all the passenger traffic then handled by both the trains and the motor
coaches could be handled by the latter with but a slight increase in the
coach miles. To accomplish this result, the Southwestern Transportation
Co. was organized, all of whose stock is owned by this company. The
Southwestern Transportation Co. has acquired franchises to operate
1,590 route miles paralleling practically all main and branch lines. Expenditures for franchises, equipment and shops have been authorized to the
amount of $1,000,000, of which $277,685 had been expended to Dec. 21
1928, and $633.735 had been expended as of the date of this report. Effective in Dec. 1928, and Jan. 1929. 317,550 passenger train miles per
annum were discontinued, and motor coach service substituted therefore.
During 1929. it is planned to discontinue additional passenger train miles.
It is believed that by the substitution of motor busses for passenger trains
and the coordination of trucks with local freight service, that not only
substantial savings will be effected by the railway company, but a reasonable return will be earned on the investment in the transportation company.
Construction.
-In 1928, the company entered into contracts subject to
the approval of the I.
-S. C. Commission, looking toward the construction
of a short line from Malden to Memphis through the St. Francis basin.
To this end options were obtained upon the entire capital stocks of the
Gideon & North Island RR.,the Deering Southwestern By. and the Blytheville, Leachvllle & Arkansas Southern By., and surveys made for the
construction of approximately 30 miles connecting these three short lines
with the main line of the company at Malden. Appropriate applications
were made to the I.
-S. C. Commission, which, on March 14 1929, were
approved. The purpose of the project was to shorten the company's route
between St. Louis and Memphis by approximately 88 miles; between St.
Louis and the important cities in the 13t. Francis basin of Blytheville and
Caruthersville of approximately 50 miles and between Memphis and those
cities by 110 miles. The line as now authorized, terminates at Rivervale, a
point between 40 and 50 miles from Memphis. Reconnoissance surveys
will be made shortly, looking towards the continuation of the line into
Memphis.
The capital stock of the short lines will be acquired through the exchange
of 8,300 shares of the company's common stock. The cost of the project
from Malden to Rivervale will be approximately $2,000,000. The company
Is a one-third owner of a modern bridge across the Mississippi River at
Memphis.
During 1928, the line between Mt. Pleasant and Tyler, a distance of 67
miles, was relocated and reconstructed, and the grade line reduced from
2% to 1.2% momentum. The line has been completely graded and partially
relayed with new 85 lb. rail and ballast. The rail and ballast upon the line
will be completed in August 1929. When completed, this work will cost
$2,183,000, of which road and equipment will be $1,295,000. Upon the
completion of this line it will be possible to handle the same tonnage per
train from Pine Bluff to Tyler. This reduction in the grade made necessary
the building of a new yard at Tyler.
This yard is now under construction and should be completed in Sept.
1929, at a cost of $606,000, of which $445.000 will be charged to capital.
Contracts for a like reconstruction of the line from Tyler to Corsicana
have been let and it is planned that this additional work will be completed by
1930, at an estimated cost of$3,137,000, of which $2,742,000 will be capital.
These grade revision projects include new rail and the application of ballast
to lines not previously ballasted, together with lengthening of passing
tracks to accommodate longer trains. It is planned to reconstruct and
ballast the present line from Corsicana to Waco in 1930 or 1931, at an
estimated cost of $1,400,000, of which approximately half will be charged
to capital.
Due to the necessity of concentrating upon revision of grade between
Mt. Pleasant and Corsicana, the revision of grades between Maim and
Jonesboro, from a ruling grade of 0.5% to one of 0.3% has been deferred.
This work is necessary and its estimated cost is $675,000.
In 1928, this company joined the Missouri Pacific RR., the Texas &
Pacific By. and The Kansas City Southern RR., in the construction
of a modern union passenger and mail terminal at Texarkana, Ark.
-Tex.
This project wasfinanced through the sale ofsecurities of the joint terminal.
The total cost of the project was $1,667,000. of which this company assumed 21%. In connection with this project, it is contemplated that the
company will construct a cut-off to the new terminal, at an estimated
Cost of 3135,000, all chargeable to capital and which will very materially
reduce operathag expenses in connection with passenger and mail service
through Texarkana.
The company has acquired approximately 100 acres of land near Jonesboro. Ark, for the purpose of constructing a new yard and terminal at that
point, which is urgently needed. The ground which will be released by the
construction of the new yard will prove valuable to the company for the
location of industries. The estimated cost of the new yard is $550,000.
Equipment.
-During the next few years it will be necessary for the
company to acquire 15 heavy freight locomotives at an estimated cost of
$1,500,000, 16 passenger-train cars at an estimated cost of $400,000. 2,360
freight-train cars at an estimated cost of $5.250,000 and 183 miscellaneous
units (including conversion of revenue cars to work cars) at a total cost of
$400.000. making a total cost of new equipment for the next five years of
$7,550.000. It will be necessary to improve and better existing units of
equipment to an amount of approximately $700,000,of which approximately
3500,000 will be capital.
During the same period it is planned to retire 41 locomotives,31 passenger
cars, 3,153 freight train cars and 157 units of work equipment. This wil
Involve charges to operating expenses of $510,000 and a reduction in capita
account of $4.023,000.
Additional shop and power plant machinery will be needed during the
nextfew years at an approximate cost of $575,000 of which $500.000 will be
capital.
-S. C. Commission handed
Federal Valuation.
-On April 13 1929, the I.
down its final valuation of the system property. This valuation figures the
carrier properties at $58,535,235, as of June 30 1915. It does not include
the value of the company's interest in the property classified by the Commission as non-carrier property, nor does it include value of the company's
Interest in incorporated joint facilities. Additions and betterments since
June 30 1915, which have been made by the system, aggregate $22,656,779. The amount of materials and supplies and cash on hand held by the
system on Dec. 311928. is $6.698,849 in excess of the amount of so-called
working capital included in the final valuation.
The Commission's valuation seems to be in accordance with its principles
of valuation announced in prior cases, which we believe to be fundamentally
unsound and unjust, and ought to be so held with respect to this system's
property, in the event the Commission's valuation should ever become
involved in a judicial proceeding. However, the date of valuation,(June 30
1915) is now so remote that we do not consider the decision of more than
academic Interest unless the so-called O'Fallon or accounting method of
bringing valuation down to date should be approved by the Supreme
Court in the test case now pending before it. In the latter event, vigorous
attack upon the principles of valuation used by the Commission in fixing
our valuation will be necessary in view of the recapture provisions of the
Transportation Act.
[VOL. 128.
CLASSIFICIATION OF REVENUE TONNAGE FOR CALENDAR YEARS,
1925.
1928.
1926.
1927.
Cottonseed & products
except oil
5243,752
$290,529
$206,287
$274,759
Other agric. products...863,569
757,793
878,725
816,765
Products of animals__ 61,062
68,748
60,355
61,978
Bituminous coal_ _
244,295
290,169
199,086
228,009
Clay,graveLsand & stone
737,335
982.320
803,487
789,781
Crude petroleum, &c_ _
240,772
177,836
224,779
85.611
Other mineral products..
98,276
106,611
128.223
103,252
Products offorests
1,573.562
1,535,569
1,447,130
1,433,034
Refined petroleum,&c_
525,090
619,331
652,031
569,806
Other mid,products_
1,312,319
1,293,718
1,239,745
1,049,799
Total
$6,020,304 $5,380,164 $6,026,111 $5,848,720
RESULTS FOR CALENDAR YEARS.
Revenues1925.
1928.
1927.
1926.
Freight revenues
$22,524,295 $20,817,095 $21,993,349 $22,093,552
Passenger
2,486,944
1,561,441
2,126,407
1.890,789
Mail, express, &c
1,074,188
1,102,364
1,013,213
1,077,566
Incidental, &c
477,578
387,665
495,505
485,428
Total oper. revenue. 525,576,766 $24,206,526 $25,692,826 $26,132,262
ExpensesMaint. of way & struc_ - 4,642.108 4,641,477
4.626,890
4,864,847
Maintenance of equip't- 4,306.649 3,938,912 4,660,630
5,504.331
Traffic expenses
1,188,584
1,131,211
913,528
1,029,313
Transportation
7,856,553 7,442,189 7,491,604
7,536,034
General, &c
1,336,739
1,340,782
1,307.063
1.345,076
Total oper. expenses_ _$19,330,633 $18,494,571 $19,353,457 $19,925,859
Net earnings
6,245,132
5,711.954
6,339,369 6,206.403
Tax accruals
1,239,499
1,171,512
1,184,943
1,289,631
Uncollectibles
5.244
5,532
3,312
5,812
Operating income.. _ _ _ $5,002,320 8.4,521,766 $5,043,925 $5,029,359
Other Ry. Oper. Inc.:
Hire offgt.cars-Cr.Bal. Dr.577,037 Dr.39,989
$162,263
$142,024
17.104
Rentfrom locomotives_ _
29,388
21,537
23,296
Rent from pass.-tr. cars_
6,348
5,363
2,043
4,381
21,427
11.769
16,136
Rent from work equip_ _
13,262
Joint facility rent Inc... _
299,838
368,155
359,608
335,241
Total ry. oper. income $4,834,379 34,885,687 $5,602,722 $5,526,745
Deduct. from Ry. ()perinc.
$1,513
Rent for locomotives_ _ _
$4,351
$4,102 . $3,698
36,077
Rent for pass.
36,631
35,059
-train cars
40,455
6,032
2,918
Rent for work equip_ _ _.
4,247
2,839
669,347
670,725
668,388
Joint facility rent deduc_
695,685
Net ry. operating inc- $4,093,463 $4,164,372 $4,891,778 $4,817,854
211,990
555.750
271,176
Total non-operating inc_
319,845
$4,413,307 $4,720,122 $5,103,768 $5,089,030
Gross income
Deductfrom Gross Inc.:
$3,286
$674
Miscell.rent deductions$4.323
$2,703
Miscell. tax tax accruals
423
376
391
2,667,974
Interest on funded debt_ 2,608,655 2,631,502
2,655,515
10,193
Int. on unfunded debt
213,607
14,431
11,573
704
546
Maint. of invest. org_ -645
775
27,579
29.217
23,474
Miscel. income charges_
25,652
$1,759,362 31.847.814 $2,405,539 $2,379,292
Net income
Disposition ofNetInc.:
$32,099
Inc. applied to sink fds _
$58,625
$33,171
Inc. approp, for invest.
in phys'l property_ _
• 1,336
Income bal. trans. to
$1,759,362 $1,814,643 $2,345,578 $2,347,193
profit and loss
994,682
094,682
994,682
Preferred dividends_ _ _ _
994,682
Balance,surplus
$764,680
$819,961 $1.350,896 $1,352,511
Earns. per sh.on 163,561
$8.28
$8.26
$5.02
$4.67
shs.com.stk.(Par $100)
CONDENSED BALANCE SHEET (ENTIRE SYSTEM) DEC. 31.
1927.
' 1928.
1927.
1928.
LiabliiUes$
AssetsCommon stock. 16,356,100 16,356,100
Roaentnd equipmd a
: :
cos.1231,940271:502350 1 514 575 Preferred stock- 19,893,650 19,893,650
ment
121697840 Benda (see "Ry.
Inv.in attn.
&Ind.Comp") 67,706,750 67.793,750
Other luvestis- 6.975,002 7,375,002
Misc. invest'ts. 1,304,068 1,012,508 Accts. dr wages- 2,544,396 2,123,763
251,617
267,889
Cash
3,041,268 4,424,038 Traffic, &o., bal.
486,690
486,662
491,291 Int.St diva. due_
637,893
201,070
152.594
Spe
Agents de66e
Miscell. accts..
and Ctot:
286,419
106,590 Int., &e., accr _
281,357
113.600
doctors' Mils _
691,364
689,669
Traffic,&c., bal.
417,688 Taxes accrued...
7.626
Prem. on fd. dt68224425037
Loansdtbills rec..
1: 6
56
kliscell. accts.7104627 Accrued deprec- 6,965,222 6,622 627
21:56
801,860
450,578
Int.& diva. rec_
332.176
32,277 0th. unadj.seets
28,329
13.293
Mail az supplies 4,851.592 4,413,502 Other del.liabil.
106,088
Ode. eurr. assets
29,340 addlas to prop.
23,005
Work. Id. advs_
thru. income_ 17,145,324 16,913,917
9,248
34,948
Oth.der. assets14 Sink,fund res've 1,093,551 1.093.551
15
39703:981141
70,914
Oth. unadi. deb
597,646
415.416 Misc.fund res..
164,979
0th. appro. our.
Profit and loss_ 9,716,945 9.021.911
Total
143,981,894 142,671,594
-V.128,P. 2456.
Total
143,981,894 142,671.594
United Shoe Machinery Corporation (& Sub. Cos.).
(Annual Report
-Year Ended Feb. 29 1929.)
Chairman E. P. Brown says in part:
Business on the whole throughout the year has been satisfactory. Our
production, machinery, merchandising and service departments have been
busy. Our research and experimental departments have been active in
keeping in touch with new ideas and with developments and improvements
in the art of shoe manufacturing in order that those engaged in the business
may secure the best possible machinery equipment and the most economical
application thereof.
The erection of the new office building at the corner of Federal and
High Streets, Boston, Is now well under way and it is anticipated that it
will be ready for occupancy early in 1930. The building will-be 24 stories
In height with a total floor area of 306,989 square feet, of which the corporation will occupy from 40 to 50%.giving adequate space and up-to-date
facilities for its home office requirements. The demand for the remaining
space for stores and offices indicates a rental return that will show a satisfactory income upon the area available for lease. The entire cost of the land
and building will be paid from the treasury of the corporation without outside financing.
The corporation's claim as allowed by the Mixed Claims Commission for
losses arising from the World War has been reduced by the receipt of
payments amounting to $1,037,226.
INCOME ACCOUNT FOR FISCAL YEARS ENDING FEB. 1929.
1925-26.
1926-27.
1927-28.
1928-29.
Combined earnings of
TRAFFIC STATISTICS FOR CALENDAR YEARS.
United Shoe M. Corp.
1926.
(of N. J. and Maine). $9,119.082 $9,234,964 $8,810.040 $8,900,920
7
192 ;748
1
1925.
1928.
850,000
er
Avage miles operated_
825,000
1.748
780,000
725.000
1.750 Reservefor taxes
1,748
Operations
Net Income
$8.394,082 $8,454,964 $7,985,040 $8,050.920
Passengers carried
1,109,277
1.359,835
1,572,466 x Preferred dividends....
863.785
633.745
634.033
635,773 (6%)635773
Passengers carried 1 mile 47,333,841 57,902,441 64,479,419 74,730,752 xCom,
diva. cash--7.035.096 6,794,886 6.794.885
(14%)8.150.721
Rate per pass. per mile
3.30 cts.
3.27 cts.
3.33 cts.
3.30 cts.
$622,291
$556,121
Balance,sur.for year-def$392.412
$784,095
Tons freight moved_ _
6,026,111
5,559,400
5,84£3,,720
6,186.668
15,939,168 24,859,908 24,303,786 23,681.495
do
do 1 mile_ _ _1644534997 1395902,590 1479328.300 1474751.588 Previoussurplus
(20)9.704,835
Rate per ton per mile_
1.49 cts.
1.49 cts.
1.50 cts. Com.diva.(stock)
1.37 cts.
Earns, per pass,train m31.1053
11.2885
$1.3561
Totalsurplus
$1.0466
$15,546,756 $15.939,168 $24,859,907 $24,303,786
Earns, per frt. train m
8.1442
$3.79
37.6797
$7.9195 Earns.per sh.on com_ _ 37.0014
$3.36
$3.33
Gross earnings per mile_
$13,850
x Approximate[inserted by Ed.l.
14,700
$14,931
$14,663
MAY 25 1929.]
FINANCIAL CHRONICLE
CONSOLIDATED BALANCE SHEET FEB. 29.
1929.
1929.
1928.
1928.
LtabtliffesAssets
3
$
$
$
4,824,523 4,111,772 Preferred stock _ _ _10,596,225 10,596.225
Real estate
1,536,082 1,519,781 Common stock _ _ _58,239,726 58,239,726
Machinery
400,000 Accounts payable_ 1,643,066 1,797,431
Patent rights
400,000
Fed. tax & conting
Securities other cos
reserve
dc leased mach'y65,106,410 65,056,499
3,588,777 3,360,306
Cash & recetir _ _ _11,910,299 12,370,280 Other reserves_ _. _ 3,397,978 2,820,473
9,094,471 9,216,225 Surplus
Inventories
15,546,756 15,939,168
78,792
Miscellaneous_ _ _ _
140,743
93,012,528 92,753,330
Total
-V.127,p. 3263.
Total
93,012,528 92,753.330
Buffalo & Susquehanna Railroad Corporation.
(15th Annual Report-Year Ended Dec. 31 1928.)
TRAFFIC STATISTICS FOR CALENDAR YEARS.
1928.
1927.
1926.
1925.
No. of rev. tons carried_ 1,342,301
1,242,281
1,191,001
1,035,949
No.of rev. tons carr. 1 m143,172,000 125.603,000 89,480,000 96,297,000
Aver, revenue per ton__ 113.30 cts. 116.66 cts. 117.09 cts. 114.83 cts.
Aver.rev. per ton per m- 1.062 cts. 1.154 cts.
1.356 as. 1.420 cts.
No.of rev. pass. carried_
24,587
77,691
33,578
52,217
No. rev. pass. carr. 1 m390,000
1,241,000
903,000
585,000
Aver,rev, per passenger 56.55 cts.
46.94 cts.
60.31 cts.
60.30 cts.
Aver,rev, per pass. p.m. 3.57 cts.
3.46 cts.
3.49 cts.
3.56 cts.
COMPARATIVE INCOME STATEMENT CALENDAR YEARS.
Operating Revenues1928.
1925.
1927.
1926.
$1,520,768 $1,449,246 $1,212,986 $1,367,642
Passenger
13,904
20.249
44,240
31,487
Mail, express, &c
88,632
51,471
51,539
38,539
Incidental
9,678
9,147
11,557
12,894
Total
$1,632,983 $1.530,183 $1.307,499 $1.463,315
Operating ExpensesMaInt. of way & struc
$344.711
$326,584
$331.565
$327,238
Maint. of equipment
562,264
494,876
598.748
511,741
Traffic
22,344
20,999
22,807
22,561
Transportation
444.660
507,411
513,453
470,837
General
97,841
94.462
90,836
109.598
Total
$1,466,076 $1,553,186 01,386,305 $1,509,971
Net operating revenue_ _
166,908
def23.002
der78,805
de146,656
Tax accruals,&c
25,764
12,260
26,214
36,470
Operating income_ _ -- $141,142 def$35,262 def$105,020 def$83.126
Non-Operating Income
Hire of equipment
$207,401
$224,058
$181,406
$221,474
Joint facility
60
Miscell. rent income
2,426
1,121
1,157
1,424
Dividend income
12,878
10,378
110,348
2,878
Income from funded and
unfunded secs. & accts.
151,525
165,720
167,249
172,586
Miscellaneous income_ _
258
266
244
Gross income
$366,282
3515,630
$355,200
$315,481
Deductions
Rent of equipment
448
243
38
Joint facility rents
27,095
26,942
26,807
26,431
Miscellaneous rents_ _ _
26
65
25
25
Int. on 1st mtge. bonds..
177,579
182,964
188,833
194,325
Misc. income charges--9,988
10.418
14,971
15,629
Total
$214,727
$220,799
$230,878
$236,448
Net income
300,902
145,483
124,322
79.033
Income applied to sink'g
& other reserve funds86,094
80,680
74,822
69,295
Transf. to profit & loss $214,808
$64,802
$49.500
$9,738
Divs.pd.fr.sur.,pf. (4%)
160,000
160,000
160,000
160,000
Common
(6%)180,000
She, pref. out.(par $100)
40,000
40 000
40,000
40,000
Earn, per share on pref.
$3.10
$0.13
$5.37
$1.97
PROFIT AND LOSS ACCOUNT FOR YEAR ENDED DEC. 31.
1927.
1928.
1926.
Credits-Balance, surplus, Jan. 1---- $1,080,381 $1,157.102 $1,281,755
Net inc. for year end. Dec. 31. per
inc. statem't
64,802
214,808
49,500
Donations
1,274
971
1,877
Miscellaneous credits
1,121
240
5.615
Adj. for cliff. bet. cost & par val. of
sec. reacq
25.381
26.658
31,441
Total credits
$1,321.783 $1,250,959 $1,370,188
Debits
-Div. appropriations of surP.
(as above)
160.000
160,000
160,000
Uncollectible bal. of revised Guaranty
claim
48.685
Burp. approp. for invest, in physical
property
971
1,274
1.877
Loss on retired road and equipment
2,022
9,115
2,181
Loss on Media Run Coal Co. stk_ _ _ _
3,161
Debt expense on sec. reacquired- _
147
144
159
Miscellaneous debits
4
44
183
Balance, surplus
$1.155,477 $1,080,381 $1,157,102
GENERAL BALANCE SHEET DEC. 31.
1928.
1927.
1928.
1927.
$
$
AssetsLiabilities8
$
by. In road and
Common stock-- 3,000,000 3,000,000
equipment_ _ _. 8,825,797 8,961,554 Preferred stock.-. 4,000.000 4.000,000
x
intprey'ts on leased
1st mtge. bonds:
20.165
railway property
17,984
Outstanding.- 4,395,100 4,525,900
2
Cash in sink.fund_
44
In sinking fund
let mtge, bonds in
(per contra)... 2,195,400 2,064,600
8. 1. (per contra) 2,195,400 2,064,600
In treasury(Per
Deposits In lieu of
368,500
1,249
mtged. property
250 Non-negot'le debt
Securities pledged_ 2,050,190 2,071,835
to affiliated cos_
39
37
Securs. unpledged. 1,590,933 1,964,434 Traffic & car serv.
Cash
439,171
285,364
balances payable
19.478
17,645
89,850 Audited awls and
Matured interest.86,628
Divs, on com, and
wages payable-. 121.557
103,911
80,023
53.233 Int. mat'd unpaid_
preferred stock.
86,656
89,778
Traffic & car servDivs. rnat'd unpaid
80,023
53,233
63,026 Other cure. Habit's
116,091
ice balance .5.516
Other def'd Habit's
Agents & conduc7,998
10,798 Tax liability
tors' balances...
24,006
21 01
7
1
16,072
42,095 Other unadj. ere&
Misc.accts. receiv.
42,945
34,483
159,843 Add'as to property
Materials & KIPP - 192,912
27,311
35,822
through surplus_
Int.& dive. receiv_
10.551
9,580
308
401 Sinking fund res've 595,448
Other curr. assets_
509,352
5.006
13.141 Profit & loss bat_ 1,155,477 1.080,381
Deferred assets...
Unadj.debits (Incl.
62,794
76,930
Total(each side)15,732,195 15,897,068
U. S. Govt.) _
Note.
-The accounts with the United States Government and the profit
been restated to conform to revised return for guarand loss balance have
-S. 0. Commission.
anty period, filed with I.
x After deducting $2,043,552 accrued depreciation on equipment.
V. 128, p. 1222.
St. Regis Paper Company.
(Annual Report-Year Ended Dec. 311928.)
President F. L. Carlisle May 15 wrote in substance:
For the first time there is submitted not only the comparative balance
sheet and earnings statement of the parent company, but also the comparative consolidated balance sheet and earnings statement of the company
and its subsidiaries. The companies inlcuded in the consolidated financial
statements are as follows:
3507
(1) In the paper manufacturing group: St. Regis Paper Co.. St. Regis
Paper Co. of Canada, Ltd., Oswego Board Corp., Panelyte Corp.. Harris
vile Paper Corp., New Hampshire-Vermont Lumber Co., Norwood &
St. Lawrence ER.
(2) In the public utility group: Northeastern Power Corp.. Power
Corp. of New York, Power & Electric Securities Corp., Northern New
York Utilities, Inc., Malone Light & Power Co., Ft. Covington Light,
Heat & Power Co., Milling & Lighting Co.,Inc., Oswego River Power Corp.
Oswego Canal Co., Peoples Gas & Electric Co. of Oswego. Raquette
River Power Corp.
The consolidated balance sheet shows current assets on Dec. 31 1928
of $24,727,931 (of which over $17.500,000 was in cash and call loans)
against current liabilities of 02,576.732, a ratio of over 9 to 1. During
1928, largely as a result of the sale by Northeastern Power Corp. of its
holdings of New England Power Association common stock, the consolidated investment account was reduced by $7,572,513 to $16,182,835.
During this period the consolidated funded debt, including purchase money
obligations, &c., was reduced by $1,382,180 and preferred stock of subsidiaries and parent companies by 3907.700.
On Dec. 31 1928 St. Regis Paper Co. held 1.500.000 shares of Northeastern Power Corp. common stock, representing over 52% of the total
outstanding, an increase of 47,340 shares over the number held on Dec. 31
1927.
In November 1928 the common stockholders received rights to subscribe to 150.000 shares of common stock at $75 per share. Payment for
these shares, amounting to $11,250,000, was made on Dec. 20, so practically no benefit was received from these funds during 1928.
Based on 600,000 shares of common stock which were outstanding
during practically the entire year, the consolidated net income for 1928
amounted to $5,952,316. equivalent to $9.36 per share after preferred
stock dividends. On 750,000 shares of common stock outstanding Dec. 31
1928 the consolidated net income was $7.50 per share.
On Feb. 28 1929 the company purchased the assets of the Bates Valve
Bag Corp., the largest manufacturers of multi-wall paper bags in the
United States. There is no reflection of this purchase in the statements.
This corporation and its subsidiaries own plants for the manufacture of
paper bags in Chicago, Ill.; Los Angeles, Calif.; Birmingham. Ala.; Toledo,
Ohio; Nazareth, and Oakmont, Pa.: Covington, Va.; Menominee. Mich.:
Dryden, Out,, and Three Rivers. Que. The corporation originated and
developed a patent system of packing cement, lime, gypsum, plaster and
other rock products, also sugar, flour and fertilizer, including patent automatic machines for packing and patent paper valve bags. The corporation
manufactures wire ties for cloth bags,retying machines and closing machines
for open-end bags. It leases the use of its machines to cement and other
manufacturers and also licenses certain paper manufacturers to make and
sell its patent valve bag.
-YEAR ENDED DEC. 31.
CONSOLIDATED INCOME ACCOUNT
1927.
1928.
$28,444.013 $17.297,075
Gross income from all sources
Operating and general expenses, interest, dePrec.,
all taxes & ded. for minority int. in subsids_ _ 22,491.698 16,163.481
$5,952,318 $1,133,595
Net income
Surplus Jan. 1 with profit & loss adjust, during year 29,914.786 29,223,655
Total surplus
Preferred dividends
Common dividends
$35.867,102 $30,357,250
178.891
330,943
935,380
1,623.225
Surplus Dec. 31
Shares common stock outstanding
Earnings per share
$33,912,934 $29,242,979
587,780
750.000
$1.63
$7.50
CONSOLIDATED BLANACE SHEET DEC. 31.
1928.
1927.
1928.
Liabilities
Assets
Funded debt _ _ - 38,016,675
Land, buildings,
Fur. mon.obi*. 1,628,920
mach•y,equip.,
Black River Reg.
timberlands,
Dist.-Bal. of
water-power
Cos.' portion
rights & privs_125,518,628 115,908,560
of cost of Still16,182,835 23,755.348
Investments__
704,182
water Reserv_
Cash on deposit
and call loans_ 17,516,578 1,400,772 Notes and accts.
1,216,140
Payable
Notes and accts.
889,338
receivable..._ 3,554,746 5,127,971 Divs. declared._
Inventories ____ 3,588,823 3,276.256 Consumers depos.
130,558
15,389 &c
67,784
& diva. rec_
340,095
219,980 Accr. accounts_
264,512
Life ins. prems.
Depr.& depl. res 8,929,027
Pat'ts, licenses,
Gouging., &c.,
191,824
& trade-marks
467.011'
reserve
Special funds &
171,821 Fed.inc.tax. res 1,408,385
179,742
deposits
Be!. debit items 3,184,723 3,571,073 Pref. itt class A
10,373,485
stks. of subs
Min.int. In cora.
stock and sur.
40,131.629
of subsids__
Preferred stock_ 4,673,600
Cora.stk.& sun.x61,341,149
1927.
39,324,425
1,611,200
796,333
5,415,603
607.673
68.127
380,342
5,078,188
1,921,506
298,324
11,214.885
37,608,171
4,739,900
44,382,494
170,250,196 153,447,171
Total
Total
170,250,196 153,447,171
z Represented by 750,000 no par shares.
-YEAR ENDED DEC. 31 (PARENT CO. ONLY).
EARNINGS
1927.
1928.
$10,579,473 $10.013.559
Gross income from all sources
8.459.099
Expenses, incl. maintenance, deprec. and all taxes 7,801,664
329,503
503,129
Interest paid
$2,274,679 $1.224.957
Balance
SURPLUS ACCOUNT (COMMON STOCKHOLDERS' EQUITY).
1927.
1928.
324,608,571 $13,689,785
Total surplus at beginning of period
1,224,957
2,274,679
Balance as above
Capital increase through issue of common stock- 12,288,700 10.808,100
Total surplus
Preferred dividends
Common dividends
Total surplus at end of period
$39,171,951 $25,722,842
178,891
331,793
1,634,725
935,380
$37,205,433 $24,608,571
BALANCE SHEET DEC. 31 (PARENT COMPANY* ONLY)
1927.
1928.
1927. •
1928.
$
$
LiabilitiesAssets$
$
5-yr.6% gold debs 4,514,500 4,754,500
L'd., bides., mach.,
762,758
Accounts payable. 327,381
equip., timber77,559
78.282
Accrued accounts_
lands, water-pr.
376,838
rights & priv_13,937,061 10,429,799 Dividends payable 532.948
DeDr. of plant prop 5,875,357 2,831,900
Northeastern Pow.
513,398
Corp. corn. stk_22,077,033 19,876,914 Res. for conting_ 282,385
Other Investm'ts_ 2,256,040
726,519 Res. for Federal
28,844
67,225
Cash
income tax
4,443,639
489.611
4.739,900 4,739,900
Notes, tr. accepts.
Preferred stock
& loans tee
99,804 Com. stk. & arr.:37,205.433 24,608.570
286,430
915,057
Accts. receivable
934,861
Inventories
2,036,524 2,322,418
Adv. on pulpwood
2,487,645 1,614.768
operations
66,403
138,839
Prepayments
Loans & accts. rec..
affiliated cos__ _ 4,241,355 1,364,071
230,399
Divs. receivable
447,665
147,419
Life insur. prem.. 179,024
449,466
Def'd debit items_ 118,912
53,585.029 38,732,649
Total
Total
53,585,029 38.732,649
-St. Regis Paper Co. guarantees 51,200.000 St.
Contingent Liability.
Regis Paper Co. of Canada, Ltd..63i% serial gold debentures, due $75.000
annually June 1 1929 to 1933 inclusive, and $825,000 June 1 1934.
-V. 127, p. 2838.
x Represented by 750,000 shares of no par value.
3508
FINANCIAL CHRONICLE
Dominion Steel Corporation, Limited.
(Annual Report
-Year Ended Dec. 31 1928.)
Pres. C. B. MeNaught, Feb. 22, wrote in part:
The properties of the companies controlled by the corporation have been
maintained in good working condition and certain improvements have been
planned, some of which have been completed, that are expected to promote
efficiency of operation and effect a reduction in cost of output.
The Dominion Iron & Steel Co.'s affairs are still being administered by
National Trust Co., receiver and manager. The interest on its 5% 1st
mtge. bonds has been paid up to Jan. 1 1929. but no payment of interest
on its 5% consolidated bonds has been made since March 1 1926. No payments have been made on account of the sinking funds of either of these
issues since the year 1925. Interest and sinking fund payments in connection with Dominion Coal Co.'s and Cumberland Ry. & Coal Co.'s 5% 1st
mtge. bonds and the interest and installments on the corporation's 6% equipment bonds which matured during the year were all paid in due course.
During the year the corporation acquired control of the long established
Peck Rolling Mills of Montreal. The operation of this property is being
continued without any material change in organization or management.
*CONSOLIDATED INCOME STATEMENT YEARS END. DEC. 31.
1926.
1927.
1928.
Combined profits from operations
$
$
after deducting mfg., selling and
admin. exp.. but before charging
sinking funds, deprec. and int. on
funded debt
3,187.516 4,358,114 3,833,274
x Provision for sinking funds, deprec.
& depletion of minerals
1.038,917 1,089,625
1,049,464
Interest on bonds and debentures..1,182,821
1.159.659
1,227.647
Propor. of disc, on bonds written off75.826
75,886
75,526
Net profit for year
$879,344 $2,015,723 $1.508,464
Surplus at Dec.31
5.626.661 3,610,938 12,012,115
Adjustment of Wabana ore sales (applicable to prior years)
90.359
Distrib. to employees of coal min. cos.
91,692
Balance surplus Dec.31
$6,414,314 $5,626.661 813,610,938
x Does not include any provision for deprec. of plants and properties ofthe
Dominion Iron & Steel Co.. Ltd., or Nova Scotia Steel & Coat Co., Ltd.
a Includes Dominion Iron & Steel Co.. Ltd., operated since July 2 1926
by National Trust Co., Ltd., receiver and manager.
CONSOLIDATED BALANCE SHEET DEC. 31.
(With which are incorp. the assets and liabilities of Dominion Iron & See
Co., Ltd., whose affairs are presently being managed by Nat. Tr. Co.. Ltd.I
1928.
1928.
1927.
1927.
AssetsLiabilities-$
8
$
$
Cost of proper6% pref.stock-- 7,000,000
7,000,000
ties
a80,009,063 80,220,190 Dominion Coal
British Empire
3,000,000 3,000.000
Co. pref
Steel Corp.
Dominion Iron &
stocks
1,6,896,404 6,896,404 Steel Co. pref. 5,000,000
5,000.000
Other stocks and
Common stock. 43.000,000 43,000,000
debentures_ _ _
Dom.Coal Co.5e 4,125,500
700,000
4,355,500
Cash in hands of
Dom.Iron & St.
trustees
Co. 1st 5s _ ....- 5,159,000 5,159,000
71,951
123,782
Bonds purchased
do cons. 5s_ 7,035,253 7,035,253
for sink.fund_
176,962 do curr. ser. *4,639,000 *4,639,000
176,962
Inventories _ _ _ - 7,907,507 8,791,644 Cumberland Ry.
Trade accounts
& Coal 5s__ -- *2,571,000 *2,804,000
and bills rec..
Dominion Steel
less reserves
5,788.715 4,927,042 Corp. bonds__
754,000
675,000
Other accounts
Def. payment on
receivable_ --Properties....
160,668
194,144
728,481
689.427
Investments...,
311,741 Adv. sec. by re300,955
Cash in bank
ceiver's Ws_
300,000
and on hand
2,139,935 1,314,412 Accts. pay. and
Bal. rec. on lig.
accr.liabilities 1,637,691 1.600,471)
of curt. accts.
492,603
Wages payable
Deferred charges
212,748
and accrued__
276,161
to operations_ 1,355,857 1,325,727 Bond int. due
and accrued__ 1,703,454 1,440,222
Bal. pay. to co.'s
within British
Emp.Steel Co
670,000
154,241
3,435,171 2,768,315
Reserves
General reserves 10,000,000 10,000,000
8,414,314 5,526,661
Surplus
Total
106,581,213 104,764,558 Total
106,581,213 104,764,556
a After reserve for depreciation of $26,284,976.
b 7% 2d preference stock, $7.391 425; common stock. $3.144,600.
• Guaranteed by Dominion Steel Corp.
-V. 127. p. 2084.
Pan American Petroleum & Transport Company.
(Annual Report
-Year Ended Dec. 31 1928.)
I President R. G. Stewart', New York, May 15, wrote in
substance:
Consolidated Statements.
-The accounts of Lago Oil & Transport Corp
and its subsidiaries are this year included In the consolidated statements.
Heretofore the stock owned by the Pan American Petroleum & Transport
Ce. in the Lago Oil & Transport Corp. has been carried in the balance
sheet under "investments"; and the proportion of profit accruing to Pan
American Petroleum & Transport Co. from the Lego companies has been
shown as a separate item in the profit and loss account.
Properties.
-The consolidated balance sheet shows as of Dec. 31 1928.
total investments in properties, plant and equipment, of $298,330.548.
This indicates a net increase in such investments, as compared with the
combined property accounts of Pan American Petroleum & Transport Co.
and subsidiaries and Lago Oil & Transport Corp. and subsidiaries, as of
Dec. 31 1927, of $18,335.158. Actual expenditures during 1928 for additions to properties, plant and equipment were $26.804,998; but during the
year it was found advisable to make adjustments in the property account,
reflecting the abandonment of wells in prior years. This, with other miscellaneous adjustments, accounts for the difference between actual expenditures for new properties, plant and equipment, and the net increase
in this account as stated above.
Against total properties, plant and equipment accounts of 8298,330,548
there were carried reserves to cover depletion, depreciation and intangible
development costs of 8114,476,792, leaving a net book value of properties,
plant and equipment of $183,853,756.
p Profit & Loss.
-The consolidated net profit of company and its subsidiaries (including the Lago companies) for the year 1928 was $10.071.576.
This profit is after deduction ofintangible development costs,interest charges,
provision of $15,624,991 for depletion and depreciation, provision for income taxes, and for that proportion of net profit applicable to minority
Interests in subsidiaries.
Net profit for 1928 was equivalent to $3 per share on the capital stock
outstanding Dec. 311928, compared with $5.03 per share for the previous
year. The reduction in net profit is largely attributable to two causes:
first, a further decline in realization from fuel oil sales due to generally
lower previaling prices; and second, to the adoption of the policy of charging
off intangible development costs as incurred instead of deferring such
costs for amortization in future years.
Dividends.
-No dividends were declared by Pan American Petroleum &
Transport Co. of Lego Oil & Transport Corp. during the year. Mexican
Petroleum Co.. Ltd. of Del. paid regular dividends of $8 per share on its
preferred stock and $12 per share on its common stock. Pan American
Petroleum & Transport Co. received its proportionate share of these
dividends.
Production.
-Net production of crude from Mexican, Venezuelan and
United States fields for the year was 46,631.774 barrels as compared with
38,896.300 barrels in 1927; an increase of 7,735,474 barrels. Prevailing
market conditions have rendered it advisable to maintain a conservative
ductien. Consideration has been given to the volume
as been possible to develop in territories where the
[VOL. 12S..
company has distributing facilities, and insofar as possible, its production
program has been regluated to conform to its marketing capacity. Some
production has therefore been shut in, in non-competitive producing areas,
and in areas where local conservation policies have been in effect.
Both in Venezuela and in West Texas the potential value of the producing
properties of this company's subsidiaries has been greatly increased by
proving up additional acreage.
Refineries.-Satisfactory progress has been made in the construction of
the new refineries. At Aruba. D.W.I.,the topping units and other facilities
incident to their operation, and storage for crude and refined products are
about finished. This plant began running crude in Feb., 1929, and is now
capable of handling close to 90,000 barrels of crude per day. The construction of cracking units is proceeding in accordance with the schedule
prepared when construction was started, and it is expected that these units
will be in full operation by August, 1929.
Consturction of the new asphalt plant at Hamburg. Germany, has been
somewhat delayed by weather conditions in Northern Europe, but it is
now expected that this plant will be in operation by June, 1929.
The completion of these two refineries will enable the company to handle
substantially all of its crude production from Mexican and Venezuelan
fields through its own refineries; will make possible the diversification of
finished products necessary to secure the maximum realization from its
crude oil, and will effect very substantial savings' in the cost of transportation of its products.
Our usual comparative income statement was published in V. 128, p. 3367.
CONSOLIDATED BALANCE SHEET DECEMBER 31.
1928.
1927.
1928.
1927.
Assets-Liabilities5
Properties
:183,853,765 105,971,761 Common stock- 49,997,750 50,077.950
Investments.... 13,065,481 86,686,021 Com stock B -118,034,739 118,034,700
Acc'ts receiv- 12,595,981 9,342,613 Controlled comCash in hands of
panies' stock01,176.754
trustees under
10-yr.conv.s.f.13s 7,487,500 8,516,000
mortgages_ _ 129,673 Marine eq't bds. 1,683,500 2,756,500
303,980
Read'. claims_ _ 9,253,908 9,253,906 Sub, cos.' bonds
647,000
910,100
Accts. with MM.
Misc. mortgages
176,975
257,800
cos
4,163,518 Notes payable- - 3,850,000 4,500.000
Deposited with
Acc'ts payable__ 9,631,701 4,698,827
Mexican GovDivs. payable,.
26,317
26,449
ernment to
Res, for tax, &c. 8,857,865 6,853,302
protect minorCap.& surP.min.
ity interest_ _ _ 1,307,643 1,500,000 interest
5,855,555
910.977
Invest. in secur.
Capital surplus_ 24,884,106 23,427,259
(temporary)._ 3,410,726 5,932,517 Surplus
27,166,967 29,018,502
Cash
6,050,196 6,641,410
Inventories
24,240,808 20,156,169
Defer.charges
2,217,496 1,387,332
Total
258,299,976 251,164,921
258,299,976 251,164,921
Total
Oil lands, leases and development, steamships, refineries. marketing
stations and facilities, &c., $298,330,549. less reserve for depreciation and
depletion, $114,476,793. a Includes Mexican Petroleum Co., Ltd. (of
Delaware), preferred 8% non-cumulative stock, $148,400, common,$783.800, Caloric Co., preferred 8% cumulative stock. 857,514; common.
$783.800. Mexican Petroleum Co. (California) stock, $1,154.-V. 128.
P. 3367.
GENERAL INVESTMENT NEWS
STEAM RAILROADS.
I.
-S. C. Commission Authorizes Cuts in Wheat and Flour Rates.
-The
I.
-S. C. Commission has authorized Eastern and Western railroads to
reduce freight rates on export wheat and wheat flour.
-N. Y. "Sun,"
May 22.
Freight Cars in Need of Repair.
-Class 1 railroads on May 1 had 142,543
freight cars in need of repair or 6.5% of the number on line, according to
reports just filed by the carriers with the Car Service Division of the American Railway Association. This was an increase of 369 cars over the number reported on April 15, at which time there were 142,174 cars, or 6.4%
Freight cars in need of heavy repairs on May 1 totaled 101,528, or 4.6%.
an increase of 886 compared with April 15, while freight cars in need of light
repairs totaled 41,015, or 1.9%,a decrease of517 compared with April 15.
Surplus Freight Cars.
-Class I railroads on May 8 had 203,467 surplus
freight cars in good repair and immediately available for service, the
Car Service Division of the American Railway Association announced.
This was a decrease of 17,354 cars compared with April 30, at which time
there were 220.821 cars. Surplus coal cars on May 8 totaled 65,823, a
decrease of 21,544 cars within approximately a week, while surplus box
cars totaled 93.426, an increase of 3,474 for the same period. Reports
also showed 24.708 surplus stock cars, an increase of 1,295 cars over the
number reported on April 30, while surplus refrigerator cars totaled 12,376,
a decrease of 38 for the same period.
Matters Covered in "Chronicle" of May 18.-(a) Gross and net earnings
of U. S. RR. for the month of March. p. 3252; (b) 1.-S. C. Commission
approves temporary reduction in freight rates on wheat and flour for
exports, p. 3288: (c) Temporary reduction in freight rates on wheat and
wheat flour for export agreed to by Western railroads. p. 3288;(d) Eastern
railroad executives agree to cut freight rate on export flour, p. 3288; (a)
Barge lines authorized to reduce rates on export wheat, p. 3288; (f) Denver
& Rio Grande Western RR. announce wage increase, p. 3289; (a) 41,500
rail shopmen obtain wage increases-Erie, Canadian National and Grand
Trunk grant 6j% advance May 1, p. 3289; (h) Canadian roads cut rail
rates on grain-Reduction of 2c. a bushel meets decreases ordered in
United States, p. 3289.
Boston 8c Albany RR.
-Earnings.
-
Calendar Years1928.
1927.
Miles operated
407
407
Operating revenues
$30.817,962 $31,116,732
Operating expenses
24,498,773 25,715,013
Net revenue
86,319,188 $5,401,718
Ry.tax accr.&uncoll.rev. 1,726,575
1,839,686
Equip.&joint fadl.rents. 1,039,871
1.182,183
OtNetinc. mp
har ry o o eer. income_ $3.552,741 $2,379,849
448,738
377,706
Gross income
$3.930,448 $2,828,587
Rental of leased lines__ - 3,348,084 3.287,027
Int.& misc.charges- -370,827
427,821
Surplus
$154.542 def$829,268
- 127. p. 405.
1925.
1926.
407
407
$32,826.056 $32,141,494
25,944,666 25,445,413
$6,881,390 $6,696,081
1,664.841
1,830,558
1,049,369
1,024,484
$4,026.349 $3.981,871
279,529
297,356
$4,323,704 $4,261,400
3.286,956
3,293,011
234,523
271,932
$758.761
$739.921
Denver & Summit Ry.-Incorporated.-
This company was incorp. at Denver. Colo., on May 6 1929 with a capitalization a $000 000 to take over and operate the 185
-mile branch of
the Colorado & Southern between Denver, Colo., and Leadville. Three
residents of Denver, W. C. Johnston, J.'W. Reed and Max P. Zall, were
named as the incorporators. Previously the Colorado & Southern had
offered to give this branch to any person or group who would guarantee
to operate it.
Mahoning Coal RR.
-Earnings.
-
Three Months Ended Mar.31Income from lease of road
Other income
1929.
$308,879
x45,240
1928.
$286,801
121,335
1927.
$358,458
80,481
Total income
Taxes
Interest on funded debt
Other deductions
8354,119
34,715
18,750
2,070
$408.136
33,641
18,750
1,841
$438,939
41,056
18,750
1.539
Net income
8377.594
$353.904
$298,584
x Decrease in other income due mainly to the fact that in 1928 in addition to 3 months accrued of dividends on the company's holdings of stock
of the Lake Erie & Eastern RR, there was included the dividends for 6
months on that stock, payable Jan. 1 1928 whereas only 3 months accrual
Is included in 1929.-V. 128, p. 3182.
MAY 25 1929.]
FINANCIAL CHRONICLE
-Stockholders Favor Listing.
Maine Central RR.
W. J. Lanigan, Jr. 120 Broadway, New York City states that over
614 stockholders of the company, including many banks and investment
houses have indicated that they favor the listing of the common stock
upon the New York Stock Exchange. On Dec. 31 1928. according to the
figures contained in the annual report, the company had 1,830 common
stockholders and over a third in number of all of the holders of common
stock have indicated their desire to have the stock listed.
-V.128, p. 3347.
-To Open New Station.
New York Central RR.
-
3509
American Public Service Co.
-Earnings.
Period End. Mar. 31 19293 Months. 12 Months.
Gross earnings ofsubsidiaries
$1,702,218 $7.052,587
Net of subsidiaries for retire. & stocks owned by
American Public Service Co
340,017
1.506,236
Other earnings of American Public Service Co
91,606
529,031
Total earnings
Interest & other deductions of American Public Service Co
$431,623 $2,035,266
547
16.322
President P. E. CroWley of the New York Central Lines and his official
family will open on May 27 a handsome new passenger station at South Net for retirement & stocks of American Public
Bend, Ind. The new station is the climax of improvements in that city
Service Co
$431,076 $2,018,944
on which the New York Central has been working for the past three years. -v. 128, P.
2086
.
The major part of the change has consisted of the elevation of the tracks
for a distance of three miles through the principal part of the city, the de-Registrar.
Atlantic City (N. J.) Electric Co.
pressing of street grades and the elimination of 13 grade crossings by the
The Irving Trust Co. has been appointed registrar for the pref. stock.
construction of 11 subways and the diversion of two streets. Four main
tracks have been provided where formerly there were only two. Freight -V.125, p. 1706.
facilities have also been improved. The new station has a concourse 128
Buffalo Niagara & Eastern Power Corp.
-Extra Div.
by 55 feet, with vaulted ceiling 50 feet in height. The Grand Trunk railThe directors have declared an extra dividend of 30 cents per share in
road will share the use of the new station.
-V. 128, p. 3348.
addition to the regular quarterly dividend of 30 cents per share on the class
Paris Orleans RR.(Compagnie du Chemin de fer de "A"stock (no par value) both payable July 1 to holders of record June 15.
1929.
Quarter End. Mar. 311928.
Paris a Orleans).
-Earnings.
$9,216,794 $8,495,360
Operating revenue
3,299,895
Operating expenses
2,869,787
Calendar Years1928.
1927.
1926.
1925.
507,686
Retirement expense
Receipts (after taxes):
489,037
1,186,743
Passengers
1.127,728
$17,953.199 $17,927,153 $18,368,841 $15,019,482 Taxes
Freight
57,694,942 51,185,683 50,212,505 37.321.190
$4,222,469 $4,008,808
Operating income
Miscellaneous
1,007,910
1,765,330
1,207,549
1,249,301
90,856
Non-operating income
79,094
Total
$76,656,051 $70.878,166 $69,830,648 $53,648,222
Gross income
$4,313,325 $4,087,902
Expend. (after taxes):
1,180,797
1,191.049
Gen. exp., pens's, &c- 4,696,220 15,291,257 12,900.956 10,172,851 Interest, &c
Operating expenses
40,413,838 32.788,596 32,304,153 29,992,382
Net income
$8,132,528 $2,896,853
Maintenance
10,655,633
9,839.360 8,888.843 7,451,482
1.255,397
1,301,728
Miscellaneous
455,221
428,072
399,649 xPreferred dividends
834,952
Total
$56,220,912 $58,347,285 $54,928,906 $48.016,366
Net
20,435,139 12,530.881 14,901.742
5,531,856
Int.on bonded debt-- _$18,975,937 817,728,778 $16.947,547 $15,420,314
-V.127, p. 1251.
PUBLIC UTILITIES.
Matters Covered in "Chronicle" of May 18.-(a) Public utility earnings in
March, p. 3257; (b) Industrial activity based on consumption of electricity
above last year-April sets new high rate in plant operations, p. 3368.
Allegheny Gas Corp.
-To Split Up Stock.
-
The directors have recommended an
mediate increase of the authorized
common stock (no par value) to 300,000 shares from the present 150,000
shares. The additional shares to be issued will be offered to the present
stockholders This proposed 2
-for-1 split-up will increase the outstanding
stock from 121,500 shares to 243.000 shares. A special meeting of the
stockholders will be called to approve of this plan.
Gas sales for the first four months of 1929 were $153,000, which is expected to show approximately 15% increase in net earnings over the corresponding period of 1928. New gas sales contracts and expansion of the
properties are expected te continue to increase earnings.
-V.128, p. 1551.
American Commonwealths Power Corp.
-To Increase
Stock-Further Acquisitions Planned.
-
an increase has been authorized by the board of directors in the class
A common stock from 1,500,000 authorized shares to 3,000,000 shares,
and in class B common stock from 1,000,000 authorized to 2,000,000
shares, both of no par value. A meeting of stockholders has been called
for June 11 1929 to approve the proposal. None of the increased amount
of authorized common stock will be issued except for value and only when
required for the purposes of the corporation.
Balance for class A and common
81,877.131 $1,595,125
Shs.combined cl. A & corn.stk. outstand.(no par). 2.474,758
2,473,898
Earns per share
$0.76
$0.64
x Requirements for dividend on first preferred and preferred stocks of
Buffalo, Niagara & Eastern Power Corp. and for preferred stocks of sub-V. 128. p. 2625.
sidiary companies.
-New Vice-Pres.California Oregon Power Co.
Raiford Erickson, Vice-President in charge of operation of the Byllesby
Engineering & Management Corp.. announces that Perry 0. Crawford,
who has been Vice-President and General Manager of the California Oregon
Power Co.since Sept. 1 1926, has resigned to become president of American
Utilities Service Co., a public utility company recently organized, with
headquarters in Chicago. Mr. Crawford will assume management of the
newly formed company on June 1.
Announcement also is made by Mr. Erickson that Chauncey M. Brewer.
Vice-President and General Manager of Mountain States Power Co., has
been appointed Vice-President and General Manager of the California
Oregon Power Co., succeeding Mr. Crawford. Mr. Brewer also will con-President and General Manager of the Mountain States Power
tinue as Vice
Co.
-V. 128, p. 2991.
-April Output.
Canadian Hydro-Electric Corp., Ltd.
-
This corporation, controlled by the International Paper & Power Co..
produced 165,345,000 k. w. h. of electric energy in April, an increase of
70% over the output in April 1928. In the first four months the corporation generated 661,384,000 k. w. h, practically double its output in the
-V. 128, p. 2626.
corresponding period of last year.
-Debentures Offered.
Central States Edison . Co.
Yeager, Young & Pearson are offering at 99 and int.,
$450,000 6% gold debentures, series A (with stock purchase
President Frank T. Hulswit, May 15, in a letter to the warrants attached).
Dated April 1 1929. Due April 1 1949. Interest payable (A. & 0.) at
common stockholders, says in substance:
office of trustee. Denom. $1,000 and $500 c*. Red. all or part by lot. on
Report of Progress.
-Since March 11 1929 we have completed the purchase and acquisition of Birmingham Gas Co., as of May 14 1929, through
a subsidiary, the American Gas & Power Co.
Investments in Other Public Utilities.
-Regardless of the financial requirements incident to the substantial growth of your own corporation, through
acquisition of additional properties and the natural growth of the properties already owned, your corporation has retained its substantial interests
In the voting stocks of the United Light & Power Co., the American Superpower Corp., the United Corp., Long Island Lighting Co., and others of
Importance. As of May 15 1929 these securities, all listed on either the
New York Stock Exchange, the New York Curb Market or the Boston
Stock Exchange, have an indicated market value exceeding $8,300,000.
These securities are carried on the books of your corporation at their cost,
approximately $4,700,000.indicating an appreciation in value of $3.600,000.
New Securities Issued.
-In order to provide funds to partially pay for
the cost of the Birmingham Gas Co., your corporation sold to its bankers.
$4,000,000 20
-year 6% cony, gold debentures. These securities were offered to the public at 97 and accrued interest and subsequently sold at
103 and accrued interest. The issue was very well received by investors
and substantially over-subscribed.
This issue is convertible into class A common stock of American Commonwealths Power Corp. up to May 1 1932 at $25 per share,
for two years at $30 per share and thereafter for 5 years at $35thereafter,
per share.
It is confidently expected that this issue of cony. debentures will be converted into common stock in a comparatively short time.
The corporation has also sold to its bankers, 100.000 shares of class A
common stock, the proceeds of which and of the 6% cony, gold debentures
above stated, were used to pay in part for the cost of the acquisition of the
Birmingham Gas Co. by providing your subsidiary corporation, American
Gas & Power Co., with funds to do so through the purchase of additional
amounts of the 6% pref. stock and common stock of American Gas &
Power Co., which stocks are now owned and held in your corporation's
treasury.
The balance of the purchase price of the Birmingham Gas Co. was provided for by the sale to the Birmingham Gas Co.'s bankers of $5,000,000
30
-year 5% 1st mtge. bonds and 30,000 shares of $6 1st ipref. stock of that
company. The management of the Birmingham Gas Co. turned over to
Its new officers, headed by Fred W. Seymour. as President, Roy E. Chew,
Resident Vice-Pros, and Gen. Mgr., B. H. Elliott, Superintendent, Frederick E. Webster, Treasurer, and Albert Vermeer, Secretary.
0,414141
Additional Common Stock Requirements.
-The rapid growth of your
corporation, viz.: from approximately $4.000.000 of annual gross earnings
of this date, was anticipated, in the
as of Feb. 1927 to over $19,750.000 as
opinion of the directors, when, at a special meeting of the stockholders
held on Dec. 22 1928, an issue of 1,500,000 shares of class A common stock
and 1,000.000 shares of class B common stock.
Due, however, to the continued growth of your corporation beyond the
then thought of your board of directors, it is imperative that the authorized amounts of the common stocks of your corporation be now further
Increased, so as to provide for a continuation of growth in the future.
There is now outstanding, or there will be shortly, 805.494 shares of
class A common stock (inclusive of that recently sold to partially pay for
the Birmingham Gas Co.) and, in accordance with the terms of the 6%
cony, gold debentures recently sold to your bankers, it is necessary for
your corporation to set aside 160,000 shares of class A common stock to
provide conversion, should the holder of the debentures elect to do so.
There are also outstanding 398,000 option warrants entitling the holders
thereof $3 purchase on or before Sept. 30 1929, a like number of shares of
class A common stock at $20 per share,or thereafter and before June 30 1930,
at $24 per share. It is likewise necessary that the purchase of these shares
be provided for.
The total number of shares of class A common stock which must, therefore, be earmarked or set aside, aggregates 558,000. This, plus 805,494
now outstanding, aggregates 1,363,494 shares out of a total authorized
issue of 1,500.000.
Furthermore, there is in process of acquisition, another important property which will be partially paid for through the issuance of class A com.stk.
It is, therefore, important that the authorized issue of class A common
stock be immediately increased and the board of directors has seen fit to
also recommend an increase in the authorized amount of class B common
-V.128. D. 2989.
atock at this time.
first day of any month at 105 prior to April 1 1934,. thereafter, but prior to
April 1 1939 at 104; therafter but prior to April 1 1944 at 103; thereafter,
but prior to April 1 1948 at 102; thereafter until maturity at par, with
int. added in each instance. Principal and int. payable in New York at
Seaboard National Bank, trustee, without deduction for normal Federal
income tax not to exceed 2% per annum. Company will agree to refund to
holders of these debentures, upon proper and timely application, Conn..
Penn. and Calif. personal property taxes not exceeding 4 mills per annum
each, Maryland securities tax not exceeding 0.6 mills per annum, District
of Columbia, Mich. and Kentucky personal property taxes not exceeding
5 mills per annum each,and Mass,income tax not exceeding 6% per annum
on the interest.
Stock Purchase Warrants.
-Each $1,000 debenture will be accompanied by
a stock purchase warrant, non-detachable except when exercised, entitling
the holder to purchase after Oct. 1 1929 (or at such earlier date as the company may designate) 30 shares of the common stock (no par) of the Central
States Edison Corp., the parent corporation, as follows: Prior to April 1
1932 at $5 per share; thereafter to April 1 1935 at $7.50 per share; thereafter
to April 11938 at $10 per share. In the event that these debentures are called
for redemption prior to April 11938, warrants may be exercised before, but
not after, date of such redemption. Similar warrants entitling the holder
to purchase 15 shares of stock will accompany $500 debentures.
Data from Letter of Walter L. Black, Pres. of the Central States
Edison Co.
Company.
-A Delaware corporation. Supplies, through subsidiaries.
electric light and power, gas, water, ice and (or) other public utility services
to over 9,100 consumers in Wisconsin, Minnesota, Missouri, Nebraska,
Kansas, Oklahoma and Alabama. The combined population of the territories served is in excess of 50.000. The physical properties include electric
generating stations with a combined installed capacity of 3,800 h.p., of
which 1,600 h.p. is hydro
-electric; substation capacit of 3,000 k.v.a
290 miles of electric transmission lines, 6 miles of gas transmission lines, 30
miles of gas distributing mains; and ice plants having a combined capacity
of 140 tons daily.
Authorized. Outstanding.
Capitalization1st lien
% gold bonds, series A
a
$1,600,000
6% gold debentures, series A due April 1 1949-450,000
3
-year 5 % convertible notes, due April 1 1931
609,500
1615,000
7% cumulative ,
65,500
2,500,000
o
ref. stock ($100)
Common stock no par)
10,000 shs. b10.000 shs.
nds or debentures may be issued under the conservative
a Additional
restrictions of the trust indenture and trust agreement.
b All owned by the Central States Edison Corp.
Earnings.
-For the year ended Dec.31 1928,consolidated earnings of the
operating subsidiaries of the company,including those to be acquired, after
certain adjustments in the amount of $15,388, which gives effect to present
operating conditions, are reported by Haskins & Sells, as follows:
Gross earnings
$517,029
Operating expenses, maintenance and local taxes
292,377
Interest requirements first lien bonds
88.000
Balance
$136,652
Interest requirements on notes and 6% debentures (this issue)_
60.522
Of the foregoing net earnings approxiriately 72% is derived from the sale
of electric energy,8% from natural gas, 8% from artificial ice and 2% from
water services.
Purpose.
-Proceeds will be used to defray a part of the cost of acquiring
additional properties and for other corporate purposes.
-V.128, p. 2626.sis
Central States Edison Corp.
-Stock Offered.
-Yeager,
Young & Pierson, Inc., are offering 40,000 shares of no par
common stock at $6.50 per share.
Company.
-A Maryland corporation. Owns, operates and manages
public utility properties. Through ownership of all of the common capital
stock of the Central States Edison Co. (see above) and over 95% of the
common capital stock of the Madison Light & Fuel Co., it supplies or will
presently supply through subsidiaries electric light and power, gas, water,
ice and other public utility services to over 10,000 consumers in Missouri,
Nebraska, Indiana, Kansas, Wisconsin, Minnesota, Oklahoma and Alabama. The total population of territory served is in excess of 60,000.
3510
[vor..
FINANCIAL CHRONICLE
The physical properties of the operating companies include electric
Detroit Edison Co.
-Earnings.
generating stations with a combined installed capacity of 3.800 h.p., of
12 Months End. April 30which 1,600 h.p., is hydro-electric. substation capacity of 3,000 k.v.a.,
290 miles of electric transmission lines, 15 miles of gas transmission lines, Operating revenue
40 miles of gas distibuting mains,and ice plants having a combined capacity Non-operating revenue
of 140 tons daily.
Total revenue
CapitalizationAuthorized. Outstanding. Operating &
non-operating expenses
Cumulative preferred stock $7series(no par)
50,000 shs. 5.000 slas. Interest on funded &
Common stock (no par)
*250.000 shs. 140,000 abs. Amortization of debtunfunded debt
discount & expense
* Ofthis amount27,000shares will be reserved for the exercise of warrants. Miscellaneous deductions
The subsidiaries as of March 31. have funded debt of $2,740,320 and
$65.500 preferred stock outstanding in the hands of the public.
Net inoome
Earnings.
-For the calendar year 1928 consolidated earnings of the -V.128, p. 2627.
operating subsidiaries, including those to be acquired, after certain adjustments giving effect to present operating conditions, are reported as
Gross earnings
Operating expenses, maintenance &local taxes
$35439
13
7:8697
Balance
Interest and dividend charges ofsubsidiaries
Annual dividend requirements,preferred stock
1929.
1928.
854,235,813 $48,830.184
74,305
71.549
$54,310,117 $48.901.733
35.375,308 32.469.746
5,298,340 4.912,584
313,584
313,696
30,277
33,789
$13.288,983 $11,175,543
Drydock East Broadway & Battery RR.-Denied Fare
Increase.
-
$234,142
159,216
35.000
The Transit Commission rejected May 21 as illegal the 7
-cent fare tariff
sheets filed on June 22 1928 by the company,one of the Third Avenue Railway's subsidiary surface car lines. The opinion, written by Chairman
William G. Pullen, declared that the question of "reasonable return" raised
by the company had no bearing because the 5
-cent fare was "contractual
In nature" due to the form
Balance
$39,925 1860 and subsequent years. of franchise grant made by the Legislature in
Of the foregoing net earnings approximately 69% is derived from the
Counsel for the company said that the case would be
sale of electric energy, 12% from the distribution of manufactured and courts, but declined to outline the exact procedure until taken into the
after a thorough
natural gas, 17% from ice and 2% from water.
-V. 128, p. 1225.
study of the Commission's decision. The 7
-cent fare schedules were filed
soon after the Federal courts had granted a 7
-cent fare order to the I.R.T.
Cities Service Co.
-Regular Dividends.
The Drydock's example was followed by the Eighth & Ninth Avenue Ry.
The directors have declared regular monthly dividends of 2Y6 cents per companies and the Steinway Railways of Queens,
cases
share in cash and 3 of 1% in stock on the common stock; 50c. a share on the pending before the Commission. Like the Drydock,whose two are stlll
companies
preferred and preference "BB' stocks, and 5c. a share on the preference filed increased fare schedules under Section 29 of the these Service ComPublic
"B"stock, all payable June 1 to holders of record May 15.
mission law, and contended that they became effective
The common cash dividend is equivalent to 10 cents per share, the rate In all three cases the Commission granted hearings afterwithin 30 days.
suspending the
paid on the old $20 par shares which were recently split up on a basis of schedules, but reversed the legal question as to whether the proceedings
4 new no par shares for each common share of $20 par value. See V. 128. were properly brought under Section 29. Chairman Fullen's decision
p.2991.
rested on the theory that they were improperly brought.
-V.124. p. 1819.
Columbus Ry. Pr. 8c Lt. Co.
-Earnings.
Calendar Years1925.
1926.
1928.
1927.
Gross revenue
$10,267.466 $9,787,372 $9,330,259 $8,710,989
3,914,303
Expenses
4,086.958
4,141,994
4.128,947
Depreciation
1,000,000
1,000,000
1,000,000
1,000,000
Federal tax.&c
912,276
953,240
880,330
1,112.594
Interest,&c
915,552
946,829
911,386
944,803
Net income
$3,114,539 $2,820,245 $2,343,232 $1,968,858
1st preferred dividends
329,208
164,795
444,314
488,628
Series B pref. dividends..
325,954
361,616
325,946
325,946
Common dividends
450,408
900,816
900,816
Sinking fund
304,587
319,439
122,472
Surplus
$672.600
$1.399,149 $1,026,697 $1.383.483
Earnings for 12 Months Ended March 31.
Total gross revenue
$10,299,920 $9,851,407
Operating expenses
.121.8094,102.939
Depreciation
1.000,000
1.000.000
Taxes (including Federal taxes)
1.088,869
910.765
Interest chargft.
870,366
863.192
Other deductions
45,286
61,159
Net income
$3,180,763 $2,906,178
Sinking fund
48,685
1st preferred dividends 6%
490,553
467,057
Series B preferred dividends 634%
325,949
325.945
Common dividends $6
900,816
900,816
Balance (credit to surplus account)
$1,463,445 $1.163,675
-V. 127, p. 2683.
-Large New Public
Commonwealth & Southern Corp.
Utility Holding Company Organized-New Corporation Will
Own Over 40% of Commonwealth Power, Southeastern Power
and Penn-Ohio Edison Common Stocks-Company in Addition
Will Have Over $45,000,000 in Cash.
Announcement was made May 23 of the organization of Commonwealth
& Southern Corp. in Delaware. The corporation will shortly own more
than 40% of the common stocks of Commonwealth Power Corp.. Southeastern Power & Light Co.and Penn-Ohio Edison Co.as a result of arrangements just concluded with the American Superpower Corp. and certain other
large holders of the stock of these companies. The new corporation will
also have, in addition to the securities referred to above, $45,000.000 in
cash.
The largest single stockholders of the new corporation will be the American
Superpower Corp.
The combined gross earnings of Commonwealth Power Corp.. Southeastern Power & Light Co. and. Penn-Ohio Edison Co. exceed $130.000.000
per annum. The operating subsidiaries serve over 1,500 communities in
11 States. They have more than 2,300,000 h.p. installed electric generating
capacity, of which more than one-half is hydro-electric, and they supply
electric service to approximately 1,000.000 customers. The combined
annual output exceeds five billion k.w.h.
For the year ended April 30 1929. the gross earnings of the Commonwealth Power System were $60,475.444. Commonwealth Power Corp.
controls 9 operating companies,furnishing a diversified public utility service
in 621 communities with a population estimated to be in excess of 2.360,000
located in 5 important industrial and agricultural States-Michigan. Ohio,
Indiana. Illinois and Tennessee. The installed electric generating capacity
is in excess of 899,000 h.p. and the annual output now exceeds 2,000.000.000
k.w.h. The company's largest operating subsidiaries are CODSMT10113 Power
Co. operating in Michigan. and the Tennessee Electric Power Co.
For the year ended March 31 1929, the gross earnings of the Southeastern Power & Light System were 847.285,978. The operating subsidiaries of Southeastern Power & Light Co.furnish electric power and light
service, either directly or at wholesale in 868 communities, including
practically the entire State of Alabama, Northwestern Florida. Eastern
Mississippi, Southeastern South Carolina and the greater part of Georgia.
The installed electric generating capacity owned and leased is over 1.200,000
k.v.a. and there are over 280.500 electric customers directly served. The
annual output exceeds 2,300,000.000 k.w.h. The largest operating companies of the System are Alabama l'ower Co. and Georgia Power Co.
Gross earnings of the Penn-Ohio Edison Co. System for the year ended
April 30 1929 were 828.370.673. The principal operating companies of the
System are Pennsylvania Ohio Power & Light Co.. operating in the Youngstown. Ohio. district, the Northern Ohio Power & Light Co.. operating in
Akron, Ohio and vicinity, and Pennsylvania Power Co.. operating in
Western Pennsylvania. The installed electric generating capacity of the
System exceeds 330,000 h.p. and electric service is supplied to over 171,00J
customers in 152 communities. The annual electric output now exceeds
1,000,000.000 k.w.h.
-Earnings
(&
Continental Gas & Electric Corp. Subs.).
1928.
1927.
Calendar Years$32,380,435 $29,629.193
Gross earnings, all sources
13.307,615 12.365.759
Operating expenses
1,754.355
1,943.679
Maintenance
2,651,282
2.278,891
Taxes
3,136,431
2,806,191
Depreciation
2,699,050
Interest on bonds & notes, &c.,ofsub-co. due public 3,093,616
315,558
319,885
Amortiz. of bond & stock disct. of sub-co
Divs.on pref.stocks ofsub-co. due public & propor.
1,258.163
1.710.867
of net ear. attrib. to corn.stk. not owned by co
Gross income avail. to Contin. Gas & Elec. Corp. 86,674,091 $5,694,193
1.825,577
Interest on funded debt
1,249.277
Other interest
137,832
413.903
99,267
171,800
Amortiz. of holding co. bond disct. & exp
$4.611,415 83.859.213
income
Net
825.647
Prior pref. dividends
1.320.053
565
Prof. cumul. dividends
513,049
106.111
Panic. pref. dividends
$3.185,251 $2,519.952
Surplus earns, available for corn,stock divs
$17.82
$14.10
Earnings per share on corn, stock
-V. 127, p. 3242.
Edison General Italian Electric Co. of Milan.
-Increases Dividend-Capital Stock Also Increased to 1,100,000,000
Lire-Rights.
Gross earnings for the year ended Dec. 31 1928 were 249,038,051 lire,
against 208,512,873 llre in 1927. Net earnings after bond interest were
98.567,721 lire, against 88,393,446 lire in 1927. Out of the profits for the
year 1928 the company has paid a dividend of 94,026,128 lire as compared
with 80,658,702 lire in 1927.
In accordance with European custom the company pays its dividends
out of the profits of the preceding year's operations. The increase of 13.367,426 lire in dividends makes the payment for 1929 at the rate of 50 lire
per share, against 45 lire per share on the ordinary shares and 37 lire against
32 lire on the postergate shares for the preceding years.
At the annual meeting of the stockholders the par value of the shares was
increased from 375 lire to 500 lire. This was accomplished by the transfer
from the special reserve of 153,976.267 lire, representing capital definitely
invested in fixed assets as determined by recent revaluation of plants. Te
this was added 33.989.441 lire existing in special reserve at the end of 1927
and 49,534,292 lire derived from conversion of deferred shares into common
shares by balance brought forward from the previous year and by the reserve
funds of the Societe Serbatoi Aplini, which was merged in 1928. Together,
these total 237,500,000 lire and increase the former capital from 712.500,000
lire to 950.000,000 lire appearing in the balance sheet of Dec. 311928.
It was also decided to increase the capital stock by the issue of 300,000
new shares of common stock with a par value of 500 lire, all reserved at the
option of the stockholders at the rate of three new shares to 19 old shares,
at a price of 550 lire per share plus 15 lire accrued dividend. This action
will bring the capitalization to 1.100,000,000 llre.-V. 127. p. 3243.
Eastern Shore Public Service Co.
-Earnings.
Earnings for the Year Ended December 31 1928.
Operating revenues
Operating expenses
Uncollectible bills
Taxes-general
$1.534,037
886.417
10,048
50,308
Net operating income
Non-operating income
$587.263
7.528
Gross income
Bond & other interest charges paid or accrued
Amortization of debt discount & expense
Miscellaneous amortization chargeable to income
Miscellaneous deductions from gross income
Retirement appropriation
Provision for Federal income tax
$594,792
223,546
33,257
1,000
2,406
57,755
6,700
Net income
Earned surplus Jan. 1 1928
$270,128
164.623
Total surplus
Preferred d vidends
Common dividends
$434,752
101.039
129,500
Earned surplus Dec. 31 1928
$204,212
Earnings for Periods Ended March 31 1929.
Gross operating revenue
Available for interest, &c
Interest on long term debt
Other deductions
12 Mos.
2
'113:4g $47i121
g1:2R2 24.1,1%
Net for retirement & dividends
-V. 128. p. 1225.
$63.704
$342,368
Engineers Public Service Co.
-Stock Increased.
The stockholders on May 20 approved an increase in the authorized
common stock to 4,000,000 shares, from 3,000,000. and an increase in the
authorized preferred stock to 1.000,000 shares from 700.000.-V. 128. P.
3351.
Essex & Hudson Gas Co.
-Merger Prevented.
See Public service Electric & Gas Co. above.
-V. 127. p. 2955.
Federal Light & Traction Co.
-Electric Output.
-
The company reports that for the quarter ended March 31 1929, the
electric output of its subsidiary companies was 56,575,523 kwh, an increase of 17.5% over the 48.130.127 kwh, reported for the corresponding
quarter ended March 31 1928.
The total output for the 12 months ended March 31 1929, was 216.786.490 kwh, an increase of 21% over the 179.465,296 kwh, for the 12
months ended March 311928.-v. 128. p. 2992. 2459.
Florida Public Service Co.
-Earnings.
Calendar Years1925.
1926.
1927.
1928.
Operating revenue
$2.058.795 $1,863.207 31.673,250 $1,059,357
Oper.exp.,maint.& taxes 1,018,726
778,249
1.036,053
1,018.219
Operating income_ - 31,040,069
Other income
125.147
$844.987
94.809
$637.197
176,084
$281,108
43,496
Total income
81.165.217
Int. on funded debt &
other deduct
822,311
8939,796
5813.279
5324,604
647,360
457.746
243.637
Net income
Prov.for div.on pref.stk.
Common dividends
5342,904
147,660
120.000
$292,435
144,130
$355.533
93.578
$80,967
47.108
$75,245
3148,305
$261,955
833.859
Balance, surplus
-V.126. D. 865.
MAY 25 1929.]
FINANCIAL CHRONTCLE
Florida Power Corp.(& Subs.).
-Earnings.
-Period Ended March 31 1929Gross operating revenue
Available for interest, &c
Interest on long-term debt
Other deductions
3 Mos.
12 Mos.
$680,637 $2,274,888
379,324
1,052,732
139,650
591,774
42,687
77,688
Net for retirement & dividends
-V. 128, p. 1226.
$196,987
$383,269
General Gas & Electric Corp.
-Class A Stock Offered.
Harris Forbes Corp., Pynchon & Co. and Associated Gas &
Electric Securities Co., Inc., are offering approximately
430,000 shares common stock, class A (priced at market).
Class A stock is listed on the New York Stock Exchange.
3511
1926.
1927.
1928.
1929 (est.).
Gross revenues
$85,136
$343,056 $1,000,023 $1,480,000
Oper. exps., cost of gas,
taxes. maint., &c_ _ _ _
35,980
270,833
746.782
1,080,000
Net income avail,for int.
deprec.& Fed. taxes_ _
49,156
72,223
253,241
400,000
Int. on outstdg. funded
debt
120,000
120,000
Maximum ann. div. req.
on this issue
35,000
Of the net earnings shown above, approximately 40% are derived from
services within the city of Houston and 60% from the other communities
served.
CapitalizationAuthorized. Outstanding.
$5,000,000 52,000.000
1st mtge. collateral 6% geld bonds
1,000,000
-year 6% debentures
5
1,000,000
500,000
7% cumulative preferred stock
*100.000 s
Class "A"stock
150,000 shs. 150,000 shs.
Common stock
* 50,000 shares class "A" stock reserved for subscription rights under
warrants attached and to be attached to 1st mtge. collateral 6% gold bonds.
Sale of the remainder of the class "A" stock is restricted to the price provisions of the warrants attached to the bonds, which is 510 per share during
the period from Dec. 1 1928. to Dec. 1 1929, and thereafter at prices increasing 50 cents per share for each succeeding year until Dec. 1 1933.
-Proceeds from the sale of this preferred stock are to be used
Purpose.
to provide funds for additional extensions and other corporate purposes.
V. 128, p. 3351.
-Corporation controls through subsidiaries public utility
Business.
companies serving principally electricity and gas to more than4 4,000 consumers in important communities in South Carolina and Florida, and the
Lexington Water Power Co. which is constructing a hydro-electric development on the Saluda River, 10 miles west of Columbia, S. C., the initial
installation of which is to be 130.000 k.w. and which is expected to be in
operation about Sept. 1 1930.
In addition the corporation has made large investments in securities of
public utility and allied enterprises and to the extent that such investments
are temporary, it is planned to replace them permanently with similar
securities in other utility and allied enterprises.
-Decision Upheld.
Hudson County Gas Co.
Capitalization (as of April 30 1929).
Common stock (no par value):
-V. 127, p. 2955.
See Public Service Electric 8-, Gas Co. below.
Class "A" (incl. this issue)
750.612 shs.
Class "B"
International Telephone & Telegraph Corp.-Sub-399,091 shs.
$8 cumulative preferred stock
62,601 shs. sidiary Expands.
$7 cumulative preferred stock
83,391 shs.
In addition, there are outstanding 380,320 dividend participations which
This corporation through its subsidiary. the International Standard
it is proposed to reacquire in exchange for common stock, class "A," on the Electric Corp., Is entering into the field of the manufacturing of electrical
basis of three shares of common stock, class "A" for each eight dividend communication apparatus in Germany by the purchase of a substantial
Participations. Upon completion of such exchange there would be 142,420 interest in the Ferdinand Schuchardt Berlin Telephone & Telegraph Works.
It is planned to expand this German factory in order to increase its national
additional shares of common stock, class "A."
distribution of telephone, telegraph and radio apparatus, as well as to
Subsidiary Companies:
develop esport trade. In taking this step the International is extending
Funded debt
940,928,700
Preferred stock-liquidation value
6,344.340 to Germany the benefit of the great inventions and technical experience
Minority common stocks
33.824 shs. resulting from the world-wide system of the International Standard Electric
Earnings.
-The following statement reflects the present annual cash Corp. and its associated companies. located in Berlin, is one
of the oldest
The Ferdinand Schuchardt factory.
dividend and interest income, based on current cash dividend and interest
rates, receivable by the corporation on the securities owned at April 30 1929 of the communication apparatus factories in Europe. It has kept up closely
modern electrical communication and occupies
with the development
Dividend and interest, income
$5,988,543 a prominent position inof field.
the
Expenses and taxes
450,746
The International Standard Electric Corp., the principal manufacturing
organization of the International System, has factories in England, France,
Netincome
$5,537.797 Belgium, Spain, Italy, Austria, Hungary, Czechoslovakia, Australia, China
Annual dividend requirements en preferred stocks
1,084,603 and Japan with a sales organization extending throughout the world.
Balance for class"A"and class "B"stocks*
$4,453,194 -V. 128, p. 3186.
* Treating outstanding dividend participations as retired in exchange for
-Earnings.
Keystone Public Service Co.
common stock, class "A," on the basis mentioned above.
The distributable earnings as above, applicable to the common stocks,
Periods Ended March 31 1929
class "A" and class "B," (including 142,420 shares of common stock, Gross operating revenue
$411,318 51,449,205
243,134
class "A" when issued), were equivalent to $3.44 per share of common Available for interest, &c
823,286
45,000
stocks, class "A" and class "B."
Interest on long-term debt
157.195
12,521
8,223
In the above income all dividend income is taken at the cash dividend Other deductions
rates. The dividends on certain of the stocks of companies, not controlled
Net for retirement & dividends
$185.613
by this corporation, are taken in stock. Taking such stock dividends at the
$657.869
market value of the dividend stock increases the net earnings applicable -V. 127, p. 2684.
to the common stocks, class "A" and class "B." on the above basis, by
upwards of $1,700,000. making the earnings applicable thereto, $6.138,194
-Stockholders Form ComManhattan Ry., N. Y. City.
or equivalent to $4.74 per share of common stocks, class "A"and class "B."
-A stockholders' committee has addressed the followDividends.
-Dividends at the annual cash rate of $1.50 per share have mittee.
been paid on the common stock, class "A," since issuance, and in 1928 an ing letter to the stockholders:
extra cash dividend of 50c. per share was declared and paid, which it is
leased in 1903 to the Interborough Rapid Transit
The
expected will continue annually hereafter. The holders of common stocks Co. forproperty was an annual guaranteed rental of $7 per share. In
999
at
are given the privilege of subscribing for additional shares of common 1922 94% ofyearsstockholders consented to reduce their guarantee from
the
stock, class "A," at $25 per share, to the extent of the dividends receivable, $7 to $5 annually with the understanding that after the Interborough
in lieu of receiving the cash dividend. On this basis, the shares obtained Rapid Transit paid $4 dividends on its own stock, the Manhattan stock
for the dividend are equivalent to a stock yield of 8%.
would be restored to $7.
Balance Sheet of the Corporation at April 30 1929.
These guaranteed dividends were paid until October 1927, when a controversy arose between the City of New York and the lnterborough comLiabilUZezInvestments
5104,943,191 58 dB. pref.(62,601 shares)- 56.260,110 pany questioning certain preferentials and because of this controversy the
,
who
Cash
156,610 $7div.pref.(83,391shares)_-_ 8,339,910 dividends to the holders been have consented to reducing their dividends
paid, but the stockholders who refused to
from $7 to $5 have not
Aects. & loans receivable- _
7,646,801 Corn. stocks, stated capital
consent to the modification of the lease and reducing their dividends
Interest & dividends receiv_
503,505
& capital surplus
94,376,402
have continued to receive their $7 dividend annually. There is now due
Deferred debits
14,258 Accounts payable
380,905
Accrued liabilities
87,871 on the modified stock of the Manhattan Ry.approximately $10 accumulated
deposited with
DIM declared for 1929
2,106,945 dividends, which the Interborough hasdispute and to a trust company,
which the holders
Reserves
1,032,767 pending settlement of the preferential
of the Manhattan modified stock are entitled. We believe this will eventsurplus
Corporate
679,455
tually be paid, but will be delayed for a considerable period unless the
to have
Total
$113,264,365
Total
$113,264,365 stockholders co-operate in an effort an early these dividends released.
decision on these accumulated
Besides the importance of securing
-V.128. p. 3195.
dividends, it is of outstanding importance that the stockholders should
and in negotiations involving the adjustHamburg Elevated, Underground & Street Railway be represented at conferences pending between
ment of the controversies now
the city, the Transit ComCo.
-Earnings.
mission and the Interborough Rapid Transit Co.
We believe that the recent decision of the U. S. Supreme Court in the
According to cable advices to Brown Brothers & Co., Co. reports gross
earnings for the year ended Dec. 31 1928 of $15,271,403 or an increase of matter of the attempted increase of fare by the Interborough Rapid Transit
nearly 10% over 1927. Net earnings in 1928, after liberal depreciation, Co. in no way adversely affects the Manhattan Ry. or its stockholders.
amounted to $1,470,179, or more than three times the annual interest In fact, it is interesting to note that the Court, in its opinion, referred
requirement on funded debt outstanding on Dec. 31 1928. Before de- to the value of the Manhattan for rate-making purposes, as being in excess
ducting depreciation, such interest requirement was earned more than of $150,000,000. and upon this basis, if we consider that there are only
$45,000,000 of bonds outstanding, there would be a valuation for the
six times in 1928 and about 5% times in 1927.
600,000 shares of the stock of your company in excess of $150 per share.
Year Ended Dec. 311928.
1927.
The undersigned, owners of a very substantial percentage of the issued
Gross earnings
$15.271,403 $13,908,863
Operating expenses
12,435,193 11,332,687 stock of your company and representing a number of other large stockholders, have determined that the interests of the stockholders require
Depreciation
1,366,031
1,115,658 the
organization of a protective committee, the purposes of which will
Net earnings after depreciation
$1,470,179 $1,460,518 be to make further careful investigation of the affairs of your company
and its relation to the transit situation in this city, with the view of planning
-V. 126, p. 3588.
and determining the proper course to pursue in the interests of the stock-New Well.
Houston Gulf Gas Co.
holders, consistent always with the public interest. Such a union of
This company. a subsidiary of the United Gas Co., has completed a stockholders by concerted effort will better safeguard the interests of all
-barrel oil well, Shelly Seven, at 3,700 feet in Refugio County, Texas. concerned, and accordingly, a stockholders' protective committee has
500
This is the company's second producing oil well in the Beguile field, and been organized by the undersigned. It is not proposed at this time to
is located near the center of Houston Gulf Gas holdings which aggregate ask for the deposit of stock but to seek representation in the present crisis
13,000 acres. A third well is on top of the sand and will be brought in, not only for the stock which the undersigned own or represent, but also
for the stock of other owners who may desire to join in this concerted effort.
-V. 127. p. 1807.
it is expected, in the next week few days.
In order that the committee may be successful in its efforts to protect
Houston Natural Gas Corp.-Pref. Stock Offered.
-An the rights and equities of the stockholders and to secure for them an early
dividends,
issuo of $500,000 7% cumulative preferred stock (par $50) resumption of unification as well as a fair price for their stock in the event
the proposed
of the cityb tractions
be consummated.
is being offered at $48 per share by George D. Morgan, it is important that it should represent a veryshould proportion of the
large
outstanding stock.
Galveston, Texas.
The committee will serve without
Dividends exempt from normal Federal income tax. Maryland Trust liminary expenses will be defrayed bycompensation and any ncessary preit.
Co. Baltimore, Md., transfer agent. Dividends payable Q.
-J. Red. in
Committee.
-Nathan L. Amster. Chairman; Edward M. Hamlin (of
whole or in part on any dividend date upon three weeks notice at $55 per E. M. Hamlin & Co., Boston, member of N. Y. Stock Exchange), Michael
share and dividends.
O'Keefe )Chairman of Board
Company.-Incorp. in Delaware. Owns all of the stocks and bonds of the (of J. S. Bache & Co., New of First National Stores), Morton F. Stern
York. member of N. Y.
following public utilities: Houston Natural Gas Co., Texas Natural Gas Hon. Peter G. Ten Eyck, Albany, N. Y., with Charles Stock Exchange);
R. Jeffers, Sec.
Tex-Mex. Natural Gas Co. and Gulf Cities Natural Gas Co. V. 128, p. 3351.
Utilities,
Through these wholly owned subsidiaries, corporation supplies natural
gas to industrial and domestic consumers in Houston, Texas City, Victoria,
Michigan Electric Ry.-Successor Company.
Wharton. Beeville, Richmond, Bay City, Baytown, Freeport. La Porte,
The bondholders' committee for the 1st & ref. mtge. gold bonds, series A
Goose Creek, l'elly, Pasadena, South Houston, West University Place, (5% due 1948) has issued the following notice to the holders of certificates
Edna, Goliad, Stafford, Alvin, Ganado,
Bellaire,
Hungerford, of deposit issued by any of the depositaries of the Michigan Electric Ry.
Inez, Mackay. Missouri City, El Campo, Kingsville, Alice, San Diego: bondholders' committee, and to the holders of the bonds:
Agua Dulce, Brunt and other communities. Population served estimated to
The reorganization of the Michigan Electric By. has been consummated
exceed 337,000.
by the transfer to the new company, the Michigan Electric Shares Corp..
-The consolidated earnings of the corporation and its subs. and its subsidiaries, of the properties of the Michigan Electric Ry., in
Earnings.
the three years ending Dec. 31 1928 Nov. and Dec. 1928, estimated exchange for which the new company is authorized to issue its no par value
for
are given below. Whitman, Requardt & Smith, Engineers, Baltimore, shares of capital stock on the basis of one share for each $100 face or principal
estimate the minimum net earnings in 1929 at approximately $350,000 amount of Michigan Electric Ry. 1st & ref. mtge. gold bonds. series A
and maximum net earnings at $450,000 and are based in part upon the (5% due 1948), with all coupons maturing on and after Jan. 1 1925 attached
expected benefits from construction recently completed, work now in thereto, surrendered for cancellation. The new company has agreed to
progress and new extension contemplated. The average of these estimates pay and assume all indebtedness required by the court to be paid and all
for 1929 is shown below:
costs incident to the receivership and reorganization.
3512
FINANCIAL CHRONICLE
Those entitled to capital stock of the new company can obtain possession
thereof as follows, viz.:
W.Holders of certificates of deposit issued by any of the depositaries
should present such certificates to the Irving Trust Co., 60 Broadway,
N. Y. City, with instructions as to the name or names in which the Michigan
Electric Shares Corp. stock certificates to be delivered in exchange should
be issued.
(2) Holders of undeposited bonds of Michigan Electric Ry. should
present the same, with Jan. 1 1925 and all subsequent coupons, to transfer
agent, Michigan Electric Shares Corp., 20 Pine St., New York, with
Instructions as to the name or names in which the Michigan Electric
Shares Corp. stock certificates to be delivered in exchange should be
issued.
-V. 128, p. 3186.
Michigan Electric Power Co.
-Earnings.
Earnings for Year Ended December 31 1928.
Operating revenues
Operating expenses
Uncollectible bills
Taxes-general
$743,844
433,122
2,796
32,990
Net operating income
Non-operating income
$274,934
1,846
Gross income
Bond & other Interest charges paid or accrued
Amortization of debt discount & expense
Miscellaneous amortization chargeable to income
Retirement appropriation
Provision for Federal income tax
$276,780
98,128
8,408
4,471
22,943
450
Net income for the year
Earned surplus, Jan. 1 1928
Miscellaneous credits & debits (net)
$142,380
33,274
10,372
Total surplus
Preferred dividends
Common dividends
$186,026
70,453
33,000
Earned surplus, Dec. 31 1928
Earnings for Period Ending March 311929.
3 Mos.
$194,947
Gross operating revenue
66,838
Available for interest, &c
23,938
Interest on long-term debt
7,745
Other deductions
Net for retirement & dividends
-V.127, p. 2817.
$35,155
$82,574
12 Miss.
$761.954
275,761
95,750
16,012
$163,998
-Earnings.
Michigan Public Service Co.
Earnings for Year Ended December 31 1928.
Operating revenues
Operating expenses (incl. retirement approp. $27,851)
Uncollectible bills
Taxes, other than Federal
$701,410
277,165
5.399
78,729
Net operating income
Non-operating income
$340,116
3,174
Gross income
Interest on funded debt
Miscellaneous interest deductions
Amortization of debt discount & expense
$343,290
113,806
44,589
10,841
Net income
Surplus Jan. 1 1928
Surplus arising through revaluation of properties acquired
Miscellaneous credits
$174,054
1.073,508
194,082
15,570
$1,457,214
8,502
127,500
Total surplus
Dividends paid or accrued on pref. stock
Dividends paid on common stock
Surplus Dec. 31 1928
$1,321,212
Earnings for Periods End. March 31 1929.
12 Mos.
3 Mos.
$205,684
$872,718
Gross operating revenue
94,844
Available for interest, &c
399,960
45,130
Interest on long-term debt
134,088
10,455
Other deductions
75,535
Net for retirement & dividends
-V. 127, p. 2818.
$39,260
$190,337
-Earnings.
Middle West Utilities Co. (& Subs.).
Period End. Mar. 3119293 months. 12 Months.
Gross earnings ofsubsidiaries
835.365,5518148,787,501
Net of subsidiaries for retirement & stocks owned
4,881.789 18,836,351
by Middle West Utilities Co
Other earnings of Middle West Utilities Co.(net)_ _ 1,449,763
5,637,012
$6.331,552 $24,473,363
Total earnings
521,568
1,528,413
Int.& other deduct,of Middle West Utilities Co_ _ _
Net for retirement & stocks of Middle West
$5,809,984 $22,944,951
Utilities Co
-V. 128, p. 1895.
-Power Output 'Higher.
Northeastern Power Corp.
An increase of 33% in the power output of corporation is revealed by
the production figures for the first 4 months of the year issued yesterday.
The output for the period Jan. 1 to April 30 1929 totalled 243,558,9107
k.w.h., whereas during the corresponding months of 1928, the aggregate
output was 183,001,425 k.w.h.-V. 128, p. 2629.
[VOL. 128.
Balance Sheet March 31.
1929.
1928.
1929.
1928.
Assets$
Investments ___135,159,916 126,549,434 :Capital stock _124,013,347 120,312,467
Cash
562,266 6% Gold deb.,
206,028
Notes & loans
series A, due
rec.-subs.
Aug. 1 2026-- 9,500,000 9,500,000
2,753,025 7,876.000
Notes & loans
245,516
245,516
Divs. declared-rec.-others. 1,519,000 1,529,700 Loans payable_ _ 2,180,000 2,700,000
Accts.rec.-subs 1,002,823
63,224
51,489
928,978 Accts. payable.
253,944
Acts.rec-others
237,769
81,425
18,731 Accrued accts..
Unamort. disc.&
125,000
Stk.subs.,contra
expense
688,849
695,926 Subscr. to pref.
Stk. subs. rights
stocks of subs.
10,882
(contra)
80,850
125,000
cos.
288,503
281,378
Reserve
4.808,482 4,798,284
Surplus
Total
141,536,066 138,161,086
141,536,066 138,161,086
Total
x Capital Stock Outstanding March 311928.
1929.
preferred stock
140,295 shs.
140,295 shs.
$6 preferred stock
128,182 shs.
129,554 shs.
Common stock
5,421,754 shs. 5,263,346 shs.
Common stock scrip equivalent to
7.5 shs.
7.5 shs.
-V. 128, p. 1554.
New Brunswick Light, Heat & Power Co.
-Merger.
-
See Public Service Electric & Gas Co. below.
-V. 127, p. 2956.
Ohio Electric Power Co. (& Subs.).
-Earnings.
Earnings for the Year Ended Dec. 31 1928.
Operating revenues
Operating expenses
Uncollectible bills
Taxes, general
$1,130,027
737,287
5,008
57,743
Net operating income
Non-operating income
$329,989
7,663
Gross income
Bond & other interest charges paid or accrued
Amortization of debt discount & expense
Miscellaneous amortiz. chargeable to income
Retirement appropriation
Provision for Federal income tax
$337,652
112,055
15,489
3.869
25,243
550
Net income
Earned surplus, Jan. 1 1928
$180,444
59.893
Total surplus
Dividends paid on preferred stock
Dividends paid on common stock
Miscellaneous credits & debits (net)
Earned surplus, Dec. 31 1928
Earnings for Period Ended Mar. 311929.
Gross operating revenue
Available for interest, &c
Interest on long term debt•
Other deductions
Net for retirement & dividends
-V. 127, p. 2819.
$240,337
61,309
67,500
Cr.16,686
$128,214
12 Mos.
3 Mos.
$276,405 $1,046,084
345,070
101,434
105,000
26,250
24,975
12,676
$62,508
8215,095
Paterson & Passaic Gas & Elec. Co.
-Merger.
See Public Service Electric & Gas Co. below.
-V. 127, p. 2957.
Public Service Electric & Gas Co.
-Decision Upheld
Merger Prevented.
W. Emlen Roosevelt, Chairman of the committee formed to protect
the holders of stocks of two groups of gas and electric companies leased
to the Public Service Corp. of New Jersey, issued the following statement
this week:
"The New Jersey State Court of Errors and Appeals has unanimously
upheld the decision of Vice-Chancellor Backes making permanent the
temporary injunction which we secured to prevent the merger of the
Group I companies: Hudson County Gas Co.,8% stock; Essex & Hudson
Gas CO., 8% stock: The Paterson & Passaic Gas & Electric Co., 5% stock;
°
Somerset Union & Middlesex Lighting Co., 47 stock: New Brunswick
Light, Heat & Power Co., 5% stock; into the Public Service Electric &
Gas Co. on the terms offered two years ago last April. Naturally, I am
most pleased with the result. As this is the highest court in the State
of New Jersey, stockholders in these subsidiary gas and electric companies
can now rest assured that the Public Service Electric & Gas Co. cannot
deprive them of their investment on unfair terms just because it is the
-V. 128, p. 2271..
majority stockholder in the companies in question."
Public Service Co. of Oklahoma.-Earntings.Period End. Mar. 311929Gross operating revenues
Available for interest, &c
Interest on long term debt
Other deductions
Net for retirement & dividends
-V. 128, p. 2270.
12 Mos.
3 Mos.
S1,721,891 $6,650,067
924,469 3,352,145
829,167
228,125
261,016
72,909
$623,435 $2,261,962
-Merger.
Somerset Union & Middlesex Lighting Co.
See Public Service Electric & Gas Co. above.
-V. 127, p. 2957.
-New Director.
Standard Gas & Electric Co.
President John J. O'Brien announces that at the directors' meeting held
May 20 all officers of the company were re-elected. At the annual stockholders' meeting last week all directors were re-elected, with the addition
-Earnings.
- of J.P. Pulliam, Vice-President and Gen. Mgr. of the Wisconsin Public
National Power & Light Co.(& Subs.).
(National Power & Light Co. acquired control of Lehigh Power Securities Service Corp., who replaces A. W. Robertson who had previously resigned.
Corp. in Feb., 1928. The following comparative consolidated statement -V. 128, p. 2994.
of income is given to indicate the earnings of National Power & Light Co.
-Increase.
as they would have been, had that company controlled Lehigh Power
Suburban Light & Power Co., Alliance, O.
Securities Corp. for these periods on the basis of control as it existed March
The stockholders recently ratified an increase in the common stock, no
par value, from 100.000 shares to 600,000 shares, the new stock to be
31 1929.)
Comparative Consolidated Statement of Income.
offered to present shareholders.
-V. 126, P. 3929.
(Inter-Company Items Eliminated)
Subsidiary Companies:
United Gas Co.
-Awards Contract.
1929.
1928.
12 Months Ended March 31The company has let a contract to the Smith Brothers Construction
$79,977,994 $77,039,473
Gross earnings
-inch
Co. of Dallas, Tex., for laying the South Texas Pipe Line Co.'s 16
44,260,290 44,305,728
Operating expenses, incl. taxes
gas line from Converse, 12 miles north of San Antonio, Tex., to productive
$35,717,704 $32,733,745 gas areas in Bee and Refugio counties. Right-of-way for the line has
Net earnings
953,929
1,223,626 been secured and pipe has been ordered from the Youngstown Sheet &
Other income
Tube Co. Construction will start at once. The South Texas Pipe Line
$36,671,633 $33,957,371 Co. is a subsidiary of the United Gas Co. The new line, in connection
Total income
12,250,182 11,555,863 with the present line of the Southern Gas Co.. another subsidiary, will
Interest to public & other deductions
San Antonio
5,122,510 4,933,800 be capable of supplying a volume of gas to the city ofand will also greatly
Preferred dividends to public
supply
anticipated requirements,
Renewal & replacement (deprec.) appropriations _ 6,151,985 6,302,201 in excess of its present or which are not now served with natural gas.
115,379
125,275 other towns and industries
minority interests
Proportion applicable to
it is announced.
-V. 128. p. 3352.
$13,031,577 $11,040,232
Balance
-Registrar.
United Gas & Utilities Corp.
National Power & Light Co.:
The Chase National Bank has been appointed registrar for 125,000
Bal. of sub. cos. earns. applic. to National Power
$13,031,577 $11,040,232 hares common stock, no par value.
& Light Co.(as shown above)
340,940
536,185
Other income
$13,372,517 $11,576,417
Total income
182,379
104,057
Expenses of National Power & Light Co
650,526
683,217
Interest deductions of National Power & Light Co
$12,539,612 $10,789,143
Balance
1,756,538
Divs. on pref. stks. of Nat'l Power & Light Co._. 1,756,538
Balance
Divs, on com. stk. of Nat'l Power & Light Co._
Balance
$10,783,074 $9,032,605
5,418,327 2,036,638
$5,364,747 $6,995,967
-Otis
United Light & Power Co.-Pref. Stock Offered.
& Co., Bonbright & Co. Inc., the Harris, Forbes Corp.,
'
Field Glore & Co., J. G. White & Co. Inc., the Dominion
Securities Corp., Ltd., and R. V. Mitchell & Co., are
offering at $100 per share and div. 500,000 shares $6 cumul.
cony. 1st pref. stock (no par value).
Preferred as to assets and dividends over the common stock. Cumula-J. Red.
tive dividends at the rate of $6 per share Per annum Payable Q.
all or part by lot at any time on not less than 60 days' notice at $105 per
MAY 25 1929.]
FINANCIAL CHRONICLE
share plus divs. Entitled in liquidation to $100 per share plus divs. Divs.
exempt from the present normal Federal income tax. Transfer agents:
American Light & Traction Co., New York, and United Light & Power
Co., Chicago. Registrars: Bankers Trust Co., New York, and Continental Illinois Bank & Trust Co., Chicago.
Convertible.
-Each share of pref. stock is convertible at any time up to
and including July 1 1934, into 2 shares of the no par value class A corn.
stock of the company. The company has agreed to safeguard this conversion privilege by appropriate protective provisions.
Data from Letter of William Chamberlain,President of the Company.
Company.-Incorp. in Maryland in Nov. 1923 as the successor to a
company incorp. in Maine in July 1910. It now furnishes various public
utility services, through subsidiary companies, to an aggregate population
of approximately 5,500,000 in 659 cities and towns in Illinois. Indiana,
Iowa, Kansas, Michigan, Missouri, Nebraska, New York, Ohio, Tennessee,
Texas and Wisconsin. and in the city of Brandon, Manitoba, Canada.
Important operating companies include Kansas City Power & Light Co.,
The Columbus Ry., Power & Light Co., Iowa-Nebraska Light & Power
Co., Detroit City Gas Co., Milwaukee Gas Light Co., and San Antonio
Public Service Co. Among the larger cities served are: Columbus, 0.:
Detroit, Grand Rapids, Ann Arbor and Muskegon, Mich.; Milwaukee and
Midson, Wis.; Kansas City, Mo.; Binghamton, N. Y.: Lincoln, Neb.;
Chattanooga, Tenn.; San Antonio, Tex.; Rock Island, Moline and East
Moline, Ill.; La Porte, Ind.; Davenport, Cedar Rapids, Ottumwa, Mason
City, Fort Dodge and Iowa City, Ia.
Based on actual percentage of ownership in subsidiary equities, in the
12 months ended March 311929, approximately 47.35% of gross earnings
was derived from the sale of electric light and power, 34.75% from the
sale of gas, 10.48% from street railway and 7.42% from miscellaneous services, and of net earnings before deducting replacement reserves 55.24%.
28.68%. 1.64% and 14.44% respectively.
Purpose -Proceeds from the sale of this issue of $6 cumul. cony. 1st
pref. stock will be used for the retirement of $13,500,000 secured 5%%
20
-year gold debentures of the United American Co., a subsidiary of The
United Light & Railways Co., all of the present outstanding pref. stock of
The United Light & Power Co., consisting of 160,618 shares of class A
pref. stock, first se les, and 76,770 shares of class B pref. stock, first series.
and $6,000,000 of unfunded debt and for other corporate purposes. The
outstanding first series of class A and class B pref. stocks have been called
for redemption as of July 24 1929.
CapitalizationAuthorized.
Outstanding.
Funded debt$50,395,100
Class A pref. stock (no par value)
1,000,43 shs.
'
00
x500,000 shs.
Common stock (no par):
Class A
z4,000.000 shs. 2,158,528 shs.
Class B
2,000,000 shs. 1,060,000 shs.
x $6 cumul. cony. 1st pref. stock. y Issuance of additional funded debt
restricted by provisions of mortgages and indentures. z Includes 1.000.000
shares reserved for conversion of $6 cumul. cony. 1st pref. stock and
180.000 shares under option.
There will be outstanding in the hands of the public, upon completion of
this financing, securities of the subsidiary companies as follows: funded
debt. $207,157,292; pref. stock, $60,667,506 and common stock. $32,521,238 (paid-in surplus pertaining thereto, $8.492,661). Total assets of
the company and its subsidiaries as shown by the consolidated balance
sheet as of March 31 1929, adjusted to give effect to this financing, are
$510,068,778.
Earnings.
-The consolidated earnings statement of the company and its
subsidiaries, adjusted to give effect to this financing, for the 12 months
ended March 31 1929, with comparative figures for the 12 months ended
March 31 1928, but without giving any effect to the use of more than
$7,000,000 additional cash resources resulting from this financing, is as
follows:
Years Ended March 311929.
1928.
Gross earnings of subsidiary and controlled cos.
(after eliminating Inter-company transfers) ---390,638,883 $85,669,346
Operating expenses
38,257,654 38,824.685
Maintenance, chargeable to operation
6,034,443
5,592,021
Taxes, general and income
8.539,554
8.014,426
Replacement reserves
7,037.086
5,913,207
Net earns, of subs, and controlled companies - -$30.770,143 $27,325,005
Non-operating earnings
229,391
3513
Water Power Co. and that holders of $6.50 pref. stock of the Washington
Water Power Co. will also be given an opportunity to trade for $6 pref.
stock. This will require substantial number of shares. The capitalization
figures do not take into consideration the shares of $6 pref. stock of the
Washington Water Power Co. which will be required for these purposes.
Earnings for 12 Months Ended Dec. 31 1928.
Gross earnings from operation
$8,069,302
Operating expenses, including taxes
3,696,204
Net earnings from operation
Other income
$4,373,098
463,716
Total income
Interest on bonds
Other interest and deductions
$4,836.814
521,005
83,727
$4,162.082
Balance
Annual dividend requirements on 49,344 shares of $6.50 Pref.
stock and on 40.000 shares of $6 pref. stock to be outstanding
upon completion of present financing
560,736
Bal.for renewals & replacements (degree.) reserve & surplus.._ $3,601,346
Earnings for the 12 months ended Dec. 31 1928, as shown above, after
deducting expenses and interest charges, were equal to more than seven
times the annual dividend requirements on the total amount of $6.50 pref.
stock and $6 pref. stock to be outstanding upon completion of present
financing.
-V. 126, p. 3592.
-Listing.
Western Continental Utilities, Inc.
The Los Angeles Stock Exchange has authorized the listing of 148,000
shares of class A common stock of no par value. The listing circular states:
Earnings applicable to the common stock for the year ending Jan. 31
1929 were estimated at $468,451 before charges for depreciation, Federal
income tax & int. & amortiz. of discount of the corporation's bonds. These
charges have not yet been worked out in detail, but on the basis of recommendations made by engineers and accountants it is expected that the
company's net income available for dividends will be approximately $166.800. This is equivalent to 2.14 times the annual dividend requirements on
the class A stock, and is almost sufficient to pay the class B stock $1 Per
share if the directors so desire. The earnings for the preceding year were
approximately 10%, less than for the year just closed.
The dividend policy with regard to the class B stock has not yet been
announced, but the regular dividend of $1.30 per share per annum is being
paid on the class A stock. In addition, the class A stockholders are at present being given the privilege of turning in their dividends in payment for
additional class A stock at a price of $13 per share. As the stock is worth
almost twice that figure, it will be seen that the current dividend on the
class A stock is approximately $2.50 per share per year.
Pro Forma Consolidated Balance Sheet Jan. 31 1929.
[Giving effect as of Jan. 31 1929 to (a) the incorporation of the Western
Continental Utilities, Inc.; (b) the acquisition of the common stock of Western Utilities Corp.. Southwest Telephone Co., Southwestern States Telephone Co. and of five telephone exchanges under options; (c) the appraisals
of the water companies made by Reaburn & Bowen and of the telephone
-year cony. 6%
companies by W. W.Hardinger; (d) the issue and sale of 15
gold bonds and of class A common stock of the Western Continental Utilities, Inc.; (e) the application of proceeds in redemption of part of the bonds
and gold notes of the Western Utilities Co. and for capital stocks acquired:
W the exchange of 100,000 shares of class B common stock of the Western
Continental Utilities, Inc., for 50,000 shares of common stock of Western
Utilities Corp.]
LiabilitiesAssetsz$3,363,446
$10,152,587 Capital stock (no par)
xTelephone companies
4,894,240 Western Utilities Corp. noyWater companies
par $6 cum. stock
1,200,000
141,439
Investments
528,000
1,528 So'west Tel. Co.7% pf.stk_ _
Special deposits
202,759 So'west States Tel. CO. 7%
Materials and supplies
400,000
213,345 cum. pref. stock
Acc'ts receivable, less reserves
383,979 Advances and donations reCash
ceiyed in aid of construc'n_
39,219
442,841
Deferred charges
15-yr.6% cony, gold bonds__ 2,200,000
Western Util. Corp.5Si% bds. 1,200,000
Sweetwater Water Corp.514%
bonds,series A
990,000
Southwest Telephone Co.
Net earnings, all sources
$30,999,535
1st mtge.gold bonds:
Interest on bonds, notes, &c., of substaiary & conSer. A 6)48, due Aug. 1'45 337,000
trolled companies due public
10,777,582
Ser. B 6s, due Sept. 1 '47_ 830,400
Amortization of bond and stock discounts of subSer. C 6s, due Dec. 1 1947 1,500,000
sidiary and controlled companies
871,827
Cony, gold debs.ser. A 6%
Div. on pref. stirs. of subs.& cont,cos,due public &
due Dec. I 1932
650,000
proportion'of net earns. attrib. to corn. stk. not
Southwestern States Tel. Co.
owned by co
8,450,254
1st mtge. gold bond series A
1,800,000
6%
Gross inc. avail. to United Lt. & Power Co_ -$10,899,871
Cony, gold deb. 6% due
Deductions: Interest on funded debt
3,019.673
800,000
Amortiz, of holding co. bond discount & exp.- _
Sept. 1 1931
143,555
Land Purchase contracts- _
13.606
174,000
Net income
Notes payable to banks
$7,736,643
166,123
Accounts payable
Preferred stock dividends (new issue)
3.000.000
Service billed in advance and
34,463
Balance available for corn, stock dividends _ -- $4.736,643
customers' deposits
9,318
-Earnings of American Light & Traction Co. and subsidiaries for
Note.
Accrued liabilities-Wages136,885
Interest
the full 12 months period are included herein together with interest charges
28,942
Taxes
in this connection for the full 12 months period. Thus this statement shows
5,114
Sundry
the current rate of earnings on the stocks of United Light & Power Co. and
Total (each side)
26.201
-V. 128. p. 3188.
$16,432,718 Reserve for Fed. Income tax_
not the actual earnings thereon for this period.
x Sound values as appraised by W. W. Hardinger as at March 1 1928
Utilities Power & Light Corp.
-New Stock Created.
and Jan. 31 1929, plus subsequent additions. y Sound values as apThe stockholders this week approved an amendment to the company's praised by Reaburn & Bowen as at March 1 1928 and April 30 1928, plus
charter providing for the creation of an authorized issue of 5,000,000 shares subsequent additions.
of common stock without par value. One share of the new common stock is
z Represented by 60,000 shares of class A and 100,000 shares of class B
to be issued to the holder of each share of class "B" stock, whether now lommon stock.
-V. 128. p. 2463.
outstanding or hereafter Issued, up to and including 1,424,000 shares of
"B"stock. The latter issue will retain the sole voting power.
-V. 128, p.
3352.
Washington Water Power Co.-Pref. Stock Offered.
An issue of cumul. $6 pref. stock (no par value) is being
offered by Murphey, Favre & Co., Seattle, at $102 and div.
-Is one of the most important hydro-electric properties in
Company.
the Pacific Northwest. Its system supplies directly or indirectly electric
power and light service in an extensive area, Including Spokane and 90
other communities in eastern Washington and 15 communities In northern
Idaho. In addition, water is distributed in Marcus and in the Chelan
district in central Washington. Company owns the control of the Chelan
Electric Co., the Spokane United Rys. and the Spokane Central Heating
Co. Chelan Electric Co. owns a power plant on the Chelan River in central Washington and certain storage richts on Lake Chelan, while street
railway service and steam heat are supplied to the City of Spokane, Wash.,
by the Spokane United Rye. and the Spokane Central Heating Co., respectively. Total population of the territory served by the company and
subsidiaries is estimated at 213.000.
z Capitalization upon Completion of Present Financing,
Authorized.
Outstanding.
$6 pref. stock (no par) cum. at $110 per sh__ 200,000 shs.
40,000 shs.
$6.50 pref. stock ($100 par), cum., red. at
share
$5,000,000
$104 per
34,934,400
5,000,000 shs. 2,541,800 shs.
Common stock (no par)
x
Gen. mtge. bonds series A 5%,due Juno 1 '56
$5,000,000
trust 5% gold bonds,
Consol. mtge. & coll.
(Closed)
due July 1 1929
214,000
(Closed)
1st ref. mtge. bonds,5% due July 1 1939._ _ _
5,007,000
-year 3%-4%-5% gold debs.,due May 1 '39 (closed)
20
Y1.400,000
x Limited by the conservative restrictions of the mortgage.
y The indenture provides that interest on these debentures shall be paid
at the rate of 3% per annum to May 1 1925, incl.; at the rate of 4% per
annum thereafter to May 1 1932, incl., and thereafter to maturity at the
rate of 5% per annum.
z It ,is contemplated that the Washington and Idaho residents who hold
American Power & Light Co. $6 preferred stock acquired by them in exchange for their common stock of the Washington Water Power Co. will
be given an opportunity to trade their American Power & Light Co. $6
pref. stock, or any part thereof, for $6 preferred stock of the Washington
INDUSTRIAL AND MISCELLANEOUS.
-day
Montclair Carpenters and Bricklayers to Get 5
-Day Week July 1.-A 5
week for carpenters and bricklayers in Montclair, N. J., will go into effect
on July 1. Wage increases for carpenters and bricklayers amounting to
10% will go into effect Oct. 1.-N. Y."Times," May 19 1929, Sec. 1, p. 2.
Plumbers Win 5
-Day Week, Also 10% Wage Increase.
-The master plumbers have granted the 5
-day week and a 10% wage increase to 8,000 plumbers
in N. Y. City. The change from the 51-i-day week and the $1.2 daily
wage to the 5
-day week and the $13.20 daily wage will go into effect on
June 1 for the Brooklyn plumbers and on Aug. 1 for those in the other
boroughs.
-N. Y. "Times," May 21, p. 56.
Judge Crain Brings Peace in Building Trades.
-Danger of a lockout of
75,000 building trades mechanics on $100,000,000 worth of construction
was averted July 22 by an agreement between the parties in dispute arranged by Supreme Court Justice Thomas 0. T. Crain, who acted as
.
conciliator.
-N. Y. 'Times," May 23, p. 31.
Matters Covered in "Chronicle" of May 18.-(a) Increase in employment
and wages in Pennsylvania and Delaware, p. 3270: (h) Copper holds at
18c. dispite quiet trade; (c) Big producers of copper order 10% in production-Anaconda group takes lead in effort to stabilize price, p. 3277;
(d) Ironworkers get 5
-day week-Structural Steel Board of Trade voluntarily grants it to 2,500 employees-Increases pay,10%, p. 3278
Acadia Sugar Refining Co., Ltd.
-Earnings.
Calendar YearsNet trading profit
Bond interest
Depreciation
Surplus for year
Profit and loss surplus
-V. 124, p. 2751.
1928.
$398.484
185,830
211.991
1927.
$316,926
190:363
119,642
$663
127,351
$6,921
131,395
-Earnings.
Aeronautical Industries, Inc.
The company reports for 4 months ended April 30 1929, realized net
profit of $143,316 after reserve for taxes, equivalent to $1.43 a share on
100,000 shares now outstanding. The latest previous report, for the period
May 8 1928 to Jan. 31 1929, showed realized net profit of $19,961. Securities on which published market quotations are available held as of
3514
FINANCIAL CHRONICLE
April 30 showed an appreciation over cost of $160,582 compared with a
corresponding appreciation as of Jan. 31 1929 of $137,827.
The balance sheet as of April 30 1929, showed cash and call loans of
$896,532 and securities at cost of $1,114,230. Including the appreciation in
value of securities and deducting the reserve for taxes the figures indicated
an asset value of $2,141,278 or 221.41 per share of stock outstanding.
Included in these figures were investments for which market quotations
were not available of as April 30 carried on the books of the company at
a cost of $125,963 showing a reduction in this post since January 31 of
$71,500.
At the organization meeting of the board of directors following the
annual stockholders meeting, E. 0. McDonnell and 0. A. Glazebrook, Jr.,
-P. Murphy & Co. were elected respectively chairman of the
of G. M.
board and president. No change was made in the personnel of the executive
committee created in February and consisting of the two just named and
-V. 128, p. 1730.
James C. Willson, Pres. of National Aviation Corp.
Advance Bag & Paper Co., Inc.
-Earnings.
Income Account Year Ended Dec. 31 1928.
Gross profits of parent co. & subs, available for bond int
Bond int.-parent co.& subs
$916,578
288,425
iVot.. 128.
Consolidated Balance Sheet Dec. 31.
1928.
1927.
1928.
1927.
Assets-Liabilities
xLand, plants &
Preferred stock _147.262,500 147,262,500
facilities
100,063,678 117,804,350 Common stock_ y7,363,125 7,363,125
Cash
6,674,128 5,908,876 Funded debt _ _ 40,906,000 61,284,500
Accts., notes rec
Acots.payable _ 2,439,240 2,913.9 82
&markerle sec 40,242,981 29,159,108 Bills payable_ -3,000
2.000
Inventory
24,113,312 36,223,867 Accrued habil __ 1,422,896
1,962,046
Sink.fds. for bds
128,394
115,500 Def. charges &
Inv. In subs. &
1,610,339 1,095,502
accruals
aftii. cos. not
Reserve for Fed.
consolidated 43,227,096 57,136,370
3,024,419 2,113,451
taxes, &c
Deferred charges 3,081,465 3,822,217 Conting.& other
442,366
427,574
reserve
200,000
200,000
Subs. pref. stks_
2,212,437
Pref. div. pay
Total(each side)217,531.054 250.170.288 Surplus
10,659,524 25.530,816
x After amortization, depreciation and depletion of $56,119,876. Y Represented by 1,472,625 no par shares.
-V. 128. IL 887.
Alpine Montan Steel Corp., Austria.
-Business Inc.
According to cable advices received from the corporation by F. J. Liman
$628,153
_
Bal. avail,for other int., deprec., divs., Fed.inc. taxes,
&c_-The above statement, although including only four months' & Co., the figures for outgoing invoices for the first 4 months of 1929.are
Note.
Complete operation of the Southern Advance Bag & Paper Co. plant, pro- $6.605,000 compared with 25.575.000 in the corresponding period of 1928.
vides for 6 months interest charges on that company's funded indebted- At the end of April there were at work in the company's various plants
7,915 miners and 5,651 mill hands, a total of 13.566 men.
-V. 128. p. 2808.
ness.
-V. 126, p. 2648.
Affiliated Investors, Inc.
-Stocks Offered.-Craigmyle &
Co. and Vought & Co., Inc., New York, are offering the
unsold portion of 10,000 units at $105 per unit, each unit
consisting of 1 share of series A $6 cumulative preferred
share of common stock.
stock and
Series A $6 cum. pref, stock is fully paid and non-assessable, entitled to
dividends at the rate of $6 per annum and preferred as to assets and dividends over the common stock. Red. on any div. date, in whole or in part,
on at least 30 days' notice at $120 per share and divs. Divs. payable
Q.
-J. Divs, exempt from present normal Federal income tax. Commercial Trust Co. of New Jersey, custodian.
Issued.
Authorized.
Capitalization20,000 shs. 10,000 sbs.
Preferred stock (no par)
40.000 shs. 20,000 shs.
Common stock (no par)
Company.-Incorp. in Delaware in 1927. The charter grants broad
powers for investing in diversified securities.
Earnings.
-For the year ended Jan. 31 1929, on the basis of securities
carried at cost, the net earnings after reserve for Federal taxes, reserve for
organization expenses and all other expenses and charges, amounted to over
24 times preferred stock dividends paid and accrued.
The balance available for the common stock amounted to over $3.79 per
share on the average number of shares outstanding. There has in addition
been set aside a reserve for the year out of earnings of an amount equal to
13.88 per share on the common stock on the average number of shares
outstanding.
This reserve covers a profit on securities sold at the market price and
immediately repurchased. All of these securities have been resold, subsequent to Jan. 311929. with additional profit to the corporation.
Gross earns, incl. profits reserved as mentioned above for the year
ended Jan. 31 1929 amounted to over 224% on average capital employed.
Investments.
-The investment policy of the corporation is modeled after
the unrestricted British type of investment trust. As of Jan. 31 1929, the
portfolio was divided approximately as follows: 54% in bonds, 16% in pref.
stocks and 30% in common stocks. The certificate of incorporation provides that not more than 5% of the total funds, invested and available for
investment, may be invested in the securities of any one corporation or
other entity.
-The sole compensation of the management
Management Compensation.
consists of the management's right to purchase one share of common stock
at the issue price for each share thereof otherwise issued.
-Harry T. Peters, Chairman of the advisory board: Jarvis W.
Directors.
Rockwell Jr., Vice-Pres. and director: Ronald M. Craigmyle, Pres. & director; Dr. Henry Parker Willis, director; Frederick D. Vought, director;
Edward Groth, Treas.; Hamilton A. Long, Sec.
Members of the board of directors, advisory board and officers receive no
compensation from the corporation for their services.
Dividend.
-A div. of 10% payable in common stock has been declared
to common stockholders of record as of June 10, payable July 1 1929.V. 128. P. 3353.
Amalgamated Sugar Co.
-Earnings.
Income Account Year Ended Feb. 28 1929.
Net profit from operations for the year ended Feb. 28 1929
Deduct additional losses sustained on fixed assets disposed of
not provided for by reserves
$132,026
108,858
Net profit
Previous surplus
$23,168
3,240
Total surplus
Net additions to reserves
Federal income tax on bond interest
$26,409
$9,120
1,368
Surplus at Feb. 28 1929
-V. 126. p. 872.
$15,920
-Earnings.
American Bemberg Corp.
Income Account Year Ended Dec. 30 1928.
Operating profit after deducting selling, admin. & gen. exps_
Depreciation
Profit on operations
Interest earned (net)
$1,044,253
451,673
592,580
91,573
Total income
Provision for Federal income tax
$684.153
65,000
Net profit
Dividends paid
$619,153
183,750
Balance
Earned per share on 280,000 outstanding shs. of common stock
(no par)
- 127, p. 1392.
V.
$435.403
$1.33
-Dividend of 60 Cents.
American Colortype Co.
The directors have declared the regular dividend of 60 cents per share
on the common stock, payable June 29 to holders of record June 12. A
similar payment was made on March 31. An extra disbursement of 60 cents
per share was also made on Feb. 28 last.
Income Account Year Ended Dec. 311928.
$8,309.744
Shipments
4,971,206
Manufacturing costs
2.311,521
Total expenses
Operating profit
Other income
$1,027,018
94,164
Total income
Interest on debenture bonds
Amortization of bond discount and expense
21,121,182
120,000
13,071
90,500
United States income tax
Ahumada Lead Co.-Earnings.195,990
Depreciation
1926.
1927.
Quar. End. Mar. 31- 1929.
1928.
7,488
earnings of subsidiary company
2886,034 $1,142,420 Minority interest in
Gross receipts
$210,261
$189,683
Net inc. after depr., tax.
Net profit
363,837 Earned per share on 130,000 shs. of outstanding common stock $694,133
loss 13,660 loss 18,294
175,142
& other charges
President 0. R. Whittaker states that in the first quarter of 1929 the
$4.85
(no par)
company produced 6,805 dry tons of ore, from which the smelter returned - 128, p. 1731.
V.
2,699,740 pounds of refined lead, an average of 396.7 pounds a ton. Sales
for the three months came to 2.699,740 pounds.
-Inaugurates
American Commercial Alcohol Corp.
.The company had on March 31 1929 cash and cash assets amounting
-Also Declares Stock Dividend
Dividends on Common Stock.
to 2186,347.-V. 128, p. 1557.
3%.
-Initial Dividend.
Ainsworth Manufacturing Corp.
- ofThe directors have placed the common stock (no par value) on an annual
The directors have declared an initial quarterly dividend of 62iic, per
share on the common stock, payable June 1 to holders of record May 20.
(See offering in V. 128, p. 1398.)-V. 128, p. 2995.
-Sells Int. in Interstate Lines.
Air Investors, Inc.
-V. 128, r.• 3188.
See Aviation Corp.. (of Del.) below.
-Earnings.
-Airway Electric Appliance Corp.
April net profit of the company was $141,942 after charges, depreciation
and taxes. Net profit for first 4 months of 1929 was $561,272 after above
charges, against 2436,668 in same period of 1928.-V. 128. p. 2808.
-Annual Div.
-50c. Semi
Aldred Investment Trust.
The trustees have placed the shares of the trust on a semi-annual dividend basis, having declared a semi-annual dividend of 50c, per share, payable June 1 to holders of record May 31 1929. In the future semi-annual
dividends will be paid on June 1 and Dec. 1 in each year.
An initial dividend of 50c. per share was paid Dec. 1 last for the year
1928.-V. 128. p. 2464.
-Earnings.
Allied Products Corp.(& Subs.).
Income Account for Period Oct. 10 to Dec. 31 1928.
$136,201
Net earnings
39,472
declared applicable to period of operations
Dividends
Balance surplus
Earned per share on 75,000 shs. corn, stock outstanding (no par)
-V. 127, p. 3400.
$96,729
$4.74
--Earnings.
Aluminum Co. of America (& Subs.).
dividend basis of $1.60 per share in cash by the declaration of a regular
quarterly dividend of 40 cents per share to be paid July 15 to common
stockholders of record on June 20 1929.
The directors further declared a 3% stock dividend in common stock
payable on July 15 1029 to common stockholders of record June 20. This
stock dividend is to be considered as an extra dividend applicable to the first
half-year. It will be the policy of the company to declare stock dividends
as extras semi-annually as earnings and conditions in the industry warrant.
The directors also declared a regular quarterly dividend on the preferred
stock of P4%, payable Aug. 1 to holders of record July 10.
The voting trustees of the common stock at a subsequent meeting took
appropriate action for the distribution of the dividends on the common
stock to voting trust certificate holders of record on the same dates.
Holders of stock purchase warrants, who exercise their subscription privileges so as to become stockholders a record on June 20 will be entitled
to receive both the cash and stock dividends.
-V. 128, p. 3353.
-Recapitalization Plan.
American Eagle Aircraft Corp.
In connection with the proposed increase in the capitalization from
200,000 shares to 2,000,000 shares of no par value capital stock, to be
approved by the stockholders at a meeting on May 27, it is announced that
the plan contemplates an exchange of 1 share of the present stock for 2
share; of the new stock.
In addition to this exchange.eachstockholder of
record at the close of business on June 1 1929 will receive the right to
subscribe to 1 share of new stock for each share of old owned as of record
on June 1 at $3.75 per share.
The Porterfield Aviation Interests, Inc., a wholly owned subsidiary, is
to be granted an option upon 400.000 shares of new stock at the price Of
$4 per share. The remaining 1,000,000 shares are to remain unissued and
are to beau held for future use.
-V. 128, p. 3353.
1928.
1927.
Calendar Years
American Encaustic Tiling Co., Ltd.-Earnings.
229,684,992 $22,612,972
Gross earnings after expenses
1928.
1929.
Quarter Ended March 315.572,514
5.411,569 Net
Reserve for deprec., depl., &c
$192,372
$104,222
profit after taxes and charges
3.439,728
2,093,379
Reserve for Federal tax,&c
$0.84
20.46
shares cont. stock
Earnings per share on 227.670
Bond premium, amort., & adjustments not affectV.
1,393,286
1,436.084 - 128, p. 1908.
king year's operation
Netincome
Preferred dividends
$19.279,464 $13,671,940
8,846,250
7,745,388
Surplus
Previous surplus
810,433.214 25,926,552
25,530,816 19,539,260
Totalsurplus
Preferred dividend payable Jan. 1 1929
Stock dividend paid on reorg
Subs. cos. deficit
$35,964,030 $25,465,812
2,212.437
x23,005,995
86,074
Cr.65,004
$10,659,524 $25,530,816
Surplus
$3.27
$7.08
Earns, per sh.on 1,472,625 ohs. corn.stk.(no par).
Stock of Aluminium Ltd.
x
-90% of Stock Assents to Plan
American Express Co.
Exchange Offer Expires May 31.
Holders of approximately 90% of the stock have assented, it is understood, to the plan of affiliation of the company with the Chase National
Bank and Chase Securities Corp.. and minority stockholders are being
reminded that the opportunity to exchange their shares under the plan
will not be available after May 31.
The stockholders of the Chase National Bank and Chase Securities
Corp. approved the plan at a special meeting held on May 16 and American Express stockholders who participate will receive their Chase stock on
July 1. The final distribution of dividends on such American Express
stock will be payable July 1, after which stockholders making the exchange
will receive their dividends on Chase stock, the present rate being 213 per
-V. 128. p. 3189. 2808.
annum, or $3.60 on the new split-up stock.
MAY 25 1929.]
FINANCIAL CHRONICLE
American Factors, Ltd.---Earnings.--Calendar Years1928.
1925.
Gross earnings
$2,457,329 $2,360,984 $1,891,427 $2,113.830
454,260
423,532
405,442
Operating expenses
421,969
Territorial property tax_
27,709
27,963
26,615
46,936
Capital stock tax
12,145
Licenses, stamp, bond &
State taxes
1.225
2.809
3.428
2,877
Amortization of bond
discount and expense _
71,469
12,697
6,292
Bond interest
78,189
93,314
102,924
286
Sundry items
4,552
6,798
3,054
Res. for income taxes _ -194,125
188,470
175.000
150,000
Net income
$1,779,725 $1,563.100 $1.168,134 $1,367,633
Dividends
(12%)1,200.000 (9)900,000(14)x840,000 (12)720,000
Under-assessm't income
capital stock
46,817
Incorp. exp. written off..
14.331
Interest adjust
1.313
Balance, surplus
Trans. to capital stock
Previous surplus
Over-assessm't inc. tax_
Over res. for inc. taxes
$532,908
$663,100
Dr.1,000,000
4,257,642
4,555,901
15,869
18,921
38,640
$326,821 , $633,302
4.223,596
3,581,463
5,485
8,831
Profit & loss surplus_ - $4,825.341 $4,257,642 $4,555,902 $4,223,596
Shs.cap.stk.outst.(par$20) 500,000
500,000
y60,000
y60,000
Earns, per share
$3.56
$3.12
$19.47
$22.79
x Includes 2% extra dividend declared in 1926 out of 1925 profits. y Par
$100.-V. 126, p. 2151.
American Founders Corp.
-Depositary.
-
The Seaboard National Bank of the City of New York has been appointed
depositary under agreement dated May 15 1929 between the above corporation and Founders General Corp. to receive American Founders Corp.
$6 cumul. 1st prof. series D stock and agent to issue allotment certificates
therefor.
-V. 128, p. 3189.
American Glanzstoff Corp.
-Earnings.
Statement of Income Account. Year Ended Dec. 30 1928.
Operating loss
$103,737
Selling, administrative and general expenses
243,223
Total operating loss
Commission earned on sales of foreign merchandise,&c
$346,960
161,304
Loss on operations
Interest earned (net)
Miscellaneous income
$185,656
184,706
3,211
Net profit for the year
-V. 128. p. 1908.
$2,262
American Machine & Foundry Co.
-New Machine.
-
3515
American Printing Cc).---Bal. Sheet Dec. 31-1927.
1928.
1927.
AssetsLiabilities
Capital stock
Land,b1dgs.,mach.,
2,000,000 2,000,000
(less reserve) _ _ 6,194,429 6,355,977 Notes payable- - 1,690,000
Invest. in Borden
Adv. to M. C. D.
Mills,Inc
750,000
750,000 Borden & Sons_ 1,319,693
511,018 Accounts payable_ 777,685 1,621.475
Cash
519,466
Accts. receivable 7,338,065 5,433,501 Surplus
11,431,300 11.030.152
2,300,012 1,513,381
Inventories
116,705
87,750
Prepaid expenses
4
Total
Total
17.218,679 14,651,627
17.218,679 14,651,627
**Contingent liability for $1,600,000 bonds of Borden Mills, Inc., guaranteed.
-V,126, 1:.• 3931.
-Split-Up Approved.
AmericanSnuff Co.
The stockholders on May 7 approved a change in the authorized and
outstanding common stock from 110.000 shares, par $100 each, to 440.000
shares, par $25 each, four new shares to be isued in exchange for each share
owned.
-V. 128. p. 2466.
American Toll Bridge Co.---Earnings.--1928.
$1,123,233
201,078
Calendar YearsGross revenue
Operation and maintenance
Publicity and traffic
Taxes, insurance & S. F. office
Interest and bond discount
162,787
488,921
$270.447
Balance before depreciation
-V. 126. P. 3593
.
American Yvette Co.,
-Resumes Div.
American Zinc, Lead & Smelting Co.
The directors have declared a dividend of 6% on the pref. stock, par $25.
payable July 1 to holders of record June 14. Quarterly dividends of 6%
each were paid from Aug. 1 1916 to Nov. 1 1920 incl.; none since.
128. p. 2810.
-Earnings.
Amparo Mining Co.
1928.
$458,397
480,028
1927.
$548,614
468,977
1926.
$428,446
406.269
def$21.630
24,928
$79,637
85.122
$22,177
96,973
$3,298
78.024
2,005
12,180
$164,759
78,771
7,005
12,043
$119.150
78.009
2,005
19,020
def$88,912
80,000
$66,940
100.000
$20,116
160.000
$168,912
$33,060
$139,884
Calendar YearsGross earnings
Operating expenses
Operating profit
Other income
Totalincome
Depreciation and depletion
Taxes
Miscellaneous expenses
American Motor Transit Corp.
-Notes Offered.
-Lane,
Piper & Jaffray, Inc., Minneapolis, recently offered $2,000,000 one-year 7% collateral trust gold notes, at 100 and
interest.
Deficit
-V. 126. p. 3594.
$2,174,483 $1,077,853
Total
850,743
Depreciation
419,868
Int. on equipm't notes & div. on pref, stk. of subs..
outstanding in hands of public
49,767
45,031
Net avail,for int. on fund.debt & Fed.inc. tax_ - $1,273,973
$612,954
to be outst'd'g(this issue) 140,000
Ann.int. on fund, debt now
Authorized.
CapitalizationOutstanding,
$2,500,000
One-year 7% coll, trust gold notes
$2,000.000
75,000 ells.
15,000 shs.
Cony. pref. A stk.,ser. 1(00 par) div. $7..
150,000 shs.
Particle. pref. stk.(no par) city. $8 per sh_
78,360 shs.
*750,000 shs.
Common stock (no par)
437,991 shs.
* 20,000 shares reserved for exercise of options to purchase common
at $20 per share on or before Apr. 15 1930. 45,000 shares reserved
stock
for conversion of convertible preferred A stock, ries 1.
-Proceeds will be used to reimburse the corporation for a porPurpose.
tion of the cost of the capital stock of California Transit Co., Pioneer
Stages, Inc. and Pioneer Southwestern Stages, Inc.,to provide funds for the
purchase of new equipment, to increase working capital, and for other corporate purposes.
-Secured by pledge with the trustee of all the outstanding
Security.
capital stock of California Transit Co. Net earnings of California Transit
Co. applicable to dividends on its capital stock during the year ended
Dec. 31 1927, were $363,419. and during the year ended Dec. 31 1928 were
$531,671.
$243,991
The company reports net income for March of $36,399. equal to 12.46%
of sales. Using March, said to be one of the poorest months of the year,
as a basis, the annual net is set at $435,000 However, officials point out
the monthly net beginning with June should exceed $50,000, and profits
for the year should be at the rate of $500.000.equal to 6A times the preferred
dividend requirements and available for common, after preference
-V. 128. p. 2272.
dividends $4.66 per share.
The company has placed on the market a new high speed cigarette packing machine, capable of packing 85,000 to 95,000 cigarettes an hour. This
machine, which counts the cigarettes, manufactures the package, places the
cigarettes in the package, affixes the internal revenue stamp, and marks
packages containing defective cigarettes, has a capacity greater than any
other machine now on the market. Deliveries of this new machine are now
being made.
-V. 128, p. 2466.
Dated Apr. 15 1929; due Apr. 15 1930. Principal and int. (A. & 0.)
payable at Continental Illinois Bank & Trust Co.,Chicago,trustee. Interest
payable wihout deduction for normal Federal income tax not in excess of
2%. Denom. $1.000c*. Red. all or part. upon 30 days' notice, at 101
and int. on or before Oct. 15 1929; thereafter prior to maturity at 100A
and int.
Data from Letter of 0. S. Caesar, Pres, of the Corporation.
Business.
-Corporation owns and operates through subsidiary companies
the Greyhound and Yelloway motor bus lines, comprising the largest long
distance bus transportation system in the United States. These lines,
maintaining regular schedules, extend across the continent from New York
to San Francisco. reaching paractically all of the important cities in the
Eastern Middle Western and Far Western States. The lines of the system
serve the Atlantic Seaboard from New York to Jacksonville. Fla., and the
Pacific Seaboard from Los Angeles to Portland, Ore.
During 1928 the
present subsidiaries of corporation operated 24.185,499 bus miles, carrying
4,487,752 passengers.
The operating companies own 551 modern buses, largely of the parlor
car and observation parlor car type, each seating from 15 to 39 passengers.
Provision is made for systematic maintenance and repair of coaches at well
equipped garages and service stations operated by the companies along
their routes. Passenger terminal facilities are owned or leased in the
principal cities served.
Operating Subsiaiaries.-Corporation owns all of the outstanding capital
stock (except $270,760 preferred stock) of subsidiary companies operating
the Greyhound Lines. Corporation has acquired all of the' outstanding
capital stock of the companies operating the Yelloway Lines, namely,
California Transit Co., operating in California and Oregon; Pioneer Southwestern Stages, Inc., whose line extends from Los Angeles to Denver:
and Pioneer Stages, Inc., covering the middle western and central eastern
territory between Denver and New York. Corporation also owns the
stock of subsidiaries engaged in furnishing such auxiliary services as the
financing of motor buses, and the management of motor bus lines.
Agreements have been made which are now being concluded and will
effect the consolidation of the corporation's subsidiaries operating in the
states west of the Mississippi River with certain railroad owned bus lines
and the bus operating subsidiaries of Pickwick Corp. It is expected that
through economies resulting from such consolidations, the net earnings
accruing to American Motor Transit Corp. will be materailly increased,
-Consolidated earnings of the corporation and its present
p-Earnings.
subsidiaries during the two years ended Dec. 31 1928:
1928.
1927.
Gross earnings
$8,490,168 $3,666,099
Operating expenses,exclusive of depreciation.
6,406,542
2,775.621
$2,083,626
Net income
$890,478
90,857
Other income (net)
187,375
1927.
$933,265
122,412
50.518
166,900
349,444
Net income
Dividends paid
-New Directors.
Anaconda Copper Mining Co.
Charles E. Mitchell, Chairman of the National City Bank, and Charles
T. Fisher, of Detroit, have been elected directors in place of A. H. Melin
-V. 128. p. 2996. 2984.
and George H. Church.
-Earnings.
Anchor Cap Corp.
Earnings for Quarter Ended March 31 1929.
Net sales and rentals of machinery
Cost of sales
Provision for reserves
General expenses
Other deductions (net)
Federal taxes
$1..587.326
979.574
105,055
263.477
6,074
27,624
Net income
$205,522
Earnings per share on 209.748 shares corn. stock (no par)
$0.65
Consolidated Balance Sheet March 31 1929.
Liabilities
Assets
-M slog sr4 Owl
I
$190,000
Land, bidgs., mach.& equip_ _$4,493,760 Notes payable
336,812
Patents and patent rights-- 5,347,400 Accounts payable
80,372 Federal tax provision
132,139
Organization expenses
x12,207,526
Cash
453,006 Net worth
Call loans
601,400
Notes and acc'ts receivable_
555,608
1,290,456
Inventories
Total (each side)
$12,866,477
Prepaid insurance and taxes
44,475
x Represented by 42,055 no par shares of $6.50 preferred stock. 209.748
no par shares of common stock and $683,491 earned surplus of subsidiaries.
-V. 128, p. 1908.
-Earnings.
Argo Oil Co.
-Apr. to
1 '25
Years End. Dec. 31
Period
`11
1927.
1926.
Dec. 31 '25.
1928.
$718,148
$785,836
$851,167
Gross earnings 11.4114 $666,972
432.772
491,438
375,264
xExpenses.includ. taxes.
341,007
346,205
428.360
506,162
Depreciation
369,507
334,200
334,193
Depletion
Net loss
$468,162
$364,452
prof$325,964 a$430,337
a Argo Oil Co.'s proportion, $369,099, minority stockholders' proportion,
-V. 127, p. 2959.
$61.259. x After deducting miscellaneous earnings.
-Earnings.
Asbestos Corp., Ltd.
1927.
1928.
$812,946 $1,357,380
107,314
104.093
Calendar YearsProfits
Investment income
Total income
Bond interest
Depreciation
917.039
466,880
200,000
1,464.694
469.568
300.000
$250,159
521.927
$695,126
521.927
Surplus
Sale ofstock
Previous sirplus
def$271,768
187.500
378,427
$173.199
Profit and loss
294.159
378,427
,eil AIN Al .
.1A wadi/1i Oil
Net profit
Preferred dividends
AssetsProperty
Trustees
Deferred charges
Investments
Inventories
Accounts & bills
Cash
Balance Sheet Dec. 31.
1928,
Liabilities$21,807,865 Funded debit
26,845 Preferred stock
70,505 Common stock
842,266 Surplus
1,041,335 Reserves
342,272 Bank loans
74,375 Accounts payable
Accrued liabilities
Dividend payable
Total
Total
$24,205,466
z 200,000 shares of no par value.
-V.128. p. 2634.
205.228
1928.
$7,728,642
7,456,400
x7,756,010
294,159
179,899
300,000
343,021
16,851
130,481
$24,205.466
3516
[VOL. 128.
FINANCIAL CHRONICLE
-To Establish Service
Arrow Aircraft & Motors Corp.
5tations.Following the lead of the motor car makers this company is establishing
service stations throughout the country for convenience of owners of the
Arrow Sport 60 and 90 h. p. bi-plane. The corporation announced that
it will have between 10 and 12 such stations in operation in different secilon.s of the United States before the end of this year.
According to President Mark W. Woods, present plans call for 25 stations in all. They will have available all parts of the Arrow plane, it was
said.
-V. 128, p. 2996.
-Earnings.Associated Electrical Industries, Ltd.
Income Account Year Ended December 31 1928.
.perating profit
Interest on debenture stock
Depreciation
Transfer to general reserve
E258,772
41454
56,655
25,000
Net profit
Dividends on preference shares
Dividends on ordinary shares
E135,663
78,915
54.574
£2,174
99,676
Balance, surplus
Previous surplus
1101,850
Profit and loss surplus
-Earnings.Atlantic Coast Fisheries Co.(& Subs.).
-Definitive Ctfa.
Bailey View Court, Bronx, N. Y. City.
The Prudence-Bonds Corp. announces that definitive certificates against
the first mortgage loan on the property located at 114-116 West 238th St.,
Bronx, N. Y., known as Bailey View Court, are ready for delivery in
exchange of the interims now outstanding. This loan of $375,000 was
made to the B. & C. Neiberg Contracting Corp. and the 511% guaranteed
Prudence certificates are legal for trust funds in the State of New York.
See also V. 128, p. 3190.
-New Pres.,
Baltimore American Insurance Co.
See National Liberty Insurance Co. below.
-V. 128. IL 731.
Bates Valve Bag Corp.
-Changes Name.
Announcement has been made by the corporation that it has changed
its name to the Bag & Machine Corp. The business of the Bates corporation was acquired by St. Regis Paper Co. on Feb. 28. See V. 128, p. 1733.
Baxter Laundries, Inc.
-Earnings.
Income Account for 52 Weeks Ended Dec. 29 1928.
Net sales
$4,250,331
Operating costs
2,179,315
Gross profit
Expenses
$2,071,016
1,478,089
Operating profit
Interest on bonds
Depreciation
Federal and State income taxes
Other deductions
$592,927
143,213
168,327
30,500
16,942
Earnings for Year Ended Dec. 31 1928.
limas earnings
Federal income taxes
Depreciation
Possible losses from bad debts
Int.& amort. on series A & B debenture bonds
$812,164
54,716
103,200
16,792
39.122
Net profit
Deficit Jan. 1 1928 (after adjustments)
Surplus arising from acquisition of properties
Net profit
Dividends paid
$598,333
310,001
Total surplus
Dividends on preferred stock
Dividends on class A stock
Balance,surplus
Previous surplus
$288,332
664,039
par)lus
Total surplus
Earns. pers
on 135,000 shares common stock (no
-V. 128, p. 2810.
$952,371
$4.05
-Earnings.Atlantic Lobos Oil Co.
1928.
$344.068
20,947
41,839
1927.
$635,370
139,064
39,864
1926.
$588,741
196,145
40,915
1925.
$600.299
197.390
Total income
Depreciation of equip't_
Obsolencence of equip_ _
Devel. work. & drilLexp.
Leaseholds abandoned_
Lease rentals,&c
Depletion
Res. set up for est, loss
on sale of aband. plant
& equip. materials St
supplies
$62,786
56.485
119,606
37,403
$178,928
74,821
197,267
91,787
1,900
21.558
249
24,027
$237.060
98,318
2,282,453
143,222
1,823,806
4,806
1.665
$197,390
324,536
576,676
91,597
45.320
22,953
2,339
Cr.4,150
Cr.41,384
55,867
145,000
$167,839 14.173.079 $1,011,032
Cr2,250,142 Cr508,191
CrI,010
10,991,038
Cr9,729
9,077,831
8,574,989
Profit & loss, deficit_ -$11,327.882 $11,157,867 $10,991,038 $9,077,830
-V. 126, p. 3301.
a After all administrative and operating charges.
-Balance Sheet.
Atlantic Mortgage Co., Durham, N. C.
Balance Sheet as of December 31 1928.
Liabilities
Assets
8350.000
$1.099 7% preferred stock
Furniture and fixtures
50.000
156.289 Common stock
Cash in banks
814,895
Notes and mtges receivable,.. 180.145 Accounts payable
32,919
45,000 Accrued int. on bonds
Current investments
939 Bonds outstanding
3,408,000
Accounts receivable
38,432 Res. for delinquencies & conAccrued int. receivable
3,408.000
4,833
tracts
Security for bonds
63,456
Unamortized disc, and surety. 114.518 Surplus
61,138
4.910 Reserve for profits
Life Maur. policies (cash value)
22,788
Prepaid interest
13,119
Value of contracts, &c
Total
-V. 128, p. 2094.
33,985,241
•
$259,514
102,671
137.782
$19 060
Surplus Dec. 29 1928
$6.56
Earned per sh. on 233,087 abs. of no par com,stock outstanding
x This does not include net earnings of approximately $32,000 of the
Hennepin Laundry Co., Minneapolis, for a period from Jan. 1 to June 9
-V. 126, p. 1815.
1928, the date acquired by Baxter Laundries, Inc.
-Balance Sheet.
Bayway Terminal, Inc.
Calendar YearsSales
aNet earnings
Interest earned on invest
$170,015
Balance,deficit
Adj. of 1924 reserve_
Adjust, of develop. exp.
written offin prior yrs.
Previous deficit
'11,157,867
4233,944
$40,957
66,527
Total
$3,985,241
-Listing:
Auburn Automobile Co.
The New York Stock Exchange has authorized
the listing of 163,315
shares of common stccii (no par value), with authority to add to the list
4,045 additional short, on official notice of issuance and payment in full
in accordance with stock purchase warrants now outstanding, making
the total amount applied for'167,360 shares.
-Three Months Ended Feb. 28 1929.
Consolidated Income Account
17,478,986
Sales-Net
5,705,489
Cost of sales, excluding depreciation
550,144
Selling expense
486,220
Administrative and general expense
Net profit from operations before depreciation
Miscellaneous income
$737,133
226,545
Total
Depreciation
Other deductions
Deduct Federal income tax
Minority stockholders' proportion
$963,678
170,706
31.153
92,274
142,972
Consolidated net prOfit
Per sh. earns, based on no. of shs. outstanding at end of period
-V. 128, p. 2095.
$526,573
$33.29
Balance Sheet Dec. 31 1928.
Liabilities
Assets$579,515
Capital stock
Land, buildings, machinery, equipment, &c__ _46.356.082 Bond issue (issued & outs.) 2,903.000
2,500,000
Trust funds
73,840 Notes payable
53,246
502,570 Accounts payable
Investments
2,246
Cash in banks
37,510 payroll advance
470
Accounts receivable
356,785 Advance freight
40,533
Notes receivable
112,609 Deferred liabilities
1,550,094
Supplies on hand
5,355 Surplus account
Deferred assets
184,351
$7,629,104
Good-will
Total (each side)
1
x Alter deducting $211,384 depreciation.
-V. 123, p. 2000.
(John) Bean Mfg. Co.-Consol. Bal. Sheet Dec. 311928.Assets
Liabilities
81,485,780
Cash
$113,972 Common stock
650,000
Preferred stock
Accts., notes rec. & trade ac1,216,698 Series "A" &"B"debentures- 1,805,000
cept., less reserves
882,000
Cash advances
52,933 Notes payable
238,395
Cash value life insurance-.
26,226 Accounts payable
1,301,533
Inventories
738,728
Sprague-Sells purchase
223,291
Investments
Plant, mach., equip. &c. (less
821,408
reserves)
Leased milk sterilizers(net)-- _ 185,877
51,430
Patterns et drawings (net) -45,882
Auto equipment(net)
5,736
New production development_
7,097
Advanced expenses
30,383
Prepayments
84.821,178
Total(each side)
I
Good-will
- 128. p. 2467.
V.
-Co-registrar.
Bendix Corp. (III.).
The Bankers Trust Co. has been appointed co-registrar for the COMM=
stock.
-V. 128. P. 3191.
-April Sales Increase:
Berland Shoe Stores, Inc.
1929
-April
-1928.
$305,751
$228,730
- 128, p. 2467, 1910.
V.
Increase. 1 1929-4 Mos.-1928.
$722,182
$77.021 j$970,642
Increase.
$258,460
-53i% Back Divs.(Sidney) Blumenthal & Co., Inc.
The directors have declared the,regular quarterly dividend of 11.1% on
the preferred stock and a dividend a 5B/1% on account of accumulations
on the preferred stock, both payable July 1 to holders of record June 15.
-V.
A dividend of 14% on account of arrearages was paid on Feb. 1 last.
128, P. 2996.
Blum's, Inc.
-Initial Preferred Dividend.
The directors have declared an initial dividend of $1.02 per share on the
$3.50 cum, cony. pref. stock, no par value,payable June 1 to holders of
record May 24. This covers the period from Feb. 15 to June 11929. For
offering, see V. 128, p. 1560.
(H. C.) Bohack Co., Inc.-Earnings.
1928.
1929.
$6,947,665 $6,151,518
91,758
197,759
92.500
101,750
$0.40
$1.40
Quar. End, May 4Gross sales
Net profit
Shares corn, stock outstanding (no Par)
Earns, per share on (MM. MACk
-V. 128, p. 3355.
-Extra Dividends.
Bon Ami Co. (Del.)., N. Y. City.
The directors on May 23 declared an extra dividend of $1 a share and the
regular quarterly dividend of $1 a share on the common stock A, payable
-Acquires Interstate Air Lines July 30 to holders of record July 15, and the regular quarterly dividend of
Aviation Corp. (of Del.).
50 cents a share and an extra dividend of 50 cents a share on the common B
Harvey L. Williams, President of Air Investors, Corp., on May 17, stock. payable July 1 to holders of record June 24. An extra of 50 cents
authoritative report from Chicago, negotiated a deal for the was also paid on the common B stock on Jan. 5 1927, Jan. 17 1928 and on
according to an
sale of Interstate Air Lines, Inc., a subisdiary of the United Aviation Corp., Jan. 17 1929.-V. 128, p. 2996.
of which Air Investors, Inc., is one of the largest stockholders, to the
Aviation Corp. It is stated that more than $500,000 was paid for the
-50% Stock Dividend. addition to the
Borg-Warner Corp.
Interstate Air Lines, Inc. which has been in operation about 8 months, and
stock dividend, in
The
a
has air mail contracts connecting Chicago, Evansville, Nashville, Chat- regulardirectors have declared $1 50%
a share in cash and 2% in stock on the
quarterly dividends of
holders of
tanooga and Atlanta. and St. Louis, Evansville and Louisville. Their common
July 1
shares. The regular dividends are payable Aug. 15 to holders of
contract of 78 cents, is one of the lowest, it is stated.
to
June 15.
stock dividend is payable
This announcement follows closely the purchase of interests in Western record Aug. 1. The 50%announced that hereafter the stock would be on a
record
The board
Air Express and the Aviation Corp. of the Americas, two of the most
quarterly stock diva, would be discontinued.
annual
important air mail and air passenger systems in the country, by the Avia- $4On both basis, and the 2% last, a quarterly dividend of 2% in stock and
Jan. 2 and April 1
tion Corporation which became known on May 13.
-V.128, p. 3191.
$1 in cash were paid on the common shares.
51% of Universal Aviation Stock Deposited for Exchange.
The committre consisting of L. H. Piper, George M. Pynchon,_ Jr., and
Preston Lockwood, representing depositing stockholders of the Universal
Aviation Corp., have issued a statement that more than 51% of the outstanding stock of Universal Corp. has been deposited to be exchanged for
stock of the Aviation Corp. on a share for share basis. The time within
which stockholders of Universal could deposit their shares to be exchanged
‘
for stock of the Aviation Corp. expired May 20 1929.
Acquires Over 51% of Stock of Colonial Air Transport, Inc.
-V. 128, p. 2095.
See that company below.
-Earnings.
(C.) Brewer & Co., Ltd.
Calendar YearsGross earnings
Expenses and losses_
Netincome
Dividends
Balance,surplus
-V.127, p. 2960.
1925.
1926.
1927.
1928,
$1,664,574
$1,913,292 $1,744.837 $2,040,470
460,032
345,837
284,260
337,504
$1,460.577 $1,694,633 $1,204,542
$1,575,788
960,000
1.040,000
1,200.000
1.440,000
1E1E135,788
$260,577
$654,633
$244.542
MAY 25 1929.]
3517
FINANCIAL CHRONICLE
-Earnings.
Calamba Sugar Estate.
-Earnings.
Brillo Manufacturing Co.
1926.
1925.
1928.
1927.
Calendar Years$1,902,469 11,779,052 11,442,275 11,321,230
Sales
Net profit after all chges.
156,100
178,845
x342,003 304,663
Including taxes
-V. 127, p. 3250.
x Before Federal taxes.
-Earnings.
British Columbia Pulp & Paper Co., Ltd.
1928.
5723.334
326.814
340,000
14,347
Calendar YearsOperating profit
Bond interest
Depreciation
Taxes
1927.
$777,551
327,450
384,861
17,270
Years Ended Sept. 30- 1928.
$2.148,747
Gross income
1.276,181
Interest expenses. &c
1927.
$747,566
154,477
1926.
1466,909
164,383
1925.
$650.889
245,108
$872,565
140.0,10
325.000
$593.089
140.000
300,000
$302,526
140,000
150.000
$405,781
140,001
Net income
Preferred dividends_
Common dividends__ - -
1926.
1265.781
812.526
5153.089
1407,565
Balance, surplus
$807,232
320.420 -V. 127, p. 1531.
374,752
-To Keep
Calumet & Hecla Consolidated Copper Co.
31,000
Office in Boston.
181,060
The Shaw interests gained an important victory at the special meeting
38,934 of stockholders held May 23 to consider a proposal to remove the mais
executive offices of the company from Boston to New York. Quincy A.
542.126 Shaw mustered 745,404 votes against the proposition, and 700.203 shares
Balance surplus
$3,239
19,036
42.126
Previous surplus
51,161
were in favor of it. The result completely eliminated the possibility that the
Agassiz and MacNaughton faction, which favored the removal, might
Profit & loss surplus
142,126 adjourn the meeting to a later date, thereby prolonging the struggle.
$51,162
154,400
100.000
She, of corn. stk. outst. (no par)- - 100.000
100.000
Quincy A. Shaw, a director of the company and formerly its president,
Earnings per share
10.42 came to New York last week and continued the fight for proxies, concen10.03
10.09
-V. 124. p.377.
trating on brokerage houses which held enough stock for customers te
that time, indicating that
- balance the meeting. Ile made a statement at
British Type Investors, Inc.
-Capital Increase and 4 the real issue at stake was the disposition of suits pending in Massachusetts
Chairman Agassiz and President MacNaughton, questioning
for-1 Split-up.
Courts against
Mining Co. Mr. Shaw contended that
The directors have recommended a 4-for-1 split-up of the stock and an their purchase of stock of the Cliff
justice in these cases.
increase in the authorized capitalization to 500,000 class "A" shares. After removal of the office from Boston might impede
the split-up there will be outstanding 160,000 class "A" shares with the -V. 128, p. 2997.
This is the
balance of 340,000 authorized shares for necessary expansion.
-Earnings.
Canada Gypsum & Alabastine, Ltd.
second 4-for-1 split-up within 15 months.
1977,591
The stockholders' meeting to vote upon the proposed 4-for-1 split and Net profit
210,799
Interest
capital increase will be held June 3.-V. 128, p. 3355.
227,181
depletion
Depreciation and
48.771
Dominion income tax
-Earnings.
(John W.) Brown Manufacturing Co.
1928.
1927.
Calendar Years1490,841
Net income
$3,279,514 12,240,278
Sales
206,886
2,348,328
1,906,904 Dividends
Cost ofsales
$283,954
Balance surplus
1333,374
1931.185
Gross profit
215.475
44.278
21.677 Previous surplus
Other income
$499,429
Total surplus
1355,051
1975,463
Totalincome
60.250
238,968
122,318 Premium paid on redemption of bonds
Selling,general & administrative expense
200,000
17,012
32.271 Written off discount on bonds and debentures
Interest
590
11,988
Loss on equipment & securities sold
$239.178
Profit and loss, surplus
Premium on bonds redeemed, dies, jigs & patterns
-V. 126, p. 2651.
53,783
written off
87,200
Federalincome taxes
8,388
-Resumes Com147,970
38.934
142.173
38,934
Net profit
Preferred dividend
Net profit
Shares of capital stock outstanding
Earned per share
-V.127, p. 1107.
1577.910
100.000
$5.77
5180,085
75.000
12.40
-Semi
-Annual Report.
Brown Shoe Co., Inc.
1928.
1927.
1926.
6 Mos. End. Apr. 30- 1929.
115,830.887 115,554,899 $14,48,3,789 $14,925,146
Net sales
Expo.. deprec., int. &c - 15,188,218 14,892,002 13,776,996 14,449,637
106,000
105,000
Federal taxes
82.000
75,000
Net income
Preferred dividends_ _
Common dividends
1560,668
143,334
315,000
1556,897
148,127
315,000
1601,793
156,086
252,000
1400,509
158,812
210,000
Surplus
Earns. per sh. on 252,000
shs. corn. stk.(no par)
-V. 127, p. 2952.
1102,334
$93,770
1193,707
$31,697
$1.65
$1.62
$1.77
$0.96
-Morse Co., Ltd.
Canadian Fairbanks
mon Dividend.
A dividend of 50c. per share was paid on the common stock, no par value.
of
April 15 to holders of record March 30. A. total distribution on $2.64 per
this issue
share was made in 1920; none since. Record of dividends paid1919, 8%; is
follows: On 1100 par shares, in 1917. 27 X %: 1918, 18%;
-V. 127. p. 2233.
12.64 per share.
1920 on no par stock,
-Earnings.Canton Co. of Baltimore.
Mos. End.
Year Ended
-Years End. Dec. 31-7
Dec. 31 '26. May 31 '26.
1927.
1928.
1708,747
5439.808
1677.325
$481,051
Rev., rentals & storage_
214,218
78.543
359,897
35,743
Other income
Total income
_
Exp.,oper.& maint_
Miscell. deductions
Taxes
Int. & disc, on bonds- _
__
1516.794 51,037.222
334.580
172,342
12.687
8.506
111,027
78,142
82,025
77,192
$518,361
233,420
8,195
76.833
50,404
$922,965
388,194
16,661
166,176
144,122
1207,813
$149,499
1496.902
$180.610
Netincome
(58)176,000 (58)176,000 (18)176,000 (18)176,000
Dividends
1928.
1927.
Calendar Yearsdeprec. & expenNet income after all charges, incl.
$31,813
1320,902 def$26,501
14.610
Balance,surplus
/1,014,730-S1.703,034
dentures in development of new models
Earns, per sh. on 22.000
19.45
$6.79
Earnings for Quarter Ended March 31.
122.59
$8.21
shs, capital stock
1929.
1928.
.
$741,226
$499,982 -V. 126, P. 3597
Net income after int., deprec. & Federal taxes__ _ _
338,072
-Earnings.
240,020
Shares common stock outstanding (no par)
Casein Co. of America (N. J.).
11.77
1925.
$1.48
Earnings per share
1926.
1927.
1928.
Calendar Years1417,451
1474,618
-1r. 128. P. 3355
1362,665
.
Earns. & inc. sub. cos_- 5476,601
126,655
140.068
134,219
134.800
off
Bush Terminal Co.
-Regular Cash and Steck Dividends Dep.& accts. written
1290,798
1334,550
1228.446
1341.801
Declared on Common Stock.
Net earnings
The directors have declared the regular quarterly cash dividend of 50c. a Divs. rec. on Casein Co.
Cr7,854
Cr9,163
Cr10.472
Cr10,472
(Delaware)
share and a quarterly stock dividend of 1 3 % on the common stock, no par
on pf. stk_(8%)157,560(16%)165,000(1Les-Div. 434)145.000(12)122,500
value, both payable Aug. 1 to holders of record June 28. Like amounts
2,079
2,079
2,079
2,079
Divs.on Dry M.Co.stk
were paid on this issue in each of the six preceding quarters. On July 15
and Oct. 15 1927 the company paid dividends in stock at the rate of 2%
1174,072
1196,634
171,839
5192,694
Balance
-V. 128. p. 2997.
quarterly with no cash payment.
1.291,358
1,450,554
1,647,188
1.719.027
Surplus of previous year
deb14,875
Surp. adjustment
-Stock Split-up Approved.
By-Products Coke Corp.
The directors have recommended and stockholders have approved at a
11,911,721 11.719.027 51.647,188 11,450.554
Surplus
special meeting held May 23 an increase in the authorized common stock -V. 128, p. 2997.
from 200,000 no par shares to 800,000 no par shares. The common stock
-Changes Name.
will be split up on the basis of 4-for-I, the stockholders of record June 15
(J. I.) Case Threshing Machine Co.
to receive four new shares for each share held.
Effective June 1 next, the name of this company will be changed to
It is the intention of the directors to place the new common stock on a the J. I. Case Co. This change of name will not in any way effect the cor25e. quarterly or Si annual basis. The company on the present stock is porate identity of the corporation.
paying 12 annually with extras and the increased basis is equal to $4 anPresident Leon R. Clausen states that the primary reasons for the
nually for the old stock.
change in name are: First, to remove the confusion that has existed because
The stockholders also approved a reduction in the authorized preferred of the presence of two corporations making somewhat similar products is
stock from $2,000.000 to nothing. The entire outstanding porferred stock the same town, Racine, Wis., second, because the company's line of prodhad previously been canceled and retired.
ucts has expanded over the past 20 years so that "threshing machine" in
President C. D. Caldwell stated that the company's plants are operating its corporate name no longer signifies or stands for the goods it manufac-V. 128, P. 3356.
at present at 100% of capacity.
tures.
-V. 128, p. 1911. V. 127. p. 956.
--Earnings.
(Edward G.) Budd Mfg. Co.
-Earnings.
Cabot Manufacturing Co.
1928.
1927.
Calendar Years1926.
$267,972
1251,271
Net profit after all charges
$137,082
113.39
$12.56
Earns.per sh.on 20,000shs cap.stk$6.85
Balance Sheet Dec. 31
Liabilities1927.
1928.
1928.
1927.
Capital stock
$2,000,000 52,000,000
Assets
Notes payable_ ._ 310,000
370,000
Real est. & mach.,
Accounts payable.. 140,395
107,446
water pwr.rts. &
x2,385,553 $2,370,678 Res.for Fed.ine.txs
36,879
29,329
developla
Res. for'outings
100,000
50,000
Inventory, notes &
Surplus
1,230,445 1.130,411
accts. receiv. &
1,418,667 1,311,325
cash
15,183
13.500
Freed. ins. & int
Total
$3,817,720 $3,897,185
$3,817,720 $3,697,185
Total
-V. 126, p. 2969.
x After deducting 11,067,034 for depreciation.
-Balance Sheet.
California Cotton Mills Co.
Balance Sheet as of
Assetsbids's., mach., sos....x$4,386,628
Land,
59,966
Cash in banks & on band
392.755
Accounts receivable
1,782.617
Inventories
45,029
Adv. on raw material purch__
31,117
Notes & accounts receivable..
86,543
Investments
21,569
Construe. work In progress_ _ _
38,303
Deferred Items
Dec. 31 1928.
Liabilities
Capital stock
83,250,000
Accounts payable
103,475
Notes payable
620,000
Accruals
71,165
Dividend payable
2,500
Federal income tax-1928
25,055
1st mtge. 5% bonds due 1940. 1.310,000
Capital surplus
1,324,266
Earned surplus
208,067
Total
86,844.528
Total
x After 13,909.620 deprociation.-V. 126, p. 3596.
$6,844,528
-Earnings.
Celluloid Corporation.
Earnings for Year Ended Dec. 31 1928.
Profits from operations
Other income(net)
Totalincome
Provision for depreciation
Other charges
1795.809
17,708
813,518
198.455
23,106
Net income
1st preferred participating dividends
Preferred stock dividend
$591,957
166,489
171,857
Surplus for year
Surplus at Doc.311927 (as adjusted)
$253,612
166,158
Surplus (subject to participating div. of 10% thereof, when
declared)
Earns. per share on 194.952 shares common stock (no par)
-V. 127, p. 1680.
$419,769
11.17
-To Dissolve-Transfer of Assets to Postum
Certo Corp.
Co., Inc. Consummated.
The stockholders will vote June 3 on approving a proposition to dissolve the corporation.
Vice-President Charles A. Douglas, May 16. says in part:
"The transfer of the assets to Postum Co., Inc.. pursuant to the contract
approved by stockholders at the special meeting held April 4 1929, has
been consummated and the assets of eerie Corp. now consist of 351.001
shares of the capital stock of Postum Co., Inc. In addition, there Is a
cash reserve for expenses of the transfer and of the dissolution and liquidation of the corporation, which has been set aside pursuant to the provisions
of the contract. The Certo Corp. has, accordingly, now ceased to do
business.
3518
FINANCIAL CHRONICLE
[vol.. 128.
"Under the agreement above referred to Certo Corp. has agreed to dissolve and to distributekto its stockholders the 351,000 shares of Postum
stock received upon the transfer. The directors of Certo Corp. have accordingly, called a special meetingkof stockholders to act upon the proposition to dissolve the corporation."
-V. 128. p. 2635.
adjacent territory including the cities of Bend and Pendleton. Ore., and
Boise City and Pocatello, Idaho.
Upon completion of present financing, the company will own 50 modern
motor coaches, largely of the parlor car and observation parolor car type,
each seating from 12 to 27 passengers.
Management and Control.
-Company is controlled through
ownerCessna Aircraft Co., Wichita, Kan.
-New Factory.
- ship by Motor Transit Corp. Motor Transit Corp. also ownsstockoperates
and
The company announces that its new $100,000 factory nearing completion the Greyhound and Yelloway Lines, (see American Motor Transport Corp.
near the Wichita Municipal Airport will have a production capacity of 21 above.).
planes weekly, using both a day and night shift of workers. The plant is
Security.
-These notes are a direct obligation of company and are to be
expected to be opened June 8. The company is now employing 60 men but secured by a closed first mortgage upon 25 Fageol, Pioneer and White
200 will be necessary for a full complement for the new factory.
motor coaches, which coaches, on the basis of cost less depreciation as of
Orders now on hand from Curtiss Flying Service, Inc., which is absorbing April 1 1929, as to coaches already owned, and on the basis of cost as to
the entire output of the present plant, call for a prodction rate of 12 planes coaches to be acqufired during April 1929 are valued at $187.773.
weekly, the limit'of the new plant employing only a day shift. Production
Earnings.
-The lines of the company extended only as far east as Pendleto date has concentrated on the four-place transport monoplane model ton, Ore.. until March 1 1929, when the company purchased the assets of
developed by Clyde V. Cessna, founder and president of the company. Blue Mountain Transportation Co.. operating between Pendleton. Ore..
Used with the 170 h. p. Curtis Challenger motor,this plane has shown itself and Twin Falls, Idaho. and the assets of the Bee Hive Stages, operating
capable of developing 140 miles an hour. Increased demand for the six- between Twin Falls, Idaho, and Salt Lake City Utah. The operations of
place Cessna model, however, has caused the company to enter intensive the two last named companies have not been audited and are therefore not
production of it. with the present schedule calling for 40 four-place models Included in the figures given although the operations of both companies
monthly and 10 six-place models. This production will mean a monthly during 1928 were profitable. The earnings of Columbia Gorge Motor
gross income of $500,000 which the company expects to maintain for the Coach System during 1928. as reported by Wells & Erickson, certified
next year. according to Mr. Cessna.
public accountants, were as follows:
-V. 128, p. 2274.
Operating revenue
$459.311
Chesebrough Mfg. Co. Consol.-Extra Div. of 50c.
Operating expenses, incl. maintenance and taxes chargeable to
The directors have declared an extra dividend of 50c. per share and the
operation
384,921
usual quarterly dividend of Si per-share on the $3,000,000 common stock,
Par $25 both payable June 29 to holders of record June 8. Like amounts
Net operating income, before deducting deprec. and Fed.taxes
$74,390
were paid on March 30 last. Extras of 25c. per share were paid on June 30, Other income
27,221
Sept. 29 and Dec. 28 1928.-V. 128, p. 3192.
Net income available for depreciation, note interest, and
Chrysler Corp.
-Balance Sheet March 31Federal taxes
$101,611
z1929.
z1929.
1928.
1928.
Columbia Graphophone Co., Ltd.
Assets-29 1-10c. Div.
$
$
Land,b1dg..mch.
The directors have declared a dividend of 29 1-10c. a share on the "AmeriStated capital_ _y72,860,253 56,473,849
equip,&c____x84,235,546 22,658,249 Gold bonds ____ 57,098,000 1,146,000 can" shares, payable Juno 1 to holders of record May 24.-V. 127, p. 3251.
es
Cash
35,313,098 4,336,176 Dodge Br. notes 2,295.000
Columbia Phonograph Co., Inc.
-Earnings.
Cash sink.fund_
1,293,558 Accts. payable- 32,035.519 14,910,851
Markerlesecur_ 11,081,609 24,268,693 Divs. payable__ 3,308,993 1,382,339
Years EndedFeb. 28 '29. Feb. 29 '28. Feb. 28 '27. Feb. 28 '26.
Bank loan & dfts 16,423,928 5,973,842 Acer.inttax,ate. 1,907,754
229,144 Profit from oper., after
Notes receivable 1,501,036 2,757,929 Dealers deposits 1,588,438
provid'g for bad debts.
355,241
Accts. receivable 4,514,795 1,154,324 Employees stock
depr. & ohs.records- - $882,579
$737,401
$230,119 loss$847,203
Due from Cana.
22.738
40,095
83,356
account
256,457 Other income
Govt
612,246 Fed, tax prey__ 3,082,082 2,479,776
Total income
Inventories
$882,579
53,791,823 22,647,233 Reserves
$270.214 loss$763,846
$760,139
13,998,392 4,428,070
Pref.stk.sk.fund
50,445,398 j 2,358,312 Overhead applic. to un350 Approp.sur _ _ )
Other assets ___
used facil
5,345,475
127,5690_
531,968 Surplus
111,465
Good-will
Prov.for Fed. taxes
101,273
25,000,000 25,000,000
Deferred charges 1,413,419
348,471 Tot.(each stde)_238,620.729 111,582,939
Net prof. for fical yr_ _
$781,306
$760.139
$270,2141054875,311
xAfter depreciation $42,356,199. y Represented by 4,411,990 outstanding
Dividends paid
329,280
no par shares of common stock. z Includes Dodge Bros.
Our usual comparative income account was published in V.128,p.2814.Balance,surplus
5760.139
$452,026
$270,214 loss$827,311
V. 128. p. 3356.
Previous deficit
sur.857,552
902.588
1,193,562
318.251
Miscel. credits to surplus
x1.000,000
20,759
City Stores Co.-Initial Common Dividend.
The directors have declared an initial quarterly dividend of 25 cents per
Surp.at end of period_ $1,309,578
$857.551 def$902,587def$1193,562
share on the new common stock, no par value. payable July I to holders of
Earns, per sh. on 82.524
record June 14.-V. 128, p. 3192.
shs. cap.stk.(no par)
$9.46
$9.21
Nil
$3.27
Reduction in stated value of capital stock account -V.128.9. 2814.
Claude Neon Electrical Products Inc.
-Earnings.
Quarter Ended Mar. 311929.
1928.
Columbia River Longview Bridge Co.
-Bridge Over
Net income after all chits. except Federal taxes ____
$202.608
$57,250
Earns. per sh. on 185,000shs. corn.stock
$0.98
$0.31 25% Completed Is Expected to Be Ready for Traffic in Feb. 1930.
-V. 128. p. 2468.
The Columbia River Longview Bridge over the Columbia River between
Longview,
Rainier.
Coca-Cola International Corp.
-Initial Class A Div.
- is expected Wash., and for trafficOre., is more than 25% completed and
in
to be ready
The directors have declared the regular quarterly dividend of $2 per tion received by New York bankers.February 1930, according to informashare on the common stock, no par value, payable July 1 to holders of 90% of the concrete for piers has beenExcavations have been completed.
poured and more than 6,000 tons
record June 12 1929, and an initial semi-annual dividend of $3 per share of structural steel, which is half the total requirements, has been shipped
on the no par value $6 cumul. class A stock, payable July 1 to holders of from the mill. The bridge is being erected at a cost of about $5,800,000
record June 12 1929.
for the Columbia River Longview Bridge Co. by
A regular quarterly dividend of $2 per share was paid on the common Co., which has guaranteed the bridge company's the Bethlehem Steel
stock on April 1. This compares with quarterly dividends of $3 per share until July 1 1935 or earlier completion of the bridge.bonds and debentures
-V.128.9. 1736.
paid prior to the distribution early this year of a stock dividend of one
share of new class A stock for each share of common stock held.
-New Name.
Combined Holdings Corp.
-The name of
Earnings for Calendar Years.
the Standard Oilstocks Corp., depositor for "Standard Oil1928.
1927.
1926.
1925.
Divs. rec., Coca-Cola Co $2,641.636 $2,391,837 $1,740,655 $1,757,000 stocks Trust Shares" has been changed to the above title.
Other income
5,488
6,336
5.900
12,509 The following notice has been issued in connection with the
change.
Total
$2.647,124 $2,398,173 $1,746,555 $1,769,509
This issue was originally offered on May 1 1929, under the designation
Expenses
4,403
4,552
10,558
9,535 "Standard Oilstocks Trust Shares." The corporate title of the depositor
Net income
$2,642,721 $2,393,621 $1,735,997 $1.759,974 was "Standard Olistocks Corp." Subsequently it was brought to the
attention of
depositor that its corporate title and the designation of the
Dividends paid
2,641.636
2,391,837
1,740,6,55
1,757,000 trust shares the
might be confused by the investing public with other existing
Rate
49.25)
411)
($7)
($7)
investment trusts. To avoid such possible confusion the depositor's
corporate name was changed on May 15 1929, and the agreement of trust
Balance, surplus
$1,085
$1,784
def$4,658
$2,974 was amended as of May 16 1929, by a supplemental agreement changing
the
Shs. cap. stk. outstanddesignation of the trust shares to "Combined Trust shares (of Standard Oil
ing (no par)
228.857
236.908
246,325
251,000 Group)." The supplemental agreement also makes a change in the method
Earnings per share
$11.55
$10.10
$7.04
$7.01 of determining the offering price of trust shares.
Earnings for 3 Months Ended March 31.
Each Combined Trust share (of Standard Oil Group), irrespective of date
of issue, ranks equally with all other shares and each represents a 1-1.000th
1929.
1928.
1927.
Dividends received
$452,796
$576,355
$608,387 interest in one unit, originally constituted of 164 common shares of 32 corPayments by stockholders
Cr36,047
Cr690
porations of the Standard Oil Group, to be deposited with Fidelity-PhilaExpenses
14,055
744
1.202 delphia Trust Co., Philadelphia, Pa., trustee, under the amended agreement of trust dated March 25 1929.
Net income
$474,787
$576,301
$607,185
Commercial Investment Trust Corp.
Dividends paid
-Stock Dividend.
452,796
576,355
608,387
The directors have declared the regular quarterly dividend of $1 per share
Balance, surplus
$21,991
def$54
def$1,202 in cash and 1% in common stock on the common stosk, payable July 1 to
holders of record June 5. In lieu offractions of shares distributable by reason
Comparative Balance Sheet.
of the stock
LiabilitiesMar.31'29. Dec.31'28.
Mar.31'29. Dec.31 '28. stock on the dividend, checks based upon the bid price of the common
Assets$1,278 Capital stock____x$6,791,940 96,865,710 date on whichNew York Stock Exchange at the close of business on the
Bank accounts- -- $23,269
the stock sells ex-dividend, will be paid to stockholders enSurplus
Stock of Coca-Cola
23,269
1,278 titled thereto. A stock dividend of 1% was also paid on the common stock
6,791,940 6,865,710
Co
on Jan. land April 1 last.
The regular quarterly dividends of
$6.815,209 96,866,988 $1.623-i on the 6 % 1st pref. stock $1.75 on the 7% 1st pref. stock and of
$6,815,209 $6,866.988J Total
Total
also were declared. payable July 1 to
z Represented by 452.796 shares no par class A stock and 452.796 no holders of record June 5.-V. 128. v. 3356.
par shares common stock.
-V. 128. P. 406.
-Merger
-Deposits
.Colonial Air Transport, Inc.
A committee consisting of John F. O'Ryan, Cecil P. Stewart, John H.
Trumbull and James W. Wadsworth in a notice to the stockholders of the
Colonial Air Transport, Inc., the Colonial Western Airways. Inc., and the
Canadian Colonial Airways, Inc., announces that more than 55% of each
class of stock of each of the above companies has been deposited, and that
more than 51% of the stock to be issued in exchange for the deposited stock
has elected to take in exchange therefor shares of the common stock of The
Aviation Corp. in accordance with the plan. Accordingly, the committee
hereby declares the plan operative.
The committee has determined to receive deposits without penalty up
to the close of business on May 31 1929, to which time the original period
for the making of deposits is hereby extended. All stockholders desiring
to take advantage of the plan and to come under the same must accordingly
deposit their respective shares in the respective companies with the depositary, the Murray Hill Trust Co., 279 Madison Ave.. N. Y. City, on or
before May 31 1929.
Columbia Gorge Motor Coach System.-Eguip. Notes.
Offered.
-An issue of $120,000 equip. mortgage 6% gold
notes was recently offered at 100 and int. by Lane, Piper
& Jaffray, Inc., Minneapolis.
Notes are dated April 1 1929 and mature serially Oct. 11929 to April 1
1932. Principal and interest (A. & 0. 1) payable at Security Savings &
Trust Co., Portland, Ore., trustee, or at the Minnesota Loan & Trust Co.,
Minneapolis, Minn.
Business -Company, an Oregon corporation, owns and operates one of
the leading motor coach transportation systems in the Pacific Northwest.
The lines are 1,352 miles in length extending over the Oregon Trail Highway
from Portland. Ore., to Salt Lake City, Utah, and serving intervening and
Commercial Solvents Corp.
-Regular Cash Dividend.
-
The directors have declared the regular quarterly cash dividend of $2
per share on the capital stock, payable July 1 to holders of record June 15.
The company on April 1 last paid a 2% stock dividend is addition to the
usual quarterly cash dividend of $2 per share.
Philip L. Reed, Treasurer of Armour & Co., Chicago, has been elected
a director to fill a vacancy
128, p. 2998.
Consolidated Chemical Industries, San Francisco.
Expansion.
-An authoritative statement says:
Both the plant at Baton Rouge, La., and the plant at Houston, Tex.,
are running 24 hours a day, seven days a week, to take care of the broadening demand for sulphuric acid by the large refineries in the South. The
lIouston unit shipped the largest tonnage of sulphuric acid in its history
during the month of April.
The Shell 011 Co. recently purchased a site and announced that it would
construct a large refinery at Ilouston. This plant is located within a half
mile of the Consolidated Chemical plant on the Houston Ship Channel,
about six miles south of Houston. The plant will represent an investment of
approximately $15,000,000. and its construction is progressing rapidly.
It is understood that the refinery will be in complete operation within the
next four or five months. The Tidal Oil Co. also has recently announced
the purchase of 750 acres of land at Deer Park, near Houston. and plans to
build thereon a complete refinery, including lubricating manufacturing
facilities. This is an operating subsidiary of the Tide Water Associated
Oil Co. Sulphuric acid is a vital necessity to these refineries.
With these two large installations being completed and with the natural
and healthy growth of the industry. it is evidient that there will be a large
Increase in demand for sulphuric acid. In order to meet this requirement,
the Consolidated Chemical Industries has purchased a site at Forth Worth,
Tex., and construction on a new contact sulphuric acid plant was commenced
on April 25. This plant will represent a total investment of approximately
MAY 25 1929.]
FINANCIAL CHRONICLE
$350,000. Shipments of acid to Northern and Western Texas, heretofore
made from Houston, will, upon completion of the Fort Worth unit, be more
economically made from that location, leaving an additional tonnage
of acid available at Houston to take care of the growing demands of this
community. The new unit at Fort Worth will have a capacity of about
1,500 tons of acid per month, which will comfortably take care of the
requirements for Northern and Western Texas for the time being. The
eoypany's new plant at Forth Worth should be in production within
about 90days.
The new alum plant located at Bastrop, in Northern Louisiana, is of
the most modern construction being totally of concrete, steel, and brick
design. It is approximately 80% complete at the present date and will
be in operation early in July. Initial deliveries will be made to the International Paper Co. at Bastrop. La., on Aug. 1 1929.
The plant at Baton Rouge is ideally located, being adjacent to the large
Standard Oil of Louisiana refinery at Baton Rouge, and in the near vicinity
of the Shell Oil refinery at Good Hope, and the big Pan-American refinery
at Destrehan. It is also only some 75 miles up the river from New Orleans,
where the company has recently acquired sulphuric acid contracts with
several smaller independent refineries.
Sol Peiser, President of the Consolidated Chemical Industries, has
just arrived at Buenos Aires, Argentine, to supervise the initial construction
there of the company's new plant which will treat bones for shipment to this
country for use in their plants at Houston, Tex., and on
South San Francisco. This plant, together with the landthe bay shore at
on tidewater at
Buenos Aires, will represent an investment of
pleted and in operation the latter part of this $750,000, and will be comyear. This Argentine subsidiary of the Consolidated Chemical Industries will provide the company.
with an adequate supply of bones for the manufacture of glue,
and bone meal, and other by-products. A substantial saving in bone black
the cost of
the bones will be effected through this investment. The company's
boneblack business is showing a normal and healthy expansion, the shipments
being the largest on record.
Through a plan of advertising and due to the extreme high grade quality
of the company's bonemeal,or digestive bone,its sales of this commodity
throughout the poultry and cattle sections of the South and on the Pacific
Coast are expanding rapidly. Plans are under way for doubling the output
of glue in the company's bay shore plant in San Francisco and this enlargement in facilities there will be under way within the next 60 days.
-V. 128,
V.3193.
Consolidated Publishers Inc.(& Subs.).
-Earnings.
Earningsfor the Year Ended Dec. 311928.
Gross income from advertising, circulation & adver. commiss_ -$7,512.693
Operating expenses
6,145,928
Operating income
Printing & advertising sundries, cash disc. &. miscell. income$1,366,765
less miscell. operating items
84.413
Total income
$1.451,178
Interest (other than on collateral trust notes)
49,331
Interest on 634% collateral trust notes
252,239
Amortization of bond discount
234,392
Reserve for Federal income tax incl. tax on profit on sale ofsub
164,437
Charged off for reduc. of good-will in connection with sale ofsub. 223.281
Net profit
Surplus at Dec. 31 1927
Adjustments in reserves
$527,498
$1,115,888
Cr.12.870
Total surplus
$5 preferred dividends
Toledo Blade Co. preferred dividends 7%
Earned surplus at Dec. 31 1928
-V. 123. p. 3325.
$1,656,257
27,750
35
$1.628,472
Continental Department Stores, Inc.
-Balance Sheet.
-
Consolidated Balance Sheet as of January 31 1929.
Assets.
rg
Cash and Govt. bonds
$312,170 Notes payable
Notes rec., less discounts
1,589 Accounts payable
Accounts receivable
375,481 Accrued accounts
Merchandise inventories
967,054 Federal Income tax
Investments
49,546 10-year 6% debentures
Buildings, fixtures,equip.,&c. 518,599 Cony.stk.(33,457 shs. no par)
Prepaid insurance, taxes, &e_ _
35,489 Corn. stk. 48,457 shs. no par)_
Organization expense
29,534 Surplus
.1
Leaseholds and good-will
$32,500
408,443
34,294
26,068
500,000
669,140
48,457
570,560
Total
$2,289,463 Total
$2,289,463
*Leaseholds owned by the company had a value in excess of $320,000
by recent appraisal.
-V. 128, p. 1561.
Continental Insurance Co.
-To Increase Stock.
-
The stockholders will vote June 21 on increasing the authorized
stock (par $100) from 1,500.000 shares to 2.000,000 shares -V.128. capital
p. 565.
Continental Mortgage Guarantee Co.
-Organized.
--
The organization of this company by a group of representative banking,
legal real estate and other business interests to operate on a large scale
in
the field of guaranteed first mortgages was announced this week. The new
corporation, which has been formed under the insurance law of the
State
of Now York, will start business with a capitalization of $5.000,000, consisting of 50,000 shares of $100 par value capital stock, all of which has been
privately subscribed through Wm.Henry Barnum & Co., Inc.
The business of the company will consist principally in the making
loans secured by conservative first mortgages on improved real estate, of
the
company selling such mortgagee with or without guaranties of payment.
At the outset, operations of the company, whose headquarters will be
established at 250 l'ark Ave., New York, will be centered exclusively
in
New York and vicinity but subsequently may be extended to other cities.
While the initial capitalization is sufficient to give it rank among
the
larger corporations in this field, the announcement reveals the intention
to make application presently to increase the authorized capital stock
$10,000,000. This statement of purpose, together with the fact that to
the
company is being financed originally without resort to any public offering
of securities, reflects the confidence of the corporation's sponsors and the
scope of the program which they have mapped out for the company.
John Y. G. Walker, of Walker Bros., will be Chairman of the Board and
Wm. Henry Barnum will be its President. Other directors of the company
include: Bradford Brinton; Mortimer N. Buckner (Chairman, New York
Trust Co.); Ilendon Chubb(of Chubb & Son); Eliot Cross(of Cross & Cross);
Win. Everdell Jr. (Vice-Pros. Wm. Henry Barnum & Co. Inc.);
Gibbons (of Douglas Gibbons & Co.); Ernest Iselin (of A. Iselin Douglas
& Co.);
Wayne Johnson (of Johnson & Shores); Edward S. Moore (Capitalist)•,
Frank L. l'olk (Attorney); Hamilton C. Rickaby (of Simpson, Thacher
& Bartlett); Philip J. Roosevelt (of Roosevelt & Son); Dean Sage (of
Zabriskie, Sage, Gray & Todd); Samuel A. Salvage (Pres. The Viscose Co.);
Francis K. Stevens (Vice-Pres. Brown, Wheelock, Harris, Vought & Co.
Inc.); and Weld M. Stevens (Vice-Pres.)
Continental Motors Corp.
-Opens Branch Office.-
President Ross W. Judson announces the opening of a branch ark,
of the company in Los Angeles to take care of its rapidly growing business
west of the Mississippi. "We have been contemplating this move for
a considerable time, declared President Judson In a recent interview.
"For the past few years the name of Continental has been synonymous
with both the automotive and industrial West, our engines enjoying an
unprecedented demand. We have long felt the need for such an expansion
program, and with our fast rowing activities in the field of aviation, this
time has definitely arrived.'-V. 128, p. 734.
Copeland Products, Inc.
-Earnings.
-Month-1928.
Period End. Apr. 30- 1929
Net profit after interest,
depredation and taxes $102.546
$66.336
-v. 127, p. 3546.
1929-4 Mos.-1928.
$163,432
$106.408
r.
Cosden Oil Co.
-New Certificates Ready.
'Holders of outstanding certificates for the old shares of common stock
have been notified to surrender the same to the transfer agent, the Guaranty
Trust Co.. 140 Broadway, N. Y. City, for cancellation, and such holders
3519
will receive in place thereof certificates for three shares of the new stock
for each have of old stock represented by curt ficates so surrendered.
Holders of outstanding certificates for preferred stock have also been
notified to surrender the same to the transfer agent, the Guaranty Trust
Co.. for cancellation, and such holders will receive in place thereof certificates for an equal number of shares with the new name of the corporation, Cosden Oil Co. thereon in place of theold certificates bearing the
Cosden & Co., Inc.,ame
so surrendered.
-V. 128, p. 3357.
Crane Co., Chicago.
-Larger Common Dividend.
The directors have declared a quarterly dividend of 15.4% on the outstanding $58,695,625 common stock. par $25, payable June 15 to holders
of record June 1. Previously the company paid quarterly dividends of
1.5i% on this stock, the last payment at this latter rate having been made
on March 15 1929.-V. 128. p. 1542.
-Reduces Indebtedness.
Credit Alliance Corp.
The corporation announces that its Indebtedness has been reduced to
the extent of $596,000 as of May 1 1929. Out of an issue of $2,500,000
industrial equipment collateral trust gold notes there has been paid off
$1.500,000 of this amount. $500,000 having been redeemed on May 1
1929, leaving putstanding $500,000 due on May 1 1930 and $500,000 on
May 1 1931. Through the sinking fund, the 536% debentures have been
reduced $96,000. leaving outstanding $5,504,000 of these bonds.
Volume of Business.
The corporation reports that the volume of business for the first quarter
ended March 31 1929 totaled $12,386,622. This compares with $9,617,814
for the same quarter in 1928, $6.373.265 in 1927, $3,103.292 in 1926, and
$841.914 in 1925.-V. 128, p. 2815.
Crocker-Wheeler Electric Mfg. Co.
-Earnings.
Earnings for year Ended Dec. 31 1928.
Net income for year
Additional compensation
Federal taxes
Special inventory write-offs
$127,319
6,498
12,137
23,721
Net profit
Preferred dividends
Miscellaneous adjustments
$84.962
60,382
2,472
Balance,surplus
Previous surplus
$22,108
726,179
Total surplus
Earns, per sh. on 21,840 shs. com. stk.(no Par)
-V. 128. p. 1404.
$748,287
$1.10
-Registrar.
Curtiss Airports Corp.
The Central Hanover Bank & Trust Co. has been appointed registrar for
2,500,000 shares voting trust certificates for capital stock.
-V.128, p. 3194.
Debenhams Securities Ltd., England.
-Earnings.
Income Account Year Ended Mar. 31 1929.
Divs, received from Debenhams, Ltd
Interest received
E534,103
4,824
Total income
Income tax, directors' fees, &c
£538,928
72.133
Net income
Divs. on preference stock
Divs, on ordinary stock
,C466,795
204.713
240.000
Balance surplus
Previous surplus
xt22.082
67,837
Total surplus
zS9,42O
x Subject to accruing dividend on 735% cumulative preferenee shares
from Dec. 311928.-V. 128, P. 3194•
De Haviland Aircraft Co., Ltd.
-American Depositary
Receipts Representing Ordinary Shares.
Peter R. Lawson & Co. have arranged through the Guaranty Trust Co.
of New York for the issuance of American Depositary receipts representing
the company's ordinary shares. The American depositary receipts in
registered form represent an equal number of deposited ordinary shares of
El each. Cash dividends declared on deposited ordinary shares are payable
to registered holders of American depositary receipts in dollars at current
rate of exchange. See V. 128, p. 3194, 3357.
Devoe & Raynolds, Inc.
-Class A Stock Increased.
-
The stockholders on May 20 increased the authorized class A stock.
no par value, from 110,000 shares to 300,000 shares.
-See also V. 128.
p. 3357.
(Jos.) Dixon Crucible Co.-Bal. Sheet Dec. 31 1928.Assets
-
Cash
Securities
Investments
Accounts & bills receivable_ _ _
Real estate
Machinery & equipment._ _ _
Products & materials
-V. 128, p. 1913.
Liabilutes$234,767 Capital stock outstanding._ _ $5,000,000
3,712.340
480,000 Surplus & reserves
836,426 Reserve for depreciation
1.537,367
888,232
2,158,855
2,143,266
$10,249,707
3,508,161
Total (each side)
Dominion Textile Co., Ltd.
-Report.
Years End. Mar.31- 1928-29.
1927-28.
1928-27.
1925-26.
Sales
$21.262,400 $19,797,902 $20.392,708 $21,718,269
Profits
1,825,294
1.532,487
1,652,562
1,707,344
Interest received
371,346
276,692
324,105
197,965
Total income
Bond interest
$1,976,667 $1,903,833 $2,101,986 $1,905,309
310,320
310,320
310,320
311,220
Net income
Preferred dividends_ _
Common dividends
$1,665,447 $1,593,513 $1,791,666 $1,594,989
135,842
135,842
135,842
135,842
1.125.000
1,125,000
1,180.850
1,125,000
Surplus
Previous surplus
$348,755
6,862,659
$332.671
6,529,988
$530,824
5.999,164
$334,147
5.665.017
Profit & loss balance..- $7,211.414 $6,862,659 $6,529,988 $5,999,164
Shs.of corn.outat (no par)
270,000
225.000
225,000
225.000
Earns. per sh. on com_
$5.66
$6.49
$7.36
$6.47
a Including rentals, &c.
-V. 128. p. 3357.
(S. R.) Dresser Mfg. Co.
-Dividends.
-
The directors have declared the regular quarterly dividend of 75 cents
per share on the class A panic. cony, stock, and a dividend of 371j cents
,
per share on the class B stock, both payable June 1 to holders of record
May 21. Initial dividends of like amount were paid on the respective
stocks on April 1 last.
-V. 128, p. 2637.
Donahoe's Inc.
-Listed.
-
The Pittsburgh Stock Exchange has approved for listing 65,000 shares
class "A" participating, cumulative, preference stock of no par value.
Transfer agent, First National Bank at Pittsburgh; registrar, Pittsburgh
Trust Co., Pittsburgh.
CapitalizationAuthorized. Outstanding.
1st pref., convertible(6% cum.)(par $100)
$2,650,000
$2.500,000
Class A partic. preference ($1 cum.)(no pad--- _300,000 shs. *50,000 shs.
Common stock(no par)
18,000 shs.
18.000 shs.
To be presently outstanding.
Company.-Incorp. in Delaware Dec. 29 1927. Is the outgrowth of an
enterprise started by Peter J. Donahoe and his son, John A. Donahoe.
Commenced business August 1903 in the old Pittsburgh Market House,
operating a butter, egg, cheese, tea and coffee stand. The business, as now
conducted, is that of retailing all kinds of foodstuffs with several cafeterias
and lunch counters.
FINANCIAL CHRONICLE
3520
Statement of Profit and Loss Earnings Years Ended December 31.
1926.
1928.
1927.
87,018,111 $7.020,610 $7,559,925
5,025,069 4,880,812 5,339,986
Net sales
Cost of merchandise sold
Gross profit
Other income
$1,993,042 82.139,798 $2,219,939
42,472
60,665
70,002
Total income
Stores operating expense
Administrative and general expense
Depreciation
Interest paid
Special charges
Federal income tax
$2,063,044 $2,200,463 $2,262,412
1,521,476
1.555,283
1,402,548
238,136
209,019
199,451
140,844
138,110
x104,247
64,524
77,281
88,395
23,000
16.649
37,536
32,409
30,955
[Vol.. 128.
-Earnings.
Empire Oil & Refining Co.(& Subs.).
Income Account Year Ended Nov.30 1928.
Gross earnings
Operation and maintenance
$36,953,237
26,662,628
Net earnings from operations
Profit on sale of leaseholds and gas wells
Profit on sale of stock of Cushing Pipe
Other non-operating income
$10,390,709
536,374
145,000
367,869
Total income
Interest on funded debt
Interest on floating debt
Amortization of bond discount and expense
$11,439,952
1,597,750
715,633
224,658
Net income before providing for depreciation and depletion_ _ $8,901,911
Net profit
$205,772 -V. 127, p. 1812.
$219,434
$220,796
x During 1928 the values of fixtures and equipment in leased buildings
Equitable Office Bldg. Corp.
-Common Stock Placed
were reduced by a write-off against reserve for depreciation, as being fully
depreciated, thus reducing the depreciation charge item for the year 1928.
on a $2.50 Annual Dividend Basis.
Officers.-Pres., Peter J. Donahoe: Vice-Pres., T. Reran Donahoe:
The directors have declared a quarterly dividend of 6234c. per share on
Treas.. John A. Donahoe: Sec., John M. Huston.
the common stock, no par value, payable July 1 to holders of record June 15
In each of the preceding 3 quarters a dividend of 50c. per share was paid.
(E. I.) du Pont de Nemours & Co.
-Extra Dividend, &c. -V. 128. p. 2275.
-The directors on May 20 declared a quarterly dividend of
$1 a share and an extra dividend of 50 cents a share, making
a total of $1.50 a share on the new $20 par value common
stock. The quarterly dividend is payable June 15 and the
extra on July 3, both to holders of record May 29. A quarterly dividend of $1 a share was paid on this issue on March 15
last (See V. 128, p. 1236).
The regular quarterly dividend of 1%% on the debenture stock was also
declared, payable July 25 to holders of record July 10.
A. B. Echols, Treasurer of the company, was elected a member of the
finance committee.
Edmon Gillet, commercial director of the Credit Lyonaise, France,
and the recognized leader of the silk industry in Lyons, was made a director
of the company, representing important stock holdings resulting from
the recent acquisition by the du Pont company of the French holdings
In the Du Pont Rayon Co.
-V. 128, p. 3000.
Durham Duplex Razor Co.
-Earnings.
The company reports net income, after all charges, for the first quarter
of 1929 of 883,000.
President T. C. Sheehan says: "The company reports that by June 1
they will have earned substantially more than the total dividend on the
preferred stock for the entire year. That would leave 7 months' earnings
that may either be applied for additional building of the business or for
common dividends."
-V. 128, p. 2638.
-Earnings.
Durham (N. C.) Hosiery Mills.
Earnings for Year Ended Dec. 31 1928.
Sales, less discounts, allowances and freight
$5,504,180
Cost of goods sold (including depreciation)
4,374,019
Selling expense
358.383
129.721
Administrative expense
Other charges to income,incl. int., uncollectible acc ts. &c.(net)
74,599
,ear
Net income for
ur
Splus Jan. 1 1928
$67,458
563.403
Fiat (Turin, Italy).
-Earnings, &c.
The New York Curb Market has authorized the listing of American
'depositary receipts of the National City Bank of New York for Fiat stock.
Earnings Years Ended December 31.
Net ,
Prior
Earned on Earned
Sales.
Earnings. Charges.
Common. per Sh
1923
$24,800,000 $2,660,000 $520,000 32,140,000
1.07
2.55
1924
33,900,000 5,640,000
530,000 5,110,000
4.32
1925
49,400,000 9,380,000
740,000 8,640,000
4.08
1926
52,900,000 8,827,000
811,000 8,016,000
3.02
1927
56,800,000 7,114,000 1,058,000 6,056,000
4.16
9,482,386 I 161 829 8,320,557
1928
57,536,061
(Lire figures have been converted at the following rates: 1923, 4.5c.; 1924, 4.3c.:
1925, 4c.; 1926, 3.9c.; 1927, 5.1c.; 1928, 5.2c.)
Balance Sheet Dec. 31.
1927.
1928.
1928.
1927.
$
$
Assets
20,956,000 21,052,631
Real est., Mdse.,
Capital stock
9,325,598 9,661,737
mach'y & equip_33,156,059 30,329,999 Funded debt
947,368
Invest's (securs.)_ 8,379,016 7,242,842 Notes payable_
Cash and marketAccounts payable 15,410.990 11,833,737
able securlties__10,949,667 9,455,369 Accr. wages,tax.&
depos. on contr_ 1,405,886 1,380,316
Notes & accts. rec_15,313,178 17,430,105
Inventories
21.605,060 18,275,579 Surp. & reserves __48,046,027 42,037,894
Adv.to Mill. cos 3,432,384 1,786,526
0th.& def. assets_ 2,309,137 2,393,263
Tot.(each sIde)_95.144,501 86,913,683
(Lira figures converted at rate of 5.239c. to one lira.)
-V.128,P• 3358.
-Stock Div.
Financial Investing Co. of New York, Ltd.
The directors have declared a quarterly common stock dividend of
of 1% on the common stock, payable July 1 to holders of record June
15. This compares with the former quarterly cash dividend rate of 40
cents a share.
-V. 128. P. 3195.
First Trust Bankstock Corp.
-10% Stock Dividend.
At a meeting of the board of this corporation, under First Fiscal CorP
management, held on May 20, the directors declared a 10% stock dividend
to be paid to stockholders of record June 15 1929.
Gross surplus
$630,860
Shrinkage of book values of investments
107,912
-Earnings.
Foundation Co.
Deferred charges written off: Advertising and brand promotion,
1926.
Quarter End. Mar. 31:
1929.
1928.
1927.
$313,902: bond discount and expense,$28,750
342,653 Gross earnings
$369.183
3234,428
8263,325
$286,564
Reserves created: Hosiery inventory losses, $89,140;claims,&c.,
Exp., charges & taxes
288,605
269,074
286,284
302,111
145,920
$34,331;shrinkage in materials and supplies,$22,448
Liabilities for street assessments entered on books
8.656
$80,573
Net income
loss $749
$280 def$67,683
Appreciation of property values written off, 82.446,404; adjust-V. 128, p. 3001, 2817. 1237.
ment of depreciation on basis of standard rates, 1919-1928.
$1,653,317: obsolete machinery. 1919-1928, $249,011: values
-Earnings.
Foundation Co. (Foreign).
of real property, &c., written down to approximate market
1926.
1927.
1928.
Calendar Yearsvalues, $239,809
4,588,541 Gross income
$344,769
$446,184
$411,714
14,306
Organization expense
Deficit, Dec. 31 1928
$4,562,823 Amortiz. of contracts and options-12,000
16,500
19,600
-V. 127, p. 553.
12,044
29,631
16,934
Deprec. of plant and equip
20,000
Prov. for comm. & partic
Eisler Electric Corp.
-Admitted to Curb.
74,370
The common stock, which was offered through Bonner, Brooks & Co. Development expense and new bus
333,081
459,316
428,696
Gen. and admin. exp.
May 14, has been admitted to trading on the New York Curb Market.
1,871
8,248
7.455
Provision for taxes
The Central Hanover Bank & Trust Co. has been appointed transfer Provision for contingencies
5,000
agent for 200,000 shares of the capital stock, no par value. See also offer- Miscellaneous adjustments
36,094
ing in V. 128, p. 3358.
$166.384
$86,764
$49,131
Deficit
Emerson-Brantingham Corp.
-Earnings.- •
192Crsolidated Balance Sheet Dec. 31.
Period14 Mos End Year End,
Assets
LtabilUies1927.
1928.
1927.
Dec. 31 '28. Oct. 31 '27.
RI. est. plant, &c.,
Class A stock.--8$3,950,000a83,950,000
Gross profit from operations after deducting cost of
less depreciation $108,430
885,289 Class B stock
81,600,000 a1,600.00
0
manufacturing, discounts, freight, &c., but be320,259
destili, contr., &c 2,090,053 2,109,653 Bank loans
-w menta
5 4 346
82 2 0
2 :9
fore charging depreciation
$846.469
$939,265
82,426
138,538 Accr'd comm.pay _
Interest on receivable & miscellaneous income
104,750
115,143 Investments
92,801
Cash
146,934
97,120 Accts. payable.-- 297,781
29,238
Total
$951,220 $1,054,408 Marketable seems. 544,305 1,054,772 Tax reserve
495,040 Res. for canting_ _
Distribution & selling expenses,collection exp.,&c..
984,145
1.052,814 Bills & accts. rec.._ 680,058
28,394
Invest. In contr___ 665,884
250,685 Guarantee deposits
.2519:111E
Administrative & general expenses, including pro15,407
45,125
portion ofgeneral taxes
201,048
134,941 Materials on hand
Bad and doubtful notes and accounts written off_ _ 45,617
46,259 Loans, deposits,&o 1,486,136 1,177,344
charges_ 362,920
361,612
Provision far depreciation
100,496
128,332
292,531
205,514 Total(each side)_S6,475,085 56,020,692
233.939
Interest on debenture notes and loans
283,612 Deficit
a Represented by 160,000 no par shares, respectively.
-V. 126, p. 3127.
Net loss for period
$614,026
$591,551
Franklin Surety Co.
-To Increase Stock,
Comparative Balance Sheet.
of the stockholders on May 27
Dec. 31 28. Oa.31 27. toThe directors have called a meeting of capital shares from 46,667 to
Dec.31 28.Ocf. 31 27.
a8prove an increase in the number
$
3
Assets75,0 0
353,786 Accounts payable_ 100,350
347,831
70,095
Cash
The Plaza Trust Co., at 52d St. and 5th Ave., N. Y. City, has been
Accrd.taxes, wages
Custom. notes &
made
for subscriptions to the new stock of the Franklin
&c
131,811
97,672 Suretythe depository be issued.
1,516,165 1.774,656
accts. ree
Co., that will
-V. 128, p. 2817.
5-yr. deb. notes-- - 525,000 5,000,000
Notes receiv'le for
38,472 Res.for cont.losses
363,859
Wantssold
General Electric Co.
-New Manager.
on rec. disc., &c_ 632,406
491,762
Sundry
debtors,
Nell Currie, Jr., managing engineer of the motor department of the
x5,905,131 4,805,130 Pittsfield Works
57,458 Class A stock
work, fds., &c_
for the past 5 years, has been named manager of the
y200,000
Inventories
278,229 3,106,796 Class B stock
200,000 Philadelphia Works, Robert V.
section superintendent in the SchePaid in surplus
500,000 - ad y 7orks, haa been named Good,
Inventory of heavy
ne
/ l28 p 3 9
assistant to the manager at Philadelphia.
35
60,000
line repair parts_
30,000
Securities rec
30,000
92,462
Mtscell. real estate 436,899
-To Increase Capacity.
General Mills, Inc.
Land,b1dgs.,mach.
President James F. Bell announced on May 18 the awarding of a contract
850,999 5,053,488
dr equip
for the immediate erection of a concrete terminal elevator adjoining the
Organlz. exp., preMinneapolis Milling plant of Washburn Crosby Co., Inc., one of the
65,991
paid ins., &c......
7.341
General Mills associate companies. The new elevator will have a capacity
Loss from °per- -- 3,603,374
591,551
of 2,500,000 bushels making the terminal elevator capacity of General
Mills. Inc. at Minneapolis 6,000.000 bushels and the total terminal elevator
7,494,697 11,164,660 capacity of all General Mills units 33.000,000 bushels. Work on the new
Total
Total
7 494,697 11,164,660
-V. 128. p. 2817. 2639.
Contingent liabilities in respect of export trade acceptances sold, and elevator is to start immediately.
drafts discounted 312.864. x Represented by 132.845 shares no par.
-Statement on
General Outdoor Advertising Co., Inc.
y Represented by 20.000 shares no par.
-V.127. p. 1258.
Employers' Group Associates, Boston.
-Rights.
In order to take care of the increasing business of its subsidiaries and for
the other purposes of the trust, the trustees of Employers' Group Associates
believe that it is desirable to raise additional funds at this time. AccordinglY, they have authorized an increase in the number of common shares of
no par value from 220,000 to 330,000.
The trustees now offer to shareholders of record May 17, the privilege
of purchasing on or before June 14 1929, 110,000 common shares at $34.50
per share at the rate of one new share for every two old shares held. Payment for shares purchased must be made in full at the Peabody Trust Co.,
14 Milk St., Boston, Maas. This new issue has been underwritten by
Kidder, Peabody & Co. and United Sates Trust Co. of Boston, Mass.
V. 128, P. 118.
Settlement of Government Suit.-Pres. K. H.Fulton in a letter
to the stockholders May 15,says:
On July 24 1928 I advised you of the filing of suit by the United States
against your company and others, which had been instituted following
the failure of negotiations with the Government looking toward a settlement of the differences then existing between the Department of Justice
and your company. I also stated that in my opinion, upon trial, any
charges that the company had been unfair to its competitors or customers,
would be found to be without foundation in fact.
Hearings in the suit commenced on April 15 last, and after the Government had introduced 37 witnesses, but before any witnesses were hoard
for your company, the suggestion was made by counsel for the Government that the negotiations of last winter and spring be re-opened and
•
31Ar 25 1929.]
FINANCIAL CHRONICLE
that a further attempt be made to agree upon a consent decree in form
acceptable to your company. In this manner, the subject was again
taken up, and some days later a proposed consent decree was drafted.
This revised draft contained no findings that your company had been
unfair or unethical in its dealings with competitors and imposed no requirement that your company should divest itself of any of its assets or
stockholdings; or that any of its services to advertisers should be curtailed.
Further than this, the proposed decree seemed likely to produce certain
Constructive results, such as the elimination from the outdoor industry
of controversial questions which have hampered the progress of the medium
for many years, and the placing of outdoor advertising upon a selling
basis such as to permit of the adoption of sales methods comparable to
those employed by other major media. Under these circumstances, and
upon the advice of counsel, the decree was signed on May 7 1929 and
is now in effect.
I feel that the termination ef the investigation and litigation, which had
been pending in one form or another for more than three years, and in
which there was a suggested dissolution of the company, has removed
the doubt and uncertainty that must have influenced the past attitude of
many national advertisers towards the use of the medium, and thereby
reflects substantial progress -V. 128. p..3002.
General Public Service Corp.
-3% Stock Dividend.
-
The directors have declared the regular semi-annual dividend of 3-100ths
ofa share on the common stock, payable June 29 to holders of record June 3.
An initial semi-annual dividend of like amount and a special 5% stock
dividend were paid on Dec. 31 1928.-V. 128, p. 2640.
Gold Seal Electrical Co.,Inc.
-Stock Split-Up, &c.-
3521
Consolidated Balance Sheet.
Feb. 28 '29. Feb. 29 '28.
Feb. 28 '29. Feb. 29 '28.
Liabilities
Assets
Plant & equip-- 20,972,300 15.884,743 Preferred stock_ 24.938,700 24,938,300
22,876,396 20,603,760 Common stock.a33,357,340 32,699.560
Cash
1
1 Pref.stk.of subs.
Good-will
10,100
10,300
not owned ___
71,062,036 62,183,217
Merchandise
365,881
486,325
U.S. Govt.secs. 9,017,100 10.516.753 Notes & accept
41,416 Accts. payable _ 25.469,958 24,806,367
41,321
Stocks & bonds_
51,225
Accts.receivable 2,323,846 2,348,495 Res. for self ins_
Employ. subsc's
Due from subscr.
to capital stk. 2,992,960
864,970
to capital stk_
Deferred charges 5,582,499 1,715,566 Res.for Inc. tax. 3,313,000 2,990,008
42,241,304 27,363,102
Surplus
132,740,468 113.293,954
Total
132.740,468 113,293.954
Total
a Consisting of 1,150,000 shares voting and 889,592 shares non-voting.
-v. 128. P. 3360
.
-To Enlarge Plant.
Great Lakes Aircraft Corp.
Following announcement of new orders for aircraft actually placed and
In negotiations,totaling $10,000,000,the corporation has awarded a contract
to the Austin Co. for expansion of its plant. The extension will provide
10,000 square feet additional manufacturing space for the company's
present straight line production of planes. The company plans to extend
Its production to 10 planes a day. Construction work on the new extension
will start next week. See also V. 128, p. 3360.
Inc.
-Stock Offered.
Great Northern Investing Co.,
The stockholders this week approved a 4
-for-1 split-up in the capital
stock and authorized an increase from 145,000 shares to 600,000 shares, Great Northern Bond & Share Co., Inc., New York,is offerboth without par value. The new certificates are now ready. The New
stock at $28 per share.
York Trust Co. has been appointed registrar and the United States Corpo- ing 13,000 shares class A
Class A stock has priority over class B stock both as to assets and diviration Co., transfer agent.
paid, voting, non-callable, and non-assessable. It
The directors have approved plans for a new factory containing 150,- dends and it is fully
when and as declared in priority
000 sq. feet of floor space. The site of the building was not announced. is entitled to 22.50 per share per annumper share on class A has been paid
to the class B stock. After the full $2.50
This plant will have a capacity of 100,000 radio tubes a day.
the amount necessary therefor, set up in reserve, then class A and elm;
This addition to plant capacity was made necessary by the recent signing or stock
parti ipate equally and ratably in such further dividends as deef contracts with 7 of the largest set manufacturers. See also V. 128. P. B
clared. Transfer agent, Central Hanover Bank and Trust Co., New York,
3360.
Registrar, Equitable Trust Company, New York City.
Issued.
Goodyear Tire & Rubber Co., Akron, 0.
Authorized.
-Resumes
Capitalization5.000 sits.
5,000 shs.
Common Dividend.
-The directors have declared a quarterly 7% cumul.preferred stock (par $100)
26,000 shit.
100,000 shs.
Class A stock (no par)
dividend of $1.25 per share on the common stock, no par Class B stock (no par)
26,000 shs.
30.000 shs.
value, payable Aug. 1 to holders of record July 1. This is the
Company.
-Was incorp. in New York in 1927. Company since inception has been engaged in the buying, selling, underwriting of bonds.
first dividend declared on the common since the reorganiza- stocks, notes, &c., of public utilities, railroads, banks, industrial corporation in 1921.
tions, and governments.
Earnings.-Starting with but 2200,000 paid-in capital, the first 6 months'
Both unit unit and dollar volume of sales for the four
after
than 12% on the invested
months ended April 30 were substantially ahead of the earnings were betterpreferred stock. The secondcapital, audit,paying 7%
that as of
years'
on the outstanding
Dec. 31 1928, on an average working capital of approximately $600.000.
corresponding period of last year it was stated.
-V. 128, shows a net profit of better than 18%. In addition thereto the company
p. 2277, 1564.
had an appreciation in market value of securities of over $234.000 which
is equivalent to over 39%. Actual earnings per share on class A stock for
Gorham, Inc.
-Elects Officers.
charges.
Officers were elected at the first meeting of the board of directors held 1928 were $6.52 after all
Dividends
.-The current rate of dividend on the class A stock is $2 Per
for the purpose of organizing and laying plans for the operation of this share per annum, making the dividend requirements on this stock $52.000.
recently organized corporation formed for the purpose of merging the Realized profits plus appreciation in market values of securities as audit
jewelry firms of Black, Starr & Frost, Spaulding St Co. of Chicago, and of Dec. 31 1928, after deduction of Federal taxes and full dividends on
the Fffth Ave. retail store of the Gorham Mfg. Co. In addition to the preferred
to over $280.000, or over $10 per share on the
election of officers, Col. A. M.Pope, President of the First National Corp. class A stock amountedincluding this offering.
stock outstanding
of Boston, was added to the board a directors.
Balance Sheet December 31 1928, (Before Present Financing).
The officers elected for the ensuing year follow: H. J. Fuller, ChairLiabilities
man;E. C. Mayo,President; Witherbee Black Vice-President; E. Krehbiel,
Assets$247,000
$241,764 Notes payable secured
Vice-President & Treasurer; H. C. Tilden, Vice-President; C. L. Moreau, Cash in banks
69,986
793,642 Accounts payable
Secretary & Asst. Treasurer, and Arno Arnold, Asst. Treasurer.
Securities at cost.
12,042
24,897 Reserve for Federal taxes
The directors are as follows: J. E. Aldred, R. Clifford Black, Witherbee Accounts receivable
500.000
1,704 Preferred stock
Black, A. V. Frost, H. J. Fuller. It. M. Green, E. Krehblel, Joseph Leiter, Interest & dividends accrued_ _
129,166
Class A stock
E. C. Mayo, W. J. Minsch, A. M.Pope, A. K. Potter, and H. C. Tilden.
25,833
Class B stock
-V.128. p. 3002.
77,983
$1,062,009 Earned surplus
Total(each side)
Graham Paige Motors Corp.
-Earnings.
* Market value, $1,028,023.
The company reports for the month of April net earnings after all charges
including Federal taxes of $407,890. Net profit for the first 4 months of
-Offering is
-Stock Offered.
Guaranty Founders Trust.
1929 amounted to $931,532 as against $732,821 for the same period in 1928.
being made of 200,000 shares (no par class A stock by a New
-V. 128, p. 3360.
composed of E. E. Nazzaro & Co.,
Granger Trading Corp.
-Initial Dividends-Earnings.
- England banking groupE. M.Dickinson, John D. Woodfin,
R. A. Gallagher & Co.,
John Torrey Hawkins, Glober & Co., T. K. McAllister &
Co., and the Atlantic Mortgage Investment Co. of New
Haven.
The directors have declared an initial quarterly dividend of 40 cents per
share on the no par value capital stock, payable June 21 to holders of
record June 6. (For offering, see V. 128. p. 738.)
The corporation reports earnings of $47,324 for its first quarter of operation ended April 30 1929 equal to $1.85 per share and equivalent to an
annual rate of $7.40 per share or practically 25% on the capital employed.
In arriving at this profit, according to the managers. Sulzbacher, Granger
& Co., the securities held in the portfolio were valued at the market as of
the close of April 30, while all expenses were deducted save taxes and the
contingent management fee. Of the total earnings, $16,579 was accrued
profits on open arbitrages.
-V. 128, p. 2818.
Gray Telephone Pay Station Co., Hartford, Conn.
-A limited number of shares of the company,
Stock Offered.
whose capitalization has been increased from $100,000 at
the time of its organization in 1891 to $1,500,000, solely
through the declaration of stock dividends,is being placed on
the market at a price of 31,17t.' share by Shaw & Co.,
members of the Hartford Stock E
ange.
The trust is of the general management type and is capitalized with two
classes of common stock, 200,000 shares of class A, of which this issue is
a part, and 600,000 shares of no par class B stock. There will be no bonded
issues, the trustees considering the growth of capital value a principal
objective and have retained Shaw Loomis and Sayles as investment counsel
for security, analysis and research.
Guelph Carpet & Worsted Spinning Mills, Ltd.Pref. Stock Offered.
-Hanson Bros., Inc., Montreal are offering $1 000,000 63% cumul. cony, preferred stock at
par ($100) and divs., carrying a bonus of 1 share of no par
common stock with each 3 shares of preferred.
Preferred shares carry fixed preferential dividends cumulativefrom May 1
-F. at par at any branch of
1929, at the annual rate of 6%.payable Q.
the Bank of Montreal in Canada. Preferred as to assets in the event of
dissolution up to $100 per share and diva or, if such liquidation be voluntary up to $105 per share and divs. Red. all or part at 9105 per share and
div. to date of redemption upon 30 days' notice. Transfer agents, the
Royal Trust Co., Montreal. Registrar,the Toronto General Trust Corp..
Montreal.
Convertible.
-Preferred shares are convertible at the option of the holder
Into common shares until May 1 1931. on the basis of three shares of no
par value common stock for each share of preferred; thereafter until May 1
1933, on the basis of 23i shares of no par value common stock for each
share of preferred; thereafter until May 1 1935, on the basis of two shares
of no par value common stock for each share of preferred.
Issued.
Authorized.
Capitalization01,000.000
% cumul.cony. pref.stock (par $100) --- $2.500,000
35,000 she.
*125,000 slas.
Common shares(no par)
* This includes sufficient shares reserved for the conversion of preferred
shares.
Data from Letter of H. Quarmby, Man. Dir, of the Company.
Company.-Incorp. in 1929 to acquire the business of the predecessor
company of the same name. Company's manufacturing plants are situated
In Guelph, Ont., and are completely equipped for spinning and capret
weaving and for handling material from raw wool to finished product.
The business,established over 50 years ago,has experienced a steady growth
until its spinning mill is now the largest and its carpet mill the second
largest in Canada. The products manufactured comprise worsted yarns
and carpets.
Assets.
-The depreciated value of the company's fixed assets amounts
to $931.238. Net current assets, after deducting all current liabilities,
amount to $886,062. Total depreciated net tangible assets, including
Great Atlantic & Pacific Tea Co. of America.
-Earns. investments and goodwill (which goodwill is valued at the nominal sum
of $1) amount to $1,817,300 or at the rate of $182 per share of preferred
Subs.)
-Years End. Februarg.
Consolidated Income Account(Co. cte
stock outstanding. The book value of the 35,000 shares of common stock
1928.
1927.
1929.
1926.
$31,558,713 $24,547,717 $19,001,854 216.188.778 Is slightly in excess of $23 Per share.
Total earnings
Barnews.-Net earnings for a period of four years and six months ending
3.266,597
4,024,731
2,827,973
Depreciation
2,399,517
2,870.000
2.190,000 1,815,000 Mar. 31 1929, after all operating expenses, depreciation and Federal taxes
3,313.000
Federal taxes
at present rates, and allowing for certain non-recurring items were as
Net profit24,220,982 $18,411,119 213,983,881 $11.974,261 follows:
7,410,5661 1,655,049
Preferred dividends_ _ _ _! 9,384,027
1,214,340 a1925
$159,108
b1928
1 4,761,912
Common dividends
3,528,054 b1926
95,268
154.5051c1929
10,333
149.756
.
adjustments- _ _ Cr.42,352
Surplus
162,720 111927
180,850
7 months
a 11 months ended Aug. 31. b ears ended Aug. 3
$14.879,307 $10,990,219 $7,417,164 $7.069,147
Balance,surplus
ended Mar. 31.
Shs. corn. stk. outst'g.
Montreal or
2,025,008
1,992 2181,960.000
Listing.
-Application will be made to list the share
2,0.39,592
(no par)
$8.23
-V. 126. p. 3306.
$11.02
Earns. per sh.on corn$5.49 Toronto.
o 200% in 1914, 100% each
In addition to stock dividends amount1.
in 1925 and 1926, and 25% in 1929, the co- iany has paid cash dividends
regularly. varying from 6% in 1897 to 45%,the cash dividend rate for the
last two years being 20% regular and 10% extra, the rate now in effect.
The company manufactures under various patents all the telephone pay
station equipment used in the United States and Canada and has also furnished such equipment to England. Belgium, Italy, Australia, Argentine,
Peru, Brazil, Colombia, Mexico, Chile and other foreign countries.
A large percentage of the company's output is distributed in the United
States by the Western Electric Co.,in Canada by the Northern Electric Co.,
Ltd., and in foreign countries by the International Telephone & Telegraph
Co. As a side line the company manufactures a patented lock which the
American Bell Telephone Co. has adopted as standard on all telephone pay
station equipment.
The company owns a 66 2-3% interest in the capital stock of the Long
Security Lock Co. of Hartford which manufactures a modification of the
telephone lock for the general trade_ This lock recently was installed in
the new Hartford National Bank & Trust Co. of Hartford. The lock
which is an innovation to the trade is manufactured for such purposes as
safe deposit boxes and gas meters.
Net earnings of the company last year, exclusive of the appreciation of
securities held, amounted to $863.195, or 72% on the capital of 111,200.000.
Surplus was reported as $1,872,757, against $1,074,004 in 1924, notwithstanding the capital had meanwhile been increased through payment of
stock dividends from $300,000 to 01,200.000. The net book value of
securities held as of Dec. 31 last was $2,106.244, the actual market value
of these securities being $3.193,980.
The offering of shares by Shaw Sz Co. does not represent any new or
additional financing on the part of the corporation.
$4'3.18
3522
FINANCIAL CHRONICLE
.
[VoL. 128.
•
Income Account Two Months Ended March 311929.
Hahn Department Stores, Inc.
-Expansion.
$377,735
With the acquisition of two additional stores, Joske Bros. Co. of San Profit for period
107,514
Antonio, Texas and Maas Bros. of Tampa, Fla., Hahn Department Stores. Dividends paid April 1 1929 on A stock
on B stock
98,429
Inc. now have a chain of 29 stores throughout the country doing a gross
business of approximately $115,000.000 annually. Negotiations are being
Balance, surplus
$171,792
carried on with additional stores doing a gross business of $200,000,000
-Jan.31 1929
408,553
annually, and it is expected that many of these will be added by the Hahn Earned surplus
Earned surplus
-March 31 1929
580,346
organization before the end of the current year.
-Jan. 31 1929
4,011.369
Sales of the stores for the first quarter of 1929 were 824,508,276 compared Capital
with 823,276,308 in the corresponding quarter of 1928, an increase of
Capital and surplus-March 31 1929
34,591.715
$1,231.968.
William V C. Ruston of Spencer Trask 4e Co., and member of the Board
?resident Lew Hahn,in outlining the progress of the group thus far,says:
of Governors of the New York Stock Exchange, has just been elected to
"One great field for the betterment of results is, of course, the combining
of buying operations. For this purpose is now being completed on the the board of directors.
-V. 128, p. 3361.
New York buying offices of Hahn Department Stores Purchasing Corp., a
Hudson Coal Co.
subsidiary. Within the next month we shall place at the disposal of all
-Earnings.
Calendar YearsHahn units a complete New York buying office with a staff of experienced,
1926.
1927.
1928.
capable buyers who will be constantly in the market to procure desirable Received from sales ofcoal
$42,629,055 840,928,714 $57,574,568
merchandise for the stores. These offices will be most complete and con- Cost ofcoal sold(inci.renewals,replac.,
state & local taxes)
venient buying offices thus far set up,"
-V.128, p. 3003.
40.906,780 40,187,429 55,461,977
Other expenses
31,219
18,212
21,273
Hamburg-American Line.
-Earnings.
Net operating income
$1.704,083
$740,012 $2,081,370
Calendar Years (In German Reichsmark)1928.
1927.
425,948
932.744
1,394,820
Gross revenue
59,696,620 49,462,109 Other income,int.,rentals,&c
Overhead expenses, taxes & welfare liabilities
22,165,135 13,862,331
Total income
82,130.031 82,134,832 83,014,113
Loan interest
2,848,852
2,956,947 Int. on 1st mtge. sink.
fund 5% gold
bonds
1,750,000
1,020,833
Net revenue
34,682,632 32,642,831 Other interest
313,435
186,836
277,551
Suggested Distribution
330,800
Res. for deprec. of seagoing vessels & aux. craft
22,056,328 19,944,121 Federal taxes
Depletion
1,483,054
214,345
1,303,823
Res, for realty. bldgs., plants, &c
1.065,000
624,778
Transfer to real estate tax res. account
30,000
Net income
def$1,416,458 def$376,661 $2,192,218
Bonus to members of board of supervisors
361,291
443,918
1,215,428
Dividend on RM130,000.200
111,200.014f 10,400,016 Dividends
Dividend on RM 30,000,000
1 1,200,000
Balance
def$1,416,458 def$376,661 sur$976,790
-V. 127. p. 3099.
Profit & losssurplus
825,802,675 824,400,861 $14,724,634
Handley Page, Ltd.
-An offering of -V.126, p. 3307.
-Offering of Stock.
10% preference stock is announced by W. C. Simmons &
Co.,New York. The offering does not represent new financing. The price of the stock is given at the market at about
$6.50.
Hudson Motor Car Co.
-Outlook.
President William J. McAneeny, at the company's 20th annual meeting
..on May 20, stated that 1929 thus far has been the most successful season
in Hudson history and that prospects for the remainder of the year are
bright. He said, in part:
Since the introduction of our present Hudson
and Essex models we have enjoyed a consistent and record breaking demand. Shipments for the first three months of the year were 108,048 cars.
This volume resulted in first quarter earnings of $4,456,783 or $2.86 a
share, the most favorable first quarter showing we have ever made. The
second quarter will be larger
-we expect 120,000 cars, or more. On such
a volume second quarter earnings will likewise establish a new record. For
the first half of 1929 therefore we shall have placed more or our cars with
the public and earned a larger sum for our shareholders than in any similar
period."
-See also V. 128, p. 3197.
Handley Page. Ltd., capitalization consists of 497,860 shares of 10%
partic. pref. stock of 8 shillings par value. In addition, there are 150.000
ordinary shares of 1 shilling par value. The company has no funded debt.
The company is, creator and owns the patent rights of a device known
the
as "slotted wings, the importance of which is widely recognized in facili'
tating taking off and landing of planes as well as in the prevention of tailspins. Sale of the rights and royalties on this device has been an important
source of income. The company has recently settled with the British Air
Ministry whereby they will pay $500,000 in respect to the company's
patents in Great Britain. It was recently announced that Imperial AirIndependent Oil & Gas Co.
-Debentures Celled.
way, Ltd., had ordered a fleet of 40 passenger planes from Handley Page,
There have been called for redemption on June 17 next $1,560,000 of
and this was said to be the largest order for commercial airplanes ever
12-year 6% convertible debentures, dated March 15 1927, at 104 and int.
given at one time in England.
Earnings in 1928 show a net of 8231,805,from which $72,750 is allocated Payment will be made at the Guaranty Trust Co., 140 Broadway. N. Y.
to reserves. Net current assets of Dec. 31 1928 are given as $481.489. City. These debentures may be converted into capital stock at the trust
Among the company's investments are 34,000 shares of Imperial Airway company up to and including the close of business on June 17 1929, at
-V. 128, p. 3198.
ordinary, carried at $24,000. The present market value of these holdings the price of $32.21 per share of capital stock.
is stated to be about $242,000.
-To Decrease Capitalization and
Indiana Pipe Line Co.
The shares are listed on the London Stock Exchange and application has
been made for trading privileges on the New York Curb Market.
Change Par Value of Shares-Capital Distribution Probable.
(P.H.) Hanes Knitting Co.-Bal. Sheet Dec.311928.- to The stockholders at a special meeting to be held on June 25 will be asked
approve a reduction in the authorized and outstanding capital stock from
AssessLiabilities
$5,000,000 to 83,000,000 and a change in the par value of the shares from
Plant and equipment
x$3,127,278 Preferred 7% cumu. stock.._ - _$2,000,000 $50 to $10. If this action is approved,the directors will distribute to stockCash
201,803 Common stock
1,500,000 holders assets not required for the company's operation and also exchange
U. S. Treasury notes'
2,250,000 three new shares of $10 par for each old share of 850 par.
488,125 Class B common stock
Accounts receivable
83,590
143,418 Accounts payable
Net profit for the quarter ended March 31 1929, after taxes, depreciation
Cash. sur. val. lire ins. policies
58,455 Accrued taxes and other asand other charges, amounted to 8127,941.-V. 128, P. 1917.
Inventory
3,068,837
crued items
234,436
Notes receivable
1,700 Surplus
1,070,377
Indian Refining Co.(& Subs.).
-Earnings.
Other accounts receivable_ __
. 23,242
Capital stock in other corp___
Earningsfor the Quarter Ended Mar,31 1929.
10,200
$3.585,863
Deferred charges
15,343
Total (each side)
$7,138,402 Net sales
Cost of sales
2,167,166
a After $1,248,827 depreciation.
-V. 126. p. 2975.
Selling & general expenses
928,771
46.394
Miscellaneous income charges (net)
Hecla Mining Co.
-Earnings.
Depreciation
239,025
Quarter Ended March 311928.
1929
1927.
76,565
Tons m.tned
80,183
85,980 Interest & discount on funded debt & bank loans
82.235
Pousds lead produced
15,068,653 16,127.183 17,064,285
Net
8127,941
Average lead price
$6.15
$7.38 Profit profit from operations
$7.16
& loss surplus, Dec. 31 1928
999,235
Pounds zinc produced
162,476
Unused reserve reversed
5,901
Average zinc price
86.50
Ounces silver produced
419 333
497,996
507.115
Gross surplus
$1,133,077
Average silver price
80.57
86.56
$0.56
32,867
Gross income
$919,251 $1,146,503 Preferred Divs.
$981,306
Operating expenses
376,254
400.717
408,637
Profit & loss surplus, Mar. 31 1929
$1,100,210
Taxes accrued
85,500 (est.)83,000
113.000
Depreciation
26,514 (est.)70,999 (est.)68,826
Comparative Consolidated Balance Sheet.
AssetsMar.31 '29. Dec.31'28. Liabilities- Mar.31 '29. Dec. 31 '28.
Net' profit
$493,038
$364.535
$558,039 Cash in banks &
Accts. payable . 51,376.682 51.318,288
Earnings per share on 1,000,000 shs.
on hand.
$1,247,392 $2,292,789 Accr.Int. on funded.
cap.stock outstanding (par 250.)
$0.49
$0.36
$0.56 Receivables_ _ __ 1,388,500 1,336,815
29,333
debt
6,875
-V. 128. p. 3003.
Advances
44,254
44.889 5S4% eq.u.cen. 1,500,000 1,600.000
SPecial deposits_
21,751
14,618 Station realty ohHightstown Rug Co.
-Earnings.
847,773
235,862
834,937
325,638
ligat'n 25- 41.
The company reports for quarter ended March 31 1929 net earnings Prepaid expenses
Inventories._
3,281,512 2,653,519 Res,for uninsured
(including $7,500 equity interest in accrued profits of an affiliated com- Securities
6,642
owned
5,883
6,085
prop., &c...
pany) of $179,783 before interest, depreciation and Federal taxes -V. 128. Cash
in sink. fds.
15,300
15,300
73,541
96,000 7% pref.stock__
p 2472.
Refiners tank cars
Common stock._ 12.335,170 12,307,370
Hollinger Consolidated Gold Mines, Ltd.
-Earnings.
- sell'g stars dm 16,285,160 16,001,612 Capital surplus. 6,344,475 6,418,016
Havoline tradem'k 850,000
Calendar Years1928.
1927.
1926.
1925.
850,000 Prof.&loss Burp_ 1,100.210 1,227.386
$10,712,822 $14,548,900 814,780,637 815,786,405 Est). appl. to fuProduction
ture oper__
769,480
Other revenue
752,146
876,164
79,792
342,851
84,053
Items in suspense
64,087
Total income
$11.464,968 $15,318,380 815,658,801 $16,129,256
Total
7.185,687
7,507,624
$23,513,650 $23,770,107
Operating charges
Total
7,630.879
$23,513,650 $23,770,107
7.829,029
545,823
633,706
Taxes
495,068
693,246
Note.
-The above balance sheets are after giving effect to the sale of
616,622
Depreciation, &c
52,645
1,192,535
1.068.270 246,147 shares of common stock (par 810) at $21 per share and the application of the proceeds thereof to the reduction of current liabilities and of
Net income
83,731,566 86,648,308 $6,199,680 $6,538,711 station realty obligations and to the'Proposed redemption of all the company
Dividends
6,396,000
5,805,600 4,378,800 outstanding first mortgage serial gold bonds and refunding preferredstock.
5,412,000
Surplus credits
883.742
-V. 128, p. 2473.
Balance, surplus
$252,308
defS796,692
8394,080 $2,159,911
-Status, &c.
Industrial Credits Service, Inc.
Earns, per sh. 4,920,000
Company -Organized in 1927 in New Jersey with power, among other
shs. cap. stk.(par $5)$1.35
$1.26
$0.77
$1.33 things, "to buy, sell, hold, underwrite and generally deal in bonds and
-V. 127, p. 3550.
stocks, and real estate mortgage securities, to provide management services
to clients to engage in financial and other undertakings and to conduct
-Listing.
-Houdaille-Hershey Corp.
other business relating thereto." The company manages its own portfolio
The New York Stock Exchange has authorized the listing of 262.783 of securities and provides advisory management service to the Investment
shares ofclass B(no par)stock with authority to add 171.717 shares of class Fund of New
Jersey (an investment trust).
B stock, upon official notice of issuance for conversion of class A stock.
Management.
-George E. Bailey Newton A. K.Bugbee, Hamilton Cross,
making the total applied for 434,500 shares of class B stock.
Hugh G. Davis (Treas.). Carrel Baker Dotson, William J. Dwyer, Jr..
Corporation was organized in Michigan on Jan. 30 1929 through the
-Pros.). J.
Joseph W. Henry (V.
Friebele, Benjamin
consolidation of Oakes Products Corp., Hershey Corp., and Houdaille Corp. John F. Hunt, James Kelsey,S. Gorilla,
Colonel Hugh A. Kelly (Pres.), Lawrence B.
The consolidation was made on a share for share basis and was approved by Osborne
Moore, Harry P. O'Mealia.
the stockholders of the three consolidating corporations on Jan. 28 1929. Landrine. Hon. A. Harry -The Trust Company of New Jersey, Jersey
Custodian and Depository.
Income Account Year Ended Dec. 31 1928.
City, N. J.
Gross profit from operations
$3,360,170
Authorized Capitalization.
Selling, adm. and general expenses, &c
8500,000
831,045 5% secured gold notes, due May 1 1933
25,000 she.
Capital stock (par $5)
Operating profit
$2,529,125
/Votes.
-Interest payable (M. & N.) at the office of the corporation.
Miscellaneous income (net)
13,480 Denom. $1,000 and $500. Red. at par and int. in whole or in part at any
time on 30 days notice. The secured gold notes are "the prior obligation
Profit before provision for Federal taxes
$2,542,605 of the company and are secured in full in whatever amount outstanding by
Provision for Federal taxes
311,173 stocks, at the purchase price, of insurance companies, banks, other financial
institutions, holding companies related thereto, investment trusts, bonds
Net profit
82.231,432 and real estate mortgages on improved property, and cash, or any of these
The above figures show the combined income and expense of Houdaille deposited with the Trust Company of New Jersey as custodian only, or
Hershey Corp., Oakes Products Corp., their subsidiary and pre- with any other bank or trust company in Jersey City designated by the
Corp.,
decessor companies.
company as depositary or custodian."
MAY 25 1929.]
FINANCIAL CHRONICLE
Dividends.
-Beginning Nov. 1928, and quarterly thereafter, a dividend
of three per cent (3%) has been paid on the capital stock outstanding.
Office.
-Jersey City. N. J.
International Arbitrage Corp.
-Stock Offered.
-The
Bank of United States, New York; Wachsman & Wassail,
International Arbitrage Corp. and Nehemiah Friedman &
Co., Inc., New York, are offering $250,000 capital stock
(par $50) at $50.50 per share.
Transfer Agent: The Bank of United States, Registrar: American Trust
Co., Depositary and Clearing Agent: The Bank of United States.
CapitalizationAuthorized. Issued.
Common stock (par $50)
$1.000.000 $250.000
-Has been organized in New York to engage in arbitrage
Company.
transactions in securities or foreign exchange or to loan money on call
against collateral if no arbitrage is available.
Arbitrage in securities consists of the purchase of one security at a certain
price and the sale at the same time of its component parts or its equivalents
at a higher valuation. Arbitrage between two cities is also engaged in"
where the same issue is traded in at both places by buying it in the lower
market and selling it simultaneously in the higher one. Arbitrage in foreign
exchange is well known throughout the banking world and consists of buying
a specific currency in one financial center and selling instantly its equivalent
at a higher valuation in another foreign market.
No arbitrage transaction is entered into unless a profit is indicated by
simple arithmetic. Opportunities to arbitrage are afforded by stock splitups, mergers, reorganizations, stock dividends, stock increases, convertible
stocks and bonds, bonds with warrants, redemptions and warrants.
Earnings.
-The turnover of capital in arbitrage is frequent. Based on
actual operations it is estimated that such turnover will be from a minimum
of 6 times to possibly 20 times a year. Net earnings conservatively estimated on a basis of 6 times turnover should be about 88 per share.
Actual figures on several arbitrage trades recently effected show average
profits of 35% per annum for an average period of 2 months without borrowed capital. If borrowed capital to the extent of only 50% had been
employed this profit could have been increased to 62% per annum.
Management.
-The Bank of United States will act as depositary and
clearing agent for the company and will handle all its funds and securities.
A management contract has been entered into with Nehemiah Friedman &
Co., Inc., who have had successful experience in arbitrage, to manage the
corporation's arbitrage operations. These services will be rendered by
Nehemiah Friedman & Co., Inc., at their own cost for which they will
receive one-third of the net profits. No warrants, options, or free stock
have been given to any one.
There will be no officers' salaries, no rentals or other ordinary expenses
to be paid by the corporation except the cost of organization, bank charges,
transfer and registrar fees, interest, brokers' commissions and auditor's
reports.
Directors.
-Charles S. Aronstam, Nehemiah Friedman, J. Heit, Louis L.
Maltz, Edwin Mayer, Edward Pohl, Louis Segal. Maurice Survis, Alvin L.
Wachaman, Raymond L. Wise.
-V. 128. p. 3362.
International Nickel Co. of Can., Ltd.
-Earnings.
-
Three Months Ended March 31Earnings
Other income
a1929.
1928.
$7,391.661 $2,977,807
469.048
46.562
3523
Kayser Hosiery Motor Mend Corp.
-Transfer Agent.
The Bank of America N. A. has been appointed transfer agent of 40.000
shares of preferred and 100.000 shares of common stock, no par value.
V. 128. p. 3363, 3198.
Keith-Albee-Orpheum Corp.(& Subs.).
-Earnings.
Income Account Year End. Dec. 31 1928.
Income: Theatre admissions, $30,580,582; rents, concessions &
other income,$3,709,662
$34,290,244
Expenses: Performers' sakies. $10,019,737: moving picture service,$3,378,343;other salaries.$7,658,869:operating expenses
& theatre overhead,$10,452.234
31.509,184
Deprec.ofcap. assets & amortization ofleaseholds
1,914,383
Operating income
$866.677
Add: Div. received on investments in other cos.. $490.159: commission from outside theatre, $38,208; int. earned. $204.518;
profit on sale of investment, 51.134,827; sundry other income
1,905.085
$337,372
$2,771,762
Totalincome
Deduct: Investments & advances written off, $322,993: hit. &
discount,$1 A60,434;lease deposit forfeited,$50,000
1.833.427
Provision for Federal income tax
54,000
Min,int. in the earn. of B.F. Keith-Albee Vaudeville Exchange,
together with city. paid on the pref. stock of Orpheum Circuit
Inc. not proposed to be acquired by Keith-Albee-Orpheurn .
527,427
Corp
Net profit applic. to the int.of Keith-Albee-Orpheum Corp--_
Adjustment ofsurplus ofsubsidiary company
$355.908
Cr.16.901
Total surplus
Production expenses prior to Jan. 1 1928 written off
Dividends on preferred stock
$373,809
150.651
642.572
Deficit at Dec.31 1928
-V. 127, p. 2967.
$419.414
-Earnings.
Kendall Company.
Earnings for Quarter Ended March 23 1929.
Net earnings before charges
Depreciation
Interest charges
Taxes and other charges
$624,843
161,577
82,500
45,147
Net profit
Preferred dividends
$336,619
87.450
Balance available for common stock
Earns, per share en 385,410 shares common stock outstanding
-V. 128. p. 3005.
$248,169
$0.64
-Stock Sold.-Hallgar(I. B.) Kleinert Rubber Co.
ten & Co., Hayden, Stone & Co. and A. G. Becker &
Co. have sold at $40.50 per share 54,400 shares common
stock (no par value).
Totalincome
Administration and general expense
Reserved for taxes
Authorized. Outstanding.
Capitalization$7,860.709 $3,024.369
5500.000
527,729
179.999 6% serial gold notes (due Dec. 15 1930-1932) _ Closed Issue
500,000 she. 190,000 shs.
748.698
253.574 Common stock (no par)
Transfer Agents: Manufacturers' Trust Co.,and the First.National Bank
Net operating income
56.584.282 $2,590,796 of Boston. Registrars: Commercial National Bank & Trust Co. ,New
Depreciation and depletion
738,648
384.702 York, and Second National Bank, Boston.
Interest paid and accrued
104.252
Data from Letter of Victor Guinzburg, Chairman of the Board.
Retirementsystem
151.191
93.174
-The business was started over 50 years ago, the
History and Business.
present company having been incorporated in New York over 21 years.
Profit
145,590.191 52.107,920 Company is one of the leading manufacturers of soft rubber goods in the
Dividends-Preferred
589,876
133,689 world, its products comprising a wide range of popular priced articles,
Common
2.749,147
836.692 including dress-shields, baby goods,sanitary lingerie, bathing caps, gridies,
hospital sheeting, tourist novelties, bath curtains, &c. New products ars
Balance
$2,251.168 $1.137,539 constantly being added to the line in order to provide wide diversifiCation.
a Figures of the Mond Nickel Co., Lt
included. It Equivalent to Practicalfi every large department store in the United States sells Kleinert'r
36 cents per share on the common stock after allowing for pref. dividend.
goods an they are sold in drug and dry goods chain stores to a large
extent. Distribution to the smaller outlets is obtained through jobbers.
Consolidated General Balance Sheet.
Besides its main manufacturing plants at College Point, L. I., the com:Afar. 31'29. Dec. 21 '28.
xMar. 31 '29. Dec. 31 '28. pany maintains
to
in Toronto, Can., and London. Eng., and offices
Assets$
7% pref. stock.y27,662,500 8,912,500 in Paris, London and Toronto as well as agencies in the chief cities of
$
Property
120,815,967 59,860,442 Common stock
Europe, South America, Australia and South Africa.
Investments
956,637 2.058,897 (no par)
y57,325.866 46.909,200
Purpose.
-The present offering represents in part the acquisition of holdInventories _
15,145,389 7.278,429 Debenture stk.&
ings of individuals, and in part the introduction of new money for working
Acc'ts & bIlls rec. 8,766,001 4,384.159
mtge. pay.(of
capital and other purposes..
Deferred install,
Brit. subside.) 7,928,217
Earnings.
-Net earnings of the company and its subsidiary (and the predue on subscr.
10-yr. serial 5%
subsidiary). including 6% interest upon the net additional
for corn. stock
151,320
pur.mon.notes 1,800,000 1,800,000 decessor of such
new funds provided by this financing (annual average $34.816). after all
Advances
216,072
87.395 Accas payable_
5,285,753 2,245,734 charges and Federal income taxes not less than present rates, omitting
Canad'n & U.S.
Tax reserves... 3,430,391
1,214.893 amortization of discount on the 6% serial gold notes, amounting to 512.774
Govt. bonds.- 2.730,100 2,730,100 Pref. div. pay
483,976
155,967 annually (inventories of the subsidiary and predecessor having been based
Call & time l'ns. 23,838,609 17,600,000 Insur. & contin.
on company's values), as certified by Touche, Niven & Co.. for the past
Cash
2.495,791
1,848,667
reserves
2,835,531
1.245,604 three calendar years have been as follows:
Retirement sysNet Earns. Per Share.
tem reserve._
471,248
345,689 1926
32.76
5523,528
Capital surplus_ 48,350,737 16,030,642 1927
664.656
3.50
Earned surplus_ 19,390.347 17,139,178 1928
726.954
3.83
Dividends.
-Quarterly dividends on this stock will be inaugurated Sept. 1
Total
174,964.567 95,999,408
Total
174,964,567 95.999,408
x Figures of the Mond Nickel Co. ncluded. y Issued or issuable in ex- 1929, at the annual rate of $2.50 per share.
changefor stock ofthe International Nickel Co.(now Nickel Holdings Corp.)
Consolidated Balance Sheet Dec. 31 1928.
-V. 128. p. 2473.
and of the Mond Nickel Co., Ltd.
Liabilities
Assets$184.148
Cash
$500,288 Trade accounts payable
International Standard Electric Corp.
35.660
Accrued expenses
-Expansion.
- Trade accounts rec. (net)-- 583,787 Due to officers. employees &
See International Telephone & Telegraph Corp. under "Public Utilities" Notes rec. horn empl. for
176,124
stock purchased
6.063 related interests
-V. 124, p. 2128.
above.
85.497
Due from officers, employees
Federal taxes 1928
and related Interests
58,954 Sundry creditors and reserves
Interprovincial Brick Co. Ltd.
-Earnings.
-61,405
Sundry debtors
3,180 for accrued liabilities
40,000
Earnings for Year Ended Dec. 311928.
1,910,775 Pura. money °Wig.
Merchandise Inventory
500,000
Profit for year
84,123 6% serial gold notes
$3.989 Prepaid eXpen1308
Depreciation for year
404,166 Capital stock (190,000 sba.)_ 3.062,500
29,033 Investments
1,174,691
Fixed assets
1,768.690 Surplus
Net loss
525,044 Goodwill, pans,trade marks,
Previous deficit
$5,320,028
bre
Total (each side)
1
46.797
-V. 122, p. 2201.
Total deficit
571.841
-V. 120. p. 2018.
-Earnings.
Koppers Gas & Coke Co.(& Subs.).
Earnings for the Year Ended Dec. 31 1928.
Investment Fund of New Jersey.
-Subscribers.
-$2.534.062
Net profit from operations
In a statement made public May 23, A. Harry Moore, Chairman, says: Income from property under option of sale
305.955
"Of the subscribers to investment Fund of New Jersey certificates, 28% Profit on sale of securities
623.347
owning on the average 22 certificates for each woman. The Dividends, interest and miscellaneous income
are women,
2.978.292
general average of certificates owned per person, including men and women.
Is 36 certificates. In the list of subscribers are represented 27 cities in
Gross income
56,441,657
the States of New Jersey. New York, Colorado, Rhode Island. Massachu- Depreciation
519.777
setts. Connecticut, West Virginia and Michigan. This indicates a wide- Federal taxes (est.)
673.157
small investors to participate in the diversified Interest on funded
spread desire among
1,341,259
debt
-V. 128, p. 3004.
Investment feature provided by investment trusts."
Miscellaneous deductions
111,589
-Two Quarterly Dividends.
Jefferson Electric Co.
-
The directors have declared two regular quarterly dividends of 75c. per
share on the outstanding 120,000 shares of no par value capital stock.
payable July 1 and Oct. 1 to holders of record June 15 and Sept. 17. respectively. In addition to the regular quarterly dividend of 75c. per share,
the company on April I paid an extra dividend of 50c. This compares
with quarterly dividends of 62;ic, per share paid from April 11028 to Jan. 1
-V. 128, p. 1240.
1929 Inclusive.
(Rudolph) Karstadt, Inc.(Rudolph Karstadt Aktien-Permanent Bonds.
zesellschaft), Germany.
-
Net income
Balance at Jan. 1 1928
Realization of excess cost of property sold during the year
$3.79a.874
735.192
1.753.437
Total surplus
Dividends paid
Transfer to debenture bond sinking fund
56.284.503
Balance at Dec. 31 1928
Earns, per share on 600,000 she. common stock (no par)
-V. 128, p. 2474.
54,434.502
$44.32
1.800.000
50.000
(Joseph) Kreutzer Corp.(Airplane Mfrs.).
-New Plant.
The International Acceptance Trust Co. is prepared to exchange temporary 1st mtge. coll. 6% sinking fund bonds, due Nov. 1 1943 now outThe corporation announces the completion of plans for the erection of a
standing for permanent engraved bonds, at its office. 52 Cedar St., N. Y. new factory at Culver City, Calif.. to be started immediately. The new
City. (See offering in V. 127, P. 2966.)-V. 128, p. 121.
plant will give the corporation a production of 6 planes per week. Orders
3524
FINANCIAL CHRONICLE
mow standing on the books dare company will more than absorb the entire
1929 production. Two contracts alone now held call for the delivery of 70
Kreutzer planes during 1929, 60 to the Western Aircraft Co. and 10 for
port trade, to be delivered to Steel Inc.
Kresge Department Stores, Inc.(& Subs.).
-Earns.
Years Ended Jan. 311929.
1928.
1926.
1927.
Net sales
$4.824.350 $4,820,276 $5.005,544 $10,101,563
Cost of sales & expenses_ 4,618.162
4,789,573 4,843,307
9,901.895
Operating profit
$206,189
$199,668
$162,237
$30,703
Other income
370,032
181.504
358,267
371,293
Total income
$401,996
$3381,172
$520,504
$576,221
Interest
124.811
143.043
9,066
Depreciation
43,862
41.988
110,720
38.015
Federal taxes
4.300
6.500
32,000
14,000
Balance ____
$329,298
$131,641
$3344,442
$506,206
Loss of Kresge Dept.
Store Corp
201,905
Profit on sale of Royal
Store Corp. real estate
230,884
Net profit
Preferred dividends
$506,206
$344,442
70,806
Balance, surplus
Shs.of com.out.(no par)
earned per share
-V. 127, p. 2240.
$506,206
243,524
$0.91
$273,636
243,525
$0.25
$358,277
283,222
$131,641
280,804
$75,055 def$149,163
243.525
114,000
$0.31
Nil
Lane Drug Stores, Inc.
-Earnings.
The company for April reports net earnings of $22,186 after all operating
expenses and charges.
Commenting upon current operations of the corporation, which was
organized recently to consolidate a chain of drug stores operating in the
South. Richmond D. Lane, Pres., said that the company's earnings are
just beginning to reflect the readjustments made at the time of the consolidation. Net profits at present are equal to more than twice the dividend
requirements on he convertible preferred stock, on which the regular
quarterly dividend of 50 cents a share has been declared, payable July 1
to holders of record June 15.-V. 128, p. 3199.
Langton Monotype Machine Co.
-Earnings.
Years Ended Feb.Net earnings
Previous surplus
1928.
1929.
1927.
4796.195 $1.049,469 $1,009,363
4.800,883 4,700,756
4.980,924
1926.
$895,115
4,735.185
Total
$5,777.119 $5,850,352 $5,710,119 $5,630,300
Taxes
135.667
See x
101.969
66.544
Dividends(6%)
360.000
360,000
360,000
360,000
Obsolete mach. writ. off64,718
102.515
31,480
43,369
Depreciation
See x
373,234
271,246
368,889
Pats.,&c., written off
90,740
Fedi taxes (prior years) 16,964
Adjust, of res.for deprec.
of patents & plants fr.
1903 to Feb. 29 1928 to
conform to deprec. allowances by Fed. Govt 1,231,172
P.& L.surplus
$4.137,502 $4.980,924 $4,810,198 114,700.756
x After depreciation and taxes.
-V. 126, p. 3308.
Laclede Steel Co.
-Earnings.
Earnings for Year Ending December 31 1928.
(gross profit, after deducting cast of operations, maintenance,
selling and administrative expenses
,. $1,366,242
Provision for depreciation and absolescence
331,182
Federal and state income taxes
127,580
Net earnings
Surplus, Jan. 1 1928
• Total surplus
Dividends paid
$907,479
2,511,152
$3,418,632
412,500
Data from Letter of J. Lindsay Nunn, President of the Company.
Company.
-Has been organized in Delaware and will acquire all of the
issued and outstanding shares of stock (except directors' qualifying shares)
of the following companies:
The Herald-Times Corp., owning and publishing the El Paso "Times"
and El Paso "Herald," morning and evening daily newspapers, and the
"Sunday Times," in El Paso, Tex.,founded in 1879 and 1881, respectively.
This company also ONVIIS and operates a modern and fully equipped engraving
plant and will supply all of the associated newspapers with etchings, engravings and kindred services.
The Globe-News Publishing Co., Inc.owning and publishing the Amarillo "Daily News" and Amarillo "Glo'he," morning and evening newspapers, and the "Sunday Globe-News,' in Amarillo, Tex., the "News"
having been founded in 1909 and the "Globe" in 1924.
The Avalanche-Journal Publishing Co. Inc., owning and publishing the
"Morning Avalanche" and the "Evening Journal," morning and evening
newspapers, and the "Sunday Avalanche-Journal," in Lubbock, Tex., the
"Avalanche" having been founded in 1898 and the "Journal" in 1923.
The combined daily net paid circulation of the above named newspapers
is reported to be 71,160. In 1927 they are reported to have carried a combined total of 30,226,287 lines of advertising and in 1928,32,575,7201Ines.
Each of the above named papers, morning and evening editions, are members of the Associated Press with full day and night leased wire service.
Earnings.
-The consolidated gross revenues and net income of the company and its subsidiaries available for dividends for the years ended Dec. 31
1927 and Dec. 31 1928, after all charges including interest on the 15
-year
secured 6% debenture bonds, series A, depreciation and Federal income
tax based on adjusted net income at current rate, and giving effect to
savings based on current newsprint contracts and salaries now agreed to,
averaging $72,271 per annum, as certified to by Haskins & Sells, adjusted
by the management to reflect other estimated economies averaging $33,991,
are as follows:
Calendar Years1928.
1927.
Gross revenues
$1,676,702 $1,654,740
Net, after interest, depreciation and Federal tax...,_ *216,453
241.960
Per share on $2 dividend convertible preference stock
5.41
6.04
Per share on common stock
2.73
3.23
*No effect has been given to benefits which should arise from expenditures during 1928 for the promotion of circulation which expenditures have
been absorbed in the operating expenses. •
Asscts.-Palmer, DeWitt & Palmer of New York City, newspaper appraisers, have examined into and appraised the properties, circulation,
good-will, Associated Press memberships, contracts, &c., and have certified to an aggregate present value, free and clear of all debts, of $4,520,000
which amount, after deducting the 51.750.000 of 15
-year secured 6% debenture bonds, series A, presently to be outstanding, represents more than
$69 per share for this issue of $2 dividend series cony, preference stock.
Purpose.
-Proceeds of the sale of this $2 convertible preference stock,
together with the proceeds of the sale of the $1,750.000 15
-year secured
6% debenture bonds,series A, and 50,000 shares of the common stock to be
presently outstanding, will be used to reimburse the company for the cost
of acquiring all of the outstanding shares of stock of the above mentioned
subsidiary companies (except directors' qualifying shares), for working
capital and for other corporate purposes.
-Company has agreed to make application to list on the Chicago
Listing.
Stock Exchange this $2 dividend series of convertible preference stock and
the voting trust certificates for common stock-
-Large Contract.
Liquidometer Corp.
Continuance of its past affiliation with the U. S. Navy Is seen in the
eorporation'sannouncement ofa large contract to Install 60 distance reading
gauges for fuel oil, gasoline, fresh water, lubricating oil, trim, blast engine
pump,and other tanks in the new U. S. submarines V-5 and V-6 now being
built in the Portsmouth, N. H. and Mare Island, Calif. Navy Yards.
Llquidometer gauges are now in use on the submarines S-10, 8-19, 5-22 and
V-4. Among other marine contracts on which the company is now working
in its Long Island City plant is one for the Tidewater Oil Co.'s tanker
"Veedol, being built at Wilmington, Del. Liquidometer Marine gaugee
have recently been installed on the U. S. Shipping Board freighters "Defiance" and "Triumph," and are in the specifications for installation on the
Coast Guard Cutters 50. 51 and 52 now being built at Oakland, Calif.
V. 128, p. 741.
Loft, Inc.
-Stock Increased.
The stockholders on May 21 increased the authorized capital stock (no
par value)from 650,000 shares to 1,500,000 shares.
-V.128, p. 2643.
Surplus at Dec. 31 1928
$3,006.132
-Earnings.
Lynch Glass Machine Co.
earnings per share on 27,500 shares capital stock (par $100) $33.00
Month.
Period End. April 30 19294 Mos.
Net income after all chgs. bet. bet Federal taxes __
$22,995
Balance Sheet Dec. 31.
$110,827
-V. 127, p. 2694.
Assets1928.
1927.
Maniacs1928.
1927.
Property acct._ _x$4,084,745 83.901,944 Capital stock -.82,750,000 82,750,000
-Earnings.
Mac Andrews & Forbes Co.
Inventories
1,409,214 1,189,373 Accounts payable_ 343,270
258,460
1928.
1929,
Quarter
1927.
Notes & accts. rec.
447,925 Accrued wages --.
51,9431
, 19 401 Net inc. End, Mar, 31$308,980
after exp.& Federal taxes __- $316,626
$297,957
Due from cust
738,265
Arm exp. & taxes.
62,709
40,583
26,741
Advances
3,710
Reserves
78,007
69,037 Proport. of subs. loss
Preferred dividends
31,500
31.500
31,530
Investments
34,165
28,493 Eat. Federal & state
Common dividends
246,025
249,300
246,025
U. S. Govt. bonds
Income taxes___ 126.882
and accrued int_
Surplus
3,006,132 2,511,152
Surplus
def$9,128
$9,085
$20,402
Cash
67,034
95.936
Deferred charges..
19.102
7,089
Total (ea. side)..1.6.356,236 85.670,759 Earns, per sh. on 378,500 abs. corn.
stk. (no par)
$0.67
$0.70
$0.63
x After deducting $1,320,681 reserve for depreciation.
-V. 128, p. 3005 Shares corn.stk. outstand.(no par).-383,539
378.500
378,500
Lamson & Sessions Co., Cleveland.
-Extra Dividend.
- -V. 128, p. 3006.
The directors have declared an extra dividend of 12 cents a share,in addiMacMarr Stores, Inc.
-Sales.
tion to the regular quarterly dividend of 623-i cents a share on the common
3 Mos. Ended Mar. 31increase.
1929.
1928.
stock, par $25, both payable June 15 to holders of record June 5. An Sales
11.92%
$7,049,850 $6,298,506
initial quarterly dividend of 623i cents a share was paid on this issue on
The corporation operates a chain a 569 grocery stores in the Padffc
March 15 last. See also V. 127, p. 3713.
Coast States.
-V. 128, p. 2474. 2280. 1411.
Lawyers Mortgage Co., N. Y.
-Offers Mtge. Certificates.
The company is offering a total of $935.000 535% guaranteed mortgage
certificates divided in series as follows: (a) series of $280,000 secured by
land and building Nelson Ave. and West 165th St., Bronx, N. Y., total
valuation $420,000, matures April 15 1934;(b)series of$280.000,secured by
land and building Woodycrest Ave. and West 165th St., Bronx, N. Y., total
valuation $420.000. matures April 15 1934; (c) series of $195,000 secured by
land and building at 1547 Longfellow Ave., Bronx, N. Y. total valuation
$292,500, matures April 9 1934; (d) series of $180,000 sectired by land and
building Boston Road & Seabury Place, Bronx, N. Y., total valuation
$287,500. matures Jan. 15 1934.-V. 128, 13. 3364.
-Co-Registrar.
Lehigh Valley Coal Corp.
The Bankers Trust Co. has been appointed co-registrar for the no-par
-V. 128, p. 1241.
value stock and $50 par value preferred stock.
-Extra Dividend.
Lessings, Inc.
The directors have declared a regular quarterly dividend of 15c. a share
and an extra dividend of 10c. a share, both payable July 1 to holders of
record June 11. In the previous quarter the company paid a quarterly of
15c. a share and an extra of Sc. a share, as compared with a quarterly of 10c.
a share and an extra of Sc. a share six months ago, while on Sept. 29 1929 a
-V. 128. P. 3006.
quarterly of Sc, and an extra of Sc. a share were paid.
Lindsay Nunn Publishing Co.-Pref. Stock Offered.
An issue of 40,000 shares of $2 dividend series (no par) convertible preference stock is being marketed by Paul C.
Dodge & Co., Inc., New York and Chicago, and R. V.
Mitchell & Co., Cleveland, at $30 per share and div., to
yield about 6.67%.
(R. H.) Macy & Co.
-Extra Dividend.
-
The directors have declared an extra dividend of $1 a share on the corn.
stock, no par yalue, payable July 1 to holders of record June 14. The
stock is also on a regular dividend basis of $2 a share per annum, payable
50c. each quarterly, the last payment at this rate having been made on
May 15.-V. 128, p. 2643.
Marland Oil Co.
-Quarterly Report.
-
3 Mos. End. Mar. 31- 1929.
1926.
1927.
1928.
Gross earnings
$9.508,214 $9,661,483 $19,350,146 $16,096,643
Expenses
7,911.186 15,581,079 12,555,888
6,38 ,431
Net earnings
Other income
$3.118,783 $1,750.297 $3,769.067 $3,540,755
1,934,188
1,280,330
488,515
380.461
Total Inc me
$3.499,244 $2,"3q,812 $5,049,397 $5,474,943
Interest &c
7.68
51.640
,
.
1.555,915
)epreciation & depletion 1,569,546
1,508,133
1,626.297
Res,for intang. drill cost 1,426,4 2
2,828,969
1,440,731
Prov. for sub. losses_ _ _
465,000
281,280
Surrendered !rases- --401,963
600,000
600,000
Net loss
$873,497 $1,876,992 sur$228,692sr$3,630,066
1,887.705
Dividends
2,310,853
$873,497 $1,876,992 $2,082,161641,742,361
Consolidated Balance Sheet March 31.
1928.
1929.
1929.
1928.
Assets
$
$
Liabilities$
$
Fixed assets (less
Cap. stk. & m11.1.'77,982,997 81,841,889deprec. & depl.)47,978.698 55,594,098 Minority interests
17,411
18.916
Dividends (cumulative at rate of $2 per share per annum) payable Q.
-M.
265,547
Def. credit items_
Preferred over the common stock in the event of liquidation, dissolution Property pruchased 8,426,746
4.199
or winding up (whether voluntary of Involuntary) at $33 per share plus Invest. & advs___12,455.969 14,300,977 Coupon unredeemed
74,036
divs.• red., all or part, at any time upon 30 days notice at $35 per share Deferred charges_ 2,683,896 3,325,472 Reserve for conting 220,073
plus 'diva. Transfer agent National Bank of the Republic of Chicago; Cash
9,174,237 6,985,691 Serial 5% gold
20,989,000 30,000,005
U. S. Govt. sec._ 4,968.898 11,261,650
registrar, State Bank of Chicago.
notes
Convertible at any time into voting trust certificates for common stock on Bills & accts. rec_ _ 4,677,245 6,370,010 Accounts payable_ 3,010,774 2,484.88S
764,367
Accrued items_ _._ 597,839
the basis of 1-150,000 part of the authorized common stock for each share Funds for coup.red 228.199
6,557,445 7,242.544
of the $2 dividend series convertible preference stock converted. In the Crude oil
event of its call for redemption, It shall be convertible on or before a date Refined products- 4,282,893 5,708,642
10 days prior to the date fixed tor redemption. The right to convert for a Material &supplies 1,523,454 4,255,273
139,237 Total(each side)_103,096,840115,183,59e
fractional part of the authorized common stock protects the conversion Accrued Items,_ 139,160
x Represented by 2,317,269 no par shares.
-V. 128. p. 3384
right against dilution of the common stock.
Delcit
MAY 25 1929.]
3525
FINANCIAL CHRONICLE
Consolidated Balance Sheet Dec. 31.
-Record Shipments.
Marmon Motor Car Co.
1927.
1928.
This company established another shipping record last week when
1927.
1928.
$
$
Assets1,657 Marmon model 68 model 78 and Roosevelt cars were shipped in the Props., less depr_x64,529,103 75,601,470 Liabilities-$
$
6 day period ending May 18, President G. M. Williams ann unced. This Pan Amer. Pet. &
Common stock-45.730,080 45.730,0011
week of 276 Marmon and Roosetotal shows average daily shipments for the
Preferred stock_ ..12.000.000 12,000,000
class B stock,
velt cars as compared with a schedule of 250 cars a day established shortly
1,154
1.134
misc. investmls 2,435,663 2,427,362 M.P.Co.(Cal.)stk.
after the Roosevelt was announced to the public less than 2 .1 onths ago. Accounts with af823,974 1,167,900
Bonded debt
-V. 128. p. 3364, 3344.
18,763,283 7.236.264 Accts. payable... 1,919.917 2,549,03?
filiated cos
26,317 1,611.861(
1,882,971 2,268,979
-Increased Common Stock Cash receivable 7,134,584 6,473,639 Divs. payable_ _ _ _ 4,424,438 3,947,221
Mathieson Alkali Works.
Reserve for taxes.
Accts.
9,022,667 13,788,320 Profit and loss_ _ 44,695.247 46.997.400
Placed on a $2 Annual Dividend Basis-Div. Also Payable in Oil stocks
Mat'ls & supplies_ 3,822,002 4,198,428
Stock at Holder's Option.
The directors have declared a quarterly cash dividend of 50 cents per Deposit with Mex.
Govt. to protect
the increased common stock, no par value. payable July 1 to holders
share on
minority interest 1,307,643 1,500,000
of record June 7. This dividend is also payable, at the holder's option, in Deferred charges._ 723,210
510,177 Total (ea. side1199,621,128114,004,640
stock on the basis of one new share for each 100 shares held.
x After deducting $70.660,668 reserve for depreciation and depletion.
Is equivalent to $2 per share on the common
The above distribution
stock outstanding prior to the 300% stock dividend recently announced, -V. 128, p. 2104.
and compares with quarterly dividends of $1.50 each paid from April 2 1928
-Rights.
Mexican Seaboard Oil Co.
-V. 128. p. 2821.
to April 11929,incl., on the old common stock.
The directors have determined to issue and sell 248.877 additional shares
-Announce- (not 248,887 shares as previously stated) of the company's stock (without
-Stock Sold.
Mayflower Associates, Inc.
par value) at $32 per share. These additional shares are to
ment is made by Foster, McConnell & Co. of the sale of subscription pro rata to stockholders ofrecord May 29 1929,allbe offered for
subscriptions
300,000 shares of stock (price on application). The initial upon such offering to be accompanied by payment in full at the Bankers
Mist Co.. 16 Wall St., N. Y. City, on or before June 25 1929. Arrangepaid-in capital amounts to about $18,000,000.
ments are being made to have this offering underwritten at the offering prim
Transfer agent, Bankers Trust Co. Registrar, The Chemical National for a cash commission of $2 per share, in which underwriting one or more
Bank of New York.
persons identified with the company through stock holdings and (or) as
Outstanding. directors may participate. See also V. 128. p. 3365.
Authorized.
Capitalization300,000 shs.
'400.000 abs.
Capital stock (no par value)
1925.
1926.
1927.
1928.
Calendar Years-Company, formed in Delaware, has succeeded
History and Business.
$1,439,468 $3,112,759 $55,489,630 $8,262,549
earnings
to the business and assets of its predecessors which were originated,financed Gross and expenses
1,915,442 2,819,738 3,471,917 4,389,867
addition to other broad Costs
and managed by Foster, McConnell & Co. In
charter provisions the corporation, as its directors may from time to time
$293,021 $2,017,713 $3,872,682
def$475,974
Gross profits
determined, is empowered to buy, sell, trade in or hold stocks and securi- Other income
165,593
125,014
253,117
495,772
ties and other assets of any kind, and to participate in syndicates and
underwritings. It is expected that the corporation will continue to be
$546,138 $2.142,728 $4,038,275
$19,798
Totalincome
natural resources in the United
active primarily in securities representing
1,352,704 2,778,384 4,277,370 3,928,674
Interests,deprec.,&c..
States and foreign countries.
-The business was started on Feb. 14 1924 with an initial
Earnings.
$1,332,906 $2,232,246 $2,134,642sur.$109,601
Deficit
realization value of net assets
capital of $423,000. On Jan. 31 1929 the
-V. 128. p. 3365.
Above earnings include International Petroleum Co.
after Federal income taxes and payment of dividends of $533,466 amounted
to $5,329,738. On March 8 1927 capital was increased $2,000,000 by
-Earnings.
Mid-Continent Petroleum Corp.
cash subscriptions.
1927.
1929.
1928.
The corporation or its predecessors have never borrowed for any purpose
Quarters ended March 31$2,430,026 $1.680.536 $3,303.101
although there aro no restrictions in this respect and it is possible that the Net profit
218.827
456.272
219,683
corporation may do so in the future.
Leaseholds abandoned,arc
203,436
191,874
89,352
Since Jan. 31 1929 additional shares have been sold privately. No com- Interest
missions have been paid for the sale of this stock, the entire proceeds having been paid into the treasury of the corporation.
before depreciation,
Net income
depletion and Federal taxes.- $2,120,991 $1.032.390 $2,880,856
Consolidated Balance Sheet April 15 1929.
-V. 128, p. 2475.
LiabiltttesAssets
Reserve for Federal income
bank, with broker Ac
Cash, in
-Earnings.
(I.) Miller & Sons, Inc.
$14,662,236 tax for calendar year 1928
loaned on call
55,938 and for the current year - _
$98,765
Interest receivable
Income Account Year Ended Dec. 31 1928,
Capital stock 300.000 she. __ 15.000,000 Sales
Investments at cost which is
611.157.421
Paid In surplus
2,264.759 Cost ofsales
practically equivalent to
7.255.476
3,348,642 Earned surplus
703.293 Selling and administrative expenses, &c
present market value
2,800,223
$18,066,817 Total
$18,066.817
Total
$1,101,736
Operating income
150,652
-The following will constitute the board of directors: Archi- Depreciation
Directors.
15,085
bald Dougles, H. Elbert Foster Jr. New York, John C. Grier Jr., Detroit, Interest on 1st mortgage and leasehold bonds
6,045
Fred Hellmann, New York. William L. Honnold, Los Angeles, Henry Bond discount and expense written off
37.830
Krumb,Robert H.Montgomery, New York, Harvey S. Mudd,Los Angeles, Interest on bank loans, &c
5911
New York, and Philip Wiseman, Additional Federal income tax for 1927
Robert E. McConnell, Z. G. Simmons,
97.000
Los Angeles.
Federal income tax
-McConnell and Foster, under the supervision o.
Management Contract.
$794,534
Net profit
the board of directors, will act as managers of the investments of the
93,708
corporation. A three-year contract, ratified by stockholders on April 1 Dividends on preferred stock
to the managers an option to purchase
1929, provides as sole compensation
$700,826
shares of stock of the corporation in a total amount equivalent to 174%
Balance, surplus
x170,00111
of the greatest number of shares outstanding at any time during the term Shares of common stock outstanding
$4.12
of the contract, at $64 per share if the option is exercised during the first Earned per share
-V. 128. p. 415.
x Incl. 4,000 shares subscribed to by employees.
year of the contract. at $68 if exercised during the second year and $72
If exercised during the third year.
--Business.
Missouri State Life Insurance Co.
As of April 15 1929, the directors (and their families) owned in excess of
President Hillsman Taylor reports a gain of 30.7% in written business
150,000 shares of which the partners of Foster, McConnell & Co. own in
Agencies and branches combined
during the first four months of 1929.
excess of 75,000 shares.
-Application has been made to list this stock on the New York wrote $126,755,195 during the first four months of 1929 against 596,968,236
Listing.
in 1928.
Curb Market.
Of the 27 branches 17 reported written business amounting to over
-Extra Div. of 50 Cents.
$1.000,000 for each of the four months. St Louis ranks first with a total
Mergenthaler Linotype Co.
The directors have declared an extra div. of 50c. per share in addition of $6,018,600, Chicago second with $3,248,230, while Newark, Los Angeles
to the regular quarterly dividend of $1.25 per share on the outstanding and Pittsburgh are next in line with $2,791,000, $2,588,792 and $2,417,223
256,000 shares of no par value capital stock both payable Jun e29 to respectively. Tulsa, Nashville. Seattle, San Francisco, Indianapolis,
holders of record June 5. Like amounts were paid on March 30 last, and on Detroit, Grand Rapids, Little Rock, Memphis, New Orleans and Kansas
Dec. 311928. From June 30 1926 to Sept. 29 1928, incl., there was paid City follow with amounts reaching well over the million dollar mark.
quarterly, in addition to the usual $1.25 dividend, an extra dividend of 25 V. 128, p. 2475.
-V. 128, p. 1242.
cents per share.
Merit Hosiery Co.,wInc.-Initial Dividend.
-
The directors have declared an initial quarterly dividend of 75 cents per
share on the $3 cumul. cony. preference stock, no par value, payable June
1 to holders of record May 20. See V. 128, p. 1411, 1242.
Mexican Eagle Oil Co., Ltd.
-Report.
The London financial agents of the company issued the following statement:
The improvement in conditions, brought about by the modification of the
Petroleum law,has enabled the company to pursue with greater confidence a
normal exploration programme, and to prepare plans for an extension of its
drilling operations into new areas offering good prospects for the development of additional supplies. The company is, at present, concentrating
its resources on the areas South of the Tuxpam River, the Isthmus and
Tabasco. with the object of ensuring rapid and economical development.
The company's refineries operated normally throughout the year on a
satisfactory throughput. Various improvements completed during the year
are now working with resultant economy in operations and improved yields.
The production and purchases of crude oil and the total shipments of the
company, including products sold in Mexico and Central America, and oils
used in operation for the last three years, were:
Production. Oil Purchased,
Shipments.
8,521,802 bbls. 6,538,152 bbls. 16,543.100 bbls
1926
6,7:11.853 bbls. 7,789 641 bbls. 13,960,391 bbls.
1927
6.051.000 bbis. 8.106,500 bbls. 13,245,500 bbls
1928 (about)
The company's production increased during the closing weeks of the year
due to the Tonala field being put into exploitation.
The financial results of the company for the year 1928 are bound to
be adversely affected by the continued world-wide low prices which ruled
-V.128. p. 2821.
for refined products.
-Earnings.
Mexican Petroleum Co., Ltd. (of Del.).
1927.
1926.
1928.
1925.
Calendar YearsProfits from operation--$16,113,342 $21,354,037 $40.264,300 $30,811,546
Cr1,661.745 Cr708.909
379,336
Int. & amort. chgs., netDeprec. & depletion.... 6.843,139 8.359.079 8.717.730 7.761,480
1,945.000 4.355.000 2.850,000
976.865
Prov.for Federal taxes-
"Montecatini" Societa Generale
Mineraria ed Agricola (Italy).
per l'Industria
Comparative Profit and Loss Account. Years Ended Dec.31.
1927.
1928.
Lit.
Lit.
102,029.664.98 88,876.555.32
Gross profits
60,765.459.63 64.636,557.10
Dividends on participations and interest
Gross income
General expenses
Ordinary taxes and war profits tax
Allotment to employees pension fund
Depreciation and depletion
Interest on funded debt
Net available for distribution
18% dividend
Directors' participation
Surplus for year
-V.127,9. 1112.
162.795,124.61 153,513,112.42
9.787.591.58 7.417,059.73
31,245.562.62 26,174.949.15
1.000,000.00
1,000.000.00
10.750.000.00 5,000,000.00
12,644,031.70 11,080,582.95
97.367.938.71 102.840.520.59
90,000.000.00 90.000.000.00
1.946,013.00
1.809,198.45
5,558,740.26 10,894.507.59
-Earnings.
Mother Lode Coalition Mines Co.
Calendar YearsOperating revenue
Operating costs
Other income
Taxes
Interest, &c
1925.
1926.
1927.
1928.
$2,710.519 $3.012.639 $4,224,638 $4.249,891
2,107,431
.
1,465.416 1,596,282.
Cr4.711
Cr9.813
Cr624
Cr1.158
46,574
241,255
211,256
196.152
Cr3,797
Cr13,177
Dr22.788
Dr13.260
Balance, surplus
Previous surplus
21.036,849 $1.182.935 $1,968.100 $2,104,394
204,856 def1,763.244 def1.549,429
1.387.791
Total surplus
Deprec. & depletion-
$2.424,640 $1,387,791
$204.856
$554.964
2,318.206
$204,856d1$1,763,244
Total surplus Dec.31- $2,424,640 141,387,791
Shs,corn. outst.(no par) 2,500
2,500,000 tesa,500,00111
ft...2.500.000
$0.84
Earns. per eh.on com---i.sem$01L.. t4f^ 1: .02,40.79
$8,293.339 $12.711,702 $27,900.478 $19.820,730 -V 127, D.3259.
Net income
960.000
960.000
960,000
960,000
Preferred diva.(8%) -(12%)5,487.480(87)39784143(12)5487,468(12)5487,432
-$5 Extra Dividend.Motor Products Corp.
Common diva
"The directors have declared an extra dividend of $5 per share on
$1.845.859d1128032,441 $21,453,010 $13.373.298 common shares. payable June 6 1929, to holders of record June 1 1929.
Balance,surplus
Total sur. end, prey. yr. 46,997.460 76.796,665 55,352.829 42,178,921 (See V. 128, p. 1744).-V. 128, p.
Dr9.173
Miscellaneous
1,766.765
199,390
Unamort. discount, &c..
-Common Stock Placedamt
Murray Corp. of 'America.
&polls. to prior yrs. 4.148.071
Adj.
An Annual Dividend Basis of $3 in Cash and 3% in Stock.
of 75 cents per
The directors
P. & L. Burp. Dec.31-$44,695,247 646,997,460 $76,796,666 $55,352.829 share in cash andhave declared initial quarterly dividends of no par value,
of 1% in stock on the common shares
457 300
457,300
457,300
457.300
She. corn. out.(par $100)
$51.91
$25.69
$16.04
$41.24 both payable July IS. to holders of record July 1.-V. 128, P. 3008•
Earns, per sh. on com--
3526
FINANCIAL CHRONICLE
Muskegon Piston Ring Co.
-New Vice-President
-To
Pay Dividends in Stock Instead of in Cash.
-
[VOL. 128.
National Food Products Corp.
-Subscription Warrants.
The Empire Trust Co. has been appointed agent for the
Issuance of
Julius Rubiner, Vice-President of Ungerleider Financial Corp. has been subscription warrants for class B stock without par value, 1927-1942 issue.
-V. 128. p. 3201.
elected director.
Net earnings for April amounted to $41,709. after all charges including
National Liberty Insurance Co.
-New Pres., &c.
Federal income tax. This is at the annual rate of $10.05 per share of stock
The directors of this company, the Baltimore American
now outstanding. This compares with earnings for the first quarter of
Insurance Co.
1929 amounting to $1.68 per share or at the annual rate of $6.72, and of New York, and the Peoples National Fire Insurance Co.. comprising the
National Liberty group of insurance companies, announced last week
compares with total earnings of$3.18 per share reported for the entire year of
the
1928. The April earnings are understood to be the highest ever reported election of Wilfred Kurth as President of the three companies, succeeding
for any one month in the history of the company and are understood to C. L. Tyrner, resigned. It was also announced that Frank E. Burke,
representing the Home Insurance Co., and Sidney J. Weinberg. partner
be due to a lowering of production costs resulting from the steady increase
in the company's output. It is expected that output will be largely in- in Goldman, Sachs & Co., and Treasurer of the Goldman SachsTradIng
Corp. were elected directors of the three companies.
creased during the balance of this year.
The finance committee of each company will be composed of Waddill
Owing to the large amount of money which has been expended by the
company during the recent months for increase in plant facilities, and the Catchings, Chairman: Sidney J. Weinberg, Ralph Jonas and Wilfred
company's program for further increase in productive capacity, the directors Kurth. Mr. Catchings, a partner in Goldman, Sachs & Co. and Mr.
have announced the policy of declaring stock dividends at the annual rate Jonas, a director of the Manufacturers Trust Co., are President and Chair
of 8% or 2% quarterly, in lieu of the 75 cents per share quarterly cash man of the executive committee, respectively, of the Goldman Sachs
-V. 128, p. 1570.
dividend which has been paid heretofore. The next quarterly dividend is Trading Corp.
payable on July 1 to holders of record May 25.
Nehi Corp.
-April Sales.
The corporation reports record sales for April of
$425,152, compared
Muskogee Company, Phila.-54 Dividend.
with $205,832 in April 1928. an increase of more than
105%. Due to
The board of directors on May 23 declared a dividend of $4 per share on excessive floods in the company's
no par capital stock, payable June 15, to holders of record June 6 1929. quarter of 1929 were $472,319, as southern territory, sales for the first
the
compared with $633.291, for
Charles E. Ingersoll is President and R. R. Scholl, Sec. and Treas•
sponding period of 1928 but this lag in the production program the correwas more
than made up during the month of April. as the total for the
sales amounted to $897.470, showing a gain of $58,347 first four months
National Department Stores, Inc.
-Expansion.
or 6% over the
corresponding period a year ago.
This corporation, through its President, Victor W. Sincere, announced
on May 16 that the Frank & Seder Store, its Philadelphia unit, has signed
Common Dividend No. 2.
a lease for this store's first uptown branch, to be located in the heart of the
The directors announce the declaration of a quarterly dividend
69th Street development,started some 12 years ago by John H. McClatchy.
(No. 2)
Work on the new store has started and it is expected to be opened for busi- of 25 cents per share on the common stock, payable June 1 1929 to holders
ness in November of this year. It will be located in a building to occupy of record May 15 and the regular quarterly dividend of $1.31 per share on
an entire block on 69th Street near the terminal of the Philadelphia Rapid the 1st pref. stock, payable July 1 1929 to stockholders of record June 15.
Transit Co., and will be designed to serve a potential shopping district of An initial quarterly dividend of 25 cents per share was paid on the common stock on Mar. 1.-V. 128, p. 3202.
435.000 People.
The decision of Frank & Seder to build an uptown store to obviate traffic
Earns. for Calendar Years1928.
1927.
congestion in the center of the city and to better serve the residents of this Gross
profits
$1.786,824 $1,717.053
area is in line with the policy of National Department Stores in its 13 other
879,241
906,066
units throughout the East and Middle West. Already B. Nugent & Bro., Expenses
the St. Louis store, has opened an uptown branch, and is negotiating for
Net
$907,583
$810,987
further sites. The Bailey Co. of Cleveland will open a similar unit at 101st Other profits
income
19,327
16,776
St. and Euclid Ave. in June, to be followed by two other units. The other
stores in the chain are considering uptown localities, according to Mr. SinTotal income
$926,911
$827,762
cere, following the precedent set by banks and other institutions in large Discount
interest
172,243
158,625
cities to better their business in outlying areas by establishing branches.
- Net profits after provision for
bad debts & Fed. tax.
628,655
541,345
V. 128, p. 2644.
Earns, per share on common stock
$2.90
$2.28
-V. 128, p. 3202.
National Container
-Stocks Sold.
Corp.
-Jerome B.
Sullivan & Co., Arnold & Co. and W. T. Bonn & Co. have
sold privately 30,000 shares $2 convertible preferred stock
(no par value) at $27.50 per share to yield 7.27% and 16,700
shares common stock (no par value) at $22.50 per share.
The common shares were purchased from individuals.
The $2 convertible preferred stock will be preferred over the common
stock as to cumualtive dividends at the rate of $2 per share per annum
and as to assets in the case of voluntary or involuntary liquidation up to
$32.50 per share plus city. Dividends are payable Q.
-M. (accruing from
June 1 1929 on the shares presently to be outstanding.) Red. at any
time as a whole or in part on 30 days' notice at $32.50 per share and diva.
Convertible into common stock, share for share. Preferred and common
stock will have equal voting rights, share for share, Until all the preferred stock shall have been redeemed or converted or provision made for
the redemption thereof the company, before it declares or pays any dividend
on its stock other than the preferred stock, shall deposit in trust with a bank
or trust company in New York City a sum equal to
of the amount to
be so declared or paid on such other stock; and said fund shall be used only
for the redemption or retirement of the preferred stock as directors shall
from time to time determine.
Transfer agent, Manufacturers Trust Co. Registrar, Irving Trust Co.
CapitalizationAuthorized.
Outstanding.
$2 convertible preferred stock (no par)
30,000 shs.
30,000 shs.
Common stock (no par)
*110,000 shs.
70.000 shs.
* 30,000 shares reserved for conversion of preferred stock and 10.000
shares under option to bankers for one year.
Data from Letter of Samuel Kipnis, Pres. of the Corporation.
Company.
-Recently incorporated in New York to acquire all of the
properties and assets of a corporation of the same name and also all of the
outstanding capital stock of Airdepot Realty Corp. Company whose
properties are to be acquired is the largest individual manufacturer of
corrugated containers in the New York Metropolitan district, and was
Incorporated in 1928 to acquire the following four concerns: Columbia
Corrugated Co.. Inc., Wm. Herman & Co., Inc., New York Corrugated
Case Co., Inc., International Corrugated Box Corp.
These concerns had all been profitably engaged in the manufacture of
corrugated paper containers for many years, and were consolidated for the
purpose of effecting economies in production and sales costs attendant
upon such a combination. Early in 1928, in order to bring about central
control of manufacturing and to expedite distribution, an associated company was organized called Airdepot Realty Corp., which entered into a
contract with the U. S. Government for the acquisition of an adequate
and thoroughly modern plant located in the heart of the Long Island City
industrial section. Under the terms of this contract Airdepot Realty
Corp. is in possession of the plant and will, upon the payment of the balance
of the purchase price ($550.000 after the completion of this financing),
be entitled to receive a deed in fee to said property.
-The combined net income of the companies to be acquired
Earnings.
and their predecessor corporations after Federal income taxes at the current
rate but before (a) rentals paid or expenses of the building, Including
depreciation based on cost, which are offset by rental income under exising
leases with outside tenants and (b) interest to be eliminated by the present
refinancing was as follows:
Net Profits. Pre.perSh. Corn.perSh.
Sales.
$184,029
$1,892.734
1926
$6.13$1.78
9.91
297,466
2,049,719
1927
3.39
2,013.268
9.43
282,977
*1928
3.18
529.955
9.59
71.964
*1929 (3 months)
3.25
* Included in the above earnings are net profits of $4,650 for 1928 and
$13,000 for 1929 on an account which Is doubtful but which has been
guaranteed by the officers of the company.
Listed -Application has been made to list the preferred and common
stocks on the New York Curb Market.
Pro Forma Consolidated Balance Sheet as at Mar.311929.
LfaailiffesAssets
Cash
$112.354 Accounts payable
Notes & accept. rec.. trade ..
3,629 Accr. salaries, wages,Int., &e
Accounts receivable
239,376 Rents collected In advance
Inventories
281,697 Provision for Federal taxes
Deposits & adv. pay, of insur.,
Bal. due Govt. under contract
Int., &c
to purchase Id. bides
16,887
Land, bides., equip.. &c
1,899,359 Capital-$2 pref.stock
Def: charges, net of amortIz
39,146 Common stock
Patents & trade-marks
15,000
Good-will
1
Total
$2,607,449
Total
(Oscar) Nebel Co., Inc.
-Earnings.
For Year Ending December 311928.
Gross profit from operations
Selling, general & administrative expenses
Other expenses
Provision for depreciation
Provision for Federal income taxes
Net Profit
__Nr. 128, p. 2476.
•
$183,943
13,409
6.197
23,145
550.000
975,000
855,755
Neild Manufacturing Corp.
-Earnings.
Calendar YearsGross earnings before depreciation
1928.
1927.
loss$62,000
$205,000
Balance Sheet Dec. 31.
Assets1928.
Liabilities1927.
1927.
1928.
Land, bldgs&mach$1,697,221 81,685,149 Capital stock
$1,200,000 31,200,000
Mfg. & mdse..... 368,139
471,939 Accounts payable. 103,521
126,453
Cash dt accts. rec.
Profit at less de& Investments_ 471.368
577,183
twee. & taxes
1.233.206 1,407,818
Total
32.536,728 32,734.272
Total
$2,536,728 $2,734,272
-V. 126, p. 2801.
(Herman) Nelson Corp., Moline, III.
-Earnings.
Calendar YearsNet operating profit
Interest, discounts & rentals earned
1928.
$419,495
16.186
1927.
$350,398
11,898
Total income
Depreciation
Loss on equip. retired
Reorganization expense amortized
Not cost of corp. life insurance
Provision for Federal income tax
$435,680
11,549
323
4,780
921
51,175
$362.296
9,587
Net income
Previous surplus
Adjustments
Prem, on sale of capital stock
8366,030
626,401
Dr.157
54.375
5312,530
638,173
$1.047,549
198,433
26,780
$950,703
174,603
124,248
25,450
$822.336
114,071
$3.21
$626.402
105,090
$2.97
Total surplus
Development expenditures, &c
Cash dividends
Stock dividends
Surplus as at Dec. 31
Shares capital stock outstanding (par $5)
Earnings per share
-V. 127, p. 1814.
4,780
944
34,455
New Bedford Cotton Mills Corp.
-Earnings.
-
The company reports a loss of $60 646 before depreciation for 1928.
Balance Sheet Dec. 31 1928.
Assets
Liabilities
Real estate & machinery
$1,800.000
$2,343,025 Capital stock
Manufactures, merchand., &c. 578.166 Bonds
7,500
Cash, Invest. & accts. reedy
293.370 Notes & accounts payable.- 337.171
1,069.891
Profit & loes & depreciation
Total
-V. 128, p. 416.
$3,214,562
Total
83.214.562
New Bedford (Mass.) Cordage Co. 4% Dividend.
-33
The directors have declared a dividend of
% on the common stock
and the regular quarterly dividend of 1 h% on33( preferred stock, payable
the
June 1 to holders of record May 17. Three months ago a dividend of 2Yk %
was declared on the common stock.
Calendar Years1927.
1928.
Net earnings before depreciation
891.404
$30.255
Balance Sheet Dec. 31 1928.
Assets
IAabilUiesCash & accounts receivable._ 8202.119 Sundry accounts payable
$11.127
Manufactures & merchandise_ 271,752 Reserve to provide for deprec.
U. S. treasury notes
281,831
from Jan. 1 1910
150,000
Real estate, bldgs. & machin'y 533,568 Preferred stock
200.000
418.000
Common stock
39.250
Common class B stock
207,230
Surplus
Total
-V. 104, p. 2122.
$1,157,439
Total
$1,157.439
New England Confectionery Co.-Bal. Sheet Dec. 31.-
Assets1927.
1928.
Liabilities1927.
1928.
$2,000,000 $2,000,000
Real estate ,k equIpS3.048,899 33,048,302 Capital stock
154,835
Good-will & tradeCurr. liabilities.-- 295,027
marks
230,808 Reserve for taxes
230,808
$2,607,449 Cash
101.277
76,900
arc
264,403
536,179
58.725
58,725
Materials & supp_ 626.681
575,168 Capital surplus.-2.768,428 2.557,923
U.S. Govt.secure. 357,635
357.635 Profit surplus
Treasury stock., _
24.100
24.100
341,290
$585,764 Accts.& notes rec_ 344,709
Total (ea. side).$5,199,080 84,872.760
31.053
30,067
77,423 Other investments
41.461 -V. 126, p. 3769.
70,703
-Partial Payment Plan.
N. Y. Title & Mortgage Co.
49,047
The company, at the current rate of operation, will pay to 35,000 in$347,131 vestors, $31,000,000 as interest on its guaranteed mortgages and certificates, according to a statement made on May 20 by President Harry A.
MAY 25 1929.]
3527
FINANCIAL CHRONICLE
Kakler. This is the largest sum the company has yet paid out in any position of over 6 to 1. The patents, trade marks and good-will of the
one year on interest accounts and represents a high point in its operations. company are carried on the booki at $I.
These figures were prepared for the meeting of the executive committee,
Ltsling.-Company has agreed to make application to list this stock on
at which a partial payment plan for making the securities of the company the New York Curb Market.
-V. 128, p. 1413.
available to persons of limited incomes was formally approved.
-V. 128.
P. 3366.
-Earnings.
Norwalk Tire & Rubber Co.
1927.
1929.
1928.
6 Months End. Mar. 31-Balance Sheet Dec. 31.New Haven Clock Co.
$166,559
$267.567
$224.367
Gross profit
Liabilities280.175
Assets1927.
1927.
262,264
1928.
1928.
235,931
Expenses
Real estate. ate_ _x$1,314,991 81,269,430 Preferred stock,._- 8334,725 8350.300
899,500
Notes & accts. rec_ 964,461 1,076.334Common stock _ _ _
899,500
$69,372 prof.$5,303
Operating loss
$55,811
1,662.814 1,478,841 Notes & accts. pay 184,743
350,090 Other income
7,736
9,709
7.793
Inventories
150,791
162,705 Cust. credit bal.__
6,961
Cash
7,248
11.119
$48,018
19,432 Accrued liabilities_
47,717
66,428
$61.636 prof.$15,912
Prepaia Insur.. &e..
Loss
62,830
Bonds owned
10,150
69,302 Dividend declared.
17,990
54,222
63.665
17,990 Depreciation, &c
27,125
19,500 Reserve for taxes.
Other curr't assets.
50,250
78.500
Surplus
$115,858
$48.653
$110.848
2,499,565 2,305.490
Net loss
Special reserve20.000 -V. 127. p. 2970.
$4,041,451 $4,095,544
Total
Total
$4 041,451 44,095,544
x After depreciation of $1,578.035 -V. 128. p. 3009.
New York Investors, Inc.
-Seeks Authority to Acquire
Over 10% of Capital Stock of Cotton Belt Road.
The corporation has applied to the Missouri P. S. Commission for permission to acquire•and hold more than 10% of the capital stock of St. Louis
Southwestern Ry. Under Missouri laws foreign corporations cannot hold
more than 10% of the stock of Missouri common carriers or other public
utilities without consent of the State Commission.
Income Account for Calendar Years
[Including the Prudence Co.. Inc.]
1928.
1927.
Rents
$131.642
Interest on bonds, mortgages and contracts
82,100.759 2,306,585
Interest and dividends on other investments
887.765
217,247
Commissions, discounts, &c
1,023,922
2.342,669
Profits from joint ventures
757,585
Sales of securities, less cost
1,303,489
1,516,113
Sales of real estate, less cost
694,931
658,843
Total income
$6.768,454 $7,173,099
Real estate expenses
59,757
-...
Interest
1,044.405
929.198
General expenses, incl, salaries, commissions, advertising, cost of financing, &c
1,348,203
1,605,159
Reserve for Federal and State taxes
648,104
718.948
Reserve for profit shares
120,948
254,620
Reserve for employees'savings funds
78,160
75,806
Assets charged off
147.100
Total expenses
Net profit
Dividends paid-Prudence Co. preferred
Realty Associates, preferred
Realty Associates, common
23,239,821 $3,780.588
3,528.633
3,382.511
350.000
350,000
419.994
419.994
499.975
499,975
Balance,surplus
$2,258,663 $2,112,542
Earns, per share on 100.000 shs. corn. stk (no par)
$27.59
$26.12
-V. 128, p. 3202.
North & South American Corp.
-Stock Offered.
-Baker,
Kellogg & Co., Inc., and A. G. Becker & Co. are offering
at $36 per share 250,000 shares of class A common stock
(no par value) of the corporation, which has been formed by
these houses and American Founders Corp. primarily to
acquire equity investments in South American enterprises.
The stock is listed on the Boston Stock Exchange.
-Earnings.
Occidental Petroleum Corp.
Quarter Ended March 31Net income after all charges incl. deduct, earnings
retained by Universal Consolidated Oil
Earns, per share on 630.000 shs, corn. stk.(no par)
-V. 128. p. 744.
1929.
1928.
$46,384
$0.07
$19 597
$6.03
-New Contract.
Orange-Crush Co.
A contract has been signed by company, providing for the sale of Its
product "Orange-Crush" from animated containers in the Subway stations
of New York and Brooklyn. It is stated that the containers will be placed
-V.128, p.3009.
in 90stations and that all are to be operating by June I5.
-Lockwood Division Sales.
Outboard Motors Corp.
The Lockwood division reports sales for April 1929 of $175,091. as
against $111,508 in the corresponding month of 1928. Net earnings were
-V. 128,
$35.616, as compared with 22,094 in the same month last year.
p. 3202.
-Earnings.
Pacific Steamship Co.
Calendar YearsOperating revenues
Oper. exp. & taxes
1926.
1925.
1927.
1928.
$9,827,991 $9,510,495 $10,781,695 $10,443,864
9,823.214
9,042,742
9.078,402 19.097.219
Oper.inc. before deprOther income
$785,249
54,035
$432.093
58,176
$684,476
58,140
$620,650
40,092
Gross income
Miscell. inc. charges__
Interest
Depreciation
$839,285
8490,269
3742.616
341,311
357,632
355,370
281,320
359.161
331,919
$660,742
28,236
544,044
458,005
$140,341 def$146,420
Net profit
1.060,877
Sum!.at begin,of the yr. 1,042.060
Crx1,750,000
Sales ofshares,&c
$52,436 def$369,544
1.233.227
759,689
18.406
782.240
Gross surplus
$1,182,401 $2,664,457 51.304.069 81.172.385
Divs. on pref. stk., paid
170,625
157,500
192.935
& accrued
157,500
1,421.561
42,152
40,112
Arnort. ofstk. disc., &c30.212
30,544
43,540
194,328
Miscell. debit adjust_ _ -$998,794
Surplus at end of the yr $830,573 81,042,060 81,060,877
x Consisting of $1,050,000 for restoring to surplus amount previously
shares no par value of common stock and $700,000 proallocated to 30.000
ceeds from sale of 20,000 shares of re-acquired no par common stock.
V. 126, p. 3312.
-$1.50 Extra Dividend.
Packard Motor Car Co.
The directors have declared an extra dividend of $1.50 per share on the
outstanding $30,042.640 common stock, par $10, payable July 31 to holders of record July 11. Regular monthly dividends of 25 cents per share
The class A common stock is preferred as to assets up to the total amount are also being paid on this issue. An extra dividend of50c. per share was
received by the corporation at the time of issue from the sale of all class A payable on May 31 last, one of $1 per share was paid on July 31 1928
stock outstanding at the time of liquidation or dissolution divided ratably, and Nov. 30 1928, and one of 50 cents per share on Dec. 31 1928.
and after distribution to class B stock then outstanding of the total amount
To Split-Up and Change Par Value of Common Shares.
received from the sale at the time of issue, class A stock is entitled to remainThe directors have called a special stockholders' meeting for June 19 to
ing assets 4 times as much as each share of class B stock.
-for-1 basis and on changing the par
Class A common will receive prior dividend, non-cumulative up to $2 vote on splitting up the stock on a 5
per share per annum before any dividend on the class B common, and any value from $10 to no par. It is expected that the new stock will be issued
additional cash dividends in the ratio of $1 per share on class A stock and on Sept. 2.-V. 128, p. 2823.
25 cents per share on class B stock.
-Starts First Air Mail
Pan American Airways, Inc.
There will be outstanding upon completion of this financing, 250,000
shares of the total authorized 1.250,000 shares of class A common, and Service to South America.
1.000,000 shares of the authorized 1,250,000 shares of class B no par comThis company, operating company for Aviation Corp. of the Americas,
mon stock. The class B stock to be outstanding will be purchased by
American Founders Corp., Domestic and Foreign Investors Corp., and started the first United States air mail for South America on May 15 over
Baker, Kellogg & Co., Inc..for $1,000,000 in cash,and a substantial amount the longest air mail line in the world, extending from Miami, Florida,
of class A common presently to be outstanding has been subscribed for by 5.000 miles to Mollendo, Peru, near the Chilean border. Through service
over the combined routes of Pan American Airways and Pan Americaninterests associated with the group.
-day mail service from Peru to the United
The corporation will begin operation with total assets of not less than Grace Airways will provide 6
29,125.000 in cash, received from the sale of the class A and class B stocks. States, cutting travel time to less than one-half. The through service will
The remaining authorized but unissued 250.000 shares of class B common be operated on regular weekly schedules for the present under U. S. Post
stock may be issued only as stock dividends to class B holders, while no Office Departmentforeign air mailcontracts, which were previously awarded
such stock dividend may be paid holders of class B stock unless class A Pan American-Grace Airways. The Pan American Airways. Inc., is at
holders simultaneously receive stock dividends in class A common of an present operating 4,590 miles of airways under contract between the United
States, Mexico, West Indies, Central America and Panama Canal Zone.
equal percentage per share. Compare also V. 128, p. 3367.
This company will operate the South American line from Cristobal to
to Pan AmericanGuayaquil, Ecuador, via Colombia, as
Northern Manufacturing Co.
-Stock Offered.
-Offering Grace Airways, an affiliated company sub-contractorsby Aviation Corp.
jointly owned
was made May 8 of 65,000 shares of common stock by Field of the Americas and W. R. Grace & Co.
& Co. of Newark, N.J., at $22 per share. The offering does
not represent any new financing by the company.
Registrar and transfer agent: United States Corporation Co., New York.
N.Y.
CapitalizationAuthorized. Outstanding,
Preference stock (no par value)
.
50000 shs. 50,000 shs.
*200.000 shs. 150.000 ails.
Common stock (no par value)
*50,000 shares of the authorized common stock are reserved for conversion
of 50.000 shares of preference stock.
-As the entire cumulative dividend of 75c. per share, amountDividends.
ing to $37,500 for 1929, has already been paid or set aside out of earnings,
reamining earnings of the company will be available for dividends on
the
the common stock to the amount of 75c. per share per annum, and thereafter the common stock will be entitled to share equally with the preference
stock in the further payment of dividends to the amount of The, per share
per annum. All other earnings are avilable for dividends on the common
stock exclusively.
Data from Letter of N. M. Mains, President of the Company.
Compang.-A New Jersey corporation. Is engaged in the manufacture,
national distribution and sale of high-grade radio tubes, which are nationally
known under the company's trade name "Marathon." Company was
organized Aug. 29 1924, developing a business among jobbers, chain
stores and radio receiving set manufacturers exclusively: since that time
the trade name "Marathon" has become sufficiently popular with the trade
throughout the country to enable the company to sell its tubes in almost
every case at higher prices than are obtained for other tubes sold by independent makers.
The company at this time cannot supply the demand for Marathon tubes
and has on hand orders which alone will keep the factory operating full
capacity for many months to come. The present capacity of this plant is
11,000 tubes per day and it has acquired a lot of 4,500 square feet adjoining the plant which the company owns in fee, and on which will be built immediately another plant. In addition the company has leased two floors
in an adjoining building. With these facilities the production will be
stepped up to 25,000 tubes per day within a comparatively short time.
-Company entered into its present rate of production comEarnings.
mencing with July 11928. Since that time for the seven succeeding months
ending Jan. 311929, the net profits were $191,072. Whereas the company
early in the year estimated the earnings for 1929 at approximately $500,499
with additional large contracts, it is now estimated that the earnings will
be greatly in excess of this amount.
Assets.-Tho balance sheet as of Jan. 31 1929, shows current assets of
9430,282, as compared with current liabilities of $68,970 giving a current
New Director.
-
Frederick B. Rentschler. President of United Aircraft & Transport
Corp. and of the Pratt & Whitney Aircraft Co., has been elected a director.
The election of Mr. Rentschler follows the acquisition of a substantial
stock interest in Aviation Corp. of the Americas by the United corporation,
which controls the Boeing and Pacific Air Transport groups. Through
this transaction Pan American Airways, Inc., added the support of this
prominent Western aeronautical group to its affiliations with 10 major
railroad systems and with a number of prominent American aviation
interests. Also by the terms of this agreement Pan American Airways
acquired attractive traffic contracts and options on important air mail
concessions in Western Mexico.
Orders 53 Additional Multi-motor Transports.
Plans for an 80
-hour air transport service for mail and passengers between
the United States and Buenos Aires: 24
-hour service to Panama Canal
Zone: 50 and 60
-hour service to Peru and Chile, were announced this week
by J. T. Trippe, President and General Manager of Pan American Airways, Inc. This fast air service clips 17 days from the beat steamer time
to Buenos Aires and 20 days to Santiago, Chile, bringing the most distant
capitals of South America as close to the United States as New Orleans
and St. Louis are to New York City by rail.
Col. Charles A. Lindbergh, Chairman of the Technical Committee,
in charge of airways and equipment, stated that: "With faster equipment,
additional landing fields and establishments of facilities for night flying,
the transport time can be reduced to approximately 80 hours to Buenos
Aires. Air mail and passengers will arrive in that city approximately
three days after leaving the United States. Panama can be reached_ with
one night flying division in Central America in 24 hours. and Santiago.
Chile, will be approximately within 70 hours of this country. Plans for
this faster service over present Pan American Airways routes and to other
countries in South America have been carefully studied for some time by
Pan American Airways. Inc.. and its affiliated companies. Necessary
construction work to make this program possible is going ahead as rapidly
as possible."
A total of 22 multi-motored passenger transports, the largest fleet
operated by any company in the world, is now in regular service over the
Pan American routes to Mexico, West Indies. Central and South America:
orders have been placed for an additional 53 multi-motored planes, on
which delivery has been promised within six months and which are to be
used on the extended routes of Pan American Airways.
At the present time the Pan American system is operating on 7,500
miles of airways through 15 countries reaching as far as the Chilean border
on the west coast of South America. Plans are going ahead rapidly for
the early extension of service from the Canal Zone along the north coast
3528
[VOL. 128.
FINANCIAL CHRONICLE
Business.
-Company is the largest manufacturer and distributor of water
softening machinery for industrial use. Its systems have been installed in
industrial and public utility boiler plants, the textile industry, laundries,
hotels, canneries, hospitals, &c., throughout the world with highly satisfactory results. Company manufactures water softeners for household
purposes for which there is an increasing demand. Another product of the
company is the "Ranarex" gas density recorder which is believed to be the
best in its field, and is now in use by large utility, steel and other companies.
Additional products of the company are water filters and boiler auxiliaries.
Factories are located in Brooklyn, N. Y.and Birmingham, N. J., with sales
offices in the principal Cities of the United States and Canada.
Directors.
-Kenneth B. Schley (Moore & Schley); W. M. Flook (Chairman, American Brown Boveri Electric Corp.); Felix E. Kahn (Dir. ParaParraffine Companies.
-Extra Dividend.
The directors have declared an extra dividend of 2% in stock in addition mount Famous Lasky Corp.); H. Kreigsheim (Pres.); Osmund K.Fraenkel
Fray.
to the regular quarterly cash dividend of $1 per share on the common stock, (Attorney at Law); Fred Gordon Blackstone, Thomas
Atlantic Investing Corp..67 Wall St., New York recommend the purchase
both payable June 27 to holders of record June 17. In each of the 2 preceding quarters regular dividends of$1 per share were paid and in addition, of the common stock of the company.
an extra cash dividend of 25 cents per share was distributed on Dec. 27 last.
Penick & Ford, Ltd., Inc.
-To Increase Stock.
Previously, the company paid quarterly cash dividends of 75 cents per
The stockholders will vote June 11 on increasing the authorized no
share. In March, June and September 1928, extra disbursements of 75
par value common stock from 450,000 shares to 750,000 shares.
-V. 128,
cents per share were also made.
-V. 128, p. 1922.
p. 3367.
of Colombia and Venezuela to Maracay, with later extension to Trinidad
and Paramaraibo, Dutch Guiana. The company is also conducting surveys
over a route from this point along the entire east coast of South America
to Rio de Janeiro, Buenos Aires and Montevideo. The first service
between the United States and Buenos Aires, however, probably will be
..operated on the west coast route, now on regular schedule as far as Mollend°, Peru. This route is soon to be extended southward to Santiago,
Chile, and thence over the Andes to Buenos Aires. De luxe passenger
-motored transports over 3,300 miles of
service is now available in multi
the Pan American Airways system and their planes are flying over 6,000
miles daily on regular schedules.
-V. 128. p. 3010.
L.
-Consolidation Approved.
Parker Rust Proof Co.
A plan to consolidate this company and the Wolverine Enameling Co., a
Michigan corporation, was approved at a meeting of the stockholders of
the former held on April 10.
Under the plan the Parker company agrees to purchase not less than
444% shares and not more than 657 shares of the outstanding stock of the
Wolverine company and agrees to pay therefor, In cash, at the rate of $400
per share, the stock so acquired to be transferred to it. Of the remaining
1.0553 shares of the Wolverine company (being 1,500 shares outstanding
less the 444% shares above mentioned), 843 shares shall be retained by
certain stockholders of the Wolverine company to be exchanged for 5,620
shares of stock in the consolidated company, and the holders of the remaining 212% shares of the Wolverine company may sell said shares for $400 a
share cash or may exchange said shares for shares in the consolidated company on the basis of 6 2-3 shares for each share now held.
The consolidated company shall have an authorized capital of 19,244
shares of pref. stock (par $10) retirable on Aug. 23 1946 and 130,000 shares
of no par common stock. The pref. stock shall be exchanged, share for
share, for the present outstanding pref. stock of the Parker company, and
of the no par common stock there shall be issued 5,620 shares to the holders
of 843 shares of Wolverine company stock, and there shall also be issued
Parker shares for Wolverine shares on the same basis to those Wolverine
stockholders holding said 2123.1 shares who have the privilege ofselling their
stock for cash but who have failed to avail themselves of that privilege by
depositing their stock with the Bank of Detroit,and that there shall be issued
60.000 shares to the then stockholders of the Parker company, share for
share, in exchange for their present holdings. The balance of said authorized shares will be held available for proper corporate purposes.
The net earnings after taxes of the Wolverine Enameling Co. for the
$320.year 1928 amounted to $99,944 and of the Parker Rust Proof Co. to which,
391, making a combined net profit for tke yrear 1928 of 5420,335,
after making provision for the pref. dividends, amounts to over 36 a share
on 67.036 2-3 shares, which is the maximum shares of no par common stock
to be presently outstanding in the consolidated company. This combined
earning of over $6 a share Is arrived at without making any allowance for
certain non-recurring charges of the Wolverine Enameling Co., which are
estimated by M.C.Baker and Charles H.Brodt of that company at $40,000
for said year.
-V. 125. p. 2823.
-Earnings.
Park & Tilford, Inc.
Quarter Ended Mar. 31- 1929.
Net profit after charges
$264.835
and Federal taxes_ --Shares common stock
204,019
outstanding (no par)Earns, per share
51.30
-V. 128, p. 2647.
1928.
1927.
1926.
$222,375
$40,347
$96,600
200,000
$1.11
200.000
$0.20
200,000
$0.48
Parker Pen Co. (Wis.).-Earnings.Earnings for Year Ended Dec. 31 1928 (Incl. Subs.).
$4.077,569
Gross profits on sales
2,836,201
Selling, general and administrative expenses
Net profits from operations
Other income, less miscellaneous charges
$1,241,368
70,284
Total profits
Provision for income taxes
$1,311,652
212,727
51,098,924
Net profits of parent co. and fully owned sub. cos
Proportionate share (66.75% interest) of net loss of Parker52,282
Osmia, A. G.(Germany)for period ended Dec. 31 1928
Consolidated net profits
Earns, per share on 200,000 abs. capital stock (par $100)
-V. 128, p. 416.
tililliameeze
$1,046,642
35.00
.
(David) Pender Grocery Co.-Earnings.1928.
1927.
1926.
1929.
Quar. End. Mar. 31$3.702,729 $3.318,801 $2,818,034 $2.399,579
Net sales
Net income before prov.
for Federal and State
40,135
89,780
66,560
54,998 .
income taxes
74,942
33,502
55,560
46,701
Net inc. avail, for divsEarns, per sh. on cl. B
$0.12
$0.44
$0.76
$0.48
stock
Condensed Balance Sheet March 31.
Liabi/ities1929.
1928.
1928.
1929.
duets$267,504 $236,862 Accts. payable.-- $364,748 $380,190
Cash
Res. for Fed. &
Accts. is notes reState Inc. taxes_
59,454
60,553
80,341
76,977
receiv. less resv_
Merch'nd'e inven_ 1,702,564 1,585,867 Res. for dive. on
8,750
class A stock__
8,750
Investm's (stocks
Res. for diva, on
& bonds of doclass B stock_ __
32,500
7.188
8.762
.
estic corp.)...
2,373
Insurance reserveLand, bldgs.. 1112524,105 Employees'sub. to
prov. & equip- x567,853
class A stock &
70,433
90,558
Deferred charges_
9,004
accr.Int. thereon
2.373
Insurance reserve..
y1,517,065 1,444,600
1 Capital stock
1
Goodwill
731,705
601,699
Surplus
Peoples National Fire Insurance Co.
-New Pres., &c.
See National Liberty Insurance Co. above.
-V. 128, P. 744.
Phelps Dodge Corp.
-New Shares Placed on a $3 Annual
Dividend Basis.
The directors have declared a quarterly dividend of 75 cents per share on
the present outstanding 2,000,000 shares of $25 par value, payable July 1
to holders of record June 4. This is equivalent to a quarterly dividend of
$3 per share on the old shares of $100 par value which were recently split-up
on a basis offour new shares for each share held. On Jan. 2 and April 1 this
year: quarterly dividends of $2.50 per share were paid on the old stock.
V. 128, p. 3203.
Philadelphia Insulated Wire Co.-Bal. Sheet Dec. 31.Assets1928.
Plant & property _ - $805,468
Cash
181,943
Notes & accts. rec _
188,767
307,223
Inventories
U. S. Govt. secur. 175,218
Securities
681
Demand Imams_ _ _
.
150,000
Accrued interest _ _
1.796
Due fr.U.S.Treas
Prepaid insurance_
5,718
Liabilities1928.
1927.
Capital acct. (25,000 shares)
$1,393,641 21,393,642
rtes. Inc.& prof.tax
20,905
21,490
Dividends payable
75,000
62,500
Accrued wages.-.
5,357
3,064
Accounts payable_
217
100,000 Bonus payable_ _ _
5.914
4,893
1,796 Surplus account. _ 315,999
281.570
4.192
2,356
1927.
$830,343
242,386
111,117
299,966
175,219
Total
$1,816,817 $1.767,375
-V. 127, p. 3716.
Total
$1,816,817 21,767,375
Pilot Radio & Tube Corp.
-Offering of Class A stock.
An issue of 100,000 shares of class A (no par) stock is being
offered by Trumbull, Wardell & Co. and Jerome B. Sullivan
& Co. at $17.50 per share. The stock is being purchased
from individuals.
Class A stock and class B stock have equal voting rights. Class A stock
is non-callable. Class B stock is entitled to no dividends and in the event
of any voluntary or involuntary liquidation is entitled to no distributive
share of the assets. Class B stock is convertible share for share into class A
stock whenever net earnings before any deduction for Federal income taxes
or dividends shall amount to $525,000, or more In any one of the first three
fiscal years or in any one fiscal year thereafter, during the continuance of
the management contract referred to below.
Transfer Agents: First Union Trust & Savings Bank, Chicago,and Irving
Trust Co., New York; Registrars: National Bank of the Republic of Chicago,
and Chase National Bank of the City of New York.
CapitalizationAuthorized. Outstanding.
Class A stock (no par)
a275,000 shs. b200,000shs.
Class B stock (no par)
25,000 shs. 25,000 shs.
a 25,000 shares are reserved for conversion of class B stock.
b 5,000 shares have been reserved by the management for sale to employees.
Data from Letter of Isidqr Goldberg, President of the Corporation.
Company.
-Was incorp. March, 1929, in Delaware, and proposes to take
over a business which has been continuously operated under the _present
management since 1911. Its immediate predecessor, the Pilot Electric
Manufacturing Co., Inc., was organized in 1922 with a paid-in capital of
35.000 from which it grew to its present position with no additional contributed capital.
The corporation proposes to manufacture every part necessary to the
assembling of a radio receiving set, as well as other electrical articles, and
Proposes to begin production of similar parts for television receiving sets,
as well as complete television sets for home use. Company has contracted
to acquire from the predecessor company a Federal Radio Commission
license to broadcast television and its broadcasting station is in operation
at the present time (call letters W2XCL, wave length 143.5 meters).
The predecessor company's products are widely distributed, about 40%
of its production being sold abroad, in Europe, Africa, South America,
and the Orient.
Earnings.
-The net sales and net profits of the predecessor company
available for dividends for the 2 years ended Dec. 311928, after all charges
including depreciation and Federal income taxes at the present rate of 12%.
and after eliminating non-recurring charges for salaries and interest of
$6.618 in 1927 and $24,162 in 1928, are as follows:
Net Sales. Net Profits.
$161,039
1927
$857,172
322,622
1928
1,419,141
Net sales and net profits for the first quarter of 1929. after all charges
including depreciation and Federal income tax were: Net sales, $407,703;
Net profit, $105.483, which is a substantial increase over the first quarter
of 1928.
Listing.-Application will be made to list this stock on the New York
Curb Market.
-Shares Introduced to
Pinchin Johnson & Co., Ltd.
New York Market.'
Hallgarten & Co. have purchased privately a block of the ordinary shares
of this company,largest makers of paints and varnishes in the British Empire. An offering of "American shares" based upon deposit of the English
$2,716,596 $2,504,796 shares with Guaranty Trust Co. will shortly be made. It is expected that
Total
52,716,596 52,504,796
Total
the "American shares" will be listed upon the New York Curb Market.
z After depreciation of $699,434. y 30,277 shares class A no par value
years
The
common stock.
-V. 128, ago, business of Pinchin, Johnson & Co. was established nearly 100
Preferred and 65.000 shares no par value class B
some of the units subsequently acquired having been established as
p.3367.
early as 1770. Manufacturing units are located in England, India, Australia and Continental Europe, with distributing units in all the principal
-Earnings.
Permutit Company.
cities of Great Britain, Europe, India, Australia and South America.
Income Statement for the Year 1928.
Net earnings of the company have grown rapidly in recent years, the
$2,619,026 amount available after depreciation and dividends upon the preference
Orders taken
2,487,225 shares having grown from $563.000 in 1926 to nearly $1,900,000 in 1928.
Total sales
441.140 At the end of last year the company acquired important units in India and
Unfilled orders at end of year
Contract work in progress and material in stock (both at cost)_ - 315,664 Australia, operating results for which are not reflected in the 1928statement.
558,998
Since 1924 dividends have been paid at the rate of 30%. Early this year
Net income
a stock dividend of 33 1-3% was declared and the shares were split 2 for 1.
Condensed Balance Sheet Dec. 31 1928.
The management state that it is contemplated the existing dividend rate
Liabilities
Assets
$1,833,430 can be maintained.
Cash in bank and on hand_ _ $294,452 Common stock
On April 15 1929 the board of directors adopted a resolution that under
977,000
900,000 Preferred stock
Cash on call loans
2,662,806 no circumstances would the board take any action wl ich might differentiate
19,950 Capital surplus
Liberty, Sse.. bonds
in any way between British and foreign owners of shares whether in relation
723,946
183,573 Earned surplus
Notes receivable
107,054 to the rights of dividend, voting or otherwise, or to the transfer of or dealing
460,985 Acc'ts payable, mdse., &a.._ _
Accounts receivable
89,907 in such shares, or to the right to receive any bonus shares or debentures
315.664 Dividends payable
Merchandise
25,000 offered to shareholders, or to subscribe for any other shares of the company.
146,839 Mortgage on real estate
Machinery and fixtures
income
34,735 The dividends paid on the stock are subject to the usual British
317,910 Accruals
Real estate
tax of 20%, but in the hands of most American holders of such shares it is
7,901 Reserve for additional costs.
Stocks In other companies....
against American taxes. In effect
possible to use this payment as a credit
guarantees, doubtful accts.
Copyrights, trademarks, &c.._ 3,806,752
of Ameri80,859 this makes the dividends practically British tax free in the hands
and taxes
Advances & deferred charges__
80,714
can holders.
$6,534,737
Total
-Stock Increased.
Co.
58,534,739
Total
Porto Rican American Tobacco
Authorized. Outstanding.
The stockholders on May 17 increased the authorized no par value
Capitalization
-V. 128
shares to 300,000 shares.
51,500,000
5977,000 clan B common stock from 150,090
7% cumul. preferred stock (par $100)
2,200,000
1,834,430 p.3203.
Common stock (par $100)
-Acquisition Consummated.
Postum Co., Inc.
-V. 128, p. 2823.
See Certo Corp. above.
-Earnings.
Purity Bakeries Corp.(& Subs.).
Apr. 20'29. Apr.21 '28. Apr. 23'27.
16 Weeks EndedNet profit after interest, depreciation
$1.372,252
$773,646
$715,255
and Federal taxes
804,042
421.652
210,826
Shares com, stock outstand. (no par)
$1.70
$1.20
$1.62
Earnings per share
-V. 128, p. 1415.
-Earnings.
Pyrene Manufacturing Co.
1928.
$218.527
175.571
Calendar YearsProfit after taxes
Dividends paid
1927.
x$191,539
175,577
1926.
$348,411
146,316
1925.
$318,894
146,316
$42,956
$15,962
Balance, surplus
$202,095
$172,578
3,565,207
Profit and loss surplus- _ 3,650,723
2,086,125
1,884,029
Shares of capital stock
219.470
outstanding (par $10)
219.470
146.316
146,316
Earns. per sh.on cap.stk.
$0.99
$0.87
$2.38
$2.18
x Including $38,218 derived from sale of land)
.-V. 126, p. 3313.
Rand Mines, Ltd.
-Annual Report.
Calendar YearsDividends received
Other income
1928.
£419,330
143,343
1927.
£436,357
273,423
1926.
£431,834
284,832
1925.
£494,124
168,614
Total income
Administration exp., &c.
Taxes, &c
£562,673
36,483
33.738
£709,780
35,810
38,775
£716,666
27,232
44,209
£662,739
27,587
59,404
Net income
Illiaddend,s
£492,452
511,287
£635,195
511,287
£645,225
511,287
i575.748
511,287
def £18,835
£123,908
£133,939
£64,461
Balance, surplus
-V. 128, P. 3368.
3529
FINANCIAL CHRONICLE
MAY 25 1929.]
-Transfer Agent.
Reliance Bronze & Steel Corp.
The Empire Trust Co. has been appointed transfer agent of the common
stock, no par value. See also V. 128, p. 2823.
-Increases Common Div.
Reliance Manufacturing Co.
The directors have voted to increase the regular dividend on the common
stock from $2.50 to $3 per share. A quarterly dividend of 75 cents per share
was declared payable July 1 to holders of record June 14 (see V. 127,P.1689).
April business and profits were reported to be the largest in the history
of the company.
-V. 128, P. 1069.
Republic Fire Insurance Co.
-Stock Increased.
At the annual meeting of the stockholders and directors, the proposal
to increase the authorized capitalization from $1,000,000 to $5,000,000
was approved.
The regular quarterly dividend of 5% on the 100,000 shares of common
stock outstanding, was declared payable July 1 to holders of record June 20.
All directors were re-elected and the following officers named: R. A.
Corroon, Chairman of the board; N. A. Weed, President; E. C. Gerwig,
W.J. Reynolds,E.S. Inglis, J. A. Campbell, J. R. Barry, C. H.E.Succop,
and W. H. Thrall, Vice-Presidents; and E. A. Flickner, Secretary and
Treasurer.
The report of the manager, Corroon & Reynolds, Inc., showed total
assets as of Dec. 311928, of $4.076,176, an Increase of $2,394,248 over the
preceding year; a voluntary reserve of $1,035,641 and surplus to policyholders of $2,000,000, the latter an increase of $1,450.290. Earnings
and gains to stockholders for 1928 were $481,055, equivalent to $8.04 a
share on the average number of shares outstanding during the year, and
to $4.31 a share on the 100,000 shares outstanding Dec. 31 1928.-V. 128,
P. 417.
-Listing.
Reynolds Spring Co.
The Los Angeles Stock Exchange has authorized the listing of 495.220
shares of common stock of No par value.
1928.
1927.
1926.
3 Mos.End. Mar.31- 1929.
$76,592
$115,179
$96,767
Net
$57.135
70,399
90,681
Deprecia. & interest__ -69,357
69,583
Federal taxes
5,210
$6,193 1055$17.658
$6,086
$45,822
Balance Sheet March 31.
1929.
1928.
1928.
1929.
Assets8110.600 $122,000
Cash
$217,165 $215,193 Pref. A stock
19,100
19,100
619,039
643,229 Pref. II stock
Accts. & notes rec
Accrued lot. rec.105
687 xCom.stk.& surp. 4,799,935 4,792,581
949,500 1,019.500
Inventories
1,536,223 1,090,249 Funded debt
154,895
185,122 Notes & accts. pay. 458,134
Investments
187,188
42,613
45,237
4,714,445 4,658,293 Acer'd wages, &c_
Fixed assets
32,500
32,568
Accrued int. pay
Patents, good-will
ana developm't_ 554.599
580,646 Reserve for doubt14,811
ful accts., &c
16,135
Deferred charges.68,255
52,666
1,510,984 1,289,160
71,159
73.484 Depreen reserve
Sinking fund
Res. for conting__
8,393
30,000
Total(each side) $7,968,178 $7,499,572 Res, for inv. losses
-V.128. p. 1571.
x Represented by 495,220 no par shares,
Net Income
-Bonds Offered.
Richfield Oil Co. of California.
-In
connection with the plan now effected for physical consolidation of Pan American Western Petroleum Co. and subsidiary properties with the Richfield Oil Co. of Calif., a new
issue of $25,000,000 1st mtge. & collateral trust gold bonds,
series A 6% convertible, is being offered by a banking syndicate headed by Bond & Goodwin & Tucker, Inc., Hemphill,
Noyes & Co., Bancamerica-Blair Corp., Hayden, Stone &
Co., Cassatt & Co.and Hunter, Dulin & Co. The bonds are
priced at 99, to yield 6.10%.
Dated May 1 1929; due May 1 1944. Principal and int. payable at Security-First National Bank of Los Angeles, trustee, or at the option of the
holder, in N. Y. City at the principal office of the Bank of America N. A.
without deduction for any normal Federal income tax up to 2% which may
lawfully be paid at the source. Semi-annual int. payable M. & N. Denom.$1,000 and $500. Red. in whole or in part on 45 days' notice at 102ji
and int. Company agrees to refund to holders of these bonds, if application therefor is made within 90 days after payment, the following taxes:
Penn., Conn. and Calif. personal property taxes, not exceeding 4 mills per
annum; Dist. of Col. personal property tax not exceeding 5 mills per annum;
Maryland securities tax, not exceeding 4M mills per annum; Tennessee
Property tax not exceeding 5 mills per annum; Kentucky State tax not ex
coeding 5 mills per annum; and Mass, income tax not exceeding 6% per
annum on the int. payable thereon. A semi-annual sinking fund commencing Nov. 1 1929 is provided, which is calculated to retire 50% of this issue
by maturity.
Data from Letter of James A. Talbot, Chairman of the Board.
-Richfield Oil Co. of California was incorp. in 1926
History and Business.
for the purpose of acquiring all or substantially all of the outstanding capital
stock of the United Oil Co. (incorp. in 1909) and Richfield 011 Co. (incorp.
in 1911). and to engage in the business of producing, refining and marketing petroleum and its products, which are known to consumers under the
trade names "Richfield" (gasoline), "Richfield-Ethyl" (gasoline), and
"Richlube" (motor oil). During 1928 the company acquired controlling
interest, through purchase of 100% of the outstandin t class A common
stock (voting) of -Pan American Western Petroleum Co.. which in turn
owns 100% (except directors' qualifying shares) of the capital stock of
Pan American Petroleum Co., its operating subsidiary.
Security and Assets -in the opinion of counsel these bonds will be a direct
Obligation of company and will be secured by a first lien upon all the real
Property and interests in real property (except U. S. Government leases)
now owned by the company and by a lien on all real property and interests
in .real property hereafter acquired by the company, and by deposit with
011
the trustee of: (1) substantially all of the capital stock of the United the
Co.;(2) all of the class A common stock (voting) and at least mg% of
class B common stock of PanlAmerican Western Petroleum Co., being
qpi
at least 83.85% of the total outstanding capital stock of said company. -I
Earnings.
-The consolidated net earnings of Richfield Oil Co. of Calif.
and its subsidiaries, for the two years ended Dec. 31 1928 (including earnings of Pan American Western Petroleum Co. and its subsidiaries from
June 28 1928, the date of acquisition of the voting stock, less proportion
applicable to minority interest), after elimination of interest and discount
on indebtedness converted into capital stock or retired by this or prior
fmancing, as certified by Peat, Marwick, Mitchell & Co., were as follows:
1927.
1928.
Years Ended Dec. 31Net earnings before deducting depletion, depre$7,445,064 313,841,135
ciation, bond interest and Federal tax
Net earnings after deducting depletion and depre9,040,108
ciation, but before bond interest and Federal tax 4,858,931
The above net earnings for 1928, after deducting depletion and depreciation but before bond interest and Federal income tax, are equivalent to
approximately four times the annual interest requirement of all funded debt
presently to be outstanding, and after deducting from such net earnings the
annual interest requirement of the 812,857.200 1st mtge. 6% bonds of Pan
American Petroleum Co., the balance is $8,268,676, equivalent to over 534
times the annual interest requirement of this issue. For the three months
ended March 31 1929 net earnings on a like basis were over six times the
interest requirement of this bond issue for such period.
The operations of Pan American Western Petroleum Co. for the period
from Dec.31 1926 to June 28 1928showed a deficit which has not been given
effect to in the foregoing statement, as the consolidation of the management
with that of Richfield Oil Co. of Calif. has resulted in economies and savings which were not in effect during that period.
-Richfield Oil Co. of Calif. and its subsidiaries,
Property and Territory.
as now constituted, own or lease 82,071 acres of oil lands, approximately
-proven territory situated in the LOS
one-half of which is proven and semi
Angeles basin and Ventura, Kings, Tulare, Santa Barbara, Kern and Orange
County fields of California. on which are located 560 wells producing crude
oil and casinghead gasoline at the present rate of about 17,000.000 barrels
gross per annum. Modern refineries strategically located in the centre of
the Southern California oil fields and in proximity to the company's chief
distributing centres, together with their cracking units have a daily throughput capacity of 146.500 barrels. Products of the company are distributed
to over 9,00O dealer outlets through 87 bulk distributing stations and distributors located throughout its territory in California, Arizona, Nevada,
Utah, Oregon, Montana, Washington and British Columbia. Company
has recently entered the market on the Atlantic Seaboard through the
acquisition of several distributing companies operating in Pennsylvah1a,
New York, New Jersey, Maryland and the New England States. During
the last two years the company has built up a substantial export business
and Richfield products are now being sold in 34 foreign countries, including
countries in the Orient, Africa, Australia, Europe and South America.
Harbor terminals and facilities owned or leased are located at Long Beach.
San Pedro, Richmond and Oakland, California; Portland. Oregon; Seattle,
Washington; Providence, Rhode Island; Baltimore, Maryland; and New
York City. Marine equipment consists of four steamships, and five barges
having a combined carrying capacity of 295,888 barrels. Owned equipment includes over 500 miles of pipe lines interconnecting the company's
oil fields, refineries, harbor terminals and principal distributing stations.
120 tank cars (an additional 209 tank cars being under lease), 1.203 automobiles. trucks and trailers, and storage facilities with a combined capacity
of 21.000,000 barrels.
Purpose.
-Proceeds of this issue will be used for: (1) the redemption of
the outstanding $4,750,000 principal amount of Richfield Oil Co. of Calif.
3
-year convertible 534% gold notes, duo June 1 1931; (2) the retirement
of the outstanding $10:266,000 Pan American Western Petroleum Co. 6%
gold notes, due Jan. 11940; (3) the liquidation of $3,047,840 current notes
payable of Pan American Petroleum Co.; and (4) additional working capital
and (or) other corporate purposes.
Conversion.
-These bonds will be convertible into common capital stock
of Richfield Oil Co. of California, at the option of the holder, interest and
dividends to be adjusted as follows:
Each $1,000 principal amount of bonds convertible into:
(1) 18 shs. of stock ($55.55 a sh.) from May 1 1929 to Apr. 30 1932 (both
dates inclusive); or
(2) 17 shs. of stock ($58.82 a sh.) from May 1 1932 to April 30 1935 (both
dates inclusive); or
(3) 16 shs, of stock ($62.50 a sh.) from May 1 1935 to April 30 1938 (both
dates inclusive); or
(4) 15 shs. of stock ($66.67 a sh.) from May 1 1938 to April 30 1941 (both
dates inclusive); or
(5) 14 shs, of stock ($71.43 a sh.) from May 1 1941 to May 1 1944 (both
dates inclusive).
The indenture will contain provisions designed to protect the conversion
Privilege against dilution. In the event any of these bonds are called
for redemption, the conversion privilege with respect to bonds so called
shall continue up to and including the tenth day prior to the date for redemption.
Authorized. Outstanding.
CapitalizationRichfield 011 Co. of Calif. 1st mtge. & collat.
tr. gold bds.,ser. A 6% cony.. due 1944_ _ _ _ a$75,000.000 $25,000,000
Pan American Petroleum Co. 1st mtge. 15-yr.
cony.6% sink,fund gold bonds, due 1940- _ $15,000,000 $12,867,200
400,000 sils. 399,900 shs.
7% preferred stock ($25 par)
b5,000,000 shs. 1,893,629 shs.
Common stock ($25 Par)
a All series. b 675,821.33 shares reserved for conversions, &c•
Sinking Fund.
-A sinking fund is provided in the indenture, calculated
to retire by maturity not less than 50% of the largest principal amount
of bonds of series A at any time outstanding, by purchase if obtainable at
not exceeding 1023i and accrued interest, or, if not so obtainable, by their
redemption by lot. Provision is made for the deposit with the trustee,
semi-annually commencing Nov. 1 1929, until all bonds of series A are retired, of bonds of said series A or cash sufficient to retire $417,000 principal amount of said bonds, which amount is to be proportionately increased
in the event any additional bonds of series A are Issued. The indenture will
further provide that series A bonds converted into common stock of the company may be credited by the company on its obligation to retire such bonds
as above provided.
Richfield Oil Co. of Calif. and Subsidiaries-Consolidated Balance Slice
Dec. 31 1928 (After Present Financing).
Liabilities
Assets
39,997,500
Properties
$90,767,736 Preferred stock
47,340,744
Claim for refund of Fed.taxes
320,318 Common stock
3,576,821
Capital surplus
Investments and advancee.-885,072
9,338,360
Cash
13,091,654 Earned surplus
Min.stockholders int.in subs 2,020,454
Customers accts, and notes
receivable
5,406,936 Res. for U.S. Govt. claim... 5,000,000
1st mtge. & coll. trust 6s_ _ _ - 25,000.000
Sundry accts. & notes receivable, less reserve
873.888 1st mtge. 15-year 68 Pan
12,857,200
Amer. Pet. Co
Inventories
12,764,508
519,231
Deferred credits to income_
Deferred charges and prepaid
1,858,466
expenses
2,645,802 Deferred purchase &Air
Trade & oil purch. accts. Pay- 5.73
0,731
652,584
Curr. purch. contract oblirns
1,231,632
State gasoline taxes
Accr, for wages,int.taxes,&c. 1,132,033
174,956
Pref. stock diva. payable_ _
325,006
Total (each side)
$126,755,713 Prov. for Federal tax
-V.126, p. 3368.
Rich's Inc.-Initial Preferred Dividend.
An initial quarterly dividend of 1 % has been declared on the 634%
cumulative convertible preferred stock, par $100, payable June 30 to
holders of record June 14. See offering in V. 128, p. 2480.
Rio Grande Oil Co.
-Earnings.
Quarter Ended March 31Sales
xOperating profit
Interest on bonds
Depletion and depreciation
Federal tax
1929.
1928.
$5,200,380 81,569.789
2,064,888
309,904
19,120
48,150
621,893
134,910
160,550
Net income
$126,844
81.263.325
Earns. per share on 1,200,000 shs. common stock
(no par)
$1.05
$0.24
x After production, refining and marketing expenses, Interest and other
charges.
-'V. 128. p. 3012.
3530
FINANCIAL CHRONICLE
Roberts & Oake, Inc.
-First Union
-Bonds Offered.
Trust & Savings Bank, The Foreman Trust & Savings Bank,
Chicago, and A. C. Allyn & Co., Inc., are offering at 99 and
hat. $1,500,000 1st mtge. sinking fund 6% gold bonds.
Dated May 1 1929: due May 1 1944. Int. payable M.& N. Denom.
21.000, $500 and $100 c*. Red. all or part on any int. date on 30 days'
prior notice to and incl. May 1 1932 at 105 and int. this premium of 5%
decreasing at the rate of X of 1% of the principal on each Nov. 1 thereafter
to maturity. Interest payable without deduction for normal Federal income tax not to exceed 2%. First Union Trust & Savings Bank, Chicago,
trustee. Upon application company will refund any taxes paid on the
Income from or on the ownership of these bonds under the laws of any State
or Possession of the United States, not in excess of 5 mills per annum on
each dollar in principal amount to holders resident in such State or
Possession.
Data from Letter of C. J. Roberts, President of the Company.
Company.
-Organized in Delaware. Is acquiring the business and assets
of Roberts & Oake, (Ill.), engaged in the processing and sale of high grade
pork products. The business was established as a partnership in 1895 and
was incorp. in Illinois Sept. 111900. Company has shown a profit from its
operations in every year but one since its inception. The Chicago plant,
located in the Union Stock Yards, in addition to being one of the most
modern and efficient plants of its type in the country, constitutes a real
estate holding of constantly increasing value. Company's products are sold
under the well-known "Sweetmeat Brand," through its own sales force to
retail butchers, commissaries and chain store groups.
Security.
-Bonds are secured by a direct closed first mortgage on all of
the fixed assets now or hereafter owned. The Chicago plant has been
appraised by Manufacturers Appraisal Co. as of Jan. 16 1929 at a sound
value of $2,131,310. Other real estate holdings located, in Marshalltown.
Iowa, are included at the depreciated book value of $58,929. The bonds
thus represent less than 69% of the total value of the fixed assets.
Net tangible assets as shown by the balance sheet as of Dec. 31 1928 are
23,780,116, or more than $2,520 for each $1,000 bond.
Earnings.
-Net earnings for the 5 years ended Dec. 31 1928, available for
the payment of interest on these bonds after deducting depreciation have
averaged $401,763, or more than 4.46 times the maximum annual interest
requirements on these bonds. Net earnings for the year ended Dec.311928.
similarly computed, were $720,495, or more than 8 times such maximum
annual interest requirements.
Sinking Fund.
-Company convenants to pay to the trustee, in semiannual payments beginning April 30 1931, $130,000 annually to be applied
first to the payment of bond interest and the balance to be used for tin
purchase and redemption of these bonds. If bonds are available for the
sinking fund at par, over 50% of the entire issue should be retired before
maturity by the operation of the sinking fund.
CapitalizationAuthorized.
First mtFe.sink.fund 6% gold bonds (this issue) $1.500.000 $I,su0,000
rs50ed
Convertible preference stock
75,000 shs. 75,000 shs.
Common stock (no par value)
*255,000 shs. 150,000 shs.
*75,000 shares reserved for conversion privilege of convertible preference
stock.
Purpose.
-Proceeds will be used to provide a portion of tho cash requird
to complete the purchase of the assets of Roberts and Oake, an Illinois
corporation, and for other corporate purposes.
-Earns.
Rockland & Rockport Lime Corp.(& Subs.).
Results for the Year Ended December 31 1928.
Rockland & Hoosac Val. Lime Rock Rockland
Rockport Lime Lime Co., Railroad Transportatics Co.
Corp.
Inc.
Co.
Total.
Gross income
$54,900 $1,692,299
31,295,406 $202,397 $139,596
Operating expenses
101,744
15,892 1,616,273
175,742
1,322,894
Net eper. profit
Other income (net)
det$27,468
5,809
826,655
Dr3,783
$37.852
Dr2.188
$39,008
Dr1.133
$76,026
Dr1.294
Net operat. profit
def$21,679
Interest, depl. & deprec_
94,289
$22,872
26,553
$35.664
17,742
$37,874
20,536
$74,732
159.121
Available for diva_ _ _def$115,988 det$3,681
Dividends paid
35,844
$17,922
$17,338 def$84,389
9,000
44,844
Net profit
Surplus additions
def$151,812 det$3,681
43,594
Dr280
$17,922
$8,338def$129,233
3,841
47,155
Total surplus
Surplus Jan. 1 1928
def$108,218 def$3,961
348.997
90.757
$17,922
129,872
$12,179 defS82,078
29,764
599,390
Surplus Dec. 31 1928_ $240,779
$41,943 $517,312
886.796 $147,794
No depletion has been charged to operations during the current year on the books
of the Rockland and Rockport Lime Corp.
-V. 127. p. 561.
(Wm.A.) Rogers, Ltd.
-Earnings.
Calendar Ysars-Profits for year
Deprec. of plants
Reserve for Federal tax_
1928.
$194.175
65,724
14,997
1926.
$271,211
111,175
21,000
1925.
$216,004
115,063
12,725
Net income
Preference div.(7%)_ _ _
do accts. arrears
Common diva.(4%) _
Addit. Fed. taxes 1927_
Trans. to gen. reserve_
$113,455
$192,031
$139,036
78,596
78,596
78,596
(131%)19,649 (1U)19,649
60,000
4,403
60,000
$88,216
78,596
Balance, surplus
def$29,545
Profit & loss surplus
138,147
Com.slcs.out.(par $100)_
15.000
Earns, per corn. share
$2.32
-V.126, p. 3772.
1927.
$294,210
76,178
26,000
$33,786
167,692
15.000
$7.56
[Yin. 128.
Ruud Manufacturing Co.
-Expansion.
In order to take care of its expanding business, the company has begun
construction of additional plant facilities directly across Smallman Ave.,
Pittsburgh, Pa., from its present plant. The general offices of the corn
pany, as well as some of the manufacturing departments, will be mov
into the new building and the entire plant facilities will be greatly improved.
The addition should be completed in 60 days -V. 128, p. 3204.
Ryan Consol. Petroleum Corp. (& Subs.).
-Report.
Calendar Years1926.
1925.
1928.
1927.
xNet profit
$413,89
$642,981
$223,410
$186,684
x Before deduction of depreciation, depletion and drilling expenses.
V. 126, p. 2804.
St. Mary's Mineral Land Co.
-Earnings.
Calendar YearsReceipts
Disbursements
1928.
$1,050,185
x534,158
1927.
$500,76
473,14
Cash on hand
227,61
$516.027
x Includes $470.080 for dividends at 23 per share.
-V. 128, p. 1245.
Safety Car Heating & Lighting Co.
-Earnings.- '
Calendar YearsGross profits
Depreciation,&c
Federal taxes
1928.
1925.
1927.
1926.
$1,947,448 $1,785,017 $2,108.191 x$2,559,61
762,072
593,13
629,180
744,617
140,000
200,00
150,000
175,000
Net profit
Dividends
$1,045,375 $1,005,838 $1,188,574 81,766,48
986,200
986,200
986,200
986,20
Surplus
$59,176
$19,638
$202,374
$780,28
Earns, per sh. on 98,620
shs. cap. stk.(no par)_
$10.60
$10.19
$12.05
$17.9
x Of which $605,099 represents profit on settlement of litigation, &c.
and sale of Jersey City plant.
-V. 127, p. 3414.
Salt Creek Consolidated Oil Co.
-Earnings.
-Calendar Years1927.
1926.
1928.
1925.
Net inc. before deprec.,
depict., & Fed. taxes_ x$656,339
2767,743 $1,788,329 $2,035,71
x After deducting taxes.
Balance Sheet Dec. 31.
1928.
1927.
1927.
1928.
Assets$
$
Oil lands & leasesa15,728,969 14,338,405 Capitalstock_ _ _z12,863,000 12,863,00
Field Inv.& equip_ b188,626
53,741
48.26
542,299 Accounts payable_
Cash
257.26
263,657
266,486 Divs. payable_ ___ 257,260
17,04
Notes receivable _
.
500 Notes payable.... 275,000
Accts. receivable
7,422
7.62
104,056
75,686 Unclaimed diva_ __
Stocks and bonds_ 465,196
579,924 Reserve for taxes__
36,168
168,19
Deferred assets....
12,835
16,226 Contracts payable. 181,281
3,089,467 2,453,14
Surplus
Total
16,763,341 15,819,62
16,763,341 15,819,326
Total
a After deducting $5,175,053 reserve for depletion. b After deductin
$6,536,318 reserve for depreciation. z 53% owned by the Now Bradfor
011 Co.
-V. 128, p. 1571.
Salt Creek Producers Association, Inc.(& Subs.).
Earns, Cal. YearsNet income
Dividends
1925.
1926.
1928.
1927.
y$3,326,429 x$3,321,385 x$5,181,430 x$4,629.45
6.735,829
3,517,59
4,382,702
4,644,414
Balance, surplus ___def$1,056,274df$1,323,029df$1,554,399 $1.111,85
Shares of capital stock
outstanding (par $10)_ 1,496.859
1,496,859
1,496,859
1,496,85
Earns, per sh. on cap
$3.0
f
20.
$3 16
A
x After expenses, &a., but be
__$
before depletion and taxes. ; fter taxes o
$298,334 but before depletion.
Consolidated Balance Sheet as of Dec. 31.
1927.
•
1928.
Liabilities$
Assets011 lands & leases n19,703,507 22,632,401 Capital stock_ _ _14,968,597 14.068.59
36,82
159,431 Accounts payable_ 208,550
Field inv. & equip_ b237,618
30,919
21,20
269,660 Dividends payable
Stock of other cos_ 290,674
119,62
Cash
2,293,102 3,512,143 Contracts Day,Sm
4,311,128 4,691,504 rtes, for taxes &
U.S.&c.,secur
270,28
cording. reserve 252,002
Accts.& notes rec. 841,636 1,143,996
369,14
Int. in crude stor_ 5,220.672 5,112,527 Minority interest_ 297,897
17,235,756 22,031,57
108,577 Surplus
Contracts rec., &e
137.004
95,383
Deferred charges__
Total
32,993,723 37,817,24
32,993.723 37,817.242
Total
a After deducting depletion. b After deducting depreciation.
-V. 126
6.. 3314.
-Initial Common Dividend.
Schiff Co.
The directors have declared an initial quarterly dividend of 25c. pe
share on the no par value common stock, payable June 15 to holders o
record May 31.-V. 128. p. 3368.
-Comparative Balance Sheet.
Schulco Company, Inc.
AssetsMar. 31 '29 Dec. 31 '28
Real estate: land &
buildings
57,511,250 57,511.250
Mt.sink. fund 6%
gold bond purch 120,000
43,775
Cash in banks_
,54.345
111,819
Cash deposit with
trustee for int.on
1st mtgs
62,510
113,396
Cash for amort. let
1,875
760
mortges
Cash deposit, with
trustee for int. de
sink Ind, on gold
bonds
247,396
241,408
Accts. receivable__
2,058
2,925
Mar.31 '20 Dec. 31 '2
Liabilities$7,278,000 $7,307.00
Funded debt
55,43
$6,653
Accts. payable-Int. accrued on
184,608
178.63
gold bonds
Int. accrued on let
113,89
62,510
mortges
Res. deprec. on
375,02
415,772
bldgs owned _
50
x500
Capital stock
52,258
44,46
Surplus
$40,791
133.905
15,000
$4.03
$9.619
93,115
15,000
$0.64
1928.
81.336.758
485,085
1927.
$873,597
405,592
Net earnings
Other income
$851,673
8,729
$468,005
1,082
Total income
Other deductions
Federal taxes
2860,402
6,251
102,800
$469,087
2,385
63,126
$8,000,301 $8,024,4
Total
Total
$8,000,301 $8,024,456
x Represented by 100 no par shares.
-V. 128, p. 3204.
Balance
Earns, per share on 150,000 she, nom. stock
-V. 127, p. 2973.
$751,351
$5.01
$403,576
$2.65
1925.
1927.
1926.
Calendar Years1928.
Sales to customers (net) $6,750,437 $5,765,642 84.858.250 83,880.25
2,342.32
2,757.464
Cost of manufacturing - 3,937,744
3,336,746
124,359
139,211
117,92
189,950
Maintenance
166,803
226,092
111,64
231.764
Depreciation
1,245.440
1,372,583
896,95
1,525.268
Expenses
74.087
94,466
48.67
Est. Federal income tax
103,757
-Earnings.
Ross Gear & Tool Co.
Calendar YearsManufacturing profit
Operating expense
-Extends Operations.
(Helena) Rubinstein, Inc.
Expansion of the business of this corporation into two foreign countries
was announced last week.
Scott Paper Co.
-Earnings.
-
The company has opened a manufacturing plant in Toronto, Canada,
with sufficient orders on hand to ensure profitable operations.
$480,096
$596,543
$392,73
Net income
$761,954
The company also announced that it is entering the South American field Prof. dividends ($7)
146.261
141,222
92,66
151,728
for the first time. It made its first shipment to Argentina this week.
- Common dividend
74,914
119,964
95,96
150,000
V. 128. p. 2840.
$334,757
$258,920
8469,225
Balance, surplus
8204,09
15,000
15,000
Ryan Car Co.
-Earnings.
She. com, stock outstd._
150,000
15,00
$30.31
$22.25
$10
24.06
Earnings per share
Calendar Years1927.
1926.
1928.
1925.
Gross sales
$1,640,225 $2,049,071 $1,402,640 $4,024,242 -V. 128, p. 1750.
Operating expenses
1,995,874
1,486,255
4,074,370
1,595,137
-Larger Dividends.
Scovill Manufacturing Co.
Depreciation
92.409
79,907
81,924
70,569
The directors have declared a quarterly dividend of $1 per share on lib
capital stock, par $25, payable July 1 to holders of record June 20. Pr
Operating deficit
$39.212
$163,523
$132,052 viously the company paid quarterly dividends of 75 cents per share, the lay
$25,481
Other income
62,472
39,485
7.766
46,479 payment at this latter rate having been made on April 1. An extra dividers
-V.128. p. 904.
of 25 cents was also paid on March 1 last.
Total deficit
$17,715 prof
.223,260
$124,038
$85,573
Dividends paid
-Acquisition.
40,000
40,000
140,000
Segal Lock & Hardware Co., Inc.
The company announces that It has closed negotiations for the accluial
Year's deficit
$16,740
$164,035
$225,573 tion of 100% of the capital stock of the Universal Safety Razor & Bled
217,715
-V. 127. p. 274.
Corp.
-V. 128, p. 2106.
MAY 251929.]
3531
TIT, CHRONICLE
Separate Units, Inc.
-Extra Dividend-New Directors.
An extra dividend of 25 cents per share,in addition to the regular quarterly
dividend of $1 per share, has been declared, both payable July 1 to holders
of record Juno 10. Like amounts were paid on Jan. 2 and April 1 last.
Francis B. Thorne, of New York, and E. Gill Hinton, Richmond, Va.,
have been elected directors.
-V. 128, p. 2106.
-Registrar.
-Shaffer Stores Co.
The Central Hanover Bank & Trust Co. has been appointed registrar
for 200,000 shares of the common stock.
-V. 128, p. 3368.
-Earnings.
Southern Ice Co.
1928.
1929.
$1,302.092 $1,208.600
812.193
795.893
436,261
408.874
42,586
64,297
12 Months Ended March 31Gross sales and earnings
Net sales (ice and coal)
Delivery, selling and general expenses
Taros
$311,635
9.028
Operating income
Non-operating income (net)
$344.432
3,984
$348,416
$326,663
Gross income
Shell Transport & Trading Co., Ltd.
67,416
-Dividend.
63.937
Interest and amortization
The Equitable Trust Co. of New York has received word from its London
$281,000
$256,726
office that the "Shell" Transport & Trading Co.. Ltd., has announced a
Balance
dividend of 3s. per ordinary share, which is equivalent to 6s. per "Ameri- -V. 128, p. 1071.
can share." Further notice of the rate and date of payment of the dividend in New York will be given out by the Equitable Trust Co. of New
-Earnings.
South Penn Oil Co.
York at a later date. A distribution of 2s. per ordinary share was made
1927.
1928.
1926.
1925.
Calendar Yearson Jan. 22 last and one of 3s. per ordinary share on July 23 1928.-V. Gross income for year_ - _$16,287.348 $14,098,948 $15,863,481 $14,885,601
128. p. 265.
Oper. exp.,tax.,depr. Ac 12,376,183 12,371,174 12,710,564 12,510,271
. Selfridge & Co., Ltd., London, Eng.-Earnings.Years End, Jan. 31Profit after exp
Profit sale of securities _
1929.
£476,416
1928.
£475,191
1927.
x£479,213
330,950
1926.
x£479.160
Net income
Dividends
Rate
$3,911,165 $1,727,775 $3,152,917 $2,375,330
1,600,000
1,300,000
300,000
2,000,000
(05%)
(135%)
(10%)
(8%)
$127,775 $1,852,917 $2,075,330
$1,911,165
Balance, surplus
26,122,521 25,994,746 24,141,830 12,469,376
£479,160 Previous surplus
Cr9,597,123
14,452 Adjust, of surplus
y45,000
Profit & loss surplus- -$28,033,686 $26,122,521 $25,994,746 $24,141,830
Net profit
£337,018
£344,577
£771,121
£419,708 Shares cap. stock out800,000
Preference dividends
800,000
800,009
x200.000
standing (par $25)_
78,000
78,000
78,000
78,000
Pref. ordinary dividends
$2.16
$4.89
$3.93
$11.83
100,000
100,000
100,000
100.000 Earns. per sh.on cap.stk
Staff part share divs._ _ _
x Par value $100.
11,031
9,686
7.993
11,058
Ordinary dividends
150,000
150,000
150,000
112,500
Condensed Balance Sheet December 31.
1928.
1927.
1927.
1928.
Surplus
def.£2,013
£121,215
£5,519
£433.435
Liabilities$
$
$
Assets
xAfter depreciation, yIncome taxes only.
-V. 126,p. 3774.
20,000,000 20,000,000
Property sects _ _ _ _22,121,236 21,765,946 Capital stock
Cash & accts. rec_ 7,421,556 3,257,551 Accounts payable. 1,632,812 2,527,657
(W. A.) Sheaffer Pen Co.
-Earnings.
Reserve for taxes_ 397,164
39,151
Accts. reedit', from
Years End. Month of Feb.1929.
1928.
669,000 Surplus
28,033,686 26,122,521
subsid. cos
310,000
Net profit
$1,386,873 $1,292,477 Materials, mdse.&
Taxes
177,668
172,574
7,478,279 10,829,263
stock oil
Stocks in other cos.
Net income
$1,209,204 $1,119,903
bonds & mtges..12,558,175 12,126,735
Preferred dividends
25,792
30.028 Deferred charges
40,833 Total(each side)_50,063,663 48.689,329
174,416
Common dividends
388,364
68.108
-V. 128, p. 2824.
Surplus
$795,048 $1,021,767
-Acquisitions.
-Southwest Dairy Products Co.
Profit and loss surplus
3,387.804
2,680.240
Earns, per sh. on 194,700 shs. core. stk. (no par)_
President C. M. Conway announces the acquisition of the plants of the
$6.21
$5.75
Highland Jersey Dairy M-B Ise Kream Co. of Dallas, the Shaw Brothers of
-V. 128, p. 1416.
Forth Worth,the M-B Ise Kream Co.of Waco and a number of other plants.
-Balance Sheet The purchase of these plants. Mr. Conway said is another extension of the
Sinclair Crude Oil Purchasing Co.
company's plan to develop on a wide scale the dairy industry in the
Dec. 31 1928.Southwest.
LiabUitiesThe company now has invested between $8,000,000 and $9,000,000 in
AssetsCapital stock
Steel tanks,tank sites. bidgs.
$60,000,000 properties and facilities for buying and marketing the various commod& equipment
$15,792,114 Earned surplus
1.000,585 ities which it handles. These include ice cream, milk, butter and cheese.
Cash
1.388.923 Funded debt
42,000,000 condensed milk and other dairy by-products. It expects to add to these
Accounts receivable
12,151,215 Reserves for depreciation.... 7,675,341 facilities and to install plants for handling increased production as it is
Crude oil at cost
87,308,442 Unadjusted credits
391,121 developed throughout the entire territory.
60,123 Accounts payable
The company already operates in the principal cities of Texas, Arkansas
Materials & supplies
6,795,949
Accrued taxes
Int., (Hs. & expense on gold
640,411 and Louisiana. It has large facilities at Little Rock, Shreveport, Dallas,
1,794,226
Fort Worth, San Antonio and Houston. It also has facilities in 40 other
bonds
-V. 128, e. 417.
8,364
Miscellaneous charges
communities in the same general territory.
Total profit
Deb. interest
Income taxes & deprec._
Total
-V. 126, p. 3314.
£476,416
13,293
126,105
8118,503,409
£475,191
13,614
117,000
Total
£810,163
14.042
y25,000
$118,50 3.40
-Earnings.
-Sloss-Sheffield Steel & Iron Co.
1926.
1927.
Calendar Years1925.
1928.
Operating profits
$2,592,478 $2,814,741 $3,938,299 $3,732,784
478,716
522,708
Interest
467,748
559.716
985,262
988,745
1,021,034
Depreciation & depletion
917.121
56,128
163,682
323,569
Federal taxes
277,006
Net profit
Preferred diva, (7%)
Common dive.(6%)
$1,079,857 $1,151,309 $2,106.759 $1,978.941
469,000
469,000
469,000
469.000
600,000
600,000
600,000
600,000
$82,309 $1,037,759
Balance, surplus
$10,857
$909.941
Total prof. & loss surP
$9,116,957 $9,765,063 $10,033.912 $7,517,235
Shs. com.out.(par $100)
100,000
100,000
100,000
100,000
Earns. per share on com_
$6.82
$16.37
$6.11
$15.09
-V. 126, p. 2328
"Snia Viscosa" (Societa Nazionale Industrie Applica,
zioni Viscosa), Turin, Italy.
-Earnings.(All Figures Given in Lire.)
Calendar Years1926.
1927.
1928.
1925.
Profits on mdse.,diva, on
stock & bonds. &c_ __ - 99,680,812 84,101,034 119,576,113 189,743,556
Int., allowances St bank., r
37,879,490 39,616,339 33,526.280
commissions
127,451,914 17,843,415 26,308,942 13,638,028
Taxes and rates
Salaries, bonuses, gen.- 8,278,730
7,957,147
expenses, &s
7,845,091
72,228,898 20,099,399 45,693,686 134,734,154
Net income
2,284,684 10,000,000
Ordinary reserves
Extraordinary reserves_
10,000,000
Todirectors434,090 1,247,342
35,228,898
To plant deproc
37,000,000
To deprec of shs.& inv
-Acquires Oil Piston Ring Co.
Sparta Foundry Co.
Formation of the company, manufacturer of individually cast, gray iron
piston rings for automobiles, trucks, tractors and aeroplanes, is revealed
in the announcement that company has acquired the assets and business of
the Oil I'iston Ring Co. This company includes among its customers the
Ford. Chevrolet and Buick motor car companies, Curtiss and Wright aeroplane corporations and a great number of the principal industrial organizations of the United States.
Company sales have increased on an average of 100% each year since
1922. Increase in net earnings since company's inception has been about
in proportion to sales increase. For four months ended April 30 1929 net
earnings after depreciation and Federal taxes amounted to $170,000,equivalent to over $10 per share on outstanding comm n stock.
A banking syndicate composed of A. W. Clutter & Co. L. A. Geistert &
Co. and McGowen, Cassady & White, Inc., will shortly lifter 22,500 shares
of common stock. Upon completion of this financing the company will
have 50,000 shares common authorized, all of which will be outstanding,
with no referred stock or funded debt.
StanclOilstoci.-Thanges Name.
Shares in the investment trust composed of common stock of companies
in the Standard Oil group issued under the name of Standard Oil stocks
Trust shares have been changed in name to Combined Trust Shares, the
change being made to avoid confusion of the investment public with other
existing trusts because of possible similarity of names. The name of the
depositor company likewise has been changed to Combined Holdings Corp.,
having formerly been Standard Oilstocks Corp. The trust was originated
by Philadelphia interests and deposits of Standard Oil shares was with
the Fidelity-Philadelphia Trust Co.; trustees, Philadelphia, Pa. See also
V. 128, p. 3014.
-Earnings.
Standard Plate Glass Co.(& Subs.).
Calendar YearsOperating profit
Miscellaneous income
1928.
$606,880
193,274
Gross profit
Admin., general & selling exp
Provisions for bad debts
Depreciation
Interest, discount, &c
Experimental expenses
$808,154
690,371
78,639
294.261
227,256
1927.
1926.
$660.520 $1,335,829
174,831
189,192
$835,351 $1,525,021
752,388
834.447
47,220
30,908
20,099,399 42,974,912 113,486,812
Profit
321.037
320,286
Consolidated Balance Sheet Dec. 31.
232,288
230,075
29,700
1928.
1927.
1926.
Assets (Lire)1925.
Factories. bldgs., mach.,
Net
loss$490,374lossf517,580
$79,606
pats., right processes _655,585,704 1004912,383 542,469,172 289,112,755 Prior profit
preference dividends
131,534
50,429,769 76,748,779 71,396.544 29,237,820
-houses
Workmen's
Real estate, furniture &
Balance, surplus
loss$490.374def.$517.580 def.$51,928
9.097,799
8,342,643
8,918,941
fixtures
8,913,348
1,592,920
3,190,537
1.221,968 67,975,189
Cash
Results for Quarters Ended March 31.
Shareholders for uncalled
1929.
1928.
1927.
1926.
subscriptions
120,000,000 Net after depreciation__
$99,820 loss$19,349
$28,853
$390,183
152,629,371 39,877,487 148,585,214
with banks
Credits
Expenses
177.994
176,624
198,959
358,537
249.791,890
Credits with shareholders
25,177,623 11,057,678
3,119,829 89,520.110
Bills receivable
Operating profit
def$78,174•def$195,973 def$170,106
$31.646
111,718.527 131.789,177 164,295,558 168,765,715 Other Income
Sundry debtors
41,671
22,658
34,941
51,943
Raw materials, mdse. &
miscellaneous stocks- _130,386,489 192.815,233 203.110,057 197,803,429
Total income
def$36,503 def$173.315 def$135,165
$83,580
125,502,928 277.182.599 239,682,653 233,429,819 Interest and
Stocks and bonds
discount56,794
56,606
57,235
55,988
155,838,577 214,635,982
Due from subs.cos
900,720
Guarantees
Net profit
def$93,297 def$229,921 def$192,400
$27,601
1,264,619,468 1744318,981 1788430,405 1419394,167 -V. 127, p. 2551.
Total
Liabilities
Standard Screw Co.
-Earnings.
Capital stock_ _ - _ _ -- _1,000,000,000 1000000,000 1000000,000 1000000,000
39,557,828 200,000,000 10,000,000 10,000,000
Calendar Years1928.
1927.
1926.
Reserves
1925.
100,000,000 75,000.000 65,000.000 Net profit after deprec_ - $1,042,449
Extraordinary reserves$577,759
$669,912
$357,937
Pref. div."A"(6%)_ --49,548
49,548
Results of Indust. yr. 1928:
49.548
49,548
35,228,898
Common dividend- ---(9%)535,500 (8)
476,000(10)595.000(11;4)684,259
(a) To plant doprec_
(b) To doproc. of shs.
37,000,000
Balance. surplus
$457,401
$52,211
$25,365 defS375,861
& investments
250.000.000
Previous surplus
2,756,530
2,704,319
2,678,954
Special reserves
3,054,815
129.776,500 129,451,010 151.102,000
Approp. as add.reserve_ Dr.100,000
Debentures
22.155,521 268,558,156 194,399.296 195,911,391
Sundry creditors
46,309.744 97.929,118 148,482.776
Profit & loss surplus.,., $3,113.931 $2,756,530 $2.704.320 $2,678,954
Surplus
900,720
Shs.of com.out.(par$100)
59,500
59,500
59,500
59.500
Guarantees
$16.70
$8.89
1,264.619.468 1744318,901 1788430,405 1419394.167 Earns, per share on corn.
$10.43
$5.18
Total
-V. 127, P. 3558.
-v.126, P. 3775
.
3532
FINANCIAL CHRONICLE
Stanley Co. of America (& Subs.).-Earnings.-Yr. Ended 53 Wks End. Yr.Ended
.
Dec. 29 '28. Dec. 31 '27. Dec. 31 '26.
$5,613,208 $5,479.668 4851,544
2,379,875
PeriodEarnings
Other income
Total income
Depreciation & amortization
Interest
Federal income taxes
Minority interest
$5,613,208 85,479,668 $3,231,419
x
2,092,437 y2,186,086
2,107,504
251,126
r
82,609
41,847
Net income
Dividends
$1,120,293 $3,293,582 $3,148,810
1,315,262
693,020 3.181,090
Surplus
$112,492 $1,833,547
$427,273
Shares cap, stock outstand. (no Par).- 904,958
904,431
904,432
Earns. per share
$3.64
$3.48
$1.23
x After depreciation, &c. y Includes Federal taxes.
128.
Superior Oil Corp.(& Subs.).
-Earnings.
Calendar Years1926.
1925.
1927.
1928.
Gross income
$1.717,343 $2,402,017 $2,298,878 $1.291,317
Operating expenses, &c..
732,883
720,165
819,779
627,737
Abandoned leases dr unproven acreage written
off
163,811
226,640
95,203
332,948
Unusual losses & exps_
56,214
Gen. Sz admin. expenses227,128
192,978
188,836
239,642
Depletion
478,404
637.001
506.804
457,517
Depreciation
503,419
1.068.127
505,506
798.036
Net loss
$545.059 sur.$75,850
$662.153
Earnings for 3 Months Ended March 31.
3 Mos.End.Mar.311929.
1927.
1928.
Grose income
$1.049,850
$284,114 $1,053,656
Expenses,int.,&c
264,100
495.850
243,162
Depreciation
134,940
195,498
295,257
Depletion
248,185
169,916
119.868
Eared leases, dry holes.
158.350
$737,862
1926.
$255,688
231,270.
102,956
104,26)
Comparative Balance Sheet.
Dec.29'28. Dec.31 '27.
Dec.29'28. Dec. 31'27
Net profit
Assets$
Liabilities
-$
$12.525 def$274,415
$324,382 def$182,798
Properties owned_71.151,264 57,089,235 Mortgage bonds_ _23,817,000 18,570,000 -V.128. p. 1925.
Properties leased...11,902.079 12,087,737 Mtges. payable- -- 8.740.953 9,309,878
3,469,000 5,125,000
Investments
7,100,377 4.693,224 Notes& debensSuperior Steel Corp.
-Balance Sheet Mar. 31.827,623
Cash
1,314,024 2,753,860 Notes & Reels Pas. 0
.793,538
AssetsLiabilities1928.
1929.
1928.
Approp.for constr. 612,851
481,372 Def'd & accritems 747.155 1,078,503 Ridge., mach., &c. 1929.
Capital stock
a4,154,223 4,154,223.
Loans, notes and
Dividends payable
904,508
less deprec'n -84,065,034 $3,825,282 1st mtge.6s
2,006,000 2.166,000.
sects receivable 919,982 3,516,497 Res'ves for depr.,
Cash,&c
509,248
862,962 Acts, payable ._ a 267,971
202.940.
29,999
&e.. & U.S.taxes 9,256.030 0,706,013 Bills & wets rec_.. 743,147
Inventories
14,668
460.776 Accr.mt.,taxes,ete. 147.132
119,349.
Advance deposits_ 647,308
890,693 Minority interests
1,478,773 1,226,566 Surplus
707.347
506,461
Deferred & prepaid
in associated cos. 751.257 1,101,428 Inventories
773.387
items
2,219,856 1,965,313 Capital & sruplus x39,322,808 39,872.648 Deferred charges.... 485,471
Total (ea.side) _87,282,673 87.148,973.
a Represented by 100,000 shares, par $100. g includes accrued taxes
Total liabilities_95,897,741 83,495,599
Total assets----95.897,741 83,495,599
x The capital and surplus is represented by 904,958 shares of no par stock. and interest.
Our usual comparative income account was published in V. 128, p. 3205.
Note.
-In 1928, the 30,000 shares 7% cumulative preferred stock of
Stanley Crandall Co. of Washington is in arrears in dividends in the agSwedish Match Co.
-Final Div. of 10%
0-New Director.
gregate amount of $148.216. of which there is due to minority holders
The shareholders at their annual meeting held May 22 approved the
-V. 128. p. 2824.
$18,567, being dividend on 5,305 shares.
payment of a final dividend of 10%. making a total of 15% for the year
1928. The directors were also authorized to pay an interim dividend of
-Acquires Kaya ,Inc.
Stein Cosmetics Co., Inc.
5% later in 1929. The company's profit for 1928 totaled 55,645,463 kroner
As an initial step in its proposed expansion program, this corporation (445,000,000).
announces the acquisition of Kaye, Inc., through the purchase of all of
Gunnar Ekstroen has been elected a director to fill the vacancy occasioned
the common stock of that company, including valuable patents, and trade- by the death of Gunnar Mellgren.
marks. The Kaye company was established about 7 years ago by John S.
1928.
1927.
1926.
1925.
Ahrn under the name of Kaye Incense Co.,and manufacturers such well
Earns.for Cal. YearsKr.
Kr.
Kr.
Kr.
known brands of incense. In both cone and powdered form, as "Madame Income for year
52,130,202 42,832,517 34,193,676 30,330,633
Butterfly," "Flowery Kingdom,' "Kaye Temple Incense" and "Chinese General expenses
3,168,633
2,395,901
1,867,214
1,853,852
Musk Incense." The Kaya company has an established trade with F. W.
Woolworth Co., S. H. Kress, T. C. Murphy & Co., and Marshall Field &
Net profit
48.961,568 40,436.616 32,326,461 28,476,774
Co. as well as a number of wholesale drug houses and department stores Prof. tran. from prey. yr 6,683,895
5,873,744
4,712,676
2,702,351
throughout the country.
It is proposed to operate the Kaya company as a unit of the Stein comBalance Dec. 31
55.645.463 43,138,967 38,200.206 33,189,450
pany and shortly to combine the manufacturing operations of both com- Dividends
27,000,000 18,000,000 18,000,000 14,400.000
panies at the Broome Street, (N. Y. City) factory of the Stein company, Trans. to reserve fund
458,918
1,000,000
which is expected to result in a saving of overhead expense and an increase
in sales.
Balance carried for_ _ _ 28,645,463 24,138,967 20,200,206 18,330.532
No new financing is planned in connection with this acquisition, and the -V. 127, p. 2552.
announcement of the acquisition of another important unit in the cosmetics
industry is expected to be made by the company within a short time.
Taylor-Wharton Iron & Steel Co.
-Earnings.
-V. 128, p. 2650.
Earningsfor Year Ending Dec. 31 1928.
Gross profits
$1.032,984
Sterling Securities Corp.-New Directors-Hayden, Repairs & maintenance
432,366
Depreciation
219,369
Stone & Co. Acquires 100,000 Class A Stock.
168,215
Charles Hayden and Steele Mitchell, of Hayden, Stone & Co., have Bond interest & discount
Other interest & discount
11,825
been elected directors. Mr. Mitchell was also made a member of the
executive and the finance committees. The board now consists of 24
Profits for year
$201,209
members.
531,585
Hayden. Stone & Co. have purchased from the Sterling company 100,000 Surplus Dec.31 1927
Sterling class A shares, thereby increasing the outstanding class A stock
Total surplus
$732,794
be offered to
to 600,000 shares. It is understood that this stock will not
Loss on sale of machinery & equipment
110,531
the public.
-V.128, p.3369.
Taxes,insurance, mortgage interest caretakers.&c
46.174
-Bonds Offered.
Stock Exchange Building Corp., Ltd.
McLeod, Young, Weir & Co., Toronto are offering $550,000
6% 1st (closed) mtge. sinking fund gold bonds at 99 and int,
Surplus Dec.31 1928
$576,1)88
Earnings per share on 18,740shares preferred stock (par $100)-- $10.74
-V. 124, p. 1682.
-Earnings.
Texas Pacific Land Trust.
Dated Feb. 11929; due Feb. 1 1944. Denom. $1,000. $500 and $100.
1926.
1927.
1925.
Calendar Years1928.
The Toronto General Trusts Corp., trustee. A legal investment for
Cash on hand Jan. 1- - - - $163,053
$362,928
$75,983
$282,237
Canadian Life Insurance Companies.
Company.-Incorp. under the laws of the province of British Columbia. Income fr. rentals, min.
693,484
584.361
575,134
sales,bills rec.,int.,&c.
486,723
Securitg.-The bonds are secured by a first fixed specific mortgage and
charge on land located on the northwest of Howe and Ponder streets in
Total receipts
$947,289
$856,538
$651,118
$768,960
the city of Vancouver and an 11-story-and-basement, fireproof, office
206,946
226,269
197,407
496,419
building now being erected thereon. The bonds are also a floating charge Gen. exp. & other costson all the company's present and future assets except those specifically Govt., State, county &
337,640
377,967
municipal taxes
90,784
196,558
charged. Company has agreed to have the building fully completed
Demand loans
120.000
180,000
and ready for occupation not later than June 1 1929.
.-Pemberton & Son. Vancouver. Ltd., and R. V. Winch & Co.,
Earnings
Cash on hand Dec.31- $191,951
$75,983
$163,053
$362,928
Ltd. who will be the Managers of the building, estimate gross annual
revenue at $131,882. which, after allowing 10% for vacancies and deducting -V. 126, p. 3140.
$50.350 for coat of maintenance, including municipal taxes, leaves an
385 Fifth Avenue Corp.
estimated net annual revenue of $68.344. This is over 2.07 times annual
-Increasing Size of Building Will
Interest requirements on these bonds.
Be
Stockholders.
Financed Without Any Call on Mandel Plan
-Earnings.
Stromberg Carburetor Co. of America, Inc.
1927.
1926.
1928.
1925.
Calendar Years$1,411,913 $1.181,280 $1,259,729 $1,574,876
Gross profit
719,154
741,344
670,069
837,043
Expenses, &c
0'19,361
267,173
111,637
17.151
Deduct'ns,less other inc.
$630,207
75,700
Profits for year
Federal taxes (est.)
Net income
Dividends
$537,746
74.600
$720,681
91,000
$168,453
$463,146
$629.681
$554.507
4230180,000 ($2)160,000 (36)479,634 ($6)479,754
Surplus
.
Shs.cap.stk.out (no par)
Earns. per sh.on cap.stk.
-V. 128. p. 3205.
Stutz Motor
$194,953
26.500
$374.507
80,000
$6.93
$8,453 def$16,488
80.000
80,000
$5.79
$2.10
6149,927
80,000
$7.87
-Earnings.
Car Co. of America, Inc.
10 Mos End 12 Mos End 12 Mos End 12 Mos End
Oct.31 '28. Dee. 31 27. Dec. 31 26. Dec. 31 25.
Period
$7,568.174 • 68,263,410 $11,426,850 $2,420.337
Net sales
9,940,977
7,058,977
3,120,425
Cost of manufacture_ _ _ _ 6,382,528
945,498
732.398
445,188
692.742
Selling & general exp.. _
Net earnings
Other income
$492,903
46,609
$472,035
32,930
$540,375def$1145,276
29,675
12,085
Net profit
Interest. &c.
,deductions.
Net loss fr branch oper_
$539,512
154.028
139.605
$504,965
144,214
164,919
$570.050def$1133,191
120,283
279.949
84,254
247,245
$245,878
2,878,005
$195,832
2,686.647
$365,513def$1660,385
2,277,621
4,001,359
Net profit
Previous surplus
Total
$3,123,883 $2.882,479 $2,643,134 $2,340,974
Organ. exp. chgd. off_
Dr.63,353
Dr.42.015
Surp. paid in by converCr.43,513
sion ofdeb. bonds
Adjustments
Cr.37.542
Cr.23,584
Profit and loss surplus. $3,147,468 62,878,005 $2,686,647 $2,277,621
Earns. per sh. on 232,827
$0.84
$1.56
Nil
shs. cap.stk.(no par)$1.05
-v. 128, p. 3205.
The additional cost incident to increasing the size of the new 385 Fifth
Avenue Building now under construction which has been made possible
by the abrogation of the so-called "Fifth Avenue Covenant" of 1862, will
be financed without increasing the capitalization of the 385 Fifth Avenue
Corp. or calling upon The Mandel Plan stockholders for any additional
investment, Henry Mandel, President of Henry Mandel Associates, Inc..
announces.
The abrogation of this old treaty gives an additional ground area of
1.250 square feet, and the dimensions of the entire structure now under
construction are to be increased in proportion. The acquisition of this
strip of land at the rear of the plot bounded by 36th St. and Fifth Ave.,
N. Y. City, adds approximately $300,000 to the market value of the
property for which $1.500,000 was paid. The "Fifth Avenue Covenant,"
drawn up in 1862, was designed to preserve the strip ofland as an open space
and thus prevent structures to the rear from blocking out the "light and
ventilation," and the restrictions have been adhered to until now. When
the corner property, consisting of two of the five properties affected by
the treaty, were purchased for the shareholders of The Mandel Plan, it
was understood that the 385 Fifth Avenue Building could extend only 100
feet eastward from Fifth Avenue. It soon became evident, however, that
the building with its receding stores, was a far greater guarantee "of light
and ventilation" than the mere existence of an open space not wide enough
to absorb the shadow of a great modern building. See also V. 127. p. 3721.
-Definitive Ctfs.307-313 West 79th St., (N. Y. City).
The Prudence-Bonds Corp. announces that definitive certificates against
the 1st mtge. loan on the property located at 307-313 West 79th St., north
side of the street, 100 ft. west of West End Ave., Manhattan, are ready
for delivery in exchange for the interims now outstanding.
This loan of $375,000 was made to the Book Realty Corp. and the 5;4%
guaranteed Prudence certificates are legal for trust funds in the State of
New York.
-V. 122, p. 413.
-New Contract.
Thompson Products, Inc.
This corporation has obtained a contract to supply the Wright Aeronautical Corp. with its valve requirements for the remainder of the year.
In view of the increased output of the Wright plant, this order is expected
to aggregate $800,000, equivalent to more than twice the 1928 sales to
Wright by Thompson Products, Inc., it is announced.
The announcement adds: "About 95% of the airplane engines in service
are equipped with valves made by the Thompson corporation. These also
include the output of Pratt & Whitney, Curtiss, and other leading makers
of airplane engines. As a result fo the aviation expansion in progress this
year, aviation sales of the Thompson corporation are expected to triple
those of 1928."-V. 128, p. 3370.
MAY 25 1929.]
.-Earnings.-Tide Water Associated Oil Co.(& Subs.)
1927.
1928.
1929.
3 Months Ended March 31'rota! volume of business done by the
company and its subs., as represented by their combined gross
sales and earnings excl. of intercompany sales and transactions__ _437,025.196 $31,784,248 $43.713,344
Total expenses incident to operations, incl. repairs, maint., pensions, admin., insurance, retire, of
physical prop., cancellation of
leases, develop. exps. on both productive & unproductive acreage,
abandoned wells and all other
charges except deprec. and deple.
32,144.115 26,198.019 37,374,949
and Federal income tax
Operating income
Other income
3533
FINANCIAL CHRONICLE
$4,881,081 35,586,229 $6,338,394
318.429
775.093
453,017
$5.656,174 $6,039.247 $6,656,824
Total income
340,660
357,366
312,300
Int., disc, and prem. on funded debt_
3,178,015 2,880,236 3,149.741
Deprec. and depl. charged off
113,160
117,318
Estimated Fed, income tax
271,174
to volume of business. This right does not cover the American Tel. &
Tel. rights under their patent in the communication field. The license
acquired by Tung-Sol Lamp Works. Inc.. runs for 17 years and covers
the right to operate under their patents now issued or to be issued
hereafter during that period.
The Tung-Sol Lamp Works,Inc.. announces that it has acquired all of the
capital stock of Brown & Caine, Inc., of Chicago, with distributing offices
for radio and automotive merchandise in Los Angeles, Denver, Portland and
Atlanta. The company also has a manufacturing plant in Chicago. At
present, the company is engaged in the production of condensers for radios
and engines for motor boats. Brown & Caine, Inc., at the present time,
have orders on hand to keep the factory operating at capacity for the
-V. 127. P. 3263.
balance of this year.
-Earnings.
Truscon Steel Co.
Earnings Quarter Ended March 31 1929.
Gross income
Expenses
Profit before Federal taxes
-V. 128, p. 2288.
$6,496,730
6,270,319
$226,411
-Acquisition.
Union Carbide & Carbon Corp.
The corporation has acquired all of the outstanding capital stock of the
Meraker Smelting Co., Ltd., it was announced on May 23. The acquired
stations on the
Net income
$2.530.471 83,053.263 company 0{9138 and operates four hyro-electric power its three plants
$2,048,541
Kopperaaen River in Norway which supply power to
Minority interests' propor. of curr.
which produce calcium carbide and ferroalloy's. It also owns undeearns. (includes div. on subs. pref.
Murviken.
1.637,903 veloped water power resources of 30.000 h.p. and the port of
stock)
458.998
434,870
V. 128, p. 3370.
Tide Water Assoc. 011 Co. stock•
-Earnings.United Aircraft & Transport Corp.
holders' proportion of net profits $1,613,671 $2,071,473 $1,415,359
1929.
Earnings for Quarter Ended March 31Earned surplus at beginning of year. 11,615,444 3,164,310 3,595.028
$1.816,160
Dr.254,245 Cr.202.895 Net profit after all charges incl. Federal taxesstock (no par)
Dr.62,923
Surplus adjustments
$1.05
Earns per share on 1.550.000shares common
Total surplus
$13,166,193 $4.981.539 $5.213.281 -V.128. p.2652.
1,091,177
1,095,885 1,091.265
Preferred dividends
-Earnings.United Carbon Co.
•
2,873.367
Common dividends
Earnings for 3 Months Ended March 31 1929.
Total net consol. earned surplus _x$12,070,308 $3,890,274 $1.248,738 Oper,profit after deduct. manufact.,sell., gen.& administ.exp-- $821.554
80,397
Shares cont. stk. outstanding (no par) 4,852,519 4.796.145 4,796,145 Other income
$0.21
$0.11
$0.07
Earns, per share
$901,951
-V. 128. p. 1222.
Total income
x Of which $2,027,012 appropriated surplus.
384,914
Depreciation & depletion
24.149
Tide Water Oil Co. (& Subs.).-Earnings.
Bond interest & discount
20,000
Provision for contingencies
1929.
1928.
3 Months End. March 3160.000
income tax
Provision for Federal
Total volume of business done by company and
subs, as represented by combined gross sales and
$412.887
Net profit
earnings exclusive of inter-co. sales and trans1,349,305
$23.400,803 $16,418,817 Balance,Jan. 1 1929
actions
16.701
Sundry adjustments-prior years
incident to operations incl. repairs,
Total expenses
maint., pensions, adminis., insurance, retire, of
$1,778,893
Total surplus
physical prop., cancell. of leases, develop, exp187,709
Preferred dividends(3Si%)
ense on both productive & unproductive acreage,
abandoned wells and all other charges except
$1.591.184
Balance per balance sheet
21,254,044 14.343,452
deprec. and deple. and Federal income tax
$0.65
Earns, per share on 212.564 sits. corn.stock(no par)
$2.146,758 $2,075.366
•
Consolidated Balance Sheet March 31 1929.
Operating income
561.155
Liabilities•
338,912
Other income
Assets
$624.452 Notes pay.-secured by mtge $300,000
Cash
$2,707.913 $2.414,278 U. S. Government securities_
Total income
281,966
505,429 Accounts payable
Depreciation and depletion charged off
1,774.574
187,708
1,606,316 Notes receivable
314,825 Dividend payable July 1 1929
72,000
97,152
Estimated Federal income tax
65,116 Accounts receivable
1,418,730 Accrued taxes, royalties. &a_
95,350
478,813 Bal. of Fed. Inc. tax for 1928_
Inventories
$861,339
732,000
Net income
$742,846 Other assets
165,118 Funded debt
39
555.334
Outside stockholders proportion of profits
71 Mtge. notes recelv.-contra_
.555.334 Deferred income-contra.
80,000
218,526 Res. for Fed.inc. tax & cont'g
Land
33.000
Tide Water 011 Co. stockholders' proportion of
Minority Int,in subs.cos_ _
franchises,
Wells, pipe lines,
$861,299
5.363,100
profits
$742,776
lease., build., equip.. &c._ x9,880,034 Preferred stock
26.691.724 22,040,017 Construction in progress.y5,314,100
Earned surplus at beginning of year
332,057 Common stock
1,591.184
1 Surplus
contracts, &o $27,553,023 $22,782,792 Trade marks,bond discount-&
Total surplus
Unamortized
86.291
Adjustments applicable to surplus of prior years_ _ _
275.720
137.575
prepaid expenses
254.012
Preferred dividends
258.815
436.449
$14,630,895
Common dividends
433.693
$14,630,895 Total
Total
,
x After allowance for depreciation and depletion of $3.897,453. 3 Rep$26.776,270 $21,814,564
Earned surplus-end of period
-V. 128, p. 3370.
resented by 212.564 shares common stock.
1,448,774
Paid-in surplus
1.321.786
Wash.)-Proposes to Change
United Corp. (Seattle
500,000
Ap'propriated
27,725.045 23,136.350 Name
-To Increase Capitalization.Unappropriated
$0.28
The stockholders will vote May 23 on approving the following recom$0.22
Earns. per share on common stock
Note.-Operations of Tidal Osage 011 Co. are not included in the con- mendations of the trustees:
(1) That the name of this corporation be changed to "United National
solidated statement for the first quarter of 1929, due to that company's
merger with Darby Petroleum Corp.. therefore, for proper comparison the Corp."
above figures for the first quarter of 1928 are revised accordingly.
-V. 128.
(2) That the authorized stock be increased from 180,000 shares, consisting
p. 3015.
of (a) 150,000 shares of partic. preference stock. and (b) 30,000 shares of
common stock, to 1,200,000 shares of stock, consisting of (a) 1,000,000
-Transfer Agent.
Tower Manufacturing Corp.
shares of panic preference stock, and (b) 200,000 shares of common stock.
The Bankers Trust Co. has been appointed transfer agent in New York
(3) That stockholders waive their preference rights to subscribe for the
-V. 127, P. 837.
for the common stock.
next 150,000 shares of partic. preference stock to be issued. This corporation will not sell any of such shares (on which rights are waived) at less
-Earnings.
Trico Products Corp.
than $32 per share net to the corporation, without again offering to stock1929.
Quarter Ended March 311928.
holders preferential rights thereto. Stockholders waiving their rights
$606,679
Net profit after charges and taxes
$452,200 prior to May 20. 1929, will receive a warrant entitling them to their pro
337,500
Shares common stock outstanding (no Par)
274.460 rata share of $1.50 for each share of such part of the 150,000 shares of newly
$1.79
Earnings per share
$1.64 authorized partic. preference stock as to which preferential subscription
Cornpasative Balance Sheet.
rights shall be so waived and as shall be sold and issued by this corporation.
ki) That the board of trustees be increased from 3 trustees to 9 trustees.
Liabilities-Mar.31'29 Dec.31'28
Mar.31'29 Dec.3I '28.
AssetsPresident Ben B. Ehrlichman, May 4, says:
Capital stock
:Land, building's.
$1,750,000 $1,750,000
It is recommended that the name "United Corp." be changed to "United
equip., patents _81,768,458 $1,656,397 Accts. pay., accrd.
of the latter name for a
exp. & tax res_
594.944
Cash & marketable
571,250 National Corp." because of the better fitness its scope and activities.
1,245,525 1,067.437 Dividends payable 210.939
securities
171,539 corporation which is expected to be national in the fact that since the
Also this change Is deemed advisable because of
surrend. val.
61,000
Mortgages payable
Cash
10,000
into existence another cor33,127 Reserves
39,952
20,000
insur. policy...
20,000 organization of United Corp. there has come
Co. and Bonbright
603,302 Surplus
Notes & accts. rec _ 798,587
1,954,783 1,558,543 poration of the same name,sponsored by J. P. Morgan &
& Co. This conflict of names operates to the disadvantage of your corInvent. def. charges
poration.
708,834
& ins, fund dep. 726,909
It is recommended that the authorized stock be increased in order to
Inv. in & adv. to
12,235 Total (each side)_$4,59l,666 $4.081,332 provide for further expansion as opportunities for profitable use of addi12,235
for attn. co.'s...
tional funds present themselves.
depreciation and amortization.
-V. 128. p. 1926.
x After
It is recommended that stockholders waive their preferential rights
on the first 150,000 shares of additional partic. preference stock to be issued
Tung-Sol Lamp Works, Inc.
-Earnings. etc.
by this corporation after such authorized increase of the stock becomes
1928.
1927.
Calendar Years1926.
1925.
corporation in position to carry on any
order
$993,026
Net operating profit_ _ __ $1,018,707
$979,507
$795.349 effective, in which to place the the issuance of a substantial amount of
may
negotiations
65,387
52,192
Other income
34.261
90,885 Partic. preference stock. require P. 2825. 1417.
-V. 128.
$1,084,094 $1.045,218 $1,013,767
Gross income
$886,235
United Industrial Corp.(Vereinigte Industrie-UnterDeduct., incl. disc. &
250,996
234.244
amortization
186.355
131,590 nehmungen A. G.), Germany.
-To Increase Capital.
88.417
113,213
Federal tax provisions_ _
117.784
101,877
This corporation, one of Germany's largest industrial and electric holding
companies and controlled 100% by the German Reich, will increase its
$744.681
$697,762
$709,628
Net income
$652,768 share capital from EM 120.000.000 to EM 160,000,000, according to in300.000
270.000
Dividends on class A stk.
formation received by Harris. Forbes & Co. All the shares will be sub150,000
120,000
Dividends on corn, stock
scribed by the Reich, at EM 147 for EM 100 par value, and will be paid
for partly with cash and partly with properties.
$744,681
$247,762
$319.628
$652,768
Balance
During the fiscal year ended March 31 1929 nearly all the operating
Earnings for 3 Months Ended March 31.
companies in which the company holds participation paid substntial divi1928.
1929.
1927.
1926.
dends. Of these, the Reichs-ICredit-Gesedschaft A. G., the only banking
$265,844
$273.279
$214,713 institution controlled outright by the Reich, paid a dividend of 8%;ElektroNet profitfrom over - --- $344,156
11,614
18,284
10,639
6.507 werke A. G. and Bayerische Kraftwerke A. G., important German electric
Other income
power companies, paid dividends of 8% and 6%, respectively; Vereinigte
$277,458
$362.440
$283.918
$221,221 Aluminium-Werke A. G., the dominant factor in aluminum production in
Gross income
Deduc. from inc., incl.
Germany, paid 9%, and Mitteldeutsche Stickstoffwerke A. G.. one of the
allowed, int. paid,
important nitrate producing companies, paid 8%•
The total amount of dividend payments received by Viag during the fiscal
amortiz. chgs. & sund.
48,583
54,647
53,475
31,149 year 1928-29 from its operating companies amounted to RM 15.132,000.
deductions
or $3.600,000. based on an exchange of EM 4.2 to the dollar, as against
Provision for Fed. inc.
30,456
34,288
36.936
25.700 EM 14,547.000, or $3,463,000 for the fiscal year ending March 1928.
taxes
Net earnings after deduction of expenses and taxes, available for bond
$198.419
$196,154
$270,857
$164,371 interest and dividends, amounted to EM 14.677,000, or $3,494,000. for the
Net income
fiscal year. as against EM 12,505.000. or $3.000.000. for 1928.
President Harvey W. Harper announces that the company has received current current fiscal year earnings were equivalent to over 3.3 times total
For the
a license from the Radio Corp. of America to manufacture radio tubes under annual
interest requirements of 11M 4.436,600. or $1.056.333 on funded
the R.C.A. patents on a very satisfactory royalty basis without limitation as
3534
FINANCIAL CHRONICLE
Indebtedness amounting to EM 68,510,000. and consisting of $5,550.000
6% bonds due 1945; 56.000,000
% debentures due 1941, and EM 20,0(11).000 internal obligations to be repaid by 1951.
Power output of the companies belonging to the Viag is reported as
3,087,654,037 k. w. h., as compared with 2,775,800.000 k. w. h. during
1927 and 2,300.000,000k. w. h. for 1926, an increase of over 11% over the
last fiscal year. These results were achieved in spite of the fact that a general recession in the activities of German industries and business in general
was recorded during the second
.
[Vol.. 128.
Issued as a bonus immediately and 400,000 shares will be offered to stockholders at $10 per share. It is understood that no pref. stock offering
will be made at present.
Mr. Richardson in his letter announced that stockholders of the Vick
Chemical Co. of record June 10 1929 will receive a bonus of one share of
the common stock of the new company for each two shares of Vick Chemical
Co.stock held on that date. In addition the stockholders of record thesame
date will be given the right to subscribe to two additional shares of the new
company's common stock at $10 per share on the basis of each share Of
Vick Financial Corp. stock held.
offer will expire on July 15.
United NEtlit Cori:7Ses=rWiisih.-New-- Name.
- As part of the financial set-up ofThis new company, the Vick Chemical
the
See United Corp. above.
Co. will transfer to the new company certain of its investments. In this
respect Mr. Richardson in his letter points out that "since August 1925 the
United States Distributing Corp.-Earnings.company has earned for its stockholders approximately $9,700,000, of
Quars.End Mar. 31which $5,650,000 has been distributed in dividends. Of the balance of
1926.
1928.1927.
1929.
Net inc. after deprec'n,
such earnings a portion has been invested in the business, and the remainder
& Federal taxes_ - $321,696
$244,158
$291.163 has been reserved for future development and contingencies. To obtain
$136,807
-V. 128,P. 1576.
the maximum benefit for the company from the employment of such funds,
the directors have decided, after careful consideration of many plans, to
segregate a part of such investments in a separate corporation under the
United States Finishing Co.
-Earnings.management of a board of directors which will include men of prominence
Calednar Years1925.
1926.
1928.
1927.
Gross income
$9,359,429 $9,362,907 $9,247,476 $9,543,601 In the banking and financial field, as well as directors of your company.
"Such a corporation will not only give Vick Chemical Co.
Expenses, deprec.. &c
8,815,615
investment
8,473.415
8,422,560 8,410,578
banking connection to conduct negotiations and to providean
financing for
Not profit
5727.986 the future expansion of the business, but it should permit of a more profit5774,061
$936,868
$952.329
able use of the securities that are being transferred and experienced investOther income
126.400
155.459
91,734
56,853
ment management for those that are being retained."
-V. 128, p. 906.
Total income
$854,386
$929,520
51,028.603 51,009,182
Vadsco Sales Corp.-Consol. Balance Sheet Jan. ,2 1929.
Interest
78,060
69,902
79.239
74,552
Federal taxes, &c
185,329
205.372
231,430
213,072
[Except as to French subsidiary shown under investment.]
Asset
Net income
Liabilities
3646.088
$589,818
$703,199
$745,629
Cash & call loans
Preferred dividends_ _ _ _
$872,052 Notes payable
252,000
252,000
252,000
252,000
5936,110
Common dividends
240,000
280,000
280,000 Cuss. accts. rec. less disc. &c 2,664.467 Accounts payable
280,000
648,520
Notes receivable
104,941 Sundry accts., accr.& tax res.
417,568
Sundry accts. receivable
Balance, surplus
124,077 Preferred dividend payable,.,.
5154,088
$57,818
5213,629
$171.199
50,012
1,010,500 Preferred stock
Shs.com.outst.(par $166)
40.000
40,000 Marketable securities
40,000
40,000
7,657,800
Earns, per share on cern33,230 Corn. stock (1,021,573 shs.)_ 7,974,534
$8.45 Accrued int. receivable
$9.85
$11.28
$12.34
Merchandise inventories _
-V. 128, p. 2483.
2,048,965 Minority interest in subsid. _
12,520
Securities dr real estate mtges
264,491 Surplus
531,360
of
United States Rubber Co.
-To Continue Planting Opera- Capital stock du and advs. to
Parfumerie
Monde Eletions on a Moderate Scale.
gante-net
141,820
President F. B. Davis Jr. has announced the intention of the company Net fixed assets
2,515,763
to continue planting operations on a moderate scale on its great rubber Goodwill, brands, trade-mks.
plantations in the Far East during the current year. The announcement
& formulae
7,952,310
also states:
Deferred & miscell. assets
495,808
The company's holdings are in Sumatra and Malaya. The number of
trees now totals more than 12.000,000 covering more than 140 square miles.
Total
Total
$18,228,423
$18,228,423
In the face of receding prices during the past few years, the company
Contingent liabilities for notes receivable discounted and mortgage
has held steadily to its program of increasing its planted area. One reason
for this policy has been the rapid growth in the number of uses to which receivable assigned aggregate $410,831.-V. 128, p. 1752.
rubber is put in the everyday life of the world, and the company's convicVick Financial Corp.
-Organized.
tion that this growth will increase rather than slacken.
See Vick Chemical Co. above.
Another reason is found in the fact that the company, through developing strains ofsuper-yielding trees, and through economies, expects to reduce
(V.) Vivaudou, Inc. (Now Vadsco Sales Corp.).Its cost of production each year. The plantation yield is large enough to
supply only a part of the company's crude rubber needs, and the remainde Earnings.
is bought in the open market.
-V. 128, p. 3206.
Calendar Years1927.
1928.
1925.
1926.
Gross sales
Universal Aviation Corp.
-51% of Stock Deposited.
- Ret'ns,allow., disc., &c_ $5,799,640 $6,248.695 $5,312,981 33,381,086
246,301
See Aviation Corp.(of Del.) above.
-V.128, p. 3016.
Cost of sales
1,628,244
2,932,269
2,814,806
2,493,799
998,176
-Balance Sheet Dec. 31. Selling & admin. exp.. _ _ 2,333,358 2,139.253 1,400,215
Universal Gypsum & Lime Co.
Other deductions (net) _I z295,772{
61,398
64,9821
94,235
Assets1928.
Liabilities1928.
1927.
1927.
Res. Fed. taxes
100,0001
Fixed assets
$4,111,700 $4,508,498 Preferred stock_ _$4,000,000 $4,000,000
Invest. & adv. to
Pref. stk. of subs,.. 300,000
300,000
Net profit
$355,703 $1.012,192 $1,324,731
$446,966
subs
128,776
Corn.stk.& surplus 1,175.556 1,431,617 Previous surplus
362,074
842,910
3,846,966defl,564,06Q
Leasehold rights.. _ 1,315,982 1,333,137 Funded debt
1,754,800 1,853,800 Red. of corn, stock
yDr1.870.000xCr6.000,000
Goodwill, &c
641,608
2,900
644,592 Real estate mtges.
3.900 Prem, on sale of stock....
Cr120,000
Deferred charges_
. 420.979
525,701 Unearned royalties
5,000 Prem. on pref. stk. ret'd
17.506
Sinking fund
20,669
26,550
45 Contract payable_
Reorganization expense_
56,918
201,536
Tax claim vs. U.S.
33,596
Capital surplus_
503,296 Reduction of good-will
1,328,464
1,027,027
Cash
104,326
26,200
.
155,765 Notes payable
15,195 Corn, diva. paid (cash) 804,071
976,254
Marketable seem_
6,908
3,815 Accounts payable_ 173.917
91,659 Pref. divs. paid (cash)_
200,046
121,761
204,690
Trade receivables_ 300,674
95,510
510,466 Accruals
105,561 Charges not applicable to
Other receivables_
16,041
year's operations - - 2,741
54,480
Inventories
459,174
628,009
Prior yr. tax adjust_
Cr.37,681
Cr.13,627
Financing expense
99.763
Total
57.560,433 58,310,028
57,560,433 $8,310,028 Deferred expense
Total
250,000
The company was placed in receivership April 22 1929. See V. 128, p.
2852.
Profit & loss surplus5531,559
$843,123 $3,846,966
$362,074
Shs.of com.outst.
(no par)
358,020
372,266
381,573
a340,000
Uvalde Rock Asphalt Co., San Antonio, Texas.
- Earns, per sh. on com_ _
$0.41
$3.36
$2.17
$1.31
a Shares of
Bonds Offered.
-Central Trust Co., San Antonio, Tex, shares of no $10 par value. x Reduction of common stock from 300,000
par value to 300,000 shares, par $10. y Change in common
recently offered $300,000 1st mtge. & coll. 6
serial stock from $10 par to no par. z Includes other deductions, less other
gold bonds at prices to yield from 6% to 63/2% according income. The other income includes net loss of French subsidiary company amounting to $43,818.-V. 128, p. 289.
maturity.
to
Dated April 1 1929, due serially (A. & 0.) from Oct. 1929 to April 1939.
Viking Oil Co., larendon, Pa.
-Stocks Offered.
-F. Y.
Principal and int. (A. & 0.) payable at Central Trust Co.. San Antonio, Toy
& Co., Inc., New York, are offering 18,000 shares pref.
Texas, trustee. Denom. $1,000 and $500 c5. Red. all or part on any int.
stock $2 cumul. and participating, and 18,000 shares corn.
date upon 30 days' notice at 102K% and int.
Data from Letter of J. B. Smyth. Pres. of the Company.
stock in units of 1 share of each at $31 per unit.
Company.-Incorp. in Texas, June 13 1912. Is engaged in the quarrying
Dividend cumul.from April 15 1929, payable Q.
-J. Red, all or in part by
crushing, and marketing of natural rock asphalt from its own mines in
lot on any div, date upon 30 days' notice at $35 per share and dive. In the
Uvalde County, Texas, and street paving in San Antonio, IIouston and
event of voluntary liquidation is entitled to $35 per share and dive., and in
Beaumont, where it does a large volume of business.
The company owns in fee or has mineral rights on approximately 20,000 the event of involuntary liquidation is entitled to $32.50 per share and
acres of land in Uvalde County, Texas, containing extensive deposits of diva, before any distribution shall be made to the common stock. Preferred
natural rock asphalt. Reports in the hands of the company show that these stock shall have full voting rights when cumulative dividends aggregating
properties contain an actually proven supply, tested by core drills,sufficient $3 Per share shall have accumulated and be unpaid, which right shall confor over 10 years operation, and indicate that this supply is unlimited. tinue until all unpaid accumulated dividends have been paid or provision
Company also owns approximately 615,000 tons of unmined rock asphalt made therefor, and in such case, the holders of this preferred stock shall be
which it has purchased in fee. In addition, the company owns a modern entitled to one vote for each share held. Corporation will refund to holders
crushing plant with a present daily capacity of approximately 2,000 tons. of this preferred stock, resident in such states, respectively, upon proper
3steam locomotives,35 railroad dump cars and other equipment. Company application within 60 days' after the payment thereof, Conn. personal
also owns valuable real estate in the cities of San Antonio and Beaumont property tax not exceeding 4 mills, Kentucky 5 mills personal property tax,
and the Mass, income tax on the dividend thereon not exceeding 6% of
upon which its paving plants are located.
such dividend per annum. Dividends exempt from present normal Federal
CapitalizationAuthorized. Outstanding. Income tax free of
Penn. State 4-mills tax. Transfer Agent, Guaranty
1st mtge. and coll. 634% bonds
$300.000
5300.000 Trust Co. of New York, Registrar, Bankers Trust Co., New York,
Common stock (par $100)
600,000
600.000
Participating Dividends.
-After tho $2 cumul. div. on the pref. stock and
Assets.
-The balance sheet as of April 1 1929, after giving effect to this cash diva, in the
paid on the common
financing, shows total assets of 52,022,023, equivalent to over $6,740 for stock, ono-half inamount of $1 per share have been of the corporation in
dollars
same balance sheet shows current assets any one year up to $2 of all additional earnings pref. stock shall be
each $1,000 bond of this issue. The
per share on the outstanding
of $1,178,917 as compared with current liabilities of $19,003 or a ratio of used either as additional participating dive, on pref. stock or paid into a
approximately 62 to 1.
sinking fund for
The company agrees that during the life of these bonds it will maintain a Incorporation, the retirement thereof, as provided in the certificate of
minimum ratio of current assets to current liabilities of 3 to I, and that no
CapitalizationAuthorised. Outstanding.
cash dividends will be paid on the common stock which will depreciate the Preferred stock (no
40,000 abs. 20,000 shs.
par)
net worth of the company to below $1,000,000.
Common stock (no par)
200,000 shs. 100,000 abs.
Earnings.
-For the 5 year Period ending Dec. 31 1928, net earnings
Data from Letter of L. C. Jamieson, Pres. of the Corporation.
available for interest charges after depreciation, depletion and Federal
Compang.-Owns and operates a complete modern plant for the manutaxes were $873,341 or an annual average of $174,668. This is approximately 8.9 times the maximum annual interest charges on this issue and facture of lubricating oils, located in Warren County, Pa., in the heart of
approximately 3.5 times the greatest annual principal and interest charges. the Pennsylvania oil fields. Corporation is engaged primarily in the
Net earnings for 3 months period Jan. 1 1929 to April 1 1929, were $39,530, manufacture of "bright stock," a highly refined cylinder oil used for comequivalent to over twice the maximum annual interest charges on this issue. pounding with lighter oils to manufacture high viscosity lubricating oils
It is estimated that sales, including receipts from paving contracts, for such as are used in automobile, marine and airplane engines, and in high
the year 1929 will exceed $2,000.000 on which basis net earnings available grade machinery lubrication. In producing its product, it uses 100% Pure
for interest charges on this issue, after depreciation, depletion and Federal Pennsylvania oils only.
Balance Sheet.
taxes, may be expected to exceed $175,000.
-The real estate, plant and equipment have been valued as
Purpose.
-Proceeds will be used to entirely liquidate existing bank loans of Dec. 31 1928, as having a sound depreciated value of $700,813. The
balance sheet shows current assets of $233,290 as compared to current
and to provide additional permanent working capital.
liabilities of
having net working capital
Vick Chemical Co.
-Organizes New Financial Subsidiary of $181.186.$52,103, or a ratio of 4.47 to 1, and
Earnings
-Stockholders To Receive Bonus in Stock of New Co.-Rights.- and 1927 -Corporation was incorp. in July 1926. Its operations for 1926
were mostly confined to plant construction and development of
Pres. II. S. Richardson, in a letter to the stockholders, announces the its processing equipment. During this time, however, the corporation was
formation of the Vick Financial Corp.. a subsidiary, which was organized concurrently engaged in partial production but it was not until March 1928
for the purpose of carrying out a larger financial program already approved that the corporation began settled volume production of its "bright stock."
by the board of directors of the parent company.
The operations since July
been continuously profitable and
The capitalization of the new company, which was organized in Delaware. for the year ended Dec. 31 1927 have
net earnings after depreciation
will consist of 2,000,000 shares of $10 par value common stock and 200,000 Federal taxes but adjusted 1928, thecredit for an officer's salary In and
the
to take
shares of pref. stock. Of the common stock about 200,000 shares will be amount of $18,000. which has been discontinued, amounted to $109.769.
MAY 25 1029.]
FINANCIAL CHRONICLE
3535
his is equivalent to over 2.74 times the $2 cumulative preferred dividend.
Wells Fargo & Co.
-Balance Sheet April 30.On April 1 1929, the corporation had orders for about one-fourth of its
1929.
1928.
Assets
1929.
1928.
ontemplated production of "bright stock" for the balance of the year from
$31,224 Cap. stk. (239,674
Real prop. & equip $31,224
ne of the largest oil companies in the United States, on a sliding price
3,000
$239,674 $239.674
,
3,000
shares)
le which carries protective clauses on raw material costs. Gross sales Stocks
6,310
270,200 Accounts payable_
10,908
219,900
or the quarter ended March 31 1929 were over 42% in excess of the same Bonds
119,837
62,555 Divs. payable_
43,073
Notes
iod in 1028.
75,000
100,000
31,281 x130,191 Res. for claims, &c
Dividends.
-The directors have declared the initial quarterly dividend on Cash
1,131 Profit & loss bal_.
3.670
32,480
772
he preferred stock, payable July 15 1929 to holders of record July 1 1929. YAects. receivable.
Purpose.
-A portion of this offering of stock has been purchased from the
Total
2329,252 $498,302
Total
$329,252 $498,302
rporation and the proceeds wil be used for the retirement of bank loans
nd for other corporate purposes; the remainder represents the purchase of
-V. 128, p. 3371.
x Includes call loans. y Includes prepaid expenses.
portion of the holdings of certain stockholders.
-Earnings.Weston Electrical Instrument Corp.
Listino.-Company has agreed to make application to list the common
tock on the Pittsburgh Stock Exchange.
1928.
1927.
1926.
Quar. End. Mar. 311929.
$171,941
$138,436
$245.561
$267,427
xEarnings
Viking Pump Co.
-Distribution on Old Shares.
1,962
2,391
5.750
Cr.2,055
Other deductions.
Distribution of $1,225,000 among holders of the old stock of the Viking
ump Co. began on May 21. This sum represented payments for stock
$169.550
3247,616
$136,474
$261,677
Total
chased when the financial structure of the company was rearranged. Federal taxes
22,424
32,257
19,155
31,999
he company surrendered its Iowa charter and reincorporated in Delaware
ith a capitalization of 40,000 shares of no par cumul. pref. stock, and
$215,359
$147,126
$117,319
$229,678
Net income
00,000 shares of no par common stock. The new stock is listed on the Class A dividends
50,000
43,550
hicago Exchange.
-V. 128, p. 3206.
3103.576
3165.359
$117,319
$229,678
lus
$
Vogt Mfg. Co.
-Dividend No. 2.
ter deducting cost of manufacture, repairs, depreciation, selling and
x
The directors have declared the regular quarterly dividend of 50c. per
hare on the capital stock, no par value, payable July 1 to holders of administrative expenses.
The net income of $229,678 for 1929 is equivalent under the participating
ecord June 15. An initial quarterly dividend of 50c. per share was paid
provisions of the shares to $1.52 a share earned on 75,000 no-par shares
April 1 last.
-V. 128, p. 1248.
of class A stock and $1.27 a share on 150,000 shares of no-par common
stock. This compares with 69 cents a share on class A stock and 44 cents a
Vulcan Corp.
-Bonds Offered to Stockholders Under Plan of share on common stock in first quarter of 1928.-V. 128, p. 2654.
eorganization.-
The common stockholders' protective committee, through attorney
. A. Bayless, announced May 18 that the plan of reorganization which
as adopted by the creditors, stockholders and other interests having
eon approved by the Common Pleas Court of Scioto County at Portsouth , Ohio, and also on appeal by the Court of Appeals, has now been
eclared operative.
The common stockholders' protective committee, having secured the
bmission to the common stockholders of the prior right to purchase the
ortgage bonds of the Vulcan Corp.. at par, carrying three shares of
ommon stock with each $100 bond, before these bonds with the stock
re turned over to the creditors in accordance with the plan, written
otices were mailed by the First National Bank, as transfer agent of the
ornpany, to all of the common stockholders of record of both the Vulcan
orp. and the Vulcan Last Co., together with subscription blanks, offering
hem the right to subscribe for these bonds carrying the stock bonus.
Idle this formal notice is being sent to the stockholders of record, the
elders of certificates of deposit, who have in many instances sold and
ransferred their certificates, are also entitled to subscribe to these bonds
n proportion to their holdings, and if any of them desire to subscribe for
arger amounts, it is probable that their subscriptions will be filled.
The forms of notice and subscription may be had, upon application by
sty certificate holder,from the First National Bank or from It. A. Westerold, Secretary of the common stockholders' protective committee, Union
rust Bldg., or a broker.
The subscriptions and payment must be received before June 3.127, p. 1401.
Warner Bros. Pictures, Inc.
-To Split-Up Common Stock
New Shares to be Placed on a $3 Annual Dividend Basisxtra of 123/2 Cents Also to be Paid.
-
-Earnings.White Eagle Oil & Refining Co.
1926.
1927.
1928.
1929.
Quar. End. Mar. 31$3,331,746 $3,084,895 $3,455,032 $3,220,628
Sales (net)
3,027,310 2,783,105
2,724,779
Cost of sales
1 3,058,086
Gen.adm. & Selling exp.
(
Profit from operations
Misc,income credits _
$273,660
$360,116
3427,722
74,548
$437.523
65,837
Total income
Misc. income charges
Deprec. & depletion
$273,660
y53,905
358,925
3360.116
y53,214
341,743
3502.270
114,264
$503,360
86,445
Net income_ _ _ ______ def$139,170 def$34.840 4388,006 4416,915
Earns. per sh.on 490,000
Nil
x$0.85
x$0.79
Nil
shs.cap.stk.(no par)_
it Before depreciation, depletion and Federal income taxes. y Net.V. 128, p. 721.
White Rock Mineral Springs Co.-Earnings..
1927.
Calendar Years
Sales
Other income
$3,392,861
81.924
Total income
Selling, administrative and general expenses
33,474,786
2,072,571
Net profit
Federal and other taxes
31,402,215 31,315,479
251,800
252.000
Not
available
$1,150,215 $1,063,679
Net income
The stockholders will vote June 21 on increasing the authorized number
130,403
129,843
f shares of common stock from 2.500,000 shares without par value to First preferred dividends (7%)
150.0
150.000
Second preferred dividends (15%)
.500,000 shares and on splitting the shares of common stock outstanding
600,
600,000
0 that there will be two shares of common stock for each share thereof Common dividends ($3)
outstanding.
reviously
$183,276
$270,372
Balance,surplus
In a letter addressed to the stockholders, President Harry M. Warner
1,710,873
1,865.703
totes: "In view of the satisfactory progress made by the company it Previous surplus
2.074
5.171
S contemplated that not later than Sept. 1 1929 an initial quarterly divi- Miscellaneous additions
end of 75 cents per share will be declared and paid upon the common
32,141.246. 31,896,223
Total surplus
lock outstanding after the split-up, this being at the annual rate of $6
30,520
14.798
er share upon the common stock now outstanding. From time to time Miscellaneous deductions
it may be deemed advisable the directors expect to declare extra divi32,126.448 $1,865,703
Profit and loss surplus
ends. Accordingly it Is contemplated that an extra dividend of 123.
200,000
200,000
nts per share will be declared and paid upon the common stock out- Shares of common stock outstanding (no par)
$3.96
tanding after the split-up, simultaneously with the initial quarterly Earned per share
Results for Quarter Ended March 31.
ividend.
1928.
1929.
"Within the next two weeks the auditors will have completed their
$266,881
ort covering the operations of the company for the six months ended Net profit after gen. admin. & selling expenses,&c. $264,846
50,700
47.700
Sr. 2 1929. It is expected that the earnings of this company and its Federal and other taxes
resent subsidiaries for the six months (including the results of operations
3216 181
3217.146
f all such subsidiaries for the entire period) after Federal taxes and reducEarned per share on common
ion for now outstanding minority interests, will be in excess of 37.000,000
r, after deducting earnings of recently acquired subsidiaries applicable
Balance Sheet Dec. 31.
the portion ofsuch six months' period prior to the date oftheir acquisition,
1927.
$ .72
0
$92 3
1 .7.
0 8
Assets1927,
1927.
excess of 3,1,300,000. On the basis of the operations for the first 10 Realest.,good-will. 1928.
First pref. stock__$2,000,000 $2,000,000
eeks of the current quarter. it is expected that the earnings for this quarStc
$7,184,845 2d pref. stock____ 1,000,000 1,000,000
$7,211,560
er will total approximately $5,000,000 after all charges, including Federal Cash
98,740 Common stock___x4,000,000 4,000,000
304,350
axes, and after deduction for minority interests. At the present time Investments
67,238
38,998
payable_
hero are outstanding approximately 362,000 sharers of pref. stock and Accts. rec.& tr. ac. 1,085,401 1,329,854 Accounts
379,804
415,483
626,290
513,049 Reserves
,160,000 shares of common stock. After allowing for the acquisition of Inventories
2,126,448 1,865,703
170,304 Surplus
147,977
11 the outstanding minority interest in Stanley Co. of America in ac- Interest
13,597
rdance with the exchange offer dated Apr. 18 1929 and for the conversion Notes receivable__
4,177
f all of the pref. stock of tho Warner company now outstanding, the corn- Treasury stock___ 168,827
on stock outstanding prior to the split-up would be 1,349,062 shares." Deferred charges.._
15,952
Tot.(each side) _$9,580,929 $9,312,745
18,749
V. 128, p. 3206.
-V. 128. p. 906
x Represented by 200.000 shares of no par value.
Warner-Quinlan Co.
-Earnings.
-
Quarter End. - ar. 31M
1929.
1928.
ross income
$3,471,200 $2,384,432
et profit after deprec., deplet. Federal taxes,&c..
211,207
141,251
outstand.(no par)
hares corn.stk.
488.359
240.380
arns. per share
$0.43
$0.59
V. 128, p. 2653.
- -Reorganization Plan ApWickwire1
Spencer Steel Co.
proved by Committee Representing Bond and Note Holders.
com-
A plan of reorganization has been completed by the reorganization
mittee representing company's first mortgage 7s, prior lien 7s and the 7%
class A notes. While other details remain, it is expected that formal announcement of the new plan will be made in a few days.
The plan proposes to take up certain bonds, notes and other obligation*
Warren Bros. (Asphalt) Co.
-Sub. Co. Business.
with $4,000,000 cash and to exchange about $15.000,000 of other bonds and
This company, through one of its recently acquired companies, the notes for new common stock. No provision is made in the plan for the
°stern Dredging Co., has constructed the Lindbergh Air Field at San 33,639.340 class B notes or the stock.
lego, Calif. Through another of its companies, the Mexico Construction
A new issue of 6% convertible bonds not exceeding 36,000,000 will take
0., it has built runways to the air fields at Clovis and Albuquerque, care of the cash requirements of the plan. In addition, the new company
. M. and another at Winslow, Ariz.
-V. 128, p. 2654.
is to have 600,000 authorized common shares.
The Wickwire first mortgage bonds, prior lien bonds and class A notes
Washington Oil Co.
-Earnings.
are to receive common stock in exchange for their securities on the following
Calendar Yearsbasis:
1028.
1927.
1926.
1925,
rOS8 income for year_ _ _
First mortgage 7s, 20 shares of new common ter each $1,000 bond;
$279,757
$221,737
$277,951
$195,573
Per. exp., taxes, depr.
Prior lien 7s, 20 shares of new common for each $1,000 bond;
depletion
&
150,283
119,300
Class A notes, including scrip, 30 shares of new common for each $1,000
122,055
105,135
note.
Not income
$129,473
$102,437
Indebtedness to be paid in full in cash consists of: American Wire Fabrics
$155,896
$90,438
vidends paid
71.320
79,245
134,717
20,000 1st mtge. bonds, $1,118,300 outstanding April 30 1929, to be retired at
107, or a principal sum of $1.196,581; Wickwire 755% notes, $1,195,500
Net earnings for year _
$58,152
$23,192
$21,179
$70,438 outstanding April 30 1929, to be retired at 102H , or a principal sum of
ha, cap. stk. out. (par
$1,225,387; 3171,020 real estate mortgages, an estimated $200,000 of pre15.849
15,849
15,849
$25)
x10.000 receivership trade creditors, and $126,653 for payment of two months'
$8.10
arned per share
$6.46
$9.83
$9.04 interest at 7% on 310,856,000 prior lien bonds.
The $1,500,000 Goddard lease obligation. arising out of the agreement to
x Par $10.
Condensed Balance Sheet Dec. 31.
Purchase the Goddard plant at Worcester. Mass., is to be settled for $1.000,000 in cash.
1927.
Liabilities
1928.
Assets1928.
1927.
od,&non-prod.prop_$281,103 $249,614 Capltalstock
$398,225 $396,225
Common Stockholders Protective Committee to Oppose Plan.
& accts. pay
tnpres.stations, real
37,487 56,413
151,687 139,627 Surplus
117,553 59,400 We have received the following letter, dated May 23, and
18,653 15,290
ther equip., &c
signed by Alexander Guttmann:
tivestment secur._
58,000 58,000
Alexander Guttmann, Chairman of the common stockholders' proat.,merch.,olistkAc 37,876 25,789
tective committee of the Wickwire Spencer Steel Co., states to-day that
7,445
8,112
ash
the public press to a tentative
1,479 15,605
Illa dc accts. rec
Total(each side) - -$551.244 $512,038 his attention has been called inSpencer Steel Co., wherein the plan of
reorganization of the Wickwire
interests
V. 128, p. 1248.
of the common stockholders and the class B noteholders are entirely
eliminated. This plan is alleged to have been approved by the reorganizaWestchester First National Corp.
-Registrar.
tion committee, composed of representatives of the bondholders' comThe Chatham Phenix National Bank & Trust Co. has been appointed mittee and class A noteholders' committee.
gistrar in New York for 80,060 shares of preferred stock (par $25), 160,000
Mr. Guttmann advises all security holders of common stock or class B
arcs of class A common stock (no par value), and 40,000 shares class B notes of the Wickwire Spencer Steel Co. that necessary legal steps will
mmon stock (no par value).
-V. 128. p. 3206.
be taken to oppose any such plan of reorganization. The company's
3536
financial position is strong and the earnings are better than in many years.
The common stockholders and class B noteholders should be allowed to
participate in any plan of reorganization and if denied such privilege they
are prepared to carry their case to the highest judicial tribunals if necessary.
Consolidated Income Account for Calendar Years.
1925.
1926.
1928.
1927.
Prop, from oper. after
deduc. for selling, admin. & general exps-- $2,409,681 $1,227,506 $1,386,615 $1,873,118
92.171
51,485
Other income
94,625
154,554
Total income
Other deductions
Int. paid & accrued.. _
Depreciation
[Vol,. 128.
FINANCIAL CHRONICLE
$2.564.236 $1,322,131 $1,438,099 $1,965,290
408.877
147,659
203.754
457,809
1,474,523
1,732.795
1,728,034
382,276
430.079
412.003
416,309
426,417
$348,189
$854,357
Loss for year
prof.$1.297,734 $1,025,966
Condensed Consolidated Balance Sheet Dec. 31 1928.
LIabilitiesAssets
$417,944
Cash
$772,213 Accounts payable
124,618
Notes & trade accept. recle
47,613 Accrued salaries and wages_ _
145,097
1,947,124 Other accrued accounts
Accounts receivable
201,844
Inventories
6,950,733 Ore contracts payable
13,000
Subsidiary & still. co. acc'ts_ 1.552,521 Real estate mortgages
418,253
Other assets
111,657 Other note & ace'ts payable_ _
158,020
Permanent assets
20,480,233 Purchase money mtge
1,500,000
246,991 Deferred liability
Deferred charges
10-year 734% secured notes,
Wickwire Spencer Steel Co. 1,195,500
Am.Wire Fabrics Corp. 1st 7s 1,169,600
Wick. Spen. Steel Co. let 7s_ 1,823,000
Wick. Spen. Steel pr. In. 7s... 10,856,000
1,535,943
Accrued interest
Unsecured notes, Wickwire
6,745,955
Spencer Steel Co
Reserves for contingencies, &c. 239,673
5,564,638
$32,109,086 Net worth
Total (each side)
-V. 128. p. 578.
-Acquisition.
Widlar Food Products Co.
gines for rail motor cars; (c) Diesel and gasoline auxiliary power plants for
marine use; (d) generator sets: (e) stationary engines of both gasoline and
Diesel type for indulrial use.
The various usages of the company's products provide a diversification of
markets that has proved notably valuable in stabilizing earnings. Normal
sales volune is divided among ultimate users approximately as follows:
30% to railroads; 30% to owners of yachts and commercial vessels; 25%
to the United States Government; 159' to industrials.
Product.
-Winton marine engines or gasoline or Diesel type are used for
main and auxiliary power plants in yachts and commercial vessels and by
the United States Government. Comprehensive lines of both light and
heavy duty engines enable the company to fulfill the power requirements of
vessels ranging from 50 to 250 feet. Winton stationary Diesel engines are
used for power shovels and cranes and for generating electric power in
industrial plants.
The manufacture and sale Of Winton engines for installation in rail motor
cars has constituted a substantial part of the company's business for several
years. These cars have fully demonstrated their economy of operation, and
demand for them has increased to the point where over 400 are in operation
in this country. Railroads using them include the Burlington, Great
Northern, New York Central, Northwestern, Pennsylvania, Rock Island,
Union Pacific and Atchison. These cars, in single units, or as tractors of
one to three cars, are used for short haul passenger and freight service under
light traffic conditions. Over 80% are powered with Winton engines.
The company's manufacturing plant located in Cleveland is of modern
fireproof steel and glass construction, well adapted to straight line production, and contains over 100.000 square feet of floor space. Sales offices
are maintained in New York,Boston, Washington, Dallas and Los Angeles.
Earnings.
-The following tabulation is based upon the earnings of the
company and its predecessor company for the three years ended Dec. 31
1928, after all operating expenses including depreciation and provision for
Federal income taxes at current rates, and after restoring to income certain
non-recurring charges aggregating $59,939 for the total period, consisting
of interest and amortization charges on funded debt to be retired through
this financing and losses on rentals not assumed by the present company.
Earnings for the four months ended April 30 1929, based on the company's
books, have been similarly adjusted, such adjustments amounting to
$24,065 for this period.
Net Profits *Earns.perSh
Corn. Stk.
as Above.
$3.77
Annual average three years ended Dec.31 1928......, 3335,047
415,254
5.00
Year ended Dec. 31 1928
3.22
Four months ended April 30 1929
239,552
" Based on 65,000 shares after providing for dividends on cony, pref. stk.
Balance Sheet as of April 30 1929.
[Adjusted to give effect to the sale of 25,000 shares of Stock.]
LtaktItttesAssets$367,897
Cash & cash resources
$487,226 Accounts payable
343,351
Notes & accts. rec., less res. _ _ 378,360 Cast. dep.& credit bal
6t 47
3 )1
Inventories
1,258,395 Accrued waves, comm., &c.
Other current assets
5,742 Prov.for Federal taxes
450,000
Prepaid expenses, adv., &c
23,685 E3 cony, preference stock
325,000
Land, bides., mach.,equip. &c 1,348,657 Common stock
1,542,068
Cap. stock of predecessor co.I Paid in surplus
340,572
Patents & patent rights
1 Earned surplus
The company has purchased the W. C. Pressing Co., of Norwalk, Ohio
which was established in 1912 as successor to the business of the Pressing
& Orr Co. The new property will be operated as a divisional unit of the
Widlar Company. C. W Brand, President of the Widlar company, has
been elected President of tile W. C.Pressing Co. H. W. Madison, a VicePresident of the former company, will have general charge of operations
and sales. Expansion of the acquired company's operations will be carried out Immediately,including a substantial addition to the plant at Norwalk now in course of erection. A substantial addition to the Widlar
company's Berea Road pickle plant is now in process of construction and
when complete will cover five acres of floor space. With the acquisition
of the Pressing plant, the Widlar company now operates four distinct
manufacturing units, a coffee roasting plant an' a pickle and condiment
plant in Cleveland, a pickle plant in Wiggins, Miss., and the W.C. Pressing
Co. plant in Norwalk.
Sales for April, excluding those of the W. C. Pressing Co., were the largTotal
est for any April in the company's history. For the fiscal year ended
Apr. 30 1929, sales showed an increase of 12% compared with the previous -V.127, P. 3419.
-V. 128, p. 269.
12 months.
$3,502,067
Total
-Definitive Ws.
(The)Worth Building,Brooklyn, N.Y.
Wilcox Rich Corp.
-Earnings
Quarter Ended Mar. 31Net profit after chags.& Federal taxes
Barra. per sh. on 210,000 abs. cl. B stock (no Par)
-V. 128, p. 1248.
$3,502,067
1929.
$484.451
$1.81
1928.
$258.960
$0.73
-Earnings.
Wil-Low Cafeterias Inc.
Earnings for Quarter Ended March 1 1929.
Sales
Net profits after depreciation. State and Federal taxes
Earns, per share on 100,000 abs. corn. stock (no par)
-V. 128, p.,2654.
The Prudence-Bonds Corp. announces that definitive certificates against
the first mortgage loan on the property located at 493-5 Fulton St., Brooklyn, N. Y., are ready for delivery in exchange for the interims now out
outstanding. This loan of $600,000 was made to the Worthen Corn,
and the 534% guaranteed Prudence certificates are leasa for trust funds in
the State of New York. See offering in V. 128, p. 3207.
Worth, Inc.(Md.)-Earnings.-
The company (Including subsidiaries) reports: Sales for the year ended
Jan. 31 1929 of $4.278,198. compared with $3.951,186 for the previous
year. After depreciation of $70,268 and all other charges a net loss of
$134,283 for the year was shown. $68,754 of this loss was accounted for
in the opening and operating of the Toledo and New Bedford stores.
& Co., Inc.
-I%% Back Dividend.Wilson
Consolidated Balance Sheet January 31 1929.
The directors have declared a back dividend of 1U % on the 7% cum,
Liabilities
Asset
pref. stock, payable July 1 to holders of record June 12. A like amount Cash
$450,000
$170,869 Notes payable
was paid on April 1 last.
-V. 128, p. 1418.
139,063
336.463 Accounts payable
Accounts receivable
41,648
402,340 Advertising, expenses. ecc _ Inventories
" Wilson Line, Inc.
-Earnings.
29,379
38,175 Accrued interest, taxes, &o_
Prepaid Ins., taxes. dsc., dc supl
Earnings for Year Ended March 311929.
Res.for cust. unclaimed credits
611,736
$213471:850740 Stock of Worthco Corp
Freight revenue
35,731
deposits on leases, &c
Furniture, fixtures & improve.
Passenger revenue
443,637 Class A cum. cony. pref. stk _ .x1,243,125
to leased properties
441,222 Deferred charges
Other revenue & income
y65,000
40,600 Common stock
39,877
1 Surplus
Goodwill & leaseholds
Totalincome
$820,596
Water line operating expenses, maint.,rents taxes. &c
585,157
$2,043,822
Total
.1
$2,043,822
Total
Interest
68,160
x Cumulative unpaid dividend on class A stock. $26,000. Represente,
Depreciation
50,082
by 65.00000 par shares. y Represented by 65,000 no par share. -V.128,
p. 3016.
Net profit
$117,196
Preferred dividends
52,500
-Earnings
.Wright Aeronautical Corp:
1926.
1928.
1927.
Quar. End. Mar. 31- 1929.
Balance available for common stock
$64,696
$200,081
3133,670
Net earns, after taxes._ _ $533,925
$470,898
Earnings per share on 37,500 shares common stock
Shs. cap. stk. outstand-V. 128. p. 3371.
250,001
250.000
ing (no par)
300,000
250,000
$0.8:
-Common Stock Offered.
-Offering Earns, per share
Winton Engine Co.
$0.53
$1.88
$1.78
is being made of a block of 33,000 shares of no par common -V. 128, p. 2852.
$1,145,976
131,571
$0.88
stock at $73 per share by August Belmont & Co., John Burnham & Co., Inc. and H. W. Noble & Co. Included in this
offering are 25,060 shares of stock representing new financing
on the part of the company, the proceeds of which will be
used to retire an aggregate principal amount of $992,500
-year 3/2% sinking fund gold debentures and to provide
10
for additional working capital. The balance of the offering
has been purchased from individual stockholders.
Transfer agents: Continental Illinois Bank & Trust Co., Chicago, and
Guaranty Trust Co. of New York. Registrars: Foreman Trust & Savings
Bank, Chicago, and National City Bank of New York.
Authorized, Outstanding.
Capitalization30,000 shs. 30,000 abs.
Convertible preference stock (no par)
"200,000 shs. 65,000 abs.
Common stock (no par)
* 30.000 shares reserved against the exercise of conversion privilege of
convertible preference stock and 5,000 shares reserved for sale to officers
and employees upon such terms as the board of directors may determine.
Convertible preference stock entitled to preferential cumulative dividends
at the rate of $3 per annum; redeemable at $45 per share plus accrued
and unpaid dividends; convertible share for share into common stock. While
any convertible preference stock is outstanding no dividends may be paid
on the common stock which will reduce net current assets below $750,000.
Listed -Company has agreed to make application to list this stock on the
New York Curb Market and the Chicago Stock Exchange.
Data from Letter of Geo. W. CodrIngton Pres. of the Company.
Historg.-Company was formerly conducted as a department of the
Winton Co., manufacturers of motor cars. It was segregated from the
latter in 1925 and organized as a separate corporation, the business of
which was confined to the construction of engines. The present company
was formed in Aug. 1928. and purchased substantially all of the business
and assets of its predecessor. Although inheriting many obligations from
the Winton Co.. the company and its predecessor have been able, out of
earnings, to liquidate these obligations, add to and complete the equipment
of the plant and, with one exception, show an improvement in sales and
earnings in each year since the date of segregation.
The company manufactures the well known Winton Diesel and gasoline
engines. As one of the pioneers in this field it has devoted a large proportion
of its resources to development work, and its position in the industry is
largely attributable to this policy, plus stress on quality of material and
workmanship.
The business is divided into the following classifications: (a) marine
Diesel and gasoline engines for use as main power plants; (b) gasoline en-
-Earnings.
Yates American Machine Co.
9 Mos. End. March 31Net income after charges
-V. 128, p. 1249.
1928.
1929.
$327,113 los-0207.87o
-Extra Dividend.
(L. A.) Young Spring & Wire Co.
The directors have declared an extra cash dividend of 25 cents per shar.
and the regular quarterly dividend of 50 cents per share on the comMo,
stock, no par value, payable July 1 to holders of record June 15. An extr.
distribution of 25 cents per share was also made on this issue in Jan. an,
April last.
-V. 128, p. 3210.
CURRENT NOTICES.
-Irving Riesenburger, Vice-President of the Queensborough Nationa
Bank, has become associated with the sales department of Salmon, Wee
& Co., 63 Wall St., N.Y. C.
-Clark, Dodge & Co., members of the New York Stock Exchange
63 Wall St., N. Y. City, announce that Richard de La Chappell° ha:
become associated with them.
McVickar & Co., members of the New York Stock Exchange, announce
the opening of a branch office at 145 West 45th St., under the managemen
of Cecil Winik.
Messrs. Winslow, Lanier & Co., members New York Stock Exchange
announce the removal of their offices to the ground floor at 49 Wall Street
New York.
-Joaephthal & Co., members of the New York Stock Exchange. 121
Broadway, New York, have prepared an analysis of Pan-American P e
troleum.
Atlantic Investing Corp., 67 Wall St., New York, have prepared ,
circular on the Permutit Co.,copies of which will be forwarded on request.
-Estabrook Sr Co. have issued a circular giving information regardin/
several issues of railroads, public utility, industrial and real estate bonds.
-Hewitt, Brand dr Grumet, members New York Stock Exchange. 3/
Broad St., New York. have prepared a special letter on Insurance Stocks.
MAY 25 1929.]
FINANCIAL CHRONICLE
3537
grports anti Ronunents.
PUSLIIMED US AAAAA T111110179
INTERNATIONAL TELEPHONE AND TELEGRAPH CORPORATION
ANNUAL RE PORT-1928.
New York, May 201929.
the Stockholders:
In view of the continuing extension of the activities of
ur Corporation, as well as the expanding list of Stocklders in the United States and other countries, it is desirle that this report should cover not only the activities and
rations for the year 1928 and succeeding months, but
nerally the development of the International Corporation
d again review its purposes and policies.
With the association during 1928 of the Mackay System
hich includes Postal Telegraph, Commercial Cables, Comercial Pacific Cables and Mackay Radio, and the previous
ociation in 1927 of All America Cables, there was welded
gether an International Communications System with a
tionwide telegraph service in the United States, and cables
tending to the West Indies, Central and South America,
rtain principal countries of Europe and the Far East, and
ving through connecting telegraph and cable services
nada, Mexico and practically all other countries of the
orld.
The development of national telephone systems, by the
stallation of modern equipment as well as by the most
vanced engineering and commercial practices, should be
Inestimable value in the economic and social development
the countries served. Through interconnection with our
mmunications system, these countries will be further beneted and will in turn add to the comprehensive services
the International System:
The establishment, wherever practicable, of national
anufacturing plants for the production of telephone, teleaph and wireless apparatus, cables and accessories, will
eet the demands of governments and companies which, by
stom or regulations, require national manufacture. The
sociation of these national plants, with the Laboratories
d other services of the International System, will assure
e highest quality and efficiency in their products.
The International Telephone and Telegraph Corporation
as not organized with a single profit-making purpose to
self, nor with the desire of imposing American practices
its foreign activities. There appeared to be a fruitful
eld of service to be rendered in bringing together under one
neral organization electrical communications systems, and
e extension by the parent company to the associated comnies of the technical and financial facilities and direction
at might be needed for their intensive and efficient develment. The best American practices have been suggested,
t never imposed. On the contrary, the management has
ways been ready and quick to adjust American practices
other national conditions and to adopt such local practices
were conducive to the successful development of the
rious entities. The combined and co-operative effort of
e Associated Companies of the International System is
ily justifying the purposes and policies of your Corpotion.
The association of the several enterprises now forming
rt of the International System, in addition to the techcal, managerial and financial advantages, should result in
preciable economies and general efficiency throughout
e System. In the initial periods of these associations,
wever, economies are not immediately realized, due in
rt to duplications which must of necessity be gradually
iminated. It is also well to bear in mind that, particularly
iring the initial development period of the International
stem and even in its successive periods of development,
rge investments are made and will be carried without
mediate return of income on such investments, or with
adequate return on investments in companies which are
dergoing reorganization and expansion.
It is generally recognized that wire and wireless commucations services are complementary to each other, and the
vantage of their association is manifest as it permits of
e most efficient and economical use of both wire and wire85 in their respective fields, In Great Britain, Prance,
ermany and Italy, unification of the cable and wireless
rvices, through consolidation or joint working agreements,
s been or is being effected.
The desirability of consolidating the radio communicans services of the Radio Corporation of America with the
mmunications services of the International Telephone and
legraph Corporation has been recognized by both Corpotions, and a tentative plan has been agreed upon under
ich the communications services of the Radio Corporan of America may be acquired by the International Corpotion when the law permits.
An agreement was signed on December 31 1928 between
All America Cables, Incorporated and the Compagnie Francalse des Cables Telegraphiques (Paris) which provides for
the operation during a twelve year period by All America
Cables of the United States and Haiti Telegraph and Cable
Company and the French Antilles Cable System connecting
Cuba, Haiti, Santo Domingo, Porto Rico, St. Thomas, Curacao and Venezuela, which Cables total some 3,200 nautical
miles.
On December 11 1928 an offer was made through a Banking Syndicate for the acquisition of the Ordinary (Common)
shares of the United River Plate Telephone Company, Limited, the Shareholders of that Company having been given
the opportunity to deposit their shares and to receive in
payment either part cash and part stock of the International
Corporation, or all cash, and the operation was completed
to the satisfaction of all. At this date the International
Corporation has acquired 99.9% of the outstanding Ordinary
(Common) shares of that Company.
One of the gratifying results of the acquisition of the
United River Plate Telephone Company, Limited, was the
increase in thelist of British Stockholders of the International
Telephone and Telegraph Corporation. Temporary certificates were issued to the shareholders of the United River
Plate Telephone Company, Limited, who deposited their
shares against payment, part in cash and part in stock of
the International Corporation, and it is expected that, when
the definitive stock certificates are issued, there will be over
1,300 new British holders of the stock of your Corporation.
The stock of the International Telephone and Telegraph
Corporation is listed on the London Stock Exchange.
The United River Plate Telephone Company, Limited,
owns and operates the largest telephone system in South
•
America. As of December 31 1928 the Company had 194,566
telephones in service in the Argentine. Of this number,
there were 131,154 telephones in Buenos Aires, the capital of
Argentina, which has a population of over 2,000,000 inhabitants.
There was acquired by your Corporationin July 1928 the
controlling stock interest in Creed & Company, Limited, of
Croydon, England. This Company, which was established
in the year 1912, is engaged in the development and manufacture of automatic printer telegraph equipment and accessories for use on land lines and submarine telegraph cables
as well as the manufacture of apparatus and equipment for
manually operated telegraph circuits. Due to the development work of Mr. F. G. Creed, the founder, and the high
quality of their equipment, their apparatus has been distributed throughout the world. Mr. Creed, who will continue as Chairman of Creed & Company, Limited, will at the
same time carry on his development work for the Company.
The International Standard Electric Corporation during
the current year has acquired a substantial interest in the
Ferdinand Schuchhardt Berliner Fernsprech-und Telegraphenwerk, A. G. (telephone and telegraph apparatus factory),
located at Berlin. It is planned in co-operation with German industrialists and bankers to develop this and other
factories in Germany in order to provide for a larger
national distribution of telephone and telegraph equipment
as well as to develop an export trade in such equipment.
The Postal Telegraph and Cable Corporation was organized May 18 1928 to acquire the interests of The Mackay
Companies, which include the ownership or operation of
Commercial Cables from the United States and Canada to
Great Britain and Ireland, France and Cuba, aggregating
approximately 27,000 nautical miles; Commercial Pacific
Cables from San Francisco to the Hawaiian Islands, Midway
Island, Island of Guam, Philippine Islands and Shanghai,
with a branch connecting at the Bonin Islands with the
Japanese Government cable to Japan, with a total of slightly
over 10,000 nautical miles; Postal Telegraph, with its nationwide telegraph service throughout the United States; and
Mackay Radio, with a point-to-point wireless telegraph system between certain principal cities in California, Washington and Oregon and a Pacific ship-to-shore wireless
service.
The Postal Telegraph and Cable Corporation, of which
the Common stock is all held by the International Corporation, has acquired to date through the exchange of securities
98% of the Common shares and 95% of the Preferred shares
of The Mackay Companies as well as all but $200,000 of
the total of $20,000,000 of 4% Bonds and 4% Debenture
stock of The Commercial Cable Company.
All America Cables, Incorporated, which became associated in 1927 with the International Corporation, owns and
3538
FINANCIAL CHRONICLE
operates cables and connecting land lines between North
America, the West Indies, Central and South America, and
its system comprises nearly 27,000 nautical miles of cables
and connecting land lines. Its cables and land lines extend
to 23 countries and islands and through connecting companies practically every island in the West Indies and all
countries of Central and South America are served by this
system.
The Cuban American Telephone and Telegraph Company,
which is jointly owned by the American Telephone and Telegraph Company and the International Telephone and Telegraph Corporation, and which owns and operates the three
Key West-Havana cables, reported for the year 1928 a satisfactory increase in telephone traffic and, in addition, the
carrier telegraph equipment installed on these cables was
remodeled and six new channels added so that there are
now available nine carrier telegraph channels on the three
cables.
The Trans-Andean telephone service connecting Chile with
the Argentine and Uruguay was successfully inaugurated by
the Presidents of the three countries on June 22 1928. The
traffic between the Argentine, Uruguay and Chile will be
further increased by the connection of this service with the
United River Plate Telephone Company's system. Subject
to necessary agreements with the Governments concerned
and with connecting companies, it is planned to extend this
international long distance service through southern Brazil
to Sao Paulo and Rio de Janeiro.
During the year 1928 the International Corporation's
associated system in Spain, Cuba and Mexico were placed in
communication with each other through the connecting services of the French Post Office, the British Post Office and
the American Telephone and Telegraph Company. Telephone service between Spain and the United States was
inaugurated on October 13 1928 by His Majesty King Alfonso XIII and President Coolidge; and with Cuba, the
service was inaugurated by His Majesty the King and President Machado on November 13 1928. Telephone service
between Spain and Mexico was established on November 30
1928.
The International Radio Company of Argentina, an Associated Company of International Corporation, is installing a
wireless telephone station at Buenos Aires for service with
Spain, which it plans to inaugurate in the early fall of this
year. This service will be available to the United River
Plate Telephone system and the other associated telephone
systems in the adjoining countries.
The International Radio Company of Argentina is also
Installing a station at Buenos Aires for service with the
United States of America and it is planned to inaugurate
this service shortly after the end of the current year. The
Buenos Aires station, which will connect with the Argentine
telephone system and other associated telephone systems,
will communicate in the United States with the wireless
telephone station and telephone system of the American
Telephone and Telegraph Company.
The International Radio Company of Chile, another Associated Company, has ordered the equipment for its station
at Santiago, Chile, and will establish as promptly as practicable wireless telephone service with Europe and the
United States.
The International Standard Electric Corporation has installed on a transatlantic liner short-wave wireless telephone equipment which will be put under the severest tests
with the view of developing ship-to-ship and ship-to-shore
commercial wireless telephone service. This should make
it possible for travellers to be in constant touch with one or
more shore stations as well as with other ship stations.
The commercial application of this service will be actively
developed.
COMMUNICATIONS COMPANIES.
The Postal Telegraph and Cable Corporation, through its
Associated Companies, Postal Telegraph, Commercial Cables
and Mackay Radio, handled an increasing volume of traffic.
Postal Telegraph is a very important part of the communication system of the International Corporation and all
necessary steps are being taken to develop its service within
the United States as well as to meet its obligations in connection with international communications. A large number of telegraph printers, which receive and send the written message on the same principle as a typewriter, are being
installed both in the central operating offices and with
customers.
As a result of contracts entered into with the American
Telephone and Telegraph Company and associated companies (Bell System) -and, subject to the terms of these
contracts, every telephone, whether on the premises of a
customer or in a public telephone pay station, may be used
to send Postal telegrams, and the telephone companies will
bill and collect for such telegraph service. This arrangement has already been put into effect in a great number of
cities and towns and will be extended as rapidly as possible.
Postal Telegraph under these contracts may secure additional facilities within municipalities and between munici-
[VOL. 128.
palities and, by these means, extensions to new territory an
relief over existing routes can be quickly obtained.
Facsimile telegraph service, known as "Photograms," wa
inaugurated for the first time in the United States by Pea
Telegraph in September 1928 and its use is being develo a.,
Commercial Cables during the year 1928 maintained it
high standard of service and with its cables working dir
with England, France and Germany an almost instantaneou
service is given to these countries.
_ During the preceding months of the current year there ha
been a large increase in traffic handled by Commerci
Cables. The rates for night letter messages to Great Brita
and Ireland were reduced to 4c. per word and for week-en
letter messages to 3c. per word. Reduction of present rate
for these services to other countries will be put into eff
as soon as necessary arrangements are made in the countri
served.
Mackay Radio inaugurated on May 1st of this year its ne
short-wave wireless telegraph service between San Fra
cireo and Honolulu and it is proposed to promptly exten
the service to the Philippine Islands.
On the Atlantic the ship-to-shore wireless telegraph ser
ice was inaugurated on May 15th of this year by Macke
Radio from its station located at Sayville, Long Island. Phi
station is equipped with a modern short-wave system an
will be arranged to communicate in due course with th
other radio telegraph stations being installed in Sou
America and'Europe by the International System.
The total number of messages handled by Postal Tel
graph, Commercial Cables and Mackay Radio during th
year 1928 amounted to 47,665,930 as compared with 45
329,101 in 1927.
All America Cables, Incorporated, during the year 192
maintained and developed its efficient services to the We
Indies, Central and South America.
Under agreement with the Compagnie Francalse d
Cables Telegraphiques (Paris), All America Cables too
over as of January 1 1929 the operation of the United State
and Haiti Telegraph and Cable Company's cable from Ne
York to Cape Haltien and the cables of the French Antille
System connecting Cuba, Haiti, Santo Domingo, Porto Ric
St. Thomas, Curacao and Venezuela.
As an intereSting result of this operation All Americ
Cables has made important reductions in cable rates t
Haiti, Santo Domingo, Curacao and Venezuela, thereby co
tinning the long established policy of this Company
providing at reasonable rates the best possible facilities t
the countries it serves.
The total number of messages handled by All Americ
Cables during the year 1928 amounted to 2,549,456 as co
pared with 2,372,877 during 1927.
The submarine cables operated by the Communicatio
Companies now total approximately 65,000 nautical mil
and it is planned to supplement the present cable system b
the latest type of telephone land telegraph cables to provid
for telephone service to certain countries and much greate
telegraph capacity to most of the countries served by th
International System.
The efficiency and capacity of the cables, wires and wir
less equipment now in service may be increased somewh
but the new types of cables, carrier current for wire servic
and shortwave wireless equinment will have so much greate
traffic capacity that new commercial practices and servic
must be adopted to absorb these capacities. It cannot b
denied that the engineering development of communicatio
facilities in respect to cables, wire and wireless, has ou
distanced the adoption of more advanced commercial pra
tices in the use of such services. Commercial developme
studies are being emphasized and it is confidently expecte
that within a reasonable time greater facilities and mo
varied types of service will generally be available and tha
in consequence, the volume of traffic handled by our I II
munication services will be very much greater.
TELEPHONE OPERATING COMPANIES.
The development and expansion of the associated tel
companies during 1928 were generally ver
sat
phone
The Compania Telefonica Nacional de Espana, whic
undertook to carry out an exacting five year program
provided for in the concession contract, will complete th
program well ahead of the specified time and has also place
in service additional plant to take care of the ever-increa
ing demand for long distance service.
Spain has to-day one Of the very best telephone syste
in the world. This development of a complete and high'
efficient national telephone system in less than a five ye
period is an outstanding achievement. Nearly 58% of th
telephones in service are of the Rotary automatic syste
a higher percentage of automatic telephones to total s
tions than exists in any other country in Europe.
In Madrid, where complete automatic telephone servi
was inaugurated in 1926, there was an increase during 192
of 5,426 telephones, with a total of 29,362 telephones
service at December 31 1928. Complete automatic tel
phone service was inaugurated in Barcelona, Bilbao, Co
MAY 25 1929.]
FINANCIAL CHRONICLE
3539
dova, Malaga, Seville and Valencia during the year 1928 ment of the plant and service so that the people of Buenos
and automatic service will be established in Cadiz, Granada, Aires may be justly proud of having one of the best teleMurcia, Oviedo, Valladolid and Vigo during the current phone services in the world.
A complete engineering and commercial survey is being
year.
During the year 1928 telephone service was extended to made of this property and, subject to satisfactory agree314 cities and towns, of which 125 were given local and long ment with the Government of the Argentine, a considerable
distance service and 189 long distance service. As of Sep- expansion of the properties and services rendered by this
tember 1 1924, when the Compania Telefonica Nacional de Company will be undertaken.
The Montevideo Telephone Company, Limited, which beEspana started to operate, there were but 581 cities and
towns with long distance service and at the end of the year came associated with the International Corporation during
1928 there were 2,051 communities connected and forming 1927, has continued to maintain its services and minor extensions have been made. There have been no major develpart of the Spanish telephone system.
It is worthy of note that, at the time the concession was opments, however, pending action on the part of the Governgranted by the Spanish Government, international telephone ment with respect to a new concession contract which would
communications from Spain were limited to inadequate permit of the installation of a complete automatic telephone
service from Barcelona and Madrid, in addition to the fron- system in Montevideo and the extension of modern teletier towns, with certain cities of France and Switzerland. phone service through'out the Republic of Uruguay.
The total daily average messages from Madrid and BarceThe activities of the Companhia Telephonica Rio Granlona were 169 messages. At the present time every tele- dense (Rio Grande do Sul, Brazil) were principally dephone in Spain can avail itself of thoroughly efficient inter- voted to improving maintenance conditions and rebuilding
national long distance service, connecting with Lisbon (Por- of certain portions of its telephone and telegraph plant.
tugal), Gibraltar, Ceuta (Morocco) and principal cities and As a result of these improvements, the Company was able
towns of Austria, Belgium, Czechoslovakia, Denmark, to handle an increase of approximately 31% in telegraph
France, Germany, Great Britain, Holland, Italy, Luxem- traffic.
burg, Norway, Sweden and Switzerland. The average daily
During the year direct radio telegraph service was inaugumessages for the first quarter of 1929 between Spain and rated between Porto Alegre, Brazil, and Buenos Aires, ArPortugal, England, France, Switzerland, Belgium and Ger- gentina, which service connects all points in the State of
many were over 745 messages. The economic value to Spain, Rio Grande do Sul. Brazil, with all telegraph stations in
as represented by this large growth in its international com- Argentina.
munications services, must remain unquestioned.
The Sociedad Co-operativa Telefonica Nacional (MonteIn addition to the services established with the other Eu- video) and the Compania Telefonica Argentina (Buenos
ropean countries mentioned, long distance telephone service Aires) have made normal progress; maintenance conditions
was established between Spain, and the United States and have been considerably improved and the outstanding
Canada, and with the Associated Companies of the Inter- achievement of these Companies during the past year was
national Corporation in Mexico and Cuba.
the establishment, in connection with The Chill Telephone
As a result of these long distance services in a period of Company, Limited, and All America Cables, Incorporated,
less than five years every telephone in Spain, which in 1924 of long distance telephone service between Uruguay, Arcould connect with not more than 25,000 telephones, may gentina and Chile.
now be connected with over 20,000,000 telephones on this
MANUFACTURING COMPANIES.
side of the Atlantic in addition to approximately 7,000,000
telephones on the European Continent.
International Standard Electric Corporation's AssoThe
Notwithstanding the economic depression in Cuba, due to ciated Companies have manufacturing plants in Antwerp,
the low price of sugar, the Cuban Telephone Company had a Budapest, London, Madrid, Milan, Paris, Shanghai, Sydney,
net increase of 4,870 telephones. There was an increase of Tokyo and Vienna.
3,609 telephones in the City of Havana, which city on DeThe consolidated sales of the International Standard
cember 31 1928 had a total of 50,123 automatic telephones Electric Corporation and Associated Companies for the year
In service.
1928 totaled $48,976,425 as compared with $43,491,948 for
There was also a satisfactory Increase of long distance 1927. The increase in sales was 12.6% and the estimated
telephone service with the United States. Through the sales for 1929 indicate an even greater increase than obCuban American Telephone and Telegraph Company's cables tained in 1928.
and the wire and wireless system of the American Telephone
Orders on hand on January 1 1929 were $30,442,558 as
and Telegraph Company, the subscribers of the Cuban Tele- compared with $29,085,166 on January 1 1928. The increase
phone Company may be connected with over 80% of the of orders on hand was particularly satisfactory as the
world's telephones.
speeding up of production and availability of increased facThe development of the Porto Rico Telephone Company's tory capacity has resulted in generally cutting down the
system has been somewhat retarded by the economic situa- delivery time on major equipment from one-quarter to onetion resulting from the devastating hurricane of September half the time previously required.
13 1928 and a short period of rehabilitation is required. An
The generally recognized high quality of the products of
exemplary spirit was shown by the staff and employees in our factories, as well as of their engineering services, gives
repairing and reconstructing the damaged lines and equip- every promise of the continuing development of this prinment and putting them back into service with a minimum of cipal manufacturing branch of the International Corporadelay. There were in service, on December 31 1928, 12,156 tion. By the development of national factories, it is possible
telephones, a decrease of 246 telephones as compared with to cater to the national characteristics and meet the desires
December 31 1927, which, however, should be more than of government administrations and companies which favor
national manufacture.
made up during the current year.
The Rotary automatic system, which was developed by
The Mexican Telephone and Telegraph Company's system
was increased by 7,020 telephones to a total of 32,085 tele- the engineers of the International Standard Electric Corpophones in service at December 31 1928. At the end of the ration and is a principal product of a number of the faccurrent year, with the completion of the exchanges now tories of the Standard, has met with increasing success in
under construction, Mexico City will be provided with com- its operation. Among the principal cities in which this system has been or is being installed may be mentioned Antplete automatic telephone service.
The long distance lines, connecting at the American border werp, Auckland, Barcelona, Brussels, Bucharest, Budapest,
with the American telephone system, have been hatisfac- Copenhagen, Geneva, The Hague, Madrid, Mexico City, Oslo;
torily maintained under all conditions and the toll service Paris, Rio de Janeiro, Shanghai and Zurich. It is expected
revenues for the year showed an increase of over 190%. •
that, with the continuous development of this system by
The Chili Telephone Company, Limited, had an increase our laboratories tending to lower the cost of production,
of 3,543 telephones, with a total of 31,116 telephones in there will be an increasing sale of this machine-driven autoservice on December 31 1928. A special telephone law has matic system.
In other factories of the Standard Corporation the stepbeen submitted by the President of Chile to the Chilean
Congress and, when enacted, it will permit of the organiza- by-step automatic system is being produced with increasing
tion of a national telephone company and an intensive devel- distribution to those cities and countries which are using
that system and here again our laboratory developments
opment of the telephone system of Chile.
The support which has been received from the Govern- have indicated that we will be able to produce a step-by-step
ment of Chile has been Most gratifying and is an encourage- automatic type simpler in construction and lower in cost.
The development of both the machine-driven (Rotary)
ment to intensify the reconstruction and expansion program
in order to provide Chile with the best possible telephone and step-by-step automatic systems will be interesting to
service and thereby effectively assist in the economic devel- watch, for, as may be seen, we occupy a principal position in
the development, manufacture and distribution of the Roopmedt of that progressive country.
The United River Plate Telephone Company, Limited, tary system as well as a strong position in the development,
which operates telephone systems in Buenos Aires and other production and distribution of the step-by-step system and
principal cities of the Argentine with connecting long dis- we are, therefore, able, irrespective of the type of system
tance lines, became associated with the International Corpo- desired, to maintain our important position in the manufacture and distribution of automatic systems.
ration as af January 1 1929.
The Standard Corporation is also manufacturing imIn Buenos Aires, the capital of Argentina, the fourth
largest city in the Americas and the eighth largest city in proved manual telephone systems and has made marked
the world, there is a real opportunity to plan the develop- progress in the development and manufacture of wireless
3540
FINANCIAL CHRONICLE
apparatus, long distance telephone cable systems and equipment for the transmission of pictures by wire. The Standard factories and also a number of other cable factories,
which have been licensed to manufacture the Standard sys, tern, have continued to supply the Major portion of the long
distance telephone cable systems in Europe and other
parts of the world.
The London factory completed the installation during
1928 of step-by-step automatic equipment for the Sloane,
Bermondsey and WeMeek exchanges of the London area
and, in addition to important orders on hand for the London
area, has also in production orders for step-by-step automatic equipment for the Newcastle and Maidstone areas.
The London factory has also placed in production an order
of 16,000 lines of Rotary automatic equipment for Cairo,
Egypt.
The Paris factory successfully completed on contract time
during 1928 the installation of the first 6,000 line Rotary
automatic equipment for the Paris area and an additional
14,000 lines were turned over to the French Telephone Administration on April 14th of the current year. There are
on order for delivery during 1929 and 1930 a total of 34,000
Rotary automatic lines for the Paris area.
The Antwerp factory during the year 1928 completed
the Paille Rotary automatic exchange in Brussels and has
on hand orders for over 50,000 Rotary automatic lines for
Brussels, Antwerp, Liege and Ghent.
A total of 139,860 Rotary automatic lines manufactured
by the Antwerp factory were put into operation during the
year 1928, the larger part of which was exported for installation in 27 cities and 10 countries. Among the export
orders now in production are 16,800 lines for Geneva,
Switzerland, 14,000 lines for Copenhagen, Denmark, and
9,000 lines for Shanghai, China.
The Madrid factory is now fully equipped and has begun
the manufacture of Rotary automatic equipment for the
Spanish telephone operating company, which equipment was
imported from the Antwerp factory during the initial construction period of the Spanish telephone system.
The Budapest factory has continued its successful production of Rotary automatic equipment and is carrying out
In a satisfactory way its principal installation of 70,000
Rotary automatic lines in Budapest, the capital of Hungary.
The Tokyo factory has on order and in production the
first nationally made step-by-step automatic equipment. It
is expected that the national manufacture of automatic
equipment will be considerably developed to provide in a
large measure for the increasing demand for telephone service in Japan.
The Shanghai factory showed a very satisfactory improvement in business in spite of the unsettled condition in China
and its sales were increased more than 93% over the previous year. Among the interesting orders received during
1928 was an order from the Canton municipality for 4,000
lines of Rotary automatic equipment.
Compagnie des Telephones Thomson-Houston (Paris), an
Associated Company of the International Corporation, increased its volume of sales for the year 1928 to 78,999,434
francs as compared with 71,614,504 francs for 1927. Orders
on hand on December 31 1928 amounted to 42,714,337 francs
as compared with 42,449,909 francs at the close of the
previous year. Among the sales and installations made
during 1928 of the step-by-step automatic equipment manufactured by this factory may be mentioned the exchanges
for Rabat, Casablanca and Fez (Morocco) and Tunis
(Tunis).
Creed & Company, Limited, of Croydon, England, which
became associated with the International Corporation during 1928, has met with increasing success in the manufacture
and sale of cable and telegraph equipment and it is planned
to enlarge the facilities of this company during the ensuing year to meet anticipated increase in sales. This is fully
borne out by their sales during the first quarter of the
current year. '
[Vol.. 128.
The London and Paris laboratories are complementary to
each other in that the field of research and development is
divided between them but a uniformity of methods is followed which, combined with their location, permits a truly
international spirit and outlook. In this connection it is
interesting to note that representatives of fifteen nationalities are on their payrolls and that among the employes are
graduates of practically every university internationally
known for its scientific training.
The practical results already obtained from our laboratories are too numerous to mention in this report. They
have extended into the entire field of communications as
well as to the designing of apparatus with the view of
bringing about, to the fullest extent possible, standardization and lower cost of production in the factories. Among
certain developments of note, the following may be mentioned:
The development of a new telephone hand set, equal in
every way to the best known types but with very distinct
advantages both in respect to its manufacture and maintenance as well as greater satisfaction to the users.
As a result of scientific research in our laboratories, a
new process of making cable has been evolved which produces a more efficient long distance telephone cable than
any previously known type. •
In the radio broadcasting field the development in our
laboratories has resulted in our obtaining the order for the
world's largest radio broadcasting station, to be located at
Prague, Czechoslovakia, and with a capacity of 120 KW.
The research and development work carried on during
1928 has resulted in 144 inventions which have been considered worthy of patent protection. Some of these inventories have been incorporated in wire and wireless telephone equipment already furnished to our customers. The
filing of 715 patent applications in 41 countries and the
grant of 273 patents in 31 countries to our Manufacturing
Companies in 1928 shows good progress in the endeavor to
secure protection under the patent laws for the products
and processes of the International System.
On December 31 1928 your Associated Companies owned
1,395 pending patent applications, 5,560 patents, and were
licensed under more than 3,500 patents and patent applications owned by others. These patents and patent applications are spread over a total of 69 countries.
NEW YORK GENERAL OFFICES.
The expansion of the International Corporation not only
made it necessary shortly after moving to our new General
Offices in the International Telephone Building at 67 Broad
Street to occupy all of the building under lease, but it was
recognized that the option which was held for the purchase
of this building should be anticipated and that the adjoining
properties should be acquired, so that an addition to the
building might be constructed with a minimum of delay.
Accordingly, all of the adjoining property on Broad Street
up to and including the corner of South William Street was
acquired during 1928, the present building-67 Broad Street
—has also since been purchased and construction of the
addition to our building has been started. It is expected
that such addition, which will more than double our present
floor space, will be completed and ready for occupancy by
May 1 1930.
The present building at 67 Broad Street was designed by
our own architects and a minimum of alterations will be
required in the building of the addition. When completed
the entire building will form a unit of attractive architecture which will extend on Broad Street from the corner
of Beaver Street to South William Street, with a total floor
space of 454,000 square feet and an over-all height of 456
feet, including the tower structure above its 33 office floors.
In the building will be installed the central operating
rooms of the Postal Telegraph, Commercial Cables, All
America Cables and Mackay Radio with ample room for the
development of these services.
The International Telephone Building Corporation, a subsidiary of your Corporation, has taken title to the present
RESEARCH LABORATORIES.
'building and the adjoining property as well as to the two
The International Communications Laboratories, Inc., of buildings of All America Cables at 89 Broad Street and 33-37
New York was organized by your Corporation for the pur- South William Street and the 253 Broadway building prepose of research and development in connection with our viously occupied by The Mackay Companies.
cable, telegraph and wireless systems in the United States.
ORGANIZATION.
These laboratories will also carry on research and development work in terminal equipment for new types of subThe stockholders approved at the Annual Stockholders'
marine telephone and telegraph cable.
Meeting held on May 9 1928 the issuance of 13,000 shares
The European laboratories, which are located at London for subscription by employees. This stock was offered to the
and Paris, have been extended and supplied with the most employees for subscription on a basis of one share of stock
advanced equipment to enable the scientific workers to at par for each $600 of salary received and with a miximum
explore the complete field of research and to successfully subscription on the part of any employee for 50 shares of
bridge the gap between this and the practical utility field stock. The subscriptions received from 8,592 employees were
in a manner which should result in satisfying the national for a total of 21,491 shares and the stock was allotted pro
characteristic requirements of our international clientele; rata to permit all subscribers to obtain one or more shares
improved communications to the user; better and more eco- of stock.
nomical manufacturing methods for our Manufacturing
In view of the inadequate amount of stock available for
Companies and in establishing our System as second to employees subscription in the past and the keen desire of
none in the type, quality and range of the communication the old and new employees to subscribe for the stock of your
services which it offers.
Corporation, the Banking Syndicate, through which was
FINANCIAL CHRONICLE
MAY 25 19291
3541
As of January 1 1929 your Corporation Issued $56,911,400
consummated the acquisition of the United River Plate
/
41 2% Gold Deapproached with the view principal amount of Ten Year Convertible
Telephone Company, Limited, was
Directors
International stock benture Bonds, as authorized by your Board of
of acquiring a block of 60,000 shares of
Syndicate on December 10 1928, to provide for additional capital refor subscription by the employees. The Banking
and for funds necessary to acquire the Ordinary
readily co-operated in the transfer of these shares to be quirements shares of the United River Plate Telephone
available for subscription by the employees of the (Common)
made
Limited. These Bonds are convertible into ComInternational System through a trust in such form and Company,
mon stock of your Corporation after July 1 1929 on the basis
may be determined by your Board of Directors.
manner as
Bonds for $100 par value of stock and subject
From this block of stock your Board of Directors has of $200 in
as well as certain adoffering of stock to officers to an increasing rate of conversion
decided to make an immediate
Com- justment provisions of the conversion rate. The stockholdand employees of your Corporation and Associated
International Corporation were offered these
panies. Officers who are directors are not excluded from ers of the price of $98 for $100 principal amount of Bonds
Bonds at a
participation, this being considered a just measure in order
the ratio of $100 principal amount of Bonds for
not to differentiate between officers of equal rank who and in
of stock held by the stockholders on the
may or may not be directors of your Corporation; and, as in each 2% shares
December 21 1928. Those of the stockholders
a reasonable maximum number of shares for dis- date of record,
the past,
subscribe were able to dispose advantageously
tribution to any one employee under the offer will be who did not
stock will not in itself be of their rights.
determined. As this block of
At the Special Stockholders' Meeting held on May 8 1929
sufficient to take care of the anticipated subscription by
of the
of Di- the stockholders approved the change and increase
the employees in the immediate future, your Board
authorized capital stock of the International Telephone and
rectors has also decided to issue for the benefit of employees
Corporation from 2,500,000 shares of $100 par
an amount of stock not in excess of one-tenth the amount Telegraph
to a total of 15,000,000 shares without par value.
stock which may be issued from time to time to the value each
of
also approved the conversion of the issued
, for cash, at an issue price of not less than the The stockholders
stockholders
and outstanding capital stock from $100 par value per share
the stockholders.
amount to be paid by
value stock and a split of three shares no par value
The approval by the stockholders at the meeting held on to no par
issued and
is most gratifying, stock for each share of $100 par value stock now
May 8 1929 of the action above outlined
to stimulate the outstanding.
as these measures will undoubtedly tend
The Consolidated Balance Sheet and Statement of ConInterest and efforts of the staff and employees in the develsolidated Income and Surplus Accounts of the International
opment of the International System.
Telegraph Corporation and Associated ComThe International Telephone Pension and Benefit Plan as Telephone and
herewith, show the important changes
approved by your Board of Directors was put into effect as panies, presented expansion of your Corporation.
1 1929 for the employees of the International resulting from the
of January
Regular dividends at the rate of 6% per annum were
Telephone and Telegraph Corporation and recommendation
be adopted as soon as practicable by distributed quarterly, adequate reserves were established
made that such a plan
and the balance of net income was transferred to surplus.
the Associated Companies of the International System.
surplus at the end of the year was increased
Very careful consideration was given to the preparation The net earned
and total earned and capital surplus
of this plan. All well-known pension and benefit plans in by $5,835,659.55
$34,709,760.93 at December 31 1928.
the United States and foreign countries were studied and amounted to
Too much cannot be said for the enthusiastic efforts of
expert actuarial advice obtained and it is believed that the
of the International System as a
International Telephone Pension and Benefit Plan, as the staff and employees
may be made of the staff and
adopted, is considerably in advance of any other known whole, but particular mention
for a traffic
there is no contribution on the part of the employees of Postal Telegraph, who are out
plan to which
record during the current year and an increasing share of
employees.
the United States.
The outstanding feature of the plan is the continuity of the telegraph business of
For the Board of Directors,
the pension to dependents. Your Board of Directors felt
that protection should be provided, within reasonable limiSOSTHENES BEISEN, President
tations, for the dependents of those whose deaths occur in
and of the pensioners. The education of minor
the service
children and the requirements of dependent widows and
CONSOLIDATED BALANCE SHEET—DEC; 31 1928
ASSETS
mothers during the difficult period of readjustment must
$209,339,119.81
appeal to all and it is believed that this insurance of the Plant and Property
15,933,722.28
the employee and that Patents, Licenses, Etc
future is one that should be given to
Advances to Assoc. & Allied Cos.:
It will bind them ever closer to the companies they serve. Investments in and
consolidated_ $36,457,806.96
Associated Companies not
8,452,306.79
Allied Companies
Your Board of Directors has also approved a group insur44,910,113.75
ance plan for the International System, which will permit Special Deposits
979.474.57
to obtain life insurance to the extent of their Deferred Charges:
the employees
expense in process of
a minimum cost to them. This group
annual salaries at
Bond discount and
$4,709,401.94
amortization
Insurance plan will be promptly placed in effect for the
Prepaid accts. and other deferred charges 7,706,342.16
12.415,744.10
l Corporation and will be
employees of the Internationa
2,652,308.53
extended to the Associated Companies as soon as prac- Miscellaneous Accounts and Investments
Current Assets:
ticable.
$24,110,422.21
Cash in banks and on hand
26,630.287.98
Including the employees of the Companies associated since
Marketable securities
29,023,927.03
Accounts and notes receivable
the first of the current year, there are now over 85,000 em23,546,942.61
Merchandise, materials and supplies
150,336.80
Deposits to meet matured int.,dive., &c..
ployees in the cable, telegraph, wireless, telephone, manufac221,933.07
Sundry current assets
turing and laboratory branches of the International System.
103,683,849.70
These employees, who are distributed through nearly all
$389,914.332.74
the world and are keenly interested in the
countries of
development of their respective national enterprises, are
CONSOLIDATED BALANCE SHEET—DEC. 31 1928
equally interested in the development of the International
LIABILITIES
Corporation because of the benefits derived by their re- Capital Stock:
Common stock of International Telephone and Telegraph
spective enterprises from their association with our System
Corporation—Authorized 2,500,000 shares of $100 par
and of the greater opportunity which they can all find in
value each—
$142.278.500.00
Issued and outstanding 1,422,785 shares
International System.
the
40,580,589.51
Associated Companies
Preferred stock of
Minority Stockholders' Equity in Common Stock and Sur15,617,828.44
plus of Companies Herein Consolidated
Funded Debt:
International Telephone and Telegraph
During the year 1928 the outstanding capital stock of
-25 Year 4M % Gold Debenture
Corp.
your Corporation was increased from 1,301,994 shares to
Bonds,due July 1 1952—Outstanding_ $35,000,000.00
58,516,876.73
Associated Companies
1,422,785 shares, or an increase of 120,791 shares. Of this
93,516,876.73
number 13,316 additional shares were issued in exchange Deferred Liabilities:
$337,845.36
stock of All America Cables, Incorporated;
Subscribers' deposits
for outstanding
Employees' benefit and pension reserves. 7,825,119.30
94,475 shares were issued in connection with the acquisition
8,162,764.66
of the Postal Telegraph and Cable Corporation's Common Current Liabilities:
$23.158.548.20
Notes and bills payable
stock, and 13,000 shares were made available for subscrip10.281,584.84
Accounts and wages payable
5,213,364.54
Accrued interest and dividends payable
tion by the employees under the third special offer for the
4,057,682.91
Accrued taxes
345,214.68
Sundry current liabilities
sale of International Telephone and Telegraph Corporation
43,056,395.17
stock to employees.
Reserves:
For deprec., replacements and renewals_ $10,822,059.57
At the end of 1928 there was a total of 16,568 stockholders
For contingencies, &c
1,169,557.73
of the International Telephone and Telegraph Corporation
11,991.617.30
as compared with 11,682 at the end of 1927. As of April 27 Surplus:
Capital
$13,238,083.69
1929 the total number of stockholders was increased to
Earned
21,471,677.24
34,709,760.93
18,043, not including all of the new stockholders who will
FINANCIAL.
result from the acquisition of the Ordinary (Common)
shares of the United River Plate Telephone Company,
Limited.
$389,914.332.74
EDWIN F. CHINL1JND, Comptroller.
3542
FINANCIAL
STATEMENT OF CONSOLIDATED INCOME AND SURPLUS
ACCOUNTS FOR THE YEAR ENDED DEC. 31 1928
(After giving effect for full year to earnings of properties acquired during
the period and to interest and dividend charges on Bonds and Preferred stock
issued during the period by Associated Companies to acquire properties.)
CONSOLIDATED INCOME ACCOUNT
Earnings:
Telephone, telegraph and cable operating
revenues and gross profit on sales
$71,444,763.79
Fees for services
2,300,149.91
Interest
3,792,048.97
Divs. (including $458,676.86 from Associated Companies not consolidated)
1,724,840.86
Miscellaneous
1,973,020.65
$81,234,824.18
Operating, Selling and General Expenses, Taxes & Deprec'n 58,180,995.62
Net earnings
$23,053,828.56
Deduct—Charges of Associated Companies:
Interest charges
$3,224,508.43
Dividends on Preferred stock
2,730,746.56
Minority Stockholders' equity in net inc_
927,236.66
6,882,491.65
Net Income before Deducting Interest on Debenture Bonds.. $16,171,336.91
Deduct:
Interest on 25 Year 434% Gold Debenture Bonds
1,575,000.00
CHRONICLE
[VOL. 128.
Capital Surplus—January 1 1928
Additions during year—net
$5,529,229.56
7.708,854.13
Capital Surplus—December 31 1928
Total surplus—December 31 1928
13,238,083.69
$34,709,760.93
EDWIN F. CHINLUND, Comptroller.
Cable Address "Arthander"
ARTHUR ANDERSEN & CO.
Accountants and Auditors
Members American Institute of Accountants
67 Wall Street, New York
AUDITORS' CERTIFICATE
We have examined the accounts for the year ended December 31
of the International Telephone and Telegraph Corporation; the 1928,
Postal
Telegraph and Cable Corporation and principal associated companies; the
International Standard Electric Corporation: and also the associated companies in Cuba. Porto Rico and Mexico. For the associated companies
consolidated which we have not ourselves audited, we have been furnished
Net income
$14,596,336.91 with independent auditors' certificates for all but one of the major companies; we have reviewed properly authenticated company
the consolidated companies not audited and also for the reports for all of'
associated comCONSOLIDATED SURPLUS ACCOUNT
panies not consolidated. The consolidated income account gives effect
for the full year to the operating results of associated companies acquired
Earned Surplus—January 1 1928
$15,636,017.69
during the year and to interest and dividend charges on bonds
ferred stocks issued during the year to acquire properties, and and Imo,Net income, as above
14,596,336.91
is based
$30,232,354.60 upon the company's provisions for depreciation and its allocation to capital
account and operation of general supervisory charges. The property acDeduct:
count, as stated in the consolidated balance sheet, reflects preliminary
Dividends
$8,173,740.00
valuations of the principal properties of the Postal Telegraph and Cable
Sundry surplus charges—net (including
Corporation, made by independent engineers.
portion of above earnings of Associated
*SO 4
Upon the basis of the foregoing, we certify that, in our opinion, the
Companies for the year applicable to
accompanying consolidated balance sheet andstatement of consolidated
period prior to date of acquisition, less
Income and surplus accounts fairly present the financial position as of'
adjustments for interest and dividend
December 31 1928 and the results of operations for the year ended thaticiate.
charges applicable to such prior period)
586,937.36
8,760,677.36
ARTHUR ANDERSEN & CO.
Earned Surplus—December 31 1928
$21,471,677.24 New York, N. Y. April 30 1929.
THE NEW YORK CENTRAL RAILROAD COMPANY
EXTRACTS FROM REPORT OF THE BOARD OF DIRECTORS TO THE STOCKHOLDERS FOR THE YEAR
ENDED DECEMBER 311928.
To the Stockholders of
INCOME ACCOUNT FOR THE YEAR.
Including Boston and Albany Railroad and The Ohio Central Lines.]
The New York Central Railroad Company:
Year Ended
Year Ended
The Board of Directors herewith submits its report for
Dec. 31 1928. Dec. 31 1927. Increase (4') Of
6.911.27 miles 6,906.21 miles Decrease (—)•
the year ended December 31 1928 with statements showing
Operating Income—operated
operated
5.06 miles
the income account and the financial condition of the Railway operations:
Railway operating
company. •
revenues
381,733,244.32 383.377,311.19 —1,644,066.87
THE YEAR'S BUSINESS.
Business handled in 1928 compared favorably with that
In 1927; Traffic during the first six months was substantially less than during the same period the previous year,
but a sharp recovery occurred during the last six months,
which was a reversal, generally, of the trend in 1927.
While the number of tons of revenue freight carried
showed a decrease as compared with 1927, there was a slight
Increase in the revenues derived therefrom. Passenger
revenues again showed a decrease from the preceding year
although the number of passengers Carried was greater, due
to the increase in commutation passengers, indicating the
continued growth of the suburban territory surrounding
New York City served by the company's lines. Although
there was a small decrease in operating revenues, total
operating income for the year was slightly greater than in
1927. The net income for the year, however, decreased
more than $8,000,000 as compared with 1927. This decrease
is attributable to the reduced receipts representing dividends upon the company's stock holdings, as set forth on
Page 8 rpamphlet report.] The principal factor in the lessened dividend income was the receipt in 1927 of an extra dividend of more than $9,000,000 upon the company's holdings
of stock of The Michigan Central Railroad Company, while
no extra dividend was paid by that company in 1928.
The capital structure of the company was further improved during the year by the issue of an additional $41,975,900 of stock and the retirement of $50,000,000 of funded
debt. This makes the ratin of capital stock to total capitalization 42.74% as compared with 38.34% at the end
of 1927.
The company continued during the year its large expenditures on improvements to roadway and structures and in
purchase of equipment in order that its business might be
handled more efficiently and economically and its passengers accommodated with greater comfort. A detail of some
of the more important projects is given later in this report.
Railway operating
expenses
288,250.203.20 293,399,836.25 —5,149,633.05
Net revenue from railway operations— 93,483,041.12 89.977,474.94
Percentage of expenses
to revenues
(75.51)
(76.53)
Railway tax accruals
29,136.903.40 25,193,779.94
Uncollectible railway revenues
130,543.88
106,116.97
By. operating income_ 64.215,593.84 64,677,578.03
Equipm't rents, net debit 5,082,960.30
Joint facility rents, net
credit
3,089,488.42
5,831,379.94
+3,505,566.18
(-1.02)
+3,943,123.46
+24,426.91
—461,984.19
—748,419.64
2,977,628.96
+111,859.46
Net railway operating
income
62,222,121.96 61,823,827.05
+398,294.91
Miscellaneous operations:
Revenues
806,434.21
—37,967.27
844.401.48
Expenses and taxes
—27,498.54
771,857.88
799,356.42
Miscellaneous operating income
—10,468.73
34.576.33
45,045.06
Total operatingincome 62,256,698.29 61,868,872.11
+387,826.18
Non-Operating Income—
Income from lease ofroad-+2,915.19
118,545.02
121,460.21
Miscellaneous rent income- 4,678,141.05 3,913,012.56
+765,128.49
Miscellaneous non-operating physical property.-- 1,670,448.10
218,305.67 +1,452,142.43
Separately operated properties—profit
625,521.14
1,046,006.81
—420,485.67
Dividend income
19.604,392.20 31,260,564.75 —11,656,172.55
Income from funded securities and accounts
3,251,582.82 3.230,591.21
+20,991.61
Income from unfunded soritiee and accounts
4,330,899.54 2,551,845.74 +1,779,053.80
Income from sinking and
other reserve funds
187,673.12
168,311.30
+19,361.73
Miscellaneous income
+23,126.60
124.622.45
101,495.85
Total non-operating income
34,594,740.63 42,608,679.00 —8,013,938.37
Gross income
98,851,438.92 104,477,551.11 —7,626,112.19
Deductionsfrom GrossIncome—
Rent for leased roads
—243,261.49
14,117,576.90 14,360,838.39
Miscellaneous rents
-dB=
893,639.29
1,381,959.89
Miscellaneous tax accruals- 1,738,966.97
266,405.56 +
Separately operated properties—loss
+52,899.70
52,899.70
Interest on funded debt--- 27,744.694.35 29,292,539.92 —1,547,845.57
Interest on unfunded debt_
+417.246.71
334,765.77
752,012.48
Amortization of discount on
funded debt
501,155.70
—44.773.85
456,381.85
Maintenance of investment
organization
—1.488.85
3,777.75
5,266.60
Miscellaneous inc. charges_
+10,889.35
268,683.93
257.794.58
Total deductions from
gross income
46,516,953.82 45,912,405.81
+604,548.01
Net income
50.334,485.10 58,565,145.30 —8,230,660.20
MAY 2.5 1929.]
FINANCIAL CHRONICLE
Year Ended
Year Ended
3543
received from the sale of these stocks was $41,758,325. The
cost of acquiring them, incurred in the years 1905-1910, was
$16,447,408.30.
The company sold 3,000 shares of stock of the American
Railway Express Company for $389,130. This stock was
carried upon the books of the company at par, $300,000.
The company sold 15,900 shares of stock of the American
30,622,487.22 +4.408.243.45
Express Company at $225 per share, receiving $3,577,500.
27,942,658.08 —12,638,903.65 The amount at which this stock appeared on the books of
the company plus the cost of transfer tax stamps was
PROFIT AND LOSS ACCOUNT.
$1,997,067.64.
alance to credit of profit and loss, Dec. 31 1927
$217.926,914.65
dditions:
The Federal tax of over $3,000,000 on the profits from
Surplus for the year 1928
$15,303,754.43
these transactions was charged against 1928 Income, while
Profit on property sold (net)
169,349.46
Profit on securities sold (net)
26,953,997.39
the profits were credited directly to the company's surplus
Sundry adjustments (net), unrefundable
overcharges, and uncollectible accounts 348,580.29
profit and loss account.
42,775,681.57 through
ISSUE OF ADDITIONAL CAPITAL STOCK.
$260.702,596.22
eductions:
Surplus appropriated for investment in
Stockholders of record at the close of business on June 15
physical property
$230,763.37
Depreciation prior to July 1 1907, on
1928 were offered the right to subscribe on or before August
equipment retired during year
534,400.39
29 1928 for additional stock of the Company to the extent
Loss on property retired
812,020.17
Cancellation of indebtedness of Raquette
of 10% of their holdings. This stock was offered at par,
Lake Railway Co. account deficit from
operation prior to Jan. 1 1928
326,795.71
installments of $50 per share each, due
1,903,979.64 payable in two
August 29 and December 14 1928, respectively, with an
Balance to credit of profit and loss, Dec. 31 1928----$258,798,616.58
option to subscribers to make a single payment on or before
OPERATING EXPENSES.
August 29 1928 of $101.27 per share; stock subscribed for
Operating expenses were as follows:
under the two payment plan being entitled to dividends
Increase (+) or
Amount.
Group—
Decrease (—).
payable on and after February 1 1929, and stock subscribed
aintenance of way and structures
$50,974,509.60 —$3,302,561.33
aintenance of equipment
81,947,793.73 +2.333,513.77 for on the single payment plan being entitled to dividends
elle expenses
5,426,534.18
+275,610.56
ansportation expenses
133.231,379.09 —1,384,067.03 payable on and after August 29 1928. Upon subscriptions
iscellaneous operations
6,306,741.07
+492,078.27
expenses
eneral
10.708,856.57 —3,484,196.80 under this offer $41,975,900 of stock was issued during the
ansportation for investment—credit
345,611.04
—80,010.49 year, making the total stock outstanding on December 31
Total
$288,250,203.20 —35.149,633.05 1928, $463,559,135.
NET INCOME BEFORE DIVIDENDS AND OTHER
RETIREMENT OF $50,000,000 OP LAKE SHORE AND
APPROPRIATIONS.
MICHIGAN SOUTHERN RAILWAY COMPANY BONDS.
The net income of the company was $50,334,485.10, a deThere became due on September 1 1928, $50,000,000 of
rease of $8,230,660.20, and amounted to 10.86% upon the
twenty-five year 4% bonds issued in 1903 by The Lake Shore
apital stock outstanding at the end of the year.
and Michigan Southern Railway Company (a corporate
DIVIDENDS.
predecessor of this company). The retirement of these
0.64 2% on 4,213,008.95 shares, declared March"14 1928.
bonds was provided for by the use of the proceeds of the
payable
1 1928
o. 55, 2% on 4,215,798.95 shares, declared June 13 1928, $8,426.017.90 sale of capital stock offered to the stockholders for subPayable Aug. 1 1928
8,431,597.90 scription, as hereinbefore set forth, and other funds in the
0. 56, 2% on 4,619,288.95 shares, declared Sept. 12 1928,
Payable Nov. 1 1928
8,726,145.60 treasury.
o. 57, 2% on 4,635,558.95 shares, declared Dec. 12 1928,
payable Feb. 1 1929
9,271.117.90
CHANGES IN THE COMPANY'S CAPITAL STRUCTURE.
Total for year,8%
$34,854,879.30
Dividends were not paid on unconverted scrip, equalling 33.4 shares for
The following table shows the record of capital stock,
hree quarters and 32.4 shares for the final quarter, nor on 5-100ths of a
hare held by the company. With respect to dividend No. 56, the amount funded debt, the ratio of capital stock to total capitalization,
hich would have been payable on the outstanding shares at 2% was reuced by crediting thereon, as an adjustment, the aggregate amount in and surplus:
cuss of par, at the rate of $1.27 per share, paid by subscribers to addlRatio of
tonal stock who elected to make payment of their subscriptions on the
Capital Stock
Capital
Ingle payment plan.
Including
Stock to
Funded
Premium
Total
Total Cap4SURPLUS.
Dale.
Debt.
Thereon.
Capitalization. talization. Surplus.
31 1915
8249,590,460 $681,240,153 $930.830,613 26.81% 537,550,480
After charges for dividends aggregating $34,854,879.30 Dec. 311016
Dec.
249,590,460 672,929.007 922,519,467 27.06% 65,642,319
Dec. 31 1917
249,849,360 690,665,086 940,514,446 26.57% 75,803,749
nd other appropriations amounting to $175,851.37, there Dec. 31 1918
249,849,360 688,297,201 938,146,561 28.63% 81,680,770
Dec. 31
249,849,360 671,666,782 921,518,142 27.11% 87,721,721
emained a surplus for the year of $15,303,754.43 which was Dec. 31 1919
1920
249,849,360 748.366,477 998,215,837 25.03% 90,055,227
249,849,360 739,592,969 989,442,329 25.25% 100,246,999
arried to the credit of profit and loss. At the end of the Dee. 31 1921
Dec. 31 1922
268,233,920 762,956,287 1,031,190.207 26.01% 101,519,922
ear the total corporate surplus was $261,796,939.61, which Dec. 31 1923
268,326,060 769.979.489 1,038,305,549 25.84% 123,173,460
Dec. 31 1924
305,310,300 776,916,391 1.082,226,691 28.21% 140,170.197
ncludes profit on securities sold referred to on page 10 Dee. 31 1925
387,655,085 696,501,507 1,084,156,592 35.76% 159,892,921
Dec. 31 1926
387,655,085 694,380,124 1.082,035,209 35.83% 187,821,081
report].
pamphlet
Dec. 31 1927
425,682,285 884,629.139 1,110,311,424 38.34% 220,524,740
Dec. 31 1928
468,206,961 627,268,271 1,095,475,232 42.74% 281,796,940
INCOME ACCOUNT COMPARISONS FOR RECENT
YEARS.
CHANGES IN ORGANIZATION.
Surplus
Effective May 9 1928 appropriate changes in the by-laws
First
Net
Gross
Carried to
Charges.
Income.
Revenue.
Dividends. Profit de Loss. of the
ear.
company having been made, the Finance Committee
921 ____322,819.568.75 54,927,739.96 22,295,685.78 12,479,641.01 9,747,587.57 was discontinued
and an Executive Committee of seven
922 _ _363,616,475.75 52,103,676.93 20,635,186.06 12,876,984.76 7,643,871.34
923.....421,034,783.91 50,528,266.88 45,339,426.69 17,432,978.43 27,748,777.54 members was appointed as follows:
924 ____369,606,930.30 49,670.903.64 39,250,399.92 20,728,835.39 18.399,461.00
925 __385,994,504.80 44,802,796.48 48,627,223.57 26,732,833.39 21,768.272.54
Albert H. Harris, Chairman
926 _A99,537,748.86 45,593,416.85 55,864,040.98 26,827,814.64 28,691,046.93
George F. Baker
William K. Vanderbilt
027 .....883,377,311.19 45,912,405.61 58,565,145.30 30,462,783.11 27,942,658.08
Harold S. Vanderbilt
928 ____381,733,244.32 40,518,953.82 50,334,485.10 34,854,879.30 15.303,754.43
Jackson E. Reynolds
Charles B. Seger
PROPERTY INVESTMENT ACCOUNTS.
Patrick E. Crowley
Changes in the property investment accounts for the year,
The Board records the election on June 13 1928 of James
shown in detail elsewhere in this report, were:
Simpson to fill the vacancy caused by the death of the
oad increased
$27.230.727.82 Hon. Chauncey M. Depew.
Outpment increased
4.540,134.25
iseellaneous physical property Increased
The following appointments were made: March 1 1928,
8,624,459,49
mDrevements on leased railway property decreased
2,552,023.30 Curtis M. Yohe, Assistant to President;
August 1 1928, Ed.„ A net increase of
$37,843,298.26 ward Hungerford, Assistant Vice-President
(Public RelaSALES OF SECURITIES DURING THE YEAR.
tions); February 1 1928, Robert N. Brockway, Assistant
The company sold to the Rochester Central Power Corpo- Treasurer.
The Board wishes to express its appreciation of the loyal
atlon its holdings of the capital stock of the Mohawk Valley
ompany, amounting to 511,430 shares, at $75 per share, and efficient service of the officers and employees of the
nd to E. L. Phillips its holdings of the capital stock of the company during the year.
For the Board of Directors,
ew York State Railways, consisting of 136,043 shares of
mmon stock, at $25 per share. The total consideration
.
P. E. CROWLEY,President.
Dec. 31 1928.
6,911.27 miles
Disposition of Net income— operated
Dividends declared (8%
$
in 1928: 73(% in 1927)-- 34,854,879.30
. •.g and other reserve
funds
175,851.37
vestment in physical
property
Total appropriations of
35,030.730.67
income
Surplus for the year carried to profit and loss_ 15,303,754.43
Dec. 31 1927. Increase (+) or
6,906.21 miles Decrease (—).
operated
5.06 miles
$
$
30,462,783.11 +4,392,096.19
159,054.11
+16.797.26
650.00
—650.00
3544
FINANCIAL CHRONICLE
[Vol,. 128.
COMPARATIVE CONDENSED GENERAL BALANCE SHEET,DECEMBER 31 1928 AND 1927.
ASSETS
1928.
Comparison.
$591,202,847.19 $27,230.727.82 I
1927.
Investments—
$563.972,119.37 Investment in road
Investment in equipment:
149.924.609.46
Trust
250,486,821.36
Owned
136,897.924.06 Improvements on leased railway property
100,283.76 Deposits in lieu of mortgaged property sold
19,637.551.94 Miscellaneous physical property
Investments in affiliated companies:
$157,634,846.66 Stocks
12,267,490.36 Bonds
42,805,666.57 Notes
68,029,225.97 Advances
280.737,229.56
Other investments:
$42,658,997.90
1,550,821.67
2,495,906.30
11,066,569.54
12,444.98
150,321,151.46
254,630,413.61
134,345,900.76
45,582.06
28,262.011.43
$20.631.587.69
438,041.27
8,979.34
314,895.23
3,918,451.78
11,297,631.50
32,388,782.40
8,232,467.22
394,711.54
548,049.97
$78,173,597.94
263,918,470.25 $16,818,759.31 D
Stocks
Bonds
Notes
Advances
Miscellaneous
$143,178.87
11,457,666.13
125,001.00
15,525,342.53
$27,251,188.53
2,223,025.13 D
26,500.00 I
1.120.865.04 D
7.769,397.05 I
2,732.13 D
$40,435,972.77
1,577,321.67
1,375,041.26
18,835,966.59
9,712.85
62.234,015.14
Total investments
$4,449,274.75
11,484,960,391.90 125.419.112.001
Current Assets—
Cash
Special deposits
Loans and bills receivable
Traffic and car-service balances receivable
Net balance receivable from agents and conductors
Miscellaneous accounts receivable
Material and supplies
Interest and dividends receivable
Rents receivable
Other current assets
140,012,139.59 149,380.551.901
351,881.09
86,160.18 D
1,628,268.78
1,619,289.44 I
2,243,660.70
1.928.765.47 I
4,385.588.95
467,137.17 I
12.014,322.21
716,690.71 I
28,221,596.35
4,167,186.05 D
7.669,904.17
562,563.05 D
375,455.54
19,256.00 D
461.939.56
86,110.41 D
Total current assets
$97,364,756.94 119.191.159.001
Deferred Assets—
$184,201.67 Working fund advances
3,626,224.43 Insurance and other funds
847,490.81 Other deferred assets
$4.657,916.91
15,442,625.59 D
304,000.00 D
30.965,571.25 D
29.893,437.53 I
$142,192.221.07
11,963,490.36
11,840,095.32
97,922,663.50
57.784,740.39
$1.459,541,279.90
396,542.00 I
4,143,592.25 I
2,552,023.30 D
54,701.70 D
8,624,459.49
$191,351.67
4.010.009.31
850,701.62
Total deferred assets
$7.150.00 I
383,784.88 I
3,210.81
$5.052,062.60
$28,593.83 I
456,381.85 D
$26,473,516.80
Total unadjusted debits
1394.145.691n
$171,772.70
11,001.284.28
125.001.00
15.175.458.82
Unadjusted Debits—
Rents and insurance premiums paid in advance
Discount on funded debt
Securities acquired from lessor companies (per contra)
Other unadjusted debits
$777.671.73 D
349,883.71 13
$1,613,850.728.24 $44,226,744.96 In
$1,569,623,983.28
LIABILITIES.
1928.
Comparison.
$463,559,135.00 $42,273,700.00 I
4.647,825.90
250,975.90 In
Stock—
1927.
$421,285,435.00 Capital stock
4,396,850.00 Premium on capital stock
Total capital stock
$425,682,285.00
$69.080.938.64
597,951,000.00
17,560,200.00
37,000.00
$684,629.138.64
11.110,311,423.64
$2,553,914.84
23,838,472.91
3,120.578.85
2.498,541.73
8.425.641.90
195.703.13
13,090.00
5,866,986.87
1,095,716.34
16,971,270.48
$64,579,917.05
6468,206,960.90 $42,524,675.90 I
Long Term Debt—
Funded debt unmatured:
Equipment obligations
Mortgage bonds
Debenture bonds
Real estate mortgages
$61,720,071.31
547,951,000.00
17,560,200.00
37,000.00
Total long term debt
$627,268,271.31 $57,360.867.33 D
Total capitalization
$1.095,475,232.21 $14,836,191.43 D
Current Liabilities—
Traffic and car-service balances payable
Audited accounts and wages payable
Miscellaneous accounts payable
Interest matured unpaid
Dividend declared payable Feb. 1 1929
Dividends matured unpaid
Funded debt matured unpaid
Unmatured interest accrued
Unmatured rents accrued
Other current liabilities
$6,148,764.05
22,977,448.07
2,886,219.44
2,488,074.48
9,271,117.90
201,744.98
333.090.00
5,126,080.85
1,147,586.35
15,017.235.11
$11,894,536.77
1.066,329.68
1,574,356.48
114,159,138.17
1,143.953.03
125,001.00
25,830,588.04
$155.793,903.17
$904,337.41 In
$904,337.41 In
$14,660,833.36
1,602.550.86
1,833.520.54
126,677.134.76
1,525,642.99
125,001.00
25.238,175.19
$2,766,296.59 In
536,221.18 In
259,164.06 In
12,517.996.59 In
381,689.96 In
592,412.85 D
$171,662,858.70 $15,868,955.53 In
$1,406,779.76
1,591.543.27
258,798,616.58
$230,763.37 In
169.733.97 In
40.871,701.93 I
$261.796.939.61 $41,272,199.27 In
11.613,850,728.24 844,226,744.96 In
$1,569,623,983.28
CURRENT NOTICES.
—James D. Flaherty and Frederick D. Aron have been elected Assistant
Vice-Presidents of W.A.Harriman & Co..Inc.,39 Broadway, New York.
—A. T. McAllister & Co., Philadelphia, have prepared an analysis of
New York and Philadelphia bank and insurance company stocks.
—Andres. Posner & Rothschild, 100 Broadway. N. Y. City, have prepared a circular on National Rubber Machinery common stock.
—Clark Williams & Co., members of the New York Stock Exchange,
have prepared an analysis of Canada Dry Ginger Ale. Inc.
—Rankin. Jones & Co., 149 Broadway, New York. have prepared a
special circular on Atlantic Securities Corp. common stock.
—J. R. Pratt. formerly Chief Statistician of Parrish & Co., has been
appointed Economist of British Type Investors, Inc.
—Mathewson.McLennan & Molson,members Montreal Stock Exchange,
have prepared an analysis on Cockshutt Plow Co.
MN IT
1.92e,
,1
619,318,336.49
Unadjusted Credits—
Tax liability
Insurance and casualty reserves
Accrued depreciation—road
Accrued depreciation—equipment
Accrued depreciation—mIscellaneous physical property
Liability to lessor companies for securities acquired (per contra)
Other unadjusted credits
Corporate Surplus—
81.176.016.39 Additions to property through income and surplus
1,421,809.30 Miscellaneous fund reserves
217,926,914.65 Profit and loss—balance
Total corporate surplus
$220.524,740.34
$1,017,444.18 In
$14,715,322.52
4,603,013.97
Total deferred liabilities
Total unadjusted credits
$3,594,849.21 In
861,024.84 D
234,359.41 13
10.467.25 D
845,476.00 In
6,041.85 In
320.000.00 In
740,906.02 D
$65.597,361.23
Total current liabilities
Deferred Liabilities—
$14,715,322.52 Liability to lessor companies for equipment
3,698,676.56 Other deferred liabilities
$18,413.999.08
$7,360,867.33 D
50,000,000.00 D
—Jones, Miller & Co., Philadelphia, have prepared a new analysis
Fiat. A detailed circular will be mailed on request.
—The Empire Trust Co. has been appointed registrar for the comm
stock of the Middletown Dairy Products Co.
—William H. Botts has joined J. H. Young & Co. as Kentucky rep
sentative, with headquarters in Louisville.
—Walter H. Billingslea has become associated with Donovan-Vock
& Co., 137 E. North Ave., Baltimore, Md.
—Lewis C. Sheridan. member of the New York Curb Market, Is n
at Adamson & O'Brien, 25 Broad St.
—Tooker & Co., 120 Broadway, New York, have Issued an analysis
St. Regis Paper Co. common stock.
—Nesbitt,Thomson & Co., announce the removal of their head office
355 St. James St., Montreal.
rf —Paul C. Dodge & Co., Inc.. announce the opening of a New y
office at 165 Broadway.
MAY 251929.]
3545
'FINANCIAL CHRONICLE
SEABOARD AIR LINE RAILWAY COMPANY
EXTRACTS FROM REPORT OF THE DIRECTORS FOR THE FISCAL YEAR ENDED DECEMBER 31 1928.
GENERAL BALANCE SHEET, DECEMBER 31 1928.
INCOME ACCOUNT FOR THE YEAR ENDED DECEMBER 31 1928.
COMPARED WITH YEAR ENDED DECEMBER 31 1927.
ASSETS.
Increase.
1928.
1927.
Investments—
$239,963.634.37
Railway Operating Revenues$57,245,207.13 $61,790,149.93 *$4.544,942.80 Investment in Road and Equipment
725.11
Railway Operating Expenses 42,902,963.97 46,873.315.06 *3.970,351.09 Sinking Funds
Property Sold
142.935.83
Deposits in Lieu of Mortgaged
4.243,511.19
Revenue from RailMiscellaneous Physical Property
Net
30,725.378.00
$14.342,243.16 $14,916,834.87 *$574.591.71 Investments in Affiliated Companies
way Operations
1,648.552.13
*30,778.46 Other Investments
Railway Tax Accruals
3.536,270.43 3,567.048.89
Uncollectible Ry. Revenues..
*12,551.51
20,884.83
33,436.34
$276,724,736.63
Total
By. Operating Income- $10,785,087.90 $11,316,349.64 *3531,261.74
Current Assets—
Equipment Rents—Dr
*170,054.83
644,899.87
814,954.70
$2,060.982.29
Joint Facility Rents—Dr..
*27,864.10 Cash with Treasurer
84,771.05
112,635.15
633,946.10
Cash in Transit
2,694,928.39
Net Ry.Operating Income$10,055.416.98 $10,388,759.79 *3333,342.81
Fiscal Agencies
172,902.89 Special Deposits—Cash with
Other Income
2,408.433.63 2,235,530.74
977.560.75
Trustees
and
1,836,640.19
$12,463.850.61 $12,624,290.53 *$160.439.92 Loans and Bills Receivable
Gross Income
*451,019.77 Traffic and Car Service Balances Receivable.. 1,939,461.64
2,340,444.68 2,791,464.45
Rents and Other Charges
Net Balances Receivable from Agents and
382,362.97
Conductors
$290,579.85
Applicable to Interest____$10.123,405.93 $9,832,826.08
Receivable
2,322,263.82
8.943,122.57 8,551,249.54
Fixed Interest Charges
391.873.03 Miscellaneous Accounts
3,979.866.83
Material.and Supplies
464,464.04
Interest and Dividends Receivable
Net Income (exclusive of
4.479.00
Rents Receivable
Interest on Adjustment
100.887.97
Assets
Other Current
Mtge. (Income) Bonds
$1,180,283.36 $1,281,576.54 *$101,293.18
—See Note)
14,702.915.60
Total
* Decrease.
251.535.87
Deferred Assets
Note.—In 1927 two installments of interest aggregating $1,250,000 were Unadjusted Debits
1.043.936.23
declared payable and deducted from income in that year.
$292,723,124.33
Grand Total
GENERAL REMARKS.
Improvement in business conditions in the Southeastern
territory,and a gratifying upturn in revenues of the Seaboard,
were evidenced during the last quarter of 1928.
The Company sustained a decrease in its gross revenues
in 1928 due to the temporary recession in business in sections
of the country and particularly the Southeast. This was
augmented by unusual weather conditions in the early part
of the year, affecting the later citrus fruit and spring vegetable shipments, and by unprecedentedly heavy rains and
storms during August and September, by which practically
the entire Southeastern section of the country was more or
less affected. Passenger revenue showed a decrease largely
as the result of bus competition and the more extended use
of private automobiles. Some of the decrease is accounted
for by the discontinuance of unremunerative passenger train
service.
The 1928-1929 crop year in Florida will show a largely increased production of citrus and other fruits, and vegetables
over that of 1927-1928. The money returns from this increased production should stimulate the purchase of commodities that will result in added inbound freight traffic.
Business conditions in other Seaboard territory have improved. Activities in manufacturing, in mining, in agriculture, and in general business are pronounced. During the
year more than 200 new industries and business enterprises
were located on the lines of this Company.
There has been a marked improvement in tourist travel and
further improvement is looked for in 1929, but local passenger
travel has shown a decrease for the reasons heroinbefore
stated.
The net increase in funded debt and loans and bills payable
during the year amounted to $6,719,020. This increase is
attributable to the purchase by the Company during the
year of the capital stock of the Charlotte Harbor & Northern
Railway Company at a cash cost of $5,237,009, and the
acquisition of new equipment costing in excess of $1,620,000.
The outlook for 1929 in Seaboard territory is good, and
substantial improvement in both gross revenues and net
income is expected. There is no section of the country
developing along more substantial lines than the Southeastern territory served by the Seaboard Air Line in the
States of Virginia, North Carolina, South Carolina, Georgia,
Alabama and Florida, where exceptional opportunities are
offered in agriculture, in citrus fruit growing, in 'mannfactuting and in almost every line of endeavor. It is believed
the development that will take place in this territory during
the next few years will exceed most optimistic forecasts of
to-day.
The Board of Directors desires to acknowledge and express
its appreciation of the faithful and efficient performance of
duties by the officers and employees of the Company during
the year.
LIABILITIES.
Capital Stock—
$37.019.100.00
Common Capital Stock
23,894.100.00
Preferred 4-2% Capital Stock
37,300.00
Preferred 6% Capital Stock
Total
Governmental Grants—
Grants in Aid of Construction
$60,950,500.00
8,507.47
Funded Debt Unmatured—
$27.424,000.00
Equipment Obligations
32.536,00000
Mortgage Bonds Proprietary Companies
12,775.000 00
S. A. L. Railway First Mortgage Bonds
19,350.000.00
S. A. L. Railway Refunding Mtge. Bonds
and ConS. A. L. Railway Company First
50,747,500.00
Mortgage Bonds, Series "A"
solidated
Collateral Trust Bonds—
S. A. L. Railway Company Three Year
7,500.000.00
Secured Notes
Income Bonds--s. A. L. Railway Adjustment Mtge Bonds 25.000.000.00
Miscellaneous Obligations—
14,443.887.84
Secretary of Treasury of U. 8.—Notes
Director General of Railroads. U.S.—Note 2,000.000.00
Union Signal Construction Company—Deferred Payments under Interlocking and
1,188,300.00
Signal Contracts
192,964.687.84
Total
555,695.93
Non-Negotiable Debt to Affiliated Companies
Current Liabilities—
Loans and Bills Payable
$2.050.000.00
Traffic and Car Service Balances Payable— 1.051.319.36
5.315.379.72
Audited Accounts and Wages Payable
364.437.22
Miscellaneous Accounts Payable
810.195.75
Interest Matured Unpaid
152.000.00
Funded Debt Matured Unpaid
2.178.734.45
Unmatured Interest Accrued
790.051.92
Unmatured Rents Accrued
Other Current Liabilities
92.379.55
12,804.497.97
955,364.69
Total
Deferred Liabilities
Unadjusted Credits—
Accrued Taxes
$2.761.559.39
Accrued Depreciation—Equipment
11,254,671.56
Reserve for Outstanding Stock of Proprietary Companies
19,226.41
Other Unadjusted Credits
1,647.800.99
Total
15,683.258.3$
Corporate Surplus—
Additions to Property through Income and
$685,675.65
Surplus
Funded Debt Retired through Income and
4,166.17
Surplus
8310,770.26
Profit and Loss—Surplus
Total
Grand Total
8,800,612.08
$292,723,124.33
Accumulated and unpaid interest on Adjustment Mortgage (Income)
Bonds amounting to $4.583,333.34 and payable out of future income, or
otherwise, or at the maturity of the bonds, and Company's contingent
bility as guarantor of certain securities of other companies, are not comprehended in the above balance sheet
3546
FINANCIAL CHRONICLE
[VOL. 128.
The Commercial Markets and the Crops
-GRAIN-PROVISIONS
COTTON-SUGAR-COFFEE
-METALS
-DRY GOODS
-ETC.
PETROLEUM-RUBBER-HIDES
-WOOL
cabled in one instance: "Receipts at Cuban ports 98,198 tons;
exports 110,872 tons; stocks 1,436,797 tons; mills grinding
13. The exports included 22,187 tons for New York, 18,516
to Philadelphia, 6,646 to Boston; 4,457 to Baltimore; 7,863
to New Orleans, 1,057 to Galveston, 3,726 to Brunswick, Ga.,
4,978 to interior United States, 5,695 to Canada, 27,645 to
COFFEE on the spot was dull at 23% to 2394c. for United Kingdom, 486 to France and 7,619 to Gibraltar. The
Santos 4s; 17c. for Rio 7s, 16%c. for Victoria 7-8s and weather was reported rainy in some sections and very dry
20% to 204c. for Robustas. Fair to good Cucuta 22
/ in others."
1
2
United States Atlantic port receipts for the week were
to 23c.; Colombian, Ocana 21% to 2214c.; Bucaramanga,
71,502 tons against 85,497 in
in
1
Natural 23 to 24c.; washed 24% to 24%c.; Honda, Tolima same week last year; meltings previous week and 48,284 in
59,503 tons against 51,623
/
and Giradot 2414 to 24%c.; Medelin 252 to 25Yic.; Mani- previous week and 41,000 last yea.r; importers stocks 367,077
/
1
zales 24% to 2434c.; Mexican washed 25 to 26c.; Surinam against 367,077 in previous week and 394,337 last year; re22 to 23c.; Ankola 28% to Mc.; Mandheling 34 to 37c.; finers' stocks 299,200 against 287,201 in previous week and
Java 32 to 33%c.; Robusta, washed 204 to 20 c.; Nat- 138,552 last year; total stocks 666,277 against 654,278 in pre/
1
2
21st inst. it
vious
ural, Mocha 27 to 28c.; Harrar 26 to 26%c.; Guatemala, said week and 532,889 last year. On thesold at 1 2 / is
7 32c.
fully 500,000 bags of Cuban raw were
prime 26 to 26%c.; good 24% to 25c.; Bourbon 23 to 23%c. c. and f. One refinery bought 57,000 tons of Cuba in prompt
Arrivals of mild coffee in the United States so far in May position at 1 13/16c. c. & f. and 6,000 tons Philippines middle
are 205,492 bags as against 207,383 in the same time last of June arrival on the same basis or 3.5&. delivered. The
year; deliveries 217,575 against 212,733 last year. Stocks next day a decline in futures tended to weaken spot raws.
in sugar
of mild coffee in the United States May 20th, 392,248 bags On the 22nd inst. renewed tired long liquidation Cuba and
futures with some selling for hedge account by
against 374,650 on May 1st and 335,317 at this time last Europe caused a decline of 3 to 7 points. Also 29,000 bags
year. On the 20th inst. early cost and freight offers from Cuba sold at 1 13/16c. c. & f. Refined was 5c. with trade
Santos were about unchanged, while those from Rio or quiet at times and withdrawals nothing great. Futures early
Victoria for prompt shipment were firmer. On the 21st in the week fell 1 to 3 points with sales of 29,300 tons. May
inst. cost and freight offers from Santos were about un- liquidation told on the eve of the 24th when trading in that
month will cease. There was also pressure to sell July and
-changed while those from Rio or Victoria were easier. December. European markets were closed.
On the 22nd inst. early cost and freight offers from Brazil
On the 21st inst. futures ended unchanged to 4 points net
were lower. For prompt shipment, Santos Bourbon 2-3s lower. Cuban interests sold the near months which touched
were here at 23% to 24.10c.; 3-4s at 22.35c.; 3-55 at 21% new levels. Covering of hedges as actual sugar was sold
bags
to 22.95c.; 4-5s at 21.35 to 21.95c.; 5-6s at 21.05 to 22.10c.; out had a somewhat steadying effect. Half a million week.
of the real sugar were, it is said, sold early in the
.6s at 19 to 19.31k.; 6-7s at 18.70 to 19.60c.; 7s at 16.20c.; On the 23rd inst. prices ended unchanged to 1 point higher
7-8s at 15 to 17.60c.; part Bourbon 5s at 20%c.; Peaberry with sales of 36,200 tons. Prompt raws were rumored to
3s at 22.85c.; 4s at 21.65c.; 4-5s at 21.60c.; Rain-damaged have sold at 134c. but could not be confirmed. In London
.6-7s at 17.40c.; 7-8s at 15c.; Rio 7s at 15.55c.; 7-8s at 15.20c.; prices declined for shipment up to and including September
Victoria 7-8s at 15.10c.
to 8s 6d or 1.63c. f.o.b. with buyers at 8s 3d, c. i. I. or about
On the 20th inst. futures advanced 6 to 16 points on Rio 1.60c. f.o.b. The export pool declined bids of 8s 4%d c.i.f.
with sales of 24,500 bags and 7 to 12 on Santos with sales on July-August shipment. Natals sold to the United King-of 21,250 bags. Rio cost and freight offerings were dom for November-December shipment on a parity of 8s 9d
stronger. There was no pressure to sell; quite the con- c.i.f. or 1.68c. f.o.b. Cuba. New York was quiet at 1 25/32c.
trary. Rio and Santos near months were the firmest. Resale granulated was selling at 4.80 to 4.85c. London priFutures on the 21st inst. were quiet and irregular. Bos- vate cables on the 23d inst. reported the market easier for
ton covered Rio May and checked a downward tendency. raws with sellers for shipment up to and including SeptemRio ended unchanged to 5 points lower with sales of ber at 8s 6d c.i.f., which is about equal to 1.63c. f.o.b. There
20,500 bags. Santos closed 8 points lower to 3 points high- have been sales of Natals for November-December shipment
: with sales of 25,000 bags. Brazilian cables lower on both to the United Kingdom on a parity of 8s 9d c.i.f. or 1.68c.
er
Rio and Santos. Europe bought as well as Boston or the f.o.b. London terminal was unchanged to PAd higher. Lon-decline would no doubt have been greater. On the 23rd don beet sugar was gd lower to Yid higher.
inst. prices ended 5 points lower to 8 higher on Rio and
Washington wired: "The estimated world total production
5 points off to 7 up on Santos; sales of the two 61,500 of beet and cane sugar during 1929 is placed at 30,237,000
-bags about evenly divided. Liquidation for local and short tons, as compared with 28,334,000 produced in 1927-28,
supposedly for European account told to a certain extent according to revised figures received by the Bureau of Agriregardless of better cables and rather active Boston buy- culture Economics of the Department of Agriculture. The
.
ing. The Comtelburo Lt. cabled the Exchange that Rio only countries showing any noticeable change from the prereceipts from June 1st to 15th will be 6,515 bags daily. vious estimates are Poland and Netherlands. The estimate
For the last half of May the daily average was 8,678 bags. for the Polish crop has been raised from 804,000 short tons
To-day futures closed 4 to 19 points higher on Rio with to 834,000 short tons, indicating an increase of 26.7 per cent
sales of 38,000; and unchanged to 14 higher on Santos over the previous season, while the estimate for Netherlands
with sales of 27,000 bags. There was belated covering in has been increased from 314,000 short tons to 343,0000 short
-the May delivery on both Rio and Santos contracts. Eu- tons, or 22 per cent above the 1927-28 crop. The total world
rope was selling Santos futures here. Final prices show beet sugar crop is now estimated at 10,173.000 short tons of
an advance for the week of 33 to 35 points on Rio and raw sugar of which Europe contributes 8,993,000 short tons.
Including the revised estimate for the Porto Rican crop the
24 to 37 points on Santos.
total, world cane sugar crop is estimated at 20.064,000 short
Rio coffee prices closed as follows:
tons, which is 8.4 per cent above the 18,503,000 short tons
Spot unofficial._ _16/!Sept
_
4
14.M0
March..-13.6@
July
produced in 1927-28."
15.29015.101December _ 14.050 - .
.Some argue that an analysis of the cane supply situaSantos coffee prices closed as follows:
Spot unofficial
TJuly
21.60© _-__IDecember- 19.95020.05 tion now that the raw manufacturing campaigns are drawMay
iSeptember 20.770 ---- IMarch_ _--19.13
ing to a close affords but small hope of any advance
COCOA closed today unchanged to 12 points lower at this time. Allowing for exports during 1929 of 1,250,with sales of 321 bales. Final prices show an advance 000 tons of Cubas to other countries than the United
for the week of 3 to 5 points.
States, some estimate that this country's available cane
SUGAR-Cuban C. & F. was 1 13/16c.; some 19,000 bags sugar supplies for the rest of 1929 exceed last year's by
of Porto Rico, due June 3rd sold at 3.58c. delivered; also about 630,000 tons. Assuming that meltings continue at
1,000 tons Philippines due July 8th to 10th at 3.61c. Cuban the present rate, this surplus over last year would be report receipts for the week were 101,261 tons against 49,627 duced on December 31st to 282,000 tons. As supplies on
in the same week last year; exports 119,566 tons against hand at the end of last year were some 353,000 tons, this
.66,068 last year stock (consumption deducted) 1%524,379 would mean a carryover of about 635,000 tons. Any inagainst 1,312,225 last year; centrals grinding 11 against 4 last crease in the domestic beet production would probably
year. Of the exports 62,282 went to Atlantic ports; 10,006 serve to augment such carryover. It remains to be
to New Orleans; 4,853 to Interior United States; 2,793 to seen whether the increased rate of meltings can be conGalveston; 5,671 to Canada and 30,951 to Europe. Havana tinued, as although about 200,000 tons ahead to date, distribution is only 60,000 tons greater. The stimulus of low
COMMERCIAL EPITOME
The introductory remarks formerly appearing here will now be
found in an earlier part of this paper immediately following the
editorial matter inn a department headed "IN IDICATIONS OF
BUSINESS ACTIVITY."
New York, Friday Night, May 24 1929.
MAY 25 1929.]
FINANCIAL CHRONICLE
prices, summer consumption and tariff anticipation may
provide the necessary demand.
To-day futures ended 1 to 3 points higher with sales
of 67,250 tons. An operator paid 1-13/16c. for 21,700 bags
of Cuba for first half June shipment and there is said to
be nothing available now at this price. Final prices on
futures show a decline for the week, however of 4 to
14 points. May today declined 2 points to the lowest
price, 1.65c., seen in the history of the exchange.
Pricesiwere as follows:
1
13-16September_ _1.84141.85 January
Spot,unofficial
May
December_ _1.91@
1.670
March
July
1.76@1.77
1933 --1.99 _-
3547
Humble Oil Co. posted new prices for West Texas, quoting
70c. for below 25 gravity, plus 4c. for each degree with top
price of $1.18 for 36 degrees and above. Gulf Coast grade
A oil was raised 10c. to $1.30. Grade B prices range from
$1.15 on gravities below 29 gravity with 5c spread for
each degree. Salt Flat crude was up 25c. to $1.25 and
Mirando 10c. to 90c. Wheeler County quoted 9.for below
30 gravity with a Sc. spread for each degree, making 44
degrees and above $1.65. Gray County crude is 90c. below
25 degrees with a 3c. spread for each degree. Carson and
Hutchinson Counties are 90c. below 32 gravity with a Sc.
spread for eb.ch degree. Carson and Hutchins.at Counties
are 90c. below 32 gravity with a 5c. spread for each degree.
Gasoline has also advanced. The Standard Oil Co. of
Indiana raised the price lc. throughout its territory, making
the service station price 16c., while the tank wagon price
will be 14c. The Standard Co. of New Jersey announced
an advance of lc in the price of U. S. Motor gasoline in
bulk to 10c in tank cars at refineries and distributing points
along the Atlantic Seaboard. The Richfield Oil Co., WarnerQuinlan Co. and the Beacon Oil Co. met this advance. Other
leading refiners are expected to take similar action. The
Sinclair Co. raised the price to 10c. at New York and Philadelphia. The Standard Oil Co. of Indiana advanced the
tank wagon price of gasoline and naphtha tc. An advance
in local tank wagon prices is expected. Heavy buying for
export, a large increase 'n local consumption, and the advance in crude prices has caused higher prices for gasoline.
The local market was firm at 10c. for U. S. Liotor in tank
cars at refineries although one refiner was said to be quoting 9c. Bunker oil was firmer with the spot demand fully
up to expectations. Spot $1.05 at refineries and $1.10 f.a.s.
New York harbor. Heating oils were in good demand.
Diesel oil was steady but quiet at $2 to $2.10 at refineries.
Kerosene has been rather, quiet; water white 8c. in tank
-ars at refineries and 9c. in tank cars delivered to nearby
irade. Gasoline late in the week was firm owing to a steady
increase in consumption. Crude oil prices were tending unward. The Texas Co. raised Smackover crude Ilk. a barrel.
LARD on the spot was steady at one time with prime
western 12.05 to 12.15c.; Refined Continent 12%c.; South
America 12Xc.; Brazil 13'gc. On the 21st inst. prime
Western was still 12.05 to 12.15c. Later prime Western
advanced to 12.10 to 12.20c. Futures on the 20th inst.
ended unchanged to 3 points higher with grain up and
hogs 10 to 15c. higher. Trading in futures was small
however. Deliveries of lard at Chicago were 100,000
pounds on May contracts. Clearances of lard from New
York last week were 9,470,000 lbs. against 6,776,000 in
-the previous week
Futures on the 21st inst. ended unchanged to 5 points
higher. May showed the only advance. Hog markets
were inclined to sag. The slip in grain prices of course
did not help provisions. Chicago had receipts of 35,000
while there were 5,000 hogs left over. Total Western
receipts of hogs were 105,500 against 85,700 a week ago
and 114,500 last year. At Chicago on the 22nd inst. 16,000
hogs were expected. New York reported clearances of
around 4,000,000 lbs. of lard to English and Dutch ports.
Futures on the 22nd inst. closed unchanged to 3 points
lower. Hogs declined 5 to 10c. Total receipts of hogs at
211 Western points were 104,300 against 99,300 a week
previously and 98,500 last year. Nebraska State report
said that the number of hogs on farms that will go to
market during June, July and August was 14 per cent
Tables of prices usually appearing here will be found IPS an earlier page in
smaller than at this time last year. Futures on the 23rd our department of "Business Indications," in an article entitled "Petroleum
and Its Products."
inst. advanced 3 to 7 points with a demand for September
.and only moderate selling by packers and warehouse inRUBBER-On the 20th inst. prices advanced 1.0 to 30
terests. Hogs were rather steadier.
points. Near months were especially strong. Actual rubber
"DAILY CLOSINGIIPRICES OF LARD FUTURES IN CHICAGO. was very firm. New York followed its own inclinations.
Sat.
Mon. Tues.
Wed. Thurs.
Fri.
The transactions were 393 lots. . Crude rubber consumption
'May delivery
11.47
11.47 11.47
11.47
11.50
11.50
July delivery
11.65
11.67
11.67
11.65
by American manufacturers continued on a record breaking
11.70
11.77
:September delivery---12.00 12.02
12.02 12.00 12.07
12.12
scale during the first half of May according to advices from
PORK steady; Mess $30.50; family $35; fat back $27 the large tire-making centers by members of the Rubber Exto $30. Cash ribs 12.50c. for 50 to 60 lbs. average. Beef change of New York. Consumption approximated 23,000
quiet and steady; Mess $26; packet $25 to $27; family tons it is said. If that is so the total for May will be close
-428 to $29.50; extra India mess 42 to $45; No. 1 canned to the record figure of 47,521 tons established in April last.
corned beef $3.10; No. 2 six pounds, South America $16.75; New York on the 20th inst. closed with May 23.40c.; July
pickled tongues $75 to $80 per bbl. Cut meats irregular; 23.90c.; Sept. 24.30 to 24.40c.; Oct. 24.60c. On the 21st inst.
pickled hams 10 to 20 lbs. 2034 to 21%c.; pickled bellies New York fell 90 to 100 points with London losing an
1
-clear, 6 to 12 lbs. 18% to 204c.; bellies clear, dry salted, early advance of %d. London and Singapore were both
boxed, 18 to 20 lbs. 14%c.; 12 to 14 lbs. 144c. Butter, sluggish. London's stock of crude rubber on May- 18 was
lower grades to high scoring 37% to 44c. Cheese, flats 30,955 tons against 31,127 tons a week previously, a decrease
.22% to 29%c.; daisies 23 to 28c. Eggs, medium to extras of 172 tons. New York closed on the 21st inst. with May
22.40c.; July 23.10c.; September 23.50c.; October 23.60c.;
29 to 34c.; closely selected 34% to 35c.
Outside prices: Ribbed smoked spot
OILS-Linseed was firmer at 10.4c. for raw oil in car- December 23.90 to 24c.
/
227Ac.; Aim 2278 to 23gc.; July-Sept.
and
lots cooperage basis. Rather large quantities have been 233. May 224 to
October-December 2334 to 24c.; Spot, first
.delivered by big crushers against standing contracts. latex to 234c.; to 23%c. On the 22nd inst. prices declined
crepe 2314
'There was a better demand for spot oil but most of it
then rallied and ended 10 to 30 points lower with
was for five and ten barrel lots. Later prices were easier 70 points 908 lost or 2270 long tons. London rallied
d.
sales of
and carlots cooperage basis was quoted at 10.3c. Demand Uptown manufacturing interests bought here and in SingCocoanut, Manila Coast tanks 6%c.; spot N.Y. apore. Actual rubber declined early but rallied later with
fell off.
tanks 7c. Corn, crude bbls., tanks, f.o.b. mill 8c. Olive, futures. Here futures ended on the 22nd inst. with May
Den. $1.35 to $1.40; China wood, N.Y drums, carlots spot 22.20c.; July 22.70 to 22.80c.; September 23.20c.; October
141hc.; futures 14%c.; Pacific Coast, tanks futures. 13%c. 23.30c.; December 23.60c.; January 23.70c. Outside prices:
:Soya bean, bbls., N.Y. 11%c.; edible, corn, 100 bbl. lots Ribbed smoked spot and May 2258 to 227Ac.; spot, first latex
/
12c.; olive oil, 2.25 to 2.30c. Lard, prime 15c.; extra crepe 2314 to 233c.; thin pale crepe 2034 to 204c.; rolled
-strained winter, N.Y. 13%c.; Cod, Newfoundland Cc. Tur- brown crepe 16 to 167 c.; No. 2 amber 20% to 21c.; No. 3 .
A
pentine 5334 to 59c. Rosin $7.65 to $10.05.
A
20% to 2034c.; No. 4, 20% to 207 c.
COTTONSEED OIL sales today including switches
In Chicago Sears-Roebuck & Co. midsummer sate book
makes slight price reductions on all tire sizes. The 29 x 4.40
4,500 bbls. Prices closed as follows:
the spring and
July
9.501
:Spot
9.6619.68 October
9.93 -- Allstate balloon tire is $5.98 against $6.19 in
9.40
August
may
9.709.80 November _ _ _9.72i9S5 summer catalogue; the 30 x 4.50 Allstate balloon at $6.89
9.40 9.65 September --9.90 _ _ December _ _ _9.80 9.88
_June
against $6.98.
PETROLEUM-Crude prices were tending higher, owing
Crude consumption for the first five months of 1928
to a marked gain in the demand for Mid-Continent crude it is urged may total 221,847 tons, an increase of almost
the past few weeks and the abolishment of crude oil restric- 48,000 tons over the corresponding period of 1928, when
tions in Oklahoma. The Prairie Oil & Gas Co. advanced the consumption totalled 173,898 tons. A consumption
Mid-Continent crude prices 17 to 4k. and similar advances of 45,000 tons this month would also far exceed the conwere made by other big companies. On the 21st inst. the sumption figures for any previous May. Manufacturers
Ohio Oil Co. advanced prices in Elk Basin and Grass Creek used 37,333 tons of crude during May, 1928 and 34,592
_29c. Lance Creek 30c., Rock Creek 22c., Big Muddy 15c. and tons during May, 1927. The consumption of all kinds of
Mule Creek 10c. per barrel. The same company also raised crude during the first five months last year was 173,-the price of Illinois, Princeton, Lima, Indiana, Wooster and 898 tons, during the same period of 1927 it was 168,259
western Kentucky crudes 15c. The Joseph Seep Purchasing tons and for the first five months of 1926 it totalled 158,-Company advanced Conning, Cabell and Somerset crude oils 328 tons. Some believe the important factor for the next
15c. The Standard Oil Co. of Louisiana announced new few weeks will be shipments from the East, and meanprices in North Louisiana and Arkansas fields ranging from time prefer purchases only on recessions. They estimate
..$1 a barrel below 28 gravity to $1.85 for 44 gravity and the arrivals from May 1st to May 17th, inclusive to be
above. The Gulf Pipe Line Co. followed the increase in 25,000 tons and for the entire month of May in the neighthe price of Midcontinent crude oil by Prairie Oil & Gas borhood of 48,000 tons.
*C.o. and the Texas Co. met the advances in the Midcontinent,
24
4,
On the 23rd inst. prices, with London off / fell 60
:North Texas, West Texas and Gulf Coastal fields. The to 90 points with sales of 922 contracts or 2,305 long
3548
FINANCIAL CHRONICLE
[VOL. 128.
tons. The trade and uptown interests were the largest the season's total sales up to 19,135,585 at an average of
sellers. There were rumors that tire mills were curtail- 15.54c.
ing output but they were not credited. It was supposed
COPPER was easier. Here and there a little more
that London did not fully understand that it was mail activity was noted but generally the demand was small.
order people not the mills who were cutting prices. On The Western Union Telegraph Co. was in the market
the 23rd inst. New York closed with 21.50c.; July 22c.; for 2,500,000 lbs. of refined copper and wire, while anSeptember 22.40c. Outside prices: Ribbed smoked spot other consumer it was reported wanted 3,500,000 lbs. if
2
and May 21Y to 2134c.; June 21% to 217%c.; July-Sept. the proper delivery could be made. For domestic deliv22% to 2238c.; Oct.-Dec. 222 to 2234c.; spot, first latex ery 18c. was quoted while for export 18.30c. was asked.
/
crepe 22 to 22 4c.; thin pale latex 22 2 to 2234c.; clean Standard copper futures on the local exchange have been
thin brown crepe 1958 to 1978c.; specky crepe 1938 to quiet with the ending on the 22nd inst. nominally 17c for
/
/
/
19%c.; rolled brown crepe 153's to 153/c.; No. 2 amber all positions except December which was 17 to 17.25c. In
8
1978 to 20/
8c.; No. 3 1958 to 197%c.; No. 4 193 to 195/c. London on the 22nd inst. spot dropped 21 2s 6d to £74;
/
/
Paras, upriver fine spot 23 4 to 231
hc.; coarse 1234 to futures off 5s to 172 15s; sales 1,100 tons futures;
13c.; Acre, fine spot 23% to 24c.; Caucho Ball-upper trolytic advanced 7s 6d to 184; futures off 5s to elec284 7s
12 to 13c. London spot and May 11 8d. Singapore, 6d. At the second session there was a further decline
/
3
4
June 113 July and Sept. 1114d.
/
4d;
of 15s on spot standard and lOs on futures with sales of
Washington wired May 23rd: "Crude rubber invoiced 300 tons futures. Later with London declining
for shipment to the United States during the week ended was slow with nominal prices 18 to 18.30c. trade here
home and
May 18th totalled 11,191 long tons against 9,011 tons the export. Small ingots are said to have sold at 17.75c. depreceding week, according to figures made public by the livered at the Exchange here on the 23rd inst. Sales
rubber division of the Department of Commerce. In- were 100,000 lbs. In London on the 23rd inst. spot standvoices vised during the week by American consular of- ard fell a to 272; futures off £1 lOs to £71 5s; sales 100
ficers at the principal shipping points called for the ship- tons spot and 700 futures. Spot electrolytic fell lOs to
ment of 8,026 tons from British Malaya, against 6,798 tons £83 10s; while futures rose 2s 6d to 284 10s. At the secthe preceding week; 2,028 tons from the Netherlands East ond session standard advanced 12s 6d; total sales for
Indies, against 1,148 tons; 1,011 tons from Ceylon against the day 1,100 tons.
852 tons and 126 tons from London and Liverpool against
TIN was quiet. On the 22nd inst. sales of Straits were
213 tons."
To-day prices ended 69 to 100 points lower with sales less than 100 tons and confined to prompt positions at 4334c.
There was
of 1,105 contracts. There were 97 transferable notices ing 44c. little or no demand for futures, with sellers askissued or 1,572 up to date. London at 2:38 p. m. today tranferableOn the exchange 150 tons sold. There were 9
was 14 to %d lower with spot-May and June 10-13/16d; at 43.30 to notices issued. Prices on the 22nd inst. ended
/
43.40 for May 43.40c. for June and 43.70 to
July-September llV
8d October-December 11-5/16d and 43.75c. for
January-March offered at 1158d. Singapore ended 4d advanced 15sOctober. In London on the 22nd inst. spot
/
to 5/16d net lower; No. 3 amber crepe spot 9%d or 3/16d 20 tons spot to £196 15s; futures up 7s 6d to 1199 5s; sa'es
and 300 futures. Spot Straits advanced 15s
lower. Final prices here show a decline for the week of to £198 5s; Eastern c.i.f.
London dropped 21 to 1201 5s on
80 points.
sales of 225 tons. Standard declined 2s 6d at the second
HIDES
-The sales of Argentine steers last week were session; total sales for the day 470 tons. Later there was
36,000 with the later trading at a decline of nearly a fair trade; Straits held at 43.65c. for prompt and 43.48c.
lc., namely at 16%c. City packer and country hides were tor futures with the tone weaker. The Metal Exchange
quiet. The same may be said of common dry. There here will be closed on Saturdays during July and August.
has been an absence of life and snap in the trading. Com- In London on the 23rd inst. spot standard dropped 15s to
mon hides, Maracaibo and Savanillas 20c.; Santa Marta £196; futures of 7s 6d to 2198 17s 6d; sales 50 tons spot
21c.; Packer, native steers 15c.; butt brands 14c.; Colo- and 450 futures. Spot Straits declined 15s to £197 10s;
rados 131c.; bulls, native 10c. New York City calfskins, Eastern c.i.f. London fell 5s to 2201 on sales of 325 tons.
/
2
5-7s, 1.65 to 1.75; 7-9s 2.15 to 2.20; 9-12s 2.80. The New At the second session standard advanced 2s 6d; total sales
for day 605 tons. To-day prices ended at 43.35c. for May,
York Hide Exchange will open on June 4th.
43.65c. for July and 43.60c. for September with sales of
OCEAN FREIGHT rates declined.
35 tons. Final prices show a decline of 10 points for the
CHARTERS included grain Montreal June 20-30 to Avonmouth
week except July which is 10 points higher.
2s
9d; wheat, Portland to U.K.-Continent 29s 3d, June
15-July 15; 35,000
LEAD was steady at 6.80c. East St. Louis and 7c. New
qrs. Montreal. May, West Italy 17,
Ac.; 21,000 qrs. Montreal, May
18-28. to Antwerp or Rotterdam 12c. 35,000
York. The gradual declines in London have been disto Mediterranean 18c.; 60,000 qrs. Montreal, qrs. Montreal, July, turbing
despite the fact that they had little effect on prices
May,
Rotterdam 11;5c.; 33,000 qrs. Montreal to Hull, 3s.to Antwerp or
Sugar-Cuba, here as yet. There was a fair demand on the 22nd .inst.
June, to U K.
-Continent 17s 6d. Scrap iron, Gulf May-June,
to Some producers prefer to buy, it is said, on the basis of
Spain around $5. Time:
-Delivery north of Hatteras. prompt trip
across $1.80; delivery North of Hatteras, redelivery,
B. N. A. $1.25 average price at the time of delivery rather than at a fixed
prompt; round trip. East Coast South America
$1.10. Tankers:
- quotation. This is taken to mean in some quarters that
IT. S. Gulf, June, dirty, to north of
Hatteras and not east of lead was available at 6.75 to 6.80c. In London on the 22nd
New York 21c.; Black Sea, clean, July, to
U.K.-Continent 15s 6d. inst.
prices fell Is 3d to £23 13s 9d for spot and £23 lls 3d
COAL-There has been little or no improvement
in for futures; sales 100 tons spot and 100 futures. At the
the domestic trade especially in Manhattan,
second session
futures were £23
though
£23 12s
the Bronx and in some of the commuting areas it in lOs with sales spot ended atfutures. 6d while
Later there was a good
been rather brisk. Next week domestic retail prices has demand for of 400 tons
June. The American Company adheres to its
may
be advanced. In Pittsburgh prices are still the
London,
quotes
lowest price of 7c.
since 1916. That has been the case for three months however, haswhile the Central West the 23rd6.80c. spot deinst.
been weakening. On
past. Pittsburgh Coal Co. officials quote lump coal
at clined Is 3d in London to £23 12s 6d; futures off 3s 9d
$2 at the mine and slack at $1.10. Domestic lump wheeled to 223 7s 6d; sales 50 tons spot and 300 futures.
into cellar is $5.50. The Pittsburgh Terminal Coal Co.'s
ZINC was
less cheap metal
price for the same service is $5.25. Compared with a for sale. Therather firmer. There was mines was better.
statistical position at the
year ago Pittsburgh Coal Co. prices are 15 to 25c lower. Prices were 6.55c.
to 6.65c. East St. Louis. London was
Anthracite, wholesale, grate $8; stove $8.75; pea $4.50; unchanged on the 22nd
16s 3d for spot and
at
egg $8.25; chestnut $8.25; Buckwheat $2.75. Bituminous £.26 us 3d for spot and inst. lls 226 for futures; sales 100
£26
at piers f.o.b. navy standard $5.25 to $5.50; high volatile tons spot and 575 futures. Later 3d
there was a fair demand
steam $4.30 to $4.50; high grade medium volatile $4.50 to with quotations 6.60 to 6.65c. and resale lots 6.55c. In London on the 23rd inst. prices declined Is 3d to £26 15s for spot
TOBACCO was reported to be in rather better de- and £26 lOs for futures; sales 350 tons spot and 800 futures.
mand. Consumer's stocks are supposed to have been conSTEEL-Automobile interests are buying less and in other
siderably depleted. Java offerings increased and met directions business has recently fallen off. There is no activwith a fair demand. At Amsterdam offerings of the bet- ity in new business so far as can be judged. Specifications
ter grades were mostly taken by American buyers. Con- have decreased. The output at the same time keeps up. Yet
necticut shade grown was in fair demand and unchanged. semi-finished steel is still scarce at Pittsburgh. Refiners of
In North Carolina according to advices to the U. S. To- finished products are forced to adjust their rolling schedules
bacco Journal, owing to too much rain the ground was to allow for this, but they manage very well. Wire rods are
so wet that farmers could not prepare the land. It has said to be in excellent demand and steady at $42. with forgretarded the planting. Washington, D. C., wired that a ing billets $41. Pittsburgh reported that the rate of coldfair total of sales was recorded in Great Britain for finished steel bar specifications was unchanged. Shipments,
March, with most grades participating and American it was added, were active and slightly in excess of incoming
grades predominating, featuring semi-bright Virginia business, but producers still have a fair volume of business
strips, states a report by the Tobacco Section of the De- on books which is expected to insure, favorable operations
partment of Commerce. The market inspection and grad- through the remainder of the quarter. It is also stated that
ing of tobacco previous to sale, which has been conducted despite a slackening in automotive operations demand for maexperimentally for two years, will be expanded to include terial from these interests is well sustained, particularly from
additional markets this year, the Bureau of Agricultural manufacturers of the lower priced cars. Cold finished bars
Economics, United States Department of Agriculture. In are steady at 2.30c. Pittsburgh.
Springfield, Mass., sales for the week ending WednesPIG IRON trade gained
little. In the main it was
day were 547,530 lbs. at an average of 11.95c. This brings still quiet. Low prices are very to have been accepted for
said
3549
FINANCIAL CHRONICLE
MAY 25 1929.]
In order that comparison may be made with other years,
Buffalo. It is generally quoted $18. to $18.50. Cleveland sold we give below the totals at leading ports for six seasons:
14,000 tons last week making 31,000 in two weeks. Recently
Pittsburgh sold 30,000 tons of basic but since then trade there Receipts at- 1928-29. 1927-28. 1926-27. 1925-26. 1924-25. 1923-24.
has been slow. In the Central West a good business was
7,708
9.014
14.013
7,296
18.314
9.281
2,817
21,319
9,675
reported. It is stated that fully 50 per cent of the third quar- Galveston....
11.583
10,282
5,737
Houston
19,769
5,784
15,441
11,621
13,910
9.5s 0
have been contracted for at Chicago. But in New Orleans..
ter requirements
6,045
235
2.279
3,562
4,983
697
5,987
1,167
11.223
New England last week the sales were less than 4,000 tons. Mobile
17,627
5,561
1,114
Savannah__..
..
There is a report that Birmingham iron will be shipped North Brunswick
2,164
4,007
4,467
3,569
1,650
336
is said, rail and water rates Charleston_ 2,014
72
955
after June 15th at which time it
4,130
351
194
Wilmington_
1,540
2.280
3,862
3,976
1,631
1.078
will be lowered $1.50 per ton or more. Moreover there is talk Norfolk
furnaces N'port N.,.kc
2.380
177
3,362
of curtailing some of the production of the Alabama
4,122
3,077
2,832
All others_ __ _
because the increase in stocks is overlapping the sales. In
50,424
44.085
65,277
67,486
59.759
31,129
wk_
New York only car loads a‘e being sold. Birmingham is re- Total this
R R47 513 8.022.783 1.292.854 9.132.946 8,951,795 6,422.903
Ri,,e. A,,a 1
ported rather steadier at $15.50 for No. 2 foundry.
of
with the season of 1926, Houston figures include movement
*Beginning
-A government report from Boston on May 21st
WOOL
town. The distinction
cotton previously reported by Houston as an interior
said: "Sales of moderate quantities have been reported on between port and town has been abandoned.
some of the new fleece wools. The sales have been on the
The exports for the week ending this evening reach a total
medium grades at prices slightly lower than recent quotations.
of 55,723 bales, of which 5,410 were to Great Britain, 3,567
The 48s-50s strictly combing wools have sold at prices in the
7,423 to Germany,9,070 to Italy,7,350 to Russia,
range of 44c. to 45c. in the grease, and the 56s, strictly comb- to France,
14,378 to Japan and China, and 8,521 to other destinations.
ing wools sold for 45c. in the grease." London cabled May In the corresponding week last year total exports were 76,363
21st: "Cables from Melbourne received today report wool ex- bales. For the season to date aggregate exports have been
ports from Australia and New Zealand from July 1, 1928 7,369,698 bales, against 6,692,834 bales in the same period
to April 30, 1929, Australian exports totalled 2,366,000 bales of the previous season. Below are the exports for the week.
against 2,329,000 for the same period in 1927-28. New Zealand
Exported to
exports from July 1, 1928 to April 30, 1929 totalled 643,000
Week Ended
bales against 624,000 for the July-April period in 1927-28." May 24 1929. Great
Japan&
GerLater Boston reported prices on the average 48s 50s and 56s Exports from Britain. France. many. Italy. Russia. China. Other. Total.
strictly combing fleece wools are somewhat easier. The wools
3,816 6,180
874 1.490
Galveston
4.645 2,004 13,234
are offered at prices in the range of 44 to 45c in the grease. Houston
1.935 2,294 2.356
1,292
1,292
Manufacturers bid slightly under these prices on several lines Corpus Christi
2.677 18,294
725 1,670 2,918 7:556
2:15a
2,000
2,000
of 48s, 50s strictly combing grades, but the dealers have re- New Orleans_
Mobile
207
181
26
fused to accept these offers for any quantity. Scattered sales Savannah
938
936
3,800
reported on the 56s strictly combing grade at 44c. in Charleston
were
Wilmington
1.554
"ioo
854
Norfolk
the grease.
777
24
200
496
7
so
New York
7,249
6.632
cabled the Journal of Commerce May 23rd: "Dur- Los Angeles---Liverpool
617
200
200
serien of the East India auctions San Francisco.-ing the coming month the June
will be held here from Tuesday, June 4 to Friday, June 7th. Total
5,410 3,567 7,423 .9.070 7,350 14.378 8,521 55.723
At the opening of the sale the quantity of raw wool avail76,363
9,823 5,932 16,908 10,184 19,711 9,990 3,815 105,179
able, a large percentage being carpet wool, is announced as Total 1928
100 21,557 37,807 15,880
10,734 10.089 9,012
Total 1927
20,000 bales. This is an average amount, with offerings usually
Exported to
From
running between 18,000 and 28,000 bales. Opinion at this time
Japandfavors a continuation of the generally strong nrices, especially - ay 24 1929. Great
GerM
Total.
on wanted grades, which were very firm in the last sale. Wasty Exportsfrom- Britain. 1France. many. Italy. Russia. China.
sorts were down somewhat previously and are apt to remain Galveston_ __ _ 380,943306.837 569,303 192,134 25.522558,661 374.547 .407,947
'
400,678 284,959 532,874206,724 96.703 450.495 162,9422,135.375
Houston
on this basis."
1,616-__ 10,335 11,256 110,324
Texas city... 34.615 12,068 40,434 21,624 4,904 55,036 27,781 288.523
SILK closed today 2 points lower to 3 points higher; July Corpus Christi 46,405 41,940 90,833
764 --------3,912 17,026
8,977
943 2.430
Port Arthur
4.85 to 4.86c.; September 4.75c.
6.027
1,151 3.250 --------330
1.296__
Lake Charles_
COTTON
Friday Night, May 24 1929.
THE MOVEMENT OF THE CROP, as indicated by
our telegrams from the South to-night, is given below.
For the week ending this evening the total receipts have
reached 31,129 bales, against 27,000 bales last week and
40,133 bales the previous week, making the total receipts
since Aug. 1 1928 8,847,513 bales, against 8,022,783 bales
for the same period of 1927, showing an increase since
Aug. 1 1928 of 824,730 bales.
Receipts at-
Sat.
Mon.
Wed.
Tues.
Thurs.
Fri.
655 1,494 5,026
683
'787
Galveston
636
TexasCity191
612 1,676
.
254 1.301 1,142
Houston
752
.
Corpus Christi- _
1,292
Ei Loog
664 1.616
New Orleans.... 5",i88
816
2
34
12
112
419
Mobile
118
150
190
354
135
327
Savannah
258
88
161
21
.....
66
_
Charleston
40
--5 _,..
71
Wilmington
'H.
187
204
102
'77
Pis
359
Norfolk
231
New York
N _--_
_
Boston
-------------------- 1,081
Baltimore
Totals this week-
6,871
3.949
7,753
2,528
4.454
Total.
9,281
19i
5,737
1,292
9.560
697
1,414
326
194
1,078
37
1.081
5,574 31.129
The following table shows the week's total receipts, the
total since Aug. 1 1928 and the stocks to-night, compared
with last year:
155364 106.372 1,192,088
2
New Orleans_ 397,419 94,230 21,957 127,819 88927 12,300 4.670 185,646
87,299 1,943 75,066 4,368 -___
Mobile
12,956
100
--- - 1.400
905
5,775
____
4,776
._
Pensacola _ .
____ 12,100 3,767 290,934
75 113,226 2,622
Savannah..... 159,144
598
598
Gulfport
____ 1,150 14,829 136,319
777 59,244 1,281
Charleston... 59,038
9,842 42,800 --------3,400 92,642
--__
36,600
Wilmington
2,336 112,412
0
____ 660
74.283 1,038 25,781 2,374
Norfolk
127
127
Newport News
____ 6,210 16,010 92,417
4,043 29,131 13,930
. 23,093
New York_ _
7,216
4,151
1,6231,442 -----------Boston
------------4,387
1.598
,789
2
Baltimore_
283
I
___•
-_--__
1
--_
82
Philadelphia____ 84,166 1.076 208.672
6,170
6
66.755 14,049 36,45
Los Angeles
13,496
600
_
__ _
4,296
6,652 . 1,948
San Diego.._
728 36,035
____ 17,5i0
200
6,963
250
10,524
San Francisco
18,248
-_-_
18,248
Seattle
.792,893769,376 1,832,752630,179216,0561389435739.0077,369,698
Total
6,692,834
Total 1927-28 1.323,807 30.819 1,983,195 593,846 264,188907.282789,697 10044 158
Total 1020-272.445.952 945.765 2.745.693709.999 335.827 1677465 1157426
-It has never been our practice to include in the above
Note.-Expons to Canada.
being that virtually all the
able reports of cotton shipments to Canada, the reason Is Impossible to get returns
Dominion comes overland and it
cotton destined to the
reports from the customs districts on
concerning the same from week to week, while
In view, however. Of
the Canadian border are always very slow in coming to hand. will say that for the
we
the numerous inquiries we are receiving regarding the matter,
season have been 28.661
month of April the exports to the Dominion the present
exports were 15.027
bales. In the corresponding month of the preceding season the
bales exported,
bales. For the nine months ended April 30 1929 there were 227,119
as against 186,190 bales for the corresponding nine months of 1927-28.
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
On Shiikoard Not Cleared for
Other CoastGerGreat
- Britain. France. many. Foreign wise.
May 24 at
Total.
Leaving
Stock.
182,804
6,000 5,000 6,800 20.000 4,000 41,800 210.093
Galveston _ 120 19,587
86 14,360
918
- 4,103
New Orleans
15.298
1.400
200
1,200
This Since Aug This Since Aug
Savannah
May 24.
19,125
3
3
Week. 1 1928. • Week. 11927.
Charleston1929.
1928.
11.212
20 4,970
2,350
2:866 -job
Mobile
61.853
9,281 2,750,235 18,314 2,176,635 224,604 280.988 Norfolk
Galveston
25.000 546,872
2,000 1,000 5,000 17,000
191 177.192 1,037
Other ports *
95,938
City
18,110
9,335
Texas
5,737 2,828.612 10,282 2,491.881 365,136 423,822
Houston
1.047,257
Total 1929.. 14,603 7,018 13,086 53,910 4,143 92,760 1,199,706
---- 176,344
Corpus Christi_ _ - 1.292 259.234
15,915
19,793 10.139 16.623 50,563 2,647 99,765
2,944
--- Total1928
Port Arthur,-------- 118.271 1,549.170
24,737 10,293 17,997 60,937 4.307
Total 1927
9,560 1,42,713 13,910 1.456,972 229,680 310,917
New Orleans
Gulfport598
* Estimated.
3
7 269,350 4,14§. 285,897
17.535
16.182
Mobile
100
---12,641
12,956
Pensacola
Speculation In cotton for future delivery was fairly active
.
12
186
40
602
674
Jacksonville
1,414 356,740 5.561 626.676
26,117 and on the 18th inst. prices advanced 25 to 30 points owing
16,698
Savannah
Brunswick
to big rains in the belt ranging up to 4 inches in Oklahoma.
166,142 1.68EI 261.719
-5.36
22.471
19,128
Charleston
100
1.224
5.505
They tended to delay replanting or to make more of it
---Lake Charles351 130,485
125,269
194
17,827
28,225 necessary and to put fiOlds into the grass. Besides, there
Wilmington
1,078 227,964 1,631 218,428
56.418
61,853
Norfolk
-___
139
127
---were destructive high winds in some parts of Texas and
N'port News, &C.
464
7.804 171.762 104,486
50,987
231
New York
Contracts were scarce. The market acter over320
7.654
37
3,280
1,519
3.789 Louisiana.
Boston
54,497 1,044
69,207
1,081
1.454 sold. Spot prices were higher, with a persistent demand
1,122
Baltimore
155
11
---4,537 especially for one inch middling and above. Fall River
4,497
Philadelphia
1928-29.
1927-28.
Stock
Receipts to
21 190R RA7 Alq 50 7A0 R 099 712.1 1
'AA A1,1
nnn
A...1
reported a rather better inquiry for goods. It was again
3550
FINANCIAL CHRONICLE
[VOL. 128.
insisted that there was to be no lockout in Lancashire. It almost
to the last. The technical position is considered'
turned out that there was none. At the Brandon Mill of rather
bullish than otherwise. On the other hand, thereGreenville, S. C., the strike was over, and the strikers in was no
real snap to the speculation. Some think that
the Poinsett Mill of Greenville, S. C., and at the Woodruff now that
the market is deprived of the sustaining influence.
Mill of Spartanburg, S. C., are also believed to be near a of the
May delivery with its $4 a bale premium July will sag.
settlement of their disputes. Later came a reaction on a Final
prices
favorable long range weather forecast that is beginning except on show a decline for the week of 9 to 20 points,.
May, which went out at noon to-day 7 pointsin the middle of the present week.
higher than last Friday. Spot cotton ended at 19.45c. for
On the 20th inst. prices advanced 15 to 22 points owing middling, a decline for the week of 25
points.
to heavy cold rains and high water in the Mississippi, Red Staple Premiums
and Arkansas Rivers and fears of floods. The Mississippi 60% of average of
Differences between grades established
six markets
River was rising at St. Louis. A stage of 36 feet was fore- for deliveriesquoting for delivery on contract May 31 1929.
on
May 31 1929.
Figured from the May 23 average quocast there for the 21st, or six feet above the flood mark.
tations of the ten markets designated by
Two years ago the Mississippi reAched 36.1 feet. There
15-16 1-Inch &
Inch.
the Secretary of Agriculture.
longer.
was apparently no fear of overfldws in the lower Valley,
such as 2 years ago, which did so much damage. The
.21
.64
Middling Pair
White
.81 on Mid...
.21
.64
Strict Good Middling_
do
Missouri River at Hermann had risen to 25% feet. The
.62
do
.21
.68
Good Middling
do
.44
do
Holly Bend levee on the Arkansas River was reported to
.21
.67
Strict Middling
do
.30
do
.23
Middling
.67
do
have broken at Russellville, Ark., and flooded 1,500 acres
Beale
.22
.65
Strict Low Middling
do
.75 off Mid..
of farm land. The stiles of cloths last week by a big com.22
Low Middling
.61
do
1.60
do
Good Middling
Extra White
pany were the largest since the middle of April. Spot
.44 on do
Strict Middling
do do
.30
do
Middling
markets were firm with an excellent demand even for 7 4
do do
even
4
do
Strict Low Middling-, do do
75 off do
inch middling not to mention 1 to 1 1/32 inch which are none
Low Middling
do do
1.60
do
.21
.61
Good Middling
too easy to obtain. The rainfall was 1 to 4 inches, the latter
Spotted
.25 on do
.21
.61
Strict Middling
do
.01 off do
In Georgia. There were fears of a bullish weekly report
.21
.64
Middling
do
75
do
.20
.53
Strict Good Middling ___Yellow Tinged
on May 22nd. Grassy fields were complained of and weevil
04 off do
.20
.53
Good Middling
do do
.45
do
and other pests. Besides, it had been much of the time a
.20
.53
Strict Middling
do d
.92
do
.20
.53
Good Middling
wet May. Speculation was light. A Cotton Exchange "seat"
Light Yellow Stained-1.08 off do
.20
.53 'Good Middling
Yellow Stained
1.42 off do
sold at 130,500, a decline from the last sale on April 18th
.19
.51
Good Middling
Gray
.69 off do
.19
.51
Strict Middling
of $8,500. Outside participation in cotton had fallen off
do
1.08
do
as grain prices had broken and the stock market had become
The official quotation for middling upland cotton in theirregular. Texas interests sold cotton, it was understood, New York market each day for the past week has been:
May 18 to May 24rather heavily.
Sat. Mon. Tues. Wed. Thurs. Fri.
Middling upland
19.85 19.90 19.90 19.70 19.70 19.45
On the 22nd inst. prices fell 18 to 24 points, with the
NEW YORK QUOTATIONS FOR 32 YEARS.
weather and forecast generally better, the Liverpool cables
19.45c. 1921
12.75c. 1913
12.10c
0
8.65c•
poor and reports of heavy liquidation of late by Texas 1929
11992278
1920
40.00c. 1912
11.600. 1904
13.35c•
interests. Spot markets were lower. Worth Street was
16.55c. 1919
32.60c. 1911
16.00c. 1903
12.00c•
1926
18.75c. 1918
27.30c. 1910
11., 1902
15 6 c
. 5c
3
quiet. In North Carolina there is to be a curtailment of 1925
9.56c•
23.95c. 1917
21.55c. 1909
11.65c. 1901
8.12c•
32.70c. 1916
output beginning June 1st at four or five mills. The weekly 1924
13.05c. 1908
11.20c. 1901
9.31c900
19239.70c.1907
28.55c. 1915
12.35c. 1899
6.25c
weather report said that in general weather continued un- 1922
21.50c. 1914
13.700. 1906
11.900. .1898
6.44cfavorable for cotton in most sections of the belt because of
MARKET AND SALES AT NEW YORK.
too much rain in many sections and general coolness in
northern districts. In the Atlantic Coast States much of
Futures
SALES.
Spot Market
Market
the week was rather favorable, especially in the South,
Closed.
Closed.
Spot. Confect Total.
but in the North the latter part was too cool and in some
400
parts too wet. In Alabama. Mississippi and Southern Ar- Saturday..__ Steady,15 pts. adv _ Easy
400
Monday __ _ uiet,5 pts. adv.--- Barely steady
3,700 3.700'
kansas the weather was partly favorable and progress of Tuesday _
let, unchanged -- Steady
900
900
Wednesday_ uiet,20 pts. decl -- Barely steady
-----the crop was fairly good as a rule with growth rather slow Thursday _ _ let,
600
600
unchanged
Firm
In Louisiana, but conditions were rather satisfactory in Friday
ulet, 25 pts. dec.. Steady
general. In Tennessee most of Arkansas and in central
Total_
400 5,200 5,600.
and eastern Oklahoma the weather was decidedly unfav- Since Aug. 1
163,947 480,000 643,947
orable because of too much rain. Germination was poor,
FUTURES.
-The highest, lowest and closing
stands irregular and growth slow in many places, while New York for the past week have been as follows: prices at
fields continued too wet to work. In Texas rains were
Saturday, Monday, Tuesday, Wednesday, Thursday,
beneficial in the south and west, but in the upper coast and
Friday,
May 18.
May 20.
May 21.
May 22.
May 23.
May 24.
eastern and northeast portions they were unfavorable with
Maychopping and cultivation delayed and considerable damage
Range- 19.50-19.72 19.62-19.79 19.55-19.69 19.43-19.70 19.28-19.95
19.38-19.53
by excessive rains. General condition of the crop in this
Closing- 19.57-19.60 19.64-19.68 19.6519.48-19.44 19.44-19.45
State is fair to good, but weekly progress as a whole was June-Range._
18.65
mostly slow.
Closing- 18.7918.8618.9018.62- 18.65
18.56JuIllOn the 22nd inst. prices fell 18 to 24 points on better
Range__ 18.70-18.93 18.82-18.99 18.77-18.90 18.62-18.88
18.47-18.66
Closing- 18.78-18.80 18.83-18.87 18.85-18.86 18.62-18.64 18.65-18.68 18.45-18.73
weather, lower Liverpool cables than were due, and rumors
18.56-18.57
of enforced southwestern selling. A break in the stock
Range
Closing- 18.81 18.7718.83market had some effect. Manchester was to be closed until &Pi
18.5918.6518.52'Monday. There will be some curtailment of production in
Range
Closing- 18.8018.7718.81 18.57North Carolina beginning June 1st. Exports were small. 0d.18.6518.48Range-- 18.68-18.82 18.76-18.97 18.77-18.78 18.60-18.71 18.43-18.66 18.43-18.62
Spot prices declined. Cotton markets the world over lacked
Closing- 18.76 --- 18.7618.7818.65-18.60 18.44-18.45
18.80snap. On the 23rd inst. prices declined early on good Oct.(new)
Range-. 18.87-18.86 18.73-18.94 18.63-18.77 18.56-18.77 18.38-18.58 18.3548.64
weather for the third day in succession, and then rallied
Closing- 18.78-18.80 18.75-18.77 18.75-18.76 18.5618.55-18.57 18.43-18.45
sharply on a better technical position, some fears of rains Nov.
Range
in the Western belt, free buying of December at 18.50c., and
Closing- 18.8318.8218.8018.6018.6018.50above, and some covering in other months. That included Nov. (new)
Range
May, which was to go out at noon the next day. The trade
18 50
Closing- 18.8318.8218.8018.6018.5018.50bought. Supposedly this included buying by Japanese, Dee.
Range.. 8.85-18.99 18.85-19.06 18.75-18.89 18.65-18.87 18.48-18.67 18.45-18.74
whose mills are favored by the breaking down, it seems,
Closing- 18.9118.88-18.89 18.85-18.86 18.65-18.66 18.64-18.65 18.57-18.58
of the Chinese boycott on Japanese goods. Moderate buying Jan.Range-. 8.86-19.02 18.89-19.07 18.77-18.89 18.64-18.88 18.4748.87
was done by Liverpool and the Continent. Stocks advanced
18.45-18.74
Closing- 8.92-18.93 18.93-18.94 18.86-18.87 18.64-18.67 18.63-18.67 18.57
and the rediscount rate here was not raised. Exports, it Feb.
Range-is true, continued to be small. Worth Street was quiet.
Closing. 18.9818.9918.91 18.6918.63
18.71 To-day prices ended at a decline of 6 to 21 points, gen- Mar.
Range._ 8.98-19.15 19.02-19.20 18.86-19.00 18.75-18.96 18.57-18.80 18.58-18.85
erally 7 to 13, owing to good weather over most of the belt
Closing- 19.0519.05-19.06 18.96-18.97 18.7318.80 -- 18.69-18.70
and a favorable forecast for the Atlantic States. Some April-Range-beneficial rains fell to-day in parts of Texas. In the central
Cimino
section rainfalls of 2 to 5 inches may not have been altoRange of future prices at New York for week ending
gether favorable in every locality. Moreover, the night
temperatures as a rule were still too low. Spot markets May 24 1929 and since trading began on each option:
declined. Exports were small. Spinners' takings were OptionforRange for Week.
Range Sines Beg nnIng of Option.
smaller than last week. With stocks and grain lower, Wall
May 1929._ 19.28
Street and the West sold cotton. So did New Orleans and June 1929.. 18.85 May 23 19.95 May 23 18.00 Aug. 13 1928 21.47 Mar. 1929
May 22 18.85 May
Mar.
18 1928
the South. A Chicago dispatch said that the Federal Re- July 1929._ 18.45 May 24 18.99 May 22 17.12 Sept.29 1929 21.28 Mar. 1929
20.95
1929
20 18.25 Apr.
Aug. 1929
1929
18.53 Apr. 30 1929 20.53 Mar.
serve Bank there again asked permission to raise the redis- Sept.1929
1929
18.08 Nov. 5 1928 20.63 Mar.
count rate, supposedly to 6%. Cotton bears stressed this. Oct. 1929_ 18.35 May 24 18.97 May 20 18.26 Apr. 29 1929 20.72 Mar. 1 1929
Nov. 1929
18.55 May 15 1929 20.38 Mar. 1 1929
The forecast for Western and Central belts was for wet Dec. 1929.. 18.45 May 24 19.06
May 20 18.45 May 24 1929 20.70 Mar. 1 1029
weather and was therefore considered unfavorable. May Jan. 1930._ 18.45 May 24 19.07 May 20 18.45 May 24 1929 20.66 Mar 1 1929
:
1930...
moreover maintained its premium of 80 points over July Feb. 1930.. 18.53 May-23 19.20
Mar.
Apr.205
1 1929
May-iO 18.53 May 23 1029
tu
3551
FTNIA.NCIAL CHRONICLE
MAY 25 1929.]
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks as
well as afloat are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
1926.
835.000
177.000
93,000
859,000 1,554,000
946,000
430,000
203,000
14.000
66,000
34,000
bales
1927.
1928.
775,000 1,377,000
1,045,000
May 24.
Stock at Liverpool
Stock at London
Stock at Manchester
441,000 659,000
249,000 277,000
19.000
10,000
110,000 122.000
36,000
34,000
1929.
932,000
113.000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Antwerp
141,057 bales less than at the same time last year. The
receipts at all the towns have been 433 bales more than
the same week last year.
OVERLAND MOVEMENT FOR THE WEEK AND
-We give below a statement showing the
SINCE AUG. 1.
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
84,000
----1928-29---Since
Week. Aug. 1.
May 24ShippedVia St. Louts
4,470
610
747,000
844,000 1,113,000
196,000
188,000
3.000
90.000
32,000
509,000
1,792.000 1,703,000 2,667,000 1.455,000
Total European stolcs
95,000
76,000
India cotton afloat for Europe--- 167.000 195.000
American cotton afloat for Europe 256,000 416,000 432,000 243,000
95.000 110,000 114,000
Egypt,Brazil,&c.,afloatforEurope 120,000
366,000 344,000 412,000 253,000
Stock In Alexandria, Egypt
1,282,000 1.203,000 674.000 752,000
Stock in Bombay. India
al,140,017a1,299,471a1,667.441 856,988
Stock in U. S. ports
Stock in U. S. interior towns_ ___ a446,703 a587,760 a656,451 1,301.436
300
700
U. S. exports to-day
5,570,420 5.843,531 6,694,892 5,070.424
Total visible supply
Of the above, totals of American and other descriptions are as follows:
American
bales.. 603,000 550,000 1,043.000 539,000
Liverpool stock
72,000
59,000 150.000
79.000
Manchester stock
680,000 791.000 1,057,000 447,000
Continental stock
256,000 416,000 432.000 243.000
American afloat for Europe..---...
al.140,01701,299,471a1.667,441 856.988
U. S. port stocks
a446,703 0587.760 a656,451 1,301,436
U. S. interior stocks
300
700
U. S. exports to-day
3,205,420 3,703,531 5,005,892 3,459,424
Total American
East Indian, Brazil, &c.
Liverpool stock
• London stock
Manchester stock
Continental stock
Indian afloat for Europe
Egypt, Brazil. &c., afloat
Stock in Alexandria. Egypt
Stock in Bombay, India
225,000
334,000
314.000
25,000
34.000
53,000
67.000
167,000 195,000
95,000
120,000
366,000 344.000
1,282,000 1.203,000
27,000
56,000
76,000
110.000
412.000
674.000
21,000
62,000
95,000
114,000
253,000
752,000
329,000
Since
Week. Aug. 1.
5,320
950
---618
4,054
6.802
349,165.
240,431
13,671
29,912
228,777
369.857
Via Mounds. &c
Via Rock Island
Via Louisville
Via Virginia Points
Via other routes, Sic
203
4,081
12,999
Total gross overland
Overland to N. Y., Boston,
Bewteen interior towns
Inland, &c.,from South
22,363 1,349.722 17,744 1,231,813
84,820
1,828
1,349 111,103
21,023
473
19.281
465
15,020 622.135 4,084 580.504
Deduct Shipments
Total Continental stocks
439,594
81.619
5,573
41,772
201,774
579,390
----1927-28----
Total to be deducted
Leaving total net overland *-_
16.834
752,519
6,385
686,347
5,529
597.203
11.359
545.466.
*Including movement by rail to Canada.
The foregoing shows the week's net overland movement
for
this year has been 5,529 bales, against 11,359 bales the
the week last year, and that for the season to date ago.
aggregate net overland exhibits an increase over a year
of 51,737 bales.
-29
1928 -- -1927 28
Since
Since
Aug. 1.
Week.
Aug. 1.
Takings.
31,129 8,847,513 59,759 8,022.783
Receipts at ports to May 24
545.466
11.359
Net overland to May 24
4.561,000'
Southern consumption to May 24-125.000 4,771,000 90,000
.
161,658 14,215,716 161,118 13,129.249
Total marketed
217.911
192.352 *32.560
*34,449
Interior stocks in excess
takings
Excess of Southern mill
145.433
over consumption to May 1........578,373
Came into sight during week_ _127,209 14,986,441 128,558 13,492.593
Total in sight Slay 24
15,220 1,307,040'
North. spinn's' takings to May 24 27.779 1.280,558
In Sight and Spinners'
Week.
•Decrease.
2,365,000 2,140,000 1,689,000 1,611,000
Total East India, &c
Movement into sight in previous years:
3 205,420 3,703,531 5.005,892 3,459,424
Total American
Bales.
Since Aug. 1Bales.
Week18,458,583
126,186 1926-27
5,570,420 5,843,531 6.694,892 5,070,424 1927 May 27
Total visible supply
15,700,61a
1925-26
119.904
8.94d. 10.33d. 1926
11.464.
-May 28
Middling uplands, Liverpool - - - 10.11d.
14.434,635
125,711 1924-25
-May 29
Middling uplands, New York......19.45c. 21.10c. 16.75c. 18.90c. 1925
18.700. 22.800. 17.804. 18.20d.
Egypt, good Sakel. Liverpool _
FOR MIDDLING COTTON AT
Peruvian. rough good. Liverpool- 14.500. 14.00d. 10.754. 17.004.
QUOTATIONS
9.00d.
8.054.
8.500. 10.05d.
Broach, fine, Liverpool
-Below are the closing quotations
9.554. OTHER MARKETS.
8.50d.
9.65d. 10.954.
Tinnevelly, good. Liverpool
Southern and other principal cotton
a Houston stocks are now included in the port stocks; in previous years for middling cotton at
they formed part of the interior stocks.
markets for each day of the week:
Continental imports fbr past week have been 73,000 bales.
The above figures for 1929 show a decrease from last
week of 173,593 bales, a loss of 273,111 from 1928, a
decrease of 1,124,472 bales from 1927, and a gain of 499,996 bales over 1926.
-that is,
AT THE INTERIOR TOWNS the movement
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding periods of the previous year, is set out in detail
below:
Movement to May 24 1929.
Towns.
A a..Birming'm
Eufaula MontgolneW.
Selma
A •k..Blytheville
Forest City-
Helena
hope
Jonesboro..Little Rock
Newport- _Pine Bluff
Walnut Ridge
L... Albany _
Athens
Atlanta
Ship- Stocks
ments. May
;reek. Season. Week. 24.
Receipts.
398
7
8
6.
21
2
3
184
5
165
__-
95
53,750,
15,048
57,081t
57,439
87,9811
28.518
57,0
57,622
33,270
118,303
47.798
142,598
39.076
3,712
29,346
130,134
242,850
51,580
52,554
35,921
145.076
146,544
31,195
189,330
49,575
32.198
24,915
39,330
455,695
24,491
31
4
___
76
724
- 1,757
Augusta189
Columbus_
474
Macon
____
Rome
23
L., Shreveport
90
bis.,Clarrdale
____
Columbus...
192
.
Greenwood_
81
Merklian
--Natchez- .....
4
Vicksburg.
2
Yazoo Cityo., St. Louis.. 4,135
504
.C..Gree08b'o
Raleigh
I
clahoma35 772,116
.
15 towns.C.,Greenville 7,243 208,873
inn.,Memphls 9,126 1,760,720
5 54.215
was, Abilene_
49 48,538
Austin
33 35,484
Brenham
682 141,638
Dallas
07 90,585
Paris
14,921
____
Robstown _ __
47 43,113
San Antonio_
25 85,436
Texarkana .._
177 145.9171
Waco
643
97
446
546
761
154
771
177
143
612
38
1,388
219
......
412
3,874
3,757
835
438
1,500
2,487
1,221
25
776
376
____
111
149
4,470
211
1.175
3.078
9,558
10,346
7,854
2,658
4,257
554
1,107
7,788
1,038
5,998
864
1,563
5,921
20,518
53,863
9.734
3,002
20,330
17,096
10,184
670
15,473
1,294
4,789
1,193
2,400
15,757
11,005
Movement to May 251928.
Receipts.
Week. Season.
Ship- necks
ments. May
Week. 25.
91,829 1,179 6,463
19.770
28 4.777
77,534 1,945 11,850
58.71
1,545 7,786
78,594
536 5,832
37, •'
350 6,125
51,949
672 7,909
8. 2,046
49,363
32,256
326 1,589
775 8.971
108,351
48,58
300 1,752
124,778
597 14,358
104
35,686
963
4,980
80 1.586
50.781
500 3,384
126,151
991 24,355
270,054 2,277 50.648
51,090 --444
67,046
328 3.047
37,431
800 9.059
98,067 3,020 20.456
153,518 1,118 24,039
35,998
349 3,005
159,976 1,604 41,042
41,199
424 4.030
9 37.032
472 12.895
9
18,08,
338 2,315
21
27,746
121 6,174
758
16
413
19
401
81
194
12
24
274
_-__
127
8
...........
423
1,082
83
160
54.
16.
122
28
221
81
5.221
694
350,623 5,320 3,344
28,313
591 11.929
1,906 9,780 1,177 741,117 3,514 32.947
7.399 35,359 3,622 306,238 5.907 44,188
22,210133,734 8,504 1,444,822 16,227154.890
271
55,696
576 1,328
--- 1,010
14 26,312
482
233 1,362
--164
29,499
20 2,652
220 11,148
1,586 5,078 1,169 98,011 2,269 23,034
67 75,280
463
435
313 1,451
573
176 .....
29,779
10
198
81 1,932
36,938
163 5,372
94 58,599
219 1,323
664 2,689
327 89,819
891 3.651
475 8,627
, ,569 57.288587,760
Total, 56 towns 20,7835.861.572 ul,354440.7u3
in
* Includes the combined totals of fifteen towns Oklahoma.
The above total shows that the interior stocks have
during the week 34,449 bales and are to-night
decreased
Closing Quotations for Middling Cotton on-.
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
18.70
18.80
18.80
19.00
19.00
18.90
Galveston
18.77
18.83
18.83
19.03
19.03
New Orleans....- 19.03
18.30
18.40
18.40
18.60
18.60
18.60
Mobile
18.42
18.50
18.49
18.71
18.71
18.64
Savannah
18.75
18.75
18.75
18.94
18.94
18.88
Norfolk
19.20
19.10
19.40
19.40
19.50
19.40
Baltimore
18.88
18.94
18.94
19.13
19.19
18.30
Augusta
18.05
18.15
18.10
18.35
18.35
Memphis
18.65
18.75
18.75
18.95
18.95
18.81
Houston
17.65
17.65
17.65
17.75
17.75
18.15
Little Rock
17.90
18.00
17.95
18.20
18.20
18.00
Dallas
17.90
18.00
17.95
18.20
18.20
Fort Worth---Week Ended
May 25
-The closing
NEW ORLEANS CONTRACT MARKET.
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Saturday,
May 18.
Monday,
May 20.
Tuesday, Wednesday, Thursday,
May 23.
May 22.
May 21.
Friday,
May 24.
18.75-18.77 18.82-18.85 18.8618.97-18.9819.00-19.01 19.01May
June
18.88-18.87 18.82-18.63 18.63-18.86 18.57-18.60
18.82-18.87 18.85-18.87
July
August
.
September
18.69-18.73 18.68-18.69 18.65-18.68 18.44-18.45 18.46-18.47 18.3948.40
October
.November
18.75-18.76 18.54-18.56 18.65-18.58 18.49-18.51
18.79December 18.81 bid
Jan(l930) 18.83 Bid 18.81-18.82 18.77-18.78 18.55 Bid 18.57 BM 18.50
February _
18.61Bid 18.6518.86 Bid 18.83
March _ 18.91 Bid 18.90Tone
Steady
Steady
Steady
Steady
Steady
Steady
Spot
Steady
Steady
Steady
Steady
Rarely at's, Steady
DI:alone
ACTIVITY IN THE COTTON SPINNING INDUSTRY
-Persons interested in this report will find it
FOR APRIL.
in our department headed "Indications of Business Activity," on earlier pages.
NEW YORK COTTON EXCHANGE.-Nominations.Nominations for offices to be filled at the annual election
of the New York Cotton Exchange were posted (Monday),
May 20. Gardiner H. Miller was renominated for President
and Philip B. Weld of Post & Flagg was named for VicePresident; T. Laurelle Guild, who has been a member of
the Exchange since 1904, was nominated for Treasurer.
The nominations for the Board of Managers included eight of the present
members of the board. Dr. Herman B. Baruch, John C. Botts. William
S. Dowdell, Elwood P. McEnany, John H. McFadden Jr., Simon J.
Shlenker, George M. Shutt and J. Hunter Wood were renominated. The
new nominees for the Board of Managers follow: Eric Allot, Harold L.
Bache of J. S. Bache & Co.: Lamar L. Fleming of Anderson, Clayton &
Fleming: Harry L. Goss, with Harriss & Vose: Charles S. Montgomery,
George R. Sledenberg, of Rhd. Siodenberg & Co., and Bulkeley L. Wells,
with F. B. Beech & Co.
Henry H. Royce VMS nominated for trustee of the Gratuity Fund.to serve
for three years. William C. Bailey, William A. Boger and J. Victor de
Zereca were nominated for Inspectors ofElection. The election will be held
June 3.
3552
FINANCIAL CHRONICLE
[Vor.. 128.
REVISED ESTIMATES OF COTTON ACREAGE,
YIELD PER ACRE, AND PRODUCTION, 1928, BY
STATES.
-The Crop Reporting Board of the U. S. Department of Agriculture, from the reports and data furnished by
crop correspondents, field statisticians, co-operating State
Boards (or Departments) of Agriculture and agricultural colleges, and ginnings reported May 17, makes the following
revised estimates of cotton acreage in cultivation July 1,
acreage finally harvested, yield per acre, and production,
crop of 1928. Cotton ginnings for the 1928 crop, as reported
by the Bureau of the Census, May 17 1928, are also shown:
RECEIPTS FROM THE PLANTATIONS.
-The following table indicates the actual movement each week from
the plantations. The figures do not include overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
part of the crop which finally reaches the market through
the outports.
REVISED ESTIMATES OF THE COTTON CROP OF 1928, BY STATES.
'
Area
Yield of
Ginnings
in OitaLint Cotton
i928 Crop
ration
Produdion as Reported
Area
Picked
July 1
Picked
per Acre
1928.a
by Census
State.
1928.
May 17'29
1928.
1928.
Feb.
16.. 81.570107,419 208,770 966,412 1,049,1801,305.680
23.._ 60,866 75,323 210.193 936.027 1,023.120 1,279,194
Mar.
1-- 91,438 62,281 196,159 906.387 987.384 1,224.580
86,941 70.755217.975 849.195 941.0431,168,286
15._ 106.350 73,234227,560 814.522 916,246 1.097.531
22
97,08 76.637185,888 781,667 887,170 1.036.360
29_ 78,041 88,473168,766 752,959 863,788 984,188
Apr.
59.884 80.232 140,928 711,349 835,361 922.735
12.. 48.659 73.019131,290 679,205 803,203 889,925
19-- 57,351 72.8821102,307 646,881 773,381 1,541,773
26_ 56,917 92,3781 86.136 615,322 737,026 824.696
May
51,241 10 ,891
9
!108 689 564,846 691.224 784,478
.
10_ 40,133 110,912 89,089 512,890 649,289 742.667
17_ 27,000 84,323 73,651 481.152 620,320 710.044
24_ 31,129 59,759 67,486 446.70 587,760 658.451
Virginia
North Carolina
South Carolina
Georgia
Florida
Missouri
Tennessee
Alabama
Mississippi
Louisiana
Texas
Oklahoma
Arkansas
New Mexico
Arizona
California
All other
Acres.
Acres.
Pounds.
81,000
79,000
265
1,892.000 1,860.000
215
2,485,000 2,361,000
147
3,883,000 3,728,000
132
101.000
95,000
97
355,000
334.000
210
1.145,000 1,107,000
185
3,643,000 3,534,000
150
4.154,000 4,209,000
175
2,052,000 1,990,000
166
18,330,000 17,743,000
138
4,420,000 4,243,000
136
3,834,000 3,681,000
162
123,000
117,000
380
202,000 c200,000 c357
223,000
218,000
378
23,000
22,000
152
Bales.f
44,000
836,000
726,000
1,030,000
19,000
147,000
428,000
1,109,000
1,475.000
691,000
5,106,000
1,205,000
1,246,000
88.000
c149,000
172,000
7,000
Bales.t
43,711
836,474
726.039
1,029,499
19,203
146,909
429,284
1,109.126
1,474.875
690,958
5,109,939
1,204,625
1,245,982
83,544
149,458
172.230
6,018
Week'
Ended
Receipts at Ports.
1929.
Stocks at Interior Towns.
1929.
1928.
ReceiptsfrontPlantations
1927.
1927.
1928.
1929.
40.049 68,945 162.171
50.481 49.203 184.807
61.798
29,749
71.677
64.230
49,333
26,545 141,545
24.434161.681
48,437 156.805
47,561 124,717
65,091 10,594
18.274
16.515
25.027
25,358
51,805
40.881
43.060
59,006
79.475
98,792
38,190
50,162
765 64.089
68,977
55,354
27,199
68,471
47,278
41,028
13,893
The above statement shows: (1) that the total receipts
from the plantations since Aug. 1 1928 are 8,970,880 bales;
in 1927-28 were 8,229,008 bales, and in 1926-27 were 12,137,578 bales. (2) That, although the receipts at the outports the past week were 31,129 bales, the actual movement
17.5. total
14.478,000 14,477,874 from the plantations was nil bales, stocks at interior towns.
46,946.000 45,341,000
152.9
res..oni (ma sx.,u.ra A
inn rinn
inn non
250
80.000
eft0.096 having decreased 34,449 bales during the week. Last year
a Bales rounded to thousands and allowances made for cross State ginnlngs. receipts from the plantations for the week were 27,199 bales
C Including Pima long staple, acres 50.000, yin d 284 pounds per acre, production and
for 1927 they were 13,893 bales.
30,000 bales. d Not included in California figures. nor in United States total.
e Ginnings 76,982 running bales, as enumerated by U.S. Department of Agriculture.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
I Bales of 500 pounds gross.
The following brief but comprehensive statement indicates •
CROP REPORTING BOARD,
Approved:
W. F. Callander, Chairman,
at a glance the world's supply of cotton for the week and
R. W. D111118D,
J. A. Becker, S. A. Jones,
Acting Secretary.
since Aug. 1 for the last two seasons from all sources from
J. B. Shepard, C. F. Sarle,
C. G. Carpenter.
which statistics are obtainable; also the takings or amounts
WEATHER REPORTS BY TELEGRAPH.
-Reports to gone out of sight for the like period:
us by telegraph this evening indicate that the weather the
Cotton Takings,
1928-29.
1927-28.
early part of the week was unfavorable in many sections of
Week and Season.
Week.
Season. Week. Season.
the cotton belt, there having been too much rain. Nights
Visible supply
5,744.013
5,928,256
were also too cool. The latter part of the week has been Visible supply May 17
Aug. 1
4,961,754
4,175,480
more favorable, temperatures being higher and the weather American in sight to May 24..
127,209 14.986,441 128,558 13.492,593
Bombayreceipts to May 23..
42,000 2.916,000
76,000 3,054,000
generally dry.
OtherIndia ship'ts to May 23..
23,000
586,000
9,000
558,500
Alexandriareceipts to May
5,400 1,589,600
5.800 1,274,660
Texas.
-Rains have been beneficial in the South and West Othersupply to May 22 *b 22..
7,000
553,000
514,000
12,000
portions ofthis State,but unfavorable in most other sections.
Total supply
5,948,622 24.806,521 6,159,614 23,855,507
Deduct
The general condition of the crop is fair to good, but progress Visible supply May 25
5.570,420 5,570,420 5,843.531 5,843,531
as a whole during the week has been mostly slow.
Total takings to May 25..a
378,202 19,238,101 316,083 18,011,976
Mobile, Ala.
Of which American
-The weather the early part of the week was
266,802 13.922,501 220,283 13,168,816
Of which other
111,400 5,313,600
95,800 4,843,160
unfavorable, delaying farm work and causing considerable
* Embraces receipts in Europe from Brazil, Smyrna, West Indies. &c.
damage in the lowlands, by heavy rains. Crops are grassy
a This total embraces since Aug. 1 the total estimated consumption by
and there are reports of boll weevil from scattered localities. Southern mills, 4,771.000 bales in 1928-29 and 4.561.000 bales in 1927-28
takings not being available
-and the aggregate amounts taken by Northern
Galveston, Texas
Abilene
Brenham
Brownsville
Corpus Christi
Dallas
Henrietta
Kerrville
Lampasas
Luling
Nacogdoches
Palestine
Paris
San Antonio
Taylor
Weatherford
Ardmore, Okla
Altus
Muskogee
Oklahoma City
Brinkley,.Ark
Eldorado
Little Rock
Pine Bluff
Alexandria, La
.Amite
New Orleans
Shreveport
Columbus
Greenwood
Vicksburg
Mobile. Ala
Decatur
Montgomery
Selma
Gainesville, Fla
Madison
Savannah, Ga
Athens
Augusta
Columbus
Charleston,8.0
Greenwood
Columbia
Conway
Charlotte, N.0
Newbern
Weldon
Memphis, Tenn
Rain. Rainfall.
1 day 5.40 in.
3 days 0.96 in.
3 days 3.98 in.
dry
1 day
0.16 in.
3 days 0.96 in.
1 day
0.64 in.
2 days 2.88 in.
2 days 1.14 in.
1.60 in.
1 day
2 days 1.62 in.
1 day
1.32 in.
2 days 1.50 in.
2 days 3.06 in.
0.92 in.
1 day
3 days 0.98 in.
2 days 1.05 in.
0.50 in.
1 day
1.07 in.
1 day
3 days 6.23 in.
0.03 in.
1 day
2 days 0.34 in.
2 days 0.85 in.
0.02 in.
1 day
2 days 2.65 in.
3 days 2.29 in.
4 days 0.93 in.
2 days 1.06 in.
3 days 1.24 in.
2 days 0.95 in.
2 days 1.38 in.
4 days 2.16 in.
2 days 1.52 in.
4 days 2.11 in.
3 days 1.51 in.
3 days 0.83 in.
2 days 1.42 in.
3 days 2.31 in.
4 days 2.50 in.
3 days 2.87 in.
2 days 1.01 in.
3 days 0.77 in.
3 days 1.30 in.
2 days 1.30 in.
3 days 2.38 in.
3 days 1.52 in.
4 days 4.61 in.
2 days 2.12 In.
2 days '0.79 in.
Thermometer
high 82 low 63 mean 73
high 80 low 50 mean 65
high 94 low 52 mean 73
high 88 low 62 mean 75
hIgh 86 low 66 mean 76
high 82 low 52 mean 67
high 80 low 48 mean 64
high 82 low 46 mean 64
high 84 low 46 mean 65
high 86 low 56 mean 71
high 82 low 50 mean 66
high 82 low 56 mean 69
high 82 low 54 mean 68
high 86 low 58 mean 72
high 84 low 56 mean 70
high 80 low 50 mean 65
high 79 low 47 mean 63
high 80 low 54 mean 67
high 80 low 48 mean 64
high 78 low 50 mean 64
high 82 low 44 mean 63
high 82 low 51 mean 67
high 81 low 48 mean 65
high 86 low 50 mean 68
high 84 low 53 mean 69
high 89 low 51 mean 70
high __ low -- mean 74
high 86 low 54 mean 70
high 86 low 48 mean 67
high 87 low 48 mean 68
high 84 low 55 mean 70
high 83 low 57 mean 73
high 85 low 47 mean 60
high 86 low 54 mean 70
high 85 low 51 mean 68
high 94 low 62 mean 78
high 92 low 59 mean 76
high 87 low 58 mean 72
high 88 low 53 mean 71
high 91 low 53 mean 72
high 90 low 56 mean 73
high 82 low 61 mean 72
high 86 low 49 mean 68
high 84 low 54 mean 69
high 84 low 49 mean 87
high 86 low 50 mean 66
high 87 low 49 mean 67
high 85 low 42 mean 64
high 79 low 48 mean 65
and foreign spinners, 14.465,101 bales in 1928-29 and 13.450.976 bales in
1927-28, of which 9,151.501 bales and 8.607,816 bales American.
b Estimated.
INDIA COTTON MOVEMENT FROM ALL PORTS.
The receipts of India cotton at Bombay and the shipments
from all India ports for the week and for the season from
Aug. 1, as cabled, for three years have been as follows:
1928-29.
May 23.
Receipts at
Week.
Bombay
Exports
from
-
Since
Aug. 1.
1927-28.
Week.
1926-27.
Since
Aug 1.. Week.
.
Since
Aug. 1.
42 00012,916,000 76,00013.054,000 50,000 2,740.000
For the Week.
Since August 1.
Great CONS- rapan&
Great
Britain. neat. China. Total. Britain.
Conti- Japan &
China.
Total.
neat.
BombayI
1928-29._ 2,000' 3,000 58,000 63,000 54,0001 686.000 1,437,000 2,177,000
1927-28_ 10,000 30,000 51,000 91,000
75,000. 555,0001,052,000 1,682,000
1926-27_
_ _ _ _1 16,000, ____ 16.000
13,000i 316,000 1,371,000 1,700,000
Other Indl
1928-29_ 5.000, 18.0001
586,000
23,000 103,000 483,000
1927-28._ 2,000 7,000
558.500
9.000 91.500, 461,000
1926-27_
_._ _1 1,000,
398.000
1,000 39,000, 359,000
Total allI
1928-29-- 7,000 21.000, 58,000 86,000 157,00011,169,000 1,437,000 2.763,000
1927-28._ 12,000, 37.000, 51.000100.000 172,500 1.016,000 1,052,000 2,240,500
1926-27._
_I 17,000' _.__ 17,000 52,000 675.0001,371.0002,098,000
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
34,400 bales. Exports from all India ports record a decrease
of 14,000 bales during the week, and since Aug. 1 show
an increase of 522,500 bales.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
-We
now receive weekly a cable of the movements of cotton at
The following statement we have also received by tele- Alexandria, Egypt. The following are the receipts and
graph, showing the height of rivers at the points named at shipments for the past week and for the corresponding week
of the previous two years:
8 a. m. of the dates given:
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
May 24 1929. May 25 1928.
Feet.
Feet.
14.1
18.4
41.5
19.0
21.2
18.4
26.6
24.7
.53.0
37.6
Above zero of gauge_
Above zero of gauge_
Above zero of gauge_
Above zero of guage
Above zero of gauge..
Alexandria, Egypt,
May 22.
1928-29.
1927-28.
1926-27.
27,000
8,027.371
29.000
6,028.914
210,000
8,235.668
Receipts (cantars)This week
Since Aug. 1
MAY
3553
FINANCIAL CHRONICLE
25 1929.]
This Since
This Since
This Since
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
Export (bales)-
___- 211,808
____ 168,722
5,750 354,102
---- 128.866
____ 163,258 5,500 136.796
154,616 5.700 149.952
8.000 428,484 8,750 360,522
_--- 167,844 1,250 106,070
To Liverpool
To Manchester,&c
To Continent& India
To America
Tuesday, Wednesday, Thursday,
Monday,
Saturday,
Spot.
Market
12:15
P.M.
Quiet.
10.29d.
M1d.Upl'ds
MOO
A fah'
business
doing.
10.28d.
5.000
Friday,
Quiet.
10.28d.
4,000
Tntn 1[m "1,114111
.
8.000 914.202 21.200 753,340 5.750 863.498
-A cantar is 99 lbs. Egyptian bales weigh about 750 lbs.
Note.
that the receipts for the week ending May 22 were
This statement shows
27.000 cantars and the foreign shipments 8,000 bales.
Sales.
Futures.{
Market
opened
-Our report received by
MANCHESTER MARKET.
cable to-night from Manchester states that the market in
both yarns and cloths is quiet. Merchants are buying very
sparingly. We give prices to-day below and leave those for
previous weeks of this and last year for comparison:
Market. {
4
P.M.
HOLIDAY
Easy
Q't 2 pts. Q't uneh'd
adv.tol pt. to 1 pt. 13 to 16 Ph(
decline.
decline. decline.
Quiet
Quiet
Quiet
2 pts. adv. 1 to 3 pts. 14 to 17 pis
decline.
to 1 pt.dre. decline.
HOLIDAY HOLIDAY
Prices of futures at Liverpool for each day are given below:
Sat.
1929.
82 CoP
Twist.
83( Lbs. Shirt- Cotton
ing,. Common Aftddi'o
to Finest.
Uprds
d. I. e. d.
s. d.
15% @I6 14 13 3 @13 6
1.534 01634 13 3 013 6
Feb.15--
1928.
--
854 Lbs. Shirt- Colton
Inge, Common Middre
to Finest.
Upt'de
0.
d.
d. 0. s. d.
s. d.
10.43 1444(416k 13 6 @14 0
10.49 14%016h 13 6 014 0
10.25
10.40
4413 1
@l3 7
@13 7
(4)13 7
(0)13 7
10.75
11.12
11.14
11.10
10.96
15 €41634
15 01635
15 01634
1535017
15355517
@l3 7
@13.7
4t13 7
014 0
014 1
10.69
10.54
10.77
10.96
10.86
013 6
(4)13 4
(y713 4
(411 0
10.73
10.89
10.69
10.23
15344117 13 7
1534411734 14 0
15340173( 14 0
16 017A 14 1
014
014
014
014
1
2
2
3
10.91
11.1a
11.25
11.61
@13 1
013 1
013 1
013 1
10.02
10.08
10.26
10.11
105017%
1
05017%
16 (8
,175f
16 @1734
@I4 4
014 5
014 5
014 5
11.60
10.08
11.71
11.46
Mar.-
1554@1054 13 4
15%(§11614 13 4
15- --- 15%@16% 13 4
22-- 1554@l6S4 13 4
29-- 1554@l6S4 13 4
April13t4 @l514 13 3
12..__. 153(0163( 13 2
19---- 153(s4.163( 13 2
26_-__ 15 016 13 0
MAY-143(0155( 12.7
14%0153( 12 7
143(0153( 12 7
143(01534 12 7
32s Cop
Twist.
13 5
13 5
13 5
13 6
13 6
14 2
14 3
14 3
14 3
-4s shown on a previous page, the
SHIPPING NEWS.
exports of cotton from the United States the past week have
reached 55,723 bales. The shipments in detail, as made
up from mail and telegraphic reports, are as follows:
-To Liverpool
-May 15
-American Press, 2,192
NEW ORLEANS
-May 22
-Winston Salem,625
To Havre
-May 15
-American Press,761*
To Manchester
-Winston Salem. 100
To Dunkirk-May 22
-May 18
-Oakwood,620; Raimond,800
To Bremen
To Ghent
-May 22
-Winston Salem, 1,950
-May 18
-Oakwood. 250
To Hamburg
-West Hobomac, 100
To Trieste
-May 22
-Oakwood, 52_ May 22-Leerdam,
To Rotterdam-May 18
250
-West Hobomac, 150
To Venice
-May 22
-Hazelwood. 7,350
To Murmansk
-May 18
To Genoa-May 18-Quistconck, 2,523
To Leghorn
-May 18-Quistconck, 145
-may 12
To Antwerp
-Niagara, 50 additional
-May 22
Winston Salem, 150
To Japan-May 2-Ensley. 1 additional
To Guayaquille-May 18-Coppename, 225
-Effingham, 1,542
HOUSTON-To Havre
-May 15
To Dunkirk-May 15
-Effingham, 393
-Effingham, 857
To Ghent
-May 15
To Rotterdam-May 15
-Effingham. 922
To Japan
-May 16
-Hamburg Maru, 3,320
-Hamburg Maru, 1,325
To China
-May 16
-Pennsylvania, 225
To Copenhagen
-May 20
-May 20
-Pennsylvania, 2,294
To Bremen
-West Ekonk, 2,356
To Genoa-May 23
-Michigan, 26
-May 18
SAVANNAH-To Havre
To Hamburg
-May 18-Passett, 181
NEW YORK
-1'o Bordeaux-May 18-Schodack, 7
-British Prince. 200
To China
-May 18
-Lapland, 24
To Antwerp
-May 17
To Manchester
-May 22-Coelleda, 50
To Bremen-May 21-George Washington, 496
LOS ANGELES
-To Japan-May 16-Anye-Maru, 2,450
-May
18
-President Madison,760
-Korea Maru,3.022-- May 20
To Liverpool
-May 18-Meissonier, 617
To China-May 20
-President Madison. 400
CHARLESTON-To Liverpool
-May 21-Daytonlan, 10
To Manchester
-May 21-Daytonian. 926
WILMINGTON-To Genoa
-May 22-Terni, 3,800
NORFOLK
-To Liverpool
-May 22
-Cold Harbor, 234
To Japan
-May 24-Silverguava,200
To Manchester
-May 22
-Cold Harbor,620
To China
-May 24-Silverguava,500
GALVESTON-To Havre
-May 13
-Effingham,597
-Effingham,277
To Dunkirk-May 13
-May 13
-Effingham,796
To Ghent
-Effingham,2,045
To Rotterdam-May 13
-May 17
-Pennsylvania, 1 490
To Bremen
-Pennsylvania,975
To Copenhagen-May 27
-May 18
-To Japan
-Volunteer,2.000
MOBILE
-May 21
SAN FRANCISCO-To China
-Korea Marti,200- -To Bremen-May 23
CORPUS CHRISTI
-West Camak,
2,192
625
761
100
1,420
1,950
250
100
302
150
7,350
2,523
145
200
1
225
1,542
393
857
922
3,320
1,325
225
2,294
2,356
26
181
7
200
24
50
496
6,232
617
400
10
926
3,800
234
200
620
500
597
277
796
2,045
1,490
975
2,000
200
1,292
Total---------------------------------------------------- 55,723
COTTON FREIGHTS.
-Current rates for cotton from
New York, as furnished by Lambert & Burrowes, Inc., are
as follows, quotations being in cents per pound:
StandHigh
Density. ard.
Liverpool .45e. .60e.
Manchester .45c. .600.
Antwerp .450. .60e.
.310. .460.
Havre
Rotterdam .45o. .600.
.500. .65e.
Genoa
Oslo
Stockholm
Trieste
Flume
Lisbon
Oporto
Barcelona
Japan
High
StandDensity. ard.
.50e. .65c. Shanghai
.600. .75c. Bombay
.50e. Mc. Bremen
.50e. .65e. Hamburg
.450. .60e. Piraeus
.60c. .75e. Salonica
.300. .45e. Venice
.63540. .78540.
High
Standard.
.6834e. .83540.
.60o. .75c.
.450. .60e.
.45e. .600.
.75e. .90o.
.750. .900.
.50e. me,
LIVERPOOL.
-By cable from Liverpool we have the following statement of the week's sales, stocks, &c.,at that port:
Sales of the week
Of which American
Sales for export
Forwarded
Total stocks
Of which American
Total imports
Of which American
Amount afloat
Of which American
May 3. May 10. May 17. May 24.
34,000
33,000
35,000
14.000
23.000
22,000
23.000
9,000
1.000
2,000 • 1.000
66,000
73,000
62,000
35,000
978,000 967.000 944.000 932,000
658,000 645. 00 621,000 603,000
61,000
69,000
51,000
26,000
25.000
42,000
23,000
8,000
178,000 152,000 164,000 163,000
77,000
55,000
45.000
44.000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
May 18
to
May 24.
d.
May
June
July
August
September
October
November_ -- December
January (1930)
February
March
April
May
Mon.
Tues.
Wed.
Thurs.
Fri.
12.1512.3012.15 4.0012.15 4.0012.11 4.0012.15 4.0012.15 4.00
p. m.p. m.p. m.p. m.p. m.p. m p .m.p. m p. m.:y. m . zn. p. m.
d.
d.
d.
.
HOL IDA Y.
d.. I d.
d.
d.
10.0410.0210.0310.01
9.97 9.96 9.961 9.93
9.99 9.98 9.98 9.95
9.98 9.97 9.971 9.94
9.94 9.93 9.93 9.91
9.90 9.89 9.89 9.87
9.87 9.86 9.861 9.84
9.87 9.86 9.861 9.84
9.87 9.87 9.861 9.84
9.88 9.88 9.87 9.85
9.91 9.91 9.90, 9.88
9.92 9.92 9.911 9.89
9.93 9.93 9.92. 9.90
d.
d. I d: d.
9.86 9.8,
9.78 9.7
9.80 9.79
9.79 9.78
9.75 9.74
9.72 9.71 HOLI9.69 9.68 DAY.
9.69 9.68
9.70: 9.69
9.7119.71
9.73 9.73
9.741 9.74
9.76 9.76
BREADSTUFFS
Friday Night, May 24 1929.
10c. late last week, as wheat went
Flour was reduced
to new lows, but it did not seem to help trade much, if at all.
Export clearances on the 16th inst. from New York were
33,535 sacks for Germany. San Francisco wired May 21st
that the Sperry Flour Company cut prices 20c.
Wheat shows a moderate decline for the week with the
export demand slow and the outlook for the American crop
in the main favorable, though Canada has been suffering
4
from dry weather. Prices on the 20th inst. advanced 11
to 2c. net with a decrease in the United States visible supply
of 5,128,000 bushels against 3,177,000 a year ago. The total
Is still 103,326,000 bushels against 54,092,000 at this time in
1928. The technical position was better. Heavy rains prevailed in the Central West. Floods were reported. In
parts of Missouri'and Kansas there was heavy deterioration. Export business, it is true, was very moderate.
World's shipments of wheat were 16,945,000 bushels and
slightly larger than expected. From July 1 world's shipments were 811,000,000 bushels against 705,000,000 last
year. There was an entire absence of foreign news in view
of the holidays in the United Kingdom and on the Continent.
The Canadian visible supply showed a decrease, while the
total North American stock was given at 205,383,000
bushels, a decrease of 7,757,000 bushels for the week. On
/
the 21st inst. prices declined % to 114c. net with crop
reports generally good though at one time % to %c. higher
too much rain. But
led by December. There was rather,
in Europe the weather was better. Export demand was
small. That was a disappointment after the European
market had been closed since May 17th for holidays. The
weather in the Northwest was clear. In Canada it was
warmer. The forecast was for warmer weather in both the
United States and Canada. Liverpool closed unchanged to
%d.lower as compared with Friday. The Argentine market
was 114 to 1%c. lower at midday.
On the 22nd inst. prices ended % to %c. higher. Winnipeg
was up 1% to 1%c. Dry weather in Canada caused considerable buying. The weekly government weather report was
considered rather bullish. It said that the week was unfavorable for the best development of the crop in the Eastern
portion of the Ohio Valley and that there were many complaints of backward growth from Illinois, Indiana and Iowa.
There were also some unfavorable private reports. And
crop news from the Southwest was not altogether favorable.
Early prices, however, were down to new lows for the season with the cables weak and the foreign crop news very
favorable. Bradstreet's world's visible supply for the week
shows a decrease of 12,250,000 bushels. Export demand was
small, i.e., 300,000 to 400,000 bushels. On the 23rd inst.
1
4c.
prices ended % to / lower after being down lc. with
Liverpool % to / higher, which was less than due. Buenos
1d.
2
/
Aires fell % to 1 2c. Warmer weather was reported on the
Continent. There were some advices of rains in sections
of the northern Argentine belt. Argentine exports for the
week were estimated at 6,615,000 bushels, or about 300,000
3554
,
[VOL. 128.
FINANCIAL CHRONICLE
bushels larger than a week ago and about double the
quantity exported for the same time last year. Crop reports
from the Northwest were generally favorable. But dry
weather in Canada tended to check any very marked decline.
Export business was poor. Total open contracts 130,028,000
bushels. To-day prices at one time were / to %c. higher,
1
4
but closed 11 to 1%c. lower. Export demand was very
/
4
slight. Some decline in corn affected wheat. Italy raised
the import duty to 73
/ from 57c. France raised the duty
1
4c.
from 38c. to 54c. Both these higher duties are effective at
once. They are of course designed to protect the home
growers from the dumping of foreign wheat. Prices in
Liverpool declined. This reacted to some extent on Chicago.
At one time early the tone was firmer with reports of hot
dry winds in Canada. Unfavorable crop reports moreover
came from Kansas. The Argentine world shipments were
large. The total outside of North America was 8,388,000
bushels. There were persistent rumors that recently Russia
bought wheat in this country. Final prices show a decline
for the week of / to 1%c.
1
4
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No.2red
122% 127% 126% 127 130 12835
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Frt.
May delivery
101% 103% 102% 103 102% 101
July delivery
105% 106% 105% 106% 105% 104%
September delivery
109% 110% 109 109% 109% 108
December delivery
113% 115% 114 114% 114% 112%
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thu's. Fri.
May delivery
112% 114% 112% 113% 1131
July delivery
114% 115% 113% 115% 1147
October delivery
113 114% 112% 114 113
Indian corn has declined a fraction partly in sympathy
with lower prices for wheat and partly because of better
weather. The decline is slight, however, because the season
is late and the cash demand has been good. On the 20th
inst. prices ended / to lc. higher. Missouri River points
1
4
reported sales to Southeastern markets at a decided premium
over Chicago July. The weather was bad for farm work
and planting. From Kansas, Iowa and the Central belt
generally came adverse reports as to the progress of planting. The visible supply last week decreased 3,346,000
bushels. The total is now 19,481,000 bushels against
28,131,000 a year ago. On the 21st inst. prices ended 14c.
/
1
lower with better weather, foreign markets lower and the
stock in Argentine available for export 179,000,000 bushels.
Liquidation in Chicago was rather large. Stop orders were
met on the way down. The shipping demand was only fair.
Outside points seemed more disposed to sell their surplus.
Offerings to Chicago, on the other hand, were still small.
On the 22nd inst. prices of corn, like those of wheat,
declined to new lows early in the day and then rallied,
ending unchanged to / higher. Crop reports from Kansas
1
4
c.
and Nebraska were generally bullish and so was the weekly
government weather report, which stated that very little
progress was made during the period in farm work. On
the 23rd inst. prices ended / to %c. higher. The weather
1
4
was generally favorable for field work except in parts of
Iowa, and there was a forecast for showers in Kansas,
Nebraska, Illinois and Indiana. Planting made good progress in parts of the belt. About 50% of the Iowa seeding is
reported finished and more than that in the Northwestern
part. Shipping demand was fair. Spot arrivals met with
good demand but were mostly applied on previous contracts.
Country offerings and movement were very light. A fair
run, after the planting is completed, is expected. Total
open contracts, 54,856,000 bushels. To-day prices ended 114
to 14c. lower, partly in sympathy with the decline in
/
1
wheat. Also the weather was better apart from some unwelcome rains in Illinois, Ohio and Nebraska. As a matter
of fact, the season is late. Argentine shipments were
smaller and tended to steady Liverpool. Final prices show
1
4
a decline for the week of / to %c.
DAILY ()LOSING PRICES OF CORN IN NEW YORK.
Mon. Tues. Wed. Thurs. Fri.
Sat
No.2 yellow
103% 104% 102% 103% 103% 101%
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
86% 84% 84% 85% 84%
May delivery
85
88% 874 8734 8714 86
July delivery
87
88% 88% 88% 87%
90
September delivery
89
83% 82%
83
83% 84% 83
December delivery
23rd inst. prices ended / to / higher. Crop reports were
1 1
4 4c.
favorable. But May oats were firm with an open interest
of 3,000,000 bushels and stocks available for delivery small.
Total open contracts, 17,508,000 bushels. To-day prices declined / to / In sympathy with the lower quotations for
1 1
4
4c.
other grain. Final prices show a decline for the week of
% to 14c.
/
1
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. TUCS. Wed. Thurs. Fri.
No.2 white
58
58
58
57% 58% 58
, DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery
45
45% 46
46% 46% 48
July delivery
44%
44% 45% 44% 441 44
September delivery
livery
42
42% 43% 42
42% 42%
D
December delivery
45
44, 444 44%
45% 44
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery
46% 47% 46
, 47
47
---July delivery
48
48% 477 48
48
-October delivery
48% 48% 48
48% 48
Rye declined only slightly in response to a drop in wheat,
although there has been no export business and speculation
has lacked life. On the 20th inst. prices rose 1 to 1%c. In
response to higher prices for wheat. The United States
visible supply is 6,719,000 bushels against 1,106,000 a year
ago. On the 21st Inst. prices declined 1
/ to 1%c. in
1
4
sympathy with the decline in wheat. Besides the much
desired export demand was lacking. On the 22nd inst. prices
/
1
declined early and then rallied, ending 1 to 14c. higher in
sympathy with other grain. On the 23rd inst., in moderate
trading, wheat fluctuations largely governed prices. They
ended / lower to / higher. To-day prices declined We.
1
4c.
1
4c.
on May and July. There was no export demand. That is a
cardinal defect in the situation. Final prices show an
advance on May for the week.of %c., but other months are
/ to / lower.
1
4
1
4c.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery
July delivery
September delivery
December delivery
853( 86% 85
86% 86% 85
88% 89% 89
88
92
---91H
88% 89
92
Closing quotations were as follows:
GRAIN.
Wheat. New YorkOats. New York
No. 2 red, f.o.b
No. 2 white
58
1.28%
No.2 hard winter,f.o.b----1.15%
No. 3 white
57
Corn. New YorkRye. New York
No. 2 yellow
1.01%
No. 2 f.o.b
95
No.3 yellow
99% Barley, New York
Malting
78%
FLOUR.
Spring pat.high protein 46.15@86.75 Rye flour, patents
$6.15@$6.40
ring patents
3%
5.65 8.10 Semolina No.2, pound.
0 ears. first spring.... 5.15 5.50 Oats2,750 2.80
Soft winter straights_
2.5501 2.60
ds
5.60 5.90 Corn tfur
Hard winter straights 5 50 5.85 Barley goods
Hard winter patents-- 5.85 6.25
Coarse
3.60
Fancy pearl Nos. 1.2
Hard winter clears
5.000 5.35
3and 4
6.60(87.00
Fancy Minn. patents 7.50 8.05
City mills
7.60 8.30
All the statements below regarding the movement of grain
-are prepared by
-receipts, exports, visible supply, &o.
us from figures collected by the New York Produce Exchange. First we give the receipts at Western Lake and
river ports for the week ending last Saturday and since
Aug. 1 for each of the last three years:
Receipts at-
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
bbls.198I5s.bush.80 Me bush. 58 lbs.bush. 3211..bush.481bs.Yush.5619a.
321,o 1 o 1,138,1 s 1
Chicago
115,000 232,000
210,000
80,000
95,000
1,120,000
49.'''
194.'' t
Minneapolle_
140,000
1,Iii
Duluth
80,000
1,592,000
2,000
188,000
5,000
Milwaukee- __
40,000
51,000
43,000
58,000
89,1 I I
1,000
Toledo
20.111
1,000
57,000
401,000
3,111
Detroit
31,000
13,000
24,000
8,000
122,11:
Indianapolis__
34,006
102,000
St. Louis--2,001
. 138,000
378,000
463,000
404.00'
Peoria
21,111
74,000
5.000
55,000
150,000
334,000
Kansas City
418.011
94,000
257,111
Omaha
126,111
113,000
72,000
St. Joseph
96.00'
12,000
80,000
Wichita
90,'''
2,000
51,000
Sioux City _ - _
16,111
30.000
22,000
Tot. wk.'29
Same week,'28
Same week,'27
446,000 4,079,0001 1,807.000
5.301,000
468,000 7,458,000 3,425,000
437,000
2,477,000
2,683,000
3,081,000
2,756,000
812,001
680,000
507,000
426,000
406,000
757,000
Since Aug.11928
20,024,000431,388,000231,879.000123,753,00086,601,000 24,118,000
.--__.
1926
19,721,000297,074,000 185,121,000123,908,00018.417,00027,877.0
00
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, May 18, follow:
Receipts at-
Flour. I
Wheat. I
Corn.
Oats.
Barley.
Rye.
bbls.198Ibs.bush.60 lbs. bush. 56 lbs. bush. 32 lbs. bush.481bs. bush.58185.
0,000
New York_ -15,000
36,000
305,000, 2,537,000
40,000
Philadelphia.._
42,000
55,000
87,000
1,000
Baltimore_ _ _
10,006
17,000 293,000
201,000
10,000
Newport New
1,000,
New Orleans*
48,000
30,000
18,000
36,000
Galveston_
54,000
2,000
18,000
Montreal-85,000 3,327,000
198,000
10,000
Boston
22,000,
18,000
Oats have declined as a reflex of lower prices for other
1
4c.
1
4
grain. On the 20th inst. prices ended / to / net higher.
Offerings were small. A good shipping demand prevailed.
The basis was firm. The United States visible supply decreased last week 841,000 bushels. The total is now
9,393,000 bushels against 7,683,000 a year ago. On the 21st
7,000
Tot. wk.
499,006 6,236,
342,000 326,11
98,000
Inst. prices ended / to %c. lower In response to the decline Since Jan 1'29 10,567,000, 62,274,01 14,170,000 7,349,00011,230,0 2,202,000
1
4
'29
in other grain and liquidation in May coincident with larger
Week 1928;__
487,006 6.867,006
248,000 954,000 974,000
208,000
deliveries and further sales to go to store. Crop news was Since Jan 1'28 9,422,006 51,624,006. 7,78000 7,060,000 8,928.000 5,127,000
0
not generally unfavorable, though the belt would certainly
,
•Receipts do not include grain passing through New Orleans for foreign port
be the better for warmer weather. Meanwhile, however, on through bills of lading.
there was a good cash demand and the receipts were
The exports from the several seaboard ports for the week
moderate. On the 22nd inst. prices followed those of other ending Saturday, May 18 1929, are shown in the annexed
grain. The ending was unchanged to 14c. lower. On the statement:
/
MAY 25 1929.]
Wheat.
Exports from
-
Corn.
Flour.
Oats.
Barley.
New York
Boston
Philadelphia
Baltimore
Newport News
Mobile
New Orleans
Galveston
Montreal
Bushels. (Bushels. Bushels. Bushels.. Bushels. Bushels.
1,027,000
107.388
434,000
32,000
42,000
116,060
128,000
1,000
40,000
25,000
2,000
148,000
451,000
1,000
1,000
49,000
27,000
4,000
1,000
266,000
1,988,000
75,000 387,000
13,000
51,000
Total week 1929_
Same week 1928- _
3,638,000
2,804,557
34,000
257.388
129,094
431,000
6,000
13,000 1,077,000
159,820 553,113
The destination of these exports for the week and since
July 1 1928 is as below:
Flour.
Exports for Week
and Since
Week
Since
July1 to-May 18 July 1
1929.
1928.
Wheat.
Week
May 18
1929.
Corn.
Since
July 1
1928.
Week
May 18
1929,
Since
July 1
1928.
Barrels. Barrels. Bushels.
Bushels. Bushels. Bushels.
United Kingdom_ 92,208 3,108,448 1,219,000 67,612,726
9,802,110
Continent
17,719,962
143,680 4,760,235 2,291,000 179,599,959
So.& Cent. Amer_ 3,000
223,000
301,000
387,000
West Indies
856,000
5,000 431,000
81,000
Brit. No.Am.Cols.1,000
20,000
Other countries__ _ 13,500 1,291,829
2,250
128,000 3,476,733
Total 1929
Total 1928
28,603,322
34.000 10.151_285
257,388 9,893,512 3,638,000 251,177,418
124 no4 in 174 427 25114117 214.431 342
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, May 18, were as follows:
GRAIN STOCKS.
Oats.
Corn.
Rye.
Wheat.
Barley
bush,
bush,
bush,
bush,
bush.
13,000
118,000
118,000
38,000
373,000
4,000
4,000
60,000
82,000
238,000
6,000
6,000
99,000
136,000
504,000
3,000
42,000
3,000
282,000
72,000
96,000
,1300
05,000
125,000
704,000
32,000
1,088,000
316,000
156.000
3,000
34,000
3,774,000 2,794,000
875,000
217,000
524,000
267,000
2,088,000
15.000
309,000
14,000
12,000
136,000
25,000
35,000
12,000
33,000
13,099,000 7,676,000 2,980,000 2,563,000
631.000
551,000 1,175,000
232,000
532,000
277,000
21,377,000
252,000
73,000 1,808,000 1,335,000
28,189,000
198,000 2,050,000 1,126,000 3,131,000
382,000
361,000
254,000
3,000
2,768,000
504,000
255,000
1,00(1
91,000
16,530,000 2,815,000
8,000
33,000
17,000
2,673.000
100,000
7.000
1,195,000
569,000
3,000
7,000
12,000
153,000
3,000
267,000
801,000
582,000
6,852,000 1,275,000
721,000
32,000
80.000
443,000
203,000
79,000
56,000
United StatesNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Fort Worth
Buffalo
"
afloat
Toledo
Detroit
Chicago
Milwaukee
Duluth
Minneapolis
Sioux City
St. Louts
Kansas City
Wichita
St. Joseph, Mo
Peoria
Indianapolis
Omaha
On)Lakes
On canal and river
Total May 18 1929_103,326,000 19,481,000 9,393,000 6.454,000 6,719,000
Total May 11 1929_ A08,454,000 22,827,000 10,234,000 6.406,000 6,815,000
Total May 19 1928_ 54,092,000 28,131,000 7,683,000 3,150,000 1,106,000
Note.
-Bonded grain not included above: Oats-New York, 237,000 bushels:
Philadelphia, 4,000; Baltimore. 4,000; Buffalo, 429,000; Duluth, 14,000: total,
688,000 bushels, against 85,000 bushels in 1928. Barley-New York, 245,000
bushels:Boston, 29,000; Philadelphia. 97.000; Baltimore,389,000; Buffalo, 1,493,000;
Buffalo afloat, 444,000; Duluth. 165,000; on Lakes, 218,000; total, 3,080,000 bushels
-New York, 3,189,000 bushels; Boston,
against 1,830,000 bushels in 1928. Wheat
1,347,000; Philadelphia, 3,284,000; Baltimore, 3,541,000; Buffalo, 12,811,000;
Buffalo afloat, 1,326,000; Duluth, 194,000; on Lakes, 225,000; canal, 517,000; total,
26,434,000 bushels, against 14,703,000 bushles in 1928.
Caned tan
496%000
371,000
8,426,000
Montreal
476,000
5,711,000 2,326,000 6,594,000
Ft. William & Pt. Arthur_54,521,000
2,642,000
12,676.000
396,000 1,113,000
Other Canadian
8,848,000 3,093,000 8,183,000
Total May 18 1929____75,623,000
8,793,000 2,932,000 8.315,000
Total May 11 1929_ __ _76,688,000
1,815,000 1,917,000 2,010,000
Total May 19 1928____63,604,000
Summary
American
103,326,000 19,481,000 9,393.000 6,454,000 6,719,000
8.848,000 3,093,000 8,183.000
Canadian
75,623,000
Total May 18 1929_178,949,000 19,481,000 18,241,009 9,547,000 14,902,900
Total May 11 1929__185,142,000 22,827,000 19,027,000 9,338,000 15,130,000
Total May 19 1928_117.696,000 28,131,000 9,498,000 5,067,000 3,116,000
The world's shipments of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange,for the week
ending Friday, May 17, and since July 1 1928 and 1927,
are shown in the following:
Wheat.
Exports. I
1928-29.
Week
May 17.
3555
FINANCIAL CHRONICLE
Since
July 1.
Corn.
1927-28.
Since
July 1.
1928-29.
Week
May 17.
Since
July 1.
1927-28.
Since
July 1.
Bushels.
Bushels.
Bushels.1 Bushels.
Bushels. I Bushels.
167,000 33,117,0001 14,796,000
North Amer_ 8,033,000484,537,000430,677,
120,0001, 2,584.000 9,512,000
Black Sen___
1,827,000 19,931.000
Argentina_ _ 6,676,600181,103,000152,275,000 6,244,000214,853,000 235,958,000
Australia __ 1,648,000102,057,000 64,591,000
1 1,112,000 8,760,000
India
0th. countr's 768,000, 40,524,000 23,856,000 510,000 27,138,000 24,828,000
Total ___ - 17,245,000811,917,000694,671,000 6,921,000276,935,000295,513,000
-The Indian GovernINDIAN WHEAT FORECAST.
ment issued as of April 25 its third wheat forecast for the seashows that the area now planted
son of 1928-29. This report
is 31,504,000 acres as against 31,691,000 acres planted a
year ago, and the estimated yield is 8,237,000 tons, as compared with 8,870,000 tons last year. We give below a summary of the report:
This forecast is based on reports received from provinces and States,
which comprise a little over 98% of the total wheat acreage of India. The
returns, therefore, practically cover all the important wheat
-growing areas
in India.
The total area now reported is 31,504,000 acres, as compared with 31,691,000 acres (revised) at this time last year, or a decrease of 1%. The
total yield is now estimated at 8,237,000 tons, as against 8,870,1M) tons,
the corresponding estimate (revised) of last year. or a decrease of 7%.
As reported in March last the crop was damaged by cold and frost at
the end of January and the beginning of February, but fortunately the dam-growing provinces of the Punjab
age was not serious in the important wheat
and the United Provinces. The general condition of the crop,on the whole,
is reported to be fair.
The detailed figures are as follows:
(1) AREA.
Provinces and States.
Punjab _a
United Provinces_a
Central Provinces and Berar_a
Bombay _a
Bihar and Orissa
Northwest Frontier Province
Bengal
Delhi
Ajmer-Merwara
Central India
Gwallor
rtaiPutana
Hyderabad
Baroda
Mysore
-_-_,
1928-29
(April
1929).
Acres.
11,180,000
7,141,000
3,371,000
2,332,000
1,212,000
1,066,000
123,000
49,000
33,000
1,660,000
1,096,000
1,063,000
1,093.000
82,000
3,000
1927-28
(April
(1928).
Incesase(±)
or
Decrease(-)
Acres.
Acres.
10,082,090 +1,098,000
-350,000
7,491,000
-396,000
3,767,000
+59,000
2,273,000
+23,000
1,189,000
+5,000
1,041,000
+16,000
107,000
+1,000
48,000
-4,000
37,009
-286,000
41,946,000
1,446,000
-350,000
1.122,000
-59,000
1,034,000
+59,000
85,000
-3,000
3,000
s, eftd non hqt ROI nnn
_107 NIA
(2) YIELD
Provinces and stases.
Punjab_a
United Provinces_a
Central Provinces and Berar_a
Bombay _a
Bihar and Orissa
Northwest Frontier Province
Bengal
Delhi
Ajmer-Merwara
Central India
Gwalior
RaJputana
Hyderabad
Baroda
Mysore
1928-29
(April
1929).
1927-28 Incese(4-) Yield p.Acre
Sr
(April
1928). Deese(-)98-29 27-28
Tons.
Lbs. Lbs.
Tons.
Tons.
3,088,000 3,310,000 -222,000 619 735
.-- 2,588,000 2,762,000 -174,000 812 826
552,000 697,000 -145,000 367 414
586,000 -90,000 476 577
496,000
427,000 4-90,000 956 804
517,000
232,000
+8,000 504 490
240,000
+9,000 583 481
32,000
23,000
19,000 -8,000 503 887
11,000
14,000 -5,000 611 848
9,000
206,000 4285,000 -79,000 278 5328
208,000
176,000 +32,0013 425 273
222,000 5237,000 -15,040 468 4473
81,000 -22,000 121 175
59,000
8,000
21,000 -13,009 219 553
448 373
1,000
(c)
5 217 nen 55 570 aaa -8111100 IRS 61127
a Including Indian States. to Revised. e 500 tons.
WEATHER BULLETIN FOR THE WEEK ENDED
-The general summary of the weather bulletin,
MAY 21.
issued by the Department of Agriculture, indicating the influence of the weather for the week ended May 21,follows:
The week was marked by a continuation of cool, wet weather in the
interior valleys and by abnormally high temperatures in the Great Basin
of the West. Chart I shows that from the Ohio River, northern Arkansas.
and Oklahoma northward the temperatures averaged from 6 deg, to as
much as 11 deg, below normal, with the greatest minus departures in the
central and upper Mississippi Valley and in the extreme northern Great
Plains. While the latter part of the week was cool in the more eastern
States, the average temperature, for the period as a whole, was near normal,
and was somewhat above normal in the Southeast.
In the central and west Gulf area it was moderately eool, with the weekly
mean temperatures ranging mostly from about 1 deg. to 3 deg, below normal. West of the Rocky Mountains, except along the Pacific coast,
unusually high temperatures for the season prevailed, with weekly averages
ranging from about 4 deg. to as much as 10 deg. above normal. East of the
Rockies freezing weather was quite general in the more northern States,
with minimum temperatures as low as 30 deg, reported from points as far
south as east-central West Virginia. There were hard freezes in the Central
Northern States, with minimum temperatures front. 6 deg, to as much as
12 deg. below freezing in some sections: the lowest reported was 20 deg.
above zero at Duluth, Minn., on the 16th.
Chart II shows that rainfall was again widespread and substantial to
heavy, or excessive, in nearly all sections east of the Great Plains, except that the amounts were mostly light in the upper Mississippi Valley.
From the Ohio Valley southward the weekly totals ranged generally from
1.5 inches to about 5 inches, while like amounts were reported from the
extreme lower Missouri Valley. In the west Gulf area and the extreme
southern Great Plains substantial to heavy falls occurred, except in southern Texas. In the Southeast and the Atlantic States the weekly falls were
uniformly distributed and ranged mostly from 1 to about 3 inches, but
they were mostly less than 0.5 inch in the western Plains area from Kansas
northward and northwestward. West of the Rocky Mountains little or
no rain occurred during the week in any section.
Because of coolness or wetness, in many places both cool and wet, conditions continued generally unfavorable for agricultural Interests, especially
for field work, over most of the eastern half of the country. Rainfall
was moderate to light in the Central-Northern States, including Wisconsin,
northwestern Illinois, Iowa, Minnesota, and the northern Great Plains,
and in this area field operations made good progress, as a rule, but at the
same time temperatures were much too low for normal growth and germination of spring-planted crops, and considerable local frost damage was
reported. There was also more or less harm from frost in the eastern Lake
region, the northern Ohio Valley States, and the northern Appalachian
section.
The most unfavorable conditions were noted over the central valley
States, extending from eastern Texas, central Oklahoma, and eastern
Kansas northeastward over the central Mississippi and Ohio Valleys,
where frequent rains and persistent coolness were decidedly detrimental,
with farm work largely at a standstill during most of the week. In the
Atlantic States conditions were more favorable until near the close of the
week when it was too cool for good growth in some sections too wet for
field work. Frequent rains unterfered with outside operations also in
the central and east Gulf areas but in Florida showers were helpful in many
Places. Rains were beneficial in western Texas and New Mexico where
drought has prevailed. West of the Rocky Mountains warm, sunny
weather was favorable, especially for shearing sheep and for young lambs.
Rain is still needed in parts of the interior Pacific Northwest.
-The weather was generally unfavorable for best
SMALL GRAINS.
development of winter wheat in the Ohio Valley, although fair advance was
made in the eastern part and very good progress en the ttplands of Kentucky; there were continued complaints of yellowing in Illinois and some
deterioration in Indiana due to flooding. It was cool for good growth
in Iowa, but condition and progress were generally very good in Missouri,
except for continued yellowing; the crop was coming into boot in the southern
part of the latter State. Winter wheat continued in very good condition
in the Great Plains, although it was rather too cool for best growth in
northern parts; the crop is heading in south-central and south-eastern
Kansas and is nearly ready to head elsewhere in that State. Progress and
condition were mostly fair to very good in the Southwest, except parts
of Oklahoma. In the East threshing has begun in Georgia, with heading
reported north to southern Maryland, and conditions generally favorable.
Jointing was reported from Washington, but rain is again needed in Oregon.
Conditions and progress of spring wheat were very good in North Dakota,
but growth was poor in Minnesota, although condition is still generally
fair, with the crop rooting well. Spring wheat is largely sown in Wisconsin
and doing well in South Dakota, although cool weather retarded growth.
Coolness and rain were rather unfavorable for oats in central and northern
sections, with some local damage by frost, but in more southern parts
this crop did well, with threshing begun in the southeast. Rice was greatly
benefited by rain in Louisiana; flax was damaged by low temperatures in the
northern Great Plains.
-Another week of unfavorable weather was experienced in the
CORN.
Corn Belt. In the lower Missouri and Ohio Valleys very little planting
could lie accomplished because of continued wet soil, and this work Is
now greatly, and in some places seriously, delayed. In eastern Kansas
and Missouri very little corn has yet been planted in considerable areas,
with conditions in some sections corresponding to those prevailing in
3556
FINANCIAL CHRONICLE
1927. In the Ohio Valley States but little work was accomplished, except
for fair progress in northwestern Illinois, and it was largely suspended
In northern Arkansas and central and eastern Oklahoma. In addition
to the unfavorable wetness over these areas, the weather continued too
cool for proper germination.
In the northwestern belt the weather and soil conditions were much
better for planting and good progress was made rather generally, especially
In Iowa where seeding was rushed and considerable lost time made up;
in this State planting in general is now only a few days later than normal.
From Nebraska northward fairly good advance was reported. While
field work was favored in this northwestern area, temperatures were much
too low for germination and warmer weather is needed badly to insure
good stands. In the Atlantic States and in the South conditions were
mainly more favorable, though temperatures were unseasonably low the
latter part of the week.
COTTON.—In general the weather continued unfavorable for the cotton
crop in most sections of the belt because of too much rain in many persistently wet sections, and a general coolness in the northern districts. In
the Atlantic Coast States much of the week was rather favorable, especially
in the south, but in the north the latter part was too cool and in some sections
too wet. In Alabama, Mississippi, and southern Arkansas the weather
was partly favorable and progress of cotton was fair to fairly good, as a
rule, with growth rather slow in Louisiana, but condition rather satisfactory
In general.
In Tennessee, most of Arkansas, and in central and eastern Oklahoma,
the weather was decidedly unfavorable because of too much rain and
continued cool weather. Germination was poor, stands are irregular,
and growth slow in many places, while fields continued too wet to work.
In Texas rains were beneficial in the south and west, but in the upper
coast and eastern and northeastern portions they were unfavorable, with
chopping and cultivation delayed and considerable damage by excessive
rains; the general condition of the crop in this State is fair to good, but
the weekly progress', as a whole, was mostly rather slow.
The Weather Bureau also furnishes the following resume
of the conditions in the different States:
Virginia.—Riehmond: Farm work progressed favorably first part;
latter part cool, with moderate general rain. Corn coming up to good
stands in most sections. Part of week favorable for setting out tobacco
plants; warm weather needed. Pastures and meadows good to excellent.
Wheat and oats good in most sections.
North Carolina.—Raleigh: First part of week favorable. Condition of
cotton spotted; progress poor in most of Piedmont and fair on most of
coastal plain; considerable replanting, with part of Piedmont not yet
planted. Much tobacco transplanted. Early corn fair; much late to
plant. Truck, potatoes, fruits, and small grains doing well; wheat heading.
South Carolina.—Columbia: Intermittent showers and nearly normal
temperatures beneficial, except too much moisture in sections of northwest. Tobacco, truck, tree fruit, rye—and minor crops improved. Oat
harvest checked by rain; wheat heading. Germination of cotton very
good, but stands only fair account much replanting, incident to previous
storms, with chopping general; corn same as cotton.
Georgia —Atlanta: Warm weather promoted growth; light rains favorable in south, but frequent showers, cloudiness, and change to colder at
close unfavorable over north. Progress and condition of cotton in south
very good; well cultivated and squares forming on early-planted; planting and replanting nearing completion in north where growth slow, plants
small, and fields grassy. Progress and condition of corn fair; much still
to be planted. Threshing wheat and oats begun.
Florida.—Jacksonville: Progress and condition of cotton good; light
rain needed on some uplands. Rain relieved local drought in portions of
central; more needed on uplands. Corn good progress. Cane and peanuts doing well. Melons fair to good. Early peaches on local markets.
Alabama.—Montgomery: Week averaged warm; frequent rains. especially in central. Farm work much delayed and many reports of grassy
fields in south and central. Corn planting continued in north; progress
and condition of early-planted mostly fair. Oats, potatoes, truck, pastures, and minor crops mostly doing well. Cotton planting continued in
north; progress of early-planted mostly fair; stands vary from poor to
good; chopping general in south and locally in central.
Mississippf.—Vicksburg: Progress and growth of corn mostly fair;
cultivation generally poor. Progress of cotton fairly good in extreme
south, but rather poor to fair elsewhere, with frequent rains and cool nights
in north last of week;slow progress in chopping.
Louisiana.—New Orleans: Rains generally favorable, except in northwest where dry, warm weather badly needed. Cotton made rather slow
growth, but condition generally satisfactory; necessary cultivation resumed at close. Corn, cane, rice, pastures, and truck greatly benefited by
rain in south and now generally doing well.
Texas.—Houston: Cool, with general rains beneficial, where not excessive. Field work backward. Progress and condition of winter wheat,
oats, truck and rice fair to good; oat harvest and potato digging prevented
by rain. Progress and condition of corn generally very good, although
some damage by high winds and washing rain, and complaints of grassy
fields general. Moisture favorable for cotton in south and west, but unfavorable in much of upper coast, east, and northeast where replanting,
cultivation, and chopping delayed and considerable damage by excessive
falls; general condition fair to good; progress mostly rather slow.
Okianoma.—Oklahoma City: Heavy to excessive rains caused further
damage by washing and flooding. Some planting and cultivation in west,
but field work practically suspended in central and east. Progress of winter
wheat and oats good and crops heading; condition fair to very good, except
generally poor in south-central and southwest. Progress and condition
of corn generally poor as too cool and wet; crop late and much yet to be
planted and replanted. Progress ofcotton poor as too cool and wet;germination poor and stands irregular; growth slow and much to be planted and
replanted.
Arkansas.—Little Rock: Progress of cotton good and stands usually
fair to good in south; _progress and stands elsewhere poor to only fair, due
to cool, wet soil; much seed rotted in ground and some dying in east and
north; much replanting and considerable not yet planted. Progress of
corn very good, except parts of north and east where soil too wet; considerable still unplanted.
Tennessee.—Nashville: Excessive rains unfavorable and dryness needed.
Progress of upland corn poor; progress fair in east, but unfavorable for
rapid growth and cultivation; early plantings in central very good. Progress
of early-planted cotton poor; much replanting. Condition and progress
of winter wheat excellent; beginning to fill. Oats growing well, but require
less moisture.
Kentucky.—Louisville: Decidedly unfavorable as too cool and wet.
Heavy and frequent rains prevented most corn planting and cultivation;
considerable yet to plant in north and delay becoming serious; growth
slow and stands irregular and often poor. Condition and progress of
winter wheat very good on uplands; otherwise suffering from soil saturation
and standing water; heading generally in south and west.
THE DRY GOODS TRADE
Now York, Friday Night, May 24 1929.
With the appearance,of a few consecutive days of sunny
weather, textile retailers did better business toward the
end of the week, and improved feeling manifested itself In
those primary divisions where trade has suffered from the
unseasonable weather of the past month or more. It is
hoped that the protracted period of wet and comparatively
cold weather is now at an end, and while it is contended in
some quarters that Spring business will total a figure measurably below what might have been expected, it is pointed
out that buyers have still to come into the market in a
large way before Summer needs are supplied, and manufacturers anticipate moving a good volume of goods during
the near future, particularly of the light weight types. The
cotton goods situation is not appreciably changed. The
need for curtailment of production is being generally recognized, and attention is centered on the convention of cotton
[VoL. 12S.
goods manufacturers at Atlantic City, where an informal
movement is already under way to promote general restriction of output throughout the industry. Stress is laid on the
relation of sales to production as the best barometer of regulating supply, an argument which has been advanced before
without the success which its advocates had hoped for. The
latter are now stronger in numbers and are again endeavoring to bring about a recognition of their contention that
the best method of keeping production and consumption in
a balanced ratio Is by cutting down the former as soon as
sales begin to slacken, instead of using statistics of stocks
and shipments as a basis for regulation. Silks are among
the textiles which have already benefited noticeably from
the reappearance of sunshine. All grades are now said to
be moving well, with prints still in a dominant position.
DOMESTIC COTTON GOODS.—Cotton goods continue
relatively quiet, with sentiment favorable in some quarters
and discouraging in others. However, following quickened
activity in retail quarters during the last few days, as a
result of improved weather, the primary division became
'manifestly more optimistic, and seemed less disposed to
dwell on such disquieting circumstances as the Congressional tariff discussions, high money and freight rates.
The contentfon that the appearance of permanently warm
weather will usher in much new business gained more adherents. It is known that stocks in retailers' hands are none
too plentiful, and that they will have to come into the
market for replenishment in a substantial way before the
Summer needs of the public are satisfied—that is, provided
public demand approximates anything like normal proportions. Meanwhile, the general situation is practically unchanged. The opinion is voiced in some quarters that prices
are holding steadier than might have been expected considering how quiet business is. While the tendency toward
weakness is still quite noticeable whenever selling pressure
is applied by manufacturers, the low prices touched by grey
cloths during the past fortnight are considered, by merchants in a position of authority, to be probably the lowest
level to which they will sink for some time to come. With
regard to curtailment, while some mills are already restrict.
lug production, with indications that others will follow suit
In the near future, it is doubtful if such a policy will be
pursued on a concerted scale. Co-operative curtailment,
according to one source, will be confined to groups of mills.
While single constituents are expected measurably to cut
down production of their own account, they will probably
do so on their own initiative and in accordance with the dictates of their own particular figures. It remains to be
seen whether the discussions under way at Atlantic City will
lead to the adoption of a plan for curtailment on a more
intensive and co-operative basis than is indicated in the
above. Print cloths are still being moved in large volume,
although the amount of new 'business is reported to be somewhat less in places. 28-Inch 64x60's construction are quoted
-inch
4
at 5%c., and 27-inch 64x60's at 51 3c. Grey goods 39
68x72's construction are quoted at 8%c., and 39-inch 80x80's
/
at 101 3c,
WOOLEN GOODS.—Active competition has had a bad
effect on the plans of those who have been trying to improve
the qualities of the cheaper suits for men which sell, at
retail, around $22.50. Mills not qualified to produce better
goods to satisfy this demand, while they are in some cases
reported to be planning to equip themselves for the manufacture of such, are in other instances said to be considering offering current merchandise to the trade 'at concessions. The action of lowering prices in this manner, it is
contended, would open up a new market, since many retailers'dealing in this type of suit are subject to severe competition, and would welcome the opportunity thus extended
to them to undersell competitors. At the same time, those
retailers who have been asking for finer fabrics are not
expected to relinquish their policy, and it is doubtful, in
view of what is called the growing appreciation of the public
In the matter of well-cut cloths made from good cloth, if
such adverse circumstances as those noted will permanently
injure the business of those with more constructive marketing ideas. In the women's wear division, there is manifest
good feeling on account of the generally acknowledged fact
that the ensemble style has come to stay for some time.
While there are a number of factors who complain that
demand is not adequately reflecting this style-trend, it is
pointed out that the unfavorable weather of the past few
weeks is mainly responsible for the slowness of business.
Even the current spell of warmer, sunnier weather is said
to be stimulating buying in retail stores, and it is maintained by many factors that a large proportion of Summer
and even, Spring buying has yet to be done, and it needs
only continuously fair weather to bring a general buying
movement.
FOREIGN DRY GOODS.—Linens continue much the
same as ever. Without any particular developments in evidence business is steady and while some factors continue
to complain of slow demand others find the volume of sales
fairly satisfactory. Burlaps are moderately active. Light
weights are quoted at 6.30c., and heavies at 8.50c.
MAY 25 1929.]
FINANCIAL CHRONICLE
tate an (Atli gepartment
Public Utility Bends Removed from List.
All issues of the following companies:
Ohio Public Service Co.
Binghamton Light, Heat & Power Co.
Toledo Edison Co.
Los Angeles Gas ac Electric Corp.
_
NEWS ITEMS
California, State of.—Legislative Session Closes.—The
regular biennial session of the 48th State Legislature, which
convened on Jan. 7, adjourned on May 15, the longest
session held since 1923. The session was long because of
the impeachment trial of Supreme Court Justice Hardy.
According to the Los Angeles "Times" of May 16 the only
measures passed by the Legislature that were of value to the
State at large were the bank and corporation tax law and the
intangible securities tax bill.
Florida Inland Navigation District.—Validity of Canal
Bonds Sustained by Supreme Court.—The validity of the
$1,887,000 issue of canal bonds that was voted in 1928
and ratified during the recent session of the Legislature—
V. 128, P. 2863—was approved by the State Supreme Court
recently when it handed down a decision affirming the
decree of the District Court of Colusia County. The
"Manufacturers Record" of May 22 carried the following
article on the subject:
3557
by the
The Florida State Supreme Court has sustained the validation
last year
Volusia County District Court of a $1,887,000 bond issue voted
of properties of the East Coast
by 11 counties of the State for the purchaserights-of
-way. The project is
Canal Co. and to acquire the necessary
Caries F.
of
being handled by the Florida Inland Navigation District, which
Mr. Burgman advises that
Burgman, Daytona Beach, is Chairman. he will call a meeting of the
with present plans,
should nothing interfere
advertising
Commission for June 3 in Jacksonville to arrange details for
bonds,
the sale
the bonds and invite bids for their purchase. Uponthe Eastof the Canal
Coast
of the purchase of
negotiations for the completion
from the Kelsey interests will follow.the canal properties will be turned
As has previously been detailed,
to expend $4,221,000 to
over to the Federal Government, which planswater and 75 feet wide at
make the canal eight feet deep at average low
navigable from Jacksonville to Miami. In addition
the bottom, making it
it is understood that the Government will expend $125,000 annually for
maintenance. Upon the acceptance by the United States of a deed to
the properties it is thought the Government may consent to improve
present conditions preparatory to the completion of permanent improvements. It is anticipated that navigation in the canal will be far better,
beginning with next fall, than it has ever been.
the
The Florida Inland Navigation District was created by Act of Act
Legislature of 1927 and in the same year the President approved an and
of Congress providing funds for the construction of the waterway were
maintenance. In June 1928 the district voted the bonds, which
validated by the Volusia County Court in August of the same year. The
Dade County States Attorney objected to the validation proceedings
and took the case to the Supreme Court where it was reviewed and a
decision rendered by Justice J. B. Whitfield. with none dissenting. which
Meanwhile the Legislature enacted a bill validating the bonds,
was signed by Governor Doyle Carlton on April 19 of this year, and on
May 7 the effect of this action was argued before the Supreme Court.
New York City, N. Y.—Four Hundred City Engineers
Demand Pay Hearning.—Charging that the Board of Transportation has failed to grant them the increased salary that
was voted by the Board of Estimate on Jan 1 to all city
engineers, four hundred Grade C engineers of the Board of
Transportation demanded a public hearing before Chairman
Delaney contending that they are the only class of employes
who have been discriminated against. The New York
"Times" of May 7 reported on the action as follows:
Four hundred engineers of the Board of Transportation, members of
49 Lafaythe Union of Technical Men, marched to the office of the Board. Chairman
public hearing before
ette Street, yesterday and demanded a is the unjustifiable failure of the
what they charged
John H. Delaney on
$3,120 voted by the Board of
Board to grant them the annual salary ofThose who participated in yesEstimate on Jan. 1 to all city engineers.
contend that they are the only
terday's protest were Grade C men, who by the Board of Transportation
class of employees who have been excluded
from the salary readjustment.
In the absence of Mr. Delaney, the men were received by Colonel John
who
of the Board of
R. Slattery, Deputy Chief Engineer their case by theTransportation, on.
mass
told them that they were not helping take time off for the demonstrati on,
demonstrati
They had been refused permission to
so used their lunch hour.
SlatGeorge E. Carnahan, spokesman for the engineers, told Colonel
but to demonstrate
tery that there was nothing else for the men to do they had exhausted
chosen. He said that
their grievance in the manner
requests
all avenues of appeal. "from the Mayor down," and that all their
for a hearing had been ignored.
ion,
the Board
Robert Ridgeway, Chief Engineer forbe consideredof Transportat and
by the Board
promised the men that the matter would
be granted.
that the desired hearing would
said that
Marcel E. Scherer, organizer of the Union of Technical Men, peculiar,
Mr. Delaney's refusal hitherto to grant the men a hearing was
because he had favored the increase.
Oklahoma, State of.—Legislature Convened in Special
Session.—The extraordinary session of the 12th Legislature
convened at noon on May 16. The proclamation calling
the session was issued by the Governor on May 1.
Supreme Court Justice Acguitted.—J. W. Clark, Justice
of the Supreme Court, was cleared of impeachment charges
by the State Senate on May 10. Justice Clark has been
accused of irregularities in office and the verdict of acquittal will automatically re-instate the Judge to the bench
from which he was suspended when the Senate Court accepted the charges brought by the House.
Rhode Island (State of).—Amend SaEings Bank Investment Regulation.—An amendment to the law prescribing
conditions necessary for investment of savings banks funds
in first mortgages on real estate was enacted by the 1929
Legislature. Sub-section B of Clause IX of Section 1 of
Laws now reads:
272
Jersey City, N. J.—Mayor Hague Re-elected to Office.— Chapterloans of the General mortgage on real estate subject to the
secured by first
(b) In
At the commission election held on May 14 the voters re- following restrictions:
the report of not less than two
No such loan shall
elected Frank Hague to the mayoralty by a majority re- officers or trustees orbe made except uponduly authorized to the duty by
directors, or agents
directors, who shall certify according to their best
to have been 24,483 over the opposing ticket.
ported
the board of trustees or
Such report and
judgment to the value of the premises to be mortgaged.
Maine (State of).—Savings Bank Investment Law Amended certificate shall be in writing, and shall be filed and preserved in the records
the corporation.
—An act of the 1929 Leglisature has made eligible for sav- ofLoans on improved real estate shall not exceed 60% of such valuation.
not exceed 40% of such valuation.
ings banks investment the bonds or notes of certain indusLoans on unimproved real estate shall shall not exceed 70% of such deloans
The
trial corporations. The act adds to Section 27 of Chapter posits, aggregate amount of such
authorized amount, not exceeding 50% thereof shall be
and of this
144, Laws of 1923, the following sub-division:
on real estate located out of Rhode Island. continuing for five years unreindustrial corporations whose property is
In the event of any such mortgage loan such loan is secured, shall be
xix. In bonds or notes of United States and issued or assumed by
in amount, the property upon which
within the
located principally
the five years next precompanies of which the net income in each year of
ceding such investment shall have been either:
(1) Not less than $10,000,000 and not less than twice the annual interest
on the entire funded debt, or
(2) Not less than $2,000,000 and not less than four times such interest.in
Not more than 10% of the deposits of any one bank shall be invested
the bonds or not es authorized by this sub-division, and said bonds or notes
legalized hereunder are subject to the provisions relating to certificates of
legality as set forth in sub-division 16 of section 27 of chapel' 144 of the
public laws of 1923.
Massachusetts (State of).—Changes in Savinps Bank
Legal Investment List.—Roy A. Hovey, Commissioner of
Banks, has issued the following bulletin dated May 16 1929
of securities added and dropped from list of securities considered eligible for the legal investment of savings banks
and trust funds:
Public Funds Added to List.
Towns,
Cities.
Gorham, Me,
Paterson, N. J.
Houlton, Me.
Roanoke, Va.
Kittery, Me.
Schenectady, N. Y.
Rumford, Me.
Sheboygan, Wis.
South Berwick, Me.
Springfield, 0.
Stratford, N. H.
St. Joseph, Mo.
Wichita, Kan.
Barrington, R.I.
West Warwick, it. I.
Counties.
Darien, Conn.
Carroll, N. H.
East Hampton, Conn.
Fairfield, Conn.
East Windsor, Conn.
Groton, Conn,
Ellsworth, Me.
Old Town, Me.
Hamden. Conn.
Westbrook, Me.
Manchester, Conn.
Southington, Conn,
Central Falls, R.I.
Towns.
Trumbull, Conn,
Vernon, Conn.
Brunswick, Me.
West Hartford, Conn.
Fort Fairfield, Me.
Utility Bonds Added to List.
Public
Eastern New Jersey Power Co. 1st mortgage Ss, 1949
1st mortgage 51is. 1949
9
1st mortgage 55. 194
Public Funds Removed froin List.
Towns,
Counties.
Coos, N. H.
Bennington, Vt.
Butte, Mont.
Bloomfield, Conn.
Rockingham, N. H.
J.
Camden, N.
Branford, Conn,
Covington, Ky.
East Haven, Conn.
Cities.
Dallas, Tel.
Calais, Me.
Farmington, Conn.
Durham, N. C.
Greenwich, Conn,
Stamford, Conn.
East Orange, N. J.
Kent, Conn.
Houston, Tel.
Lisbon, Conn.
Towns.
Kansas City, Mo.
New Canaan, Conn.
Caribou, Me.
Mobile, Ala.
Newington, Conn.
Lincoln, Me.
Passaic, N. J.
Putnam, Conn,
Skowhegan, Me.
Richmond, Va.
Stafford, Conn,
Winslow, Me.
Island,
Root
Tolland, Conn,
Claremont, N.H.
Toledo,0.
Wethersfield, Conn.
Exeter, N. H.
Watertown, N. Y.
Newport, N. H.
Wheeling, W. Y.
Cities.
Altoona, Pa.
Binghamton, N. Y.
Columbia, S. C.
Columbus, Ga.
Council Bluffs, Ia.
Danville, Ill.
Decatur, ill.
East Chicago, Ind.
Hammond,Ind.
Harrisburg, Pa.
Kalamazoo, Mich.
Kansas City, Kau.
Macon, Ga.
Madison, Wis.
Muncie. Ind,
Nashville, Tenn.
Newport News, Va.
Oshkosh, Wis.
duced
certificate of the
re-examined and re-valued, and a written report and
such re-examination,
condition and value of the property at the time ofcorporation after the
of the
shall be filed and preserved in the records examination and revaluation
manner provided for a new loan and such an
is paid. If at the
shall be made as often as every fifth year, until such loan
the property mortgaged
time of any such revaluation it shall appeat that
is in excess of the
value so that the loan secured therebyloans, a reduction
has depreciated in
percentage limit of such value herein permitted for such as promptly as
amount of the loan shall be required and secured
in the
Practicable until the margin of safety is restored.
BOND PROPOSALS AND NEGOTIATIONS.
OFFERING.—Sealed bids
ABILENE, Taylor County, Tex.—BOND
Secretary, until 4 p. m.on May 31
will be received by K. Rhae Wilson, City airport bonds. Denom. $1,000.
issue of $100,000 5%
for the purchase of an
1 to 40 years on an apDated not later than June 15 1929. Due in from
semi-annual int, payable at some
proximately tax level basis. Prin. and of Chicago or some other reputable
& Cutler
bank in New York. Chapman
All bids are to state if they
bond attorney will furnish the legal approval.
printing of bonds, attorneys'
include the usual expense of proceedings, bonds bid for is required.
of the
opinion, &c. A certified check for 2%
ry).—BOND OFFERING.—
ALABAMA State of (P. 0. Montgome 29 by Bibb Graves, Govon May
Sealed bids will be received until noon issue of coupon or registered public
ernor, for the purchase of a $5,000,000
rate is not to exceed 5%.
road, highway and bridge series J bonds. Int, on March 1 as follows:
and due
Denom. $1,000. Dated March 1 1929 $700,000, 1939; $100,000. 1940 to
$100,000, 1934 to 1936;
$500,000, 1933;
1950. 1951 and 1954, and
1943; $800,000, 1944; $900,000, 1948; $100,000, open competitive bidding.
31,100,000 in 1955. The bonds can be sold on of the fiscal agency of the
at the office
Prin. and int. (M. & S.) payable
Palmer & Dodge of Boston
State in New York City. Storey, Thornclike,
A certified check for
will furnish the legal approval to the purchaser.
accompany the bid.
2%, payable to the State Treasurer, must
e First National
ALDEN, Luzerne County, Pa.—BOND SALE.—Th issue of $50,000
an
Bank of Clifton Heights recently purchased at par
Payable on May 1 1959.
434% highway bonds. Dated May 1 1929.April 11—V. 128, p. 2684.
These are the bonds offered unsuccessfully on
OFFERED.—Sealed
ANNISTON, Calhoun County, Ala.—BONDS J. Reaves, Mayor.
by Sidney
bids were received until 8 p. m. on May 23,improvement bonds. Denom.
for the purchase of a $30.000 issue of 5 from June 1 1930 to 1939 incl.
$500. Dated June 1 1929. Due $3,000 at the Chase National Bank in
Prin. and int. (J. & D.) payable in gold
Dodge of Boston will
New York City. Storey, Thorndike, Palmer &
furnish the legal approval.
p. 3382.)
(This supplements the report given in V. 128,
--Sealed bids
OFFERING.
ARCADIA, Bienville Parish, La.—BONDMayor, for the purchase of
F. Barnette,
will be received until June 7 by l sewer bonds.
$40,000 issue of 6% semi-annua
a
EREST RATE.—The $33.ASTORIA, Clatsop County, Ore.—INT that was awarded atioar
nt bonds
647.83 issue of semi-annual improveme
—V. 128. p. 3222—was purchased as 6% bonds. Due
to the contractor
in 10 years and optional after 1 year.
N. J.—BOND OFFERING.—
ATLANTIC CITY, Atlantic County,June 3, by J. A.Paxson, Direo.
on
Sealed bids will be received until 2 p. m.
3558
FINANCIAL CHRONICLE
[Vol,. 128.
tor of the Department of Revenue and Finance, for three
BURNSTAD SCHOOL DISTRICT (P.O. Burnstad), Logan
temporary coupon or registered bonds aggregating $2,630,000issues of 6%
County,
as follows:
N.
-A 510.000 issue of 5% school building bonds
$1.500,000 convention hall bonds. Due on June 1, as follows: $500,000 in has Dak.-BOND SALE.
been purchased at par by the State Board of University
1931 and $1.000,000 in 1932.
and School
1,055,000 paving, drainage, incinerator and bridge approach bonds. Due Lands. Due in 1949.
on June 1, as follows: $730,000 in 1930
BYRON, Ogle County, 111.
-BOND SALE.
-The $3,000 5% impiove75,000 school bonds. Due on June 1 1930. and $325,000 in 1931.
ment
-were awarded to the Byron
Denom. $5,000. Dated June 1 1929. Prin. and int. (J. & D.) payable State bonds offered on May 7-V. 128, p.3055
Bank. Only one bid was received. Bonds mature
in gold or equivalent at the Hanover National Bank in New York
$300. May 1 1930
City. to 1939 inclusive.
Clay, Dillon and Vandewater of New York will
Each bid is to be for all of the bonds. A certifiedfurnish the legal approval.
CAMDEN, Camden County, N. J.
check for $50,000, payable
-The issue of
to the City, must accompany the bid.
51.750,000 5% semi-annual munieipal -BOND SALE.
syndicate composed of Chase Securitiesbuilding bonds was awarded to a
ATOKA COUNTY SCHOOL DISTRICT NO. 8 (P. 0.
Corp. and Stephens & Co., both
of New York, and C. O. Collings & Co. of
Stringtown),
Okla.
-BOND OFFERING.
Philadelphia. Dated June 1
-Sealed bids will be received
May 27 by R.E. Wyrick, District Clerk,for the purchase until 2 p. m. on 1929. Due June 11934. Legality to be approved by Hawkins, Delafleld
of
of semi-annual school bonds. Interest rate is not to exceed a $17,000 issue & Longfellow of New York.
6%. A certified check for 2% Is required.
CAMDEN,Ouachita County, Ark.
-ADDITIONAL INFORMATION.
-The $20,000 issue of fire truck bonds that
was reported sold-V. 128.
AUDUBON, Camden County N. J.
-bears interest at 5% and was
-BOND OFFERING.
-11. K. In 3383
Lawrence, Borough Clerk, will receive sealed bids until 8:30 p. m.on June
of Little Rock, at a price of 107, a basis awarded to W. B. Worthen & Co..
4
of about 4.27%. Due from 1932 to
for the purchase of the following two issues of
5, 5M 5( or 6% coupon 1951 inclusive.
or registered bonds, aggregating $256,000:
$182,000 assessment bonds. Due July 1 as follows: $30,000, 1930 to
CARTERET COUNTY (P. 0. Beaufort), N.
-BOND SALE.
-The
$515,000 issue of funding bonds offered for sale C. May
1934, incl., and $32.000. 1935.
on
74,000 street and sewer bonds. Due July 1 as follows: $4,000, 1930, 3222
-was awarded to Walter, Woody & Heimerdinger, 21-V. 128. In
of Cincinnati, as
6s, at par. Dated Mar. 1 1929. Due from Mar. 1
and $5,060. 1931 to 1944, incl.
1934 to 1959, incl.
Dated July 1 1929. Denom. $1,000.
CEDAR COUNTY(P.O.Tipton),Iowa.
In gold or its equivalent in lawful money Prin. and Int. (J. & J.) payable
-BOND SALE.
at the Audubon National Bank, Issue of 4M %
-The 592.000
coupon road bonds offered for sale on May
Audubon. It is required that the bonds be sold to the bidder offering to
17-V. 128.
-was awarded to Geo. M. Bechtel & Co. of Davenport
pay not has than said sums and to take therefor the least amount of bonds. P. 3222
for
commencing with the first maturities, and if two or more ibdders offer to ium of 31,342, equal to 101.458, a basis of about 4.54%. Dateda premMay 1
take the same amount of bonds, then to the bidder offering the highest 1929. Due from May 1 1930 to 1944 incl. The only other bid
was an offer
additional amount of less than $1,000 for each istue. The approving opin- of 101.45 by the Carleton D. Beh Co. of Des Moines.
ion of Hawkins, Delafield & Longfellow of New York will be furnished. A
CEREDO ROAD DISTRICT (P. 0. Ceredo) Wayne
certified check for 2% of the bonds bid for is required, payable to the
County, W.
Va.-BOND ELECTION.
-On June 8. 8400.000 in 65 bonds for road
borough.
h
Improvements will be passed upon by the qualified electors.
AVENUE SCHOOL DISTRICT (P. 0. Ventura County, Calif.
CHICKASAW COUNTY (P. 0. New Hampton) Iowa.
BOND SALE.
-The 5600,000 issue of 5% school bonds offered for sale
-BOND
-Bids will be received until 2 p. m. on May 27, by R. D.
on May 21-V. 128 p. 3055
-was awarded to the First National Bank, of OFFERING.
Ventura,for a premium of $1,250, equal to 102.083, a basis of about 4.73%. Markle, County Treasurer, for $100.000 annual county court house bonds.
Int. rate not to exceed 5%. Denom. $1,000. Dated June 11929. Due
Dated June 1 1929. Due $3,000 from June 1 1930 to 1949, incl.
June 1,as follows: 82,000, 1934; 57,000. 1935 to 1948 incl. Sealed bids on
will
BALTIMORE COUNTY (P. 0. Towson), Md.-BOND SALE.
-The be opened after all open bids are in. Blank bonds to be furnished by pur$1,000,000 43 % coupon school bonds offered on May 22-V. 128, P. chaser. County will furnish the legal approval of Chapman & Cutler of
2863
-were awarded to the First National Securities Corp.. at a price of Chicago. A certified check for 3% of the bonds, payable to the county
100.387. a basis of about 4.40%. Dated June 1929. Denom. $1.000. treasurer, is required.
Due June 1, as follows: $65,000, 1930 to 1944, 1
incl.; and $25,000, 1945.
CHOCTAW COUNTY (P.O. Ackerman), Miss.
Prin. and int. (J. & D. 1) payable at the Second National Bank, Towson.
-BONDS NOT SOLD.
-The $25,000 issue of not to exceed 6% semi-annual county bonds offered
Legal opinion,is requested, of Elmer J. Cook,Towson, will be furnished.
for sale on April 1-V. 128,P. 2151-has not as yet been sold.
Dated April
BARTLESVILLE,Washington County,Okla.
-BOND OFFERING.- 1 1929. Due $1,000 from April 1 1930 to 1954, incl.
Sealed bids will be received by the City Clerk, until May 27, for the purCHRISTIAN COUNTY (P.O. Hopkinsville) Ky.-BONDS VOTED.
chase of an issue of $169,400 improvement bonds.
(These bonds were unsuccessfully offered for sale on Mar. 18-V. 128, At an election held recently a bond Issue of 5650,000 for constructing road
and bridges was approved.
P• 2150).
CLARENDON, Donley County, Tex.
BERNALILLO COUNTY SCHOOL DISTRICTS(P.O. Albuquerque
-BONDS REGISTERED.N. Mex.-BOND OFFERING.
-Sealed bids will be received until 10 a. m. The &tee Comptroller on May 18 registered a $75,000 issue of 5%% serial
June 20, by Mrs. H. T. Gardner, County Treasurer, for the purchase waterworks bonds.
of four issues of 6% school bonds aggregating $17.750, as follows:
CLARKE COUNTY (P. 0. Osceola), Iowa-BOND SALE.
$15.000 school district No. 3 bonds Denom. $1,000. Due $1,000 from $11,000
-The
issue of annual primary road bonds offered for sale on Apr. 16Juno 1 1932 to 1946, incl.
V. 128. p.
1,500 school district No. 23 bonds. Denom.$500. Due $500from June as 5s, for 215I-was awarded to Jackley-Wiedman & Co. of Des Moines,
a premium of $56, equal to 100.509, a basis of about
1 1932 to 1934, incl.
4.92%•
Dated May
750 school district No. 7 bonds. Denom. $100, one for $150. Due only other 11929. Duo on May 1 1944 and optional after five years. The
bidder was the Iowa National Bank of Des Moines.
5100, 1932 to 1937 and $150 in 1938.
500 school district No. 10 bonds. Denom.$100. Due $100from June
CLEAR LAKE SCHOOL DISTRICT (P. 0. Mt. Vernon)
Skagit
1 1932 to 1936, incl.
County,
-BOND OFFERING.
-Sealed bids will be received
Dated June 1 1929. Prin. and semi-annual int. payable at the State until Juno Wash.
1,
Treasurer's office or at Kountze Bros. in New York City. A certified $15.000 issue by W. H. Whitney, County Treasurer, for the purchase of a
check for 5% of the bid, payable to the County Treasurer, is required. Dated July 1 of semi-annual school bonds. Int. rate is not to exceed 6%.
1929.
(The election on these bonds will be held June 11)•
CLINTON COUNTY (P. 0. Frankfort), Ind.
-BOND OFFERING.
BETHEL SCHOOL DISTRICT NO. 3 (P. 0. York), York County, Earl McDonald,
County Treasurer, will receive sealed bids until 10 a. m.
S. C.
-BOND OFFERING.
-Sealed bids will be received until noon on May 25
June 1 by S. S. Glenn. Chairman of the Board of Trustees,for the purchase Center for the purchase of $35,600 William D. Thomas Road No. 402.
Township, road improvement bonds. Coupon rate 5%. Bonds
of a 822,000 issue of6% school bonds. Denom.$1,000. Dated Juno 1 1929. are dated
May 15 1929. Denom. $890. Due $1.780, May and Nov. 15
Due on July 1 as follows: $1.000, 1935 to 1942. and 82,000 from 1943 to
1949,all inclusive. Prin.and int. (J. & J.) payable at a bank in N.Y.City. 1930 to 1939 incl. Interest payable semi-annually.
The purchaser is to pay for the printing of the bonds and the approving opinCLINTON
-BOND SALE.
-The
ion of the bond attorney, is so desired. All bids are to be addressed to $105,000 roadCOUNTY (P. 0. St. Johns). Mich.
assessment district bonds offered on May 17-V. 128, p.
Marion & Finley of York, S. C. A $1,000 certified check must accompany 3223
-were awarded to the Detroit & Security Trust Co. of Detroit, as
the bid.
53.s. at par plus a premium of $225, equal to 100.214. Bonds are to
BIG BEAVER TOWNSHIP (P. 0. Wampum), Lawrence County, mature serially in from 1 to 5 years.
Pa.
-BOND SALE.
-The $8,000 5.60% township bonds offered on April 19
COLUMBIA COUNTY (P.0. Magnolia), Ark.
-BOND OFFERING.
-V. 128, p. 2685
-were awarded at par equally between 11. E. McKinney Sealed bids will be received by Emmett Atkinson, County Judge, until
and M. S. Johnston, both of Wampum. Bonds are dated May 15 1929. 3 p. m. on June 5 (opening at 10 a. m. on June
6) for the purchase of a
Due $2,000, June 15 from 1930 to 1933 incl. No other bid was received.
$60,000 issue of jail-building bonds.
BINGHAM, Broome County, N. Y.
COMANCHE COUNTY SCHOOL DISTRICT NO. 16 (P. 0. Elgin),
-BOND OFFERING.
-Harry
H.Evens, City Comptroller, will receive sealed bids until 11 a. m.(Eastern Okla.
-BOND SALE.
-The $6,500 issue of semi-annual school bonds
Standard time) May 28, for the purchase of $750,000 4%% West Junior offered for sale on May 14-V. 128, p. 3223
-was sold to a local investor,
High School and equipment bonds. Dated April 1 1929. Denom. 81.000. as 54, at par. Due 5500 from 1934 to 1946 incl.
Due April 1, as follows: 820,000, 1930 to 1966 incl.; $10,000, 1967.
Prin. and int, payable in gold at the City Treasurer's office. A certified
COMPTON UNION HIGH SCHOOL DISTRICT (P. 0. Compton),
Los Aneles County, Calif.
g
check for 2% of the bid is required, payable to the City Comptroller.
-BONDS VOTED.
-At a special election
held on May 17 the voters authorized the issuance of $675.000 in bonds
BREVARD,Transylvania County, N.C.
-BOND SALE.
-A 536.000 to build junior high schools by a large majority. The actual count was
1,635 "favorable" to 239 "non-favorable."
Issue of 5%% refunding bonds has been purchased by an unknown investor.
Denom. $1,000. Dated Mar. 1 1929. Due $11,000 on Mar. 1 1950, 1954
CORTEZ, Montezuma County, Colo.
and 1958 and $3.000 in 1959. Prin. and int.(M.& 8.) is payable in New
-BOND SALE.
-The $13,000
York. Legality approved by Storey, Thorndike, Palmer & Dodge of Issue of coupon Sanitary Sewer District No. 1 bonds offered for sale on
April 30-V. 128.p. 2686
-was awarded to Mr. Al. Rust of Dolores. Due
Boston.
In 15 years and optional in 10 years.
BRISTOL COUNTY (P. 0. Taunton,) Mass.
-TEMPORARY LOAN.
COTTLE COUNTY (P. O. Paducah), Tex.
-BOND SALE.
-The
-The First National Bank of Attleboro, purchased on May 21. a $300,000 $200,000 issue of 5%
serial road, series 0 bonds offered for sale on May
temporary loan, due in six months on a discount basis of 5.74%. The 17-V. 128, p.
2865
-was awarded at a price of 97 to the B. F. Dittmar
following bids were also submitted:
Co. of San Antonio.
Bidder
Discount Basis.
BONDS NOT SOLD.
-The 8150,000 issue of 5% court house bonds
EL N. Bond & Co
5.79
offered at the same the
-V. 128. p. 2865
-was not sold.
Old Colony Corp
5.865
Other bidders and their bids for the bonds were as follows:
M.0. Durfee Trust Co., Fall River
5.93
BidderPrice Bid.
Guaranty Co. of Wow York (plus $3)
5.96
Braun. Bosworth & Co.of Toledo
96.95
H.O.Burt & Co.
96.50
BRISTOL,Sullivan County, Tenn.
-At the special Garrett & Co.of of Houston
-BONDS VOTED.
Dallas
95.80
election held on April 27--V. 128, p. 2685
-the voters authorized the issuance of $20,000 in bonds for street widening Purposes.
CROOK COUNTY SCHOOL DISTRICT NO. 16 (P. 0. Moorcraft)
Wyo.-BOND SALE.
-The $28,000 issue of 5% school bonds offered for
BROADFORD, McKean County, Pa.
-The $129,000
-BOND SALE.
issue of 434% coupon street sewer and bridge bonds offered for sale on sale on May 20-V. 128, p. 3056-waa awarded to Geo. W. VallerY & Co..
May 17-Y. 128. p. 3055
Mellon National Bank of of Denver, for a premium of $14, equal to 100.05, a basis of about 4.99%.
-were awarded to the
Pittsburgh. Duo May 1. as follows: $18.000. 1930 and 1931,and 1939 and Dated June! 1929. Due from June! 1940 to 1954
1840, and 519.000. 1947 to 1949 incl. Prin. and int, payable at any bank
CULBERSON COUNTY (P. 0. Van Horn) Tex.
-BOND SALE.
In Bradford.
A $20.000 issue of 5%% road bonds has recently been awarded at par to
the sinking fund.
BRONXVILLE, Westchester County, N. Y.
-BOND SALE.
-The 1956 and 53,000, Due on Fob. 15, as follows: 52,000, 1930 to 1934;$1,000.
1957 to 1959.
$87.000 Issue of4% %
street improvement bonds offered on May 21-V.128,
(These bonds are a part of the $75,000 issue already partly sold
-V.
-were awarded to Batchelder. Wach & Co., of New York, at a
In 3382
price of 100.31, a basis of about 4.44%. Bonds are dated June 1 1929. 128, p. 3383.)
Denom. $1,000. Due June 1, as follows: $4,000, 1931 to 1938, incl.: and
DAKOTA COUNTY SCHOOL DISTRICT NO. 40 (P. 0. Farming$5,000, 1939 to 1949, incl. Prin. and int. payable in gold at the Gramatan ton), Minn.
-BOND SALE.
-A 545,000 issue of school bonds has been
National Bank & Trust Co., Bronxville. Legality to be approved by Clay,
purchased at par by the State of Minnesota.
Dillon & Vandewater of New York City.
DE FUNIAK
-BOND OFFERING.BROOKVILLE, Jefferson County, Pa.
-The $45,000 Sealed bids will SPRINGS, Walton County, Fla.
-BOND SALE.
be received until noon on June 3. by J. F. Howell, Town
% coupon borough bonds offered on April 4-V. 128, P. 1773
-were Clerk, for the
awarded to the Brookville Title & Trust Co. of Brookville at a price of par. ment bonds. purchase of a 538.000 issue of 6%, semi-annual special assessDenom. $500. Dated April 1 1()29 and due on April 1, as
Due $4,500, Oct. 1 from 1929 to 1938 inclusive.
follows: 84.000, 1930 to 1938 and $2,000 in 1939. The bid must specify
where payment of
BURNSVILLE,Yancey County, N. C.
-BOND SALE.
-A $70,00 issue furnished with the the principal and interest is desired. Purchaser will be
legal approval of a recognized bond attorney. A certified
of 6%, refundinz bonds has been purchased by an unknown investor. De- check for
2% is required.
nom.$1,000. Dated Mar. 1 1929. Due $7,001)from Mar. 1 1950 to 1959
Incl. Prin. and int.(M. & 8. 1) payable at the Chase National Bank in
DELAWARE COUNTY (P. 0.
OFFERING.New York City. Legal opinion of Storey, Thorndike, Palmer & Dodge W. Max Shafer, County Auditor, Muncie) Ind.-BOND until 10 a. m.
will receive sealed bids
of Boston will be furthshed.
on June 8. for the purchase of $4,805.20 6% ditch improvement bonds.
MAY 25 1929.]
FINANCIAL CHRONICLE
3559
-BOND OFFERING -Ned J VerFLINT, Gen00000 County, Mich.
and
Dated Jan. 11 1929. Due semi-annually on May and Nov. 15. Prin.
mllya, City Clerk, will receive sealed bids until 8 p. in. on June 10,for the
int.(May and Nov. 15) payable at the office of the County Treasurer.
purchase of two issues of bonds aggregating $600,000 as follows: $300,000
Denom.81,000.
-Howard M. storm water sewer and $300,000 intercepting sewer bonds.1954, incl. Prin,
-BOND CALL.
DELAWARE. State of (P. 0. Dover).
1929. Due $24,000 from June 15 1930 to
three Dated June
call
Ward, Sinking Fund Commissioner of the State, has issued a1929for105% and interest 15
payable semi-annually at the National Park Bank in New York
at
loans of outstanding issues of 4%% highway bonds on July 1
& Cutler of Chicago will furnish the legal approval.
of the principal debt. The loans called are the State Highway Loans of City. Chapman on a split rate basis. If bids are so made the bonds will
Bids may be made
1918, 1919 and 1920 and interest will cease on the above date.
on an interest cost basis. The City reserves the right to,reject
be awarded
City,
(Official notice of this call appears on the last page of this section.)
bids and sell at auction. A $5,000 certified check, payable to the
- must accompany the bid.
-BONDS REGISTERED.
DENTON COUNTY (P. 0. Denton), Tex.
On May 14 the State Comptroller registered an issue of $199,593.10 5X%
-Hill. Joiner & Co. of
-BOND SALE.
FORREST TOWNSHIP, III.
serial refunding bonds.
Chicago purchased on April 15 an issue of $70,000 5% coupon or registered
issue road bonds. Dated April 15 1929. Denom. $1,000. Due serially on
-An
-BOND SALE.
DENTON COUNTY (P. 0. Denton), Tex.
Interest payable on April and Oct. 15.
of $199,593.20 road and bridge refunding bonds has been purchased at April 15 from 1934 to 1943 incl.
par by the Roger H. Evans Co. of Dallas.
-The two
•
FORT THOMAS, Campbell County, Ky.-BOND SALE.
sale on May 20-V. 128,
DESCHUTES COUNTY CONSOLIDATED GRADE SCHOOL DIS- issues of bonds aggregating $78,000. offered for Cincinnati, as 5s, for a
-The $39,700 P. 3384
-BOND SALE.
-were awarded to N. S. Hill & Co. of
Ore.
TRICT NO. 2 (P. 0. Redmond),
-was premium of $975, equal to 101.25, a basis of about 4.81%. The issues
issue of school bends offered for sale on May 20-V. 128, p. 3223
awarded to Dean Witter & Co. of San Francisco, as 5I•is, at a price of are divided as follows:
inclusive.
Nov.
$50,000 sewer bonds. Due from from 1 1934 to 1948,1948. inclusive.
108.28.
Nov. 1 1934 to
28.000 incinerator bonds. Due
other bids (all for 5s) were as follows:
DORMONT SCHOOL DISTRICT (P. 0. Pittsburgh), Allegheny
The
Premium.
-Sealed bids will be received by J.
-BOND OFFERING.
County, Pa.
Bidder$858.00
Downs, Secretary of the Beard of Directors, until 7 p. m. on June 14, for Taylor, Wilson & Co
636.55
issue of 4%% coupon school bonds. Denom. Seasongood & Mayer
the purchase of a E90,000
379.80
$1,000. Dated May 1 1929. Due on May 1, as follows: $3,000, 1934 to Provident Savings Bank & Trust Co
220.40
1943 and $4.000, 1944 to 1958, all incl. Int. payable on May and Nov. 1. Otis & Co
210.40
All bids are subject to Well, Roth & Irving Co
Printing of bonds to be paid for by the purchaser.
133.00
approval by the Department of Internal Affairs. A $1.000 certified check. Bohmer & Reinhart Co
must accompany the bid.
payable to the District Treasurer,
-The First
FOSTORIA, Seneca County, Ohlo.-BOND SALE. of 5% bonds
issues
-Sealed Citizens Corp. of Columbus, recently purchased two
-BOND OFFERING.
DUBOIS COUNTY (P. 0. Jasper), Ind.
bids will be received by John Seger, County Treasurer, until 10 a. m. on aggregating $87,000, at a premium of $.278.40 equal to 100.30. The issues
% Bainbridge Township road im- are as follows:
May 29, for the purchase of $8,800
provement bonds. Dated May 15 1929. Denom. $440. Due $440, July $75,000 sewage disposal plant bonds.
12,000 street improvement bonds.
15 1930: $440, Jan. and July 15 1931 to 1939 inclusive, and $440, Jan. 15
1940. Prin. and int. (Jan. and July 15) payable at the office of the County
-Sealed bids
-BOND OFFERING.
GADSDEN, Etowah County, Ala.
certified check for 2% of the bonds bid for, payable to the
Treasurer. A
purchase
will be received until June 10 by H.C.Thomas,City Clerk,for the
above-mentioned official, is required.
of an issue of $100,000 school bonds.
DUMAS SPECIAL SCHOOL DISTRICT (P. 0. Dumas), Desha
-A $38,000 issue of 6% school bonds has
GERMAN SCHOOL TOWNSHIP, Bartholomew County, Ind.
-BOND SALE.
County, Ark.
&
-Sealed bids will be received by Stanley Hunt. Townbeen purchased by the Merchants & Planters Title V.Investment Co. of BOND OFFERING.
128, p. 3384.)
report corrects that appearing in
Trustee, until 9 a. m. on June 5 for the purchase of $59,000 school
ship
Pine Bluff. (This
are
building construction bonds, to bear a coupon rate of 434%. Bonds
DU PAGE COUNTY SCHOOL DISTRICT NO. 36 (P.O. Wheaton), dated June 15 1929. Denom. $500. Due $4,000 annually. Prin. and
-An issue of $50.000 5% school bonds has recently int.(June and Dec. 15) payable at the First National Bank of Columbus.Ind
SALE.
III.
-BOND
been purchased by Halsey, Stuart & Co. of Chicago. Due $10,000.
-BOND OFFERING.
GIBSON COUNTY (P. 0. Princeton),•Ind.
1930 to 1934 incl.
County Treasurer, will receive sealed bids until 10 a. m. on
-ADDITIONAL DETAILS. Carl L. Wood, purchase of the following issues of 434% bonds aggregating
County,Iowa.
DYERSVILLE, Dubuque
May 25 for the
-The $30,000 issue of memorial building bonds that was awarded to $31.900:
128, P.
Geo. M. Bechtel & Co. of Davenport, at a price of 101.323-V. $4,000, $18,400 A. J. Mane et al. road improvement bonds. Denom. $920. Due
1, as follows:
% and is due on Nov.
-bears interest at
3384
$920, May and Nov. 15 1930 to 1939 incl.
Denom. $675.
1934: $2,000, 1935: $1,000, 1936; $2,000. 1937; $1,000, 1938: $2,000, 1939:
13,500 P. M. Gudgel et al. road improvement bonds.
$1,000. 1940: $2,000, 1941 to 1947, and $3,000 in 1948, giving a basis of
Due $675, May and Nov. 15 1930 to 1939 inclusive.
about 4.64%.
Bonds are dated May 15 1929. Interest payable semi-annually.
EASLEY SCHOOL DISTRICT NO. 13 (P. 0. Easley), Pickens
-Sealed bids will be received until
-BOND OFFERING.
County, S. C.
June 1 by Edwin L. Bolt, Secretary of the Board of Trustees, for the
'bonds.
purchase of a $90,000 issue of school
-BOND
0.
GLENDALE SCHOOL DISTRICT, Hamilton County,Secretary of
--Sealed bids will be received by R. R. Payne,
OFFERING.
until 8:15 p. m.on June 12 for the purchase of $72,000
Board of Education,
to exceed 6%. Bonds are dated
school bonds. Rate of interest is not $3,000. Sept. 1 1929 to 1952 incl.
March 1 1928. Denom. $1.000. Due payable at the Provident Savings
Prin. and int. (March and September)
A certified check for $1.440. payable
Bank & Trust Co. of Cincinnati. Education, must accompany each proto the Clerk-Treasurer of Board ofPeck, Shaffer & Williams of Cincinnati.
posal. Legality to be approved by
-Of the
Tex.
-BOND
GOLIAD COUNTY (P. 0. Goliad), offered for sale SALE. 13-V.
on May
% coupon road bonds
5125.000 issue of
F. Dittmar Co. of
128, p. 2866-A $50,000 block was awarded to the B.
The Court deSan Antonio, for a premium of $1,920, equal to 103.84. $125,000 bonds
dined to sell the entire issue. The bids received on the
were as follows:
Premium.
Bidder$4,800
B. F. Dittmar Co
4,800
and J. E. Jarrett Co
Stranahan, Harris & Oatis
3,925
Prudden & Co
3,915
Trust Co
San Jacinto
3,910
Garrett & Co
3,635
Well, Roth & Irving Co
3,535
Ryan, Sutherland & CO
EASTLAND INDEPENDENT SCHOOL DISTRICT (P.O. Eastland),
-The $75,000 issue of
-BONDS REGISTERED.
Eastland County, Tex.
5% serial school bonds offered for sale on May 20-V. 128, p. 3384
was registered on May 14 by the State Comptroller.
ELBOW LAKE SCHOOL DISTRICT (P. 0. Elbow Lake), Grant
-A $5,000 issue of 4% school bonds has
-BOND SALE.
County, Minn.
been purchased by an unknown investor. Due $LOW from July 1 1939
to 1943 inclusive.
-BOND SALE.
-The
ELKHART COUNTY (P. 0. Goshen), Ind.
% coupon bridge bonds offered on May 16-V. 128, p. 3223
$145,000
were awarded to the Harris Trust & Savings Bank of Chicago at par plus a
of $747. equal to 100.515, a basis of about 4.44%. Bonds are
premium
Nov. 15 1930 to
dated May 15 1929. Due as follows: $3,625. May and bidders wrem mm.
p ere:
1947 incl., and $7,250. May and Nov. 15 1948. Other
Bidder
$257.00
Fletcher Savings & Trust Co., Indianapolis
97.50
City National Bank
NO. 4, Chautauqua
-The S20,000
-BOND SALE.
ELLERY UNION FREE SCHOOL DISTRICT
GOODMAN, Holmes County, Miss.
-Sealed bids will be received by the issue of 6% semi-annual sewerage system installation bonds offered for sale
-BOND OFFERING.
County, N. Y.
-was awarded to the State Bank of Goodman.
Board of Education until 8 p. m. on May 28 for the purchase of $75,000 on May 7-V. 128. p. 2688
5% school bonds. Dated June 1 1929. Denom. $1,000. Due Dec. 1 as Due 31MB from 1930 to 1949 inclusive.
follows: $3,000, 1934 to 1938 incl., and $6.000, 1939 to 1948 incl. Prin.
-A $35,000 issue of
-BOND SALE.
payable at the Bank of Jamestown, Jamestown. A
and semi-annual intyo
GRANITE, Greer County, Okla.
bonds bid for is required. Legality to be 6% semi-annual city bonds has recently been purchased by the First
certified check for 2 o of the bon
Vandewater of New York. "There is outstand- National Bank of Granite for a $50 premium, equal to 100.14.
approved by Clay, Di ion &
ing against the district at the present time school bonds in the amount of
-BOND OFFERING.
GRANT COUNTY (P. 0. Marion), Ind.
$19,000, and the assessed value of the district is $1,020,000."
County Treasurer, will receive sealed bids until 10 a. m.
Claude
-The following on MayHamilton, purchase of $29,300 434% highway construction bonds.
-BOND SALE.
ELMIRA, Chemung County, N. Y.
28, for the
two issues of 434% bonds aggregating $525,000 offered on May 20-V. Dated May 15 1929. Denoms. $1,465. Due $1,465 May and Nov. 15
-were awarded to Roosevelt & Son of New York. at 100.3185. from 1930 to 1939, both incl. Interest payable semi-annually.
128, p. 3384
a basis of about 4.465'.
Las Lunas),
Elmira Public School Building bonds. Due June 1 as follows:
GRANT UNION HIGH SCHOOL DISTRICT (P. 0.issue of school
$450.000
-The $50,000
$85,000, 1931 and 1932; $90,000, 1933 and 1934; and $100,000, Valencia County, N. Mex.-BOND SALE.
-was awarded to Heath,
1935.
bonds offered for sale on May 21-V. 128, P. 2866
of
75,000 Gray St. widening bonds. Due June 1 as follows: $5,000, 1935 Schlessman & Co. of Denver, as 534s, at a price of 100.27. a basis about
and 1937: $5,000. 1938 and 1939: $15,000, 1940: $20,000, 1941 5.71%. Dated May 11929. Due 85,000 from May 1 1932 to 1941 incl.
amd 1942.
-BOND OFFERING.
GRAYSON COUNTY (P. 0. Sherman), Texas.
Bonds to be dated June 1 1029. Denom. $1,000. Prin. and int. (J. &
-Sealed bids for the purchase of a $300,000 issue of 434% semi-annual
D.payable at the office of the above-mentioned official.
Price Bid road bonds, will be received until 2 p. m. on June 11, by A. C. Sanders,
Blddersbid.
100.267
County Auditor. A $5,000 certified check must accompany the
Marine Trust Co., Buffalo, 4,34%
%
100.88
Batchelder Wack Co New ork,
-BOND OFFERING.
GREEN TOWNSHIP, Monroe County, Ohio.
Elmira
100.5249
Merchants National Bank,
until
-Sealed bids will be received by R. K. McCaslin, Township Clerk,
100.476
Manufacturers & Traders-Peoples Trust Co., Buffalo
improvement bonds.
12 m. on May 25. for the purchase of $2,000 6% road 1 1930 to 1933, incl.
100.737
Harris Forbes & Co., New York
Denoms. $500. Due $500 Oct.
Dated Oct. 11928.
10% of the bonds
ENON SCHOOL DISTRICT (P. 0. Franklinton), Washington Interest payable semi-annually. A certified check for
-The $20.000 Issue of 5% school building offered, payable to the Township Clerk. is required.
-BOND SALE.
Parish, La.
the
-was sold at par to
bonds offered for sale on May 14-V. 128, p. 3223
-A
-BOND ELECTION.
GREENWOOD, Leflore County, Miss.
Washington Bank & Trust Co. of Franklinton. Denom. $100. Dated
special election has been called for May 31 to vote on the proposed issuance
May 15 1929. Due serially in 20 years. Int. payable on May 1.
improvements to the local hospital.
of $30,000 in bonds for
-The
-TEMPORARY LOAN.
ESSEX COUNTY (P. 0. Salem), Mass.
GUTHRIE CENTER INDEPENDENT SCHOOL DISTRICT (P. G.
$200,000 temporary loan offered on May 21-V.128, p. 3384-was awarded
-Sealed
-BOND OFFERING.
to the Salem Trust Co. of Salem on a discount basis of 5.10%. Loan is Guthrie Center) Guthrie County, Iowa.
on May 7 1929.
bids will be received until 4 p. m.on May 29,by Mrs. Verda 0.Sturtevant,
payable
of an $80,000 issue of
Secretary of the Board of Education,for the purchase
-BOND OFFERING.
-Sealed bids 434% semi-annual school bonds.
EUGENE, Lane County, Ore.
3 by B. S.
will be received until 7:30,p. m.on June power and Bryson, City Recorder,
Due as follows: $3,000 from 1931 to 1934; $4,000, 1935 to 1939: $5,000.
light bonds. Jut, rate
issue of
86.000, 1945
for the purchase of a $400,000
of Portland 1940: 84,000, 1941; 55.000, 1942; $6,000, 1943: $5,000, 1944;
is not to exceed 6%. Teal, Winfree, McCulloch & Shuler of the bid is to 1947 and $5,000 in 1948. Optional after 1934.
legal approval. A certified check for 2%
will furnished the
-BOND OFFERING.
required. (The election on these bonds will be held on May 27.)
HATTIESBURG, Forrest County, Miss.
by W. E. Estes, Commissioners' Clerk, until
Sealed
EVANSVILLE SCHOOL DISTRICT (P. G. Evansville), Vander- May bids will be receiveda $.50.000 issue of airport bonds.
% school
30,for the purchase of
-An issue of $182,000
-BOND SALE.
Ind.
burg County,
Chicago. Bonds
bonds has been purchased by Harris, Forbes & Co. of follows: $38,000,
-BOND SALE.
HAYWOOD COUNTY (P. G. Brownsville), Tenn.
are dated May 6 1929. Denom. $1,000. Due May 6 as
55' court house improvement bonds offered for sale
The
1944: 340.000, 1945; $48,000, 1946; 818,000, 1947 and 838,000, 1948. on 8.50.000 issue of P. 2688
-was awarded to Joseph, Hutton & Estes of
May 22-V. 128.
Prin. and int. payable at the National City Bank, Evansville,
April 1 1934 to 1943 inclusive.
-An issue of Nashville. Due $5,000 from
-BOND SALE.
FAIRFIELD, Greene County, Ohio.
% water works and special assessment bonds have recently
$38,500
HEMPSTEAD UNION FREE SCHOOL DISTRICT (P. 0. Bellmore),
Smith, District
-BOND OFFERING -Jesse
been purchased by Poor & Co. of Cincinnati, for a premium of $111.11. Nassau County, N. Y.
Clerk, will receive sealed bids until 8 p. m.(daylight saving time) on June 4
equal to 100.304.
- for the purchase of $170.000 coupon or registered school bonds, rate of
-BONDS OFFERED.
LE, Fayette County, Tenn.
FAYETTEVIL
interest not to exceed 6%, Dated July 1 1929. Denom. $1,000. Due
by the Town
Sealed bids were received until 1 to. m. on May 22 school bonds.Clerk for July 1 as follows: $8.000, 1931 to 1940, incl., and $9,000. 1941 to 1950,
Due in
the purchase of a $42,500 issue of 5% semi-annual
Wel. Rate of interest to be in a multiple of one-tenth on ;•I' of 1% and
20 years.
3560
FINANCIAL CHRONICLE
must be the same for all of the bonds. Principal and interest (J. & J.)
payable in gold coin or lawful money at the First National Bank of Bellmore
In New York exchange. Legality approved by Clay, Dillon & Vandewater.
Esqs..of New York City. A certified check for 2% of the par value of bonds
bid for, payable to the Board of Education.
HENDERSON COUNTY (P. 0. Hendersonville), N. C.
-BOND
SALE.
-The two issues of coupon or registered bonds, aggregating $350.000
offered for sale on April 15-V 128, p. 2333
-were awarded to Stranahan,
Harris & Oatis, Inc., of Toledo, as 5;4s, for a premium of $1,500. equal
to 100.428, a basis of about 5.43%. The issues are described as follows:
$155.000 school, road and bridge funding bonds. Due $5,000 in 1932 and
$10,000 from 1933 to 1947, incl.
195,000 refunding bonds. Due $15,000 from 1932 to 1944, incl.
Denom.$1,000. Dated May 1 1929. Prin. and semi-annual int. payable
at the National Bank of Commerce in New York.
The other bidders and their bids were as follows:
Names of Other BiddersPrice Bid.
John J. George Co. of CherrYville
$351,225
Caldwell & Co. of Nashville
351,475
Walter, Woody & Helmerdinger of Cin
350,475
W. L. Slayton & Co. of Toledo
350,250
David Robinson & Co.of Toledo
350,000
Ryan, Sutherland & Co. of Toledo
350,492
HENRY COUNTY (P. 0. New Castle), Ind.
-BOND SALE.
-The
$38.985.45 6% coupon drainage bonds offered on May 15-V. 128, p. 2866
-were awarded at par to local banks. Bonds are dated May 15 1929, and
mature as follows: 53,898.55, Nov. 15, from 1929 to 1938, incl.
HOMESTEAD, Dade County, Fla.
-BONDS NOT SOLD.
-The
3100,000 issue of 6% coupon refunding bonds offered on .4.prll 16-V. 128,
p. 2510
-has not as yet been sold. Dated Oct. 1 1928. Due $4,000 from
1931 to 1945 and $5.000 from 1946 to 1953, all incl.
HOPKINTON, Middlesex County, Mass.
-BONDS OFFERED.
Sealed bids were received until 11 a. m.(daylight saving time) May 24, by
D. P. Day, Town Treasurer, for the purchase of a $52,000 issue
%
coupon water bonds. Dated May 1 1929. Denom. 51.000. Due May 1
as follow: $3,000, 1930 to 1941; incl., and $2,000, 1942 to 1949, ind.
Principal and interest payable at the First National Bank, Boston. The
bonds will be approved under the supervision of the First National Bank,
Boston, which will certify as the genuineness of the signatures of the official
and the seal impressed thereon and the validity of the bonds will be approved
by Ropes, Gray, Boyden & Perkins, Esqs. of Boston.
HUDSON, Summit County, Ohio.
-BOND OFFERING.
-B. S.
Sanford, Village Clerk, will receive sealed bids until 12 m. on June 4, for
the purchase of $96,402.13 5% street improvement bonds. Dated June 1
1929. Due serially on June 1 from 1930 to 1939, incl. Interest payable
semi-annually. A certified check for 10% of the bonds bid for, payable to
the Village Treasurer, must accompany each proposal.
HUMPHREYS COUNTY MAIN SEPARATE ROAD DISTRICT
NO. 4 (P. 0. Belzoni), Miss.
-BOND SALE.
-The $100,000 issue of 6%
road bonds offered for sale on April 1-V. 128, p. 1602
-was awarded to
the Merchants Bank & Trust Co. of Jackson, at 100.50, a basis of about
5.94%. Dated March 1 1929. Due from 1930 to 1954, incl.
[Vor.. 128.
JOHNSON CITY, Washington County, Tenn.
-BONDS VOTED.
-At a special election held on May 22 the voters approved the issuance of
$510,000 in bonds divided as follows: $300,000 for school expansion: $125,000 for additional water supply, $60,000 for fire stations and $25.000 for a
sewer extension.
JOHNSON COUNTY (P. 0. Iowa City), Iowa.
-BOND OFFERING.
-Bids will be received by Chas. L. Berry, County Treasurer, until 2 p. m.
on May 27,for $105,000 4;4% county road bonds. Denom.$1,000. Dated
May 1 1929. Due on May and Nov. 1 from 1932 to 1944, incl. After all
the open bids are in, sealed bids will be opened. Both the printed bonds
and the legal approval of Chapman & Culter of Chicago will be furnished
by the county. A certified check for 3% of the bonds offered, payable to
the treasurer Is required.
KALAMAZOO TOWNSHIP SCHOOL DISTRICT NO. 2 (P. 0.
Kalamazoo R.F.D. No.?), Kalamazoo County, Mich.
-BOND SALE.An issue of $65,000 434% school bonds has recently been purchased by John
Nuveen & Co. of Chicago.
KEARNEY, Buffalo County, Neb.-BOND SALE.
-An issue of
$135,000 5;4% refunding bonds has been purchased at par by the State
of Nebraska. Denom.$1,000. Dated March 151929. Due from1Vlarch 15
1930 to 1939. Optional from 1930 to 1934.
KENBRIDGE, Lunenberg County, Va.-BOND OFFERING.
Sealed bids will be received until 8
m. on June 3 by C. F. Blackwell.
Mayor, for the purchase of a $90,000 issue of 5%% coupon water works
p.
and sewer system bonds. Dated Mar. 1 1929. Due on Mar. 1 as follows:
$10,000. 1939; 1944, 1949 and 1954 and $50,000 in 1959. Prin. and int.
(M. & S.) payable at the Bank of Lunenberg in Lenbridge. Purchaser
to pay the expenses of approval of bonds and legal opinion. A $1,000 certified check must accompany the bid.
KENT Portage County, Ohio.
-BOND OFFERING.
-Frank Bechtle,
City Auditor, will receive sealed bids until 12 m.on June 10 for the purchase
of $6.075.68 6% sewer mains construction bonds. Dated March 1 1929.
Due Sept. 1 as follows: $1.075.68, 1930;$1,000, 1931 to 1935 incl. Interest
payable on March and Sept. 1. A $500 certified check payable to the City
Treasurer is required.
KERSHAW AND LANCASTER COUNTIES SCHOOL DISTRICT.
NO. 4 (P. 0. Camden), S. C.
-BONDS OFFERED.
-Sealed bids were
received until May 24, by T. B. Clyburn,Secretary ofthe Board of Trustees,
for the purchase of a $10,000 issue of 6% semi-annual school bonds.
KIOWA COUNTY SCHOOL DISTRICT NO. 112 (P. 0. Carnegie)
Okla.
-BOND SALE.
-The $5,000 issue of school bonds offered for sale on
May 13-V. 128, P. 3225
-was sold to the Piersol Bond Co., of Oklahoma
City, as follows: $3,000. as 5%5 and $2,000 as 5s,for a premium of $2.
equal to 100.04, a basis of about 5.37%. Due $500 from 1934 to 1943 incl.
Other bids were as follows:
Bidder
Rate.
Premium.
C. Edgar Honnold
6%
National Bank of Carnegie
5;i%
10.00
KIRKWOOD SCHOOL DISTRICT (P. 0. Kirkwood) St. Louis
County, Mo.-BONDS VOTED.
-At a special election held on May 18
the voters authorized the issuance of $250,000 in bonds for school purposes
by a vote of 1,204 "for" to 189 "against."
ILIFF DRAINAGE DISTRICT (P. 0. Sterling), Colo.
-BOND
OFFERING.
-Sealed bids will be received by E.J. Wright, Secretary of the
KNOX COUNTY (P. 0. Vincennes), Ind.
Board of Directors, until 7:30 p. m. on June 10, for the purchase of a $50,-BOND SALE.
-The
000 issue of 6% semi-annual irrigation bonds. A $1.000 certified check $221,000 4;4% bridge bonds offered on May 10.-V. 128, P. 2689
-were
awarded to Edwin N. Watts of Princeton. Dated Nov. 15 1928. Denom.
must accompany the bid.
$1,000 and $1,050. Due $11,050, May and Nov. 15 1930 to 1939 incl.
INDIANAPOLIS, Marion County, Ind.
-The following is These are the bonds offered on Dec. 15-V. 127, p. 2992
-BIDS.
-The bid of the
a list of the bids received on May 15 for the $693,000 4%% airport bonds Meyer-Kiser Bank of Indianapolis, which was the only one submitted was
awarded to the American National Co., Chicago, at 103.57, a basis of rejected, as Matson, Carter, Rooss & McCord of Indianapolis did not
about 4.22% (V. 128. p. 3385):
approve the legality of the issue due to a technicality
-V. 127, p. 3576.
Bidder
Premium.
KNOXVILLE, Knox County, Tenn.
American National Co., Chicago
-BOND SALE.
-The $800,000
$22.848.21 Issue
of 4%7e, coupon or registered public improvement bonds offered for
Harris Trust & Sayings Bank
21,323.00
Eldredge & Co
-was awarded to Eldredge & Co. of New
20,235.60 sale on May 21-V. 128.y. 3386
York, at a price of 98.85, a basis of about 4.51%. Dated May 1 1929.
Fletcher Savings & Trust Co., Fletcher American Co., Union
Trust Co., Bankers Company of N.Y.and the Old Colony Corp.18,268.00 Due from 1938 to 1968 incl.
Continental Illinois Co. and Detroit Co
The following is an official tabulation of the other bids:
18,565.00
National City Co
18,354.11 Bankers Company of New York
Northern Trust Co., Ames. Emerich & Co., Wm. R. Compton
Commerce Union Co.; White Weld & Co.; Geo. B. Gibbons &
$790 639.20
'
Co. and City Securities Corp
Co.;Stranahan, Oates & Harris
15,433.00
790,400.00
Halsey, Stuart & Co
9,150.00 Stone & Webster & Blodget, Inc.. First National Company of
Arthur Sinclair and Wallace & Co
789,680.00
IOWA, State of (P. 0. Des Moines).
-BONDS VOTED AND PEND- Old Colony Corp.,for I. B.Tigrett& Co
789,272.00
ING.
-The following is a detailed tabulation of the bonds that have been Coainental Illinois Co.for Harris
Savings Dank
789,176.00
voted by the various counties during the year and also those counties con- Guardian Detroit Co..New York Trust &
786,872.00
templating the issuance of bonds, as it appeared in the Des Moines "Regis- National City Co.of New York
786.472.00
ter" of May 17:
First National
&c
nal
N. Y., for Graham Parsons & Co..N• Y.'
Bonds Previously Voted.
May 27
Co
-Webster
1.900.000
785,689.60
Sixty-one counties
$66,535,657 May 28
-Union
550,000 The Provident Savings Bank & Trust Co
762,320.00
Bonds Voted This Year.
May 31-Black Hawk- 1,000,000
April
KOSSUTH COUNTY DRAINAGE DISTRICT NO.86(P.O. Algoma)
1,300.000 May 31-Montgomery 450.000
Aprilill-Shelby
-Sealed bids will be received until 11 a. m.
r
800,000 June 4
-Carroll
1,500,000 lowa.-BOND OFFERING.
on June 6. by H. N. Kruse, County Treasurer, for the purchase of a $5.500
April 17
-Audubon
750.000 June 14
-Fayette
660,000 Issue
of 5% drainage bonds. Dated June 1 1929. Due from 1933 to 1939
-Adams
April 24
450,000 June 14
-Hardin*
1,300,000
incl. Prin, and int. (J. & D. 1) payable at the County Treasurer's office.
Mayl 1-Page
550,000
aisoulebidder ed furnish blank bonds, and legal approval. Open bids
essf b receiv to
May 9
-Da las
1,500,000
Total
.
$15,385,000
May 9
-Fremont
415.000 Total voted & submitted $89,730.657 will
May515-Boone
1.300.000
LA GRANGE COUNTY (P. 0. La Grange), Ind.
-Taylor
-BOND SALE.
May 16
Bond Elections Planned.
750,000
The following issues of 4)1% bonds, aggregating 329,200, offered on April
Bremer
• 5675.000 30(V.
128, p. 2689) were awarded at par to 25 local investors.
Total
$7,815,000 Cass
1,000,000 $10,800
W. R. McDonald et al Milford Township bonds. Denom. $540.
Total voted
$74,350,657 Cherokee
1,200,000
Due $540 May and Nov. 15 1930 to 1939 inclusive.
Hamilton
1,300,000
10,400 R. L. Thompson et al Clearspring Township bonds. Denom.$520.
Bond Elections Called.
Mills
380,000
Due $520 May and Nov. 15 1930 to 1939 inclusive.
May 22-Mahaska
$800,000 Montgomery
510.000
8,000 Sanford N. Misher et al Van Buren Township bonds. Denom.
-Clarke
May 22
250,000 Muscatine
911,000
$400. Due $400 May and Nov. 15 1930 to 1939 inclusive.
-Marion
1,300,000 Pottawattamle
May 22
1,000,000
Three issues are dated April 15 1929. Bonds are issued for road improve-Guthrie
May 22
1.200,000
ment purposes in the various townships.
May 24
Total
-Crawford
1,500,000
$6,466,000
-Dubuque
900.000 Total voted, submitted
May 27
LANCASTER SCHOOL DISTRICT, Lancaster County, Pa.
-BOND
1.700,000
and planned
-Linn
May 27
$96,201,657 SALE.
-The $390,000 4 % coupon school bonds offered on May 22-V.
May 27
-Van Buren__ 375,000
128, p. 3058 were awarded to M. M. Freeman & Co. of Philadelphia, at a
* Votes same day on $500,000 secondary road bond issue.
Price of $393,233.10, equal to 100.829, a basis of about 4.17%. Dated
IRONDEQUOIT (P. 0. Rochester), Monroe County, N. Y.
-BOND May 1 1929. Denoms. $1,000. Due May 1 as follows: $7,000, 1931:
8,000. 1932: $10,000, 1933 to 1935
515,000. 1936 to 1938 imcl.;
registered bonds aggregating
SALE.
-The following issues of coupon or
20,000. 1939 to 1941 incl.; $25,000. 1942 to 1944 incl.; $30,000, 1945 to
incl.*'
-were awarded to
$102,425.82, offered on May 20-V. 128, p. 3385
94 Incl.; $35,000, 1948; and $40,000. 1949.
Son & Co.,of New York.at 100.613. a basis of about 5.587
$83,425.82 street improvement bonds. Due June 1 as follows: $5,425.82,
L'ANSE GRISE GRAVITY DRAINAGE DISTRICT NO. 11 (P. 0.
1930; and 56,000, 1931 to 1943 incl.
Ville Platte) Evangeline Parish, La.
-BOND SALE.
-The $9,000 issue
19,000.00 sewer bonds. Due $1,000, June 1 1930 to 1948 incl.
BOND SALE.
-The
Bonds are dated June 1 1929. Prin. and int. (J. & D.) payable in gold sale on May 18-V.$9.000 issue of 6% coupon drainage bonds offered for
-was awarded to J. Franklin Schell, of
at the Union Trust Co., Rochester or at the American Exchange Irving Washington, for a 128, p. 2867
premium of $158. equal to 101.755. a basis of about
Trust Co., New York.
5.81%. Due from 1930 to 1954. The only other bid was a premium offer of
ISLIP GREAT FIRE DISTRICT (P. 0. Great River), Suffolk $151, by Dr. Chas. F. Boagni of Opelousa.
I
-BOND SALE.
County, N. Y.
-The $15.000 issue of W % fire district
LARAMIE, Albany County, Wyo.-BOND SALE.
-A 90,000 block of
-were awarded to the First the
bonds offered on May 18-V.128, p. 3385
$184,000 issue of viaduct bonds offered for sale on May 21-V. 128, p.
National Bank of East Islip, at par. Due $750 Feb. 1 1930 to 1949, incl. 2510
-was jointly awarded to the International Trust Co. and Bosworth.
Legality to be approved by Flynt, Sulby & Horan of New York,
Loughridge & Co.,hanute
both of Denver, as 5;48, at 160.03, a basis of
-BOND OFFERING- about 5.49%. Due in 1948 and optional after 1938.
JAMESTOWN, Chatauqua County, N. Y.
Sealed bids will be received until 2 p. m. on May 31, by G. S. Doolittle,
-BOND ELECTION
City Treasurer, for the purchase of three issues of registered bonds ggreLAUDERDALE COUNTY (P.O. Ripley), Tenn.
-On July 11 a special election will be held in order to have the voters pass
Pting $139.634.13 as follows:
*96,664.83 paving certificates of indebtedness. Due on July 1, as follows: upon the issuance of $100,000 in bonds to establish a memorial park and
$11,164.83 in 193() and $9,500 from 1931 to 1939, incl. A building.
$3.000 certified check payable to the City Treasurer, is required.
LEHIGH COUNTY (P. 0. Allentown), Pa.
-BOND SALE.
-The
29,245.95 sewer bonds. Due on July 1 as follows: $2,245.95 in 1930 and
-were
$3,000. 1931 to 1939, incl. A $1,500 certified check is required. 5700.000 431% county bonds offered on May 20-V. 128. p. 3386
13,723.35 paving bonds. Due on July 1 as follows: $4,723.35 in 1930 jointly awarded to Graham, Parsons & Co. and E. B. Smith & Co., both
and $1,000 from 1931 to 1939, incl. A $2,000 certified check of Philadelphia, at 101.279, a basis of about 4.15%. Dated May 1 1929.
Denom. $1.000. Due May 1, as follows: $50,000. 1934; $75,000. 1939:
Is required.
Interest rate is not to exceed 8%. Dated July 1 1929. Principal and $100,000, 1944; $125.000, 1949; $150.00, 1954; and $200,000, 1959.
Other bidders and their bids were as follows:
int.(J. & J.) payable at the City Treasurer's office in New York exchange.
Rid.
JEFFERSON COUNTY (P. 0. Waurika), Okla.
-BOND SALE.
-A Harr. Forbes & Co..& National City Co.. New York
101.20
$25.500 issue of school district No. 53 bonds has recently been purchased M. M.
Freeman & Co
101.14
by the Taylor-White Co. of Oklahoma City as 5;15 for a $10 premium, Guaranty Co.of New York
101.08
equal to 100.039.
Geo,B. Gibbons & Co.,Inc
101.37
1
MAY 25 1929.]
FINANCIAL CHRONICLE
-Sealed
-BOND OFFERING.
LEXINGTON, Davidson County, N. C.
bids will be received by R. P. Earnhardt. City Clerk, until 2 p. m. on May
31 for the purchase of a $225,000 issue of coupon public improvement bonds.
Int. rate is not to exceed 6% stated in a multiple of A of 1%. Dated June 1
1929 and due on June 1 as follows: $7.000, 1930 to 1938; $8,000, 1939 to
1947. and $10,000, 1948 to 1956, all inclusive. Prin. and int. (J. & D.)
payable in gold at the U. S. Mortgage & Trust Co. in New York. Storey,
Thorndike, Palmer & Dodge of Boston will furnish the legal approval.
McDaniel Lewis of Greensboro will prepare the bonds. A certified check
for 2% payable to the City Treasurer must accompany the bid.
-BONDS DEFEATED.
LIBERTY COUNTY (P. 0. Liberty), Tex.
At a special election held on May 18, the voters defeated a proposition to
Issue 52,500.000 in bonds for road building purposes. A two thirds majority
was necessary to win and unofficial reports state that the issue failed by a
small margin.
-V. 128. p. 1265).
(These bonds were previously defeated in February.
-BOND SALE.
-The two issues of
LINDEN, Union County, N. J.
coupon or registered bonds aggregating $475,000, offered for sale on May
20-V. 128, p. 3225
-were jointly awarded to Dewey, Bacon & Co., and
Graham, Parsons & Co., both of New York, as follows:
$369,000 of the $375,000 issue of city hall bonds taken as 5s, paying
$375,779, equal to 101.83, a basis of about 5.10%. Due from
June 1 1930 to
incl.
98,000 of the $100,0001969' of fire house and apparatus bonds taken
issue
as 5As, paying 5100.000, equal to 102.04, a basis of about 5.07%•
Due from June 1 1930 to 1962, incl.
LINNEUS, Linn County, Mo.-BOND SALE.
-A 825,000 issue of
535% street improvement bonds has been purchased recently by an unknown
investor. Due from 1930 to 1949.
-George B.
-BOND SALE.
LOCKPORT, Niagara County, N. Y.
Gibbons & Co. of New York are reported to have purchased an issue of
$40,084.07 road bonds on May 9 as 4.90s, at 100.087, a basis of about
4.89%. Bonds mature on Jan. 2 as follows: $4,000, 1930 to 1938 incl.,
and $4,084.07 in 1939.
-BOND SALE.
LOS ANGELES COUNTY (P.O. Los Angeles), Calif.
-The $86,000 issue of 57 hospital construction bonds offered for sale
on May 20-V. 128. p. 3386
°-was awarded to the Security-First National
Co.,of Los Angeles,along with the $645,500 issue of5% flood control bonds.
both issues bringing a total premium of $720, equal to 100.09, a basis of
about 3.90%. Dated July 1 1923, and July 2 1924. Due on July 1 1929.
No other bids were submitted.
LOS ANGELES COUNTY SANITATION DISTRICT NO. 8 (P. 0.
-BOND SALE.
-A $400,000 block of the $480,000
Los Angeles), Calif.
Issue of sewer bonds offered for sale on May 14-V. 128, p. 3225
-was
Jointly awarded to R. H. Moulton & Co., and the Security-First National
•Co., both of Los Angeles, as 53s. Dated June 1 1929. Due $10,000 from
1930 to 1969 incl.
(This completed the report given in V. 128. p. 3386.)
LOS ANGELES COUNTY SCHOOL DISTRICTS(P.O. Los Angeles
)
-Of the two issues of 5% semi-annual bonds aggre;
Calif.
-BOND SALE.
gating 562.900, offered on May 13 (V. 128, p. 3058). the $12.900 issue o'
Tweedy School District bonds was awarded to Mr. William Raymond for
a vremium of $12.91. equal to 100.10, a basis of about 4.98%. Due from
May 1 1930 to 1955 incl. There ware no bids received for the $50,000 issue
•of Kennel Union High School District bonds. Due from May 1 1930 to
1954 inclusive.
The following statements accompany the official offering notice:
Lynwood School District has been acting as a school district under the
laws of the State of California continuously since July 1 1900.
The assessed valuation of the taxable property in said school district
•for the year 1928 is $5.799,495, and the amount of bonds previously issued
and now outstanding is $185,000.
Lynwood School District includes an area of approximately 3.59 square
miles, and the estimated population of said school district is 8.200.
San Gabriel School District has been acting as a school district under the
laws of the State of California continuously since July 1 1900.
The assessed valuation of the taxable property in said school district
for the year 4928 is $8866,020, and the amount of bonds previously issued
and now outstanding is 5214,000.
San Gabriel School District includes an area of appro:dmately 5.69
square miles, and the estimated population ofsaid school district is 10,610,
LOS ANGELES COUNTY SCHOOL DISTRICTS (P. 0. Los
-Sealed bids will be received by
-BOND OFFERING.
Angeles), Calif.
L.E. Lampton, County Clerk, until 2 p. m.on June 3. for the purchase of
issues'of 5% bonds, aggregating $168,000 as follows:
two
$103,000 Lynwood School District bonds. Due on June 1 as follows:
$2,000, 1930 to 1940 and 83,000. 1941 to 1967, all incl.
65,000 San Gabriel School District bonds. Due on June 1 as follows:
$2.000, 1930 to 1939 and $3,000, 1940 to 1954, all incl.
Denom.51,000. Dated June 1 1929. Prin. and semi-annual int, payable
at the County Treasury. A certified check for 3%, payable to the Chairman of the Board of Supervisors, must accompany the bid.
-BOND SALE.
LUMBERTON, Robeson County, N. C.
-The 565,000
Issue of coupon water and sewer bonds offered for sale on May 22-V. 128,
-was awarded to Prudden & Co. of Toledo as 5As,for a premium
p. 3226
of $358, equal to 100.55, a basis of about 5.21%. Due on Mar. 1 as follows: $1,000. 1931 to 1945 and $2,000. 1946 to 1970, all incl.
MAHASKA COUNTY (P. 0. Oskaloosa), Iowa.
-BOND SALE.
-The
$150,000 Issue of annual primary road bonds offered for sale on May 16-was awarded to the Mississippi Valley Trust Co., of St.
V. 128, p. 3059
Louis, as 4 As, for a premium of $830, equal to 100.553, a basis of about
4.65%. Dated May 1 1935 to 1944, incl. Optional after 5 years.
MAMARONECK (P.0. Mamaroneck), Westchester County, N.
-The following issues of coupon or registered bonds aggreBOND SALE.
-were awarded as
gating $480,000 offered on May 16-V. 128, p. 3228
to the Bankers Company of New York. and Harris, Forbes & Co.,
'
434s
'both of New York, at 100.809, a basis of about 4.41%:
1255,000 Park District No. 1 bonds, Due May 1 as follows: 55,000, 1930
to 1944 incl.; and $6,000, 1945 to 1974 incl.
225,000 highway improvement bonds. Due $15,000, May 1 1934 to
1948 incl.
Bonds are dated May 1 1929.
-BOND SALE.
'MANTENO, Kankakee County, Ill.
-W. L. Slayton
Co. of Toledo, are reported to have purchased an issue of $8,000 village
bonds, due in 1935. Bonds bear a coupon rate of 6%, payable semiannually.
• MARATHON COUNTY (P. 0. Wausau), Wis.-BOND SALE.
-The
$350,000 issue of 434% highway,series B bonds offered for sale on May 16-was awarded to the Continental Illinois Co. of Chicago,
V. 128. P. 3226
for a premium of $3,300, equal to 100.942, a basis of about 4.40%. Due
on Mar. 1 as follows: $21,000, 1940; 5234.000, 1941 and $95,000 in 1942.
The other bids were as follows:
Bidder
Premium.
$2,583
Harris Trust & Savings Bank
Kruetzer & Co
1,925
1,680
First Wisconsin Co
American Securities Co
1,570
Wells-Dickey Co
1,045
Halsey, Stuart & Co
945
-BOND SALE.-Tha $45,000
MARBLEHEAD, Essex County, Mass.
Issue of 434% sewer bonds offered on May 21, has been purchased by M.
M. Freeman & Co., of Philadelphia, at a price of 100.08. Bonds mature
semi-annual from 1 to 5 years.
MARICOPA COUNTY SCHOOL DISTRICT (P. 0. Phoenix), Ariz.
-The two issues of school bonds, aggregating $52,500,
-BOND SALE.
-were awarded as follows:
'offered for sale on May 15-V. 128. p. 2867
417.500 school district No. 7 bonds to the Valley Bank of Phoenix, as 5(s.
for a premium of $7.47, equal to 100.042, a basis of about 5.2
Denom. 51,000, one for $500. Due on May 1 as follows: $2,000.
1932 to 1934; $1.000, 1935; $2,000, 1936; $1,000. 1937; $2,000.
1938; $1,000. 1939; 52,000, 1940; $1,000, 1941; and 51.500 in
1942. (Atithorizeed by election on Mar. 16.)
3561
35.000 school district No. 45 ponds to the Citizens State Bank of Phoenix,
as 5s. for a premium of 936.10, equal to 100.103, a basis of about
4.99%. Denom. $1,000. Due on May 1 as follows: 53,000,
1940 to 1944, and $4,000 from 1945 to 1949, all incl. (Authorized
by election on Mar. 30.)
Dated May 1 1929. Prin. and int. (M. & N.) payable at the County
Treasurer's office or at the Bankers' Trust Co. in New York City.
The following is an official tabulation of the other bids:
Sabot District No. 7.
Rate of
Premium.
Principal. Int.
Bidder20.00
$17,500 534%
Anglo-London-Paris Co
18.00
17,500 534
& Irving Co
Well, Roth
450.00
17,500
601
Stranahan, Harris Sy Oatis, Inc
10.00
17,500 534
Stranahan, Harris & °ads,Inc
37.50
17,500 534
Sidlo, Simons, Day & Co
134.75
17.500 5342
Peck-Brown & Co
1006.11 for
17,500
% {each $1000
United States National Co
bonds
School District No. 45.
390.33
35,000 534
Valley Bank
415.00
35,000 534
Stranahan, Harris & Oatis, Inc
35,000
69" 2100.00
Stranahan, Harris & Oatis, Inc
219.00
35,000 534%
Well, Roth & Irving Co
11002.77 for
35,000 534% leach $1000
United States National Co
(bonds
129.50
35,000 5349"
Sidlo, Simons, Day & Co
94.50
35.000 534%
Peck-Brown az Co
-BOND OFFERING.
MARION COUNTY (P. 0. Indianapolis), Ind.
Sealed bids will be received by Harry Dunn, County Auditor, until
10 a. m. on June 10, for the purchase of the following issues of 5% bonds
aggregating $170,000:
$123,000 bridge construction bonds. Denom. $615. Due $12,300. Apr. 1
1930 to 1939 incl.
47,000 garage bonds. Denom. 51,175. Due 52,700, Apr. 1 1930 to
1939 incl.
Bonds are dated Apr. 1 1929. Prin. and int. (A. & 0. 1) payable at the
office of the County Treasurer. A certified check for 3% of the bonds bid
for, payable to the Board•of County Commissioners, is required.
-BOND OFFERING.
MARION COUNTY (P. 0. Indianapolis), Ind.
Clyde E. Robinson, County Treasurer, will receive sealed bids until
10 a. m. on May 27, for the purchase of $18,300 4349" highway construction bonds. Dated May 1 1929. Denom. $915. Due $915. May and
Nov. 1 1930 to 1939 incl. Prin. and semi-annual int. payable at the office
of the above-mentioned official.
-BOND SALE.
-The 915,000
MARION, McDowell County, N. C.
Issue of coupon water bonds offered for sale on May 21-V. 128. p. 3387
was awarded to R. L. Durfee & Co.of Toledo as 5 As,for a premium of$112.
equal to 100.746, a basis of about 5.689". Due on Apr. 1 as follows:
3500. 1933 to 1942 and $1,000, 1943 to 1952. all incl. The other bids
were as follows:
Rate.
Bid
Bidder$4460.00
Hanchett Bond Co
6%
322.50
Davies-Bertram Co
254.00
69'
Well, Roth & Irving Co
165.00
69
Magnus & Co
County,
MARION SCHOOL DISTRICT (P. 0. Marion), Linn
-The $25,000 issue of 434% coupon school building
Iowa.
-BOND SALE.
-was awarded to the
bonds offered for sale on May 20-V. 128, p. 338.7
Cedar Rapids National Bank of Cedar Rapids, for a premium of 937,
o
equal to 100.148, a basis of about 4.489". Dated June 1 1929. Due
510.000, June 1 1943 and 1944. and $5,000 in 1945. Int, payable on June
and Dec. 1
-Sealed bids will
-BOND OFFERING.
MARLIN, Falls County, Tex.
be received by J. M. Kennedy, Mayor, until June 11,for the purchase of a
semi-annual paving bonds.
$75,000 issue of 5%
-BOND SALE.
MARSHALL COUNTY (P.O. Holly Springs), Miss.
An issue of 8100,000 53 % road bonds has been purchased at par by I. B.
Tigrett & Co. of Memphis. Due $4,000 from 1930 to 1954 incl.
MARTIN COUNTY FRESH WATER SUPPLY DISTRICT NO. 1
-A $60,000 issue of 6%
-BONDS REGISTERED.
(P. 0. Stanton), Tex.
serial water supply bonds was registered by the State Comptroller on May
15.
-BOND OFFERING.
MARYLAND, State of (P. 0. Annapolis).
Sealed bids will be received until noon on June 12 by John M. Dennis,
State Treasurer, for the purchase of four issues of coupon bonds aggregating
$4.280,000, as follows:
8750.000434% poet road bonds. Dated June 15 1929. Due from June
15 1932 to 1944, incl. Authority: Chapter 130, Acts of 1929.
750.000434% bridge bonds. Dated June 15 1929. Due from June 15
1932 to 1944, incl. Authority: Chap. 129, Acts of 1929.
125,000 4%% Morgan College bonds. Dated July 11929. Due from
July 1 1932 to 1944 incl. Authority, Chap. 666, Acts of 1929.
Interest payable on Jan. and July 1.
2.655,000434% special road bonds. Dated June 15 1929. Due on June
15 1932 to 1944 mild. Authority: Chap. 278, Acts of 1929.
Denom.$1,000. It is one of the terms of this offering that the bonds when
issued will be the legal and binding obligations of the State. The opinion
of the Attorney-General of Maryland to this effect will be delivered to the
purchaser. Bidders may, if they wish, make their bids "subject to legality." but not their own counsel's opinion, without making their bid conditional. A certified check for 5% of the bid, payable to the State Treasurer, is required.
MATOACA SCHOOL DISTRICT (P. 0. Matoaca), Chesterfield
-The voters will pass approval on May
County, Va.-BOND ELECTION.
29 on the proposed issuance of $50,000 in bonds for additions to the present
school buildings.
-A 960,000 issue
MAYSVILLE, Mason County, Ky.-BOND SALE.
of 534% refunding bonds has recently been purchased by Magnus & Co. of
Cincinnati, for a premium of $110. equal to 100.18.
(Then bonds were authorized by the council on Apr. 17-V. 128, p. 2867.)
MERIDEN CONSOLIDATED SCHOOL DISTRICT (P. 0. Meriden),
-A $32,000 issue of school
Cherokee County, lowa.-BOND SALE.
bonds has recently been purchased by Geo. M. Bechtel & Co. of Davenport, as 434s,for a premium of $530. equal to 101.68.
-The two Issues of
-BOND SALE.
MIAMI, Ottawa County, Okla.
bonds aggregating $50.000. offered for sale on April 15-V. 128, p. 2511
were awarded to the Ottawa County National Bank, of Miami, as 534'70,
bonds, at par. The issues are described as follows: $25,000 public park
and $25,000 electric light bonds. Dated April 1 1929. Int: payable on
April & October 1.
-BONDS REOLSTERED.-The
MILFORD, Ellis County, Texas.
$30.000 issue of 6% sanitary sewer system bonds that Rae recently sold
(V. 128, p. 2868) was registered on May 17 by the State Comptroller.
MINOT, Ward County, N. Dak.-BOND SALE.
-A $300,000 Wile
of 534% spedal improvement refunding bonds has recently been purchased
at par by a syndicate composed of the Wells-Dickey Co., Kalman & Co.,
and the Drake-Jones Co., all of Minneapolis, Dated May 1 1929. Due
In annual installments in from 3 to 20 years. Prin. and int. is payable at
the First National Bank in Minneapolis.
-BOND SALE.
-The $175,000 issue of
MOBILE, Mobile County, Ala.
5% public impt. series GH bonds offered for sale on May 14-V. 128, F.
3227
-was awarded jointly to Caldwell & Co., and Marx & Co., both of
Birmingham.for a $500 premium,equal to 100.285, a basis of about 4.94%.
Dated May 1 1929. Due from May 1 1930 to 1939 inclusive.
-A $10,000 issue of
MONROE, Green County, Wis.-BOND SALE.
4 A % semi-annual water main extension bonds has recently been purchased by local Investors.
MONROE UNION FREE SCHOOL DISTRICT NO.1(P.O. Monroe).
-BOND OFFERING.' "F. L. Jacqmein. District
Orange County, N. Y.
3562
FINANCIAL CHRONICLE
[VOL. 128.
NEWPORT, Newport County, R. I.
-BIDS REJECTED.
-The followClerk, will receive sealed bids until 7.30 p.m. (daylight saving time) on
May 31 for the purchase of $35,000 54% coupon school bonds. Dated ing bids were rejected on May 16 for a $150,000 issue of 5% coupon "TreasJune 15 1929. Denom. $1,000. Due June 15 as follows: $1,000, 1930, ury Deficit Bonds" offered for sale. The issue cannot be sold below par.
inc.1., and $2,000, 1931 to 1947, incl. Prin. and int. (J. & D.) payable at The bonds are dated May 15 1929, are in denominations of $1,000 each.
the Citizens Bank,Monroe,in New York exchange. The approving opinion and mature $50,000 on Nov. 15, from 1929 to 1931 inclusive. Prin. and
of Thomas, Wood & Hoffman, Esqs., of New 'York, will be furnished to int.(May and Nov. 15) payable in gold atthe office of the City Treasurer,
the purchaser. A certified check for 5% of the bonds bid for, payable to or at holder's option at the First National Bank, Boston. Legality to be
approved by Ropes, Gray, Boyden & Perkins of Boston.
the Board of Education.
Rate Bid.
Bidder-The Harris, Forbes & Co
MONTANA, State of (P. 0. Helena).
-BONDS NOT SOLD.
98.00
two issues of coupon bonds aggregating $785,000, offered on May 20- R. L. Day & Co
96.68
V. 128, p. 3059
-were not sold as no bids were received. The issues are S. N. Bond & Co
99.13
divided as follows:
,
Financial Statement, May 7 1929.
5535,000 refunding capitol building bonds. Int. rate not to exceed 4h%• Valuation for year 1928
577,913.900.00
Due on July 1 1949 and optional after July 1 1939.
Sinking fund bonds
$436,000.00
250.000 historical society, capitol building bonds. Int. rate not to exceed Less sinking funds
272,528.06
5%. Due on July 1 1959 and optional after July 1 1944.
163,471.94
Serial bonds (including issue advertised)
2,224,000.00
-ADDITIONAL DEMONTGOMERY, Montgomery County, Ala.
TAILS.
-The $350,000 issue of 5% coupon school bonds that was jointly
Total net debt
$2,387,471.94
awarded to Caldwell & Co.and Marx & Co., both of Birmingham. at,a price Population (1920)
30.255
of 102.613 (V. 128, P. 3227), is dated Jan. 1 1929 and due on Jan. 1 1959.
Prin. and int. (J. & J.) payable at the Old Colony Trust Co. in Boston.
NOBLE COUNTY (P. 0. Albion), Ind.
-BOND OFFERING.
-Sealed
Basis of about 4.83'%. Legality to be approved by Storey, Thorndike. bids will be received until 2 p. m. on May 31, by Wallace C. Harder,
Palmer & Dodge of Boston.
County Treasurer, for the purchase of the following issues of 5% bonds,
-Sealed bids aggregating $21,720:
MOODY, McLennan County, Tex.
-BOND OFFERING.
Wayne
15 1930;
.
will be received until noon on May 27 by T. P. Money, Mayor, for the $11,620 July 15Township bonds. Due $415, July Jan. 15 $415, Jan- and
1931 to 1939 inclusive, and $415.
1940.
purchase of a $40,000 issue of 5g% semi-annual paving bonds.
10,620 Elkhart Township bonds. Due $505. July 1 1930; $505, Jan. and
July 1 1931 to 1939 inclusive, and $505, Jan. 1 1940.
MORRIS COUNTY ROAD DISTRICT NO. 3 (P. O. Daingerfield),
Bonds are dated May 15 1928.
% serial road
Texas.
-BONDS REGISTERED.
-An issue of $100,000
bonds was registered on May 13 by the State Comptroller.
NORTH BERGEN TOWNSHIP (P. 0. North Bergen), Hudson
-TEMPORARY LOAN.- County, N. J.
-BOND SALE.
-The $1,996,000 issue of 6% temporary
NASHUA, Hillsborough County, N. H.
The Old Colony Corp. of Boston purchased a $100,000 temporary loan on Improvement bonds have been purchased by a syndicate composed of B. J.
Van Ingen & Co., Eldredge & Co., Morris Mather & Co., M. J. Schlater
a discount basis of 5.94%, due in seven months.
& Co., Stephens & Co., Hoffman & Co., Seasongood & Mayer, Prudden &
NEWINGTON Hartford County Conn.-BOND OFFERING.- Co.. and H. M. Byllesby & Co., all of New York, and Provident Savings
Thomas A. Francis, Town Treasurer, will receive sealed bids until 1 p. m. Bank & Trust Co. of Cincinnati. Principal and interest (A. & 0.) payable
(standard time) on May 31 for the purchase of $150,000 4g% coupon in gold at the Steneck Trust Co. of Hoboken. Legality approved by
school bonds. Dated June 1 1929. Denom. $1,000. Due June 1 as Hawkins, Delafield & Longfellow, Esqs. of New York. Dated April 24
follows: $4,000, 1930 to 1966 incl.: $2,000, 1967 incl. Principal and int. 1929. Due April 24 1935.
(J. & D.) payable at the Phoenix State Bank & Trust Co., Hartford.
The approving opinion of Gross, Hyde & Williams. Esqs., of Hartford will
ONECO TOWNSHIP (P. 0. Orangeville) 111.
-BOND SALE.
-The
be furnished. A certified check for 2% of the bid, payable to the Town White Phillips Co. of Davenport, has recently purchased an issue of$30,000
Treasurer.
• % road bonds. Dated May 1 1929. Due $3,000, 1931 to 1940 incl.
Principal and interest
-BOND SALE.- & Cuttler, Esqs. of payable in Chicago. Legality approved by Chapman
NORTHAMPTON COUNTY (P.O.Jackson), N. C.
Chicago.
The $80,000 issue of coupon school bonds offered for sale on Apr. 22-V,
128. p. 2511-was awarded to the Wells
-Dickey Co. of Minneapolis as
OOLOGAH SCHOOL DISTRICT (P. 0. Oologah) Rogers County,
5gs, for a premium of $1,610, equal to 102.01, a basis of about 5.07%. Okla.
-BOND SALE.
-The $27,000 issue of school bonds offered for sale
Dated Feb. 1 1929. Due from Feb. 1 1932 to 1959 incl. Other bids for the on April
24-V. 128. p. 2868
-was awarded at par for 4s,to the county
bonds were as follows:
Price Bid. sinking fund. Due $1,500 from 1932 to 1949 incl.
BiddersWell, Roth & Irving Co
$81,464.00
ORANGE COUNTY (P. 0. Paoli), Ind.
-BOND OFFERING.
-Jessie
Seasongood & Mayer
81,141.00
Braun, Bosworth &
81,141.00 L. Wells, County Treasurer, will receive sealed bids until 2 p. m. on June
W. K. Terry & Co
81,105.50 3, for the purchase of $18,000 5% Can Creek County unit road bonds.
Dated June 3 1929. Denom. 3900. Due $900, May and Nov. 15 1930
-BONDS OFFERED. to 1939 inclusive. Interest payable on May and Nov. 15.
NORTHAMPTON, Hampshire County, Mass.
-Sealed bids were received until 5 p. m.(daylight saving time) May 23 for
the purchase of a $220,000 issue of 43 % coupon school bonds. Dated
ORANGE COUNTY (P. 0. Santa Ana), Calif.
-BOND ELECTION.
June 1 1929. Denom. $1,000. Due 522,000 June 1 1930 to 1939 incl. -On June 25 the voters of this county will ballot upon the proposed issuPrincipal and interest (J. & D.) payable at the Old Colony Trust Co., ance of $16,500,000 in 5% bonds for flood control purposes. It is reported
Boston. The bonds will be prepared under supervision of the Old Colony that the bonds will mature serially over a 40 year period.
Trust Co., Boston, which will certify as to the genuineness of the signatures
of the officials and the seal impressed thereon, and the validity of the
PASADENA Los Angeles County, Calif.
-BOND ELECTION.-bonds will be approved by Ropes, Gray, Boyden & Perkins, Boston.
The Board of City Directors has designated June 18 as the date for a special
election on a proposed bond issue of 510,000,000 for the construction of a
NORTH HEMPSTEAD COMMON SCHOOL DISTRICT NO. 2 (P. dam in the San Gabriel Canyon and a water aqueduct to Pasadena.
-The $60,000
0.East Williston), Nassau County, N. Y.
-BOND SALE.
• % school bonds offered on May 2 (V. 128; p. 3228), were awarded to
0
PENN TC/WNSHIP St. Joseph County, Ind.
Sherwood & Merrifield of New York at 100.7'7, a basis of about 4.69%. Sealed bids will be received by sC. H. Hunsberger,-BOND OFFERING.Bonds are dated June 1 1929. Denom. $1,000. Due $3.000 June 1 1935 7.30 P. m. on June 11, for the purchase of $10,000 Township Trustee, until
5% school improvement
to 1954 incl. Prin. and int. (J. & D.) payable in gold at the First National bonds. Dated
July 1 1929. Denom. $1,000. Due $1,000, July 1 1930
Bank, Mineola.
to 1939 inclusive. Prin. and int. (Jan. and July 1) payable at the MishaInt. Rate. Price Bid. waka Loan & Trust Co., Mishawaka. A certified check for 3% of the
BidderVerson, Ray & Co
5%
101.077
Geo. B. Gibbons & Co
4.75%
100.6474 bonds offered, payable to the above-mentioned official, is required.
Roslyn Saxings Bank
4.75
100.50
-BONDS NOT SOLD.
-The
PERRYTON, Ochiltree County, Tex.
Batchelder, Wack & Co
4.75
100.714
$48,000 issue of 5% semi-annual street improvement bonds offered on
Roosevelt & Son
100.126
4.75%
April 4-V. 128, p. 2155
-has not as yet been sold. Dated April 1 1929.
Dewey Bacon & Co
5%
101.88
Due $1,000 from 1931 to 1940 and $2,000 from 1941 to 1959, all inclusive.
Narson Co. Trust Co
100.00
44
'%
PETERS TOWNSHIP SCHOOL DISTRICT (P. 0. Venetia), Pa.
NORTH HEMPSTEAD, GREAT NECK PARK DISTRICT (P. 0.
Manhasset), Nassau County, N. Y.
-The $250,000 BOND OFFERING.
-H. Q. Caseher, Secretary a the School Board, will
-BOND SALE.
4.40% coupon park bonds offered on May 20 (V. 128, p. 3228), were receive Sealed bids until 7 p. m. (Eastern standard time) on May 27 for
awarded to Roosevelt & Son. of New York, at a price of 100.239, a basis of the purchase of a $55,000 issue of 4g% school bonds. Dated May 1 1929.
about 4.38%. Denom. $1,000. Bonds are dated May 1 1929. Due Denom.$1,000. Due May 1 as follows: $15,000. 1934, and $4,000, 1935 to
$10,000 May 1 1934 to 1958 incl. Proi. and bit. (M. & N.) payable at 1944 incl. The approving opinion of Burgwin, Scully & Burgwin of Pittsburgh will be furnished. A certified check for $2,000, payable to the Disthe Bank of Great Neck, Great Neck.
trict Treasurer, is required.
NORTH LEBANNON AND CANAAN CENTRAL SCHOOL DIS-BOND OFFERING.
TRICT NO. 1 (P. 0. Lebanon Springs) N. Y.
-Two Issues
PEWAUKEE, Waukesha County, Wis.-BOND SALE.
Earl S. Hemenway District Clerk, will receive sealed bids until 3 p.m. of 5% bonds aggregating $47.000, have recently been purchased by the
(Dayling Saving 'lime) on June 8. for the purchase of $80,000 coupon or Appleton State Bank of Appleton, for a $225 premium, equal to 100.47. a
interest is not to exceed 6%. Bonds are basis of about 4.95%. The issues are divided as follows:
registered school bonds. Rate of
dated May 1 1929 Denom. $1,000. Due $2,000, May 1 1930 to 1969 incl. $32,000 water works bonds. Due $1,000 from 1930 to 1937 and 22,000
Principal and interest payable in gold coin or equivalent at the Hudson
from 1938 to 1949 all incl.
River Trust Co., Hudson in New York exchange or at the Chase National
15,000 sewerage system bonds. Due $1,000 from 1935 to 1948 incl.
Bank, New York City. The approving opinion of Clay, Dillon & VendaDenom. $1,000. Dated Mar. 1 1929. Prin. and int. is payable at the
will be furnished. A certified check for $1,600, office of the Village Treasurer.
water, Esq., of New York
payable to Elbert T. Chapman, District Treasurer.
-An issue of
PHOENIX, Maricopa County, Ariz.
-BOND SALE.
MOUNT LEBANON TOWNSHIP SCHOOL DISTRICT, Allegheny $106,000 6% improvement bonds has recently been purchased by the
-BOND SALE.
County, Pa.
-The $67,000 4g% coupon bonds offered Hanchett Bond
-were awarded to the Mellon National Bank (J. & J.) PayableCo. of Chicago. Dated April 3 1929. Prin. and int.
on May 16-V. 128, p. 2690
at the office of the City Treasurer.
of Pittsburgh, at par, plus a premium ef $797.30, equal to 101.19, a basis
of about 4.40%. Bonds are dated April 1 1929, and mature on April 1.
-TEMPORARY LOAN.PITTSFIELD, Berkshire County, Mass.
1949, 1954 and in 1959.
as follows: $7,000, 1934; $12,000, 1939, 1944,
The Old Colony Corp. of Barton, purchased a $300,000 temporary loan on a
-BOND OFFERING. discount basis of 5.80%•
MULTOMAH COUNTY (P.O. Portland), Ore.
-Sealed bids will be received until noon on June 12 (Pacific time) by A. A.
PIXLEY SCHOOL DISTRICT (P.0. Visalia) Tulare County, Calif,
Bailey, County Clerk, for the purchase of a 5500.000 issue of coupon St. -BOND OFFERING.
-Sealed bids will be received by Gladys Stewart,
Johns Bridge bonds. Interest rate is not to exceed 5%. Denom. $1,000. County Clerk, until 10 a. m. on June 3,for the purchase of a 525.000issue
Dated July 1 1929. Due $20,000 from July 1 1935 to 1959, inclusive. of 5% school bonds. Denom. $1,000. Due 51,000 from May 6 1930 to
payable in gold at the State's fiscal agency in 1954 incl. Prin. and int. (M. & N.),payable in gold at the office of the
Prin. and semi-annual int.
New York or at the office of the County Treasurer. Storey,_Thorndike, County Treasurer. A certified check for 5%, payable to the Chairman of
Palmer & Dodge of Boston will furnish the legal approval. These bonds the Board of Supervisors,is required.
were authorized on May 18 1928. All bonds shall be sold for delivery at
POPULAR BLUFF, Butler County, Mo.-BONDS VOTED.
-At a
such bank in Portland as may be designated by the purchaser. A certified
check for 5% of the bid, payable to the County Clerk, is required. (These special election held on May 14 the voters authorized the issuance of water
works system improvement bonds amounting to $100,000 by a majority
bonds were unsuccessfully offered on March 6-V. 128, P. 1603.)
of about 15 to 1.
-BOND ELECTION.
MURFREESBORO,Rutherford County, Tenn.
-A special election will be held on June 19 for the purpose of passing upon
-TEMPORARY LOAN.
PORTLAND, Cumberland County, Me.
a proposed $300,000 bond issue to be used for funding and water system The $300,000 temporary loan offered on May 20-V. 128, p. 3388
-was
Purposes.
awarded to Salomon Bros. & Hutzler of Boston, at a discount basis of
5.92%, plus a
at the
NEOSHO SCHOOL DISTRICT (P. 0. Neosho), Newton County, First National premium of $3.25. Loan is payable on Oct. 7 1929
Gray, Boyden &
Bank
Mo.-BOND SALE.
-An issue of $140,000 5% school bonds has been re- Perkins of Boston. of Boston. Legal opinion of Ropes,
cently purchased by the Prescott, Wright, Snider Co. of Kansas City.
Due from 1930 to 1949.
-A $40,000
-BOND SALE.
PORTLAND, Multnomah County, Ore.
NEWLIN INDEPENDENT SCHOOL DISTRICT (P. 0. Newlin) issue of 6% light bonds has been purchased by Ira T. Walker & Co. of
Hall County, Tex.
-BOND OFFERING.
-Sealed bids will be received by Portland, at. price of 102.85,a basis of about 5.58%• Dated Aug. 1 1927*
the Secretary of the Board of Education, until May 25,for the purchase of a Due on Aug. 1 1937 and optional after 1930.
$12,000 issue of school bobds.
-TEMPORARY
PORTSMOUTH, Rockingham County, N. H.
-BOND SALE.
-Of the LOAN.
' NEW MEXICO. State of (P. 0. Santa Fe).
-The Piscataqua Savings Bank of Portsmouth, purchased on May
$1,000,000 issue of highway bonds offered on May 14-V. 128, p. 3388- 17, a $50,000 temporary loan at a discount basis of 5.98%,
due in 33
a block of $750,000 was awarded to Emerson Watts & Co. a Santa Fe, months. These were no other bidders.
as 5s. at par. The remaining 5250.000 of bonds was awarded to Bosworth, Chanute, Loughridge & Co. of Denver, and associates, as 6s, at
PULASKI COUNTY DRAINAGE DISTRICT NO. 1 (P. 0. Little
100.113, a basis of about 5.98%. Due $250.000 from May 1 1934 to Rock), Ark.
-BOND SALE.
-A 839,000 Issue of drainage bonds has been
1937. inclusive. (This corrects the report appearing in V. 128, P. 3388.) purchased by the Columbian Title & Trust Co. of Topeka,
MAY 25 1929.1
FINANCIAL CHRONICLE
-BOND OFFERING.
PUTNAM COUNTY (P. 0. Greencastle), Ind.
-Alva E. Lisby, County Treasurer, will receive sealed bids until 12 m.
on May 28,for the purchase of the following is.51108 of434% bonds, aggregating $37,280:
$8,000 F. C. Tilden et al, road improvement bonds. Dated April 15 1929.
Denoms. $400. Due $400 July 15 1930; $400 Jan. and July 15 1931
to 1939, incl., and $400 Jan. 15 1940.
7,120 Andrew Trester et al, road improvement bonds. Dated April 15
1929. Denoms. $356. Due $356 July 15 1930; $356 Jan. and July
15 1931 to 1939. incl., and $356 Jan. 15 1940.
6,0000. A. Sallust et al, road improvement bonds. Denoms. $300.
Dated May 15 1929. Due $300 July 15 1930:$300 Jan. and July 15
1931 to 1939, incl., and $300 Jan. 15 1940.
4,400 R. A. Sandy et al, road improvement bonds. Dated May 15 1929.
Denom $220. Due $220 July 151930;$220 Jan. and July 15 1931
Denoms.
to 1939, incl., and $220 Jan. 15 1940.
7,120 Virley Greenlee et al, road improvement bonds. Denoms. $356.
Dated May 15 1929. Due $356. July 15 1930; $356 Jan. and July
15 1931 to 1939, incl., and $356 Jan. 15 1940.
4,640 M. M. Miller et al, road improvement bonds. Dated May 15 1929.
Denoms. $232. Due $232 July 15 1930; $232 Jan. and July 15 1931
to 1939, incl., and $232 Jan. 15 1940.
Interest payable semi-annually. A certified check for 5% of the amount
of bonds bid for is required.
QUAKER CITY, Guernsey County, Ohio.
-BOND SALE.
-The
$4,500 5% coupon village's share improvement bonds offered on May 17V. 128, p. 3060, were awarded to the Quaker City National Bank at a
premium of $10, equal to 100.22, a basis of about
Bonds are
dated Apr. 1 1929. Denom. $1,000. Due $500, Oct.4.97%.to 1938 incl.
1 190
Int. payable Apr. 1 and Oct. 1.
-BOND OFFERRANDOLPH COUNTY (P. 0. Winchester), Ind.
ING.
-J.A. Miller,County Treasurer, will receive sealed bids until 10 a. m.
on June 3,for the purchase of $64,000 434% Rufus R. Macy et al, highway
improvement bonds. Dated May 15 1929. Denoms. $800. Due $3,200
May and Nov. 15 1930 to 1939,incl. Interest payable on May and Nov. 15.
REDDELL GRAVITY DRAINAGE DISTRICT NO.6(.O.Reddell)
-The $15,000 issue of 6%
Evangeline Parish, La.
-BOND SALE.
drainage, series A bonds offered for sale on May 18-V. 128. p. 2869
was awarded to J. Franklin Scholl of Washington, for a premium of $268,
equal to 101.78. a basis of about 5.62%. Dated June 1 1929. Due from
1930 to 1939, incl. The only other bid was a premium offer of $225, made
by Dr. Chas. F. Boagni.
RHOME SCHOOL DISTRICT (P. 0. Rhome) Wise County, Texas.
-BOND SALE.
-A $30,000 issue of school bonds has recently been purchased by an unkonwn investor.
•
-BOND SALE.
RICHLAND COUNTY (P. 0. Columbia) S. C.
-The
$300,000 issue of Columbia Township, Auditorium bonds offered for sale on
May 21-V. 128, p. 3228 was awarded to the South Carolina National
4%8,for a premium of $1,079.70, equal to 100.359,
Bank, of Charleston, as
June 1 1934 to 1952.
a basis of about 4.71%. Due from ;
RICHLAND COUNTY SCHOOL DISTRICT NO. 4 (P. 0. Sidney),
-BOND SALE.
-The $2,000 18118 of 6% school bonds offered for
Mont.
saloon May 11-V. 128,p. 2691-was awarded at par to the State Board o f
Land Commissioners. No other bids were submitted.
-BONDS NOT SOLD.
RIVIERA, Palm Beach County, Fla.
-The
$30,000 issue of 6% coupon refunding bonds offered on May 7-V. 128. p.
-has not as yet been sold. Dated Feb. 1 1929. Due from 1932 to
3060
1054, incl.
-BOND SALE.
ROCKVILLE CENTRE, Nassau County, N. Y.
-The
following issues of 4.60% coupon bonds aggregating $90,000 offered on
May 20-V, 128, P. 3228-were awarded to Geo. B. Gibbons & Co., Inc.,
of New York, at 100.1747, a basis of about 4.58%.
$60,000 water bonds. Due $3,000 May 1 1930 to 1949, incl.
30,000 Electric Lighting System bonds. Due $2,000 May 1 1930 to 1944
Inclusive.
Dated May 1 1929. Prin. and int.(May and Nov.) payable in gold at
the First National Bank of Rockville Centre.
ST. ANNE SCHOOL DISTRICT, Kankakee County, Ill.
-BOND
SALE.-Tho $65,000 5% coupon school bonds offered on May 7-V. 128,
-were awarded° The White Phillips Co., of Davenport for a
to
p. 2869
premium $440.00, equal to 100.675, a basis of about 4.90%. Dated Jan.
1 1929. Denom. $1,000. Due July 1, as follows: $3,000, 1932 and 1933;
$4,000, 1934 to 1936, incl.; $5,000, 1937 to 1939, incl.; $6,000, 1940 to
.1942, incl., and $7,000, 1943 and 1944. Prin. and int. (Jan. and July)
payable at the Continental National Bank & Trust Co., Chicago.
-PRICE PAID.
ST. CLAIR COUNTY (P. 0. Ashville), Ala.
-The
$50,000 issue of 6% refunding warrants that was purchased by Steiner
Bros. of Birmingham-V.128, P. 3388
-was awarded to them at par. Due
on April 1 1934.
-BOND OFFERING.
ST. CLOUD, Stearns County, Minn.
-Sealed
bids will be received until 9 a. m. on June 18, by Grace M. Atkinson, City
Clerk, for the purchase of two issues of 434% semi-annual refunding bonds.
aggregating $75,000 as follows:
$50,000 water works bonds. Due on July 1 1949 and optional after July 1
1939.
25,000 sewer bonds. Due on July 1 1949 and optional after July 1 1939.
Denom. $1,000. Dated July 1 1929. Successful bidder to pay for the
printing of the bonds. Payable at the St. Cloud Guaranty Trust Co. •21
certified check for 5%, payable to the City Treasurer, is required.
-SAN DIEGO COUNTY SCHOOL DISTRICTS (P. 0. San Diego).
-The two issues of bonds, aggregating g47,000
-BOND SALE.
Calif.
-were awarded to the Elmer
offered for sale on May 13-V. 128, D. 3229
J. Kennedy Co. of Los Angeles. as 534s. as follows:
$15,000 San Dieguito School District bonds, for a premium of $22.22,
equal to 100.148, a basis of about 5.49%. Due $1,000 from
April 15 1932 to 1946.
[2,000 South Bay Union School District bonds, for a premium of $44.44
equal to 100.139, a basis of about 5.48% Due on April 15 as
$1.000. 1931 to 1936, and $2,000;1937 to 1949, all inci.
'1
$1,000. Dated April 15 1929. Principal and interest (A. & 0.)
the °Mee of the County Treasury.
payable at
Denom:
-BOND SALE.
-The $40,750 5%
'SANDUSKY, Erie County, Ohio.
street improvement bonds offered on May 18, were awarded to the Sinking
Fund at par. Dated May 1 1929. Due from Nov. 1 1930 to 1938, incl.
-BOND SALE.
-A $77,000 issue of
pgSANFORD, Lee County, N. C.
63i% water,sewer and street lighting bonds has been purchased by Braun,
Bosworth & Co. of Toledo, for a premium of $707, equal to 100.91.
3563
-BOND OFFERING.SCHENECTADY,Schenectady County, N. Y.
Sealed bids will be received by Leon G. Dibble, City Comptroller, until
12 m.(Daylight Saving time) on May 28, for the purchase of the following
issues of coupon or• registered bonds aggregating $1,035,000. Rate of
interest is not to exceed 434%:
$400,000 sewer bonds. Due $20,000, June 1 1930 to 1949 incl.
310,000 High School bonds. Due June 1, as follows: $15,000, 1930 to
1914 inclus., and $17,000, 1945 to 1949 incl.
256,000 public improvement bonds. Due June 1 as follows: $12.000.
1930 to 1933 incl., and $13,000, 1934 to 1949 incl.
45,000 school equipment bonds. Due $3,000, June 1 1930 to 1944 ine.l.
24,000 park bonds. Due $2,000, June 1 1930 to 1941 incl.
All of the above bonds are dated June 1 1929. Denoms. $1,000. The
entire offering matures on June 1 as follows: $52,000. 1930 to 1933 incl.;
$53,000. 1934 to 1941 incl.; $51.000. 1942 to 1944 incl., and $50,000.
1945 to 1949 incl. Interest payable semi-annually. A certified check for
$20.700, payable to the city, must accomapny each proposal. Legal opinion
of Reed,Hoyt & Washbuorn of New York, will be furnished.
-BOND SALE.
-The two lasues'of
SEATTLE, King County, Wash.
coupon or registered bonds aggregating $1,300,000, offered for sale on
-were awarded as follows:
May 17-V. 128, p. 2869
$900,000 municipal light and power bonds to Eldredge & Co. of New York,
and associates, as 5s, at 96.90, a basis of about 5.25%. Due
$45,000 from 1940 to 1959 incl.
400,000 water extension bonds to Eldredge & Co. of New York, as 434s,
at 97.81, a basis of about 4.70%. Due $26,000 from 1935 to 1944,
and $28,000 from 1945 to 1949. all inclusive.
"h173 following is an official list of the bidders and their bids:
Rate
Water
Light
Bid.
Bonds.
Bonds.
BidderEldred & Co.,New York;Spokane East'n Co. 434% *$391,520
Eldredge & Co.; Mississippi Valley Trust Co.;
Spokane & East'n Trust Co.; Old National
Bank & Union Trust Co.; Dean Witter &
4.94'%
*S854,280
Co.; Ferris & Hardgrove
Eldredge & Co.; Mississippi Valley Trust Co.:
Spokane & East'n Trust Co.; Old National
Bank & Union Trust Co.; Dean Witter &
5%
872,100
Co.; Ferris & Her eve
405,400
912,150
The Well, Roth & Irving Co., Cinciimati__
385,200
866.700
C.W.McNear & Co.;Stifel Nicolaus dr Co.,
386,480
Inc.; Federal Securities Corp.; Seattle 43 %
5
869.580
Title Trust Co
Richards & Blum, Inc.; Seasongood &
Mayer; Stephens & Co.; M. F. Schlater
5%
869,625
Co., Inc.; Morris Mather & Co.; Batchelder, Wack & Co
Geo. H. Burr, Conrad & Broom; Dalliergoon, Winslow & Co.; Dean. Witter &
380,244
Co.; Ferris & Hardgrove; First Securi- 434%
ties Co.; Marine National Co
Per $100
A. B. Leach & Co., Inc.; The Detroit Co.;
$100.08
5%
Wm. P. Harper & Son
Per $100
$97.55
Kent, Grace & Co.; Seipp, Princell & Co.; 534%
6%
102.53
Wm. P. Harper & Son
Continental Illinois Co.; Minnesota Co.;
855,000
5%
Wheelock & Co.; First Minneapolis Co_ _
110
Geo. H. Burr, Conrad & Broom; Baillar870,210
5%
geon, Winslow & Co.; Marine National
Co
11* Successful bid.
-The Tiffin
-BOND SALE.
SENECA COUNTY (P. 0. Tiffin) Ohio.
National Bank,and the Commercial National Bank, both of Tiffin, jointly,
Purchased on May 9, several issues of bonds aggregating $42,200, and
maturing serially in from 1 to 10 years,at a price of par. Bonds bear interest
at the rate of 534% payable semi-annually.
-BOND
SHANNON COMMON SCHOOL DISTRICT NO. 203, 111.
SALE.
-The White-Phillips Co. of Davenport,recently purchased an issue
of $20.000 school bonds bearing a coupon rate of 534%. at a price of par.
Bonds are in denominations of $1,000.
SHARON, CHERRY VALLEY AND ROSEBOOM CENTRAL
-BOND SALE.
-The $125,000
SCHOOL DISTRICT NO. 1, N. Y.
-were awarded as
coupon school bonds offered on May 16-V. 128, P. 2870
43.4s to Batchelder, Wack & Co. of New York, at 100.09, a basis of about
4.74%. Bonds are dated June 1 1929, and mature on June 1, as follows:
$2,000. 1930 to 1934 incl.; $3,000. 1935 to 1939 incl.; $4,000, 1940 to 1944
incl.;$5,000. 1945 to 1954 incl., and $6,000, 1955 to 1959 incl.
-BOND
SHARON SCHOOL DISTRICT, Mercer County, Pa.
-M.L. Williams, Secretary of Board of Directors, will receive
OFFERING.
sealed bids until 1 p. m. on May 31, for the purchase of $425,000 coupon
school bonds. Interest rate is 434 V. Bonds are dated June 15 1929.
Denoms. $1,000. Payable on June 15 1959. A certified check for $1,000.
Payable to the School District, is required.
-BOND OFFERING.
SHELBY COUNTY (P. 0. Shelbyville) Ind.
Sealed bids will be received by Henry Booher, County Treasurer, until
10 a. m. on May 27,for the purchase of the following issues of 434% bonds
aggregating $46,800:
$39,040 Addison Township bonds. Due $1,952, May and Nov. 15 1930 to
1939 inclusive.
7,760 Liberty Township bonds. Due $388, May and Nov. 15 1930 to
1939 inclusive.
The bonds are dated May 15 1929.
SHELBYVILLE SCHOOL CITY, Shelby County, lowa.-BOND
SALE.
-The $75,000 issue of 4%% school building bonds offered on
May 13-V. 128, p. 2870
-were awarded to the Fletcher Savings & Trust
Co. of Indianapolis for a premium of $2,357. equal to 103.142, a basis of
about 4.36%. Dated May 13 1929. Denoms. $500. Due as follows:
$2,000,July 2 1934;$2,000, Jan. and July 2 1935 to 1941,1aci.: $3,000,Jan.
and July 2 1942 to 1948, incl., and $3,000. Jan. 2 1949. Principal and interest (Jan. and July 2) payable at the First National Bank, Shelbyville.
Other bidders were as follows:
Bid.
Bidder101.01
City Securities Corp.,Indianapolis
100.82
Thomas D. Sheerin & Co
100.00
& Co
-At a special
SHREVEPORT, Caddo Parish, La.
-BONDS VOTED.
election held on May 14_, the voters authorized the issuance of $1,800,000
in bonds as follows: $1,500,000 for the purchase of a suitable army airport
site by a count of 1,051 "for 'to 144 "against" and $300,000 for a municipal
airport by a vote of 935 to 284.
SCARSDALE UNION FREE SCHOOL DISTRICT NO. 1 (P. 0.
.-BOND SALE.
-The two issues
Sca sdale), Westchester County, N. Y
-were awarded to
of 4;4% bonds offered on May 20-V. 128, p. 3229
-Sealed bids
SIDNEY, Cheyenne County, Neb.-BOND OFFERING.
Co., of New York for a premium of $12,254.55 equal to
Dewey, Bacon &
will be received until 8 p. m. on May 27, by B. Stiles Town Clerk, for the
102.30, a basis of about 4.33%.
series L,bonds. Denoms.$1,000. Due June 1 as follows:52,000, purchase of a $6,000 issue of 5% semi-annual funding bonds. Denom.
$266.000
1934 to 1938 incl.; $5,000, 1939; $2,000, 1940 to 1942 incl.; $500. Dated April 15, 1929.
$5.000. 1943 to 1946 incl.; $10,000, 1947 to 1954 incl.; $5,000.
1955; and $10,000, 1956 to 1969 incl.
SILVER LAKE TOWNSHIP SCHOOL DISTRICT (P. 0. Lake
264,500 series M. bonds. Denoms. $1.000, one bond for $500. Due Park) Dickinson County, Iowa.
-BOND
-The $45,000
June 1 as follows: $3,500, 1934;$3,000, 1935 to 1938 incl.: $5,000, Issue of school bonds that was purchased DESCRIPTION.
by Geo. M. Bechtel & Co. of
1940 to 1942 incl.; $5,000, 1943 to 1945 incl.;
1939; $3,000,
-bears interest at 434%. Dated Sept. 1
Davenport
-V. 128, p. 1440
$10,000. 1946; $5,000, 1947 to 1952 incl.; $10,000. 1953 to 1957 1929 and due on Sept. 1 as follows: $1,000, 1930; $2,000, 1931 to 1937:
incl.; and $15,000 1968 and 1969.
$2,000, 1939; $3,000, 1940; $2,000, 1941; $3,000, 1942 to
Dated June 1 1929. Prin. and int. (J. & D.) payable at the Scarsdale $3,000, 1938; in 1948.
1947 and $2,000
National Bank & Trust Co., Scarsdale.
their bids were as follows:
la Other bidders and
SOUTHGATE ACQUISITION AND IMPROVEMENT DISTRICT
Bid.
Pr Bidder-PRICE PAID.
-The $224,000 issue
101.88 NO. 1 (P. 0. South Gate), Calif.
Geo. B.Gibbons & Co.,Inc.,and Roosevelt & Son
.1Inc
101.09 of 6% semi-annual improvement bonds that was jointly purchased by
B tchelder, Wack & Co.,and Stranahan, Harris & Oath;
-V.
100.86 Wm. Cavalier & Co., and C. F. Childs & Co., both of Los Angeles
Kountze Bros
a
-was awarded to them at a price of 100.446, a basis of about
128, p. 2513
Lehman Bros., and Manufacturers & Traders Peoples Trust Co., of
100.26 5.95%. Dated Feb. 19 1929. Due from Feb. 19 1934 to 1948.
Buffalo
3564
FINANCIAL CHRONICLE
SPARTA, Monroe County, Wis.-BOND SALE.
-The $10,000 issue
of 5% semi-annual coupon street improvement bonds offered for sale on
May 16-V. 128, p. 3389
-was awarded at par to the Bank'of Sparta.
Due $2,000 from March 1 1930 to 1934 incl.
The other bids were as follows:
BidderPrice Bid.
White-Phillips Co
97.85
Hanchett Bond Co
97.61
[Vol,. 128.
TREMONT TOWNSHIP (P. 0. Tremont), Tazewell County, Ill.
BOND A WARD.
-The First National Bank of Tremont.recently purchased
an issue of $50,000 6% road graveling bonds.
TROY,Oakland County, Ohio.
-The following issues
-BOND SALE.
of 5% bonds, aggregating $19,735, offered on April 18 (V. 128, p. 2336),
were awarded at par to the First Troy National Bank & Trust Co., Troy.
No other bid was submitted:
89,400 special assessment sanitary sewer bonds. Due $940 March and
STAMFORD, Fairfield County, Conn.
Sept. 1 from 1930 to 1934 inclusive.
-TEMPORARY LOAN.
The Old Colony Corp. of Boston, on May 16, purchased a 9100,000 tem3,900 special assessment Boulevard lighting bonds. Due March 1 as
porary loan on a discount basis of 5.84%. The loan is dated May 16 1929.
follows: $700, 1930, and $400, 1931 to 1934 inclusive.
and is payable on Oct.4 1929. Other bidders were:
2,105 judgment bonds. Due Sept. 1 as follows: $605, 1930. and $500,
Bidder
Discount Basis.
1931 to 1933 inclusive.
First Stamford National Bank (plus $2.00)
5.89%
1,500 cpecial assessment sidewalk, curb and gutter improvement bonds.
Guaranty Co.of New York
5.97%
Due $300 March 1 from 1930 to 1934 inclusive.
1,450 special assessment street paving bonds. Due March 1 as follows:
STOREY COUNTY (P. 0. Nevada), lowa.-BOND SALE -The
$250. 1930, and $300, 1931 to 1934 inclusive.
$300,000 issue of road bonds offered for sale on May 15 (V. 128, p. 3060)
1.380 special assessment grading and graveling bonds. Due March 1 as
was awarded to the Carleton D. Beh Co. of Dee Moines as 4918 for a prefollows: $180, 1930, and $300, 1931 to 1934 inclusive.
mium of $1,463, equal to 100.487. a basis of about 4.67%. Due $30,000
The
from May 1 1935 to 1944 incl. Optional after 5 years. The other bids March judgment bond issue is dated Sept. 1 1929, the others are dated
1 1929. Interest payable on March and Sept. 1.
were as follows:
BiddersPremium.
TUSTEN AND COCHECTON CENTRAL SCHOOL DISTRICT NO.1
Geo. M. Bechtel & Co
$1,451.00 (P. 0. Narrowsburg), Sullivan
County, N. Y.
-BOND SALE.
Ballard-Hassett Co
-The
1,462.00
White-Phillips Co
1,090.00 S100,000 5% school bonds that was unsuccessfully offered for sale on
April 6-V. 128, p.
Mississippi Valley Trust Co
1,316.00 & Co., of New York1964- has since been purchased by Edmund Seymour
at 100.52, a
A. B. Leach & Co. and Halsey, Stuart & Co.,Inc
715.00 Denom. 91,000. Due Jan. 1 as basis of about 4.93%. Dated Jan 11929.
follows: $2,000, 1931 to 1935 incl.; 53.000,
1936 to 1940 incl.; and $5.000. 1941 to 1955 incl. Prin. and int.payable
SUFFERN, Rockland County, N. Y.
-BOND SALE.
-The $50.000 at the First National Bank, Narrowsburg.
issue of municipal building bonds offered on May 20-V. 128, p. 3060
were awarded to Batchelder. Wack dr Co. of New York, for a premium
UPPER CHICHESTER TOWNSHIP SCHOOL DISTRICT (P. 0.
of $291.50. equal to 100.583, a basis of about 4.60%. Dated June 1 1929. Boothwyn), Pa.
-BOND OFFERINO.-Margaret Young, Secretary of the
Denom. $1,000 and $500. Due $2,500 June 1 1930 to 1949, incl. Prin. Board of Directors, will receive sealed bids until noon (Eastern
standard
and int.(June and Dec.) payable at the office of the Village Clerk. Legal- time) on May 29, for the purchase of 930,000 issue of coupon
school bonds.
ity to be approved by Clay, Dillon & Vandewater of New York.
Dated June 1 1929. Denom. 91,000. The bonds are issued subject to the
favorable opinion of Townsend, Elliott & Munson, Earls. of Philadelphia.
SUPERIOR, Nuckolls County, Neb.-PRICE PAID.
-The 935,- A certified check for $600 is required, payable to the School District.
792.39 issue of 45%% semi-annual paving districts bonds purchased by the
Peters Trust Co. of Omaha
-V. 128, p. 2513
-was awarded for a premium
VALLEY COUNTY SCHOOL DISTRICT NO. 23 (P. 0. Frazer),
of $351, equal to 100.98, a basis of about 4.63%. Due from May 1 1931 to Mont.
-BOND A WARD.
-The $21_,387.20 issue of 6% semi-annual school
1939. incl.
bonds offered for sale on May 14-V. 128, D. 2870
-will be purchased at
par by the State of Montana. Due in 10 years and optional on any interest
TACOMA, Pierce County, Wash.
-An $80.000 issue paying date.
-BOND SALE.
of 434% garbage utility bonds has recently been jointly purchased by
Drumheller. Ehrlichman & White of Seattle and Murphey,Fevre & Co. of
VALLEY COUNTY SCHOOL DISTRICT NO. 24 (P. 0. Oswego),
Spokane. Denom. 91,000. Dated May 1 1929. Due from May 1 1931 to Mont.
-BOND SALE-The $12,000 issue of 6% school refunding bond.
1937, incl. Prin. and int. (M. & N. 1) payable at the City Treasurer's offered for sale on May 8 (V. 128, p. 2693) was awarded at par to the State
office or at the State's fiscal agency in New York City. Coupon bonds of Montana. Due in 1939 and optional after 5 years. Int. payable J. & D.
registerable as to principal. Legality to be approved by Preston, Thorgrimson & Turner of Seattle.
VAN BUREN COUNTY (P. 0. Paw Paw), Mich.
-MATURITY.
The $52,000 5%% Covert bonds awarded to the First National Bank of
. TAMPA, Hillsborough County, Fla.
-The two issues Paw Paw at 100.78 (V. 128, p. 3230), mature annually on May as follows:
-NOTE SALE.
.1
notes aggregating 8906,000. offered for sale on April 9-V. 128, p. 1964
of
- $9.000, 1930 to 1937 inclusive, and $6,000, 1938 and 1939. Interest cost
were awarded to local banks as 5s. at par. The notes are divided as follows: basis about 5.09%.
9.606.000 improvement and $300,000 water works improvement notes.
Due in 6 months.
VERMONT (State of), P. 0. Montpelier.
-BOND SALE.
-T, H.
Cave, State Treasurer, states that $2,800,000 334% flood restoration bonds
TARBORO,Edgecombe County, N. C.
-The $115.000 have been awarded as follows:
-BOND SALE.
issue of electric light bonds offered for sale on May 17 (V. 128, p. 2693) 91,000,000 to the National Life Insurance Co. of Montpelier.
was Jointly awarded to John Nuveen & Co. of Chicago and Braun, Bos1,000,000 to local banks (Montpelier).
worth & Co. of Toledo as 51s for a $300 premium, equal to 100.26, a basis
500,000 to the Burlington Savings Bank of Burlington.
of about 5.22%. Dated April 1 1929. Due from April 1 1930 to 1959 incl.
100,000 to the Burlington Trust Co. of Burlington.
100,000 to the Allen National Bank of Fair Haven.
TENAFLY, Bergen County, N. J.
-BOND SALE.
-A syndicate COM100,000 to the Peoples National Bank of Barre.
posed of H • L. Allen & Co., B.J. Van Ingen & Co., both of New York; M.M.
Bonds mature annually on Dec. 1 1929 to 1948 and are part of
Freeman & Co. of Philadelphia and H. B. Hand & Co. of Newark.,recently of $8,500.000 authorized at a special session of the Legislature on an issue
purchased an issue of $950.000 6% temporary improvement bonds. Dated 1927 (V. 125, p. 3088). Of the bonds authorized, 9700,000 remainNov. 30
unsold,
June 11929. Due Dec. 1 as follows: 927,000 1931 to 1933, incl.; $290,000 the initial issue of $5,000,000 was privately purchased at par by J. P.
1934, and 9145,000, 1935 to 1937, incl. Principal and interest (J
Mor12n & Co 6 .New York. These bonds also bore a coupon rate of 334%
or ga , p. 441
6
.
D.), payable in gold at the Irving Trust Co. New York. Legality to be
approved by Caldwell & Raymond, Esqs.. of New York..
'
-BOND SALE.
VOLUSIA COUNTY(P.O. De Land), Fla.
-A
THOMASVILLE, Davidson County, N. C.
-BOND OFFERING.
- issue of right of way bonds has recently been purchased at par $36,000
by the
Sealed bids will be received by B. H. Harris, City Clerk, until 2 p. m. on Merchants Bank & Trust Co. of Daytona Beach.
May 28 for the purchase of four issues of bonds. aggregating $95,000, as
follows: $62.000 street improvement,$11,000 water, 94,000 sewer and $18,WAHPETON SCHOOL DISTRICT (P. 0. Wahpeton), Richland
000 street working machinery bonds. Int. rate is not to exceed 6%,stated County, N. Dak.-BOND OFFERING.
-Sealed bids will
in multiples of % of 17: Denom. $1,000. Dated Feb. 1 1929 and due on the office of the County Auditor in Wahpeton, at 10 a.m. be received at
on June 6. by
Feb. 1 as follows: $4,000,1931 to 1940: $6,000, 1941 to 1948. and $7,000 Marcus Pechal,
the Board of Education, for the purchase of an
in 1949. Prin. and int. (F. & A.) payable in gold at the Hanover National issue of $150,000Clerk ofschool building bonds. Int. rate is
coupon
not to exceed
Bank in N. Y. City. Storey, Thorndike, Palmer & Dodge of Boston will 5%. Denom.
May 1
furnish the legal approval. A certified check for 2% of the bid, payable 55.000, 1932 to$1,000. Dated 1940 to 1929. Due on May 1, as follows:
1939; 810,000,
1944 and 812,000, 1945 to 1949, all
Treasurer, is required. (These bonds were originally scheduled incl.
to the City
Prin. and int. (M. & N.) is payable at a bank or trust company
for sale on May 24-V. 128, p. 3389).
designated by the purchaser. Junell, Dorsey, Oakley & Driscoll of Minneapolis will furnish the legal approval to the purchaser. A certified check
TILLMAN COUNTY CONSOLIDATED SCHOOL DISTRICT NO. 2 for 2%, payable to the District Treasurer, must accompany the bid.
-BOND OFFERING.
-Sealed bids will be re.
o. Davidson), Okla.
calved by J. 0. Dickerson, District Clerk, until 2 p. m. on May 27,for the
WALLIS INDEPENDENT SCHOOL DISTRICT (P. 0. Wallis),
purchase of a $35,000 issue of semi-annual school bonds. Int, rate is not Austin County, Tex.
-BOND
to exceed 7%. Dated May 15 1929. Due on July 1 as follows: $2,000, school bonds offered for sale on SALE -The $50,000 issue of 5% coupon
May 20-V. 128, p. 3389
-was awarded
1932 to 1947, and $3,000 in 1948. A certified check for 2% Is required.
at par to Garrett & Co. of Dallas. Dated May 10 1929. Due from 1942
to 1969, inclusive. No other bids were submitted.
TIPTON COUNTY (P. 0. Covington), Tenn.
-BOND SALE.
-The
8100.000 issue of high school bonds offered for sale on May 20-V. 128,
WARREN COUNTY (P. 0.
-BOND ELECTION.
-was jointly awarded to Joseph, Hutton & Estes, of Nashville, On June 4 a special election willVicksburg), Miss.
p. 3389
be held for the purpose of passing
and Little. Wooten & Co. of Jackson, as 5345, for a premium of 81,080, or ance ofail 00.000 in bonds for a new courthouse building andupon the
ua new j l
.
$60,000
equal to 101.08. Eleven other bids were received.
r
-BOND OFFERING.
TIPTON COUNTY (P.O. Tipton), Ind.
-Willis
A. Kendall, County Auditor, will receive sealed bids until June 7 for the
purchase of an issue of $4,520.80 6% Charles W. Hutcherson et al road improvement bonds. Bonds are in denom. of $904.16. Due $904.16 June 1
1930 to 1934 incl. Interest payable on June and Dec. 1. A certified check
for 234% of the amount of bonds bid for is required.
WARWICK UNION FREE SCHOOL DISTRICT NO. 12 (P. 0.
Warwick), Orange County, N. Y.
-BOND OFFERING.
-Lawrence
Stage, Clerk of the Board of Education, will receive sealed bids until
2 P. m.(daylight saving time), May 28 for the purchase of $250,000 coupon
or registered school bonds. Int, rate is not to exceed 6%. Dated June 1
1929. Denom. $1,000. Due Jan. 1 as follows: 85,000, 1931 to 1933, inal.;
86.000, 1934 to 1936, incl.; 17.000, 1937 to 1939. incl.; $8,000, 1940 to
2
.
IIIITONAWANDA,Erie County, N. Y7-BOND OFFERINO.-Sealed bids 1942, incl ; $10,000, 1943 to 1958, incl., and 812,000, 1959, Rate of
will be received by C. W. Schulmeister, City Treasurer, until 8 p. m. on interest shall be in multiples of g or one-tenth of 1% and is to be the same
June 3 for the purchase of 920,000 5% coupon improvement bonds. Dated for aU bonds. Principal and interest payable in gold at the First National
July 1 1929. Denom. $1,000. Due $1,000 July 1 1949 to 1959 incl. Bank, Warwick, in New York exchange or at the National Park Bank.
Principal and interest payable at the Chase National Bank, New York. New York City. A certified check for $5,000, payable to A. M. Holmes.
A certified check for $1,000, payable to the above-mentioned official, must Treasurer, Is required. The approving opinion of Clay, Dillon & Vendaaccompany each proposal. Legal opinion of Thomson. Wood & Hoffman water, Esqs., of New York will be furnished.
of New York will be furnished the purchaser.
WASHITA COUNTY CONSOLIDATED SCHOOL DISTRICT NO.
-The $25,000 570 7 (P. 0. Foss), Okla.
lelTONAWANDA, Erie County, N. Y.
-BOND SALE.
-A $17,500 issue of school bonds
-BOND SALE.
-were awarded has recently been jointly purchased by the Security National Bank and
coupon water bonds offered on May 20-V. 128, p. 3230.
to Roosevelt & Son, of New York, at 102.109, a basis of about 4.82%. R. J. Edwards, Inc., both of Oklahoma City, as follows: $7,500 as 5345,
Bonds are dated Jan. 1 1929. Denom. 21,000. Due $1,000 Jan. 1 1935 due $1,000 from 1932 to 1938 and $500 in 1939,and 910,000 as 5%s,due
to 1959 incl.; Prin. and int. payable at the Chase National Bank, New $500 in 1939, 51.000, 1940 to 1947 and $1,500 in 1948.
York.
Price Bid.
BidderWAYNE, Wayne County, Mich.
-The following issues
-BOND SALE.
Geo. B. Gibbons & Co., Inc
101.5974 of 5% water bonds offered on May 21-V. 128, P. 3389
-were awarded to
Parson. Son & Co
100.217
the Wayne Savings Bank & Fidelity Trust Co., for a Premium of $269.00
Stephens & Co
100.417
equal to 100.68, a basis of about 4.88%. Bonds divided as follows:
The First Trust Co. of Tonda
101.926
923.931.45 bonds. Due June 1. as follows: $931.45, 1931; $1.000. 1932 to
1934, incl.: $1,500, 1935 and 1936; $2,000, 1937 to 1942, incl.;
TORAIN SCHOOL DISTRICT (P. 0. Elyria), Lorain County,
and $2,500, 1943 and 1944.
-BOND OFFERING.
-Ell Smith, Clerk of the Board of Education,
Ohio.
15,578.40 bonds. Due June 1, as follows: $578.40, 1931; $500, 1932 and
receive sealed bids until noon on June 18, for the purchase of $115,900
will
1933:81.000, 1934 to 1938, inci ; and 91.500, 1939 to 1944, incl.
coupon school bonds. Dated April 1 1929. Denom. $1,000. Due
All of the bonds
MO
4% April 1, and $4.000 Oct. 1 1930 to 1942, incl.: and 34.000 April 1 lage (excl. Specialare dated June 1 1929. The total bonded debt of the VilAsst. bonds) is $209,500. Assessed valuation for 1929
1945, incl. Bidders may bid for a different rate of int.
and Oct. 1 1943 to
in multiples of 34 of 1%. Prin. and int. payable in Lorain. The approving is $5,400,006.
opinion of Squire. Sanders & Dempsey, Esqs. of Cleveland. will be furWEST CARROLL PARISH ROAD DISTRICTS (P. 0. Oak Grove),
nished thelpurchaser. Authority: Section 2293-12 Chapter 14, General
-BOND SALE.
-The two issues of road bonds aggregating $78,900,
Code of Ohio. A certified check for $500 payable to the District is required. La.
-
-ma
_.
MAY 25 19291
offered for sale on April 17-V. 128, p. 2157
-were awarded to W. D. Hill
& Co., of Alexandria, as 5Xs, at par. The issues are divided as follows:
$50,000 District No. 7 bonds. Due on April 1, as follows; $1,000. 1930
and 1931; $2.000. 1932 to 1939: $3,000, 1940 to 1947. and $4,000,
1948 and
31949.
28,000 District No. bonds. Due $1,000 from April 1 1930 to 1941 and
$2,000, 1942 to 1949.
Denom. $1,000. Dated April 1 1929. Prin. and int.(A.& 0. 1) payable
at the National Bank of Commerce in New York.
WESTFORD TOWNSHIP (P.O. Foxlake), Wis.-BOND OFFERING.
-Sealed bids will be received by Rudolph Manor, Township Clerk, until
2 p. m. on June 8, for the purchase of a $35,000 issue of4%% coupon road
bonds. Denom. $500. Dated April 1 1929. Due from April 1 1930 to
1943, incl. Prin. and annual int. payable at the office of the Township
Treasurer.
WEST SALEM (P. 0. Salem), Marion County Ore.
-BOND SALE
-The sale of the $20,000 Issue of 6% improveNOT CONSUMMATED.
ment bonds on Mar. 18 to Peirce, Fair & Co. of Portland, at par.
-V.128,
p. 2337
-was not consummated because of a legal technicality.
WESTSIDE CONSOLIDATED SCHOOL DISTRICT (P. 0. West.
side), Crawford County, Iowa.
-BOND SALE.
-The $60,600 issue of
coupon school bonds offered for sale on May 20-V. 128, p. 3390
-was
awarded to the Carleton D. Beh Co. of Des Moines. as 4(s,for a premium
of $1,350. equal to 102.25, a basis of about 4.48%. Denom. $1,000.
Due $3,000 from 1930 to 1949, inclusive.
WEST VIRGINIA,State of (P. 0. Charleston).
-BOND OFFERING.
-Sealed bids will be received until 1 p.m. on May 28, by Wm. G. Conley.
Governor, for the purchase of a $4,500,000 issue of 434% coupon or registered road bonds. Coupon bonds in denominations of $1,000 convertible
into fully registered bonds of $1,000 and $5,000 denom. Dated Jan. 1
1929 and due on Jan. 1 as follows: $200,000, 1932;$250,000, 1933;$275,000,
1934 and 1935; $300,000, 1936; $325,000. 1937 to 1939; $350,000, 1940:
$375,000, 1941 and 1942; $400.000, 1943; $426,000, 1944 and $300,000 in
1945.
These bonds are issued under authority of an act of the Legislature
of the State of West Virginia, roamed on the 2nd day of March 1929, and
are a part of an authorization of $20,000,000. The bonds will bear interest
at the rate of 4%% per annum, or in any lesser rate which is a multiple of
X of 1% which may be named,the rate to be named by the bidder. A part
of the issue may bear one rate and a part a different rate. Not more than
two rates will be considered in any one bid. Prin. and int. (J. & J.) payable in gold at the office of the State Treasurer or at the Chase Natonal
Bank in Now York City. Caldwell & Raymond of New York City will
furnish the legal approval, but the purchaser will be required to pay the
fee for the approval. A certified check for 2% par of the bid, payable
to the State, is required. The following official statement accompanies
the offering notice:
Financial Statement.
Assessed valuation
$2,075,746,270
Bonded indebtedness
a 1919 Virginia debt bonds (original issue $13,500,000)
6,114,800
b State road bonds
-including this offer
58,710,000
Total bonded indebtedness (including this offer)
$64.824,800
a $675,000 required to be retired annually, beginning in 1919. (b)Issued
pursuant to the Good Roads Amendments to the Constitution and payable
serially, last maturity Jan. 1 1954.
The Constitution of West Virginia provides that the aggregate amount
of bonds outstanding for roads shall at no time exceed $85,000,000. The
Constitution of West Virginia does not authorize the issuing of bonds for
any other purpose. Population (1920 census), 1,463,701.
WEYMOUTH, Norfolk County, Mass.
-BOND SALE.
-The Old
Colony Corporation of Boston purchased on May 16, an irgille of $15,000
water bonds, maturing serially in from 1 to 15 years. at a price of 102.10.
The bonds bear a coupon rate of 43%. Int. payable semi-annually.
Other bidders were:
Bidder
Rate Bid.
Harris, Forbes & Co
101.08
Estabrook & Co
101.02
WEYMOUTH, Norfolk County, Mass.
-TEMPORARY LOAN.
-The
Old Colony Corporation of Boston, purchased a $100,000 temporary loan
on May 17. on a discount basis of 5.795%. Loan matures in six months
and was sought by the following other bidders:
BidderDiscount Basis.
First National Bank,Boston
5.83%
Bank of Commerce & Trust Co.,Boston
5.875%
WHITE COUNTY (P. 0. Monticello), Ind.
-BOND OFFERING_.
Claude Scott, County Auditor, will receive sealed bids until 10 a. m. on
June 10 for the purchase of $22,050.44 6% Otto F. Strantz at al., ditch
construction bonds. Dated June 1 1929. Due annually on June 1 from
1930 to 1939 incl. Int. payable on June and Dec. 1.
WHITE ROCK SCHOOL DISTRICT (P. 0. White Rock), Roberts
County, S. Dak.-BOND SALE.
-The $6,000 issue of 5% coupon, semiannual school refunding bonds offered on April 12-V. 128, p. 2 -was
337
awarded at par to the State of South Dakota. Denom. $300. Dated May
28 1929. Due from 1930 to 1950 and optional after 1930.
WINSLOW, Dodge County, Neb.-BOND SALE.
-A $12,000 issue
of water bonds has been purchased by local investors, as 4%s, at par.
Due in 20 years and optional after 5 years.
-BOND OFFERING.
-Sealed
WINDSOR, Hartford County, Conn.
bids will be received by John C. Conklin, Town Treasurer, until 5 p. m.
on June 3,for the purchase of $142,000 4%% school bonds. Due July 1 as
follows: $23.000. 1931 and 1932; and $24,000, 1933 to 1936 incl. A certified check for 2% of the bonds bid for, payable to the above-mentioned
official, is required. Legality to be approved by Storey, Thorndike.
Palmer & Dodge of Boston.
-W. H.
-BOND OFFERING.
WOBURN, Middlesex County, Mass.
Weafer, City Treasurer will receive sealed bids until 11:30 p. m. (daylight
saving-time) on May 29, for the purchase of $24,000 issue of 4%% coupon
or registered water main bonds. Dated June 1 1929. Due $3,000 June 1
1930 to 1937. incl. Prin. and int. (3. & D.) payable in Boston. The bonds
will be prepared under the supervision of the Old Colony Trust Co., Boston,
which will certify as to the genuineness of the signatures of the officials and
the seal impressed theron, and the validity of the bonds will be approved by
Ropes, Gray, Boyden & Perkins, Esqs., of Boston.
-BOND OFFERING.
WOOD COUNTY (P. 0. Bowling Green), Ohio.
-C.0. Cummings, County Auditor, will receive sealed bids until 1 p. m.
on June 3 for the purchase of the following issues of 5% bonds aggregating
3150,500:
$40,000 road improvement bonds. Due $4,000, Mar. and Sept. 1 1930
to 1934 incl.
75.000 road improvement bonds. Due $7,000, Mar. and $8,000. Sept. 1
1930 to 1934 incl.
20,000 road improvement bonds. Due $2,000, Mar. and Sept. 1 1930.
to 1934 incl.
8,000 road improvement bonds. Due $800, Mar. and Sept. 1 1930 to
1934 incl.
7,500 road improvement bonds. Due $500, Mar. and $1,000, Sept. 1
1930 to 1934 incl.
Bonds are dated Mar. 1 1929. Prin, and int.(M. & S.) payable at the
office of the County Treasurer. A certified check of $1,000 for each issue
offered must accompany each proposal.
-BOND OFFERING.
WOODVILLE, Sandusky County, Ohio.
Arthur C. Krueger, Village Clerk, will receive sealed bids until June 3, or
the purchase of $64,000 water works bonds, to bear interest at the rate of
5%ayable semi-annually. Bonds are dated June 1 1929. Due annually
on Oct.O
1,from 1930 to 1949 incl.
WORCESTER COUNTY (P.O. Snow Hill), Md.-BONDS VOTED.
At a special election held recently the voters authorized the issuance of
$300000 bonds,for the purpose of purchasing sites, building and equipping
newbuildings in Snow 1.1111, Berlin, Ocean City, Pocomoke City, Bishopville, Whaleyville and Newark. A majority vote of 727 was polled in favor
of the proposition.
YAMHILL COUNTY SCHOOL DISTRICT NO. 40 (P. 0. McMinn-Sealed bids were received until 7 P.m.
-BONDS OFFERED.
ville), Ore.
on May 24, by P. P. Olds, District Clerk, for the purchase of a $65,000.
Issue of school bonds. Due $5,000 in 1939 and $10,000 from 1940 to 1945.
-BOND OFFERING.YOUNGSTOWN, Mahoning County, Ohio.
James E. Jones, Director of Finance, will receive sealed bids until 12 m.
(Eastern standard time) on June 8, for the purchase of $433,951.02 5%
street improvement bonds. Payable on Oct. 1 as follows: $98,790.22,
1930; and $98,790.20, 1931 to 1934 incl. Prin. and int. (A. & 0. 1) payable
at the office of the Sinking Fund Trustees. A certified check for 2% of the
bonds bid for, payable to the Director of Finance, must accompany each
proposal.
Anyone desiring to do so may present a bid or bids for such bonds based
upon their bearing a different rate of interest than specified in the advertisement, provided, however, that where a fractional interest rate is bid
such fraction shall be h of 1% or multiples thereof.
-The-BONDS NOT SOLD.
YUMA COUNTY (P. 0. Yuma), Ariz.
two issues of 5% bonds aggregating $400,000, offered on May 11-V. 128. '
as all the bids were rejected. The highest bid was
p. 2694
-were not sold
a tender of 95.07 by the Elmer J. Kennedy Co., of Los Angeles
-Sealed bids will again be received by Clara A.
-OFFERED.
BONDS RE
Smith, Clerk of the Board of Supervisors, until June 18, for the purchaseissues of bonds. The issues are divided as follows: $375,000
of the above
highway and $25,000 aviation field bonds. A certified check for 5% must
accompany the bid.
-Sealed bids will
-BOND OFFERING.
XENIA, Greene County,Ohio.
be received by T. H. Zell, City Auditor, until 12 m. on June 1 for the
purchase of $12,300 534% special assessment sewer extension bonds.
Dated Mar. 1 1929. Denom. $1,000, one bond for $1,300. Due Sept. 1
as follows: $1,000, 1930 to 1933 inci.• $2,000, 1934; $1,000. 1935 to 1937
'
incl.; $2,000, 1938; and $1.300, 1939. A certified check for 2% of the
bonds bid for, payable to the City Treasurer, must accompany each proposal. Legal opinion of Squire, Sanders & Dempsey of Cleveland, will be
furnished.
CANADA, its Provinces and Municipalities.
-The $233,227.64 issue of 434
KITCHENER, Ont.-BOND SALE.
-were
and 5% improvement bonds offered on May 20-V. 128. p. 3390
awarded to H. R. Bain & Co., of Toronto, at a price of 95.95. Which have
approved by Long & Day of Toronto.
FINANCIAL
MINING ENGINEERS
We Specialize in
H. M. CHANCE & CO.
City of Philadelphia
Mining Engineer. and Geologists
3s
31 2s
/
4s
/
41 45
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41 25
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4
5y
2s
COAL AND MINERAL PROPERTIES
Examined, Managed, Appraised
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Philadelphia
Members of
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PENOBSCOT BLDG., DETROIT
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FINANCIAL CHRONICLE
j
NEW LOANS
NOTICE OF REDEMPTION.
STATE OF DELAWARE
HIGHWAY BONDS
NOTICE IS HEREBY GIVEN THAT pursuant to the provisions of Chapter 63. Volume
29. Laws of Delaware, under authority of which
Drexel Building
PHILADELPHIA the above bonds were issued, the State of Delaware has elected to pay off and redeem on JULY
1. 1929, throe Loans of outstanding issues of
4% per cent Highway Bonds in the hands of the
public at one hundred and five per centum of
the principal debt, together with July 1. 1929.
coupon.
Payment of said redemption price will be
made at the Farmers Bank of the State of Delaware, Dover, Delaware, upon presentation and
surrender thereof of all bonds elected to be redeemed with all unmatured coupons attached.
the enormous financial,
The following are the bonds that have been
called for redemption on July 1, 1929.
the "Chronicle" covers a
STATE HIGHWAY LOAN OF 1918.
vast amount of economic
Dated Jan. 1, 1918: Due Jan. 1, 1958-4X%
Numbers 1 to 500.incl___$1,000.00 denomination
news,
interesting thou500.00 denomination
Numbers 501 to 700,incl_
sands of manufacturers,
STATE HIGHWAY LOAN OF 1919.
Dated Jan. 1.1919; Due Jan. 1. 1959-43i%
exporters and merchants.
Numbers 1 to 355,incl___$1,000.00 denomination
STATE HIGHWAY LOAN OF 1920.
You can reach these inDated Jan. 1.1920; Due Jan. 1. 1960-4%7;
2
fluential people at a moderNumbers 1 to 400. Ind_ _ -$1,000.00 denomination
Numbers 421 to 1000,incl. 1,000.00 denomination
ate cost through our adverINTEREST WILL CEASE to accrue from
and after July 1. 1929. on all of the above detising columns.
scribed bonds, which have been called for redemption.
HOWARD M. WARD,
Sinking Fund Commissioner of the
State of Delaware.
Besides
-
3566
[Vol,. 128.
FINANCIAL CHRONICLE
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